Financial advisers,
money columns
(including this one),
seminar presenters,
even some of your
friends arid colleagues
— everybody gives you
advice about how to
manage your money
better.

. But does this advice ever
produce positive financial
results?

Ic certainly did for D. and
B., who celebrated a very

-special Valentines Day this
year.

“That was the day we
achieved our goal of paying
off the mortgage on the
house,” said D., now 36, “It
was a huge relief.”

She and her husband,
now 42, embarked on their
financial planning in 1989.

“We had an $80,000
mortgage and $5,000 in our
RRSPs,” she said. He was

: €arning $36,000 a year, she

carned $15,060,
The advice they received
was simple: Pay off the

north shore news

& BUSINESS
Follow advice that puts

mortgage as quickly as you
can, and maximize RRSP
contributions.
“It was hard going at
“Today we are
debt free and
also have
$50,000 in our
RRSPs.”

times, but today we are
debt-free and also have

$50,000 in our RRSPs,” D.

said.

To turn the suggestions
you receive into financial
gains:

_Finally, the cell
phone for people
who don't want
to be seen with

@ Look for advice that’s
meant to improve your
finances, not only those of
the adviser.
@ Focus on one or two
strategies at a time — and
allow time for them to work.
D. and B. worked at their
plan tor cight years.
@ Be prepared for mistakes,
even failure. Modify your
plan and start off again.
eoee@

How have you been sur-
viving the rollercoaster stock
market of 1997?

Because a ride back up
followed the initial steep
drop, most ordinary
investors didn’t really have
much time to panic or do
anything before the market
recovered at least part of its
loss.

Since the last major “cor-
rection” in 1987, people
have been told to expect
volatility in the market.

If you invest for the long
term, you hold on because
eventually, prices should
recover and even head high-
er (although there are no
guarantees and “eventually”

Motorola
StarTAc™

ur finances foremost

could be a long time).

Keen investors have
looked on any lower prices
as a chance to buy even
more stocks and equity
mutual funds “on sale,”

The real teste will come if
markets head down and stay
down for months — or
longer.

So you should review
your portfolio to make sure
you have the right mix of
investments: cnough cash-
type instruments in case you
need money during a slump,
and cnough equities to be in
the market when it heads
back up again.

— Copyright 1997 Me M
Creations Ltd.

Mike Grenby is a columnist
and independent financial
adviser who works with indi-
viduals, he'll answer questions
in this column as space allows
but cannot reply individually
— contact inm at 1444
Haywood Avenue, West
Vancouver, B.C. V7V IY];
email Mgrcenby@aol.com

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