As circumstances change, so should a financial plan
Story by Grant Cameron Illustration by Jeremy Bruneel
Afinancial plan, in many respects, is like a comfy blanket that protects you from the inevitable ups and
downs of life and ensures you’re taking
meaningful steps towards a brighter future.
Today— with personal debt on the rise,
workplace pensions under the gun and
people borrowing to cover day-to-day
costs—it may be more important than
ever to plan for the ages.
“A financial plan is important because
it gives you a solid foundation,” explains
Nancy Graham, associate portfolio manager at PWL Capital in Ottawa. “It helps you
sort out your priorities and focus on what
needs to get done in order to be at a good
place later on.
“The worst thing for anybody is to say,
‘I’ve got a plan, but it blew up and I can
never retire.’ People shouldn’t just sit there
and stew about it. They should talk to
somebody and get help.”
It’s important to map out a financial plan
early in life, Graham says, and then stick
with it in the face of upheaval.