Tag Archives: Kathryn Mandelcorn

Three habits that may be keeping you in debt and one that can change everything

By Kathryn Mandelcorn, FMA

Erasing Debt

Have you ever dreamed about what you do if you won the lottery? It can be fun to imagine sudden wealth and all its possibilities. Many people preface their plans with; first I’d pay off all my debts.

We all like the idea of being debt free, so why don’t more people achieve it? There are as many reasons as there are people, but here are three habits in particular that can keep us stuck.

Confusing talk, or thought with action.

We make new year’s resolutions, we read financial blogs and books, we decide to spend less on groceries, maybe clip some coupons, we talk with our friends about how we never catch a break, that just when we decide to make bigger payments on our debt the car breaks down, or our child’s sport fees go up or our furnace needs repair… Money is so constantly on our minds, that we think we are doing the best we can, when in fact we have often done nothing concrete to change the situation. Continue reading →

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Success Story: Robin and James – from knowledge to action

Note: The couple’s names have been changed for privacy.

Debt ball and chain openedRobin and James were young professionals in their 30’s when they contacted Money Coach Kathryn Mandelcorn. They were frustrated because they made a combined income over $150,000 but they had $45,000 in consumer debt and felt they weren’t adequately saving for their future. They didn’t see how they could pay off the debt and invest for retirement, without sacrificing their dream to buy a home and invest in further education. They felt like travel and other leisure activities were completely off the table if they were to have any hope of turning things around.

“When I met Robin ad James, I could see they were a very savvy couple,” says Kathryn. “They knew a lot about investing, they had a good idea of what they should be doing, but they were going in circles financially. They were paying down debt then going right back in. There was a big disconnect between knowledge and implementation.” Continue reading →

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Can money make you happy? Try giving some away.

By Kathryn Mandelcorn, FMA

Money Coaches Canada Giving and happiness

Charles Dickens wrote A Christmas Carol in 1843. Most people know the story of Ebenezer Scrooge, a miserly man who transforms his life after three spirits teach him the joy of giving. It seems Dickens was way ahead of the research on money and happiness.

Dr. Elizabeth Dunn an associate professor of psychology at University of British Columbia and Michael Norton an associate professor of business administration at Harvard Business School wrote an article in which they say their research has shown that “people with a comfortable living standard are happier than people living in poverty.” But once people reach a “comfortable standard” of income, which falls somewhere around $75,000 a year in the United States, additional income doesn’t create additional happiness. Continue reading →

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