#5. You’ll save money on haircuts, and finally get to grow out those Elvis-esk sideburns you’ve secretly always wanted.
#4. You will be utterly oblivious to the fact that you don’t own the latest iPhone.
#3. You will no longer have to assemble ANYTHING EVER AGAIN from IKEA. (I mean I ask you, what motivation could IKEA have to engineer a desk that can be broken up into 7000 pieces if not to keep us all preoccupied building stuff while they pursue their goal of world domination one bookshelf at a time).
#2. You won’t have to wait in anymore Starbucks lineups, (or more explicitly waiting in-line behind the guy that just wasted a half hour of your time ordering the “Double Ristretto, Venti, Non-fat Organic, Chocolate Brownie Frappuccino, Extra Hot, and Double Blended with Whipped Cream). I hate that guy.
AND THE #1 REASON TO KEEP YOUR HEAD BURIED IN THE SAND IS:
#1. You can entirely avoid the fact that you’re one of the more than 73% of Canadians who do not yet have a written comprehensive financial plan for their retirement.
Now obviously, I’m having a little fun with this, but that last statistic should be enough to scare the hell out of almost anyone. It is mind-boggling to me that; Canadians are likely to spend more time this year planning their next vacation than they will planning for their retirement. And the reasons I hear most often are that they are simply overwhelmed by the planning process. The sheer amount of information on products, fees options, and specific planning strategies tends to leave most of them stuck in the status quo due to a constant state of paralysis by analysis. Hey, I understand the pleasant distraction that planning for your next escape to boat rides, beaches and umbrella drinks especially on a dark and rainy Vancouver afternoon in February. But why for the love of Pete would you not want to spend at least an equal amount of time planning for the most important vacation you will ever take in your life, called “RETIREMENT.” Let’s face it there’s not enough travel insurance in the world to save you from a poorly planned retirement.
The secret to a successful retirement plan is not for you to go out and spend the endless hours of research necessary to understand the complicated world that is financial planning, life is too busy. No, the secret is to find an advisor you TRUST that understands the above mentioned but can help block out all of the unnecessary noise not pertinent to your specific financial situation and provide you with the clarity you need, to make the right decisions for you and your family.
Now you might be saying to yourself that’s great Tim but that’s a lot easier said than done, but trust me it’s really not that difficult. First, start by talking to friends, family and colleagues. Get a referral to some of the advisors/financial planners they are using. Ask them for some of the reasons why they like and trust them. And then pare down that list to at least 3 and book appointments with each of them. Go into this meeting with a list of prepared questions. If you’re having trouble coming up with some questions of your own, request the article called “10 Key Questions to Ask When Choosing a Financial Planner” which you will find at the top of the home page at www.moneyseemoneydo.ca.
So, to sum up, although keeping your head buried in the sand might be fantastic for your complexion it doesn’t do much to instill confidence in your retirement plan. If you decide to pull your head out of the sand, I’m afraid I can’t help much with items #2 to #5 on the list, however when it comes to #1 well that happens to be one of my favorite things to do.
PS. Keep those sideburns, they look fantastic, don’t let anyone tell you different.
Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Tim Gendreau is solely responsible for its content. For more information on this topic or any other financial matter, please contact an Investors Group Consultant.