Jul 13, 2020
Ep. 25 – End the debate! Which is most important: earning more or saving more money?
Play • 24 min

You’ve got to put your financial efforts somewhere – are you better off trying to earn as much money as possible or saving every dollar? Derrick and Travis don’t always agree on this question, so this week, we’re sitting them down for a debate! Hosted by Island Savings' Senior Financial Advisor, Annie Nolan. Which side are you on?

1:05 Opening arguments

1:45 Expert debate: Five motions to answer the question: Which is most important? Earning more or saving more money?

  • Motion 1: It is better to spend money for post-secondary education than to save tuition dollars by going directly into the workforce.
  • Motion 2: Spending money to earn investment rewards is smarter than saving everything in guaranteed (no risk) terms.
  • Motion 3: It is wiser to save money for a purchase than to use credit to buy.
  • Motion 4: You can be financially better off buying an insurance policy than by using a savings account.
  • Motion 5: Should you save everything you earn for retirement or work for income late in life.

22:40 – Weekly Financial Fix: Earning a little extra income in retirement can be easy and rewarding. Travis has some suggestions to help get you started.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrick your question at islandsavings.ca/wealthbeing, or at wealthbeing@firstwestcu.ca, and we will consider it for a future episode. 

Listen to WealthBeing live on Saturday mornings at 8:00 a.m. on CFAX 1070 or stream our episodes to your podcatcher.

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