‘Average person’ can

SHE’S A single woman in
her 30s who owns her home,
has no debts and has
$110,000 in RRSP and
non-RRSP savings.

“1 feel 1 have missed much of
life because I’ve been a ‘workaholic
and would fike to move to a
smaller community and a slower
paced lifestyle,” she said.

“Should I invest in a small,
home-based business, revenue
property or what?"

They are in their 40s with one
son and family income of $61,000;
he works full-time, she part-time.

“We are very conservative, not
big spenders. We're not very well
organized, however, and don’t
budget at all. We need investment
advice.”’

She’s a widow who adopted her
grandson and is putting him
through school.

“tm a bit of a gambler — lost
$75,000 six years ago when my in-
vestment went bankrupt,’’ she
said.

“All my income is fully taxable.
Should I borrow $20,000 against
my home to fix it up and use
$10,000 of the Joan to invest in
mutual funds to provide money for
education for two small grand-
sons?”’

He’s in his 50s, just separated
and hoping to re-train for a less
demanding job because of poor
health; income last year was
$5,000. He has $10,000 in RRSPs,
a $32,000 mortgage, 31,500 on
Visa and a $3,500 loan taken out
for new cupboards.

“Set me on a blissful road to fi-
nancial security,’’ he said.

Those were iust four of the 454
people who responded to this col-
umn’s ‘‘free financial plan” offer
made earlier this year.

(The Canadian Association of
Financial Planners, Pacific
Chapter, offered to review five
case studies chosen from those
submitted. Eight groups of ad-
visers, including many Registered
Financial Planners, spent six hours
on the submissions of the winning
individuals/families, whose names
and identifying details had been
changed, during the two-day
Pacific Planning School.

(The winners have now been
notified and will receive their fi-
nancial plans within a few weeks. |
will report in future columns on
these winners — again, with names
changed — to outline their situa-
tions, problems and the recom-
mended solutions.)

dollars
and sense

Michael Grenby

(The cases were chosen to il-
lustrate a variety of financial situa-
tions. So the planning ideas I'll
present in the column, based on
the CAFP advice, should heip
many readers. In the months
ahead, i will also write about sev-
eral of the 449 non-winning cases
to provide further financial plan-
ning strategies, both basic and
more complex.)

““We were overwhelmed by the
response,”’ said Peter Baigent, who
was in charge of the CAFP plan-
ning school. Added Larry Jacob-
son, president of the CAFP
chapter:

“We received submissions from
people in all walks of life — most
of them ordinary people who feel
they are paying too much income
tax and are a little confused about
where they are going financially.’’

Baigent said: ‘‘This shows that
the average person, not just the
rich and famous, can benefit from
financial planning.”

Many people asked how they
could get help if their cases were
not chosen.

OR EQUIVALENT
$1500 DISCOUNT

(excluding base
mode! & SE5)

BUSINESS

45 — Wednesday, April 25, 1990 - North Shore News

benefit from financial planning

For a free CAFP list of local
members (with their services and
background, and whether they
charge fees and/or have licences to
sell products) plus a leaflet ex-
plaining more about financial
planning and how to choose an
appropriate adviser, contact the
CAFP’s Pacific Chapter at 1250
Homer Street, Vancouver, B.C.
V6B 2Y5; phone 682-7573.

Veteran financial planner Don
Pooley, who reviewed all the sub-
missions and has been active in
both provincial and national
CAFP affairs, noted that 81 per
cent of those who wrote in picked
“retirement income’’ as one of
their three major financial con-
cerns.

‘“‘That applied across the
board,"' said Pooley. ‘‘Some peo-
ple were already retired and wor-
ried about outliving their savings.
Others were nearing retirement age
and wondered if they could afford
to retire. Still others were in their
30s or 40s and wanted to know if
they were saving enough toward a
comfortable retirerent.”’

The second major concern was
investing successfully and wealth
accumulation. Third was debt
reduction, followed by education
funding and housing.

Those who applied for the free
financial planning submitted an-
swers to 12 personal and financial
questions, Some did the job on a
scrap of paper, others sent in sev-
eral typed pages.

“Simply answering the 12 ques-
tions was a revealing and helpful
experience,’’ said one reader. Said
another: ‘‘This has shown up my

~ lack of awareness of what’s hap-

pening to my money and the areas
I need to clarify.”’

And from a 48-year-old
divorcee: ‘‘It has been a good ex-
ercise and hard work, lots of
soul-searching and digging for
papers that weren't read for

envelope to Don Pooley, 1849
West 35th Avenue, Vancouver,
B.C. V6M 1H5.

Mike Grenby is a Vancouver-
based columnist and independent
personal financial adviser.

years.””

If you missed the original col-
umn with the questionnaire and
would like a copy to use as a do-
it-yourself financial planning tool,
send a stamped self-addressed

CITY HALL - OPEN HOUSE

Thursday, April 26, 1990
12:00 noon to 8:00 p.m.
“Become Aware - Become Involved”

B Please come and visit our many and marvellous displays
depicting the local government that surrounds you on a day-*
to-day basis. Come and view and participate in health

m displays; sewer, water and traffic exhibits; plus recreation,

# emergency, pollution and transit booths.

We will involve all the City Hall Departments focusing on such
items as inspections, treasury, engineering, development,
planning, purchasing and elections.

B Please come and visit. Talk to the politicians, find out more
about your City, visit the Library, and meet representatives
q from the Arts Commission, Neighbourhood House, S.PC.A.,
” Presentation House, Recycling, Emergency Program, Recrea-
tion Commission, R.C.M.P., Safety Council, and GN.R.D. Air
= Pollution Control.

Thuzsday, April 26, 1990 — 12:00 noon to 8:00 p.m.
Free Refreshments — Free Parking

Come and enter the Library Book Draw for
4 four fantastic books:
i “Empire of the Bay” — a copy signed by Peter C. Newman
“The Art of Robert Bateman”
and two children’s books by James Herriot and

James M. Barrie.
Thursday, April 26th, 1990
12:00 noon to 8:00 p.m.
City Hall — 141 West 14th Street

North Vancouver
Free Parking off 100 Block West 13th

MAY FLY-IN SPECIAL
The ideal mid-week Get-a way to relax
and unwind at your own speed. Guided
fishing is available at a reasonable cost and
there are two excellent golf courses near by.

PRICE INCLUDES:

2 Day2n 2NIGHT

Ends May 2, 1990 Return flight from Vancouver
* Deluxe Accommodation

« Complimentary Breakfasts

*ABS Brakes West Coast Mirrors

@5-speed #Sport Steering Wheet .
*AM/FM Casseite Mag Wheels 3 0 0
eRear Step Bumper *Raised White Letter Tires Bm OAC
PLUS P.D.1. & FREIGHT - $595 -

" for Thuts 3 a

Fu Sat FOR FULL INFORMATION

PHONE FREE: "°22 273-0855 ~-800-663-7000 = ent

Nakane 1

987- 4458 (@ ANOTHER OAK BAY MARINE GROUP RESORT

7600 Marine Drive,
Nerth Vancouver