Loose change – I hate it! It rattles around in your pocket, jiggling with your keys, falling out when you pull out cards and cash – it is intolerable! Like many other Canadians, I detest spare change. In fact, when I break a bill, I usually drop it into my change bin at home or the car. But what if those spare coins you discard so easily could make a difference in your life?
There has been a call in the government to rid us of that little devil of a coin called the penny, but like the saying goes “it is better to work with the devil you know, that the devil you don’t know”. To all of you that agree to rid us of the penny I say – send your pennies to me!
Personally, I love counting the massive amount of change that I collect from my broken bills – it really adds up! I recently found a stash of pennies while cleaning the house, so rolled them! I then deposited $7 into my high interest savings account – increasing daily– it is definitely worth more than $7 now!
I want to start a campaign where I collect 1 penny from every Canadian – If every Canadian contributed to my “mortgage fund,” I would get $300,000 (30 million people X $0.01). Think about it… my mortgage would be gone and I would be able to concentrate my money on paying for something else – like investment properties!
The penny is the fundamental building block of our financial portfolio. When you build a house, you need to lay down 1 brick at a time – so it is with your financial plan – 1 penny at a time. When you are young, setting aside money on monthly basis into a segregated fund helps you finance your retirement plans. When you get older, the death benefit guarantees of segregated funds provides insurance for your money – if you die prematurely, your family gets the funds (tax-free) at a set value (even if the market is not performing as well as it should).
So even though it may pain you to think about more spare change, when you see a penny on the ground, don’t scoff at it – pick it up! It is one more step on your path to financial freedom! Forget the saying a penny saved is a penny earned – I am going to “coin” a new phrase – “A penny picked up today is worth 2 tomorrow!”