In the world today, it is almost completely justifiable for you to not be comfortable about discussing money with anyone.
On one side, your family may often have little or no understanding of how money really works though some may most often try to make you believe that they do. Yes indeed, in some cases you may certainly have family members who do know about money. If you believe you have such a person in your family, an easy way to understand this is to look at the way they live.
Big house and expensive cars do not hold the full truth. With the availability of funds to borrow, leasing, financing, credit cards etc., it has become relatively easy to acquire many of these things without actually having the financial strength to support them. Many people would acquire these things through emotions or to look successful. To give an impression of being successful, while the truth may be the exact opposite. So how do you know? An easy start is that you observe the way they use debt and taxes. If you do not understand the significance of this, speak with a real finance guru/coach.
In the majority of cases, knowing that over 91% of Canadians (and Americans) cannot retire with dignity, and pass on a legacy of debt to the next generation, what is the likelihood that your friends and family really understand the workings of money?
In the world today, many people who understand some jargon around money, could bamboozle you into thinking that they know about money and make you feel that they have your best interest at heart. There have also been (and are) scams that have left some families in grave financial situations that it becomes extremely difficult to know who to trust with matters of money. To overcome this challenge, there are two main things to be aware of and try to get clarity on, for professionals;
- Being licensed with the government – This is a natural protection to the public against fraudulent actions
- The values of the professional – A professional with high integrity will not put himself/herself ahead of the other person.
With these two main things in place, it is difficult for you to be in a less fortunate position working with someone who;
- Understands the working of money more than you do,
- Has access to more products and solutions than you have, and/or
- Has your best interest at heart.
A good working relationship with such a person would undoubtedly result in you being in a better situation over the long term. So why would you be unsettled about discussing money with a licensed professional?
Trevor Dunlop
Connect on LinkedIn: https://bit.ly/LkIn_tdunlop
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