RSP season that is.
This is the time of year you will start to see so many ads about putting money into your RSP. Advisers start coming out of the woodwork. If your adviser is any good, you have at least heard from them throughout the year. It may be an email or a newsletter or a phone call. If you haven’t had contact from your adviser outside of the RSP season, then I would suggest you seek out a new adviser.
That nice mutual fund salesperson that “sold you your RSP” last year is exactly that, a salesperson who works on a transactional basis. If they haven’t talked to you about building a financial plan, they aren’t advisers.
Keep in mind that you can’t “buy” an RSP. The RSP is only a vehicle/strategy to hold your investments and manage the taxation of your income. It’s not a product in and of itself.
Every situation and every person is different and should be treated that way. Can you imagine going to the doctor because you are having chest pains and he/she gives you an antacid for indigestion without doing any testing or scheduling any followup? You end up dying of a heart attack because you treated the symptom and not the root problem.
Going and “buying” an RSP to save taxes without a financial review would be doing the same thing. You could be adding to RSP when you really need to discuss a debt reduction strategy or a risk management program. Your finances “die a slow death” because you didn’t treat the root problem.
If your financial adviser hasn’t done a complete financial review in the last year, take the time to find a new adviser who will. Just like your annual physical can save your physical life, your annual financial review can save your financial life.
So, fast forward to the last day of your life. What does it look like? If you made some small changes now, what would it look like then? Sometimes small changes over a long period of time have the greatest impact in the long run. Everything has a price. The question is what are you willing to pay?
Make it a great day!
P.S. What am I thankful for today? I’m thankful for the my friends at The Knights of Columbus. I’m thankful I made it to work safely this morning. I’m thankful to be blessed with such a wonderful family.
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