Do One Thing Monthly

From suggestions that follow, and you will most likely find yourself in a better financial position by the end of the year!

1) Manage your debt – pay off credit cards in full monthly to avoid higher interest charges.

2) Renew an upcoming mortgage maturity wisely, contact a mortgage broker before accepting the first rate offered by your institution. Your financial institution typically offers you a higher rate than available if you shop around. That makes the hassle-free option of signing the renewal document a costly convenience.

3) Review your insurance coverages – life, disability, critical illness, long term care, car and home insurance. Do you have enough coverage and the right kind in place?

4) Review your estate plan – ensure POAs (Power of Attorney) are in place, typically your spouse, also consider naming a second POA in case you and your spouse are both in the same situation and unable to deal with your affairs. You should have a representation agreement or health directive and a last will and testament are in place. Ensure details such as executor and beneficiary are current. Be specific if you want certain items to go to certain people, do not leave it to them to sort it all out after you are gone.

5) Maximize your savings, set up a monthly plan that is on autopilot.

6) Invest for the long term, trying to manage short term fluctuations is difficult and stressful.

7) Talk to your family about money, let them know what you want for the future.

8) Talk to your family about your care in the future. Will one of your children help you, will you be able to stay in your own home with assistance, what are your thoughts about care facilities?

9) Review your retirement plan, is it generating enough income to cover your expenses (with inflation), will it last your lifetime, and what are your options? Your advisor can provide information regarding above topics and many more.

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HollisWealth® is a division of Industrial Alliance Securities Inc. a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

This information has been prepared by Carol Plaisier Investment Advisor for HollisWealth®, a division of Industrial Alliance Securities Inc. and does not necessarily reflect the opinion of HollisWealth®. The information contained in this website comes from sources we believe to be reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where she is registered. For more information about HollisWealth®, please consult the official website at

Insurance products are provided through Hollis Insurance. Only services offered through HollisWealth®, a division of Industrial Alliance Securities Inc., are covered by the Canadian Investor Protection Fund.