Whether we have jobs or not;
whether we have free education or pay thousands of dollars in tuition fees;
whether we are heavily taxed or not;
whether we are the government or its citizens, one thing is for sure:
we can ALL learn to manage our money better!
It's Spring. A season typically associated with hope, new life and growth. In the U.S., April is designated as the month to promote financial literacy. In Quebec, however, this Spring is marked by demonstrations of discontent and fear of the future. Money is at the heart of it all.
I would like to introduce you to some people who have chosen to take responsibility for their financial health, wealth and future by registering in a course this Spring called Financial Peace University. At this point, they are halfway through the course. Financial Peace University is a 13-week video training series created by Dave Ramsey, an American financial author, radio host, tv personality, and motivational speaker-- a strong proponent of financial literacy. The course covers topics like cash flow planning, investing, saving, credit, retirement, and giving from a Christian perspective. For the past two years, River's Edge Community Church located in N.D.G., Montreal, has offered Financial Peace University to anyone interested.
Below are photos of these individuals. The pictures are taken in front of the entrance to the church basement which also serves as a Community Kitchen during the week. I've included their first name, age and occupation, along with some questions they agreed to answer. I chose to photograph this story as a typology which is to maintain the exact same camera settings, lighting, angle and composition in each image. I took a typological approach because I wanted to keep all my subjects on the same level and convey the message that financial matters are a universal issue.
Jérémie, 23, Barista/Second Cup
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What is the most significant thing you learned about money as a child? Every penny is worth someone's effort.
In retrospect, what are 3 things you wish you had learned?
1.
I am responsible for all of my expenses.
2. My needs and my wants
are two completely different things.
3. Saving money is more than just saving for expenses. It is meant to take away certain situations that may
become critical like emergencies.
What gaps in financial literacy are you still missing? The value of my work vs. the value that I am being paid: how does it relate and how can it be qualified as "hard work".
Do you believe that financial literacy will solve your financial problems? Why
or why not? Literacy? I doubt it. But it has given me a stronghold, a
foundation from which I can become financially independant without
debt.
What is your strongest, most frequent emotion related to money? Honestly, peace.
What have you learned about money as an adult that has been most valuable? And where did you find this information? I
would say that the most valuable information that I've gathered up until now has been through reading and learning about Dave Ramsey. For the past severals years, I've been learning how he
manages his money and the results that have appeared thanks to that.
Laura, 28, Graphic Designer
The most significant thing I learned about money as a child was the
importance of saving. At that time it was more for short term savings,
and my parents also instilled the idea that if I wanted something I needed to earn it. By the time I was a teenager I was able to have a
part time job to save for university and to pay for personal expenses.
Three things I wish I had learned when I was younger are:
- not to use credit cards;
- to save for an emergency fund;
- that saying "no" to lending money to friends is okay.
The piece of financial information that I feel I am still missing is
the concept of investing and saving money for long term.
I do
believe that financial literacy has helped to solve my financial
problem. Learning that spending habits and debt have more to do with
behaviour traits helped me to start thinking about my own habits. Slowly
with this knowledge I am able to make choices to change these
behaviours.
My
strongest and most frequent emotion related to money is anxiety. When
looking at bills, and seeing how much I have to pay versus how much I
have, I begin to feel anxious. Even when making purchases, sometimes
that feeling of anxiety will come up again if I am concerned if it is
right for me and if I can afford it financially.
The most
valuable information that I have learned about money as an adult is
that it indeed does not belong to us, and as much as we feel we need to
hang on to it and own it, it has only been given to us by the grace of
God. I also think understanding money in this way helps ease the
tension and burden that can be associated with it. I learned this
information recently from my financial peace class at church.
Tina, 34, University Student Advisor
What is the most significant thing you learned about money as a child? The most significant thing I learned about money as a child was to save. My parents opened a bank account for me when I was six years old, and I never wanted to spend any of it because I knew that once it was spent, it was gone forever. I remember finally buying a camera with money I had saved, but I wanted to quickly save up again.
In retrospect, what are 3 things you wish you had learned? I wished I had learned about budgeting, how to use credit cards wisely, and the importance of being generous with money.
What gaps in financial literacy are you still missing? I still feel I am missing knowledge about investing, saving for retirement, and mortgages.
Do you believe that financial literacy will solve your financial problems? Why or why not?
Yes, I believe knowledge will empower me to make the right choices. However, discipline and sacrifice are just as necessary in order to carry out these plans.
What is your strongest, most frequent emotion related to money?
In the past, guilt was probably my strongest emotion related to money over poor decisions, and lack of knowledge and planning. However, since learning how to budget and actually following it, I feel virtually no guilt since I know I have made a plan and am sticking to it!
What have you learned about money as an adult that has been most valuable? And where did you find this information?
The most valuable thing I have learned about money is that it does not ultimately belong to me, but to God. I am just a manager of what He has entrusted to me. This is valuable because it makes me want to be more responsible with it and use it to build a good life for my family and to bless others. This is not a totally new concept to me since I have heard it in church and read it in the Bible, but it was covered in much more depth in the Financial Peace course I'm taking. I have learned a lot of practical things in the course which have been incredibly helpful, however I believe that in order to really change your habits, you have to change your perspective and root beliefs first.
Robert, 41, Unemployed
What
is the most significant thing you learned about money as a
child? You need to work to earn money.
In retrospect, what are 3 things you wish you had learned? Do
not buy things to gain love from others. Do not trust others with your
money. Money can destroy relationships.
What gaps in financial literacy are you still missing? Not
much, I always been interested to learn about finance.
Do you believe that financial literacy will solve your financial problems? Why or why not? My
financial problems are mostly been caused by the fact that I am
currently not working and bad decisions made in the past, which I'm learning
from. :)
What is your
strongest, most frequent emotion related to money? For me, money is a
tool. Having more money will mean that I could give more money to causes that I love.
What have you
learned about money as an adult that has been most valuable? And where
did you find this information? Invest in an house. My dad gave me that
information... and I am really happy to have followed his lead.
Simon, 32, Security Financial Advisor
What is the most significant thing you learned about money as a child? You need to work for it.
In retrospect, what are 3 things you wish you had learned? Cars are a bad investment.
What gaps in financial literacy are you still missing? None that I know of.
Do you believe that financial literacy will solve your financial problems? Why or why not? No, behavior is the biggest issue in solving financial problems, not knowledge.
What is your strongest, most frequent emotion related to money? Happiness.
What have you learned about money as an adult that has been most valuable? And where did you find this information? We
need to make a plan for it or it will find a plan of its own that will
not be in our best interest. Reading books like Total Money Makeover by
Dave Ramsey.
Liliane, 35, Self Employed
What is the most significant thing you learned about money as a child/teenager (negative or positive)? Not to lend or borrow money from friends. That served me well.
What are three things you wish you had learned when you were young(er)? I wish I had learned to save money. And to invest my money while I was younger. Also to keep good credit.
What gaps in financial information and knowledge are you still missing? I pretty much know what information is important so I do not feel as if I am missing anything. The problem for me is execution. It would be good to know if certain financial decisions are more wise than others. For example is it better to lease or buy a car?
Do you believe that financial literacy will solve your financial problems? Why or why not?
I don't believe that financial literacy alone will solve my financial problems. I know that execution is the most important and going on a financial diet which really depends on a decision that has to be made me and my spouse. Most of the times, we know what we need to do but don't know how to actually do it. So when we try to please ourselves for the time being we miss the goals for the long run. Also if we don't set goals and stick to them, we end up with the same habits.
I almost always feel as if I don't have enough. I feel that if I had more money and a good job that I would be happier and more responsible. That I would be more generous. That I would help other people. Even though it says in the bible that it is with the little things that we have that show what we will do when we have more. So right now while we aren't as well off, if we are not giving, we will not give even when we have a lot. I indeed have met people who are extremely generous with little and those who are really stingy when they have a lot. So I know this is a problem I have. That I feel that I never have enough and definitely not enough to give. It makes me anxious.
What have you learned about money as an adult that has been most valuable? And where did you find this information?
I learned a lot about money in business school. I learned a lot about debt vs equity and other valuable money knowledge. I am not sure what has been the most valuable. I am starting my own business so I know that this is really the only way to make real money and to actually have financial freedom is to have your own business and be your own boss. So that is probably the most valuable lesson that I learned in business school.
I learned a lot about money in business school. I learned a lot about debt vs equity and other valuable money knowledge. I am not sure what has been the most valuable. I am starting my own business so I know that this is really the only way to make real money and to actually have financial freedom is to have your own business and be your own boss. So that is probably the most valuable lesson that I learned in business school.
