#248. Dad, what does it feel like to be in debt?
Debt feels like having to run 10 miles to get to the starting line of a marathon. It is impossible to get ahead.
Debt
#212. Dad, can money buy a great life?
DAD: The things that make life great can’t be bought. Money can only help extend your options.
#207. Dad, what is the “ten second” rule?
DAD: Any time you are about to spend money, count to ten slowly and consider how this purchase may impact your life.
#203. Dad, what is the debt snowball method?
DAD: This method helps you to pay off debts with the smallest amount owed first.
#185. Dad, does spending less equate to less joy?
DAD: On the contrary, spending less brings more joy.
#182. Dad, should I finance my used car?
DAD: Don’t finance things that go down in value
#168. Dad, how can I avoid the payment syndrome?
DAD: Learn to exercise self control and delay purchases until you can pay in full with cash.
#128. Dad, how much debt do Canadian households owe ?
DAD: Canadian households owe a $1.71 for every dollar they earn. Scary.
#110. Dad, give me money advice in ten words or less.
Be mindful of how you spend money
#99. Dad, what is the frivolous purchase threshold?
DAD: If you ever wonder where your money went to at the end of the month, it is probably hidden in frivolous trinkets that you […]
#89. Dad, do you have advice about getting out of debt?
DAD: Just get started.
#84. Dad, what are the 3 steps to get out of debt?
DAD: Assess the damage. Understand the root cause. Change your habits today
#44. Dad, when do most people over spend their income?
DAD: Most people who overspend their income in one of three ways: Too much house, Too much car, Too much entertainment
#41. Dad, should I repay the highest interest rate debt first?
Tackle smaller balances first. This builds momentum and there are psychological reward to doing it this way.
#36. Dad, tell me why holiday traditions are so financially stressful?
We don’t have to continue holiday traditions that leave us overwhelmed, broke and tired. Traditions should not detract from the season, they should elevate it.
#35. Dad, what does it mean to have a healthy relationship with money?
When you develop a healthy relationship with money, you don’t spend money on needless stuff.
#34. Dad, what is the difference between a want and a need?
A need is something you have to have. A want is a choice.
#31. Dad, may I buy anything I desire?
Yes. You can buy anything you desire – as long as you have saved for it first.
#28. Dad, what is delayed gratification?
Giving up temptation for long term benefit.
#3. Dad, what is the ‘What-the-hell-effect’?
DAD: The ‘What-the-hell-effect’ is when you have spent more than you have earned and then decide that you might as well fail spectacularly. In short, […]
#1. Dad, this money thing is so boring. I prefer not to know.
DAD: When it comes to understanding money, ignorance is not bliss.