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Gift From Tangerine
November 2, 2016
10:06 am
monju00
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Delivering an exceptional and enriching Client experience is very important to us. That includes providing you with award-winning Client service, as well as simple products and tools to reach your financial goals. To add even further value, we’re always looking for ways to go beyond, offering a little something extra to help Canadians live better lives.

We’re thankful for Clients like you, who’ve chosen to bank with Tangerine and trusted us to help you get started along your financial journey. To show our appreciation, we have a special gift for you.

Our gift to you: The Wealthy Barber Returns eBook.

From now until December 31, 2016, download your free eBook copy of the popular personal finance book, The Wealthy Barber Returns. This eBook’s straightforward, easy-to-read approach on the world of money and personal finance fits perfectly with what Tangerine stands for: taking the complexity and hassles out of banking. Learn more and download your free eBook here.

Sincerely,

Peter Aceto
President & CEO, Tangerine

November 2, 2016
12:28 pm
Loonie
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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.

November 2, 2016
2:51 pm
Winnie
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We’re thankful for Clients like you, who’ve chosen to bank with Tangerine and trusted us to help you get started along your financial journey. To show our appreciation, we have a special gift for you.

Our gift to you: The Wealthy Barber Returns eBook:

https://www.tangerine.ca/en/landing-page/wealthybarberreturns/clients/index.html

I think it's for every Tangerine customer, not only small business accounts holders.

November 2, 2016
3:44 pm
kanaka
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Thanks....not a customer but was able to download.

Peter sf-surprisedsf-surprised

November 3, 2016
7:11 pm
Norman1
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Winnie said

I think it's for every Tangerine customer, not only small business accounts holders.

I'm not a Tangerine business account customer and I received the "We’re thankful for Clients like you" e-mail from Tangerine as well.

November 3, 2016
8:12 pm
Peseta
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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

November 4, 2016
6:29 am
SavingIsGood
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Peseta said

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

Major turn off from Tang is:
- NOT notifying loyal clients of promotional (higher) interest rates
- NOT offering retention bonus.
- Offering random promotional interest rates. This is slap in the face for those clients from day1 (while you were ING) to see some young punk to get 3.5% while loyal clients get 2 or 0%. Instead of keeping clients with 500K in your portfolio you are trying to bring those with meager 10K or less.

November 4, 2016
8:43 am
kanaka
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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.

November 4, 2016
9:07 am
Bill
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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.
SavingIsGood, I have the same question as kanaka, who are these "young punks"? And, though I agree that there are turn-offs about Tangerine, speaking of loyalty if you really are "loyal" then you won't really care what Tangerine pays others because you are loyal to Tangerine, right? No need to pretend - no such thing as loyalty when it comes to money, either by us or by Tangerine, both sides are acting in their own self interest.

November 4, 2016
11:43 am
Peseta
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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

November 4, 2016
5:59 pm
Bill
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Peseta, I did read the book some decades ago (totally unimpressed, I recall him basically saying make sure to put something aside for savings every payday and let the magic of compounding interest do its thing) but didn't recall the 10% figure. Your comment made no reference to the book so I thought you were still referring to Tangerine in your 10% and other comments, I did not realize you were saying their gift was useless (though don't forget when interest rates are higher so is inflation so after taxes I'm not sure it's any better at any time). I apologize for my misunderstanding. But re your other comments, I don't think Tangerine's marketing is any different than anyone who's trying to get our money, i.e. everyone advertises they put customers first, that they'll do more to help us save than their competition, that they care about us, etc, but we're all savvy enough about the role of marketing to know it's just a game we all play - they pretend we're special, we pretend we believe them. We all get that all banks have their advantages and their disadvantages, so we pick the one(s) that suit us best.

November 4, 2016
6:09 pm
Loonie
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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%?sf-wink 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.

November 4, 2016
6:12 pm
Loonie
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The current version, The Wealthy Barber Returns, is a substantial revision of the original book which came out a long time ago. I found it much better than the first one, even though I know more now. I did pick up a couple of useful thoughts, but not a lot. The author actually has a significant background in the financial world although I can't remember exactly what he'd done at the moment. I had previously thought he was primarily a writer, but that is not the case.

November 12, 2016
8:16 am
Norman1
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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.

November 12, 2016
9:07 am
Norman1
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Peseta said

…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.

Not true.

To save 10%, one will need to learn how to live within 90% of one's means. That is a very good start.

That 10% of annual income, for 30 years, invested at 5% per annum, will become 664% of one's annual income. At 7%, that 10% will become 944%!

6.6 years or 9.4 years of income in a bank account or investment account is significant.

Some people wouldn't recognize good financial advice unless it came up and bit them. I used to be like that.

November 12, 2016
5:56 pm
Loonie
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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!

November 12, 2016
6:34 pm
Norman1
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Loonie said

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.

That is included in the Globe & Mail article. Chilton wasn't a CFP. He was a stockbroker for a time. The required course was the Canadian Securities Course. He had scored the highest mark in the country!

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!

I agree. He is more like a fee-only planner offering actual advice than a commissioned product salesperson, trying to look like an "advisor".

November 12, 2016
10:31 pm
Loonie
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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!

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