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Financial Success
• Otherwise successful people often neglect their personal finances
Why?
They lack one or more pieces of the financial success “KIT”
� Knowledge
� Interest
� Time
The 10 biggest mistakes that people make with their personal finances…
Mistake #1
� Lack of balance between your current and future financial needs
Mistake #2
• Living beyond your means
– Taking on too much debt
– Not paying yourself first (saving)
– Spending money frivolously
Mistake #3
� Proceeding without clear expectations
� How much money will I need?
� What rate of return am I likely to achieve?
� What is the downside risk?
Mistake #4
� Listening to the wrong people
YouAccountant
Financial
Advisor
Personal
PartnerLawyer
Insurance
Professional
Mistake #5
� Trying to beat the market by picking stocks
� “This stock is going to $100!”
� “I can time the market”
� “It’s different this time”
Mistake #6
• Not taking full advantage of Government Programs to defer or avoid taxes
– RRSP, RESP, TFSA, RRIF, RDSP, IPP
– Home buyers plan, Life long learning plan
Mistake #7
� Not understanding the tax consequences of your financial decisions
Mistake #8
� Planning for your retirement after you are retired
Mistake #9
� Not having an estate plan
� Not preparing for the unexpected
� Not having an up-to-date will and powers of attorney
� Not structuring your affairs to avoid the probate process, taxes, and to pay for final expenses
Mistake #10� Not having a comprehensive written
Financial Plan
� “If you don’t know where you are going, any road will take you there”
- Lewis Carroll
10 Wealth Success Strategies
1. Live within your means
2. Pay yourself first
3. Reduce your most expensive debts as quickly as you can
4. Prepare for unexpected life events
5. Take full advantage of Government tax breaks
6. Understand and avoid market risk
Quotes from Warren Buffett:
1. “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.”
2. “Risk comes from not knowing what you're doing.”
3. “If past history was all there was to the game, the richest people would be librarians”
7. Get financial advice from a professional advisor who is knowledgeable and objective
8. Know how much you will need to retire and have a plan to get there
9. Plan how and to whom you want to leave your estate
10. Start Today
Tim Weichel & Associates� Your Financial Plan
� Your life and financial goals� Your investments� Your retirement income � Management of your risks� Plan Implementation� Periodic progress reviews
� Retirement and Estate Planning
� Investment Portfolio Management
� Cash Flow and Debt Management
� Education Planning
� Risk Management
� Tax minimization strategies
Get Started Today
Tim Weichel, MBAPrivate Wealth Advisor
Tim Weichel & Associates416-230-2703705-798-0062
