When it comes to your financial life, you can have endless conversations about asset allocation but we often neglect the impact of communication and asking difficult questions. Today we speak with Chief Financial Commentator and awarded media personality, Pattie Lovett-Reid. We start the discussion by COVID silver-linings and the financial lessons that people have been learning due to the pandemic. Pattie explores how people’s views of risk have shifted, along with the realization that our portfolios may not be as watertight as we had thought. We dive into financial control and Pattie emphasizes how better family dialogue and managing your emotions are key elements. After talking about how the COVID crisis is different from previous crises, Pattie talks about how stress impacts people’s financial decision-making. We ask Pattie for advice on teaching children about finances, and she uses examples from her own life to show how you can instill financial responsibility in your kids. From kids to partnerships, Pattie highlights why you should be on the same financial page as your partner before explaining the concept of financial abuse. We touch on what job-seekers should consider as they apply for jobs, tips for retirees facing the challenge of low-income rates, offering financial advice through Instagram, and how the work-from-home trend is affecting real estate. Our conversation this episode filled with practical advice, and Pattie’s approach focuses on the importance of asking difficult questions and communication, be that with your family, partner, or financial advisor. Tune in to hear more about why asking difficult questions is critical to controlling your finances. Key Points From This Episode: 0:00 Introducing this episode’s guest, Pattie Lovett-Reid. 4:01 Key financial lessons that people have learned from the COVID-19 pandemic; How the way that people view their portfolios has changed due to the pandemic. 6:15 Pattie’s insights into what people can control regarding their finances; Why Pattie has bought dividend-paying stocks in sectors that have been performing poorly. 9:06 Why controlling your emotions is important in making sensible financial decisions; Pattie’s media perspective on the current market, compared to previous crises. 12:07 How stress has impacted people’s financial decisions for the worse; What people can be doing to make sure they don’t make poor decisions; Hear how you can begin discussing personal finances with your children. 19:04 Planning for future upsets, the importance of balance, and being frugal, not cheap; Being on the same financial page as your partner; it allows you to achieve financial goals; The idea of financial abuse and the need for transparent conversations. 30:07 Thoughts on what job-hunters should do once the market opens up; Pattie shares her ‘big-picture’ opinions on COVID market shifts; Hear Pattie’s advice to retirees facing the challenge of low interest rates. 36:04 How Pattie uses Instagram and the types of questions that she’s often asked. 39:22 The state of the average Canadian’s access to financial advice. 41:19 Tough questions that you need to ask your financial advisors; Reflecting on her life Pattie gives listeners some final advice on following your passion. Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/podcast/114 Pattie Lovett-Reid LinkedIn — https://www.linkedin.com/in/patricia-lovett-reid-b2274428/?originalSubdomain=ca Pattie Lovett-Reid Instagram — https://www.instagram.com/pattie_lovettreid Pattie Lovett-Reid Twitter — https://twitter.com/PattieCTV How to know when you’ve gone from frugal to cheap — https://www.bnnbloomberg.ca/pattie-lovett-reid-how-to-know-when-you-ve-gone-from-frugal-to-cheap-1.1288493 5 pandemic money lessons for millennials — https://www.bnnbloomberg.ca/pattie-lovett-reid-5-pandemic-money-lessons-for-millennials-1.1462761 The Rational Reminder is presented as an educational resource and should not be construed as individualized investment advice, nor as a recommendation to buy or sell specific securities. The funds and portfolios discussed are examples only and may not be appropriate for your individual circumstances.