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Costs of Failing to Prepare a Financial Plan
There are clear benefits associated with the preparation of a financial plan.
Unfortunately, there is often less focus on the costs of avoiding to prepare a financial plan. These following costs can rob you of the quality lifestyle you are looking forward to as well as cause worry.
- Inefficient use of of resources
If you do not have a financial plan you are more likely to fall prey to impulse decisons and advertising campaigns and sales people.
- Failure to meet financial objectives
What gets measured gets done. You are much more likely to achieve objectives that are clearly written down along with associate milestones and action plans.
- Unprepared for Catastrophes
You may not be able to financially recover from the consequences of unexpected major events such as death, disability, prolonged unemployment or confinement to a custodial care facility.
- Higher-than-necessary taxation*
Nobody likes to pay more than they should. There are many legitimate ways to minimize or defer your taxes.
*This information for Canadian tax payers is given in good faith and is relevant under existing Canadian tax legislation. It must not be construed as professional tax advice. You should consult your certified tax professional who can advise you personally having taken into account all your own particular circumstances.
All mutual funds and approved exempt securities are provided by Portfolio Strategies Corporation. All other products and services are provided by Brian Lepicq. |
