Expecting the Unexpected When Life Happens Out of Order


Life, for many of us is supposed to happen in a very strategic and scripted manner, or at least that's the way we would like it. What happens if it doesn't, how would you handle the unexpected? How would you deal with the adversity and the uncertainty in not knowing what is about to happen next? I, for one, would probably panic and wish to distance myself from the confusion. However, as a mother you don't get to choose your battles. Life throws you the proverbial curveballs and you deal with them the way you know you can.

For many Canadians, that so called "traditional sequence of life events," doesn't happen in the way you'd expect. The finish school; get married, buy a house and have kids routine isn't for everyone. If you speak to your parents or even your grandparents, I am sure you would see a difference between even those two generations. Your grandmother may not have attended university, as she chose to become a homemaker instead. Your parent's generation may have chosen to travel the world instead of starting a career right after college. No matter which road you and your significant other decide upon, take it by storm and be the best you can be.

A recent survey conducted by TD Bank found that nearly six in 10 (58 percent) of Canadians have completed or are on track to complete their life's milestones in a different order than they had originally planned. More specifically, Generation X Canadians are much more likely to complete or be on track to complete them in a different order (64 percent) than Millennials (52 percent).

If you keep up on world events, you may have noticed some of the uncertainties surrounding financial markets, oil prices, hydro production costs and overall cost of living. What your parents did to plan for their future may not work today.

Ask yourself the following questions

-How do I handle multiple milestones occurring at the same time?
-Is it smarter to plan a wedding or buy a home first?
-What costs should I factor in when contemplating buying a home?
-How much do I need to save to enjoy parental leave?
-How do I know if I'm on track to save enough for retirement?

Preparing for life's big moments requires planning and saving, and regardless of ones age, it is never too early, or too late to set a financial goal and get started. Your future will appreciate your insight and determination.

As we are all aware by now, there is no such thing as a money tree. If there were I would own a PHD in Horticulture. Having a large family costs a lot. My husband and I talk about the future incessantly. He always worries about whether or not we have made enough strides towards being financially stable.

The TD survey also found that only four in 10 Canadians believe they have properly budgeted for the birth of their first child. Millennials (28 percent) and Gen Xer's (42 percent) say they have budgeted correctly. Notice the disparity between the two generations. The previous generation seemed to have more certainty in their finances. The same outcome was found when looking at budgeting for retirement. The Millennials (24 percent) and the Gen Xer's (33 percent) is proof that as we move forward, it is imperative to have a plan.

Expecting the unexpected, The TD Wealth Management team has all the appropriate answers. Their specialists are located coast to coast to assist you in planning for the future. So whether you are just starting out in your life's journey, or planning for early retirement, they will set you in the right direction. You don't need to go it alone, use their expertise and let them grow your nest egg.