Simple Money Solutions

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Category: Podcast (Page 6 of 10)

SMS 046 – Retirement Savings

Figure out what you’ll need to save for retirement in five simple steps

SMS 045 – Minimum Wage


To no surprise, today’s episode was inspired by Ontario’s wage increase announced last week.

So if you haven’t heard about it… $14 in 2018, $15 in 2019 etc.


While Trevor and I just happen to be from Ontario, we thought this would be a great topic to cover anyway. But while we are going to talk about Ontario because the wage increase in happening in Ontario, we’re also going to look at the impact of a wage increase on Canada in general.

  1. Why does it matter to all of us? – We’re all affected…
  • Small scale: we all purchase things from companies who pay their employees minimum wage
  • Large scale
  1. So first before we delve into the repercussions of changes to minimum wage, let’s take a moment to examine the existing minimum wages across Canada by province…
    • Discuss some interesting stats from article – i.e. how Canada doesn’t even have that low of minimum wage to begin with when comparing to other Canadian provinces – Q: Would all provinces benefit from a minimum wage increase?
  • LATER Q: Would Canada (or the United States for that matter) benefit is minimum wage was a federal issue and standardized across the country? (OR are their province specific environmental factors that must be considered/accounted for?)
  1. Who loses?
  • Those purchasing from organizations who pay their employees minimum wage (i.e. customers who pay more)
  • Companies (i.e. loss of sales due to price increases)



SMS 044 – Invest In Yourself

Top 10 Ways to Invest in Yourself and Why It’s So Powerful

SMS 043 – Money Mistakes by Decade

The Biggest Money Mistakes We Make—Decade by Decade

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Facebook: @simplemoneysolutions
Twitter: @sms_podcast

SMS 042 – The Cost of Having Kids

SMS 041 – Changing Your Financial Behavior


Perception and Perspective should never be the same

  • Perception (what is) is how you see things as they are now.
  • Perspective (shapes the future) is how you choose to see things, it is the only thing that can change an outcome if the inputs remain the same. (glass half full vs half empty)

More often than not a change in perspective can be the difference between success and failure. A change in perspective can change your behaviour.


Change requires two ingredients:

  1. Value; What’s in it for me
  2. Some form of proof of a positive outcome

Some misconceptions about change:

  1. Change takes time it is a process (change happens in a moment)
  2. Need a desire to change (change can be imposed on you)
  3. Need to hit rock bottom to change (we may choose to wait until then but it’s not necessary) 


Perhaps the best place to start our understanding is to look at the definition of behaviour. What is behaviour? Behavior is an observable, measurable action. But knowing that behaviour is observable and measurable doesn’t tell us why it happens.

Therefore, a second question needing an answer is, “Why does a particular behaviour happen?” According to psychologists, people behave as they do for at least two reasons:

  1. To get something you like or want.
  2. To avoid or escape something you don’t like or want.

Behaviours are learned actions or responses to specific situations. Again, people continue performing certain behaviors because these behaviors serve as a means of getting what they like or want or escaping what they don’t like or want. Past events teach people that certain desirable outcomes are the result when they display certain behaviours. In other words, they are rewarded or affirmed for their behaviours.


For example, people may receive such physical, tangible items as food, money, equipment, or other wanted or needed resources. Or they may get positive attention and recognition through such means as public or private praise, a pat on the back, conversation, or something as simple as a smile. Positive strokes may increase a person’s self-esteem, provide inner peace, or meet some other need.

On the other hand, people have learned through exhibiting specific behaviours that they may avoid or escape something not liked or wanted. For example, they may escape having to do something feared, such as having to write and present the company’s annual report, getting to know and like someone and then possibly be rejected, or a multitude of other dreaded events. Or maybe avoiding the receipt of negative attention is the goal. For example, someone may be avoiding a scolding or lecture by not having a good annual report. What’s being avoided could be a fear of failure or even success. Each person’s behaviour is motivated uniquely.

In summary, a person’s behaviour functions to access a desirable outcome or to avoid or escape an undesirable outcome, and a person’s behavior is likely to continue as long as he or she is receiving the desired outcome. You could say that behavior is one part of a chain of events or circumstances. The other parts of the chain are the trigger prompting the behavior and the consequence of the behaviour.

Changing behavior with money is a process:

Transition Behavior: Over Spending → Re-paying Debt → Saving Money


  1. Why do we use credit
  2. To get something you like or want
  3. To avoid or escape something you don’t like or want
    • Impulse (cars, houses, consumer goods)
    • Emergency (home or car repair, illness)
    • Investment (assets, education)

What will it take to change this?

  1. Value; What’s in it for me?
  2. Some form of proof of a positive outcome


  1. Why we choose to re-pay credit
  2. To get something you like or want
  3. To avoid or escape something you don’t like or want
    • Because we have used up all of our available credit
    • At the last possible moment when your back is against a wall (rock bottom)
    • When no other EASY options exist
    • Because when have lived and re-lived the negative outcome of being in debt
    • Because we have learned our lesson


What will it take to change this?

  1. Value; What’s in it for me?
  2. Some form of proof of a positive outcome


  1. Why we save money
  2. To get something you like or want
  3. To avoid or escape something you don’t like or want
    • When we have learned for mistakes
    • For security and/or freedom

What will it take to change this?

  1. Value; What’s in it for me?
  2. Some form of proof of a positive outcome

Four Step Solution:

  1. Identify the behaviour you want to change (often appears as a daily habit)
    • Weekdays or weekends?
    • Time of day?
    • Big purchases or a small?
    • With your friends or alone?
  2. Identify “What’s in it for your” (what is currently motivating you)
    • You need a reason to be motivated
    • It can’t be what you think you should want
  3. Identify the trigger (time, place, people, previous or next action)
    • Time of day, Places, People
    • Shed the “I deserve it” mentality
    • People and their influence
    • Check your next or previous activity or action
  4. Develop a strategy (determine and validate your new positive outcome)

Closing Notes:

  • Emotions play a bigger role with money than you think (we spend money with emotion but often remove emotion from earning)
  • Know and understand what triggers your behaviour (good and bad)
  • Behavior is a habit that can be changed (habits need to be replaced not removed)
  • An inch of action is better than a mile of intention (successful change breads more change creating momentum)
  • Positive change usually comes from a place of discomfort, fight the urge to seek comfort, comfort is your enemy, comfort is where dreams go to die.

SMS 040 – When Less is More

Book by Joshua Becker – The More of Less: Finding the Life You Want Under Everything You Own

Project 333

The Minimalist

SMS 039 – Lifestyle Inflation

9 Ways to Avoid Lifestyle Inflation – Spending Less When You Earn More

Keeping Lifestyle Inflation at Bay

SMS 038 – 10 Used Car Buying Tips

Top 10 tips for buying a used car

SMS 037 – 6 Reasons to Buy a Used Car

6 Smart Reasons Why You Should Buy a Used Car

Page 6 of 10

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