Top ten mistakes people make with their finances and top ten ways to fix them.

1. Tim Weichel, MBA
Tim Weichel & Associates
416-230-2703
tim@timweichel.ca
www.retireonyourterms.ca

2. Financial Success
• Otherwise successful people often neglect
their personal finances

3. Why?
They lack one or more pieces of the
financial success “KIT”
Knowledge
Interest
Time

4. Agenda
The 10 biggest mistakes that people make
with their personal finances
10 Wealth Success Strategies

5. Mistake #1
Starting without a life plan
“If you don’t know where you are going, any
road will take you there”
- Lewis Carroll

6. Mistake #2
Not having a realistic retirement plan
Planning for your retirement when you are retired!

7. Mistake #3
• Living beyond your means
– Taking on too much debt
– Not paying yourself first (saving)
– Spending money frivolously

8. Mistake #4
• Not taking full advantage of Government
Programs to defer or avoid taxes
– RRSP, RESP, TFSA, RRIF, RDSP, DPSP
– Home buyers plan, Life long learning plan

9. Mistake #5
Proceeding with unrealistic expectations
How much money will I need?
What rate of return am I likely to achieve?
What is the downside risk?

10. Mistake #6
Trying to beat the market
“I can time the market”
“It’s different this time”
“This stock is going to $100!”

11. Mistake #7
Failure to do tax planning
Not understanding the tax consequences of different
types of investments

12. Mistake #8
Not having an estate plan
Not preparing for the unexpected
Not having an up-to-date will and powers of
attorney
Not structuring your affairs to avoid the
probate process, taxes, and to pay for final
expenses

13. Mistake #9
Listening to the wrong people
You
Accountant
Financial
Advisor
Personal
Partner
Lawyer
Insurance
Professional

14. Mistake #10
Not having a Financial Plan

15. 10 Wealth Success Strategies

16. 1. Live within your means

17. 2. Pay yourself first

18. 3. Reduce your most expensive
debts as quickly as you can

19. 4. Know how much you will need to
retire and have a plan to get there

20. 5. Prepare for unexpected life events

21. 6. Take full advantage of
Government tax breaks

22. 7. Have an Estate Plan

23. 8. Understand and avoid market risk
My top 3 favourite quotes from Warren Buffett:
1. “Rule No.1: Never lose money. Rule No.2:
Never forget rule No.1.”
2. “Risk comes from not knowing what you're
doing.”
3. “If past history was all there was to the game,
the richest people would be librarians”

24. 9. Get financial advice from an advisor who
is knowledgeable and objective

25. 10. Start Today

26. Tim Weichel & Associates
Your Financial Plan
Your financial vision
Your investments
Projections
What if scenarios
Implementation
Management and monitoring
Progress reviews quarterly, semi-annually or annually
Retirement Planning
Estate Planning
Tax Planning
Education Planning
Risk Management

27. Thank You
Tim Weichel, MBA
Financial Consultant to Individuals and Families
Tim Weichel & Associates
416-230-2703
tim@timweichel.ca
www.retireonyourterms.ca