6 Financial Steps I Urged My Whole Family to Take (And Why You Should Too)

A few years ago, I did something I’d never done before: I sent a long financial message to my entire family group chat. Everyone was included—my aunts, uncles, cousins, and parents.

My grandfather had eight children, so we’re a big family spread across the globe—from Asia and Europe to North America and Australia. While our WhatsApp group is filled with updates and light-hearted banter, we rarely talk about money.

Maybe a one-on-one with a cousin. Or a side conversation with my parents. But never as a big joint family.

So one day, I decided to change that.

I’d been advancing my financial-education journey—working in finance, helping clients, studying economics—and I kept noticing the same thing: most people are never really taught the basics. And even when they know a few things, they’re not always talking about them at home.

So I wrote out six key steps I believe every adult should take—especially those juggling responsibilities, supporting loved ones abroad, running a business, or trying to build a life in a new country. These weren’t advanced strategies—just the essentials that often get overlooked.

Today, I’m sharing the same message—screenshots and all—because these tips still apply. Whether you’re raising kids in Canada, supporting family overseas, or mapping out your next chapter, these are the financial foundations worth having in place.

1. Save for the Unexpected

If the past few years have taught us anything, it’s that life can change fast.

Job loss, illness, family emergencies—these things happen. And when they do, a 6- to 8-month emergency fund can mean the difference between resilience and financial crisis.

Set a target based on your essential monthly expenses and keep those funds in a high-interest savings account where they’re accessible—but not tempting.

Why 6–8 months? • That’s roughly how long it takes the average Canadian to land a comparable new job. • Short-term disability payments often last six months before long-term coverage (if any) kicks in.

A recent CIBC poll found that 60% of Canadians aged 45–64 have an emergency fund, but that number drops to just 51% for those aged 18–44. That means half of younger Canadians could face serious setbacks without financial backup. Source: CIBC 2023 Emergency Savings Poll

Start small if you must, but start. Your future self will thank you.

2. Set Your Goals (And Write Them Down)

It’s not enough to have a vague idea; you need written goals with numbers and timelines attached.

Break them into:

• Short-term (1–3 years)

• Mid-term (4–7 years)

• Long-term (8+ years)

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Assign a dollar amount and a target date to each. Then review 3–6 months of spending and create a realistic monthly budget.

Money with a plan creates momentum.

3. Start Investing—But Don’t Go In Blind

Saving alone won’t build wealth; investing does.

Before you commit, get a second opinion—better yet, a third. Talk to two or three qualified advisors, compare their approach, fees, and communication style. Then choose the professional who feels right for you and your family.

Curiosity now can save you costly missteps later.

4. Protect the People Who Depend on You

If someone relies on your income—children, a partner, aging parents—you need a safety net.

Look into life and disability insurance. Premiums typically jump every decade, so if you’re 19, 29, 39,49, 59, etc. it pays to lock in coverage before your next birthday. Compare policies, ask questions, and don’t settle for the first offer. Peace of mind is worth the effort.

5. Write a Will

A will is one of the simplest—and kindest—legal tools you can have. It prevents delays, reduces taxes, and makes sure your wishes are carried out.

Whether your budget allows for a full-service lawyer, a mid-range notary, or a reputable online platform, there’s an option for every stage of life. And any will is better than none.

If you have children or significant assets, consider pairing your will with Power of Attorney documents and a guardian plan.

6. Review Everything Once a Year

Your life evolves; your plan should too.

At least once a year, revisit:

• Your financial goals and budget

• Emergency fund progress

• Insurance coverage

• Investment performance and alignment

These check-ins don’t need to take long—but they do need to happen.

Additional Steps for Family Planning

In the same message I sent to my family, I also encouraged us to take things a step further with these additional, often-overlooked financial documents:

• Power of Attorney (POA) for aging parents or vulnerable family members

• Joint ownership of critical accounts and real estate assets

• A net worth statement—a snapshot of financial standing

• A shared family budget for multi-generational households

  
  

These aren't just administrative tasks—they’re tools that protect families in real time.

This Was Personal Then—And It’s Personal Now

When I sent that message, I wasn’t after likes or shares—I was looking out for my family.

But over the years, I’ve seen these exact steps transform the lives of clients—entrepreneurs, new Canadians, parents building for the future, and individuals finally ready to take control.

📩 Feel free to email me anytime or book a complimentary consultation to map out your next steps. Choose a time that works best for you; I’ll meet you there.

You don’t have to solve everything today—but you do need to begin. If you're already investing but uncertain about whether to sell your holdings, read my article: "Stuck with Old Investments? Time to Let Go"