Gails Blog

So I want to thank y’all who have written saying how much you like the show. It’s great to feel your enthusiasm. You have some show questions that I’ll answer today:

• Have I thought of doing a follow-up?  You betcha. People ask about a follow-up all the time, but that’s not my domain. That’s a network decision and so far the network has decided “no.” 

• I can tell you that I often hear from people who have been on the show and are doing well. I told Roxanne and Sean to go make a baby and they did! We’ve had a lot of Til Debt babies, including one from our DOP, Ben, (see my crew) who had a son recently. If you watched the very first show with Tasia and Bill, Tasia is still using the jars. Most people stick with ‘em since they see the jars as a metaphor for their change in money management behaviour. Elizabeth and Wojceich are doing well, and she’s a budget monster now. Her brother got married and wrote to thank me for helping the fam get out to his wedding. Viv and Ronald split up. Dan and Alina had another baby. Lauren & Michael did sell their condo and are doing really well together. Gillian got a terrific job and is happy. Cat (from the wedding special) was outraged when the Sheila & Frank show aired because she thought Sheila was such a (I can’t say this out loud). And there are people who keep emailing their news to us, some of whom you haven’t yet met since Season 3 is airing now, but I’m just finishing up with Season 5 shooting.

• Another question I get is about coming to your town to shoot. Sorry. Again, beyond my scope. That’s a production decision and I’ve been told that we’re sticking pretty close to Toronto.

• Would I do a private consultation? I’ve answered this one already and the answer is, “when?” I’ve already got a full-time job, people. Cut me some slack.

• Would I give investment advice? Nope. Investing is a whole world onto itself and I wouldn’t dream of trying to advise anyone without doing an indepth needs analysis. You’re going to have to find someone else you trust.

• Would I do a show on money for people who aren’t in debt? Hmmm. Maybe. Do you have a network in mind?

Keep writing. I love to read your comments.   Keep an eye open for some new stuff I’m working on designed especially for those getting hitched. These articles will have a piece on hiring financial help. 

One thing that has always driven me crazy is the number of mixed messages the financial world sends out. On the one hand you have companies fighting to give you credit, and on the other you have experts telling you how bad it is.

Then there are the messages about saving for retirement: “Make the maximum contribution every year or you’ll have to eat cat food” versus “You shouldn’t even put money in a retirement plan because the government will give you all you need.” Really?

The insurance world screams: “Term insurance is the best.” “Permanent insurance is the best.” So which is it?

Is it any wonder that the people I meet are confused?

So I’m wondering the wonderful web when I come upon the Canadian Banker’s Association’s quiz, “How financially fit are you?” You answer all the questions and they give you a score.

The problem is all the questions in the CBA’s financial fitness test relate to debt management, which is only a small part of being financially fit.

Hey, I’m the Debtinator, right, so it’s not like I don’t think having too much debt is a bad thing. What I’m objecting to is the fact that the very people who should know how important all the other components of a sound financial map are, are leading the public to believe that it’s all about debt.

It’s not all about debt. Credit isn’t the monster. Ignorance is.

Let’s say you have no debt and answer all the questions on the CBA’s Financial Fitness Test in the negative. Your score is fantastic. In fact, according to them, “You’re the picture of financial health.” Good for you.

So when your roof starts to leak on Tuesday, you’ll be fine because you have set aside money for home maintenance and you’re prepared, right? No. You mean you don’t have a home maintenance account?

How about an emergency fund? Nope?

Or disability insurance? Not that either, eh?

Well, I guess you’re not the picture of financial health.

You see, being out of debt does not mean you’re financially healthy. Having all your financial bases covered does. And you’d think the smart people at the CBA would know that, wouldn’t you? After all, if you don’t have a home maintenance account, if you don’t have an emergency fund, if you don’t have disability insurance, then it is only a matter of time until something you haven’t planned for pops up and pushes you to use your credit.

Over and over I’ve worked with families who had no financial road map and ended up lost. And it’s no wonder, since the people they are counting on for good advice are just as vacant as they are. Too bad. I guess counting on the pillars of our financial community to get it right is expecting too much.

Hi y’all and welcome to my blog. I’m going to use this as an opportunity to tell you what I’m thinking about money, life, TV, the world, parenting, and whatever else pops into my mind. Yup, I’m just gonna blather on. You can let me know what you think, or not, depending on your pleasure.

When I decided to do this, I wondered at first if I’d have enough to say. I mean, it’s one thing to throw caca at the wall, but I didn’t know if I could sustain a blog that would be interesting. The idea of being BORING is anathema to me. Then I got to thinking about how opinionated I am and just how much crap there is out there, and I figured there was little chance I’d run out of things to talk about.

So, here we go.