Elizabeth O’Connor of RBC: Ask for help when it comes to decisions on finances

When should you be looking for help with your investments?

They say money cannot buy happiness. But this I know; not having control over finances can certainly cause misery… When you are unsure and feel lost, ask for help!

Everyone will need help with financial issues at some point in their life, either occasionally or on a continuous basis. While it would be nice to be able to handle all of life’s financial ups and downs without help, for most of us that is not practical.

A personal story:

I began my own work career the way most people do, as a magician’s assistant. This was quickly followed by a career in the drug industry as a cashier at a pharmacy and then I took on the travel industry as a ‘consultant’ sending you wherever you told me you wanted to go. This inauspicious start led me to my first need for financial help.

My lack of financial savvy hit me hard and early as it does most of us. Are we ever as lost as when we first start out beset by foreign concepts like paying rent, car loans, student loans, parent loans, and friend loans?

And just when you think you are not going to make it, a beginner’s credit card application pays off and unseen benefactors hand you the last thing you needed, right in time, more credit. A few short months after that I found myself seeking help with my finances. I felt like I couldn’t breathe and I was convinced I was destined for a life of constant debt and servitude. Fortunately I met an angel, the Assistant Manager at the local branch of my bank. He let me know my problems were quite common and all we needed was a plan.

That meeting turned my financial situation around and has stood me well my entire life. They say money cannot buy happiness. But this I know; not having control over finances can certainly cause misery. However, the more important lesson I took away from that meeting is when you are unsure and feel lost, ask for help!

Major life events when you may need financial advice:

Many people are able to work through most of their financial issues. Of course when we are looking at major life events most of us will seek expert guidance if it is available. For almost all of us the single largest financial expenditure we will ever make is the purchase of a home. Few would venture down that road without consulting a variety of professionals from real estate agents to accountants, lawyers and mortgage specialists.

When and if you should seek advice from an investment or financial professional is a question many of us struggle with. Probably the two main deciding factors would be the complexity of your financial situation and your level of financial expertise.

Other major life events one should consider seeking financial help for might include retirement or an unexpected windfall such as an inheritance or the sale of a major asset. Remember the lesson I learned, if you are unsure and feel lost ask for help!

The real estate market is hot, hot, hot:

There are a few interesting trends underway in cottage country. Many young retirees are cashing out of the Toronto and southern Ontario housing market and retiring up here in paradise and many slightly older retirees are selling their cottages to move into town. New home and condo developments are quickly becoming part of the landscape. These trends are expected to accelerate rapidly as the people driving them are the tip of the boomer generation. These are examples of major life events that people seek financial guidance on.

Next time I will tell you what you should look for in an investment advisor.

Good financial health to all.

This article is supplied by Elizabeth O’Connor, an Investment Advisor with RBC Dominion Securities Inc. (Member–Canadian Investor Protection Fund). This article is for information purposes only. Please consult with a professional advisor before taking any action based on information in this article.

Elizabeth O’Connor can be reached at 705-789-2100 or [email protected].

Whether you are looking for a full time, full service financial advisor or seeking expert financial advice as a second opinion, call Elizabeth. With offices in Haliburton, Huntsville and Bracebridge, Elizabeth works closely with clients in cottage country from the lakes and surrounding towns.

Elizabeth O’Connor is an Investment Advisor with RBC Dominion Securities, which is a member of the Canadian Investor Protection Fund. 705-789-2100