Resources

Resources

The Smarty’s Guide to Money

The Smarty’s Guide to Money

By Phil Callaway
 
 
When the financial and housing markets hit the skids recently, I sarcastically said to a friend, "This sure came as a huge surprise, huh? I mean it's not like we've been overspending or going into debt. It's not like we would spend money we don't have buying things we don't need to impress people who won't even show up at our funeral. What do you think we are? Crazy people?"

Somewhere around third grade I received my very first allowance. I couldn’t believe it. My mother, a Scottish Presbyterian, doling out free money. Had she lost her mind? But I discovered quickly that there were chores attached, and that if I wanted the money I would have to listen to a brief speech right there in the kitchen. And so I tried to sit still as she offered me all the financial advice I would ever need. If I recall correctly, her little homily sounded something like this:

Say a prayer of thanks whenever you receive money, Philip. All we have is on loan. Be Grateful. And stop eating all the cookie dough, it'll ruin your appetite.

Money will serve you well, just make sure you don't serve it.

Always give the first part of it back to God. 10% is a great place to start. And smile when you drop it in the offering plate. You'll shock people.

Remember that borrowing money is like wetting the bed. You'll feel warm for awhile, but it won't last. Hey, quit pulling the dog's ears.

The Tortoise and the Hare is a book about finances. There's no hurry. Don't run after "get rich quick" schemes. Go slow and steady and you'll be pleasantly surprised at the ending.

If you can't afford the donut, leave it on the shelf. Remember if your outgo exceeds your income, your upkeep will be your downfall. If you want one of those massive 5-cent ice cream cones and only have a penny, come home and raid the fridge. I won't say it again: back away from the cookies and sit down and listen.

Enjoy things without owning them. We can't afford a motorcycle, but Philip Dawson has one. Here, take him some of these cookies.

Saving money is like dessert. You have to wait for it, but you'll be glad you did. Besides, you may need the money one day to help people who didn't follow these principles. now run along. And be a good boy.

Other advice would come as I aged, and it would come from those more fiscally astute than my mother. (“Don’t pay interest on anything that loses value.” “Never co-sign a loan.” “If you need more money, go out and make some.”) But after heeding my mother’s simple advice these forty-seven years, I thank God that contentment has been my companion, that I owe no one anything, and that during the recent crash, panic was something I only witnessed on television.

I've discovered something else: Perhaps this financial crisis is more of a blessing than we think.

The very week I learned that my RRSPs had sunk lower than a Mike Tyson sucker punch and that I would therefore have to work until I reached the age of 112, I wrote these words:

Thank you Lord for this market crash. For too long we've been chasing things that have not kept their promise. For too long we've sacrificed at the altar of stuff and it's cost us our families and our marriages and our peace. Our false prophets said stuff was the hallmark of your blessing — and we listened. Forgive us Lord. We have turned our eyes from the Blesser to the blessings, from the Giver to the gifts. We have confused our wants with our needs and bowed our knee to the god of Mammon. We have placed our trust in limited resources, when a limitless God offers us the richness of His pleasure and His peace. Remind us that this life is a brief and fevered practice for a game we cannot stay to play. Keep us ever mindful of the eternal, ever aware that we are to store up treasure in heaven, where it won’t rust, crack, need insurance, a facelift or a makeover. Amen.

Those who live with this attitude will find themselves doing startling things. Some may admit to staying at home and getting to know their children. Others will be seen putting money in the offering plate with a wide smile tugging at their faces. They may even be caught cancelling cable and reading a book. Or throwing baseballs with friends, leaning over fences talking with neighbours, riding bicycles, planting gardens, and walking the dog.

As for me, I think I'll bake some cookies, sample the dough, and talk with my son about finances.
 

About the author:  Phil Callaway
 

 
Phil Callaway