Well, another Olympics has come and gone and I must admit, I really enjoyed the games in Rio. At Robert Floris’ Mortgage Architects office in Hamilton, Ontario, I always try to take the positive of such events. A coach’s comment came across my desk and it really struck a chord. It stated: “The will to win is important, bu the will to prepare is VITAL!” Maybe it’s my maturity but probably it is the number of mistakes that I have made in my lifetime that the above line hit me. I am as guilty as anyone. Planning does lead to success. In business you have a 50% better chance of success if you have a business plan.

I started reading on American Swimmer Michael Phelps. His swimming coach gave him a blueprint on how to win Olympic medals at age 11. Needless to say, that was some script. If you have read our past articles, you have read our beliefs that even though we have record low mortgage rates, a recession in Canada will quickly demonstrate why Canadians have not planned their personal financing. An even worse study showed that only 50% of Canadian Financial Planners set goals advise with their clients. In fact, from those surveyed, 66% of respondents said their planner did not do the basics of the 3 broad stages of goals based investing:

1. Set personal goals.
2. Implement a strategy to achieve these goals.
3. Monitor the progress.

What does that tell us? There are good financial planners and we must investigate to find them.

Financial planning should be strated at an early age so that education starts early and mistakes are minimized.

Here are the top 10 reasons to get a financial plan:

1. It will help you define your financial goal.
2. It enables you to visualize whether your goals are realistic.
3. It helps you understand how your spending effects your goals.
4. Measures your progress to your stated goals.
5. Helps to allow future mistakes to take place.
6. Identifies new ways to maximize your money.
7. Identifies risks.
8. Helps build wealth.
9. Helps build financial wealth.
10. Helps you live more comfortably with less stress.

To our Canadian athletes: I salute you all to our medal count, your dedication and your ability to set athletic goals to your Olympic dreams. For the remainder of non-athletic Canadians, I hope we have learned a vital lesson!

Robert Floris is a mortgage broker and financial planner on the Hamilton, East Mountain serving Ontario and Canada. He can get low mortgage rates but more importantly, he is focused on educating the client on why rates are not the most important thing about mortgages. You can contact Robert today by email at mortgages@robertfloris.com, phone at 905-574-9200 Ext. 215, chat on his website at www.robertfloris.com or schedule a visit at his office for a free, no obligation, no pressure consultation.