Comments on: Are You Richer Than You Think?

By: renaissance clothing

renaissance clothing — Thu, 22 Apr 2010 05:09:13 +0000

insightful post

By: rachel

rachel — Sun, 30 Nov 2008 01:47:00 +0000

awesome way to look at it ..

By: Melaniesd

Melaniesd — Sat, 29 Nov 2008 19:38:54 +0000

I DO think we are richer than we think. The point of the ad is to encourage people to think about their money, savings & investing. With guidance, people do have the ability to be better off just as Gail councils. A lot of people feel the need to have expects help – and that’s a good thing! Sometimes a fresh pair of eyes can really help us see where we need help in terms of our finances and insurance protections – someone to help get all your ducks in a row. But we also have to take responsibilty for our spending and what we do with the money that we DO have. Focusing on what we can do instead of whaat we can’t makes you richer than you think!

We need to step back and look at what we really do have in our lives instead of what we don’t. Having a flat screen pretty tv on the wall and a swanky car in the driveway doesn’t make you rich IMO. What makes you rich is a warm roof over your head, food in your cupboard and some money in the bank for emergencies. Having good people in your life you can count on makes you rich. Having somthing in your life that brings you joy makes you rich.

I’m sure a lot of you would agree with me that most people could find a few dollars extra to save each month or pay down debt faster – a few less timmies coffees or in my case less trips to Reitmans! Do I really need that diet Coke? Do I really need to by the box of snack crackers or that choo-choo train for my Christmas tree that I bought today? – no I don’t need them but I make choices with my money everyday. I could make better choices and when I decide to, I’ll be richer than I think.

By: Kate

Kate — Thu, 27 Nov 2008 15:03:21 +0000

“NO ONE GETS INTO POLITICS FOR THE PAY!”

Have truer words ever been spoken? I doubt it.

SQ and I are going to disagree on this one, but I actually think those subway ads are some of the best money the government spends. I have seen far too many a great government program waste away (and taxpayer moolah along with it) because nobody knew about it. What’s the point of spending all that money if nobody knows about the program?

By: Natasha

Natasha — Thu, 27 Nov 2008 07:02:35 +0000

I second everyone else who wakes up to a big cup of Gail in the morning.

I’m a student so this is really interesting to know considering I know very little (except what I learn from your blog and tv show) about finances. It’s more comforting than scary to know what my actual income will be when I get a full time job in the ‘real world’. So thank you for making it clear that people should really think more in terms of their net income. My brother (31 year old career man) complains that he makes so much but pays so much more in taxes and now I understand why.

By: Vanessa

Vanessa — Thu, 27 Nov 2008 02:51:17 +0000

well said budget cruncher agreed! We should be thankful for all we have here in Canada.

By: Kristine

Kristine — Thu, 27 Nov 2008 02:48:15 +0000

Thank you “budget cruncher” for your comments as you have expressed exactly how I feel about where my tax money goes. In fact, didn’t our federal politians just announce that they were tightening their belts with their expense accounts!!
I am so proud to be a Canadian and I believe in our social systems that have served both me and my family members well – including the infastructures in our cities and towns.
I wish that we had more disposable income BUT I am willing to give to my fellow Canadians so that we can live in our beautiful and wonderful country.
Oh and yes, I am not richer than I think because I do quite a bit of “thinking” about where our money goes. It amazes me that people don’t know what they “really” make and where they spend. Yikes!!

By: budget cruncher

budget cruncher — Thu, 27 Nov 2008 02:02:37 +0000

Andrea – Ironically I am a federal employee and my statement was broad as I can’t possibly list all of the programs the government supports that allow me to live a great life on a modest salary. But for arguements sake consider this: I drive to work on roads that are maintained with my tax dollars, I am protected by an amazing police force that is paid for – you guessed it by my tax dollars. I am able to purchase food that meets a high quality because my self appointed government ensures its quality. I am fortunate to not need the wage supplement services of my government nor any other social program, unfortunately many Canadians do and thankfully our appointed officials are doing the best they can to ensure access to all programs by any Canadians.

Again our government is far from perfect but I will take it any day. I go to work with some of the most intelligent, and passionate people I have ever met. Because NO ONE GETS INTO POLITICS FOR THE PAY!

My challenge to anyone who thinks that there life is not a part of the Canadian political system is to take a really hard look around, the government is responsibly managing every aspect of our lifes to ensure our quality of life remains world class and envialble by the citizens of many other countries.

By: Sassy

Sassy — Wed, 26 Nov 2008 23:00:09 +0000

Hi everyone,

Just a quick comment from Down Under….

I too am happy to pay higher taxes to have a reliable health care system that won’t send you broke if you get sick (I’ve seen Sicko as well, scary!).

I know that I can send my kids to a public school and have them receive a decent education and that they can go to Uni without coming out with a million dollars of debt they’ll never pay off.

I watch Suze Orman and read Gail’s blog every day and really feel like I’m thinking differently. When I was 18 and earning 11k a year the bank gave me an 8k credit card for goodness sake and boy did I appreciate it. Lol.

Now that’s gone and I’m much much more sensible.

By: Vanessa

Vanessa — Wed, 26 Nov 2008 22:24:18 +0000

I’m with Saverqueen… I’m a small business owner and have been for awhile… I’ve never received assistance from the government. I looked for it when I was first starting my business but there wasn’t anything at all that I could find.

…and as for taxes, I receive a salary from my business and pay the same taxes as anyone else. Sometimes it’s depressing to have to pay so much every month in taxes but all you have to do is watch “Sicko” by Michael Moore and you’ll be thankful for our health system… even with it’s problems. I’m so proud to be a Canadian!

Also, my home growing up was small but my siblings and I just played outside all day coming home for dinner only! Felt like the whole world was my playground. It’s a shame that it seems that can’t be done anymore but that’s another story altogether…

By: ioana

ioana — Wed, 26 Nov 2008 21:21:19 +0000

Hehe I have to chime in here too.. I’m gladly paying taxes, because I cherish our health care system. We are truly blessed with it.

By: Saver Queen

Saver Queen — Wed, 26 Nov 2008 20:57:51 +0000

I actually have so much more to say on this issue that i just blogged about it at saverqueen.com. Beyond the tax issue, there lies a much more important topic for discussion – the possibility that many of us are richer than we think – but we fritter away our riches through our “miscellaneous consumption”. We fritter away our money on “crap” (another Gail-ism) and then wonder where it all goes. If that average couple earns just 45,000 a year (after tax) and invests NONE of it they will earn, over 40 years, they will earn a total of $1,800,000. That’s a lot of money. Think carefully about what you want to do with that $1,800,000. You can spend it carefully, save, invest, and make something happen with it, even if your goal is just a stable family life. Or you can fritter it away, bit by bit, into thoughtless purchases that go in and out of your life, adding no real value. Using this philosophy, many of us our richer than we think! We just need to show better respect for our riches.

By: Saver Queen

Saver Queen — Wed, 26 Nov 2008 20:39:00 +0000

Some very interesting conversations going on here! My two cents on the issue of taxes. I don’t mind paying for essential services that help me, as well as the other important services that help other Canadians and people abroad. I will never use the money that CIDA spends in Africa, but I fully support sending my tax dollars to programs that help to make a positive difference in other parts of the world. If the money was spent wisely, I would feel good about paying my taxes, the same way I feel good about making charitable contributions. My problem is that I don’t think our tax dollars are wisely spent. As someone who works in the nonprofit sector, we get all kinds of inquires as to administration and fundraising costs. But how much do governments waste on their admin costs? How responsible are they? What percentage of my tax dollars go to health care and education and how much goes to ugly art in the House of Commons? Or those ridiculous ads that line the subway, or those terrible “what’s new in Toronto” pamphlets. THere is waste everywhere, and as a hardworking young person who is trying to get ahead, be responsible with her money, while working for a charity, I resent it. And FYI – assistance for small business owners? What assistance? My father is a small business owner and I am about to start my own too – I’ve just sought assistance and found pretty much zilch. Having said all that, this is the situation we are in – paying taxes and complaining abuot the government is a fact of life. All we can do is be responsible, plan for the future, and make the absolute best of what we’ve got.

By: Brenda

Brenda — Wed, 26 Nov 2008 20:23:32 +0000

I agree with Tracy J on other thoughts. My home growing up was small – no room for extras – yet I grew up happy and healthy. Didn’t need all the stuff others had – no room for it! As for taxes, yes, I would love not to have to pay for them, but I’m proud of being Canadian and what we have in this great country. Our systems may not be perfect, but we are better off than a lot of others in this world.

By: Amber

Amber — Wed, 26 Nov 2008 20:14:41 +0000

There was this radio ad they were running in Greater Vancouver a year or two ago for home equity loans. It said something to the effect of, “You’re the instant gratification generation. Why wait to buy what you want? Make your home work for you!” It caused me to cringe when I heard it.

Gail, you make a good point on the difference between net income and gross income. When you’re quoted, for example, that your housing costs should be about 25% of your income, does that mean net or gross? There might not be a clear answer, but I always wonder, because it is a BIG difference. I personally calculate everything based on take-home pay, it just seems more practical.

As for whether we get our money’s worth for our tax dollars, all that I will say is that this is why I vote in every election. Including every little school trustee by-election or municipal run-off. Then at least I have the right to my opinion.