Q: I am a 29-year-old who is (finally) starting to think about savings and investments and I have no idea where to start. My partner and I are starting to make a salary above $100K (total) and all our debts have recently been paid off. We are starting with very little in the bank ($10,000) and don't own anything (no house, no car). We have the means to start saving every month as we have lower expenditures than income. Financial advisors seem to cost quite a bit of money, so I was wondering how much money we should save up before starting to pay for the services of a professional?
Asked by Kat, Edmonton, AB
The first step would be to discuss with your partner why you want to be saving. Or what you are saving for...
- A home?
- To start a family?
Also, what financial goals do you have and what is the time frame you realistically would like to achieve these goals?
Once you have a good picture of what you are saving for, I would then suggest meeting with a financial planner who can create a road map with respect to how to achieve your goals. Yes, this costs money but good advice isn’t free. A good and realistic financial plan is priceless.
Regardless of how much savings you have to date, invest in your financial future with a well-built plan.