• richardmkiernicki

The Unconventional Conventional, Part XXIII

What a beautiful morning it is here in the Big Smoke, a little chilly but the sun is shining warmly and it promises to be a fantastic day. I hope wherever you happen to be is as nice or even just a little bit nicer and encourages you to take a moment to be grateful for today.


Thank you for your continued comments and posts. It is encouraging me to dig deeper into my topics and find the “unconventional” bits of wisdom that seem to make even just a little bit of a difference for you, and if it is enough to inspire you to make a comment, I hope it empowers you to act on your new found knowledge with a little more confidence. Judging by the increased number of positive posts on this site it seems that individuals all over the world are beginning to understand that things are not necessarily as they seem when it comes to financial knowledge. To access and obtain better knowledge, weneed to ask better questions. My hope is to inspire you to ask better questions so that you are able to make better financial decisions. And that, to me, is financial literacy.


I was encouraged earlier this year when I was “bashing” RSP (retirement savings plans) as the “strategy of choice” for most Canadians and suggested that consumers start asking their advisors about alternative methods of accumulating retirement capital instead of blindly contributing to government retirement schemes. I was surprised by the number of advisors who wrote in asking me to suggest alternative strategies for accumulating retirement funds as their firms were favouring the “conventional” approach and did not present anything to them but the

standard product based solution. It is interesting to note that the independent advisors had more flexibility in being able to offer other solutions to their clients than advisors who were employees of large financial institutions. Go figure.


The blog posts that I have been writing recently on understanding what exactly the business of the bank is and how that translates into profits for the shareholders seems to have caused quite the stir. Just creating a larger awareness of how the banks re-lend “your Money” out at interest

rates higher than what they pay you to use “your Money” seems to have struck a chord with many of my readers. Many have said that no one has ever really explained, in simple and understandable terms, the connection between being a “loaner” and an “owner” of the bank they

do business with. And now that they have a better understanding of how the banks work, they are much more comfortable with owning bank shares. Knowledge is powerful when it is acted upon. Now let’s convert everyone from being a depositor to being a shareholder and open up a whole new conversation that starts with the question, “How will the banks make a profit if there is no capital on deposit?” Now where does that famous bank guarantee stand and on what exactly?


Copyright 2013 Richard M. Kiernicki. All Rights Reserved.


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© 2019-2020 Richard M. Kiernicki. All rights reserved.

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