Debt. It's an S.O.B. and we are always so optimistic when it comes to call. Yeah sure I'll take you up on your offer, we can see where this goes, and despite your initial bad gut feeling you take a chance on false hopes and get sucked into this bad long term high interest rate relationship that leaves you feeling stressed and depressed. False promises of no interest for 6 months and then a slap in the face with 30% after that. You put it on the shelf and forget, so when that 6 months hits and you get the statement it's like a call from an ex who needs to let you know about an STD. You've been bent over without even being kissed first. One time I saw debt kill a puppy.
"Over the past 10 years, Canadians have accumulated debt at a higher rate than income growth. Average household debt has increase by 44% whereas household income grew by only 28% over the same period"- Ipsos Reid Canadian Financial Health. What is this saying? We are all trying to live beyond our means, to have the sweetest sh*t the fastest. What a bunch of show offs we are. More often than not, clients of mine are maxed out and stressed out. They go hand in hand. So the thought that having the newest coolest stuff will help us be happy only works backwards. Keep in mind when I say this I (was when I first started my job) am still the worst financial mess I have yet to see, so I know this cycle more than anyone. I'm not judging, I am just making an attempt to draw attention to our major economic crisis. We need to all make a change. Slow down - do the old fashion thing and save! Understand the power of COMPOUND INTEREST (next blog topic). You can have your cake and eat it to. Once you get the hang of it it'll become old news to you. We have the ability to change, I will hold your hand and we can do it together.
Stay tuned for Time vs Money - interest growing on interest
No comments:
Post a Comment