Your financial planning to-do list

Each day this week we'll coach you through tasks aimed at improving your finances, from basic to-dos to more sophisticated investment activities.

Morningstar Canada 5 February, 2018 | 6:00PM
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There's a lot more to financial planning than simply picking good investments.

Before anything else, you need to lay the foundation for a successful financial life -- figuring out how you're doing, assessing and quantifying your financial goals, and making sure you have a safety net in case life throws you a financial curveball. Then, you'll want to ensure that your investments align with your goals, whether these are short- or intermediate-term goals like education savings or a new home purchase, or long-term such as retirement. Finally, you need to craft a strategy for generating cash flows in retirement, both from your portfolio as well as from nonportfolio sources.

All this can seem daunting, and it's tempting to procrastinate and simply hope everything will turn out all right -- which is a very dangerous thing to do. To make things easier, we have broken things down into 14 individual tasks that are aimed at improving your finances.

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