Beware of the Financial Blame Game
November 4, 2023
Blaming others is not a financial solution for personal financial problems, writes Peter Watson.
There have been two the public examples by the federal government of blaming others for financial hardship.
It is no secret that many Canadians are finding it very difficult to make ends meet. Everything seems so expensive, and many cannot keep up with household bills.
Not too long ago the federal government scolded major grocery stores for high prices of food. More recently, the government’s attention was directed at Canada’s large banks requesting banking fees be reduced.
It is human nature to consider blaming others for your personal financial challenges.
Consider the plight of farmers. Too little rain during part of the growing season and then too much. Blame mother nature all you want, but that is the harsh reality of farming.
Unfortunately, financial pain is a recurring theme of financial cycles. Economic activity increases and that leads to inflation.
Interest rates are increased to slow down economic activity and as a result many face financial ruin. Businesses fail and people lose their jobs. Some lose their houses. Families increasingly rely on food banks.
Economic pain is inflicted on many. During the most challenging periods of life, it can be helpful to try and control as much of your financial future as possible.
For example, if you are not able to pay monthly bills including the mortgage, there is a chance you will lose your house.
Consider asking another family to live with you and together share expenses. There are many reasons why this is a bad idea, and, in most cases, the bad idea is a far less devastating than having the bank foreclose and you are evicted.
Unfortunately, financial hardships are a reality. This article is meant to be an encouragement to those feeling financial pain to do whatever they can to manage a very difficult situation.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com