Turns out, time really is money.
In Act 57, I talked about finding financial specialists rather than financial generalist for matters of money. Because let’s face it, banks and credit unions work for, you guessed it, banks and credit unions. It’s difficult to find independent advise and advocacy from within those institutions (not impossible, but difficult).
Today I went to see a financial planning specialist. Way less scary than the dentist.
I have to hand it to him, I have no money, afterall, but he gave generously of his time and walked me through a few critical steps.
Most important among them was that one of my biggest assets happens to be time. As I’m half way between high school graduation and retirement, I’ve still got 20 to 25 years of time to save and prepare for the end of work. So by being only focussed on debt reduction (which isn’t a bad thing by any means), I could miss out on precious saving years which, despite good intentions, I can never get back. Time is an asset you cannot afford to waste.
Suddenly, the idea of RRSPs and TFSAs doesn’t seem so foreign or frightening anymore. I’ve had them before, I can have them again. The sooner, the better.