Ralph and Betty and their next door neighbour Fred

The day after their meeting with their new Personal Money Manager (PMM), Ralph and Betty are sitting on the front step of their new home when along comes their older neighbour Fred.





"Why so glum"? asks, Fred.





We are selling our new home, replies Ralph.





Just when I was starting to like you folks - how come?





Our PMM says it is in our best interest. We even have to sell our car.





Hey - I'll buy it.





Fred, why would you want our Honda - You already have a good family car?





Not the Honda - it's the Van I want.





Ralph and Betty look at each other and then Ralph responds: "the Van is not for sale - we are going to continue to have need of it".





Whatever for, asks Fred.





A tear creeps down Betty's cheek - but neither reply.





Fred breaks the silence. I thought you guys were happy here and the ding.., I mean your children seemed to have settled in quite nicely.





That's just the problem, replied Betty; Ralph and I and the kids just love our new home and we just hate to leave here, but our PMM says it is imperative that we do.





The discussion went on to include RRSPs, RESPs and TFSA's and the like.





You have no idea how hard it is for families like ours these days Fred.





What do you mean by that? Margaret and I had 3 kids too you know and it was only me working outside the home. Things turned out pretty good for us.





Our oldest is a Pharmacist, our middle girl - a Manager and our youngest, is a Registered Nurse. We have our home paid for and no debts to our name. Plus we have never had so much money to live on.





"How so? The money part I mean", asked Betty?





Margaret and I both receive the OAS, the CPP, and the monthly Gains Cheque. We have never been so well off.





Wow, said Betty. That's incredible.





"So how did you pay off your home", piped in Ralph?





We rented until we saved up a big enough down payment to keep the payments manageable. And we amortized it over the course of the rest of my working life. The final year of my employment saw the mortgage paid off in its entirety.





Okay, what about the post secondary education for your 3 children? That must have nearly bankrupted you?





Hell no, we told our kids they were on their own. Get a job, and get student loans. Margaret and I realized that kids only value things if they have to pay for it themselves.





You mean you didn't help them at all?





Unfortunately, no. We provided them with free room and board while they attended school.



Any Regrets, asked Ralph?



Just one; we should have charged them rent!!



Still interested in buying our van Fred?

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Note - the above is my effort at a 'tongue in cheek' look at this industry. In reality though, and as a Libertarian, I see the value - on a number of levels - of having individuals plan for their retirements and not depend on Big Government. There is great value in seeking out the advice of a credited Financial Planner employed at any of Canada's five major Banks.

As I see it..

"Galagher"