Pride and Shame

Pride is a feeling or deep pleasure or satisfaction derived from one’s own achievements.

Pride is a feeling. Pride is something we feel when we have accomplished something. Pride is a feeling we get when we have accumulated money. Pride is something we feel when a plan comes together. Pride is a feeling when we look in the mirror after getting a fresh hair-cut and think “Wow I look good!”.

Shame on the other hand a painful feeling of humiliation or distress caused by the consciousness of wrong or foolish behavior.

Shame is a feeling. Shame is something we feel when we have done something wrong. Shame is a feeling we get when we lose money. Shame is a feeling we get when we can’t get something completed. Shame is a feeling we get when we try to cut our own hair and it looks like Jim Carrey in Dumb and Dumber.

Two powerful feelings. Two powerful feelings that when interchanged can cause real problems.

The are two feelings that can be the root of all problems when it comes to money.

One day you realize you have spent too much money on a new pair of shoes. That’s ok, though. You can just let the balance on the credit card run an extra month. Then you need new snow tires. No problem. The credit card can be used and you will pay it off when you get paid next. New work uniform. Dinner out with friends. Cell phone bill. Internet. All of the sudden you are over the limit on your credit card and you used the rest of your pay check to pay rent.

Does this sound familiar? If it does, your next feeling will probably be shame. Shame that you allowed it to get so far. Shame that you weren’t able to stick to the original plan and pay off the ‘shoes’ bill the following month. Shame because you need to borrow $200 to pay your rent.

As hard as it may be, shame and money are two things that shouldn’t be in the same sentence.

We have all fallen on hard times. We have all needed that new pair of shoes. Debt is not the four letter word that we have been taught it is. There is good debt and there is bad debt. There is also just debt.

Many people you see on a daily basis are struggling with debt (me included!).

60% of Canadians are retiring in debt.

19% of retired Canadians are accruing new debt.

Nearly two in three Canadians believe they have financial habits to improve-and those same habits have Canadians worried.

Canadians over the age of 65 have the highest insolvency and bankruptcy rates in the country.

Should we be working to change these stats? I think so.

Is it our fault that we are in debt? Were we taught the basics in school? How about at home. Were we taught about debt at home? More than likely the answer to all three questions is no.

There are many ways to get out of debt. Some will make you stronger, others will keep you tied down for many years, and others will have you pay money to someone who may or may not be able to help.

Choose wisely. Look at all your options. There are ways to get out of debt, and most of them aren’t fun, but think of the fun you had getting into debt.

Do you want some help figuring out the options? We can help.