With reports in the past few days regarding the sad state of financial affairs for many Canadians – that a big chunk of us are only $200 away from not making ends meet – the month of November is doubly important.
Not only is this Movember, it is also financial literacy month.
This year’s theme is Take Charge of your finances!. Basically it’s saying you have to look after yourself on this one – it’s not the government’s job or something Mom and Dad will do. This is about understanding one very basic premise. That premise is also the keep to getting rich.
If you listen carefully, I’ll tell you what it is: Spend less than You Take In.
Simple but not easy. With all the pressure to borrow – whether it is low interest loans for vehicles or slick promotions related to generating points for a life of luxury by spending on a credit card – it is easy to get into trouble. And for the most part, the average person doesn’t get much instruction on the topic in their formative years….something that makes this month so important to long term financial health.