I get asked this all the time, “What should I have in my financial portfolio so I don’t have to eat cat food when I’m older?”
The usual response you get from your banker, accountant, lawyer, financial planner is: mutual funds, registered funds, tax free savings and insurance.
But I think a balanced fund looks more like this:
-your principal residence, held in the name of the spouse with the lowest risk profile
-a cottage property
-some insurance, probably term insurance, which is cheap and provides protection for your family, but has no investment upside potential
-some basic financial investments, probably mutual funds
-a personal business for life, one you own and control
-some real estate, maybe a few residential rental properties, some land or a lot, plus perhaps some small commercial such as a mini storage place, a shopping plaza or an industrial condo
I think you should keep your affairs as simple as possible, but no simpler. Complexity is the enemy of success.
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