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June 9, 2022 // What Are The Stages of Financial Planning?:

Wealth Management Calgary: The Stages of Financial Planning


As we enter different phases of our lives, our financial needs begin to undergo modifications. While you may have recklessly spent money as a teen and young adult, these spending habits will start to vastly change once inevitable responsibilities, such as rent and groceries, force you to withhold from throwing money at frivolous ventures. To forge a secure financial future, there are stages of financial planning that can be sought out. With the help of someone working in wealth management in Calgary, you can methodically plan out your economic fate to curate a stable future. By navigating how to adequately accumulate money through each phase of your life and preserve and expand it, you won’t have to become completely overwhelmed with an uncertain future. 


Determine what you need to do to plan out your financial future and what the stages of financial planning entail. 


Determining your current financial standing


The first stage of financial planning involves determining your current economic situation. How much money do you have in all of your accounts? Is it enough to supplement you if something unexpectedly goes awry? And how could you make improvements to accumulate more money within a specific timeframe? These are some questions you should consider when analyzing your financial situation and the good place to start planning. You should also factor in your taxes, any savings, and other financial obligations you could be tied to. 


Setting goals


Setting long-term financial goals will give you something to work towards. Financial experts state that it’s best to categorize your financial goals as “short-term” and “long-term”, where these goals can directly guide you without becoming too overwhelming to try to achieve. Remember to set reasonable goals that range from six weeks, six months, to six years in the future, where you can begin to take the proactive and realistic steps to reach these goals and better your financial future. 


Seek out investment opportunities


When you map out your goals to maximize your financial security, you should also contemplate the idea of seeking out investment opportunities. Of course, seek out investments that aren’t a questionable gamble that could eliminate your savings but investments that will give you a certified return. Integrate these investments into your short and long-term goals, adjust when applicable, and always choose an investment that isn’t too risky. Such investments you can look into can include stocks, real estate, bonds, and brokerage accounts that will reduce taxes, like retirement accounts. 

Get financial advice and recommendations


An essential part of the financial planning stages is acquiring help from professionals. Going to seek advice from a financial planner at any bank or a professional working within the field of wealth management in Calgary. Let these professionals evaluate your financial plans and help you adjust them following your current financial situation and investment strategies. After heeding advice from a financial adviser, implement the recommendations they give you for a fully comprehensive plan to abide by. 


Enact changes


The final stage of setting your financial future is to enact the changes you have already established in the previous planning stages. Use your current financial situation and present goals to help you navigate your financial future and utilize investment strategies and the advice a financial planner has offered to ensure your finances eventually stabilize and flourish. 


Playcheques is Alberta’s solution to astute and efficient financial planning. With our team of professionals who are eager to advise our clients with educated and helpful advice, we strive to be the best financial planners in Calgary! For more information about our financial planner’s services at PlayCheques Financial Solutions, visit our website at, or call us at 403 837 9344!