Financial Planning

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Financial Planning

Financial planning involves a comprehensive assessment of an individual's current income and expenditure and estimations of their future financial state by using current known variables to predict future income, asset values and expenditure plans.

Retirement Planning

Retirement is an all-embracing term and may include a person taking traditional retirement. For example, it involves complete cessation of work, semi-retirement and temporary retirement. Each situation may require slight adjustments to the overall retirement planning for an individual, but these can be made in the overall plan.

Royal Rock Wealth helps clients work towards retirement planning, aiming to ensure that there are sufficient funds and regular income available for the time that the client no longer works. Royal Rock Wealth will help set out and execute financial strategies in respect of saving and investments, taking into account not only assets and income but also future expenses and liabilities plus, of course, life expectancy.

Retirement planning needs to be carefully thought through, and some of the key steps are to:

  • Define the type of retirement you are planning for;
  • Assess the likely time frame until retirement
  • Evaluate your current health;
  • Work out a retirement budget both income (such as a regular pension) and expenditure);
  • Draw up a detailed plan with your financial planning advisor;
  • Begin to implement the agreed plan

Lifestyle and Budgeting

Lifestyle planning and budgeting help individuals understand what they need to do in financial terms to maintain the lifestyle they have been adopting or wish to adopt, having regard to what is important to and important for the person.

A lifestyle financial plan and budget are, quite simply, it is a detailed plan that predicts what the financial future may look like based on a person’s goals. It also addresses a variety of other factors such as current income and annual expenditure, returns from investments plus future expenditure, returns and so on.

The aim of lifestyle planning is to create a balance between income and expenditure, thereby providing opportunities for the person to get the most out of life whilst remaining healthy and within their budget.

Education Fund Planning

Paying for the education of one’s children can be a costly exercise, especially if they keep advancing to higher and higher stages of learning. For ambitious parents with talented children, one should be aware that elite programs generally are quite costly and require planning in advance.

For example, top MBA programs in the United States currently cost more than US$250,000, including living expenses. Certain professions such as doctor, dentists or law require additional schooling beyond a typical four-year bachelor degree and financial support.
There are a number of factors to consider when planning to establish an education fund for your children. These factors may include:

  • calculate an estimated amount for each child based on their current -educational status and likelihood of progressing to higher education;
  • develop and implement a savings strategy;
  • determine the appropriate investment for such funds (probably relatively conservative as these are funds accruing for a specific purpose);
  • continually review and monitor progress with Royal Rock Wealth, making changes to the strategy if appropriate.

Educational fund planning is the identification, development, and implementation of strategies designed to provide for the educational needs of one’s children or any other beneficiaries. The Canadian government does provide a tax free education savings account that may help in saving for some of these expenses.

Let’s See How We Can Help You

Your path to a more secure financial future is only a phone call away. To get started, fill in the contact form or call at 778-288-1587. we can get to know each other through an in-person or virtual consultation.