During these rapidly changing financial times and especially with rising inflation, we’re here to help you take charge of your financial peace of mind this summer with our Summer Financial Wellness Checklist! From connecting with a trusted financial advocate at Rapport and reviewing your financial plan, to considering a line of credit for emergencies or educating your children and grandchildren about money management, and to reviewing your insurance coverage and contributing to your investments, you can rest assured knowing that you don’t have to navigate the financial seas alone and our team at Rapport is here to help you set sail towards your financial goals!
There’s a famous old investment saying that states “Sell in May and go away” which basically states that is you sell you stocks in May, your biggest worry during the summer will be getting too much sun.
This being said, the investment world has changed dramatically since the 18th century when this saying is said to have originated. We think it’s time for an update so we have come up with a checklist of 6 things we feel you should be taking care of now before you enjoy the summer months.
Don’t go it alone
As clever as we all are, the reality is that we all could benefit from having some assistance or advice. Sometimes just to identify a “blind spot” we didn’t see or at the very least confirming you are still on course. We are all powerless in changing the direction of the wind but we all have within our power to adjust the set of the sail. Our staff in Retail Lending, Financial Services, Commercial Lending, and Wealth Management and Financial Planning are subject matter experts available to assist you. In fact, RapportWEALTH Advisors at Rapport are Certified Financial Planners or are Registered Retirement Specialists with many years of experience helping people make smart decisions about their money. We would be happy to help you as well!
Get or review your financial plan
The best time to have created or reviewed your financial plan was yesterday. The second-best time is today. We understand that nobody wakes up one day and says, “I need a financial plan”. We usually start thinking of one when we are facing a financial decision – Can I retire comfortably when I want to? Will I have enough money to live the life I want? Is there anything I can do now to reduce the taxes I am paying?
These are just some of the dozens of questions our experienced RapportWEALTH Advisors help our members with daily. A financial plan is more than picking the right investments. It’s your personal playbook so that you achieve your financial goals by choice and not chance. We not only help you get on track, but we make sure you stay on track by regularly reviewing your plan with you and suggesting changes if necessary.
Look at getting a line of credit
Many people overlook how valuable a line of credit is as a standby source of emergency funds. Unfortunately, large unexpected one-time expenses happen in life. Having to use your savings or even worse selling your investments when the markets are down, makes the sting of these expenses hurt a little more. Having a line of credit at Rapport will allow you to pay off those expenses over time, at a rate far less than a credit card. If you want to use your some of your invested money to pay for these expenses, it gives you the option of selling them when the market is higher thus eating less into your hard-earned savings. It costs nothing to maintain an unused line of credit and as the old saying goes – it’s always better to plan for the unexpected than to gut your plans because of the unexpected.
Now’s the time to get your children or grandchildren financially smart
We have had moments in our lives where we have said to ourselves, “If I knew then what I know now”
Time is your greatest ally when investing and just because the school year is out doesn’t mean it’s not a good time for school age children to get an education in how to make smart decisions with their money. It’s so easy too and we’re here to help! For a limited time, new members who join Rapport will receive five Rapport Credit Union shares, for free! That’s a $50 value! This is an excellent opportunity to meet with a trusted RapportWEALTH Advisor to learn about investing, open a savings account and build good financial habits.
Review your Insurance
With people travelling more in the summer months and after Covid, many people assume that OHIP or a credit card they booked their trip on will cover travel insurance needs. It’s important to review any travel coverage before you go away. Also, many people move after the end of the school year and whether you have purchased a new home or condo or are renting, home or tenant insurance is a must. Rapport has established a relationship with The Personal and as such has been able to obtain preferred pricing for our members to save them money on their insurance costs. It’s always a great time to review your home, auto, and travel insurance policies and see if you could potentially save on your overall insurance costs.
Don’t forget the small stuff
Things like contributing to your RRSP and TFSA have been promoted so heavily over the years, what once was wise advice has now almost become background noise. But reviewing these plans and setting up, even modest monthly contributions to them where allowed, will add up to significant tax savings not just this year, but for years to come.