I understand you’re aware of the profit-driven approach taken by banks, and the recent CBC coverage on this topic. It’s important to recognize that banks are not your friend, but rather they are businesses focused on generating profits for their shareholders. As a customer, you are simply an income stream that banks can exploit to meet their financial goals. We need to remember that our relationship with banks is purely a business one, and it’s up to us to be vigilant and protect our interests. The onus is on us to take charge of our finances and not rely on our banks to have our best interests at heart. Oh those naughty banks.
Remember those thoughts the next time you think your bank is helping you out, by allowing you to have a new service. The only reason they let you have it, was to make them money.
March Madness has begun, I am cheering for Deep State to take the whole thing. Curious stat I found that this time of year is when the most vasectomies occur (and around time for the Masters), so the patient can “recover” at home and watch the games in peace. Seems a little extreme just to have the family leave you alone, but, to each his own. One day I will write about my two vasectomies. Might this be March Vasness ?
Have I mentioned how much I dislike finding snakes in my car? As Bugs Bunny said, “Good Bye Florida!”.
It snowed, in Ottawa, too much. That is all.
My Writings for Week Ending March 17th
I took a week off, given it is March Break. Stay tuned we will be celebrating my 12th year of being the “Cranky old man of Personal Finance”, next week!
A Money Thought
Stan Buell has the correct view on the whole, “The Banks are out to get us” statement.
March Madness Money Thoughts
Given how touchy the subject of March Madness can be, here are some excellent articles for your weekend read (between games):
- Are you a small business owner? The Blunt Bean Counter, brings us, What Small Business Owners Need to Know – The Debits and Credits of Shareholder Loans, worth reading.
- Robb from Boomer & Echo gives his point of view on the Banks are Mean viewpoint with, Banking On A High Pressure Sales Culture
- Keeping on the mean banks theme, Mark from My Own Advisor, asks What‘s next for TD Bank?
- The Million Dollar Journey is doing some reading, and gives us an update with, Financial Goals Progress Books I’m Reading.
- Barry from Money We Have asks an important question, What is Your Money for? Can you answer it honestly?
- Hopefully we all enjoyed Pi day on March 14th? Math and baking always go well together
- Popular Mechanics points out the business of airlines with How Business Beats Out First Class for Airlines’ Bottom Lines.
- Vanguard is now being bet on by the Wizard of Omaha, and here is their view on it with,
Buffett bets big on Vanguard. - Michael James pulls out his magnifying glass and reads the fine print on his credit card’s offer for a Balance Transfer Offer, and he didn’t like what he read.
CBC and Banks
Friend and all around excellent person Kerry Taylor (aka Squawkfox) talks about how to deal with banks on the CBC , and she even mentions RDSPs (I asked her to, and she was kind enough to give RDSPs a shout out):
2017 Random Thoughts
- Teller Upselling, Auto-filling Taxes, Spring Forward and #MoneyTalk, (March 10th )
- Lent Begins, Loose Money and #MoneyTalk (March 3rd )
- RRSP Season, Tax Time, and #MoneyTalk (February 24th )
- Farewell Vinyl Cafe, Snow, Monopoly and #MoneyTalk (February 17th )
- RRSP , Tax , TFSA , RESP, and RDSP Time and #MoneyTalk (February 10th )
- Year of the Fire Rooster, Financial Groundhog Day and #MoneyTalk (February 3rd )
- Alternate Financial Facts, 1984 and #Moneytalk (January 27th)
- Bungled Mortgages, Friday the 13th and #Moneytalk (January 13th)
- Merry New Year, CPP, EI and #MoneyTalk (January 6th)
