After toiling away in your cubicle for most of the day, you decided that wasn’t the life for you. So you started your own business. Most likely, it was more complicated than you ever imagined. While you may not have a boss, you now have customers you need to satisfy.
Running your own business can be very rewarding, but calling it hard work is an understatement. You will face problems you never encountered before. Your financial plan and strategy will require a makeover.
As with many retirement savers, it took two stock market crashes (2001, 2008) and a global financial crisis to convince Adam and Sonya that trying to 'time the market' or pick specific sectors was a costly exercise in futility. But, with the value of their RRSPs nearly halved in the 2008 crash, they also recognized that they could not afford to avoid equities if they were going to have any chance of meeting their retirement goals.
In the aftermath of the US housing market bust and the ensuing financial meltdown that led to global stock market declines of 2008, people are getting back to the basics as far as their retirement planning goes. Although the stock market has recovered, many pre-retirees have lost a lot of ground in their retirement accounts and are facing a new reality.
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