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12 www.womenwithvision.ca
BUSINESS, FINANCE& COMMUNICATION
“The power we exert over the future behavior of our children is enormous. Even afterthey have left home, even after we have left the world, there will always be part of usthat will remain with them forever.”
~ Neil Kurshan
By Rick Ziemski
FinancialAwarenessA Gift
For YourChildren
The greatest gifts, especially for our children, are not found inmalls on toy shelves. They are gifts of experiences, shared timeand knowledge. An important example is financial awareness, agift that is not easy to give to the kids without first beingfinancially literate yourself. The events of 2008 have indicatedthat lack of financial literacy contributed to the financial
meltdown; so much so that improving financial literacy is nowa top priority of governments and society at large. Poorfinancial literacy makes for a weaker Canadian consumer andthat translates to a weaker Canadian economy...it’s a chain.Each November has now been designated “Financial LiteracyMonth” to encourage each of us to hone our financialawareness and money managing skills.
But back to the home, whether you have small or adultchildren you may wonder what sort of things they shouldbetter understand for a higher level of financial awareness. Ifyou were a fly on the wall of my home over the last couple ofdecades you might have heard some of the advice received bymy daughters. At first they took my “advice” because I was“Dad” and “I said so”! More recently, as adults they continue touse my services as a financial advisor because I promised to stopbeing “Dad” and became their personal Chief FinancialOfficer...means no judging.
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www.womenwithvision.ca 13
BUSINESS, FINANCE& COMMUNICATION
n Richard Ziemski, C.A. Management Consultant [email protected] www.linkedin.com/in/rickziemski
So what are the messages?
• Money is in constant state of fluidity; flowing out with greatease but flowing in with great reluctance. Even during sleepthe human spends money. E.g. Heat, hydro etc. People willeagerly assist you with the outflow but not so much the inflow.Just watch them!
• Whether single or a family, you are an “economic unit” nodifferent than any corporation city, province or country.Money is integral to daily life. You cannot ignore it.
• Survival and success in all aspects of life, financial included,depend on focusing not on what you know but rather focusingon what you don’t know. What you don’t know absolutely canhurt you.
• Treat personal finances like any other life hygiene. If you don’tbrush your teeth, they will rot. If you don’t manage yourfinances, they will also rot.
• Get over yourself. You are living in times of entitlement, oftenfueled by well-meaning Baby Boom parents. What your parentshave earned is theirs, not yours; simple as that. Rid yourself ofentitlement; even with therapy if necessary. Otherwise successfrom good financial management practice will be only limited.
• Enduring wealth is driven not by how much you earn but byhow much you don’t spend so convince yourself that you havethe right to spend only 90 percent of the money you earn. Theother 10 percent is saved for the long term.
• No GPS can tell you how to get anywhere unless it knowswhere you are. Same applies to money management. If youdon’t know, in enough detail, where you got your money andwhere it went, you’ll never figure out where you’re goingfinancially. You need to keep earnings and spending records. TryQuicken; it works very well.
• With or without a pension at work, start early to measure your“net worth” (what you own less what you owe). It’s importantfor planning long term financial well-being.
It worked for this parent.
Rose Pellar, B.A.S., LL.B.
705-429-1153 Fax 705-429-2780998 Mosley St. Unit 2
Wasaga Beach, ON L9Z [email protected]
www.pellarfamilylaw.com
SEPARATION/DIVORCE RESOLUTIONSfor Custody, Access, Support and Division of Propertythrough Negotiated Settlement Discussions and theCollaborative Process. Protect your Rights with aCohabitation Agreement or Marriage Contract
“We care not only about your results, we care about you and your family”
Professional Corporation
Pellar Family Law
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