The secret of life is enjoying the passage of time, and learning from those who have created a path before us. With every one of the countless steps that make up your life, there are endless choices to be made. Financial planning is a step by step process that helps you reach your goals by gaining perspective on where you are now and defining where you may want or need to be in the future. Financial planning provides direction and meaning to all your financial decisions, and can help you adapt more easily to life changes and keep you on track.

Personal financial planning is the process of examining your own financial and personal situation, defining short-term and long-term financial objectives, and developing and implementing strategies for reaching those objectives.

For most people, money is a limited resource, yet there are unlimited ways to use it. The way you choose to use your money can lead to very different results. Obviously, we all have an immediate need to balance income with expenses. There are however, more complex factors such as servicing debt, accumulating savings, limiting taxes, managing risks, funding education and providing for retirement, which also need to be addressed.

There are 5 basic stages in the financial planning process:

• Determining what is important to you and establishing financial objectives
• Gather process and analyze relevant information
• Develop a financial plan
• Implement the plan
• Monitor the plan and make necessary changes

The costs of failing to plan adequately for your financial future may cost you in more ways than one. It may include the inefficient use of resources, failure to meet financial objectives, inability to weather catastrophes, and higher than necessary taxation.

Financial planners deal with one of the most personal and sensitive aspects of your life: personal financial security. As a result, TRUST is at the heart of the financial planning relationship – TRUST in the planner's competence, integrity and objectivity, and TRUST that the planner will act first and foremost in your best interests.

Michael Begg, Scott Crockatt and Tracy Evans, Certified Financial Planners, operate APEX Investment Management an independent financial planning practice here in Uxbridge. 905-852-3302.

Mutual Funds provided through FundEX Investments Inc.