TK Dale Wealth Podcast: Recent Episodes
Trevor Dale
Trevor Dale, CFA, founder of TK Dale Wealth brings you The TK Dale Wealth Podcast where he discusses all things money and wealth such as real estate, investing, insurance, debt, estate planning and financial planning. Get up close interviews with and special insights into the world of money and wealth. Trevor has a unique perspective because he runs a portfolio management company, life insurance agency and mortgage brokerage. Very rarely is this level of expertise brought across all three areas at the same time.Portfolio Manager, TK Dale Wealth Management Inc.Life Insurance Agent, TK Dale Wealth Insurance Inc.Mortgage Broker, TK Dale Wealth Mortgages Inc. Lic. #13359
This is the one data point that is more important than the budget changes.
Want to know more? Head over to TKDaleWealth.com
Any security or portfolio mentioned are not recommendations, solicitations or financial advice. We do not provide tax or legal advice. This is provided for education purposes only. We recommend that you seek the help of a licensed professional prior to actin on any of this information. We do not warrant or guarantee that any forward looking statement will come true.
Basically, this is just someone talking and take it at your own risk. We will not be held liable for any of its contents. Fact check all information in this episode yourself.
Is June a rate cut in June in Canada?
I don't think it's a done deal.
Did you hear about the Swiss National Bank?
Did you hear about the Bank of Japan?
This is what's happening around the world and as it relates to Canada.
Want to know more? Head over to TKDaleWealth.com
Any security or portfolio mentioned are not recommendations, solicitations or financial advice. We do not provide tax or legal advice. This is provided for education purposes only. We recommend that you seek the help of a licensed professional prior to actin on any of this information. We do not warrant or guarantee that any forward looking statement will come true.
Basically, this is just someone talking and take it at your own risk. We will not be held liable for any of its contents. Fact check all information in this episode yourself.
Why are financial plans broken? Because the don't provide the next steps about how to improve and grow your wealth.
Learn about and implement this new financial concept called the Financial Flywheel!
Want to know more? Head over to TKDaleWealth.com
Any security or portfolio mentioned are not recommendations, solicitations or financial advice. We do not provide tax or legal advice. This is provided for education purposes only. We recommend that you seek the help of a licensed professional prior to actin on any of this information. We do not warrant or guarantee that any forward looking statement will come true.
Basically, this is just someone talking and take it at your own risk. We will not be held liable for any of its contents. Fact check all information in this episode yourself.
We had new job numbers come out. The number of jobs created, unemployment rate and wage growth was reported in Canada and the US.
This is how we think about this data as it relates to managing investment portfolios.
Want to know more? Head over to TKDaleWealth.com
Any security or portfolio mentioned are not recommendations, solicitations or financial advice. We do not provide tax or legal advice. This is provided for education purposes only. We recommend that you seek the help of a licensed professional prior to actin on any of this information. We do not warrant or guarantee that any forward looking statement will come true.
Basically, this is just someone talking and take it at your own risk. We will not be held liable for any of its contents. Fact check all information in this episode yourself.
We were having issues with the quality of the audio recording however rest assured that the content is quality.
Inside this episode we talk about PMI - The purchasing managers index.
Understand how we implement these data into our thinking and construction of portfolios.
Want to know more? Head over to TKDaleWealth.com
Any security or portfolio mentioned are not recommendations, solicitations or financial advice. We do not provide tax or legal advice. This is provided for education purposes only. We recommend that you seek the help of a licensed professional prior to actin on any of this information. We do not warrant or guarantee that any forward looking statement will come true.
Basically, this is just someone talking and take it at your own risk. We will not be held liable for any of its contents. Fact check all information in this episode yourself.
Ever wonder how to increase wealth through making more money?
This episode is focused exactly on that.
What are some strategies to increase your pay at work, increase your network and overcome those hurdles to getting the best for you.
We look a lot at why people will work so hard for their company's money but not as hard for their own.
Plus, where is the loyalty really? Employer or employee?
Want to know more? Head over to TKDaleWealth.com
Any security or portfolio mentioned are not recommendations, solicitations or financial advice. We do not provide tax or legal advice. This is provided for education purposes only. We recommend that you seek the help of a licensed professional prior to actin on any of this information. We do not warrant or guarantee that any forward looking statement will come true.
Basically, this is just someone talking and take it at your own risk. We will not be held liable for any of its contents. Fact check all information in this episode yourself.
100's of conversations over 20 years in my career I've seen a lot of financially successful individuals and households.
The Financial Flywheel is the culmination of all the success breadcrumbs that I've seen.
Join our weekly webinars on Thursdays at 12:15 EST for a quick lunch meeting and get back on your way.
Sign up at tkdalewealth.com
Want to know more? Head over to TKDaleWealth.com
Any security or portfolio mentioned are not recommendations, solicitations or financial advice. We do not provide tax or legal advice. This is provided for education purposes only. We recommend that you seek the help of a licensed professional prior to actin on any of this information. We do not warrant or guarantee that any forward looking statement will come true.
Basically, this is just someone talking and take it at your own risk. We will not be held liable for any of its contents. Fact check all information in this episode yourself.
Arizona is offering employees who were previously unemployed and who find a full time job $2,000 if they stay on the job for 10 weeks. Source
This is one of the incentives to get people back to work while unemployment benefits are being closed.
How does this effect inflation which effects interest rates which effect the stock market?
Find out to see how the narrative is changing (or not) at central banks and a number of quotes from executive level management at publicly traded companies on inflation.
*Not intended as advice, for educational purposes only. Always seek the help of a licensed professional prior to acting on any of this information. Forward looking statements may not come true nor can we guarantee results.
This is the reason markets sold off in July. The markets were positive but volatile this month. Underneath the overall index, there were even more moves in individual sectors.
Let's find out why.
*Not intended as advice, for educational purposes only. Always seek the help of a licensed professional prior to acting on any of this information. Forward looking statements may not come true nor can we guarantee results.
In this episode, Trevor Dale, CEO of TK Dale Wealth, gives a quick market update followed by an in depth discussion on the affects of inflation across the 4 Pillars of Wealth and how to benefit from inflation.
Find out more at tkdale.com
If you found this podcast interesting, share it with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
*Not intended as advice, for educational purposes only. Always seek the help of a licensed professional prior to acting on any of this information. Forward looking statements may not come true nor can we guarantee results.
What is going on with inflation, global production and currencies? In this episode Trevor Dale discusses the debate that's happening among market participants and the media.
Find out more at tkdale.com
If you found this podcast interesting, share it with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
*Not intended as advice, for educational purposes only. Always seek the help of a licensed professional prior to acting on any of this information. Forward looking statements may not come true nor can we guarantee results.
In the March edition of The Monthly, Trevor Dale, CEO of TK Dale Wealth, looks at how COVID is affecting unemployment rates, supply influencers, and movements in the stock and bond market.
Don't forget to subscribe, watch on YouTube or visit our website at tkdale.com
We've seen an abrupt rise in interest rates in the beginning of March.
In this episode, Trevor Dale, CEO of TK Dale Wealth talks about the reason why rates are rising, the affect on different sectors and one reason that he believes will affect rates like they did in 2016.
Don't forget to subscribe, watch on YouTube or visit our website at tkdale.com
This was a super fun Instagram Live with superstar realtor Gemma Leggett.
We talk about what's changed about selling your house during COVID, what's stayed the same and how to drive value up when you're selling but also how to drive value down when you're buying.
Want the inside scoop? Check out this video. Don't forget to hit the like button, leave a comment and SUBSCRIBE!!!
Find out more about TK Dale Wealth at tkdale.com
Video of the interview is on YouTube here: https://youtu.be/Y40vLUJjmAg
We've had tremendous movement in the stock market this year. We've had a massive sell-off and an incredible recovery.
In this podcast I talk about my market outlook, some economic developments and look at your wealth to see if it is in alignment with who you are.
Find more podcasts at tkdale.com/podcast
Happy New Year, TK Dale Wealth listeners! A new year is always an exciting prospect, and this could not be more true after 2020, so how can you make 2021 your best year yet? In this podcast, I cover one of my favourite topics: goal setting. We talk about using the 4 Pillars of Wealth to focus your financial goals, using positive and negative reinforcement to motivate you, and setting small milestones to achieve big goals!
To receive the digital assets discussed in the podcast, send me an email at info@tkdale.com
Let's talk about how to achieve your financial goals for 2021, book a consultation call with me at tkdale.com!
If you found this podcast interesting, share it with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
*Not intended as advice, for educational purposes only. Always seek the help of a licensed professional prior to acting on any of this information. Forward looking statements may not come true nor can we guarantee results.
In this episode I go over some of the reasons for the strength in the November stock market as well as start along the path to understanding if you're wealthy.
Find out more at tkdale.com
If you found this podcast interesting, share it with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
*Not intended as advice, for educational purposes only. Always seek the help of a licensed professional prior to acting on any of this information. Forward looking statements may not come true nor can we guarantee results.
You've been growing your realty business, making good money, and bringing in new clients - you may be wondering: what's next for my business? If incorporating has ever come to mind, this is the podcast for you. In this episode, I go over the major considerations when deciding whether to incorporate and the team that you should assemble to ensure your success.
Find out more at tkdale.com
If you found this podcast interesting, share it with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
*Not intended as advice, for educational purposes only. Always seek the help of a licensed professional prior to acting on any of this information. Forward looking statements may not come true nor can we guarantee results.
This marks our 100th episode!!! October was an interesting month in the markets. It had a sharp rise followed by a sharp sell-off. It neared the U.S. presidential election and in this episode I talk about:
- Interest rates & your home
- Where's the jobs?
- US Election & stock market inflation???
- Covid-19 & stock market protecting your money
Find out more at tkdale.com
If you found this podcast interesting, share it with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
*Not intended as advice, for educational purposes only. Always seek the help of a licensed professional prior to acting on any of this information. Forward looking statements may not come true nor can we guarantee results.
This marks our 100th episode!!! October was an interesting month in the markets. It had a sharp rise followed by a sharp sell-off. It neared the U.S. presidential election and in this episode I talk about:
- Interest rates & your home
- Where's the jobs?
- US Election & stock market inflation???
- Covid-19 & stock market protecting your money
Find out more at tkdale.com
*Not intended as advice, for educational purposes only. Always seek the help of a licensed professional prior to acting on any of this information. Forward looking statements may not come true nor can we guarantee results.
This is a special episode of the TK Dale Wealth Podcast! I'll be speaking with Michael Damazo, a member of the US Navy and a content creator that focuses on achieving financial freedom.
Michael went from having $50,000 of debt to $750,000 of net worth in only 10 YEARS. Once he took control of his own finances, he built up his platform on YouTube to help people in the same situation. We talk actionable steps to identify your biggest spending waste (buying coffee may not be your biggest problem, despite what finance articles suggest) and to become the leader in your own life.
This episode is all about finding strategies that work for you and taking responsibility for the future you want to create. It was great sharing experiences with someone who has also been in the military and speaking to a leader that is constantly helping others.
If you found this podcast interesting, share it with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
As if 2020 couldn’t get any crazier. The world was basically shut down due to a global pandemic, kids worldwide not attending in-person school, a hot button US election with the chances of the incumbent president likely to reject the results if he loses, and now the US President contracts COVID-19 along with the First Lady and many of his closest advisors. All that and more, including their financial impacts, will be discussed in this episode, including:
- Stock market movements for September
- Disney recently laying off 28,000 furloughed employees
- Probability of the survival of restaurants
Share this podcast with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher. If you're looking for more information, check out our website at tkdale.com and book a consultation!
A new school year starts up and change is in the air. In this podcast, I give an overview of the major market moves of August and how this will have an effect on September's economy. Key topics include COVID-19 and school re-opening, and how retail sales are affecting the markets.
If you found this podcast interesting, share it with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
You may have heard of an all-in-one mortgage before and its ability to help you pay off your mortgage up to 15 years faster. While this sounds like a great plan, it isn't right for everyone, and it's important to understand how it is set up before you open this type of account.
In this podcast, my Business Development Associate Niklas will be explaining the pros and cons of an all-in-one mortgage. If this sounds like the account fro you, book a consultation with me at tkdale.com.
If you found this podcast interesting, share it with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
COVID-19 has surprisingly been an incentive for many people to retire earlier than expected, but this raises an important question: what will happen to my benefits? This podcast explores avenues for if your benefits extend into retirement or if they end with your employment, and also discusses retirement planning and the Manulife FollowMe plan.
Share this podcast with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
To learn more, book a consultation at tkdale.com
2020 has been flying by, and as we enter the second half of the year, this is a great time to review the systems that have and have not been working in your life. As a Family CFO, my guiding principle is to monitor your finances like a business would, and that is exactly what a personal financial audit entails.
In this podcast, my summer intern Sabrina explains the key components of a financial system and how you can audit your own systems to optimize the rest of the year.
Share this podcast with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
For help with setting up your financial systems, book a consultation at tkdale.com
Life is complicated and busy, but this is no reason for your finances to be pushed to the side. By creating a financial plan, uncertainty can be eliminated and you can take active steps towards your goals.
In this podcast, my summer intern Sabrina talks about the benefits of creating a financial plan, both in the short and long term.
Share this podcast with a friend and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
To learn more, book a consultation at tkdale.com
When looking at finances, it is so easy to get bogged down in the details and look at our lives in segments. We keep our savings separate from our checking account which is separate from our mortgage, but this actually prevents you from seeing your finances and financial plan holistically. Ultimately, this keeps you from getting ahead.
In this podcast, I talk about the benefit of considering your finances like a business's general ledger and how to plan ahead for greater efficiency.
Listen to this podcast and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
To learn more, book a consultation at tkdale.com
We've come to expect that paying down mortgages means also paying high interest fees - but it doesn't have to be this way. Traditional banking has all your bank accounts separated, creating a wide spread in the interest rates between savings accounts and loan accounts; it's no wonder we end up paying so much more.
However, the All in One Bank Account puts all of your accounts together, keeping a competitive interest rate that lowers your mortgage faster and reduces your interest payments. In this podcast I talk about how an All in One mortgage operates to help you pay off your mortgage faster while still giving you financial freedom.
Listen to this podcast and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
To learn more, book a consultation at tkdale.com
I've had clients come to me after a period of investing on their own, ready to make a change. Some are happy to pass over the role of portfolio manager to me, while others are still interested in managing parts of their investments.
In this podcast, I talk about how to manage a co-advising relationship. Co-advising gives you the freedom to live your life, without worrying about the performance of your portfolio every day, while still controlling a small portion of your assets. I explore what these relationships look like and the freedom it gives investors in the smaller assets they continue to invest on their own.
Listen to this podcast and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
To learn more go to tkdale.com
As parents, we want what's best for our kids: we hope they'll grow up to be responsible, happy, and successful adults. For that to happen, kids need to have good financial skills, or at least a strong basis - and that's where we, as parents, come in.
A study by Cambridge University found that kids' spending habits are being formed by age 7, so there is no better time than the present to teach your kids financial literacy. In this podcast, my summer intern Sabrina presents 3 essential financial skills that will set kids up for success and how to teach them.
What is going on? The markets are ripping higher, the population is closing back down.
What do the economics say? In this podcast I outline the positive and negative data and tell you my thoughts on the market going forward.
As a bonus I talk about how today's valuations can actually be warranted and the factors that play into those.
We've all heard of the power of decluttering our spaces, but what about decluttering our financial statements and purchases? Financial minimalism means only spending on what truly brings you value to give you greater freedom in the future by saving.
In this episode, my summer amazing intern Sabrina explains how financial minimalism works and how small changes can improve your financial future.
You can pre-order an electronic copy of my new book "The Family CFO's Guide To Wealth Building" at TheFamilyCFO.ca
Trevor talks about some of the considerations for buying a cottage. What do you need to know in the buying stage with respect to permits and certificates?
What's unique about getting a mortgage for the property?
Tune in to find out more.
A CHIP Reverse mortgage is not for everyone. It is a perfect tool for some people though and most advisors should be aware of it so that should the situation arise.
This is a very special episode with my summer student recording her first podcast!
She did a great job in explaining how a CHIP reverse mortgage can be useful.
Enjoy!
The FIRE movement seems a little extreme to me however what can I learn from it and can I implement some of those things in my life?
I'm a married Canadian executive and I like to maintain a certain lifestyle. I'm not willing to sell my home and move my wife and two kids into a Tiny Home.
In this episode I talk about my takeaways and things I can implement.
Find out more at tkdale.com and socials are @tkdalewealth
I hope this podcast finds you in good health. In this month's newsletter I discuss:
- The social unrest in the US
- How it affects the market
- How it affects the US elections
- How the US elections affect the markets
- Sector rotation occurring & the recent trade
Towards the end of the month I sold the Canadian utility ETF and bought an undervalued sector. Find out what I bought and why in this month's newsletter.
Read the full article here: https://tkdale.com/articles
I hate budgeting. Well I hate the continual maintenance that comes with budgeting.
The success I have with it is great but sometimes we all fall off the wagon.
Know that you can jump back on at any time and there is no shame in that.
In this episode I give you one thing to do and how to turn it into making a better financial profile.
Today I spotlight an ETF that gives US exposure but hedges out the currency risk. It has a low MER of 0.09% and is a Canadian legal entity.
This is not intended as advice or a solicitation of the investment. You should seek the help of a licensed professional prior to investing.
These are the principals that I use to decide which debts to payoff first and keep a good credit score. It doesn't matter whether we are in Covid-19 times or not. Here's how I look at dealing with credit.
tkdale.com
How do you actually select investments? Well there are a couple of ways to arrive at the conclusion as to whether it should be bought... or shorted.
Two of them are Top Down and Bottom Up investing.
Top Down investing is the process of looking at a rising tide raises all ships.
Bottom Up investing is the process of looking at the individual company first and then looking at how it fits in with the economy.
In this episode I go over the data that I look for as well as where you can find this information on the internet.
Please like, subscribe and share. Remember you can always find more of what I do at tkdale.com
In the previous episode I talked about what the first thing I would do right now.
That's separating my stock and bond exposure.
The next thing I want to focus on is the assets themselves. The stocks and bonds. In this episode I give out some of the ETF's that I'm using and why I'm in those investments.
Listen on Apple Podcasts, Google Play, Spotify and Stitcher.
This is also available on YouTube.
tkdale.com/podcast
If I'm going to bet on anyone, it's going to be me. I have the most control over my own outcomes.
I can take a course, upgrade my skills, learn about marketing, sales, systems, family, relationships, fitness, nutrition.
Learn anything but the point is to keep learning and growing always. Use these small stepping stones as points of success to build more success on.
Covid-19 aka Coronavirus has come and left a major impact on the world. The human and economic impact has been substantial.
In this podcast and video I'm going to discuss what is the first thing I would do with my portfolio and how to make changes.
In the next episode I will talk about where to invest and where I see the most opportunity: Pitfalls and Possibilities
Listen on Apple Podcasts, Google Play, Spotify and Stitcher.
Also available on YouTube.
tkdale.com/podcast
Have you considered changing HOW you live? The bigger house, the maintenance, the stress? Have you considered selling your luxury home and buying a luxury condo?
With the proximity to the lifestyle you love and none of the maintenance it can be a beautiful move for many.
I know people that have moved from having the house with the pool in Mississauga to a condo with a pool downtown Toronto. They were spending all their free time in the city at shows and events anyways so why not move closer to the things that they love?
In this episode I talk about the lifestyle, financing and options for downsizing luxury homes.
In this episode I talk about the recent portfolio changes I made the week of February 24, 2020.
I provide context around the thought framework, the news/data that I was seeing, the conclusion I made and the changes made in my client's portfolios.
The article can be found in text at https://tkdale.com/2020/03/02/containment/
Please subscribe on Apply Podcasts, Google Play, Spotify and Stitcher
Using debt to invest is often labelled as absolutely wrong for most people.
I'll have you consider that likely your largest investment was done using large amounts of leverage.
If you put $100,000 on a $700,000 house then you are 7 times leveraged.
The reason that you are likely okay with this is because you won't be selling until the debt (mortgage) is paid off... likely in retirement.
While I don't recommend borrowing to invest for many people I outline circumstances under which you may want to consider it.
I also outline a method that seems less risky but still uses debt to invest and then using the income to pay down your mortgage.
This podcast is 13 minutes long so be sure to subscribe on Google Play, Apple Podcast, Spotify and Stitcher.
Of course you can always find us at http://tkdale.com/podcast
Email us if you have questions at info@tkdale.com
When is the right time to start investing in RRSP's?
NOW.
Make sure that you start the process immediately.
If you don't have time and you're looking to invest DO THIS ONE THING TODAY:
Send an email to your current advisor or an advisor that you would like to work with.
Tell them
1. I want to make an RRSP deposit.
2. I don't have time today but can you contact me on X date to make arrangements?
That's it. Be sure to start the process today.
I go over the March 2, 2020 deadline to make a contribution for your 2019 taxes.
I also talk about where to invest.
This podcast is 7 minutes long so be sure to subscribe on Google Play, Apple Podcast, Spotify and Stitcher.
Of course you can always find us at tkdale.com/podcast
Email us if you have questions at info@tkdale.com
As the new year is around the corner, I thought it would be helpful to talk about where I'm investing in 2020 and how I'm positioning my clients' portfolios.
I thought it would be helpful to give:
- Two examples of investments
- Economic rationale
- Examining individual stocks vs diversified investments
- Different markets and countries for opportunities around the world
- Where I see things going in 2020 and beyond
We are more than 10 years into the current bull market and there have definitely been some excess buildups that have been created as a result of the ultra low and unprecedented interest rates.
We have negative interest rates in some countries and in 2019 we even saw a negative interest rate mortgage being issued in Europe.
While there are risks out there, I also see some very positive places to invest.
Listen to this podcast and don't forget to subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
To learn more go to tkdale.com
Trevor, my mortgage is renewing, can you help me out?
Sure, but most of the time I recommend that they renew with their current lender... only after going through the checklist and making sure that everything else is lined up.
Here's 8 minutes on mortgage renewals and your options.
Ask for your free consultation.
Don't forget to check out tkdale.com/podcast and subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
Please also leave a rating, it means the world to me!
RRSP season is coming and YES, I'm earlier than everyone else. NOW is the time to start thinking about it. Actually all year long is.
In this 15 minute episode I talk about contingency planning and how it factors into your RRSP investments.
I also leave you with the single greatest factor in creating wealth.
Don't forget to check out tkdale.com and subscribe on Apple Podcasts, Google Podcasts, Spotify and Stitcher.
Please also leave a rating, it means the world to me!
Realtors are usually the front line when someone is downsizing after the death of a spouse.
Sometimes there can be an attachment to the house and it's a difficult situation.
Other times they don't need the space and believe that their only option is to rent.
For home owners over 55 years young with the desire to have home ownership there are options.
It may also come down to selling assets and investments because they can't access the capital in their house.
This is the solution for that.
A home pension aka reverse mortgage, which is a bit of a misnomer, is a way to access capital without having the burden of making payments but having the flexibility to do so if they wanted.
Are you selling a house for someone and they feel the only option is to rent?
Let's talk and see if we can help your client with the desire to own a home.
Visit tkdale.com for more information
#realestate #money #luxuryrealestate #beautifulhouse #mortgage #luxuryhomes
One of these days I'm going to sit back and relax.
I'm going to take a day off.
I'm going to buy a box of donuts and lay on the couch and watch Netflix all day.
Every time I feel that way I say tomorrow.
And when tomorrow comes I say tomorrow.
Tomorrow never becomes today.
There is something about doing your job as a minimum. It's another to doing it extremely well.
Then there's going above and beyond.
I would also say that continually improving your skillset and mindset is another facet.
I get up at 4:30am most days and start my workouts, meditation, journalling, writing notes to my loved ones and learning about business followed by a green smoothie.
Weekends included.
Today I'm talking about the daily business learning I did to earn my designation as a certified Luxury Home Mortgage Advisor.
I already work with high net worth individuals, even though they don't feel high net worth.
They often have household incomes of $200,000 +, have investments and live in upper tier homes and sometimes luxury homes.
My desire to serve my clients better and serve the new clients better is what drives me to continually improve my skills.
Check out my LinkedIn profile and tkdale.com
Part 4 of 4 in the Cash Flow Banking series. Part 1 builds on the concept of combining all your savings and paycheck and mortgage debt into one account.
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This way when you are prepaying the "mortgage" every month a little bit and because of the daily interest accrual you are paying less overall and accelerating your debt repayment (run a scenario analysis to check to ensure this is the best option for you)
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Part 2 describes accelerating the process by creating an investment portfolio.
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Part 3 describes using rental properties to accelerate this cash flow with an interest only mortgage
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Part 4 talks about the different types of investments when it comes to stocks that could be used.
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-Check out the #podcast at:
http://tkdale.com/podcast and also on Apple Podcasts, Google Podcasts, Spotify and Stitcher
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newmarketontario #auroraontario #rrsp #retireearly #retire #retirementplanning #retirement #financialadvisor
luxuryhouse #luxuryhouses #homeoftheday #houseoftheday #modernhomes #millionairehomes #beautifulhouse #designbuild #housedesign #interiorlovers #houseandhome #housebeautiful #modernhome #luxuryrealestate #moderndesign #luxuryvilla #beautifulhome
This is part 3 of 4 in the Cash Flow banking series. In this podcast I talk about how Cash Flow Banking, combined with an investment and specifically a rental property can be further amplified by using this particular type of mortgage which I see very seldom used.
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It is all about cash flow maximization folks.
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-Check out the #podcast at:
http://tkdale.com/podcast and also on Apple Podcasts, Google Podcasts, Spotify and Stitcher
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newmarketontario #auroraontario #rrsp #retireearly #retire #retirementplanning #retirement #financialadvisor
luxuryhouse #luxuryhouses #homeoftheday #houseoftheday #modernhomes #millionairehomes #beautifulhouse #designbuild #housedesign #interiorlovers #houseandhome #housebeautiful #modernhome #luxuryrealestate #moderndesign #luxuryvilla #beautifulhome
This is part 2 of 4 in the cash flow banking series. The first part talked about Cash Flow Banking and how it can reduce the interest you pay.
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In this podcast I talk about how to implement create an investment portfolio that accelerates the repayment of the debt that you pay to which is not tax deductible.
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-Check out the #podcast at:
http://tkdale.com/podcast and also on Apple Podcasts, Google Podcasts, Spotify and Stitcher
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newmarketontario #auroraontario #rrsp #retireearly #retire #retirementplanning #retirement #financialadvisor
luxuryhouse #luxuryhouses #homeoftheday #houseoftheday #modernhomes #millionairehomes #beautifulhouse #designbuild #housedesign #interiorlovers #houseandhome #housebeautiful #modernhome #luxuryrealestate #moderndesign #luxuryvilla #beautifulhome
One of the little known tricks that #Canadians can use is this thing called cash flow banking.
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It is the simple concept of combining all of your debt and savings into one product so that you have a lower daily interest expense but also retain the ability to use those funds in the future.
- Take a traditional mortgage, turn it into a line of credit, put your pay and expenses through this account and save interest (run the scenario analysis first).
-The concept is because you are paying daily interest on this line of credit which has monthly prepayments whereas a traditional mortgage has a set payment schedule where the funds are not re-accessible.
-This causes people to hoard in a sense where they are forced to get usually lower returns on their cash savings relative to their debt costs.
-Check out the #podcast at:
http://tkdale.com/podcast and also on Apple Podcasts, Google Podcasts, Spotify and Stitcher
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newmarketontario #auroraontario #rrsp #retireearly #retire #retirementplanning #retirement #financialadvisor
luxuryhouse #luxuryhouses #homeoftheday #houseoftheday #modernhomes #millionairehomes #beautifulhouse #designbuild #housedesign #interiorlovers #houseandhome #housebeautiful #modernhome #luxuryrealestate #moderndesign #luxuryvilla #beautifulhome
I get the question all the time about whether someone should invest in RRSP's or outside their RRSP's.
This is an excerpt from the monthly newsletter and podcast episode.
Enjoy!
For a full write-up please go to tkdale.com
In this episode I go over investment highlights, the investment strategy, wealth management essentials, erosion of life insurance, tax deductible debt and time blocking.
I also cover a case study on whether to invest in RRSP's or not.
Enjoy!
For a full write up go to tkdale.com
Let's start this conversation with as of October 17, 2019 that US and Canadian central bank interest rates are below 2%.
This is known as the risk free rate.
Premiums are built on top of this.
Liquidity, credit risk, volatility in revenue, tenure, experience, time, country, industry and other types of risk will cause the required compensated return to go up.
I start the conversation with the rule of thumb that over the last 100 years stocks have historically returned around a 6% return before fees.
Presumably things with less risk will have a lower return and things with a higher risk will have a higher return.
You can take a lower risk asset, add leverage and get a higher return in some cases but now you've added risk.
Let's never forget that your ability to save money is the single greatest contributor to your ability to grow your wealth.
My job comes in the form of optimizing and helping you use that money to make more money.
In this podcast I look at stocks, bonds, cash, real estate, alternate investing such as hedge funds, private lending, participating whole life policies, your own company and yourself.
The point is that you should look at each of your options and make a non-emotional decision.
If you run a company you are a special case and I get into that in this podcast.
Check out more episodes like this on Apple Podcast, Google Podcast, Spotify, Stitcher and tkdale.com
Don't forget to subscribe!
I had a friend of mine pass away last week.
I sat next to him at work every day for 7 years.
I miss him very much and I'm saddened by the family he left behind and how they must feel.
I always try to impart some positivity when I go to a funeral or viewing and I told his wife that he made me laugh every single day. He was very funny and always had a crazy story to tell.
I can't help but reflect on how death is an eventuality for all of us.
It makes me think about life insurance which leads me to strategies which left me with the life lesson:
Death Does Not Freeze Us
It made me stop and reflect. My thoughts were occupied for a couple of days and then I started to move better again.
Join me in this podcast on Apple Podcast, Google Podcast, Spotify, Stitcher and tkdale.com
When it comes to wealth management, it is more than just delivering products and providing good service. It is about understanding someone's entire situation and putting the pieces of the puzzle together.
How does someone's life fit with their investments, life insurance, mortgage, other assets like cottages or rental properties, kids and aging parents? These are all variables to factor in and consider when structuring a plan for a client.
In this episode we talk about setting targets, newsworthy items, economic data and how this translates into my current playbook.
A full writeup can be found at tkdale.com/podcast
Host Trevor Dale, Founder of TK Dale Wealth Management and Creator of MillionDollarMortgage.com, talks about how many veterans in business talk about how using debt is a bad thing.
The thing they don't tell you is that they themselves likely used debt and a lot of it. They probably took themselves right to the edge and risked everything and that pain they have is shaping their advice to you.
It's like telling a developing country not to use coal power plants when they are the cheapest although dirtiest methods of providing power to their citizens.
They are in a difficult spot... they can't afford the more expensive and cleaner options but still want to grow their infrastructure, provide a better living standard for their citizens and create more industry which will allow them to find cleaner methods later.
It's easy for a developed country to tell them that they shouldn't use coal but they themselves did and the developing country doesn't have many other choices.
To grow or not to grow.
So what's the take away?
Be conscious of the debt that you take on, have a purpose and an expected return by utilizing that debt. Make sure it is only on productive items and not consumables or discretionary spending like restaurants.
Also have a backup plan. Can you sell an asset to pay off the debt if it becomes too heavy? Can you make interest only payments like an interest only mortgage or line of credit?
How can you reduce your cash flows and cash burn rate while at the same time increasing your revenues?
Think about this all the time and do regular reviews. I review my finances weekly...
...KNOW YOUR NUMBERS.
Make big moves and go after it.
In the podcast I talk about rentals and starting your own business.
Subscribe on Apple Podcast, Spotify, Google Play and Stitcher.
For more information go to tkdale.com/podcast
Host Trevor Dale talks about when to use a TFSA, Tax Free Savings Account.
There are three primary considerations which are your debt, RRSP room available and expected retirement income.
I talk about a strategy of how to more efficiently use your savings to reduce your borrowing costs.
Plus I give on strategy when a TFSA could be used as a holding account for future RRSP contributions.
Podcast available on iTunes, Spotify, Google Play and Stitcher.
For a full writeup go to tkdale.com or
https://tkdale.com/2019/09/12/when-to-use-a-tfsa/
US and Canadian markets were flat but intra-month there was a lot of movement and with different sectors there continues to be changes of leadership.
This speaks to two things. One is the benefit of holding a diversified portfolio. Second is the benefit of using a cash flow based asset allocation.
The cash flow based asset allocation that I deploy with all my clients ensures that we have 3-7 years of cash flow in bonds and fixed income investments - that is the foundation of the portfolio... more below.
In this newsletter I will cover:
- Continuation of investment strategies
- Market overview
- Case study on investments, retirement planning and taxes
- Overview of recent podcasts - Just hit 50 podcasts!!!
For the full write up go to tkdale.com/podcast
Subscribe on iTunes, Spotify, Google Play and Stitcher
Video on YouTube and posted on tkdale.com/podcast
Host Trevor Dale talks about negative interest rate mortgages. It is well known that interest rates and consequently mortgage rates in Canada are historically low.
If I had to guess five years ago where interest rates would have been today I would have guessed that they would have been much higher.
Never would I have imagined that we would be seeing the world's first NEGATIVE interest rate mortgages.
In Denmark I last read that there was a lender issuing mortgages at -0.5%.
This means that when you get take out a mortgage that you will pay back less than you originally borrowed.
The principle + interest that we traditionally pay is now principle MINUS interest.
The equation changes and things are different.
But what does this mean for mortgages and housing?
This means that people are incentivized to take out the biggest mortgage that they can get because they will pay back less than they borrowed.
This is stimulus. This is encouraging borrowing and likely real estate purchases.
This is great until the buying stops and house prices drop.
Like all things there are benefits and risks. Positive and negative. Pros and cons.
Will we see negative interest rates in Canada? Not in the near future but who knows long term where rates are going.
Interest rates across the world are slowing falling and negative interest rates are a product of that.
While a recession or falling inflation could spur more rate cuts I am optimistic and believe that as humans always do, we evolve and innovate over the long term.
While new technologies make the cost of products cheaper, we are simultaneously becoming more productive.
This is changing the way we measure inflation as many things are getting more expensive while others are getting cheaper.
The take away: keep long term trends in mind and remember that we are in a historically low interest rate environment. See if it makes sense economically and be mindful of the potential risks to mitigate where possible.
This is a major topic and without accountability why would you be incentivized to continue through.
I talk about some of the mechanisms that I use to keep myself accountable and some methods that you can utilize.
Enjoy!
September is a new month.
It is when the kids go back to school. It is when summer vacations are over.
New quarter, new sales goals, finalizing/freezing of expenses.
It's also a time when we close up the cottage, pull in the docks, put the boat away, bring in the summer outdoor furniture and much more.
I talk about doing the same inside your financials, estate and other areas with some simple tasks.
I also hint at the Accelerator.
I talk about a market update, nationalizing of a couple Chinese financial institutions and expectations.
I also update you on my 175km run along with a story about Courtney Dauwalter who did the Maob 240 and beat second place by 10 hours!!!
Check out other podcasts at tkdale.com/podcast
Be sure to subscribe and share on your favorite venues such as iTunes, Spotify, Google Play and Stitcher.
Setting the alarm for 2am is ambitious.
Hitting the snooze until 3am is embarrassing.
Running for three hours before the family gets up is an achievement
Get out of the comfort zone because what lies on the other side is pride!
This is my prep for my 175km run on Sept 14, 2019.
New podcast that bridges the gap between physical and business up.
Episode 048.
tkdale.com/big
TrevorsUltraRun
run #ultramarathon #ultrarunning#earlymorning #canthurtme#davidgoggins #newmarketontario#auroraontario @davidgoggins@jesseitzler
Thanks for sharing Goggins story.
I live every day to the fullest and try my best not to make excuses anymore for anything.
I can’t stress enough how getting to know your numbers is crucial.
There are neither good nor bad numbers... they are just numbers.
Are they what you want them to be?
Either way, always be trying to increase your revenue.
Are you employed?
Connect with people on LinkedIn regularly.
Post something on LinkedIn.
Go out to lunch with someone from your industry.
When was the last time you took a course to improve your skills and make you more marketable?
Don’t hide behind age or time limitations.
If it suits your company they will fire you if they choose.
Stay ready and be on the offence.
You are a business just like the one you work for.
Work to take care of yourself and provide an economic moat.
tkdale.com
financialfreedom #jobsearch#makingmoney #retire#financialadvisor #mortgage #family#putyourselffirst
As a financial professional I am often asked about investments, insurance, debt, taxes and legal issues.
While I am well versed on most issues I have limitations to the extent that I can advise.
But at what point should you contact each professional?
Having quality advice is incredibly important but each has a limit.
As a financial professional I can advise how RRSP's, RRIF's, TFSA's, non registered funds, insurance contracts, debt and segregated funds, stocks, bonds and more affect income but when it comes to how much in taxes you will have to pay then an accountant is best to use.
When you want to run scenarios about income levels you will need to consult an accountant.
I can advise on how an RRSP, RRIF, TFSA, insurance contract, joint assets and more affect someone's estate but when it comes to the legal nuances as it relates to the different people affected and how to plan for your individual needs then a lawyer is most important.
Even better, when you have questions I like to coordinate with the accountant and lawyers so that I can best understand how what I'm doing is affected by what you're doing with the accountant and lawyer.
I am happy to come to an in person meeting or be on your phone call when dealing with these other professionals.
This past weekend I set out to run from midnight until sunrise. It was a long run but I was up for the challenge... or so I thought.
I was camping at Mosport Racetrack (now Canadian Tire Motorsport Speedway) and you camp right beside the track itself. It's a really fun experience and to watch the superbike motorcycles race all weekend is a lot of fun.
The time with friends, some who I haven't seen in two years was also great.
My goal was to get there on Friday night, setup, hang out and when everyone else went to bed, I would put on my running gear, grab some water and food and run until sunrise.
12:30am: Everyone was off to bed and I left for my run.
2:30am: I start getting a little tired
2:45am: I start to get bored... really bored but the risk of running across an animal prevented me from enjoying some music on my headphones as I wanted to maintain maximum situational awareness.
3:00am: I said to myself one more lap
3:30am: I said one more lap
4:00am: I told myself the story that I would be in better shape and more fun to be around if I had a couple of hours sleep rather than running right until everyone got up.
I had a great weekend after that but was left wondering why I was so quick to give up.
Did I lack the commitment to complete what I set out to do or did I set the wrong goal that wasn't anchored with enough feeling.
It's one thing to set goals while you're in a good place looking into the darkness, but when you're in the darkness, it is easy to start looking for easier times.
It made me wonder where else in my life am I doing this?
Am I choosing to save enough? Am I able to be disciplined enough to say no to the spend? Do I have a good enough reason to say no?
What are my financial goals? Are they important to me? When I find myself on a budget and working towards something is that enough for me to stick to the plan?
How about that trip we're going on early next year. Have I attacked all the items that need to get done with the same speed that I do everything else or am I procrastinating and looking for an easier route?
My question to you is: Did I lack commitment to run until sunrise or did the goal of running until sunrise not have enough meaning?
You may already know that I'm doing a 175km run around Lake Simcoe on September 14 & 15 2019 and this is the prep for it.
Until next time,
Trevor Dale, CFA
Founder, TK Dale Wealth Management
Creator, MillionDollarMortgage.com
So many times we operate day to day on the status quo. It is a survival mechanism that makes our lives easier.
We look to build on what we do so that we don't have to rethink every single move.
We build big things off of this including our current jobs, spouse, family, finances and where you live.
It is scary to change these foundations in life that bring us safety, security and comfort.
Today I'm announcing that I will be running a 175km around Lake Simcoe, Ontario, Canada.
This is something that gets me outside my comfort zone and forces me to change both physically and mentally.
Building the ability to run for 24+ hours is not just a physical feat. It is a mental feat.
There is nothing exciting about a 5 hour run. At some point I just want to sit down and watch some TV.
But this translates over to work and everything else.
Paying attention to people for long periods of time when social media is training me to have a short attention span helps.
It helps with my clients, it helps with my family and it helps when I'm working on a project and it's going to take several hours of sitting behind a computer.
Before when sitting that long was possible but not preferred, now the time flies until the project is complete.
This isn't about a physical feat as it is about changing what I thought was possible. It's about not holding myself back anymore. It's about realizing my full potential one day.
In this podcast I talk about the rocking chair method to make decisions.
I talk about some of the headwinds and struggles I face from the people closest to me.
This podcast can be found on iTunes, Spotify, Google Play, Stitcher and tkdale.com.
Please subscribe and share with one person if you haven't already done so.
Annuities are something that people know are out there, may know a little about the basic framework but don’t know much more than that.
Let’s dive into them for a moment before we go into:
- Recap of podcasts
- Annuities
- Market overview
- Using segregated funds for creditor protection
- We used to give negative equity mortgages not that long ago - we’re still really close
Recap of Podcasts: tkdale.com/podcast
- Introduction of MillionDollarMortgage.com - Check out the bio film about me on the website!
- Leaning on resources - how to move quickly and bring in other team members to your finances.
- Estate planning and your portfolio
- Real Estate Opportunity
- Individual Stocks vs Funds
- Hedge Fund Strategies: Market Neutral
- Hedge Fund Strategies: Merger Arbitrage
Annuities:
Annuities are an insurance product that guarantees a stream of cash flows.
Basically you pay a lump sum once upfront and then the insurance company will pay a predetermined amount every month. There are annuities which you can pay into over a number of years but we’ll use the lump sum version in this illustration.
Your age and gender is a factor and if it is joint with your spouse their age and gender will be a determining factor too.
These variables will affect how much income you can generate from the upfront payment (called a premium). The older you are, the less time the insurance company will have to pay the funds and as a result will provide more beneficial rates. This reduces their risk.
Should you invest all of your money in an annuity? Usually no.
Financial planning would dictate that you would use an annuity to cover off your required expenses. This acts like a bond portfolio.
Growth and inflation can be factored in through a holding of stocks. If you want the estate benefits of an insurance policy then segregated funds might be a good way to go however if that is not a concern, and neither is creditor protection, then the growth and inflation can be gained through other avenues such as direct holdings in stocks, ETF’s and mutual funds.
Will you lose all of your money if you die? You can often set up a survivor with an annuity and also have a death benefit so that remaining funds will be paid to a beneficiary.
Do you have questions about annuities? Give me a call.
Market Overview:
The tale of two markets continues with the Canadian TSX (up 0.15% in July) lagging the US S&P500 (up 1.31% in July). Both markets had sell-offs on the last trading day which suppressed returns for the month. Economically speaking the data this month continued to push the importance of a US strategy.
Major concerns remain to be trade uncertainty and tariffs that may hit corporate earnings more and that it causes business investment to continue to hold back. Corporate expected earnings had been adjusted downward and as companies continue to report, many are beating the lower bar that has been set for them. Many of the trade uncertainties have been priced in until a newsworthy event moves the markets.
This month the US Central bank lowered rates as expected by 0.25% as an insurance policy against soft international economics but indicated that it was happy with the pro
Trevor Dale, CFA discusses one hedge fund strategy called merger arbitrage.
This is what the name would have you assume, it is a strategy around mergers. Further it is trying to take advantage of the pricing discrepancies within the merger, called arbitrage.
Essentially this is when one company tries to buy another company.
This strategy would involve buying the company being acquired and shorting the company doing the acquiring.
Usually the company being bought will be bought at a premium to the price prior to the news being announced.
As a result of spending money and often diluting the stock, the acquirer's stock price will fall usually.
Therefore if you can own the stock that goes up in value and bet against the stock price that falls then there is a profit to be made.
The strategy becomes very smart in that in an all stock deal they will buy the target company and short the appropriate amount of acquirer stock so that when the deal goes through they are left with no stock at all and just the cash profit.
Then because there is little market exposure they can leverage up the strategy and move on to the next one.
This leverage amplifies both gains and losses.
The advantage in this strategy is that it is fairly market neutral and doesn't swing as much with the overall market as there is a long/short strategy at play.
The risk is that the deal could fall through and prices move in the opposite direction than anticipated.
Also due to the leverage, this will enhance losses but also any gains.
The overall economy also affects this as the busier the market is with mergers and acquisitions, the more trades there are to utilize inside this strategy.
One thing I didn't mention is that when using this strategy is speed is critical. The faster someone can get into a trade, the better price they usually get, before the market realizes more of the price.
My question to you is what is the one thing that you're taking away from this information?
This podcast can be found on iTunes, Spotify, Google Play and Stitcher.
The write up and video can be found on tkdale.com
Please note this is not meant as individual advice and is delivered for educational purposes only. We recommend you seek the help of a licensed professional prior to taking any action.
Most people know the word hedge fund but very few actually know what the term means and even less know how the strategies work.
In this episode Trevor Dale, CFA, Founder TK Dale Wealth Management and Creator of MillionDollarMortgage.com, outlines the strategy and how it makes and loses money.
This strategy involves hedging out the market exposure and hoping to take advantage of a perceived mispricing of individual stocks.
If the market goes up or down, that should be irrelevant to the strategy and we talk about how this is possible.
You are both long and short a stock that are expected to be in the same sector or industry with similar characteristics but are valued differently for some reason.
Trevor talks about how a long position and short position and how to use them together in what's called a pair trade to construct this market neutral strategy.
This episode is available on iTunes, Spotify, Google Play and Stitcher under the TK Dale Wealth Podcast and at tkdale.com
There is an age old debate about whether to own an individual stock or a fund containing multiple individual stocks.
There are many merits to both.
In this episode I lay out the difficulties for each, strategies, a specific ETF that I use and how I go about investing and selecting investments.
Sit back, relax and enjoy this episode!
There is a new government program coming out which is intended to help first time home buyers purchase places under $590,000 to individuals or couples who have a household income of less than $120,000.
It comes in the form of an equity partnership where the government will contribute 5% for a resale or 10% for a new build.
The details aren't final and it isn't guaranteed however in this episode I talk about how someone might be able to anticipate the trend in this segment of the market to invest in it.
One area would be to anticipate this influx of buyers and try to buy on the low end and ride the wave up and then sell in three years or even hold the property for the long term. During this time frame one would rent out the property to create and income and hopefully be cash flow positive.
While this is a forward looking statement, disclosure must be written to say that this outcome is not guaranteed.
There are a number of factors to consider when looking at a rental property such as the market, rent and number of units within the property.
In this episode I talk about locations and considerations. Enjoy!
Over the last couple of days I've had numerous conversations about people buying raw land and building on it or just enjoying it.
tkdale.com/podcast
I got invited to an event however I didn't actually get the okay from the host.
So what's someone to do?
Just show up anyways and hope it all works out...
Estate planning is something we know we should do but the actual mechanisms of doing so can be a little more complicated.
I had a family that has 85 year old grandparents in long-term care, they have a portfolio currently of around $1 million, are selling the grandparents house and will receive proceeds of around $400,000.
The question arose of how to factor in estate planning while also still giving the grandparents access to the funds.
The idea of joint accounts was tossed around however there are multiple beneficiaries that they have and then the joint accounts would be out of the control of the grandparents and their beneficiaries.
They are already invested in stocks and these new assets are for long term growth, likely to never be spent by the older generation.
The grandparents have a cash flow requirement from the portfolio and that needs to be factored in.
The challenge was finding something that fit the ability to easily transition assets from one generation to the next, while also leaving them in control of the elders and their power of attorney.
In this particular scenario I believe that segregated funds are the best solution.
Segregated funds can be characterized as a hybrid between a mutual fund and an insurance contract.
Segregated funds are an investment with a death benefit and a maturity benefit where the funds flow upon death to the beneficiary like an insurance policy.
The death benefit provides a top-up if the investment loses money at time of death below a pre-determined percentage. The maturity benefit provides a top-up of the investment loses money if it loses money after a set amount of time below a pre-determined percentage.
There are no medical questions or procedures which makes things simple.
The segregated funds for the proceeds of the house are easy as there is no capital gains to factor in.
For the remaining investments they can be moved in right away if the capital gains are acceptable or the client may want to stager them in over a number of years to spread out the capital gains.
The other added benefit, in most cases as long as you aren't avoiding a liability payout, these funds are creditor protected and can generally not be seized.
This is a benefit for most people, people where there is a higher legal risk, self-employed people and also corporate money that would see creditor protection as a benefit.
What I want to you to now is think of an area where a transfer of assets or creditor protection would be beneficial.
Think about how this might benefit you and think about how your life could be different.
Many advisors won't switch the game plan however in this case I believe a switch from equities to segregated funds would have been a benefit years ago.
Call or email to run a scenario by us.
Aging parents is something that many of us have to deal with.
Some aging parents can increasingly use our time, our mental capacity and sometimes financial resources.
I know several people who are trying their best and they are trying to manage their parent's investment portfolios at the same time as take on larger role with the parent's medical care and day to day lives.
This is time consuming and comes with a number of emotional tolls where you may not feel like you're doing your best.
I was asked to manage the parent's portfolio to help alleviate some of this stress and act as an investment manager and consultant to their assets, income, estate and planning.
One of the things that comes with dealing with seniors is the requirement to constantly assess their cognitive abilities. I need to be able to determine when they are acting in full capacity and when they may have a cognitive impairment.
There are various degrees of the impairment. It's not always binary in outcome.
Questions that probe this will come up and I'm testing to see what their understanding and comprehension is.
Do they remember details? Do they understand concepts that I talk about? Can they repeat them back to me? Do they ask the same questions multiple times?
There are many more questions that I will ask and cues that I will look for.
Questions come about - how is your estate setup? Who are the beneficiaries? Who are they and what are their roles in your life?
The reason that I started to manage the portfolio was to free up the capacity of the child who is looking after their parent.
What area in your life do you find spending a lot of time and mental capacity and can it be better spent if you brought in an outside consultant?
How can this outside person be used to make everyone's lives better?
What is the one thing that you would need to do to start this process?
Don't settle on the first person and interview multiple people to find the right fit.
Have you ever had a time when you wished that you had help?
This morning I asked for my wife's help with drop off of one of the kids. I don't like to ask more of her as she already does so much for our family however time dictated that I would be better off with some help. The opportunity also presented itself that she may be able to help.
So I asked. She said yes but it made me wonder where else in my life am I not asking for help? Where else am I not leaning on resources that could make my life easier and better?
I thought about it and it happens all over the place where I tend to do things myself. Whether it comes to running the business, working with my teams, at home with the kids, I workout alone most of the time. Meditation is obviously done in quiet but is traditionally alone.
I'd like to ask you the same question. Where in your life are you not asking for help?
How can your life move faster or become easier with the help of another person?
Is it by consulting a personal trainer? Getting more help with the family? Sending your wife on a spa day or your husband to the golf course?
Perhaps it's talking to that head hunter that you were looking to speak with but don't know how to make your next move.
I'll have you consider that there are areas inside of your finances that require help to push you to the next level. To move things along faster.
Where inside of your finances would it help to have a specialist?
Ask yourself, why do I stay with my current mortgage professional? Why do I work with my current financial advisor?
What would I like to happen faster? What would a better outcome look, feel and sound like?
Please subscribe if you haven't already done so.
Today, I roll out MillionDollarMortgage.com
This is the place that I share my financing specialty on homes that are valued over $1 million and house values over $1.5 million.
This is a unique offering based on my background that I offer a white glove service to families in this market.
Many are very busy with work, extra-curricular activities for their kids and trying to maintain a social life for themselves.
It’s hard enough to go figure out all the differences between lenders so we normally just default to where we currently do our banking.
Hiring someone like myself can make the process extremely simple and potentially save you thousands by understanding the nuances between the different lenders.
Whether it is a bank, credit union, mono-line, or private mortgage, the differences are vast and I can shop with all of these types of lenders to find out the best fit for yourself.
Then comes the application process:
· Getting documents together
· Waiting for approvals
· Not knowing where you’re at in the process
· Hoping that they don’t get distracted and forget to get back to you
· Hoping that everything works out on closing because they haven’t sent the money to the lawyer
These are just some of the processes that trip people up and cause frustration.
I work with your accountant, lawyer, realtor and other partners in the process of making this become the smoothest reality.
Being upfront and clear.
Acting extremely quick.
Handling problems immediately or even before I become aware of them.
These are all things that I expect from the people that I work with and I extend the same courtesy and work ethic to you.
This is about execution.
Executing things in an extremely efficient manner.
If this sounds like you, I would like to invite you to view the film at MillionDollarMortgage.com
Until next time,
Trevor Dale, CFA
Founder, TK Dale Wealth Management, tkdale.com
Creator, MillionDollarMortgage.com
Portfolio manager, insurance broker, TK Dale Wealth Management
Mortgage agent, iBridge Capital #13056
In this episode Trevor Dale, CFA will discuss:
- Market Overview
- Podcasts over the last month
- Mortgage rates
- Annuities
- Wealth Tip
What caused the ups and downs? Here’s our overview of the last 30 days of economic data.
Market Overview:
- US S&P 500 up 6.9% in June (down 6.6% in May)
- Canadian TSX up 2.15% in June (down 3.3% in May)
There is something that I find most people don't consciously seek out... and that's upping your game.
What do I mean? My hair dresser went on maternity leave and so I was left debating with myself about what to do.
You see I had a hair cut before that looked horrible when it got longer and when it was shorter it was adequate at best. There was no style and my hair game was horrible.
I work out a lot and have to be quick in the mornings so I wanted low maintenance.
But when you run your own company, you're the face of your company and that image matters.
I'm not fussed about having a manicured persona as I like to focus on my work and spending time with my family. Everything else in life is a distant second.
I don't care about cars either. If I had my way I would walk everywhere however time doesn't permit.
So here was an event that caused me to change the way I thought about getting a hair cut.
An event caused me to change my actions which should have been done before.
This time I went to a barber at an amazing local shop. The barbers are awesome there and they play good music!
Shortly after walking in I walked out with a new mop... one that finally looked good and has some style. Yes it's important.
The weird thing is that even though I knew that I had to make a change, I didn't do anything about it.
It wasn't important enough to me, even though it has a serious level of importance when I'm promoting myself and my company.
I learned that it shouldn't always take a catalyst event such as someone going on mat leave to find the style that I needed.
I'll have you consider that we all have areas that we don't put enough importance on to take action even though we know we should.
Have you been thinking about talking to a financial planner or having your portfolio reviewed?
Don't wait for the catalyst event such as a market downturn or the retiring of your advisor.
Act now and contact us for that nagging thing you know you should do.
Until Next time,
Trevor Dale, CFA
The land of indecision creates chaos. Not having the ability to commit to a decision with your kids leaves them feeling let down.
Not deciding a yes or no inside of anything in your life including your investments can cause paralysis.
This goes into what I call a defensive mindset when you should be on the offense.
Making a decision enables you to move forward and put items behind you so that you can stay focused and move on to the next item very quickly.
Constantly moving forward is the offense mindset and allows you to charge forward in your life and investments.
There are three foundations of this the Hierarch of Wealth: Own, Outsource and Outlier
The first foundation, Own, is about wealth that you as an individual directly control. This is your employment or self employment income. This is when you are making money. You have control over this to some extent and it is your efforts that generate the return on the time and energy invested.
The Own foundation funds the Outsource foundation. The Own foundation is cash coming in.
The Outsource foundation is when you have earned and saved money and then are using someone other than yourself to generate more wealth.
This includes your investments, real estate and when you become the bank and lend money out.
This phase grows the money that you already have and is the second of the two foundations that affect your wealth with the most control.
The third foundation is one where you have very little control. This refers to inheritance.
Whether it is the inheritance that you leave others or someone else leaves you, normally we do not have much certainty as to the timing of exchange in this area of wealth and that is why it is called an outlier.
Armed with this new perspective you can start to use it to your advantage to increase your overall wealth and rethink the actions that you take inside your life that make you wealthier.
Retirement Acceleration Syndrome is when someone expects to retire in the next 5-10 years and every day that goes by, they think about retirement more… more leaving them focused on getting OUT of a job rather than focusing ON their job.
The want to accelerate their retirement plans the closer they get to retirement.
Yes, I made up the term, but it’s a great way to put a name on something that happens. I’ve seen it happen a number of times. 30+ years is a long time to work. I get it. You’ve earned the golden parachute.
You’ve worked hard and climbed the corporate ladder. You’ve been saving all these years even though it was tough, you did it!
You’d rather be golfing in Florida or hanging out in Arizona. Perhaps Mexico is in the cards. This the what the people I know want to do.
Sounds amazing!
Now what?
You need to start to prepare and our four phases backed by four principles are the guideline to building your retirement.
Acknowledge – Clarity is Key
The first phase is to acknowledge that you need help and then you can start the process of designing your future.
You start to design your future by becoming clear about your current situation and what it is that you want out of life.
This stuff is a little much but you have to spend some time thinking about what your retirement would look like in a perfect world. Not the world where if money wasn’t an issue but a world that had meaning and significance and one that would leave you feeling satisfied at the end of most days.
This takes a little dreaming.
Assess – Specificity vs Generality
The next phase is to do a deep dive into your financial situation and assess where you are today and what is required for tomorrow.
Now that you have clarity over what you want out of life, you can start to design a future in which is detailed out. How much money will you require? Where will you live? What emergencies do you want to plan for?
What exactly do you have for assets? What is your income? What is your bonus like? Do you have medical and dental benefits? Will they continue into retirement? Do you have pensions? If you take them early, what will the cash flows be? Who are your beneficiaries?
Be overly detailed and specific.
Action – Fact Based Decisions
Now that you know exactly what is required. You can start to plan for straight line scenarios where not much changes and also some variables.
Now that you’re clear you can cut expenses that don’t bring you true happiness in life. You’re going to have to do some reflecting again here.
Now that you know what type of income you will have and the time frame until you need that cash flow, you can begin to plan out an asset allocation.
How much in bonds? How much in stocks? How much in cash?
Use these details of income to start to figure out how much in bonds. We take the required cash flow per year, factor in inflation and use the present value to come up with the amount we need in bonds. We use a 7-9 year time frame to quantify this lump sum. ***Seek the help of a licensed professional, this is not individual advice and will vary from person to person.
From here the types of stocks and bonds can be derived.
Will you keep two cars or go down to one? Will you downsize and when? Will you move to the cottage full time?
Again – Offense vs Defense
This phase is about making moves. It’s about doing things that move the needle. Things that will slowly, or quickly, make a difference. This also requires a shift in mindset.
You must change the way you think. You must change the way you look at the things that have been in your life for a long time. Figure out if they bring you value and happiness and set your bar high.
The higher the bar, the richer the items and actions you will have in your life.
Have a $15/month expense that doesn’t make you truly happy? Cut it?
On&
Trevor Dale was canvassing the neighborhood and saw some amazing skies with the clouds providing a white marbling amongst the rich blue skies. Trevor talks about a gentleman that is retiring in the next two years.
I met this gentleman who is retiring in two years. He is similar to a number of other clients that I have and would likely have the same questions that they did. You can watch the episode at the bottom of this page or listen to it on iTunes, Spotify, Google Play and Stitcher.
First is how much retirement income he can generate.
Second, how long will it last.
What factors go into this such as returns and volatility.
How do you protect against downturns in the stock market?
I myself have gone from what I call the Develop phase of life to the Dividend phase of life when I started my company. It was about knowing what I had, what I needed and how to generate enough income to support me while I built the business.
One of the things I did was get very clear about what I wanted in life. Was this really what I wanted? It hit ALL of the life desires.
How much did I need? I guaged what others would need and then adjusted for my own circumstances.
I found out what I had in terms of assets and started to prepare them.
I changed my cash flows and budgeting which I should I have done a long time prior.
I cut almost $1,000 per month from expenses and was ruthless on things that didn't bring value into our lives.
It is about focusing on things that matter and bringing richness and certainty into my life.
As I helped myself and my clients prepare for retirement I move forward we came up with a codified system of principles and production that fit each stage of life.
I want you to find one thing that you can do to make a change that brings more meaningfulness and richness into your life. Try cutting something out. It can be extremely liberating.
Until next time,
Trevor
Seriously, I did NOT want to do today. I woke up in a comfortable bed, hugged by the groove I've created by not moving around and can't get the warranty on the bed. So comfortable and I didn't get up. Who would get up when you're that comfortable?
But I digress.
Today I didn't want to get up and get to work. I wanted to lay there and do nothing.
My kids were moving faster than me and my wife was picking up the slack.
My solution: Take one step. Then another. Then another.
Where are you not moving forward with your life? Is it going to the eye doctor? Taking the car in to get serviced? Making that appointment to meet with a new financial advisor... ME!
Find the phone number, put it in your calendar and call.
Or better yet, what I want you to do is look us up and reach out if you think we're a good fit. We don't service all people but you never know... we may just be a great fit for each other.
tkdale.com/podcast
I live in a retired neighborhood, most of the lawns are pristine. They look fantastic. They’re green, they’re well manicured, there’s not a lot of weeds. They look good. After it’s rained and you get a nice sunny day afterwards, everything is gorgeous, nice grown-in trees. Our neighbors have been here for 30 years and, like I said, most of them are retired. Well, that is fantastic, until you get to my property.
You see, the problem with my property is that when you get to my property, it looks like no one lives there and barely tries to take care of their lawn. Not to say I don’t take care of it, I cut my grass every week. I fertilize it, I add in some seed. I just don’t care, I would rather outsource this than I would actually do it. It’s a lot of work. I don’t like the winter but I would rather shovel my driveway a couple of times a year, spend maybe a total of five hours over the winter taking care of my driveway and sidewalk. Not a big deal. But here I am in the summer, it’s hot, it’s got to be done weekly whether I want to or not and I’ve got to make sure that I find time to cut my grass and take care of it. I’ve got to weed it, I’ve got so much work I’m almost ready to pave the thing.
I finally got fed up. I said, “you know what, this year I am going to have a fantastic lawn and I am going to go out and make sure that I do what I got to do to make sure that my lawn looks good”. Now, I’m not going to try and compete with these retirees who have been here 30 years and have all the time on their hands and don’t have to work. I get it. And they can do that stuff because that’s how they keep busy and, yes, they are busier in retirement than they were in work. They are keeping busy with all the things that I’m supposed to do that I can’t actually do. So, how am I supposed to keep up with these people?
Great friends, I love them to pieces but look, our lawns look different and there is a reason for it. They take care of their lawns. Now, I decided, “you know what, this year I’m going to go ahead and I’m going to have a good looking lawn.” I went and I ordered myself not one, but four yards of soil. Four yards! You know how big that is? I moved it all myself, I raked my lawn, I got it all together, I put down some seed, I put down topsoil all over the place, topped up the gardens, figured it was fresh, primed, ready to go. I had a week at home and I watered it regularly, stuff started to come up.
I go away for five days to LA and I come back and this thing still looks a little bare. It’s got patches of dirt all over the place that stuff has not started to grow through yet. It’s got weeds that are coming back. And the army of weeds that I am talking about is this.
This army of weeds, it’s got me so fired up, I decided to go and talk about it today. Army of weeds is attacking. It’s not the old-growth because I pulled up a garbage bag full of weeds, I got rid of them all. I figured, yes, I am ahead of the game, finally ahead of the game and I can just sit back and coast. I’m hoping to sit back and just coast for a couple of weeks and maybe just water my lawn and cut it because it’s growing so well because it ‘s got all the nutrients that it needs and it’s got a lot of water. I figured, hey, it’s going to be fantastic. Well, here it is, all these new weeds are coming up and it is just bugging me like crazy. As I realize that one of my previous podcasts I did, the grass is not greener on the other side, it is greener where you tend to it. I realized, even though I think I’ve got a home free of weeds, that I can just sit back and relax. What I actually need to do is go and weed my lawn again even though I just spent almost two days doing it. It’s frustrating.
The lesson learned is constantly putting in consistent work. If you’re not putting in consistent work, I’m not going to get the results. If I do it, perfect. I’ll get the results and it shows. I’ve done that inside running, I’ve done it inside
I came across a guy and I'm sure he's a fraud. Things just didn't add up. When I thought about it I finally was able to understand the business but promising people a 2,430% return just can't make sense to me. I don't buy it and in this episode I talk about my interaction with him.
The lesson is to do your due diligence and trust your gut.
Reach out if you have any questions.
Host Trevor Dale, founder of TK Dale Wealth Management talks about how he is working ON his business this week rather than IN his business.
We all have "jobs" to do even if it's your own company or even your own family. We get to work, we do what we need to do and then we go home.
Same thing at home. We drop off the kids, we work, pick up the kids, dinner, evening activities, Netflix and then bed.
But at what point do you take a step back and reinvent and make big moves inside your business or family?
If your financial plan is just a statement of what you have and what you will get if nothing changes then it is not a financial plan. There is no planning and therefore no execution. GO ON THE OFFENSE.
Work ON the business or family. In this episode Trevor talks about how he's doing this inside his business and family.
Host Trevor Dale, founder of TK Dale Wealth Management talks about how crucial it is for YOU to do the work. Sure you're hiring us but it is YOU that we ask to do work.
From Trevor:
It all started this morning when my alarm went off at 3am. I have a flight later this morning and it would have been easy to say that today is a special day and that I don't have to get up for my morning workout.
Sure I could say that today is an easy day, but that wouldn't be in the spirit of striving for excellence. How can I become and stay elite if I constantly take the easy route. What I consider hard today is easy tomorrow.
So up at 3am I got, went for an 8km run and walked another 2km. Meditated. Wrote notes to my family to say how proud I was of them. Off to work I went. Working in the airport until it was time to board the plane.
Why am I telling you this? Because next time my firm asks you to do a personality test, no matter how stupid or not important you deem it to be, it is a small thing that has a large impact on constructing your Wealth Plan and your Estate Planner.
So get after the work and know that I'm right by you every step of the way.
Trevor Dale, Founder of TK Dale Wealth Management talks about how gaining new wealth can be scary. Like climbing mountains, the higher you get, the more fear tries to eat at you.
When you have $1,000,000 and lose 10%, you lose $100,000. It hurts and the raw numbers sound big. You've worked hard for that money and you want to keep it so that you don't have to worry about your money.
Now if you had $1,000 and lose 10% then you would only be losing $100 and most people will say that they can cut expenses or just work more to make up that money.
Either way, it is 10% but it is your view on money that determines what you do in each scenario.
Taking a defensive approach to this scenario would cause you to sit back and do nothing or even worse, sell.
Taking an offense approach causes people to look to utilize this down turn.
If your investing thesis is still in tact based on fundamental and economic analysis then I would have you consider that it is time to invest more and be active in achieving your goals. You want to go on the offense.
Looking at money like a tool rather than a limited resource is a different way of thinking. Money is something that can be created and destroyed. You have the ability to create more and even if it isn't in your current job there are still many other things you can do.
If your investment thesis is still in tact then buy more. Try and go on the offense and stop worrying. Look at ways to grow when everyone else is scared.
Fear is something that we all have and it is how you react to it that makes the difference.
So start your training now and prepare for the next time you get scared. Have it in your mind how you will act and do your best to go on the offense.
After all... a the best defense is a good offense.
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The podcast is available on our website tkdale.com, iTunes, Spotify, Google Play and Stitcher.
May was a spicy month in the market but that's okay. Host Trevor Dale, founder of TK Dale Wealth, talks about the monthly newsletter.
He takes you through the market review, the new exciting structure for our clients and the monthly wealth tip.
Trevor Dale, founder of TK Dale Wealth Management, talks about how the blood taking, urine samples, in depth medical questionnaire and hassle of coordinating a rep to visit the home is more than they're willing to go through.
Telling someone how much they weigh, their height and medical history can be overwhelming. Perhaps it's a pre-existing medical condition.
This causes people to avoid putting in coverage to protect their family which leaves them exposed.
For example if two people are on a mortgage then when a borrower dies, the lender will say I'm sorry for your loss, we need to do a credit application.
You now need to qualify to get the mortgage on your own and in most cases it requires two incomes to service the mortgage. If you can't requalify for the mortgage then you will be forced to find another lender or sell.
Selling at a time when the family is already grieving is not something that I would wish for a family, particularly with kids.
Not putting risk mitigation in place causes this slow nagging feeling and will linger with you. Further your spouse will know that they are exposed and wonder why you haven't done anything about it yet, even if they haven't said anything out loud.
This will compound the stress and ultimately causes people to revert to eating potato chips while watching Netflix every night.
One great solution is a no medical insurance policy.
Imagine having the peace of mind knowing that your spouse is covered off on any financial risks and your family is provided for in a time of need. You've made sure that they are good and that feels good in itself.
Further you can share this with your spouse and they can sleep easier. They respect you and appreciate you for having put such an essential part of estate planning into place, even though you resisted it for years.
As a result you communicate better and go out for walks or take a fitness class together rather than watching Netflix and eating potato chips like you did when you didn't deal with your insurance.
A no medical insurance policy is a perfect if someone has a pre-existing condition or doesn't want to go through the process of a full underwriting for an insurance policy.
You go through a short online questionnaire to see if you qualify, what coverage you qualify for and how much coverage.
It's simple, easy and confidential. It only takes a few minutes and coverage can be in place within a few days.
No medical exam necessary.
Contact us to find out how to get this done.
Please subscribe and share this podcast with one person.
This podcast can be found at tkdale.com/podcast, iTunes, Spotify, Google Play and Stitcher.
Trevor Dale, founder of TK Dale Wealth Management, discusses how there is no one single magic bullet that will solve all of your problems.
Inside of TK Dale Wealth we have marketing, sales and client satisfaction. Without people don't know who we are. Without sales, people don't know what we do. Without client satisfaction, people won't refer us or stay our clients for very long.
Most business owners hope that there is something magical that they can get that will drive in new customers and this is a recipe for disaster and failure. It takes hard work and dedication to operating at an elite level consistently in all three ares.
Just like your finances, you need to constantly be looking for ways to make more money, reduce the amount you spend so you can save more and look for optimal ways for that money to make more money.
There is no silver bullet to becoming wealthy and staying wealthy. Not even a winning lottery ticket will save you unless you instill the right habits. No, I don't care if you are a CEO or a minimum wage employee. These principles are the same for everyone including myself.
Tactically, always have an up to date LinkedIn profile and be networking even if you are intending on staying with your current company for life.
Review your bank and credit card statements at least monthly to find inefficiencies and cut spending on things that don't bring value into your lives.
Lastly, have conversations that reduce fees and increase returns while giving you the planning and advice that you need.
This podcast can be found at tkdale.com, iTunes, Spotify, Google Play and Stitcher.
Please subscribe and share this episode with one person.
Trevor Dale, founder of TK Dale Wealth Management, talks about how people are constantly looking for a newer, better, alternate future.
In doing so they give up what they worked so hard for and lack the commitment to make things happen that are truly on the verge of success. Yet the same relationship that they are going through divorce, the weight loss program that they say doesn't work and the financial plan that they are giving up on is the same characteristic. In essence they are giving up on themselves.
It is said that how we do one thing is how we do everything.
For years, my neighbors' lawns have looked better than mine. Why? Because I didn't care. I don't want a lawn and I don't put in the effort. It shows. It is a reflection of my commitment to an amazing lawn and there are other areas of my life that this happens too. My wife says that I have two speeds: idle and 200%. When I move, I move fast.
This weekend I got in 4 yards of soil, seeded the entire lawn in a major way and pulled out EVERY-LAST-WEED in that lawn. EVERY-SINGLE-WEED. For hours I declared war on my lawn and it hurts. I have the sore muscles and sunburn as evidence. War scars.
Very soon, I will have the best and greenest lawn on the street. No longer will I look on the other side to see a greener lawn. I put in the work to my own lawn and I will have the greenest.
The grass is greener where you put in the work.
The difference is that when it comes to money so many people treat their bank accounts the way I treat my lawn.
I did too. I didn't worry about how much I was saving and went on the defense thinking that my savings levels were adequate but not knowing what they meant in the grand scheme of things.
I didn't coordinate with my wife on our financial plan... or lack thereof. I was uncertain and insecure of what retirement would look like.
The grass was greener on the side.
Then I got serious about things. I started to build a future plan. I got a better understanding of what things meant. I consulted professionals. I watched my spending. I reduced my expenses by $1,000 per month. That's right, $1,000 per month. That's almost $20,000 of pre-tax earnings per year.
It allowed me to save enough to start this company, it reduced my cash burn so that I had a long runway and it gave me clarity on where my money was going.
I felt good about my finances as I put myself in the position to live my dreams by running my own wealth management company.
My wife and I were coordinated and on the same page. We were unified because I had clarity and understanding. This new found control brought benefits all over my life.
It was because I had put in the work. I put in the and no longer was the grass greener on the other side. It was greener where I put in the work.
Trevor Dale discusses how his 4am runs are solo but there is team collaboration and competition is a team environment. Similar to your finances that 90% of the work is solo but that crucial 10% is a team effort.
Just like the training runs, watching your spending, bringing your lunch (I don't care if you're a CEO) and reviewing expenses are something all companies do and so should you! These are the solo activities that need to be done.
Further you should take at least one industry course every single year to improve your marketability. AGAIN, I don't care if you're a CEO. You better have an updated LinkedIn page and you should always be connecting with people who will help you in one of two ways:
- Help you if you are ever fired/downsized/whatever you call it, you're out of a job which wasn't planned. This is defense, playing it as it comes to you.
- You look for a higher paying job that allows you to grow and develop your skills. This is offense, actively seeking to increase the income that you make.
So much of this work is done solo but having a solid team under you can help you to brain storm ideas and stay focused. It helps to have someone to call in for advice in the event of something unexpected.
The team also acts as your specialists that you can deploy when these aren't your core strengths.
Do you have an in depth and high level of expertise inside the markets? Do you have an expertise at helping people develop their financial goals and then executing on a plan to get them there?
We do, that's why we're your team and act as the CFO to your family with you and your spouse acting as co-CEO's.
Remember our principles:
- Clarity is key
- Specificity over generality
- Fact based decisions
- Offense vs defense
Call us to get clear and on the offense with your future.
This podcast can be listed to at tkdale.com, iTunes, Spotify, Google Play and Stitcher.
Thank you for listening and please subscribe and share this with one person.
Trevor Dale talks about the real reason behind money being a major reason that couples get divorced. It isn't because of money itself.
It is from a lack of understanding of yourself first. Then once you are absolutely clear about what you want beyond a level that you currently see capable, then you can communicate this with your spouse.
The fundamental problem of not communicating properly but not communicating properly with yourself first... and then with your spouse second.
People argue for a number of reasons and I suggest that you start to get better at arguing. Get better at communicating. Get better at listening. Get better and understanding.
A great book that helps is "Crucial Conversations" by Patterson, Grenny, McMillan and Switzler.
It's absolutely fantastic and has helped me at home, work, with friends and even organizing my own thoughts.
Money doesn't have to be complicated, it just needs to be clear.
You see, without a clear goal, then a financial plan is useless. Without a financial plan, an investment strategy is useless. Without an investment strategy, it doesn't matter how much money you have.
Your current situation is a reflection of your clarity and the life you live is the product of this. The more clear you can get, the more specific the decisions you make, the greater the impact those decisions will have.
Know yourself first, communicate effectively with your spouse to get what you BOTH want out of life and design the future of what you were destined to do.
It doesn't matter what stage of life you're in. These principles must guide your life design:
- Clarity is Key
- Specificity Over Generality
- Fact Based Decisions
- Offence vs Defence
This podcast can be found on tkdale.com, iTunes, Spotify, Google Play and Stitcher.
Please subscribe and share.
Trevor Dale talks about a better way to set financial targets and some of the areas that are being missed when creating a financial plan.
The Financial Plan is useless without having a goal and that goal is useless without a strong reason to have that goal that is in line with who you truly are.
This gets complicated when you are married and want to live a life that is full of passion with who you are as an individual but now you also have to create a future that does the same thing for your spouse.
Once you and your spouse are clear on what you would like as individuals, then comes the task of creating a future that gives you what you both want as individuals while also having goals that that are harmonious with each other.
You need to learn to communicate to be true to who you are and also encourage your spouse to be true to who they are and then build together.
Finding yourself can be assisted with taking the Color Code Test (colorcode.com) and then reflecting on who you are as an individual.
Next step is to share this with your spouse. This may open an area that may have conflict however we need to learn and create a safe place to communicate for each other.
To do this I recommend the book "Crucial Conversations" by Patterson, Grenny, McMillan and Switzler.
This helps aid the conversation for each other and creates the AND future.
The AND future is a future where you get what you want out of life AND your spouse ALSO gets what they want.
My wife desires stability, security and predictability while I prefer variability, growth and spontaneity.
While creating my own company I had to go through the process of giving her stability and predictability by setting fixed client hours in the evenings and weekends and giving notice for changes. I was also clear about our financial situation and provided as much security and contingency planning as possible.
This allowed me to create a reality where I got to start my own company while providing the consistency that my wife desired.
There is no right or wrong way to live life as we are all different people with natural tendencies. The beautiful part of life is when we all live together with love and respect for each other.
This starts with the individual doing the hard work on themselves first and then learning to communicate and work with others at a level that you never saw possible before.
This podcast is available at tkdale.com iTunes, Spotify, Google Play and Stitcher.
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Trevor Dale talks about some of the things that we wish our parents would have planned for and how you can avoid leaving your family with the same stress.
He talks about how to make care while you are still alive easier, how to have your wishes executed when you do pass away and something not everyone knows about... prepaid funeral expenses.
Trevor Dale discusses segregated funds... which he almost never recommends with the exception of two situations. There are a number of drawbacks such as fees, lack of selection and you have to go through an insurance advisor to get them, such as ourselves.
Having said that there are some benefits such as having a beneficiary on an investment regardless of whether the funds are inside a registered account or not, a medical exam is not required and they can flow funds from an estate or corporation upon death should the situation arise.
There are some things to consider in this podcast and we hope that it helps to better understand when these could be used.
Please subscribe on iTunes, Spotify, Google Play or Stitcher.
https://tkdale.com
Trevor Dale talks about the advantages of various types of mortgages as they relate to a medium size business owner.
Should she go with a home equity line of credit, an interest only mortgage or a regular principle and interest payment mortgage?
Listen for details and subscribe!
In this episode host Trevor Dale and lawyer Mark Epstein discuss the many facets of real estate law as it pertains to buying both new construction and pre-existing homes. The real gem from this conversation is how it spans the different areas from real estate law to family law to wills and estates, to inheritance and so much more.
This was one of the most fascinating conversations that I've had on the topic and I'm glad that I was able to capture it for you.
In this episode Trevor Dale talks about how having an offensive mindset financially is better than having a defensive mindset.
The best defense is a good offense.
Let's think about the hockey team who plays a defensive game and in the last period the score is 0-0. The team loses a key player and they become exhausted. Then the other team scores just one point and they lose the game.
This is the same as trying to save yourself to prosperity. You can only reduce your expenses to zero but at some point to raise your standard of living you will have to go on the offense. You can't change your financial outcome by purely reducing costs.
You stay up late at night thinking about how to get more money from this rock and hard place you find yourself in. You argue with your spouse about spending and things are difficult.
Now imagine playing an offensive game. You're up 5-0 and the same scenario happens where you lose a key player and your team becomes exhausted. Now in this case the other team scores one goal and you still win. The other team perhaps scores 3 goals and you still win. By playing offense, you give yourself a moat to protect yourself.
In the podcast Trevor talks about ways to do this and has one simple action to take.
Get after it!
It’s easy to figure out that many people will need somewhere around $2.5 million in savings in order to have $100,000 of pre-tax earnings that is designed to last in perpetuity. The formula for figuring out this is below. Retirement planning is a simple process because of the straight forward math however because of the number of factors involved, it can become confusing and frustrating.
The questions that people have are:
- When can I retire?
- What will my retirement look like?
- Will I have to sell my house and downsize in order to afford retirement?
- How do I know that I’m getting the best service with my advisor?
- What fees am I paying?
- How do RRSP’s and RRIF’s work?
- Should I be contributing to a TFSA instead?
- I’m good, I have a pension…
- I didn’t think I would live this long (actual response)
- How much CPP and OAS will I get?
- How do I invest my money?
- I’m 5 years out from retirement and I should be all in bonds… or should I?
- I don’t want to change anything even though I’m not getting the best service.
- This list goes on and on with the many questions that I’ve had from clients over the years. A lack of knowing where they are and what they need in retirement is the cause of most frustration.
I’m going to illustrate some simple ways to start to understand what your retirement will look like in a few simple steps.
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Easy and simple bringing you comfort and security knowing where you are at. Transparency and knowing are the two things that bring me the greatest comfort and joy so that I know what I can and can’t do and I can shape my future accordingly.
Let’s use an example of a family making $200,000 before tax prior to retirement.
First, know this: Most people use about 60%-70% of their pre-retirement income in retirement.
Do a quick budget and see how much you are spending each year. It doesn’t have to be too in depth but do an estimate. The think about if your kids will be out of the house or if you will be taking on extra expenses to take care of your parents. Will you want to travel more?
Take that income without the travel and multiply it by 0.7. This will give us $140,000 per year. Then you may receive Canada Pension Plan which the maximum for one person is over $13,800 per year. Keep in mind that this is taxable.
For two people that is $27,600 which leaves a desired income of $112,400 ($140k - $27.6k).
You may have a pension and let’s assume for simplicity that it works out to $12,400 for easy rounding leaving you with a required income of $100,000. The bigger your pension contribution, the lower the required generation of income from your investment portfolio.
Now let’s assume that you retire at 65 and that inflation is an average of 2%. Let’s also assume that you are going to get a 6% return on your investments.
How much can you pull out without eating into the principal amount? Your desired income of $100,000 should increase every year to account for inflation. Therefore you will can withdraw approximately 4% (1.06/1.04 = 3.92% or about 4%).
Therefore $100,000/0.04 = $2.5 million. Put another way, your desired annual income X 25 equals your required nest egg.
Keep in mind that this is based off of today’s money and also that your income is expected to grow. The required income in retirement will be greater due to inflation however your income is also expected to grow. You should be increasing the amount you save every year to account for this.
Now the question comes down to how do I get to having $2.5 million in investments? We will cover that in another post.
Remember that your desired income X 25 is the desired amount of investments.
Other factors to consider are:
- Other sources of income
- Inheritance
- Old Age Security
- Infla
Shadow banking in Canada is rarely talked about. However, given the B20 rule changes, we are starting to see some of the affects on the Canadian economy. As a positive, the Canadian banks are having better mortgages on their books than if they were qualifying people at the contract rate. As a consequence of this happening, the alternate and private sector is picking up deals that these banks no longer do. This is pushing a major growth in the private and alternate lending space. Trevor talks about history and leverage in the US prior to the credit crisis and where Canada is today. He talks about the affects and how it is affecting his investment strategy and also his mortgage strategy. Enjoy this insightful episode!
In this episode, Trevor talks about whether to go fixed or variable on your mortgage and some of the considerations that should happen... They likely aren't what you would expect.
Please note that all mortgage discussions are provided by Trevor Dale, who is registered as a mortgage agent under iBridge Capital number 13056.
Financial plans are at the core of what we do however in reality, plans are what we do all over our lives? So why don't we have a financial plan?
We plan to get to work on time, we plan to get our kids to school. We plan to get a new job. We make social plans and movie plans. We plan vacations and yet we lack financial plans. They are simple and should be done by everyone. Having some sort of a plan is necessary to tracking and making progress.
Progress is what we are all after. Without progress and direction we are lost. We are confused. We feel chaos in our decision making and it causes conflict with the people involved... usually a spouse.
I remember the first time I deal with someone in a bank branch. They gave me a bunch of options and yet I still felt like I was overwhelmed with the decision making process. I didn't know where I was financially, I didn't know exactly what my actions meant for me and I didn't know what changes needed to be made.
For families, each member must be on side with choosing the person handling their financial affairs. It is a big responsibility for both the family and the advisor.
The government of Canada has an list of 16 questions that can be a good conversation starter. In this video we review those questions and answer them about our firm.
It's a great resource and can be found here: https://www.canada.ca/en/financial-consumer-agency/services/savings-investments/choose-financial-advisor.html
In this episode we discuss:
- Why work with an advisor
- How the term financial advisor is used in Canada and if it is regulated
- How advisors are compensated
- The 16 questions to ask a financial advisor
If you found this helpful then please share it with someone else and reach out to us so that we can answer any questions that you may have.
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In this podcast, Trevor Dale owner and portfolio manager, discusses his thoughts on asset allocation when it comes to stocks and bonds. He challenges the traditional rule of thumb and strips out the facts from the feelings in making this investment decision.
There are two questions that Trevor asks every client:
- How much cash do you need?
- When do you need it by?
Once you know how much cash you need, and when you know that expense or expenses are scheduled to go out then you can start to construct a portfolio. Those two questions are the basis for all portfolios.
In this episode I talk about how my kids avoid their responsibilities by not wanting to brush their teeth and get ready. I discuss how signing off on a trade is a form of responsibility sharing and that the client takes on much of the responsibility. Consider who should be the one to take the onus in the advisor/investor relationship.
This interview is with Michele Caranci, a realtor with Right at Home Realty covering most of Ontario. She’s sold everything from single family homes, to cottages, condos and assignments on new build homes.
Full video can be found at: https://tkdale.com/2019/04/10/realtor-michele-caranci/
My two biggest take aways from the conversation are:
- Take action
- Get help from someone to narrow your time and stress (it doesn’t have to cost anything)
- Make sure that the person helping you is a good fit for your goal
Michele has two university degrees and was raised in a real estate environment. As a child, rather than playing “eye spy” she played “guess the value of the house”.
Her mom is a realtor and she works with her. She loves this because she gets to spend time with her mom while she works. Together they make The Jewel Home Team.
My biggest take away is that for anyone buying a home for the first time or even if you haven’t moved in a while you can do two things to remove the stress. First is to ask for help from a professional who knows the market, the rules, the procedures and your likes. Second is to find a professional that is a fit for you.
I can’t stress this enough. If there is a fit of personality then things will most likely go well because of an enhanced level of communication. That in turn will work out to better advice which will save you time, stress and frustration.
One overarching theme of this interview is to take action. I see so many people dream and never act. I live a life that when I get clear on what I want, then I go for it. Why wait? Have the discussions, explore and make a decision. It’s better to come to an understanding and make a decision quickly than to avoid it and not getting what you want. Take Action.
Michele uses the analogy of going through the mountain and not around it. Don’t take the long way around. Take the efficient way to the other side.
This means that once you’ve decided that moving may be in your future then explore it and explore with the help of a professional. Make sure that there’s a fit and move forward to make that desire a reality.
Michele’s blend of listening and understanding is what sets her apart. She really takes the time to understand what you are thinking.
Michele has a unique approach to selling real estate. She previews all the homes in the area when they come on the market so that when she talks with her clients she can quickly cut out houses that don’t fit. This is a big time saver.
When my wife and I bought our first house we viewed around 30 houses and we felt overwhelmed, stressed and couldn’t remember what was different from #17 to #27. They all started to blend together. I’m a big fan of having a realtor get to know me and my preferences so that I only view the most likely properties. It saves me time and stress.
One thing you won’t find in the interview is that she has a certificate in Geographic Information Systems. Basically this is mixing data with a physical environment and helped York Region develop plans in 3D.
I hope you find this interview interesting and helpful.
We did the interview at the Right at Home Realty office at 16850 Yonge St., Newmarket which is a beautiful new office with lots of room to meet. It’s also accessible being just north of Mulock.
A big thank you Michele for being on the show and the Right at Home Realty office in Newmarket for filming on location. Michele can be found online at:
Website: http://www.thejewelhome.ca/
Facebook: https://www.facebook.com/mcaranci3
Instagram: https://www.instagram.com/michelethejewel