You Don't Want Your Money To Go Down!


Money going down the drain

We were going to call this one “There is no cookie cutter.” but let’s face it there is. We human beings like to simplify and make everything quick and efficient. In most cases there is nothing wrong with that but unfortunately oversimplification can be just as dangerous as overcomplicating. There are cookie cutters in the industry; most Canadians are being sold a pre-cooked plan wrapped in enticing financial jargon that has no relevance to them and their goals whatsoever. They don’t know what they’re paying for these plans and most of the time they feel lost having to just “trust the process.” Did you trust the process when you were making all that money? Maybe, but highly unlikely. It is more likely that you made strategic moves combined with smart work and hard work to attain the money you have today. This is your livelihood and if someone’s managing your livelihood you better make sure they have your best interests at heart and they follow a plan that grows your money at a rate that you’re comfortable with.

There are certain things you want to be part of but not “involved in” for example if you deal with a certain institution that the majority of people are dealing with then you may just want to take a step back and assess. Here are some questions to ask yourself.

  1. Are most people winning?
  2. If I do what someone else does how likely am I to have what they have?
  3. What do I need to do right now to get on a clearer path that lines up with my goals?

Here is the answer key, no most people are not winning financially this is a fact. According to an Ipsos survey over half of Canadians are $200 away from not being able to pay their bills every month. 31 per cent are not able to even pay their bills at the end of every month. A portion of this that is self inflicted. How many people do you know that live in a house, buy clothes or drive a vehicle they just can’t afford? How many of these same people do you know that rely on similar institutions to manage their money?

“If you do what other successful people do, you will eventually get the results that other successful people get.”- Brian Tracy

That answers your second question; you’re well looked after right? You’re happy? You feel good! Now sometimes you only feel good because you don’t realize how good you could feel. Sometimes you’re satisfied with what you’ve done because you don’t know how much more you could have done. So if you’re reading this going “I’m in a great position with my advisor we are killing it!” Can you just ask yourself this one question? “Do I know somebody that earns about what I earn but their dollar seems to be going a lot farther?” Or “Do I have a friend that has been experiencing higher returns and other great results with half the volatility?” and lastly “Have I considered all my options in the money game? Did I do my research or am I just at this institution because it’s comfy and they haven’t royally messed up yet?”

This is your money; the last question will become clear when you’ve answered the first two. Stir the pot a little bit. Like previously stated there are specific investments or institutions you should be investing in but not dealing with. You want a percentage of what they are doing because they are winning but you don’t want to be directly involved......think about it and assess the above and develop a plan. Have a conversation with someone else. Get a second opinion. You don’t want your money to go down right?