#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.
#33.Dad, why should I make my bed first thing in the morning?
By making your bed in the morning, you knock-off your first accomplishment of the day. This puts you in a “winning” mindset.
#32. Dad, what is “Black Friday”
Sadly, “Black Friday” is the day we trample people for things we don’t need, the day after being thankful for what we have.
#31. Dad, may I buy anything I desire?
Yes. You can buy anything you desire – as long as you have saved for it first.
#30. Dad, why do we make mistakes?
Mistakes are often the result of laziness or an obsession with perfection.
#29. Dad, what is your wealth formula?
Spend less than you earn.
#28. Dad, what is delayed gratification?
Giving up temptation for long term benefit.
#27. Dad, I don’t have job security.
Become an expert and nobody will want to see you leave.
#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; […]
#25. Dad, what is the key to early retirement?
The key to early retirement lies with savings, not income – regardless of how much money you make.
#24. Dad, is it better to pay off debts or save first?
From a pure math point of view, it’s almost always better to pay off debts before putting money into savings. There is one exception. Contributing […]
#23. Dad, what do you mean when you say I should align my spending with my priorities?
Figure out your true hourly wage. Think of purchases in terms of how many hours you have to work to make a purchase. This will […]
#22. Dad, how do I live a simple, uncluttered life?
Living a simpler, uncluttered life means a life that is not filled with constant busyness, worry and stress, but instead contemplation, creation and connection.
#21. Dad, is it true that education is the key to financial success?
Education is not the key to financial success. Motivation is.
#20. Dad, what will happen if interest rates increase by 1%?
If interest rates went up by one percentage point, 971,000 Canadians will end up in a cash crunch.
#19. Dad, what is the path to wealth?
The path to wealth is not found in inexpensive things. The true way to wealth lies in finding the time to dream about the purpose […]
#18. Dad, does carrying a credit card balance help improve your credit score?
No. No. No. If you fail to pay your credit card in full and on time, it will have a negative impact on your credit […]
#17. Dad, what is the difference between rich people and wealthy people?
DAD: Rich people dream of money. Wealthy people dream of time, freedom, purpose and happiness.
#16. Dad, why do so many people over extend their spending before Christmas?
Christmas happens on the same day every year. It does not sneak up on you. Lack of planning is not an excuse to overspend on […]
#15. Dad, do you think that it is important to maintain an image, even if you cannot afford to do so?
Be authentic! Maintaining an image that your income cannot support goes against being authentic. You cannot pay your bills based on how you appear to […]
#14. Dad, in your book you speak about financial freedom. What is financial freedom?
DAD: Financial freedom is much more than having money. It is the ability to make life decisions without worrying about financial constraints.
#13. Dad, what is lifestyle inflation?
Lifestyle inflation is when you keep increasing your lifestyle as your income grows. That is why so many wealthy people are in debt. Beware of […]
#12. Dad, does earning more money translate into more savings?
Lifestyle inflation is when you keep increasing your lifestyle as your income grows. That is why so many wealthy people are in debt.
#11. Dad, what is an emergency fund?
DAD: The purpose of an emergency fund is to allow a person to get through financial emergencies without incurring debt.
#10. Dad, how do I control my impulses and stop buying stuff I don’t need?
Your impulses are largely focused on getting instant gratification. If you want to experience the best life has to offer, you can’t be focused on […]
#9. Dad, what is financial independence?
Financial independence is the point at which you have enough money in savings and investments to support yourself for the rest of your life.
#8. Dad, our generation believes in YOLO! What is wrong with that?
DAD: Spending all your money today because you might die tomorrow is reckless, selfish and not sustainable.
#7. Dad, what is the purpose of Money?
The purpose of money is not to buy things. It’s there so that we can buy ourselves some freedom, so we can do the things […]
#6. Dad, how do I get out of debt?
DAD: If you are thinking of getting out of debt, my advice is simple. Get Started.
#5. Dad, how do I manage peer pressure?
Don’t become a prisoner of peer pressure. Your only regrets should be when you failed to lead with your values.
#4. Dad, I am young and want to live and spend money like there is no tomorrow – YOLO
DAD: It is important to balance preparing for the future and enjoy the present as long as you do not spend more than you earn.
#3. Dad, what is ‘What-the-hell-effect’?
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, you […]
#2. Dad, I bought this shoe that usually costs $300, on sale for $200, I saved $100.
DAD: You should consider whether you saved $100 or spent $300 on something you did not need.
#1. Dad, this money thing is so boring. I prefer not to know.
DAD: When it comes to understanding money, ignorance is not bliss.