Kelley Keehn - Talk Money to Me: How to Save, Spend, and Feel Good About Your Money During COVID and Other Times of Financial Distress

ALSO BY KELLEY KEEHN

Protecting You and Your Money

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She Inc.

The Prosperity Factor for Kids

The Womans Guide to Money

The Prosperity Factor for Women

Simon & Schuster Canada

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Copyright 2019 by Kelley Keehn

This publication contains the opinions and ideas of its author. It is sold with the understanding that neither the author nor the publisher is engaged in rendering legal, tax, investment, insurance, financial, accounting, or other professional advice or services. If the reader requires such advice or services, a competent professional should be consulted. Relevant laws vary from province to province. The strategies outlined in this book may not be suitable for every individual, and are not guaranteed or warranted to produce any particular results.

No warranty is made with respect to the accuracy or completeness of the information contained herein, and both the author and the publisher specifically disclaim any responsibility for any liability, loss or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this book.

The reward points breakeven calculation and the mortgage payment calculation have been reprinted with the permission of Ratehub.ca, a Canadian financial product comparison website. The mortgage payment calculations were determined by using Rate hub.cas mortgage payment calculator.

The payday loan chart has been reprinted with the permission of the Financial Consumer Agency of Canada.

All rights reserved, including the right to reproduce this book or portions thereof in any form whatsoever. For information, address Simon & Schuster Canada Subsidiary Rights Department, 166 King Street East, Suite 300, Toronto, Ontario, M5A 1J3.

This Simon & Schuster Canada edition December 2019

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Interior book design by Joy O'Meara

Cover image: Melpomenem / Getty (Piggy), Temmuzcan / Getty (Coins)

Library and Archives Canada Cataloguing in Publication

Title: Talk money to me : save well, spend some, and feel good about your money / by Kelley Keehn

Names: Keehn, Kelley, 1975- author.

Identifiers: Canadiana 20190130490 | ISBN 9781982117559 (softcover)

Subjects: LCSH: Finance, PersonalCanada.

Classification: LCC HG179 .K428 2020 | DDC 332.02400971dc23

ISBN 978-1-9821-1757-3

ISBN 978-1-9821-1755-9

ISBN 978-1-9821-1756-6 (ebook)

To J.R. Lakusta (Uncle John)

I told you Id dedicate my next book to you.

I only wish you were alive to see it completed.

Thank you for helping move my familly up the pyramid.

And Kathleen Keehn

My hero, angel, and greatest teacher.

While all of the stories and anecdotes described herein are based on true experiences, the names, situations, and some details have been altered to protect individual privacy. Neither the author nor the publisher is engaged in rendering legal, accounting, financial, or other professional services by publishing this book. As a precaution, each individual situation should be addressed with an appropriate professional to ensure adequate evaluation and planning are applied. The author and publisher specifically disclaim any liability, loss, or risk that may be incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this work. The material in this book is intended as a general source of information only and should not be construed as offering specific tax, legal, financial, or investment advice. Every effort has been made to ensure that the material is correct at the time of publication.

Interest rates, market conditions, tax rulings, and other investment factors are subject to rapid change. Individuals should consult with their personal tax advisor, Chartered Professional Accountant, Certified Financial Planner, Chartered Financial Analyst, or legal professional before taking any action based upon the information contained in this book.

I ve made a career out of talking about money because I want people to feel good about it, and you cant feel good about something unless you understand it. Whether you were on top of your financial life or not quite there yet, COVID-19 threw a stick of dynamite into the worlds finances, not just yours. Nobody wanted to talk about money before the pandemic and for the first time, many Canadians have found themselves needing to have many uncomfortable conversations. Many had no other option but to call up their banks and ask for payment deferrals because they had lost their jobs or had depleted their rainy-day funds (if they had any). Money continues to be the leading cause of stress in our lives, but ignoring your financial situation will never make it better.

Im here to help. Will you be brave enough to let me walk you through these chapters to reclaim ownership over your finances? I promise you, you can! With some work and the right tools, you can feel good about your money, no matter how much you have.

Ill be the first to admit it. There have been years in my life where not only was I not confident about money, I made just about every mistake you can imagine. Ive learned from my missteps and from thousands of people with whom Ive worked over the last number of decades. I hope by sharing my insights through the composite characters in this book, I can help you avoid the painful lessons that I, some of my past clients, and readers have endured. And I assure you; you wont find any finger-wagging or guilt trips about what you have or havent done.

I have another confession to make. For most of my adulthood, and even now, I still struggle with what I call a poor kid syndrome. When I was eight years old, my parents split up, and suddenly my siblings and I were being raised by a single mother on the poverty line. My mother is an incredibly generous and wise woman, but she was raising three kids on her own with zero spousal support. She had previously given up continuing her education and her career to stay at home for our family, so when my father left, my mother began working as a dishwasher and then a waitress at a pancake house a few blocks from home. Thats what she could get with her limited skill set and education at the time. Money became a ruling force in our houseit was clear when we had it and abundantly obvious when we didnt. There was limited government assistance, and even when my mother did briefly accept aid, she felt stripped of her dignity and became trapped in a hellish catch-22 of either being stuck with the meagre support forever or giving it up before she could regain solid financial footing.

I saw firsthand that people make poor decisions when they dont have access to all that they need to survive and thrive in the world. COVID put a magnifying glass on everyones financial situations. After decades of working as a personal finance educator, I see that people arent able to do their best work or pursue their passions when theyre too worried about the four-letter word that nobody wants to talk about: debt. Growing up, I remember watching my mother struggle, but I had little context or understanding. I overheard teary conversations between my mother and her girlfriends about how much she wanted off of government assistance, and yet she earned more money by not working at all than she did by working more than fifty hours a week between her waitressing and dishwashing jobs. She wanted her autonomy and freedom so desperately but felt trapped by the government aid.