The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
We would like to introduce Personal Finance articles by Julie Leefe, CFP, R.F.P. Julie is a practicing Financial Planner with clients and family in this area and an affinity for rural communities (born and raised in Flin Flon). She has lived in Oakbank, Manitoba(east of Winnipeg) since 1990. As Past President of the Canadian Association of Financial Planners (Manitoba) Inc., Julie has an interest in educating the rural public on matters affecting financial independence in all phases of life. Today's Topic: Overview of Personal Financial Health. Hello readers! Since the Personal Finance arena is a general interest subject for all age groups, I'm picking a logical startpoint? the basics. For younger generations, these first few articles should be relevant. Arenas? yes? the heart of many community activities. Having spent much time in arenas as a hockey mom, I have realized that there is an analogy between Personal Finance and the great Canadian institution of hockey (with the NHL lockout this season? it's a good time to work on your own financial arena): Coach(es): External advisor(s) Team Objectives: Your unique financial goals Game Plan: Personal financial plan Goalie(s): Money manager(s) of your house, deflecting the hits, protecting the nest egg Defense: Emergency fund or (unused) line of credit, along with insurance protection (risk management) and legal documents (estate plan) Offense: Debt and tax reduction, savings and investment plan Practices: Continuously learning techniques of money management that best suit your income and goals Games: Real Life with all its rewards (passes) and trials (bodychecks) Trainer: Your support network that helps you get back on track after an unexpected "injury" Waterboy (person): Portfolio managers and corporate executives that try to grow your money for you. Advancements in medical science mean that people are healthy longer, and living longer, than we ever imagined. Expect to be comfortable working longer than you thought, because of great health and the likelihood of a LONG retirement. I recently heard a projection that 50 per cent of baby boomers will live to be 100. Hadn't we best run our finances with the discipline of a small business? Financial health is interconnected with mind, body and spirit. Financial stress strains relationships, self esteem, and the physical body. Similarly, illness or injury can cause expenses that eat up financial resources. Anyone with a health problem will tell you that, to them, good health would be considered "wealth" (wealth is not always dollar related). Spiritual health encourages us to do what we can to help others, whether financially or by donating our time and talents. Indeed, financial health is not isolated from other forms of health. The aim of this column in the future will be to help you enhance your financial health. Personal financial management is a lifeskill that is still not taught in our public schools on a regular basis. We have a responsibility to share what we have learned with others around us. Next column: Common Components of a Financial Plan. Julie Leefe is a Certified Financial Planner and Investment Advisor with Bieber Securities Inc. in Winnipeg (website www.biebersecurities.com, toll free 1-800-205-9070). Bieber Securities Inc. is a member of the Canadian Investor Protection Fund. Questions or comments submitted to the publisher, or by e-mail directly to [email protected], may be answered in a future column if they will benefit the general readership. Otherwise, the writer will try to answer your queries directly or by phone.
