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June 25, 2012

The Fear of Money

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Written by: Trendmovements
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Fear of Money

The majority of my posts are directed towards investors or traders. This one won’t be. I want to talk about a matter people tend to shy away from, the topic of personal finances…Money. Since I am often surrounded by people that are involved in finance, the topic of money and how to make more of it is in constant discussion. I am reminded of a dinner I just had with a Forex trader. He mentioned that his circle of influence consists only of traders and investors. My circle is not only full of traders and investors but there are many of the same in it.

A survey done by ING Direct in 2009 found out that a majority of parents were more willing to talk to their children about drugs and sex than money.

When I step out of my circle however, I start to realize that people, a lot of people, are generally afraid to discuss the subject of finance or more specifically the subject of money. A survey done by ING Direct in 2009 found out that a majority of parents were more willing to talk to their children about drugs and sex than money.[1] I am taken back by this. I have a few theories on why people are so afraid to talk about money. Since I am a person that tries to quantify everything in life, I won’t share my views until I have numerical proof to back up my theory. I believe the way to make people overcome the fear of money is to get people talking about money at a young age. One of the things I would like to see is the subject of personal finance being taught in schools at a young age. A personal finance course should not be an elective course, but rather a compulsory in secondary school. I can recall the first real conversation that I had about money, it was when my grade 11 business administration teacher asked the class if they had an RRSP (registered retirement savings plan). An RRSP is a type of Canadian account for holding savings and investment assets. Sixteen years later I still remember what he discussed in that class. The fear of money means that critical financial decisions are not being talked about. This effect can be seen in my country, where “About eighty per cent of middle class Canadians don’t have enough money put away to get through even one year of retirement. Not surprisingly, the situation is now being recognized as one of the most urgent problems facing the country.”[2] 80% is an extremely high number!

Just too reiterate my main point; Personal finance should be discussed and basic money management taught to our children in their adolescents. Next time you go see your financial planner bring your children along. If you do not have a financial planner I believe that you should go and seek one out.

[1] (2009, Septemeber 11th). ingdirect.ca. Retrieved June 6th, 2012, from http://www.ingdirect.ca/en/aboutus/whoweare/whatwereupto/PR_2009-09-21.html

[2] National, T. (Director). (2011). RRSP Panel, Part 1 [Motion Picture].

http://www.cbc.ca/video/#/News/TV_Shows/The_National/1233408557/ID=1799281611



About the Author

Trendmovements
Trend Movements is the brainchild of Tahric Finn and Chad Grant. Both men are active traders in the markets, and are willing to discuss financial market trends and beliefs at any time. They believe we should all have some knowledge of how finances work. Even you! Ya you! The guy (or gal) reading this right now!




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One Comment


  1. 80% !!!! good read , thank you



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