Who cares about money?!

Everyone of course but, why does no one like talking about it? Why is money such an uncomfortable subject?

For Example: When was the last time you asked yourself 'Why do I use my bank?' Probably never. You set up an account when were 12 and you've probably never changed banks since. What do you think your bank is paying you for keeping your money with them? If it's more than .10%, you're above average!

Online banks like Tangerine or EQ Bank offer as much as 2.00% for a regular savings account. Think having a local branch is convenient? When was the last time you visited your branch? Only time I've gone in in years is because my bank (BMO) still doesn't offer mobile cheque deposits.

About the only unique product the big banks offer is unsecured lines of credit. Otherwise, literally almost every other money product can be accessed elsewhere.

I don't work for Tangerine or EQ Bank or any financial institution, I just think it's time people start caring about what happens to their money after they've earned it. People will literally go on strike over $0.50/hour yet, they won't think twice about what their money is doing for them once it's deposited.

I get it! Talking about money is uncomfortable and no one likes doing it but, why? Again, people care SO much about making money yet, most so carelessly throw it away once we've earned it.

This post isn't simply about rethinking how you bank, it's about changing your mindset on money. Canada's debt levels are at an all time high and we are all working more hours than we ever have. They institutions where we deposit our money and most of the businesses where we spend our money, seem to be the only one getting ahead.

Think about what you would do with just an extra couple thousand dollars, tax free, every year. Imagine if all you had to do to get that, was take an extra couple hours out of your day, to do some research and choose a better bank OR crunch the numbers on that new car loan and the ambiguous monthly payment you were quoted OR looking for cheaper alternatives on the money you borrow (be it mortgages,lines of credit or credit cards).

It doesn't even matter how much you earn either! I've seen situations where a couple has a combined income of $150,000+ yet, they're under financial stress with almost no savings.

Anyway, my point is this:
The only way you're truly going to get ahead in this life is to start giving a shit about your money.

Disagree? I'd love to hear an alternative.



Ian Leverington, Mortgage Associate
www.ianleverington.ca

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