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[Music] you've paid off your mortgage woohoo congratulations it is a big mil Stone the question is now what do you do when you've spent so much time and money paying off your mortgage how do you pivot your financial plan to focus on future goals well here to tell us what you should be thinking about as Georgia Swan tox and estate planner at TD wealth and uh always a pleasure to have you here hi Kim good to see you again I love this topic so for people you know they've paid off their mortgage well what kind of Financial Freedom does this create for people well the first thing I always tell people is you need to take a beat it's time now to do exactly what you said and refocus on those important things so are there areas of your financial Wellness that you've been neglecting a little bit in favor of the mortgage what does your retirement plan look like are you on track for that is your tfsa topped up children's education what's that emergency fund look like now it's time to re look at those goals and start with those big ones the the sort of needs and must havs and then look to some of the secondary ones so is there you know is it time to get rid of that 14-year-old car and replace it are there some Renovations or repairs to the house so you keep going down those tiers of things that you now want to focus on and maybe you'll get to the more fun stuff so is it time time to give to that charity that you've always wanted to give to and that's always a good one because you get the charitable donation credit or you know can you maybe now start helping your kids by their first home so you have to take that beat and then decide what of your are your goals your needs and your wants can I ask um I feel like that's a whole lot of Dos what about the don'ts don'ts don't procrastinate on that retirement planning and really remember that you need to keep budgeting you didn't get to this point by you know not focusing on the important stuff my grandfather used to say you've eaten the elephant don't choke on the tail now so you have to keep that Focus going now okay I don't want to rain on everybody's parade I know that there might be the odd Splurge that you want to do that great vacation to the place you always wanted to go to or that great pair of shoes but you can't over Splurge you still have to keep a focus on those goals um what about I know some people you know they've they've paid off their house like I've paid off a property let's get another one y that's that's a very common one and you know what that could be a good idea so but you have to be very careful about are you cut out to be a landlord so make sure you do your research make sure you have that expert telling you where the best places are what your expected return is and be honest with yourself about whether you are cut out to be a landlord especially in circumstances if you're going to do a short-term rental make sure you do your research because that might not be appropriate where you are then if you're looking at a vacation property though you have to look at what is that going to cost you are do you want to go back into debt and what are the fees to actually maintain it on a go forward basis this is all stuff that you need to do to educate yourself to make the those right moves and the other thing I was going to say with vacation properties I've heard people uh say oh you know I'm going to buy me some buy something for the family in the states and just what that opens up right no absolutely because you're buying something obviously in a completely different country the laws are are different the the the value of the money is different you're not there all the time to take care of it so you have to be really careful in that circumstance I hate to ask this question but I do think we need to ask it because you need to have some cautionary tales right you need to say so so what are some of the worst things that you've heard for people when they're like woo yeah the worst thing that I see is people that suddenly start treating that disposable income as truly disposable and disposable for too long so they're the ones that you know the endless shopping spree and so forth and they've forgotten to kind of regroup and go back to the beginning um the other thing is I've seen a lot of people they suddenly start getting into these you know business opportunities and get rich quick schemes and things like that and when those go bad they go horribly bad and a lot of times they take more than just what you've put into them so you really have to be careful and like I said go back to the fact that you got here by being you know by doing your budgeting by doing your planning don't stop now okay so then I hear you so someone's saying okay Georgia said I'm going to just slow down take a beat maybe I'll buy myself a new sweater or something nice kind of thing but then what do they do how do they figure out what the next uh right step for them is well this is the place where you have to be in lock step with your investment advisor a financial planner because they're going to ask you you know what does retirement look like for you how much do you think you want in retirement and they'll tell you if yeah you're there already you're on your way to being there or you've got a fair bit of work to do and I don't think you can get that information on your own so the first step is to go to the people that have the answers that you need and they can help you formulate those needs and wants and work down that list so that you can know that you are where you need to be and if you were and you talked a little bit about this at the very beginning about the needs and the wants but some of the right things to think about if somebody wants to kind of prioritize is like retirement planning and the children's P just run through some of those again yeah so retirement planning are you there do you need to put more aside your tfsa of course always a good thing you know make sure you top that up do your is your children's education fund where it should be or do you need more um you know that emergency fund a lot of us neglect that and we don't know what the future's going to hold there could be you know issues where you need to help take care of your parents or you have your own medical issues or long-term care issues so you need to make sure that's in place before you start looking at some of the fun stuff it is always a pleasure thank you so much [Music] thanks [Music] [Music]