Family discussing how to align their financial goals with their personal aspirations.

Essential Insights from the Double O’s: Chapter Two

Authored by Jack Lumsden, MBA, CFP®, Financial Advisor, Assante Financial Management Ltd. 

For your FREE Copy of Preserving Wealth, CLICK HERE

Chapter 2 delves into the importance of assessing one’s financial standing through the “Double-O Lists” – what you Own and what you Owe. Set in a familial setting, Uncle Wayne imparts invaluable wisdom, stressing the significance of meticulous financial planning and debt management. Key discussions include the necessity of emergency funds, prioritizing debt repayment, and the transformative impact of paying off mortgages. The chapter concludes with guidance on inheritance utilization, urging individuals to align financial goals with personal aspirations.

Key Learning Items:

  1. Organize Financial Documents: Compile a comprehensive list of assets and liabilities, storing copies securely and safeguarding originals in a safety deposit box.
  2. Establish Emergency Funds: Maintain an easily accessible emergency fund equivalent to three months’ expenses, or acquire a line of credit for unforeseen circumstances.
  3. Prioritize Debt Repayment: Pay off non-deductible debts in order of highest interest rates starting with credit cards, followed by loans and mortgages.
  4. Maximize Returns: Clear debts to enhance cash flow and generate higher guaranteed returns on investments.
  5. Align Inheritance Goals: Determine individual priorities concerning inheritance utilization, focusing on immediate cash needs, current income, or future retirement provisions.


These insights underscore the foundational principles of financial stewardship and empower individuals to navigate their financial landscapes based on what is most important to them.

You can read the full chapter HERE

What To Do Next

Are You on Track with Your Retirement Strategy? FIND OUT TODAY!

For more information, refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing, and transferring Wealth by Jack Lumsden, MBA, CFP® or schedule a call with Jack at 905-332-4403


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