Canadian CANNAINVESTOR Magazine January 2018 | Page 215

Here is the process I would use, which coincidentally is considered the financial planning process.

1. The Drawing Board:

This is where you brainstorm. Identify what it is you hope to change and what you want to achieve. Maybe it’s a retirement age or an education goal for a child. Perhaps it’s paying off some of that stress-inducing holiday debt you’ve been avoiding. Whatever it is, grab some paper and write it down.

2. Determine Your Goals:

Once you’ve brainstormed, you need to write down specifically what it is you hope to do. Maybe it’s to pay off all your debt by the start of 2018, or maybe it’s to retire at age 63. Whatever it is, write it down in detail and commit to it.

3. Clarify Your Present Situation:

This is arguably the hardest part, taking a real look in the mirror at what you have. With debt, it would be to bring out all your statements and adding them up. Make a habit of doing this every year. I would strongly suggest everyone create a binder that has all of their important papers in it. Investment statements, pension statements, mortgage statements etc. One place where all of it can be found. Consider making a pdf soft copy stored securely in case of damage or loss of the binder itself.

215