Understanding where you are today
Where am I today?
The first step in building a plan to reach a financial goal is understanding where you are today. Answer these questions to gauge how well you know your current financial situation.
True or false?
| Question |
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1. I know how much I/we spend each month.
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2. I know the location and amounts of all my/our investments. |
3. I/We have saved six months’ worth of living expenses.
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4. I know the rate of return each year for each of my/our investments.
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5. I know how much I am/we are saving for retirement. |
6. I know the value and location of all my/our retirement accounts. |
7. I know how much I am/we are estimated to get from my/our retirement savings. |
8. I know how much insurance coverage I/we have. |
| Think about |
|---|
Think about your mortgage, utilities, food, clothing, education, insurance and entertainment. |
Think about cash, GICs, stocks, bonds, mutual funds and real estate. |
Think about the gross amount spent for essentials and miscellaneous expenses on a six-month basis. |
Include the rate of return for GICs, stocks, bonds, mutual funds, real estate and other investments. |
Note if this is a regular monthly amount and/or if you use systematic investing. |
Think about employer-sponsored plans, TFSAs, RRSPs, RRIFs and annuities. |
Find your statements and review your entire financial picture. |
Think about life, critical illness, disability and long-term care coverage. |
How did you do?
The more statements you marked true, the better you know your current financial situation. Mostly false? We can help. For any statements you marked false, make a commitment to learning the answers. Armed with this information, you can work with your Edward Jones financial advisor to build a better strategy for getting where you want to go.