It may help to compare your financial
picture with others in your age range

Michael

HOW DO your finances
_ compare with those of other:
people your age?

While no two individuals or
families are identical, it.can help
to review the various financial
tasks people face at different
stages of their fives.

This summary is based on Fi-
nancial Planning in the Nineties, a
seminar put on by VanCity Sav--

ings Credit Union.

If you don’t see the relevant |
tasks in your age group —
perhaps because of remarriage or
a late family — check the other
groups. Mark any points with
which you should be dealing.

‘@ Age 25-34; Provide for child-

bearing and rearing costs. Provide

for expanding housing needs. Ex
:pand career goals.
Manage increased need for ,
“credit... - :
“ Provide for training/éducation
funds.

Buy additional protection —
life, disability, home and car in-
surance coverage.

Make a will.

Involve all household members

‘in the family’s finances and in-
‘crease their money management
skills...

x) Age 35-44: Upgrade career

training. Continue building
‘ education fund.

INVESTORS GROUP FINANCIAL SERVICES INC.

PRESENTS

RESP, TAX & WEALTH
MANAGEMENT SEMINAR

“work toward retirement goals.

” for parents and/or other depen-

dants,

© Age 55-64; Consolidate finan-
cial assets. Provide for additional
future security. Re-evaluate plans
for transferring property.

Look at part-time income or
volunteer work duzing retirement.

Meet responsibilities for aging
parents and/or other dependants.

Now that you have reviewed

1 what you should be doing, take a

4 look at the most common finan-

j= cial mistakes people make in the
different age groups,

Again, mark any that prompt
you to think, ‘*That's me/us."'
© Age 25-34: Over-committed
spending.

No plans for education ex-
penses, and failing to view educa-
tion as an investment in one’s
future,

Failure to investigate housing
alternatives.

Lack of emergency fund and
savings.

Not enough long-term insurance
protection.

Unrealistic personal/family
goals,

Failure to estimate impact of
change in family income,
especially a change from two in-
comes to one,

Failure te involve other family
members, especially children, in
financial matters,

. @ Age 35-44; Over-use of credit.
exer parecmcssmacaem Not providing funds to replace

A major items like appliances an
SINCE car.

1894

DOLLARS AND SENSE
Maximize protection (insurance)
for major income earner(s).

-Provide more income to meet
higher expenses. Establish and

@ Age 45-54: Provide higher
education/training for children,

Maximize investments. Evaluate
and update retirement plans.

Analyze estate plans (your will,
life insurance, tax planning prior
to and at death) and adjust as
needed. Talk to family members
about estate planning.

Evaluate future financial: needs

Not enough insurance protec-
tion.
Failing to plan for retirement.
Failing to increase main income
and/or look for alternative
sources.
Failure to manage increased
} number and complexity of finan-
cial needs. ;
' Lack of funds for children’s
higher education/training.
@ Age 45-54; Not saving enough
toward retirement, and having
unrealistic expcctations about
government and private pension

MONEY COLUMNIST Mike Gienby is a fiancial adviser “who: has’
written a number of books that give information on saving ‘taxes ;
and fighting inflation as well” as what you should do. if: you

the tottery.

plans.

Not adjusting to changing
lifestytes,

Failing to manage increased

income — and increased .

disposable income once the mort- -

gage and other debts are elimi-
nated,

Failing to use professional fi-
nancial advisers.
@ Age 55-64: Not having enough
supplemental retirement savings.
‘Inadequate pension(s).

Failing ta explore the various

retirement.

Not adjusting to changes i in in.
come. Not readjusting i insurance’
coverage,

Having no or an otitof- date,.

will. *

Mike Grenby i isa ‘North
Shore-based columnist and in=
dependent financial adviser whe.
works with individuals; he will
answer your questions jin this col-
umn as'space allaws — write to

. him c/o The North Shore New:

1139 Lonsdale Ave.;, North’ Van

Date: Wed. 16 February 94. ~eouver Vi Vil 214.

Time: 7-9 pm.
Place: Lonsdale Quay Hotel
123 Carrie Cates Court

alternatives and options ahead of |

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