Does Knowledge Give Us the Power to Act More Decisively?
- The famous quotation above has been paraphrased and repeated for over 2500 years as a motivational mantra against being intimidated or overwhelmed by large, daunting or complicated tasks.
- This phrase has currency among those investing and their wealth management advisors, also, as it responds well to overwhelming emotions that most investors feel when thinking about taking control of the retirement planning process and finally investing for themselves and their family’s future.
- As crucial as it is, many, many Canadians never really take this step. To their detriment it turns out. A recent study commissioned by Lincoln Financial Group in the United States found that, basically, those who think about their retirement set their sights higher when saving for retirement. According to their research, those who have a picture of what retirement holds for them are more than twice as likely to contribute 15% or more in their workplace retirement plan compared to those who had not.
- Part of this phenomenon is based on some basic common sense: those who seek information usually find it! And that knowledge is power. It is the power to know. That power can give us the confidence we need to make decisions and, to make them confidently. Those who have parsed the details of their current financial standing and their future needs with an investment advisor will eventually form a pretty accurate picture of what will be required to make that vision a reality versus someone who has not. Shockingly, their study revealed that only about half of those surveyed had calculated what their ideal retirement would look like.
- Life is complicated and has many distractions: careers, mortgages, children and family, vacations, car repairs, dental work, home repairs, etc., etc., etc. – seemingly in an endless parade of events. Nevertheless, daunting as the task might seem, investing our time in a comprehensive financial plan, established with a seasoned investment advisor can help take that critical First Step in our long journey towards achieving our financial goals. And there is evidence that the sooner we do it, the better off we’ll be in this regard.
“I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone and may not reflect the views of Harbourfront Wealth Management. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this report should be viewed as a reflection of my informed opinions rather than analyses produced by Harbourfront Wealth Management Inc.
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