My Mercer Rant
Hold onto your hat. That whirlwind of activity known as the 5
th
annual Financial Planning Week (November 17-23) is here. Well, maybe not here and in checking, not much there either. Who knows, with a little effort, like-minded professionals might be able to come up with some ideas for creating more awareness HERE in 2014.
T’was a time when everyone had to earn and save before making a purchase. That seemed to work pretty well. Maybe not practical for buying a home or even a new vehicle but a good principle nonetheless. I guess the margins in lending are a lot better than those in teaching to save. The most notable campaign at the moment is aimed at encouraging people to give up their credit cards 1 day a week. It’s only partially there for individuals as it is also designed to help small businesses with the onerous fees with accepting credit cards.
I find it somewhat ironic that the extended benefits associated with many employer plans often include partial or full reimbursements for massage, acupuncture, chiropractic etc. Yes, they may directly affect your ability to be at work or at the least be more productive at work. I know. Yet, I’ve never seen 1 that offered any one-on-one assistance with planning your retirement. I’m sure that some may also be more productive at work if they felt more in control of their current obligations and future financial security.
I see a top 10 list of things recommended for FPW. Lots of verbs like talk, track, budget, plan but very little descriptive on “how-to.” For example, make a budget for a month. Not so difficult for some but for those that actually need it the most almost impossible. How about directions on how, where and why?
Imagine if you will, The Canada Food Guide (google it). Five to six pages of simple, colored charts and descriptions of how much to eat to maintain proper weight and improved health for all age groups. A reference to the benefits, some positive steps to take, some to avoid and a note to add vitamin D as you age. While it may not work perfectly for every, single individual in society it would be a good starting point. Dead simple. Now imagine, The Canada Budget Guide.
It really is that simple. For at the very heart of financial success is a commitment to a few simple principles over a longer period of time.
Mercer out.