#362. Dad, what is the avocado toast problem?
Avocado toast is not the problem. It is about unnecessary expenses that prevent us from achieving our financial goals.
Debt
#331. Dad, what is status anxiety?
It is the constant fear of being perceived as “unsuccessful” by society in terms of material wealth.
#317. Dad, is it OK to shop on Boxing day?
Yes, as long as you temper your spending and don’t go into debt.
#304. Dad, my finances are a mess.
Congratulations! You have taken the first step to acknowledging that you have a problem. The rest can be managed with a plan. Dad, My Finances […]
#302. Dad, is it OK to buy inexpensive stuff?
Justifying purchases with a low sticker price is faulty logic. Eventually, our stuff will get the last laugh with the silent stress of a cluttered […]
#291. Dad, does your car or house determine how wealthy you are?
What you drive and where you live has absolutely nothing to do with your wealth.
#289. Dad, tell me about judgment.
No matter what you do or say, you will be judged. So, why not be true yourself.
#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.
#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?
On the contrary, spending less brings more joy.
#182. Dad, should I finance my used car?
Don’t finance things that go down in value
#168. Dad, how can I avoid the payment syndrome?
Learn to exercise self-control and delay purchases until you can pay in full, with cash.
#165. Dad, I feel I don’t earn enough money to be wealthy.
How much you earn does not determine your ability to build wealth. The first step to building wealth is to spend less than you earn.
#129. Dad, is a high income a guarantee that you will retire rich?
There are no guarantees. Make sure you spend less than you earn and save for the future.
#128. Dad, how much debt do Canadian households owe ?
Canadian households owe $1.71 for every dollar they earn. Scary.
#120. Dad, I don’t have time to understand my personal finances.
What I’m hearing is that “I don’t want to make the time.” If it’s important to you then you will find the time.
#110. Dad, give me money advice in ten words or less.
Be mindful of how you spend money
#105. Dad, what is the “30-day rule!”
When making large purchases, use this rule to decide whether the item is a need or a want.
#99. Dad, what is the frivolous purchase threshold?
If you ever wonder where your money went to at the end of the month, it is probably hidden in frivolous trinkets that you didn’t […]
#97. What is #3 rule of money?
Pay your credit card balance in full every month.
#92. Dad, how much debt do Canadian households owe?
The level of consumer debt in Canada has been increasing for the past 30 years. Canadian households owe more than $2 trillion dollars collectively.
#89. Dad, do you have advice about getting out of debt?
Just get started.
#85. Dad, what are the main financial challenges facing Millennials?
Most Millennials are weighed down by student debt, the high cost of housing and bleak career prospects.
#84. Dad, what are the 3 steps to get out of debt?
Assess the damage. Understand the root cause. Change your habits.
#65. Dad, is the goal to reduce debt?
Debt is not a goal. Debt is what is standing in the way.
#58. Dad, how do most adults rate their financial literacy skills?
More than 60% of adults rate their financial knowledge as “fair” or “poor”.
#55. Dad, why is it so awkward to talk about money when you are in a relationship?
It is awkward, but necessary, to talk about money with your loved ones. I suggest you speak often, keep the conversation light and understand your […]
#50. Dad, how do I save for short-term goals?
Pick a goal. Create a separate account to save for the goal. Start saving for that goal.
#49. Dad, what exactly does personal finance mean?
Learning to budget, spend mindfully, and find a balance between seizing the day and saving for the future
#47. Dad, does getting out of debt mean you have to sacrifice everything?
Sacrifice does not mean giving up something for nothing; it means giving up one thing for something else we believe is worth more.
#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.
#26. Dad, is the goal financial independence?
It is important to recognize that your financial situation should be a side effect of pursuing a greater purpose. Financial independence is not your aim; […]