David Garnier of Dartmouth, Nova Scotia: The General Principles of Financial Planning

Working in financing roles in the last decade or so, David Garnier of Dartmouth, Nova Scotia, is an expert when it comes to this stuff. Financial planning is really a fancy way of saying "be smarter with your money". Financial planning requires foresight and a kind of mentality, one that can be developed. But how can someone do that? Baby steps or something else entirely? A sudden change of in one’s mindset?

Organizing your money

Sometimes it really only comes down to this, your ability to organize your hard earned cash a bit better. Do you have credit cards, maybe a mortgage or a car loan? There are software available (called budgeting software) that can actually help out any individual, provided that they didn’t already hire a professional.

Stop spending your money

Yes, these start to sound like the biggest clichés ever, but that doesn’t make them any less true. Spending more money than one earns in a month is actually pretty common these days, and naturally a surefire way towards massive debt. Most financial planners will tell you this, the best way to ensure that you are not ending up in debt, is making sure that you never spend more than you earn.

Save up your money

Another problem that often rears its ugly head is the lack of saving mentality. If you start to save at a relatively young age or you have the luxury of saving more later, it really does make a lot of sense.

Limiting assets that could be problematic down the road

When you have credit cards and maybe even a loan on your car, saving becomes extremely hard. These expenses will drain your account very quickly. Most cars lose their value extremely quickly, so any loan that involves them will probably be a horrible idea. It’s really only the rare, classic cars that can keep or even increase their values, but those are extremely pricey anyway.

Keep learning

In today’s day and age, it is relatively easy to find valuable information on any topic, including financial planning. There are even budget software available now that do a great job in terms of giving you ideas that you could actually use. David Garnier Nova Scotia of Dart Mouth, Nova Scotia, is currently a portfolio manager at the CIBC Wood Gundy, with extended experience in the arts of investment and financial planning.

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David Garnier is a Dartmouth, Nova Scotia, professional who has worked with CIBC (Canadian Imperial Bank of Commerce) Wood Gundy since 2003, after leaving ScotiaMcLeod.