Study up to increase your financial knowledge. Start by identifying where you may have gaps: there are many places online, such as CheckFirst.ca, that offer quizzes to help you gauge your knowledge. Start with the Investing Basics quiz – it is a good general overview of investment fees, financial planning, risk tolerance and the legitimacy of investment offers. Commit to improving your financial knowledge in the areas you find challenging. While money-management and investments can feel confusing, there are many reputable resources available to help you.
Talk to a financial adviser. If it all seems overwhelming and you’re not sure how to manage your finances, a professional may be able to help and identify areas for improvement. If you have a financial planner or investment adviser, reach out to them for a check-in to discuss your questions or concerns. If you don’t have an adviser and want one, consider meeting with a few individuals to see who might be a good fit for you. If you can’t afford to hire one right now, speak to your current banking institution. Banks have obligations to their consumers and should be willing to talk to you about your situation. Before meeting with them be sure to check their registration and learn how the adviser or bank are getting paid.
October 14, 2020