Can money buy happiness? The expert breaks down common beliefs

Money can be complicated and it’s easy to develop negative feelings about it amid inflation and its effect on the cost of living for many.

But as Toronto-based money expert and private wealth advisor Robyn Thompson explains, there are ways to create and cultivate a positive relationship with money.

« We all need money, we all need to be able to keep the lights on and enjoy our lives, so think about it differently, » she said.

Speaking to CTV’s Your Morning on Thursday, Thompson busted common « money myths » and how Canadians can change the way they think about themselves.

« CREDIT IS BAD »

Thompson says credit isn’t good or bad: it just depends on where you are in your financial life.

While good credit can involve borrowing to invest in something that will appreciate in value, such as a home or an education, bad debt can include buying things on credit that won’t appreciate in value. like a new suit or shoes, or a trip.

« When you think about credit, think about it in the context of your life – is it going to benefit you or help you? – but steer clear of the highs [interest] credit cards,” Thompson said.

« So just understand what the benefit of credit is and don’t get stuck in the cycle of borrowing and borrowing and borrowing. »

« I’M NOT GOOD FOR THE MONEY »

Thompson says it’s a phrase she hears all the time.

But what may be good for one person may not necessarily be good for another, she adds.

« Stop thinking about it from an ‘am I good or am I bad?’ Just be present with what you’re doing with money, » she said.

« You can invest, you can make money, just learn and know what you need to do. »

« MONEY CAN BUY YOU HAPPINESS »

Despite this common belief, Thompson says money can’t buy happiness.

What really matters, she says, is finding balance in your life, including making time to see family and friends instead of constantly working, and setting aside enough money to use in emergency or to save and invest.

« It’s really about changing the mindset, understanding that money can’t buy happiness, but it’s the vehicle that will get you to…the things that make you happy, » Thompson said. .

Watch the full interview with Robyn Thompson at the top of the article.