Make a safe bet on your future

One-third of Canadians rely on winning a lottery or a large inheritance to secure their financial future, according to a couple of polls in recent years.

“You have better odds investing in your retirement than relying on long shots,” says Karin Rimnyak, Investment Advisor with Action Financial Group, HollisWealth, a division of Industrial Alliance Securities Inc. and Insurance Advisor with Hollis Insurance in St. Thomas.

“It’s never too late to make a difference in your financial situation.”

Planning and paying things off over time should be part of your strategy. So how do you get started?

“It’s important to put savings first and pay yourself first,” Rimnyak says.

Simply put a little bit of money aside for short-term emergency savings and commit to a long-term retirement savings plan before making any major purchases you might not be able to afford such as a mortgage, new car, furniture and vacations.

For instance, instead of a three-week Caribbean vacation, you may have to opt for a one-week camping trip.

“It’s about making those trade-offs in the here and now,” she adds. “In a perfect world people would live within their means from day one.”

Rimnyak insists that investing “would be easy to do if people had unlimited money and no conflicting goals but the reality is that people do have to live day-to-day.”

It’s not always easy to prioritize long-term retirement planning given the reality of day-to-day expenses and the unplanned expenses that almost always seem to pop up.

A financial planner can provide personal assistance and help you do a better job sticking to your long-term goals, Rimnyak says.

“Financial planning is for everyone. But people often avoid retirement planning because they feel they have little in the way of assets and make the erroneous assumption that there isn’t a financial planner out there willing to work with them,” she says.

“All you need is an initial consultation to get the picture of where you are starting from, where do you want to be, then map out the plan and start executing in small increments.”

For more information call 519-631-4724, visit the website
or find them under Action Financial Group on Facebook.

Action Financial Group, HollisWealth in St. Thomas is a team of Investment Advisors who have been offering solid financial advice as well as investment products and services for more than 23 years. Financial services include investment and insurance products, retirement planning, income tax management and much more.

Karin Rimnyak, CFP is Investment Advisor for HollisWealth®. Opinions expressed in this article are those of the Investment Advisor only and do not necessarily reflect those of HollisWealth. HollisWealth® is a division of Industrial Alliance Securities Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

Insurance products provided through Hollis Insurance.

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