Ten Biggest Money Mistakes

10. Life Goals not discussed or recorded.

9. No family budget

8. Only one family member manages finances – both (and the kids) should be involved in the planning process.

7. People skimp on their house insurance. They don’t have replacement value coverage.

6. People pay too much tax, they should look for ways to reduce or defer taxes by increasing the RRSP contributions.

5. Poor use of employee benefits, people don’t avail themselves of all the options.

4. Investments are not being diversified. There should be a balance of percentage of income and equity.

3. Mismanagement of estate plans.

2. Income earner does not have adequate disability insurance.

1. Not enough money put away for emergencies or opportunity.