Can cash purchase happiness? Consultants shatter standard beliefs

Cash will be sophisticated and it is easy to develop unfavorable emotions about it amid inflation and the influence of the price of dwelling for a lot of.

However as Toronto-based cash professional and personal wealth administration guide Robyn Thompson explains, there are methods to create and domesticate a constructive relationship with cash.

“All of us want cash, all of us must preserve the lights on and have the ability to take pleasure in our lives, so suppose in another way,” he stated.

Talking on CTV’s Your Morning Thursday, Thompson broke down widespread “cash myths” and the way Canadians can change the best way they consider them.

‘CREDIT IS BAD’

Thompson says credit score is neither good nor unhealthy—it is dependent upon the place you’re in your monetary life.

Whereas good credit score could be a mortgage to spend money on one thing that can improve in worth, corresponding to a house or training, unhealthy debt could be a buy on credit score that has no worth, corresponding to a brand new go well with or sneakers, or journey.

“When you concentrate on credit score, give it some thought within the context of your life – will it profit you or allow you to? – however keep away from the highest. [interest] bank cards,” Thompson stated.

“So perceive what the good thing about credit score is and do not get caught within the cycle of borrowing and borrowing.”

“I’M NOT GOOD WITH MONEY”

Thompson says it is a phrase he hears on a regular basis.

However what is likely to be good for one particular person won’t essentially be good for another person, he added.

“Cease serious about it like ‘am I good or am I unhealthy?’ Be upfront about what you are doing along with your cash,” he stated.

“You may make investments, you may make cash, you’ll be able to be taught and know what to do.”

‘MONEY CAN BUY YOU HAPPINESS’

Regardless of this widespread perception, Thompson says that cash cannot purchase you happiness.

What actually issues, he says, is discovering steadiness in your life, together with making time to see household and buddies as an alternative of working consistently, and saving sufficient cash to make use of in case of emergencies or to place towards financial savings and investments.

“It is actually about altering your mindset, understanding that cash cannot purchase you happiness, but it surely’s a automobile … to the issues that make you content,” Thompson stated.

Watch the total interview with Robyn Thompson on the high of the article.