Make Fall the Time to Examine Your Finances

Pyle Group

For many, autumn brings us mixed feelings. It is a transition season from the hot vacation-filled days of summer and the cold months of winter. Those who enjoy their waterfront properties year-round, this season is truly beautiful as the trees turn colour and lakes become quiet as the boating traffic fades. Then there are the families who close up their properties for a winter hibernation, in which case these days are generally filled with making sure all the necessary preparations have been taken to ensure their property makes it through the next several months.

This is also a good time to examine our financial situation, especially since the summer is usually a time when individuals spend less time reviewing their investments and financial plans. We have indeed witnessed considerable volatility in the markets, in part created by high inflation and the largest interest rate increases in three decades. Household budgets have been pressured and for those who may have taken early retirement as a result of the pandemic, weaker portfolio returns, and higher costs might be creating a feeling of anxiousness.

I generally advise people to review their financial plans annually and to update them at least once every three years. However, if there are concerns that their plan has been pushed offside because of the events this year, then this is a perfect time to take it out and update with the most recent information. If that plan had been built on conservative assumptions, you might be surprised to discover that things are not as far off target as believed. 

Of course, this exercise can be done in any season, but for those Canadians who pack up and head south for the winter, it is best to get your affairs in order now. If anything, it will give you a break from raking the leaves.

Andrew Pyle, Senior Investment Advisor and Portfolio Manager

CIBC Wood Gundy

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Andrew Pyle is an Investment Advisor with CIBC Wood Gundy in Peterborough. The views of Andrew Pyle do not necessarily reflect those of CIBC World Markets Inc.