Money may be difficult and it is simple to develop destructive emotions about it amid inflation and its impact on the cost-of-living for a lot of.
But as Toronto-based money skilled and personal wealth administration adviser Robyn Thompson explains, there are methods to create and harvest a optimistic relationship with money.
“We all want money, all of us want to have the ability to hold the lights on and luxuriate in our life, so give it some thought otherwise,” she mentioned.
Speaking to CTV’s Your Morning on Thursday, Thompson broke down common “money myths” and the way Canadians can change their pondering round them.
‘CREDIT IS BAD’
Thompson says credit score is neither good nor dangerous: it simply is determined by the place you’re in your monetary life.
While good credit score could contain borrowing to put money into one thing that may improve in worth, corresponding to a house or an training, dangerous debt may embody shopping for issues on credit score that will not respect in worth, corresponding to a brand new go well with or footwear, or a visit.
“When you concentrate on credit score, give it some thought within the context of your life — is it going to profit you or aid you? — however avoid the excessive [interest] bank cards,” Thompson mentioned.
“So simply perceive what’s the advantage of the credit score and do not get caught within the cycle of borrowing and borrowing and borrowing.”
‘IM NOT GOOD AT MONEY’
Thompson says it is a phrase she hears on a regular basis.
But what could also be good for one particular person could not essentially be good for another person, she provides.
“Stop serious about it from the standpoint of ‘am I good or am I dangerous?’ Just be current to what you are doing with money,” she mentioned.
“You can make investments, you can also make money, simply be taught and know what it is advisable be doing.”
‘MONEY CAN BUY YOU HAPPINESS’
Despite this common perception, Thompson says money cannot buy you happiness.
What actually issues, she says, is discovering stability in your life, together with making time to see household and associates as a substitute of regularly working, and setting apart sufficient money to make use of in case of an emergency or to place towards financial savings and investments.
“It’s actually about shifting the mindset, understanding that money cannot buy you happiness however it’s the car that is going to get you to … the issues that make you content,” Thompson mentioned.
Watch the complete interview with Robyn Thompson on the high of the article.