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Financial choice is good, right? Wrong!

I know what your thinking ... more choice is better. More choice means lower prices, better services and a made to order life style only dreamed about by our parents. But this doesn't always lead to a better life. Let me prove it you.

You get a call from credit card company offering a better rate than any of your current cards. You do your home work, read the fine print and the offer is genuinely better for you and your family. So you sign up!

On it's own this credit card is best one you have in your wallet. but at the end of the month when the bill arrives along with 7 others you have, and your mortgage statement, overdraft and line of credit your are now dealing with another creditor ... now you don't feel as good.

Even if you have the money more choice can make decision making almost impossible. So what do you do with the statement? You throw it in the the drawer with the other bills. Now you have another bill to pay.

Count up all your financial statements. Credit cards, overdraft, mortgage, credit cards, life insurance policies, group insurance policy from work, mortgage insurance policy, RRSP statements from work, RRSP from the bank, RESP with a trust company etc. The list goes on.

In more than 15 years in the financial industry I have seen cases where on family 35 statements from one family! Some products are good, some not as much ... but with many how can you tell?!

Have you ever wondered why make decisions seem impossible or you question the decisions you make? Check out this video from TED TV.




I am a big fan of making good financial choices ... but I am even a bigger of fan of keeping things simple. When things are simple you can better understand what you own, and if what you are doing is working.

And you can sleep at night!
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