Act 57

Make sure the eggs in your basket come from different chicken farmers

Defying my debt is about admitting to mistakes. And I’ve made my fair share.

One of which, I think, was the supposed convenience of keeping most of my financial “stuff” at a single institution. I do most of my banking at a credit union. It’s convenient. I like the idea of being a member owner.

I have my mortgage, my personal accounts, my business accounts, my old (sniff) RRSPs, my life insurance, my mortgage insurance and even my car insurance in the same place. I could be wrong, but I think that cost me.

What I should have done was get a mortgage broker and an insurance broker. I should have placed my teenie tiny “wealth” portfolio somewhere else too.

It’s more complicated and it takes more time but I think I would have been better served by seeking out specialists in each area rather than relying on the admittedly kind and helpful generalists at the credit union. I know, for example, that my life insurance meeting led to a discussion about my home’s value and the “opportunity” to refinance to buy some RRSPs. I also know that my request for a line of credit led to a conversation about cashing in those RRSPs to “simplify” things. Had I been dealing with specialists, I think I would have got well, I won’t say better, that might be rude, but more specialized advice.

And money is a very specialized business. My specialty it would appear, is spending it. I admit that too. But things are changing one day at a time. Saturday I will meet with the credit union again to see about options available to me. And I’ll have my LVC (Lifetime Value as a Customer) tucked firmly in my wallet (see Act 47).


3 thoughts on “Act 57

  1. Fantastic, and good for you Louise.
    What a wonderful day at a time story you are living and doing.
    It will be inspiring to most Canadians who are living from pay check to pay check, and to small business owners of which i/we are.
    I want to share a recent ‘discovery’ of mine.
    It’s called It is a new cash flow/debt reduction/elimination software system w unlimited customer support too to help people pay off their mortgage in less than half the time, and get this ‘Without any accelerated prepayments’ and ‘Within your current budget’. High interest consumer debts like credit cards, loans etc., are paid off first, usually w/in a fraction to the time e.g. 3 years vs 9.

    The founder, Mark Montserin is a wonderful guy who really wants to help Canadians, and he has put his heart, soul and wallet into this venture.

    I hope you check it out and tell Ellen about it too, because Canadians need to know about this amazing debt solution software and budgeting system.

    Btw I am a mortgage broker in Ontario and I appreciate your thoughts/comments on having a (independent) specialist (broker) look after (in your best interests) your mortgage and insurance, and save save save.

    You are absolutely right, spread your debt obligations out w many institutions and have specialist (expert) give you the most professional advice you can get as opposed to trying to do it yourself w ‘generalists’ as you say (who have conflict of interest/advice) who are not experts in a single product (e.g. mortgages) area, and who do not have a myriad of (lenders) sources, products and solutions to best meet their clients (for life) needs.

    Best of luck.

    Ron Price, The Price Team, Dominion Lending Centres, Fergus ON

  2. Pingback: Act 72 | 365 Debt Defying Acts

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