SMART MONEY: I Want to Speak With the Manager!

Human beings are imperfect. We all have flaws. My own flaws include impatience and intolerance for stupidity.

Another flaw that humans can have is the tendency to want to blame others rather than taking responsibility for their own actions. You probably know what I am talking about. When “Karen” wants to “speak with the manager” because she feels she is entitled to having things done her way.

This is more than social commentary. There are implications for personal financial planning.

Hey, problems in financial services happen. If your bank fails to process a transfer, or your RESP contribution is not being allocated to the right beneficiary, or your RRIF payment is not happening on schedule, these are the types of things that are probably not your fault. You absolutely may need someone to help you sort it out.

But, to be clear, the fixing of real problems is not the topic of this column. What I am talking about is lack of accountability for your own financial success. As the expression goes, I can lead the horse to water, but I can’t make her drink.

I can tell you about RRSPs, but you are the one that has to make the contribution. I can tell you about insurance policies, but you are the one that has to pay the premium. I can tell you about financial planning, but you are the one that has to decide what your important goals are.

If you want financial success, you are going to need to take responsibility for your own outcomes. Sure, you can hire a professional to help you with the technical parts. But the best financial plan in the world is useless if you don’t implement it.

And you are the one that has to implement it. That’s the one thing that you can’t pawn off on others. If you don’t make the commitment to take action, then action will not be taken.

Be accountable for your own success.

Set your goals. If you never take a few moments and spend some thoughtful time on what it is that you want to achieve, then there is no point in asking me what you should do with your money. If you have no idea where you are going, then any road will do.

Update your will. Every single person that reads this column will die. Yet, statistically, only half of readers will have a will. And the number of readers with a current will is even less than that. If your will still talks about naming a guardian for your children, who are now grown with kids of their own, it’s time for an update.

Do you know what will happen to your stuff if you die without a will? Guess what, neither does anyone else. The will is the document that speaks on your behalf when you are no longer here to do it for yourself.

Talk to your parents about their estate plan. The first time that you are hearing what they want should not be when the will is read.

Talk to your kids about financial literacy. If you don’t explain to your kids how money works, then who will? Do you really want them to try to figure it out for themselves, the hard way?

If you are getting financial advice from random people on social media, or equivalent unqualified sources, don’t get all grumpy when it turns out the people you listened to, even relied on, have no idea what they are talking about.

If things end up not going the way you wanted with your money, it is certainly possible that the people your hired to do a job did not meet expectations. But blaming others might merely be a feeble excuse and attempt to shift blame.

Blaming others means that we don’t need to take a long look in the mirror. And sometimes the reason you don’t get the results you want is because of the person in the mirror, and all the temper tantrums, and feelings of entitlement, and demands to speak to the manager, do not alter the facts.

You may not be able to rely on someone to do everything for you. Make an effort. Be accountable.

Brad Brain. CFP, R.F.P., CIM, TEP is a Certified Financial Planner in Fort St John, BC. This material is prepared for general circulation and may not reflect your individual financial circumstances. Brad can be reached at www.bradbrainfinancial.com.