From a different set of eyes...

by Denise Vitellaro Turner, Hon. B. Comm., CHS

Performins Canada Inc.

Today was a good day.  Seven hours in a boardroom with Stephanie Holmes-Winton of The Money Finder Bootcamp and several of our advisors, talking about debt & cash flow management and how 70% of Canadians view debt reduction as their top priority but only 10% are actually doing something about it.  What!  For real, only 10%?  It was an eye opener for sure but you have to ask,  why only 10%?  Are we not doing our job as planners, advisors, agents, brokers?

Most of us ask our client's to complete a monthly budget detailing what they make against what they spend so we know how much they can afford on insurance premiums or retirement investing, but more often than not, they don't declare the whole truth.  I'm not suggesting client's purposely lie,  I'm suggesting that debt is a topic most people are not comfortable with.  Maybe it's denial, fear, regret or ignorance or maybe we as advisors are not addressing debt management effectively enough with our clients (if at all). 

I experienced cash flow management from a different set of eyes today.  So simple ... spend 20% of your net income on expenses that are strongly influenced by emotion (hobbies, latte's, vacations, eating out etc.) and the rest will work out itself, leaving you debt free and on your way to a happy retirement far sooner than you ever dreamed.    Ok, so this is the simplified version of a seven hour session but the point is, client's have a set amount they can spend on whatever they want and not feel guilty doing it and still meet all their financial goals.   They can still live the life they want, within their means.

Simple and manageable, don't you think?  I believe it's genius! 

Denise Vitellaro Turner, Hon. B. Comm., CHS is AVP for Sales & Business Development at

Performins Canada Inc.  For questions, comments and feedback: email: vitellaro@performins.com.