Beyond investing: Why financial planning is the key to a fulfilled life

When people hear "financial planning," many will think of investing. But while investments are important, they're only one part of a broader financial strategy. A financial plan is about aligning your money with your life goals—giving it purpose and direction. 

At Edward Jones, we start with you. Your goals might include sending children to post-secondary school, buying a cottage or cabin, retiring early, or leaving a legacy. A financial plan helps you map out how to get there, tailored to your personal situation. 

7 key components

While every plan is unique, there are seven components that you should consider:

• Financial management – This is the day to day stuff including saving, borrowing, and managing debt.
• Asset management – This is the investing part, but not for the sake of investing, rather to accelerate you to get to your goals, in a way that considers your investment time horizon, tolerance and desire to assume risk.
• Tax considerations – This explores potential strategies to legally reduce or defer taxes.
• Retirement planning – This helps ensure your financial security now and throughout retirement.
• Risk management – This considers protecting against unexpected events.
• Estate planning – This involves planning for wealth transfer and legacy.
• Business planning – This involves planning for business owners, integrating business and personal goals.

Investing with purpose

Investing isn't just about returns—it's about funding your personal goals. Asset management should be purposeful, and consider the reason for investing. And as life changes, plans and the investments that support them should be reviewed and rebalanced accordingly. 

Planning reduces stress

Research shows that Canadians that work with a financial planner are more optimistic and less stressed about money. They feel better prepared for challenges like inflation and rising costs. Financial planning builds resilience and confidence.

Financial fulfillment means more than just retiring comfortably. People want the financial freedom to pursue their passions, they want a sense of financial security, and they want peace of mind. A financial plan helps make that possible.

Why work with an advisor?

Despite the benefits, many Canadians still don't work with an advisor. Misconceptions about cost or complexity often hold them back. But a trusted advisor can help you a achieve not only your financial goals, but peace of mind. 

At Edward Jones, our advisors are committed to comprehensive planning. If you're already working with one, ask about financial planning, and the components that are most important to you. If not, consider meeting with an Edward Jones advisor to start your journey. 

Investments are tools. A financial plan is the blueprint. Together, they help you build and experience the life you want.