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November 2003 - Nr. 11


The Editor
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Antje berichtet
Vienna Connection
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K-W & Beyond
Opera York's La Traviata
St. Martin in Canada
Christmas Fairs
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Dick reports...
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Ham Se det jehört?
Germans shop for Christmas
Of True Love...
"Wheel of Time"
Baroque Dresden
Definition of Culture
Art Cologne 2003
HipHop Competition
Eagle Eye Survey
Weihnachten mit Hummel
Decorative "Bierdeckel"
German Rider...
Financial Advice
Fussball-Globus FIFA
MOMA Film Fest

Financial Advice

Eduard Pohlmann, BCom, MBAEduard Pohlmann is a professional financial consultant with Investors Group, an industry leader providing comprehensive financial planning and services. He is a frequent speaker and commentator on financial planning and investments.


I resolve to be …
financially secure

December, 2003

New Year's resolutions are like a champagne toast at midnight: Proclaimed with spirit, bubbling with enthusiasm … and forgotten the next day. This year, though, if there is one resolution you should make AND KEEP, it's this: "I resolve to be financially secure."

That may sound like a daunting mission -- but it is vital if you want to improve your chances to enjoy the best quality of life for yourself and your family, now and in the future.

A resolution without a plan is about as useful as a car without wheels: a great gizmo that goes nowhere. So, to get your financial security resolution in gear and motoring toward success, here are four wheely good ideas that'll provide excellent wealth-building traction in your daily life:

  1. Plan for success: Develop a financial plan based on your life goals, whatever they may be -- from buying a home to enjoying the retirement of your dreams. Decide how much money you'll need to reach your goals and the financial steps that will get you there - savings plans, registered and non-registered investments, and any other wealth enhancing options that work for your situation. Establish an investment strategy with a 'risk factor' appropriate to you.
  2. Budget for success: Now that you know how much money you'll need to achieve your life goals, a well thought-out budget will keep you on track. Make a list of all your income sources and a second list of all your expenses. (A budget filing system is a good idea.) Use your budget to monitor monthly expenses and keep them in line. Always include an amount for a regular savings/investment program aimed at achieving your financial objectives. An emergency fund - usually a minimum of three months' income - is a good idea, too. Save even when you spend by planning your expenditures to take advantage of rebates and sales. As an example, make your long-distance calls during periods when cheaper rates apply. And minimize your taxes by using all available deductions and credits. The key is to keep your financial life under control - but don't forget to set aside some 'mad' money so you can have fun once in a while.
  3. Contribute to success: Set up a Registered Retirement Savings Plan (RRSP) and make your maximum contributions each year. An RRSP is the best tax-sheltered savings-builder for most Canadians - and the earlier you start, and the more you contribute, the faster and bigger your retirement nest egg can be expected to grow. And just think of all those taxes you'll save along the way!
  4. Defeat debt for success: Develop good spending habits, use debt wisely and you'll stay on the fast track to financial security. Avoid the detours of high-cost debt, such as credit cards, by paying these debts off first.

Achieving financial security is among the best New Year's resolutions you can make this year or any year. And if you want help developing the right plan to get you there, talk to a professional financial advisor.

This column, written and published by Investors Group Financial Services Inc., is presented as a general source of information only and is not intended as a solicitation to buy or sell investments, nor is it intended to provide professional advice including, without limitation, investment, financial, legal, accounting or tax advice.
For more information on this topic or on any other investment or financial matters, please contact
Eduard Pohlmann .

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