Pamela Maclean is in the business of freedom – the freedom to choose, freedom to own, freedom to roam or the freedom to simply do what you want, when you want.
As a certified financial planner with Gulf & Fraser Credit Union, Maclean’s 15-plus year track record in the world of commerce has uniquely positioned her to provide clients of all ages and circumstances with the keys that unlock financial freedoms across generations.
And here’s how she does it across five key stages in life.
Learning the ropes during childhood
As with most things in young age, developing habits and routines are critical.
Maclean stresses the need for early discussions that establish the importance of saving for the future. If your 10-year-old is earning money from a paper route, lemonade stand or allowance, Maclean encourages putting half that money to savings and half to spending.
“At a comfortable age, parents can provide their children with a debit card which has a daily spending limit and they can keep an eye on the account to promote financial literacy,” Maclean suggests.
Teenage years, university aspirations
This is the critical juncture where a dose of reality needs to be emphasized, namely in the form of educating young people about credit, loan offers, tuition and rent responsibilities.
Both sides of the credit coin need to be discussed: how maintaining good credit is a foundational pillar for future wealth but also how bad credit can take many years to rebuild.
First-time home ownership
The university days are done, the career is on track, love is in the air and it’s time to lay down roots.
It’s here that Maclean can assist in recommending a series of options: utilizing government savings programs such as the First Home Savings Account, the first-time homebuyers’ program by withdrawing from your RRSP, the tax-free savings account TFSA or your own personal savings.
Maclean also suggests taking advice from others with expertise: real estate agents, insurance brokers, mortgage specialists and even friends and family who’ve already undergone the process.
Setting the seeds of independence
The mid-life, mid-career juncture is where the rubber truly hits the road to set the stage for future financial independence.
It starts by creating a comfortable net worth and cash flow, and setting benchmarks around paying down a mortgage, saving for retirement, saving for children’s education, saving for a rainy day or travelling.
“I recommend automatic monthly savings contributions,” Maclean says. “A financial planner like myself can assist with where and how much to direct into different types of accounts which align with different goals.”
Making the golden years just that – golden
Step one is to determine what an ideal retirement looks and feels like. Once that roadmap is set, Maclean’s advice makes the retirement road smooth as silk: pension plans and CPP options; income streams and their tax implications; estate planning; financial forecasts; RRSP considerations and more.
“It’s hard to describe the satisfaction and happiness I feel when clients reach a goal: paying off their mortgage, sending their kids to university, buying a home, achieving their savings strategies,” Maclean says. “I love sharing those moments with clients.”
To learn more about how Pamela can help you reach your financial goals, visit gulfandfraser.coconutcalendar.com/service and book a consultation.
