MANAGING MONEY Australia, Canada share financial fundamentals changes. Today, more than ever, BRISBANE, AUSTRALIA — I travel almost halfway to manage money — and find Canadians are already getting around the world looking for new and more effective ways. as good advice as anybody. Personal financial planning is on the rise here, just as it is in Canada. ile -..some tax, in- vesting, banking and insurance details. might. differ, the fun- damentals of getting the most: per- Sonal and financial satisfaction from your money span the 15,000 km between the two countries. Ross Greenwood, editor of Melbourne-based Personal In- vestment magazine, summed up several basic approaches. Clip this column to use as a checklist every time you do some financial plan- * ning, whether on your own or with an adviser. . « DO YOUR HOMEWORK. Australians are also overwhelmed by all the financial products and advisers in the market. So it’s im- portant to learn as much as possi- ble through reading and taking courses. Always ask questions about anything you don’t under- stand. The adviser should be as prepared to answer those questions and offer explanations as to get your signature or cheque. e DO NOT BE TOO READY TO SIGN. First, shop around émong reputable financial advisers — check their qualifications and experience; find honest individuals with whom yeu feel comfortable — to get some idea of what’s _ available. Then you can resist a sales pitch with its demand for a quick decision, since once you do sign. or pay the money, you are committed, PLAN. Set objectives: short, me- dium and long term. Build in flex- ibility; some investments could tie up your funds. © . © HAVE EVERYTHING IN WRITING. That protects both you and the adviser from possibly cost- ly misunderstandings. Put your di- rections and objectives on paper. Disclose all personal and financial information, including expected changes. Match your objectives with the adviser’s recommenda- tions, noting the reasons given for those particular products and strategies. Also record any subse- quent changes, whether instigated by you or the adviser. TUITION FEES? | The rates have changed. § You may be able te save meney. See the professionals. - © WATCH OUT FOR BIASED ADVICE. Ask for recommenda- tions covering a broad range of products. Visit competing com- panies and ask them to comment on their competitors’ products and advice. : *DO NOT BE GREEDY. Greed is a major danger and often clouds decisions. Higher returns always mean higher risk, so ignore dollars and sense Michael Grenby get-rich-quick schemes — unless you can afford to lose the money involved. *BE CAREFUL ABOUT TAXATION. Consider’ the tax angles, but don’t be blind dy tax breaks (See previous items on “‘greed’’). By all means calculate the tax you will save now. But also project the total return on your money over the life of the invest- ment. That is the key figure. ¢BE CAREFUL WITH COM- PUTERS. Computers can throw out all kinds of financial plans and projections. But the input — what you provide — must be complete. The adviser must then interpret the output honestly and in plain English. Figures are fine, but how you feel is also important. ®REVIEW YOUR FINAN- CIAL PLAN REGULARLY. Conditions change — especially at federal budget time. Your situation you have to keep up before you can hope to get ahead. at Your feelings are important in financial planning. But you must also have facts — for making money decisions based on feelings alone really boosts the risk. I know that, yet I also know I could easily be ternpted to invest in some land or perhaps revenue property here in Australia and be guided by only my feelings about where we have been staying down the coast the comfortable climate, clean air, beautiful beaches, laid-back life — without getting the necessary facts. When you are travelling away from home, especially on vacation, you might also be drawn by the idea of owning a place by the lake or beach, in the mountains or some other appealing region, whether in Canada or abroad. Resist the temptation. First do the research to examine the histo- ry, present situation and future prospects of the area — the way you would if you were investing in property nearer to home. Enlist the services of local real estate profes- sionals — other than the proper- ty’s sales agent — including a lawyer. What is involved in buying and selling? Are there special taxes or other costs? If you are in another country, check for restrictions on foreign owners. And who will keep -you informed of local develop- ment? ; Finally, would buying this prop- erty fit into your over-all financial plan? Will the personal and finan- cial returns warrant the costs and any risks involved? ene Based locally, Mike Grenby writes a money column which ap- pears in newspapers across Canada. Although he also works a@s‘an independent financial. ad- ' viser, Mike will respond to readers’ questions and story ideas through the paper. Write to Mike Grenby, Money Columnist, North Shore News, 1139 Lonsdale, North Vancouver V7M 2H4. Mike cannot reply in- dividually but will answer as many of your letters as possible in his column. &_ ei college Business Management Department invites you to attend an INFORMATION MEETING If you are interested in a career in business and want to know more about our 2 year full-time Business Management Diploma Prograrns which start in September or our 10 month accelerated program that starts in July, come to our special Information Meeting on Monday, April 24 at 7:00 p.m., in Roem H 501.*° You will learn about our programs, including Accounting/ Finance, Administration, and Marketing as well as our new Business Computing Co-op Program that has 8 months of paid work in addition to 16 months of academic study. We can help you to make your future education plans and be ‘Job ready". Call 984-4960 and let us know that you're coming. 21 — Wednesday, April 19, 1989 - North Shore News TRANSPORTATION NETWORK STUDY ANNOUNCEMENT The City and District of North Vancouver are undertak- ing a long range transportation study: to review, update and integrate the City’s and District's Transportation Networks. to identify the shortcor=ings of the existing transportation systems. to produce a network plan based on the current F official Community Plan future growth scenario for @ each municipality. ; Public consultation is an integral part of this study. In- put will be sought from neighbourhood groups and the public in general during the study. Details about the public participation process may be obtained at the City or District Engineering Offices. CITY OF NORTH VANCOUVER £ DISTRICT OF NORTH VANCOUVER : | Timberline Leasing ta. with a NEW LEASE car or truck. from TIMBERLINE LEASING and | GET $100° OFF your first month’s payment. Refer a friend io us and GET $100 CASH! 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