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  • Jenna Trollope

Get Smarter with Money

Have you seen the Netflix show "Get Smart With Money"?

Netflix show image, black background of hand holding lightbulb

The show features an emotional spender, an athlete, and an individual living paycheck to paycheck despite multiple jobs. In addition, we observe couples as they manage the difficulties of communicating about money in conjunction with their own habits.

It highlights the process of working with a financial professional and how they can help you and hold you accountable. The show claims Americans spend the most on housing, transportation, and food, so if you cut back your spending in one of those areas, you will save the biggest bang for your buck. Each party is paired with a money coach to increase their cash flow, pay down debt, and save for the future.

The groups identify common questions when it comes to money and building their wealth wellness:

How do we save enough not to worry about paying bills every month?

How do we make more money?

What debt should I pay down first?

What do we do with our cash to save for a rainy day while investing in the future?

The opening screen reads:

"The advice given in this film may not be the best for everyone and is not a substitute for individualized assistance by a financial professional."

It reminds me of the disclaimers that warn us we are not trained for stunts. Please speak to a professional financial advisor rather than depend on following strangers online, and verify their credentials with the relevant affiliation website. You will have an introductory meeting to discuss your needs and expectations and how they benefit their clients.

Everyone should be invested in their accounts; accountants and advisors can help you make a financial plan and stay on track. Your advisor will tell you their fee structure - hourly, on a project basis, or a percentage of funds under their management - and what services they provide.

Even if you save and invest with your bank, you are charged a fee.

You can keep your money in a chequing or savings account, but there will typically be a monthly fee and you aren't making money with cash sitting in a bank account. At the big banks in Canada, investment advisors are paid based on the amount of new business they bring into the bank, not on the success of the investments currently held with the bank, so their interest lies in taking on new clients. Would you rather your advisor have more interest in you meeting your financial goals and your investments doing well for the long term?

Once you understand the terms of what they do and the role you are taking on as a client, you can get started. A financial professional will want to review your account statements and refer to any financial, estate, and insurance plans you currently have in place.

A financial professional can predict the value of your estate and what will be passed down to your heirs. But your future assets all start with your monthly cash flow:

Do you spend more than you make?

How are you paying down debt?

Are you building up your savings for a rainy day, retirement, or vacation?

Are you self-employed with additional tax to pay?

"Get Smart With Money" shows the honest reality of the participants who open up about their habits and where they have faltered in finance. The show addresses how to reconsider what purchases you need, start thinking of creative ways to harness your skills to make more money, and focus on your future with less debt and more savings.

Your financial future starts with you, and it can be hard work to reset your mindset and better manage your money.

Follow Waverley Wealth to get smarter with your money and feel free to email if you have more questions on where to start!

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