COLUMN: Ask the Money Lady – Making changes

Dear Money Lady,

Are we going into a recession now that US President Trump is planning to enforce all his tariffs and make us become part of the U.S.? Jim

Dear Jim – well, isn’t that a loaded question.

If we are not in a recession now, we are definitely in an economic downturn. I do not believe we will be swallowed up by the United States, however this media stir has done a good job in bringing us all together. Some of the things that are now on the table for change (such as military spending, provincial trade restrictions and the future of our oil, gas and precious metals) all needed to be better managed. Change rarely comes about on its own. It needs a little pain to be enforced before people actually make a plan to change things. Just like we all should do with our own financial plans for the future, right?

How are your finances right now?

Are you saving, just getting by, or racked in debt?

Do you like your job, hate your job, or wishing you could pack it in for good?

Many of us can see the changes we all need to make as a united country. We can also see the changes for others around us and we are more than happy to dish out the advice. But when it comes to ourselves, we let our fears hold us back, never really taking the advice that we give out so freely. We all suffer with this at some stage of our lives – we love to preach it, but we sometimes have difficulty practicing what we preach.

By the time you reach your mid-fifties you have probably suffered greatly with either personal, financial or career challenges. Have you ever noticed how we can see the problems, or more importantly the solutions for others, due to our own life experiences; but often cannot recognize it for ourselves? Perhaps it is our own personal or perceived insecurities about how to address difficult decisions that many Canadians today are selling themselves short, especially when it comes to saving for retirement.

Yes, I know that life is expensive and there are a lot of demands on your wallet, especially now. However, to become debt-free and wealthy the solution is very simple: set a goal, make a plan, work your plan, reassess your outcome and have the courage to make the necessary changes to achieve your goal. Consistent determination is the only way people have improved their lives and become financially successful. It really doesn’t matter what is going on in the world around you and using that as a reason to be overwhelmed or to not try to overcome your own hardships; well, that’s like giving up before you’ve even got started.

Remember – money is emotional. To save for retirement you can either make all the excuses of why not to, or you can find a way to make life changes and sacrifices to ensure your independence and security as you age. Your true success is not measured by the material things that you have purchased but instead should be defined by what you have overcome in your life. It is about how many times you got back up after you’ve been knocked down and never stopped trying to succeed to accomplish the things that other people said you could never do. We all must take back our inner power and control. Refuse to settle for less and make sure you secure your financial future the way you want it.

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Christine Ibbotson is a Canadian finance writer, radio host & YouTuber. For more advice check out her YouTube channel: ASK THE MONEY LADY – Your Canadian Finance Coach.