Understanding where you are today

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  A smiling young woman sits by a large window reviewing her investments.

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

1. I know how much I/we spend each month.

 

 

2. I know the location and amounts of all my/our investments.

3. I/We have saved six months’ worth of living expenses.

 

4. I know the rate of return each year for each of my/our investments.

 

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.