/

'* Business
Behavior modification in finance

Do you know why you always
— or never — reach for the
cheque when you eat out with
friends?

Why you balance your cheque-
book the instant your monthly
Statement arrives — or never bal-
ance your chequebook?

“Many of the ways we handle
our finances are rooted in our
subconscious, or in patterns of
behavior which have become auto-
matic,” said Gail Farmer, who
worked in the financial services
business for 11 years and now, as a
partner of Templeton Farmer
Associates and a registered clinical
counselor, puts on financial aware-
ness seminars.

“What can cause problems is
that we make decisions, some-
times crucial life decisions, based
on beliefs and assumptions we
aren’t even aware of.”

For example, somebody with a
severe money neurosis might

_ hoard his or her money in a futile

attempt to gain a sense of security
and esteem.

Yet by doing that, the person:
misses out enjoying the benefits
which can be produced By the
hard-earned wealth.

“Just because you become

‘You don’t need fo
take the same road
over and over again.
Yeu can see yourself
“at @ crossroad and
can take another
Girection’

aware of patterns doesn’t make
them disappear,’ Farmer said.
“But at least you recognize what
you are doing, and that you have
choices.

“You don’t need to take the
same road over and over again.

- You can see yourself at a crossroad

and ean take another direction.”
Farmer gave the following exam-

ple of a client (her name and some

of her circumstances have been

changed).

In 1987, Mallory was 34, a
single mother and artist who had
been working hard since she had
collected her last welfare cheque
in January, 1985.

But she still had the welfare

mentality: “You work really hard,
make money, pay all the bills, then
freak out. because you have no
savings, NO insurance.

“Money was simply a necessary
evil. It had nothing to do with the
work I did. Collecting money from
May Customers was an awkward
thing to:do.”

Mallory had grown up in a poor
household in which money was a
big issue. Both parents were
always striving to make money and
their financial struggles left them
little time or energy for their
children:

“TI got turned off by money,”
said Mallory. “I swore I would
never make it that important to
me.”

“My mother recorded every-

thing that we spent and every cent
that came into the house. If I asked

her how much we spent on July

8th, 1962, she would be able to go
to her little book and tell me.
“She tried to make me do the
same. I realized my attitude to
money was a reaction ‘0 my par-
ents, rebelling against ry mother.”
“Then I got upset about my
carelessness around money and
felt ashamed at being 34 and not

Help for tree fruit growers

Agriculture Minister Bill Barlee
announced last week that the gov-
emment will “invest” $30 million
in special assistance to help build
a sustainable future for the prov-
ince’s tree fruit industry.

“The tree fruit industry is an

economic mainstay and a major
employer in B.C.’s interior. Gov-
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The government will get behind
a Buy B.C. promotion, Agriculture
Minister Bill Barlee told the B.C
Federation of Agriculture last
week.

That promise constitutes a bit of

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When the Social Credit govern-
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gram, Barlee, then the opposition
agriculture critic, said the action
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having a home, how I squandered
my resources. I felt embarrassed
that I didn’t know how much
money I made, how much |
spent.”

Becoming more aware of how
these factors from her past were
influencing her present ability to
deal with money helped Mallory
to deal more effectively with her
finances, to the point that in
August, 1987, she bought her first
home.

She decided she no longer
wanted to rent, managed to come
up with a down payment and the
local credit union gave her a
mortgage.

By August, 1989, she also had a
car; paying the bills no longer
upset her. Last year, she took a
10-day trip up north — her first-
ever holiday:

This year she started to save ona — f\

regular basis, building up an RRSP
and a term deposit outside her
RRSP. She has life insurance on
the mortgage, a small personal
policy and some disability imsur-
ance.

Mallory’s long-term objective is
to take a year off work when she
tums 50 — and she has every
confidence she will have enough
money by then to take her sabbati-
cal.

Everybody has different demons
— financial, personal — some
more frightening and harmful than
others. And what helps one person
might not help another. But at least
you can try different approaches to
see what does work.

There are contradictions and
mixed messages about money —
many of which we can quite easily
accept.

For example, we realize we get
what we pay for — but that
doesn’t stop bargain-hunters from
spending hours trying to get more
than they pay for.

“Those most satisfied with their
financial situations are not neces-
sarily those with the highest
incomes,” Farmer said.

“Contentment with one’s lot in
life depends on a range of crucial
psychological factors: feelings of
self-esteem, job satisfaction, qual-
ity of friendships and relation-
ships, and personal growth.”

Mike Grenby is a Vancouver-
based personal financial advisor:
He will answer your questions as
space allows. Write to Grenby in
care of The Review, 9726-First
Street, Sidney, B.C., V8L 3C7.

TheReview

Wednesday, December 11,1991 — C7

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