A Money Coach in Canada

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The June 25 issue of MacLeans’s magazine asks the question, “why do we feel so poor, if everyone is working, the dollar is soaring, and Canada is booming”?   I imagine it will get a good readership:  enquiring minds want to know!  Especially those of us in greater vancouver who wonder what happened to our middle-class visions of homes, pets, and a good annual vacation.FACTOIDS:

  1.  Despite a strong dollar, we still pay $299 for the ipod nano that costs only $249 in the States.  Or $69 for Ikea’s Billy the Bookcase, while Billy’s american friends get him for only $49.
  2. A litre of gasoline costs 72% more than it did in 2002.
  3. Our total personal debt as a country is approaching 1 Trillian (not a typo), of which 2/3 of that is for our mortgages (I think my mtg may actually account for 20% of the trillian, truth be told).

MacLeans theorizes that this is due to our gains being realized in corporations, not on a personal level.  Furthermore, on the personal level, our costs are rising all over the place – real estate (hello), and gasoline (hello) and corn flakes. Corn Flakes?Well, as we go green, and turn to ethanol as a fuel alternative, that leaves less corn available for bread and corn flakes.  Ergo, our corn flakes price goes up too. It’s a fun read, and a great way to connect big picture economics to our personal wallets.  

About the Author

Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com

If Canada is doing so well, why do we feel so poor? Comment

  1. Taxation to pay for social services. American retailers have no issues selling to Canadians for less but after high tarrifs and all sorts of weird regulatory laws it comes off at being higher. If the Canadian government cut back on services and cut down all that excess taxation it could be cheaper for Canadians. I’ve known several business owners who don’t even want to bother with Canadian customers because of all the hoops they have to go through and bigger expense to do business. Generally it is the well established corporations who can overlook the cost.


    Feb 22, 2012

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