Tag Archives: financial book club

It’s time to break down the money talk taboo

By Melanie Buffel, B.A. Psych, MBA candidate

Our culture is rife with mixed messages about money. Money is freedom, money is greed, live simply – but to be happy you’ll need this car, have these clothes and that phone. Yet one message comes through loud and clear; don’t talk about money – at least not at the personal level.

On a broader scale we talk about money all the time. The financial media talks about the level of consumer debt that Canadians carry, or how unprepared many people are for retirement, while at the same time new homes seem to get bigger, and Facebook is full of vacation and home renovation photos. We hear that people are struggling but we don’t see it. We commiserate with friends that gas and groceries are too expensive, or that university tuition for our kids is weighing us down, but we often do that over a nice glass of wine or an overpriced coffee. Everyone we know seems fine. The thing is, behind closed doors, not everybody feels fine. Many people feel overwhelmed and stressed, but are too embarrassed or ashamed to tell anyone. The isolation goes even deeper if financial worries are being kept from people otherwise close to you, such as a spouse, close friends or family.

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The money goal that’s often neglected

By Alison Stafford, FPSC Level 1TM Certificant in Financial Planning

Information Definition Magnifier Showing Knowledge Data And FactsAt this time of year lots of people set goals, and it’s certainly not unusual for one of those goals to be about money. This year I’m going to pay down my credit debt, or this year I am going to spend less on dining out and save for a trip, or, I’m going to put more into my retirement savings. All worthy goals. But there is another money goal that is often neglected, one that would reduce the need for goals that “fix” our past behavior with promises to make better choices this year. That better money goal is: This year I’m going to focus on my financial knowledge.

The more we understand the mechanics of money, the more engaged we are with our finances, the more likely we are to make good choices every day, not just for the first few weeks of the New Year. So what holds people back? Continue reading