Gift From Tangerine | Small business accounts | Discussion forum

I've already read it. As I recall, the author doesn't suggest banking with banks such as Tangerine which offer low rates!

Interesting marketing though. It will be a useful read for a lot of people.

Thanks....not a customer but was able to download.

Peter

Peter,

How about higher interest rates, no fees for transferring registered funds, and no forex fee on your MasterCard. Nothing will show your clients how much you care more than money you save them and money you help them earn.

Lets talk more real numbers and less hypotheticals. With today's interest rates, saving 10% isn't enough to become wealthy. Not if you are an average person trying to make ends meet. Nobody should know this better than Tangerine.

peseta

A punk?
What is the slang definition of a punk?
a : a young inexperienced person : beginner, novice; especially : a young man. b : a usually petty gangster, hoodlum, or ruffian.

Or in my days it was a red stick with a coating that you would light perhaps like incense without a pleasant fragrance that we used to light fire crackers with after we bought them at the five and dime.

So the punks of today are likely older than the ones of the 70's and may or may not be married. They will never see a mortgage over 5%, ever have a budget or know or why they should balance their bank account every month.

The punks of today need the 3.5% so they:
Can buy the new home.
Have a new gas guzzling pickup that will never see a payload along with the new Mercedes SUV for the wife and kids.
Have a $250 a month mobile phone plan.
Have a $200 a month Internet and TV package.
Have free baby sitting provided by parents 5 days a week.
Have down payment of home subsidized by parents.
Have no idea of liability vs how much more can I afford on monthly payments. Nor have any idea if and when anything will be paid off yet alone know if they still have the item they are still paying for.
And let the schools teach there kids manners and respect because they are "too busy"?

Are those the punks you are talking about.

Bill said

Peseta, you say saving 10% isn't enough for an average person trying to make ends meet to become wealthy. Well maybe someone whose efforts are those of an "average" person isn't supposed to become "wealthy". In any event it isn't Tangerine's responsibility to make them so.

I never said it was Tangerine's (or anyone's) responsibility to make anyone wealthy. I assume you have read the book, so you should know what I am talking about (is barber not an average person?). The bottom like is that with today's interest rates, saving 10% of income isn't going to get anyone ahead, let alone making them wealthy.

Tangerine has no obligation to anyone to do anything beyond what the law requires them to do. The upsetting part is that they market themselves as a bank that puts customers' interest first and does more than what other banks do in order to help customers save money and get ahead. But thats just marketing (i.e. smoke and mirrors). Sure, they have products that are competitive compared to big 5 (checquing account, for example), but then again so do PC Financial and Canadian Direct. There is no product that Tangerine offers today that can't be found elsewhere in the country (exact product, very comparable, or better).

Sending this book is another marketing strategy that makes it look like they care. If anyone, I think its Tangerine who should know that the theory behind the book is a moot point in today's interest rate environment.

As the old saying goes, don't piss on my leg and tell me its raining.

peseta

Well said, Peseta. The thread was specifically about the offer of a book which purports to talk about becoming wealthy, so your comment was reasonable. On the other hand, it is easy for people to lose track of that as more posts are added.

Misleading verbiage in advertising and marketing is not unique to Tangerine. I suspect a case could be made that they all do it. Remember EQ and their "not a promotion" 3%? And then we have the various "high interest" savings accounts offered at the Big Banks - a lie if ever there was one - and so on. They are all shameless.

I don't have much of an opinion on "punks". To me, whatever the banks do is all about cold-hearted dollars and cents and profit. All of them. And that includes most of what the credit unions do too.
The crapshoot of rates offered by Tang is a marketing strategy which combines many factors in order to come up with an offer. They pay what they have to in order to build their business and attract the numbers of both clients and dollars that they need in the various categories. They don't really care whether you're a "young punk" or your lifestyle. They just want your money, and more of it as time goes by.

I would say David Chilton is a publisher, personal finance writer, speaker, and entrepreneur.

The January 2015 Globe & Mail article THE LUNCH: David Chilton’s rise from The Wealthy Barber to The Wealthy Dragon has a brief history of his life to date.

Chilton has more background than that. I know I read this but since I can't remember the details for sure, I didn't want to say. I think but am not certain that he was in the past a CFP and worked at a brokerage or some kind of investment place. He also had one of the highest scores on that course that everyone takes who wants to get into this field, the one you can do by correspondence, but I forget the name of it but would recognize it if someone said, but I can't remember the source for that either. This was all before he became the other things, so may have been left off the CV now.

I was quite surprised, which is why I remember reading this.

my assessment, after reading the second book (not the first), is that he's a lot more trustworthy than lots of people to whom one might be paying fees!

Yes, that's the one, the Cdn Securities Course. I find it comforting that he can do math, as so many can't, even in the money business.
Just try asking them to calculate a percentage in their heads as quickly as you can do it yourself! Most will fail the test. Actually, this is not a bad question to ask a prospective "advisor". Some will say that using your smartphone to calculate is just as good, but that doesn't demonstrate that you understand the calculation and can find your way around with numbers, only that you can use a touch screen! If I am going to have conversations with a professional about money, I want to know that they understand the concepts and can make at least rough calculations in their heads and show some mental agility with numbers. If I'm going to hire them, they have to be able to do it better than I can!