I’m not talking about resolutions. I’m talking about getting fit! Stores are full of exercise equipment for the home and enrolment in fitness clubs increases. Then the hard work starts and the enthusiasm wanes.
Getting financially fit also occurs in January. Have you decided on the amount of your TFSA and RRSP contributions or any of the other plans you might contribute to like a RESP or RDSP? But then again you might wait until just before the deadline and then have to make “in-the-moment” decisions about the amount to contribute and how to invest it.
You may not know that there are organizations in the US that are attempting to encourage families to discuss important topics that are often left too late. While these organizations encourage discussions about health and end of life, the discussion of financial health and quality of life are equally important.
Being financially literate empowers you to make daily decisions for things as simple as: should I buy that pair of shoes, wait until they go on sale or save the money? It also empowers you to set long-term financial goals and determine the means to achieve them.
It should also empower you to see the implications of deferring decisions in areas considered to be unpleasant.
AND… it should empower you to assess whether you have the information and skills to undertake fiduciary responsibilities for finances you currently have no control over.