Importance of financial planning in Vancouver

A good way to find out more about the importance of financial planning is to look at a few statistics about the issue.

For example, 51% of Canadians say that they saved less money in 2017 than they had originally intended to. The most common reason that people neglect their savings is that they do not realize how much they need to save.

Here is why financial planning in Vancouver is vital

[1] Ensures better savings

Financial planning consultants in Vancouver ensures that one has the proper amount of money in their savings to not have to work so hard if there are unexpected expenses. For example, it is said to be important for one to save at least 15% of their income, but the average Canadian saves only 12%. Proper financial planning will help you save more without compromising on your expenses.

[2] Meet long term goals

Financial planning helps you meet long-term goals like children's college tuition or retirement funds. It is always easier to meet goals if you set a plan and plan accordingly.

[3] Reduce the risk of financial ruin

Financial planning allows you to reduce the risk of financial ruin. For example, setting up a retirement plan that is tax-efficient will be beneficial. It helps you to save an investment that is not taxed as it would otherwise be.

To sign off

Better financial planning in Vancouver helps protect you from risks of poor financial health. It shields you and your loved ones. As a result, they can enjoy life without the precarious situation of lack of funds for important milestones in life.

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