When it comes to your financial health, sometimes it pays to be afraid. From creeping interest rates to being haunted by poor decision-making about managing your money, the are many financial boogeymen to avoid. This week, Travis and Derrick are talking about some healthy financial fears with one of Island Savings most established financial experts, Ruth Saunders, Assistant Manager at our Mayfair branch. Take heed of their advice and you’ll live with less financial fear. 

1:30 – Money Problem: Derrick met a couple who came into a significant amount of money, but they still lived in financial fear. Not for their own wellbeing – they were afraid for their kids who hadn’t learned how to protect their financial health. 

4:00 Expert Examination: Derrick, Travis and Ruth uncover specific financial situations that should be cause for concern – and how to avoid getting caught in the trap: 

• Having enough spending control. 
• Thinking a bad credit score is no-big-deal. 
• Planning only as far as the next paycheque. 
• The good and bad of living on borrowed money. 
• Investment fears for the ages. 
• The scary consequences of not knowing your tax situation. 
• How to “insure” you have fewer financial fears. 
• Kids, parents, inlaws – should we be afraid of financial dependencies? 
• Avoid compounding fear about retirement income. 

29:50 – Weekly Financial Fix: It may be simple, but Travis’ advice this week will inspire you to eliminate your financial fears by focusing where it matters most. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.