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, 2004 NISSAN $93.00 H-weokly” {KNEE I ' I I J i f v Tte , $85.00 Iii-weekly. 2004 PONTIAC , 13 SENTRA PM . "f. - Mi , .. NFIRE S bl r (Ill Ili] F n: 'ill , h f Ai (A 1,“... ht, i ='. LTI'. Ele' g. .4 a Fr. 'ia" 5 " ' V ' , I MI _ Q g PARKWAY - Mi FOI ts" : exam»: i 3 to choose “on: us The Uspd Vehicle Superstore... in Waterloo! : 4 cyli . 3 bdrm from EL This column I want to explain how these two lists can be used to create a Sim, A financial roadmap to long-lasting prosperity That is. we have our cur- rent inventory list, and we have our written goals and objectives. This information we've compiled is the bedrock of a financial plan. as we know where we are and where we want lo go. n my first column, I Iemphasized the impor- tance of establishing written ptoalti. Lsst column. similarly. I discussed the process of determining our current financial position. a task that I called, "taking inven- tory" Taking inventory means making a detailed list of all our assets and liabilities, Communitech Technolo- gy Association president Iain Klugman said this was the first year tor the event, but hopes because of this year's success it will become an annual happening. "Were juét-thrillyed with how the week turned out," Klugman said. Entrepreneur Week fea- tured top business start-up minds from the ws. and Canada who shared their "secrets to success." ntrepreneurs in Water- E100 learned the tricks of the trade last week on how to start their own companies from business leaders in the community 1lhttttrlltttt'tt Communities" moulds minds during week-long business boot camp "Waterloo has an incredible ' tradition of entrepreneurship" For The Chronicle -- Iain Klugman BvaMunmv president Comm an itech We should know at what age we want to retire, how much income we desire in today's dollars at retirement. the amount of income we will receive from govern- ment or work pensions and possible inheritance. Also, we should know the current value of our regis- tered and non-registered investments, as well as the amounts we are contribmr ing to these plans. This information can be entered into a retirement calculator. The results will help you determine the amounts you'll need to save For example, if one ofour goals is to retire early. we should have the relevant data available to us on our goals and inventory lists. "Waterloo has an incredi- ble tradition of entrepre- neurship and is well-known as a launching pad for suc- ple financial plan. The week consisted of a lecture on spurring growth. manufacturing workshops. a variety of keynote speak- ers on business start-ups. marketing and financing, and researching. "It was just a huge num- ber of events with the inten- tion of celebrating the cul, lure of discovery we have in Waterloo," he said. He said the event was originally to feature a single- day workshop. but organiz- ers pitched the idea of an enitre week, and a lot of excitment was generated. Klugman said there was a series of 10 events over the course of the week. some which had more than 400 people attend. He said at least 2,000 people attended the work- shops over the course of the The week included hands-on sessions that "guided entrepreneurs from their basement ofrrce brain, storming m landing their ftrst customer.". BUSINESS each month and the return on investment you'll need to attain your goal I've included a short list of Web sites containing fmancial and retirement cal- culators at the end of this cessful businesses," said Klugman. "A recent CIBC report ranked Waterloo Region one of the top 10 urban areas in Canada for job creation." Communitech. an orga- nization that helps technol- Communhech Technology Association in Waterloo hosted a boot camp in honour of Entre- preneur Week, which gave top business start-up minds a chance to put their plans into pritc- tice. MICHAEL TOWNSHEND Clearly, creating and maintaining a fully-integrat- ed financial plan are com- plex tasks. The process demands a lot of hard work, energy, time and knowledge. Aikordirtgiy, many pdlr ple seek assistance from The creation of a fully- integrated plan. however, calls for knowledge and experience in four vital areas: retirement planning. investment planning insur- ance planning. and estate planning. Almost every action in these four areas will affect taxes, net worth and cash flow. Of course, this is just one example of building a sim- ple ,nat1cial plan. - __ column. I encourage you to experiment with these use- ful tools. ogy companies grow and succeed in the region. spon- sored the event. Klugman said, along with a variety of partners who were involved in making the week happen including Research In Motion, the Cities of Kitch- Answer: With a will. you determine the distribution Question: What happens if you die without a will? Next column, I will dis- cuss the process of choosing a frnancial planner. In other words. he or she will regularly review and revise your tailored plan, and ensure that changes to your circumstances or legis- lation are addressed. financial planning prores-' sionals. The services offered by a financial planner include not only the cre- ation of a financial roadmap, but also its imple- mentation and mainte- nance. ener and Waterloo. Wilfrid Laurier University and Uni- versity of Waterloo, local Chambers of Commerce, Canada's Technology Trian- gle and the Ontario and Canadian governments "We've got a real history "ttttttttttt nu MURPHY PHOYD This distribution process could be drastically different from what you had wanted or intended. For instance. a relative you hardly know could inherit your estate. while your close friends or favorite charities would receive nothing. Your estate will be dis- pensed in accordance with provincial laws, and appor- tioned to your living rela, lives according to family of your estate. Without one. the government of Ontario decides. If you die intestate or without a will, a substan- tial part of your wealth can be depleted by taxes and legal fees. thgman said p'eople are already talking about next year's event. "lt was a really good mix, ture of people who came out," he said. "We had young people who never had a start-up and serious entreprenuers thinking of doing something again.': 7 "They just thought it was fantastic," he said. He said overall. the response from people who attended the seminars was positive. Klugman said the event brought entrepeneurs together with mentors, pro- fessional service firms. uni- versities. investors, govern mem and business organi- unions to show them what's available in this community to help. He" said speakers tried to relate their seminars to per sonal experience. "We really focused on people giving advice and telling their own story." said Klugman. of entreprenuers in [his community." he said, slab ing the community tends to share talent and resources to help other companies. Continued on page 21