Friday, February 13, 2009

The Financial Review Checklist.

#1 The 10% Rule - Pay Yourself First.

#2 Protect Your Finances With Insurance - The Correct Type and Amount.

#3 Get a Will - Know the Executor.

#4 Take Advantage of your RRSP - The 10% Rule is a Minimum.

#5 Debt Reduction & Good versus Bad Debt - Reduce debt service
payments on "bad debt" to no more than 10% of income.

#6 Own or Rent. - Is it better to own the property or rent and invest
the difference?

#7 Do not pay more taxes than necessary. - Invest and save for a
higher after-tax return.

#8 RESP - Take advantage of the free government grant. Aim for between
$2000-$4000 per child per year.

#9 Develop an Estate Plan Before it is too Late - Ensure that
everything is as beneficial for your survivors as possible.

#10 Ensure you own the Right Type and Mix of Investments - Asset Allocation.