Tongue in cheek, of course – but read this blog post and it will make sense.

I spent 4 years living in Australia, where employees are forced to save (deducted from their pay) in a government superannuation (“supers”) plan. This is different to QPP here in Quebec (and CPP elsewhere in Canada), which is a pooled resource – the money in the super remains 100% yours.

I was relatively young – and quite broke! – when living out there, and at the time I hated having to pay into it. However, upon moving back to Canada my wife and I were allowed to transfer our supers back; it gave us something nice to fallback on as I settled into the family business, we started our family, and eventually bought a house.

In Canada, many employers offer group plans (often with the carrot of matching funds) that can be opted-in to, but there is a lot of literature to suggest making it opt-out increases participation. Doing so would do a world of good as the savings happen on autopilot.

Saving for the future

The point is that saving money is hard. It is a struggle between present-day-you (spend now) and future-you (save to spend later). A big part of my role is keeping my clients accountable to their future selves. It is therefore incumbent upon me to ‘feed them sauerkraut’ by getting them to systematically save; should they wish to ‘opt-out’, they encounter an obstacle (me!) advocating for future them.

But you know what? Once people start systematically saving, they rarely go back on it. In fact, they eventually start saving larger sums – voluntarily!

Are you eating your sauerkraut? If not, please reach out to The St-Georges Group if you need someone to keep you accountable towards future-you.

– Darren

As a strategic wealth advisor, I can help you gain peace of mind and achieve your dreams for the future through various wealth management strategies. Whether it’s a worry-free retirement, saving for your children’s education, fulfilling a lifelong ambition, running a prosperous business or leaving a legacy to your loved ones or a cherished cause, I can work with you every step of the way.

Please feel free to reach out to me by completing our Meet With Us form.

*Note to the reader: This article was originally published on LinkedIn on October 26, 2021.