As many as 49 per cent of Canadians hope to retire before age 60, recent surveys show. They'd better be, because good personal financial planning for business owners is critically important. Financial institutions, such as Royal Bank and the other members of Royal Bank Financial Group, can provide expert help by asking the right questions and finding the right answers . Devise a strategy Review your progress. The basis of a sound plan is pure attitude .
Conviction is what keeps a personal plan on track.
Long Term Goals Look 10-20 years or more into the future. This may include putting kids through university, buying a vacation property or even retirement, depending on your age. That means calculating how much you need to save out of disposable income to fund your goals. Personal Balance Sheet You also need to compare your personal assets and liabilities. Tally the current values of assets you own, including house, business, investments, vehicles, vacation properties, and other valuables.