A financial plan creates a complete picture of your finances. It determines your short and long-term financial goals, which can include longer-term goals, such as retirement, and shorter-term goals, such as saving for a car or a home. You are never too old, too young, too wealthy, or too poor to engage in financial planning. Your goals may change at each life stage, it is important to have a road map to assist you in achieving them and identifying important milestones so you know you’re on the right track.

Determine what you want to achieve, whether it’s a short-term or long-term goal, level of risk, financial and personal situation. For instance, if your risk tolerance is low, you may want to choose a secure and low risk investment like a Guaranteed Investment Certificate (GIC). If your risk tolerance is higher, you may want to leverage the growth potential of the markets, like with a mutual fund or stocks.