83: How to Protect Your Family's Financial Future with Matte & Associates' Chris Matte

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Welcome back to the Colonial Real
Estate Podcast.

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I'm your mortgage broker host,
Taylor Atkinson.

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And I'm your real estate agent
host, Matt Glenn.

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What's happening today, Taylor?
Yeah, man.

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Just kind of like looking at some
upcoming projects and stuff that's

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being finished.

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And there's one that you and I

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were talking about, which is
pretty cool out in Peachland.

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Yeah.

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Odeo Developments.

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Yeah.

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You're getting kind of like luxury

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style living for a fairly good
price, starting in the low

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millions.

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And they're running an event if

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the listeners want to go check it
out.

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It's November 23rd, 10 to 3, 5300
Buchanan Road.

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They're doing a giveaway, $500
gift card to Martin's Lane, which

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we all love.

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Yeah.

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And you can come to the site.

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One of the main things I love

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about this is honestly, I don't
know if it's just me or you as

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well, but I always look for the
deposit structure.

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So for a limited time, they're
still doing just 10%, which is

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awesome.

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You don't got to tie up a ton of

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capital.

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And everybody in Kelowna loves

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their cars.

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And every unit at Adeo comes with

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a two-car private garage, which is
quality and kind of unheard of in

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the city.

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Yeah.

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Funny enough as well, Amanda
Hamilton designed it.

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We had her on the podcast
previously.

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So yeah.

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It's Yeah.

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the podcast previously.

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So yeah.

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Yeah.

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It's all coming full circle for

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us.

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Speaking about other cool people,

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today's guest, Chris Matt with
Matt and Associates.

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So they do financial planning,
life insurance, critical illness,

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which we now know Matt definitely
needs.

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Yeah.

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I had a bit of a moment on the

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show.

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Yeah.

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Yeah.

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But also Chris puts out quality

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social media content.

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It's informative.

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It's well-produced.

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It looks nice.

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It's My God.

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Before our episode, I was doing

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some research, and I just went
through all his videos.

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I swear I liked like 30 videos in
a row.

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Yeah, before the show started, we
were just like, how do you set up

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your cameras?
Like, why do we look so bad on

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camera?
You look so good.

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Why do do we look like us, and you
look like you?

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Yeah, yeah.

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So he's pretty dialed in but yeah

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puts out some awesome content good
educational stuff yeah definitely

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worth reaching out to him and his
big thing is kind of get started

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early get started planning early i
guess all financial planners his

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big thing is kind of get started
early get started planning early i

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guess all financial planners do
that but he was really kind of

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drove the point home and made it
count for us yeah i think you

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think you guys will like the you
guys will like the show.

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It's a good one.

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Reach out to him.

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He's got some good content coming
out.

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Like every show.

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We're sponsored by Century 21

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Assurance Realty, by Century 21
Assurance Realty, the best

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brokerage in the interior of the
Okanagan.

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We're in Kelowna, Vernon,
Kamloops, Salmon Arm, Castlegar.

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Moving up further east in the
Kootenays too, we are everywhere

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you need to be when buying a house
in the interior of UC.

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If you're an agent looking to make
a switch or if you're a buyer or

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seller looking for an agent,
Century 21 Assurance Realty is the

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place to be.

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All right.

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Enjoy the show, guys.

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Enjoy the show.

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Okay.

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Welcome to the show, Chris Matt.

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How are you doing, buddy?
Thank you.

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Good, good.

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Excited to share some stuff today.

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Yeah, we've been excited to have
you on for a while.

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Yeah, we've been trying to get you
on, but you've been busy, you

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know, getting married and going to
conferences and all the fun stuff.

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I actually see you at like every
event Emily and I go to.

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The last one was OC and Elliot.

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We were saying every time we go to

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any concert, I always see Taylor
and his wife there.

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We were saying every time we go to
any I concert, always see Taylor

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and his wife there.

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I feel like you guys probably go

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to like 50 concerts and the three
that we go we see you to, there.

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that we go we see you to, there.

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Exactly.

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they Taylor, probably think the
same thing about you.

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Yeah.

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You guys are pretty good musicians

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as well.

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I have seen a few of your videos.

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I have seen a few of your videos.

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We did a little bit of videos on

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TikTok.

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It's actually pretty crazy.

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It went pretty viral.

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We got 85,000 followers, over 14

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million views.

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I play guitar, she sings, people

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love that kind of stuff.

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It's crazy.

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Oh my my God.

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It sounds very similar to our

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podcast, actually.

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Super viral.

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Similar numbers.

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Well, yeah, a man of many talents,

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but let's maybe start with what's
your perfect Friday look like?

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What gives you energy,
productivity?

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Yeah, just walk us through a good
Friday day look for like?

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you.

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What gives you energy

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productivity?
productivity?

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Yeah, just walk us through a good
day for you.

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Sure.

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Okay.

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Ideal Friday would be I like to
wake up early.

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I always wake up around 6, 630.

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A little bit of a biohacking geek.

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So I like hydrate before you
caffeinate on a bit of an AG1

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kick.

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Love that stuff.

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Wait 90 minutes before I have
coffee and find that adds energy

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into the office by 730.

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A couple hours of deep work.

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I'm way more focused in the
morning.

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I can do a whole lot more if I'm
working for those two, three

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hours.

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And then I take the meetings in

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the afternoon.

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After that, I just come home, we

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make dinner, I do workouts and
relax, prep for the weekend.

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Nice.

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I love Nice.

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I love it.

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Yeah.

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The 90 minutes before caffeine is
a huge one for me as well,

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actually.

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Tell us about what is your work?

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What do you do?
What do you kind of specialize in?

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Yeah, so I'm financial advisor.

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We have a private investment

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management firm in Kelowna, and we
specialize in holistic financial

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planning.

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We manage about a third of a

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billion in assets under
administration for about 2,500

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clients.

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We also have about the same amount

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in death benefit.

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So not a small firm.

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We know what we're doing.

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I only share those numbers to show

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some authority that we can
actually speak on the matters that

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we're talking about.

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There's a lot of advisors out

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there who don't have the
experience and they're just

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talking about these things they've
never actually implemented.

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Our firm was started about 30
years ago by my father.

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He grew it into one of the largest
firms for our brokerage in the

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country.

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And I always tell people I'm one

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of the only firms for our
brokerage in the country.

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And I always tell people I'm one
of the only 27 year olds in the

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country who has about 10 years
experience in the financial

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industry.

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I was doing paperwork since I was

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about licensed really young 16, at
and I was able to hit 19, the

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ground running.

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And it gave me a really good back

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end for understanding the how it
works business, before I was

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actually licensed and operating.

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and operating.

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I love Maybe let's start it, man.

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you a bit of real estate with,

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stuff.

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know, Where do you see

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opportunities?
Like there's been a lot of

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changes, let's say first home
savings account.

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You guys obviously work with
clients, coaching them on that

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stuff as well.

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Do you want to talk about anything

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like that?
that?

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Yeah, absolutely.

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FHSA is a beautiful account that

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was brought in by the liberals.

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We won't get too political, but I

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think it's one of the only things
they've done really well.

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It's a pretty amazing account.

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So on the way in, it's like an

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RSP.

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You get $8,000 a year.

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You get tax deduction on that.

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So come tax season, if you put

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that in, you're going to get a tax
refund.

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On the way out, any growth that
you have is going to be tax-free.

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So it's very similar to a TFSA.

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Take TFSA, RSP, combine them in

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one, you have your FHSA.

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Interesting ways you can use them.

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We actually had a client who had
already purchased a house and

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people don't really know this, but
there's no minimum amount of time

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that you have to have the money in
an FHSA.

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So it's even useful if you've
already purchased a house and

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haven't closed.

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So what we did is we deposited

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$8,000 into this account and
literally the next business day,

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we withdrew it.

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So what that's going to do, the

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money is not invested.

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He's not getting any growth, but

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what it's going to do is he's
going to get that tax deduction

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for the 2024 tax year.

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He's going to get like three grand

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back on his tax return just for
making that move.

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And he had already bought the
house, hadn't closed yet.

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Yeah.

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It's actually amazing how many

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people aren't aware of this
program.

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Like I feel like the government
should be out there, you know,

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parading this because this is such
a powerful tool.

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Totally.

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Well, and one of the things too,

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like people don't know that it's
not like a TFSA.

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A TFSA, the second you turn 18,
you start to acquire room every

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year but with the FHS-8 you
actually need to have an account

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open to start acquiring that room
so I tell people even if you don't

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have the money to deposit into
that account and you're planning

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on purchasing a house in the
future open that account before

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the end of the year otherwise
you're going to lose that eight

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thousand dollars contribution room
you otherwise would have had yeah

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yeah super powerful you were also
obviously working have had yeah

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yeah super powerful you were also
obviously working to coach people

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to build up savings for their down
payment and stuff like that.

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Do you have any good strategies
for us to help people get into the

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market?
Like, obviously that's a big

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hurdle that we face as well as
just how do people come up with a

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00:07:12,269 --> 00:07:13,075
down payment?
Yeah, totally.

260
00:07:13,075 --> 00:07:16,218
There's a couple of different ways
that I kind of coach people and

261
00:07:16,218 --> 00:07:18,347
help them to come up with those
down payments.

262
00:07:18,347 --> 00:07:21,892
One is obviously, and you're going
to hear every financial advisor

263
00:07:21,892 --> 00:07:23,422
talk about this, is automating the
payment.

264
00:07:23,422 --> 00:07:23,912
So super important that, you know,
once a month or once every two

265
00:07:23,912 --> 00:07:26,361
weeks, you automatically have
money pulled out of your bank

266
00:07:26,361 --> 00:07:28,267
account and treat this like any
other bill.

267
00:07:28,267 --> 00:07:30,554
And that gets deposited into,
let's say the FHSA, or even

268
00:07:30,554 --> 00:07:31,943
potentially we have some
first-time home buyer RSP options.

269
00:07:31,943 --> 00:07:33,363
If it's automated, you're goingRSP
options.

270
00:07:33,362 --> 00:07:34,589
If it's automated, you're going to
do it.

271
00:07:34,584 --> 00:07:36,540
If it's not automated, that money
is likely going to get spent.

272
00:07:37,320 --> 00:07:40,060
So that's one way that we help
clients with a little bit of

273
00:07:40,060 --> 00:07:40,810
discipline and saving.

274
00:07:40,810 --> 00:07:41,907
Another great way is if their

275
00:07:41,907 --> 00:07:44,740
employer offers an RRSP matching
program, we say absolutely take as

276
00:07:44,740 --> 00:07:47,095
much advantage of that as you
possibly can.

277
00:07:46,995 --> 00:07:50,519
Because every dollar that you put
in the RRSP, your employer is

278
00:07:50,519 --> 00:07:53,336
going to match it up to a certain
And percentage.

279
00:07:53,336 --> 00:07:56,154
your employer is the, going to
match it up to a certain

280
00:07:56,154 --> 00:07:56,387
percentage.

281
00:07:56,387 --> 00:07:57,552
And the government changed the

282
00:07:57,552 --> 00:07:57,785
rules.

283
00:07:57,785 --> 00:08:00,337
We can use up to $60,000 from an

284
00:08:00,337 --> 00:08:02,418
RRSP purchase your first home.

285
00:08:02,418 --> 00:08:04,776
So while we do have to pay that

286
00:08:04,687 --> 00:08:06,573
back, it's still a great strategy
to save at that tax deduction when

287
00:08:06,564 --> 00:08:08,856
we need it, when we're coming up
for that down payment.

288
00:08:08,756 --> 00:08:08,851
Yeah.

289
00:08:08,851 --> 00:08:09,670
You know, it's funny.

290
00:08:09,670 --> 00:08:12,011
I was criticizing that increase
when it came out previously and

291
00:08:12,111 --> 00:08:15,774
saying like, how many people have
this much as a first time home

292
00:08:15,874 --> 00:08:18,859
buyer in RSP?
And then like two weeks later, I

293
00:08:18,859 --> 00:08:21,544
had a client that had exactly the
maximum amount.

294
00:08:21,544 --> 00:08:24,750
And I was like, all right, well,
I'll put my foot in my mouth

295
00:08:24,712 --> 00:08:24,762
there.

296
00:08:24,724 --> 00:08:25,080
So yeah, it's just the thing,

297
00:08:24,914 --> 00:08:25,147
like, like 60 grand and you have
to pay that back.

298
00:08:25,147 --> 00:08:28,610
So I have to relook up the rules.

299
00:08:28,510 --> 00:08:30,056
I think it's now they changed it

300
00:08:30,056 --> 00:08:34,416
to four years after you take that
from the RSP, you have to pay that

301
00:08:34,515 --> 00:08:34,946
back.

302
00:08:34,846 --> 00:08:37,457
So I have to relook up the rules.

303
00:08:37,457 --> 00:08:40,591
I think it's now they changed it
to four years after you take that

304
00:08:40,591 --> 00:08:42,210
from the RRSP.

305
00:08:42,110 --> 00:08:43,386
You have to pay it back.

306
00:08:43,386 --> 00:08:46,970
You essentially take the amount,
split it up in 15 years, and

307
00:08:46,870 --> 00:08:48,437
that's how much you have to pay
back.

308
00:08:48,437 --> 00:08:51,467
So 60 grand over 15 years is a
huge amount for people who bought

309
00:08:51,367 --> 00:08:51,603
a house.

310
00:08:51,603 --> 00:08:52,841
They have these heavy mortgage

311
00:08:52,841 --> 00:08:55,234
payments, and that's where their
discretionary income is going and

312
00:08:55,234 --> 00:08:57,708
it's going to pay back the RRSP,
probably not the most efficient

313
00:08:57,608 --> 00:08:57,856
use.

314
00:08:57,856 --> 00:08:59,148
And unfortunately, what happens

315
00:08:59,048 --> 00:09:01,800
with the RRSP is most of the time
people just take it as income.

316
00:09:01,800 --> 00:09:04,478
So if you don't pay it back, you
take it as income for that year,

317
00:09:04,407 --> 00:09:05,281
it's at your highest tax bracket.

318
00:09:05,210 --> 00:09:05,723
So you're actually paying more

319
00:09:05,723 --> 00:09:06,398
taxes on that than you would have
otherwise.

320
00:09:06,398 --> 00:09:08,332
So, you know, we used to use RSPs
a little bit more, but now that we

321
00:09:08,293 --> 00:09:09,738
have those FHSAs, if you and your
spouse are able to do that, and

322
00:09:09,738 --> 00:09:12,413
you have a five-year time horizon,
that's 40,000 total each you can

323
00:09:12,413 --> 00:09:14,126
put in there plus the growth on
it.

324
00:09:14,226 --> 00:09:18,016
So we have some serious room that
we can put into the FHSA that we

325
00:09:18,016 --> 00:09:19,759
don't have to pay back.

326
00:09:19,759 --> 00:09:23,814
And then we won't have to end up

327
00:09:23,814 --> 00:09:26,804
with that tax burden if we don't
pay it back.

328
00:09:26,804 --> 00:09:28,420
that's such a good point.

329
00:09:28,420 --> 00:09:31,020
Yeah, It's such a powerful tool,

330
00:09:31,180 --> 00:09:35,219
but like we really won't see the
effects of it for a couple more

331
00:09:35,219 --> 00:09:37,997
years, kind of like the TFSA, you
know, it started out like, wow,

332
00:09:37,997 --> 00:09:40,191
this is great, but it takes a
while to build up.

333
00:09:40,191 --> 00:09:40,360
Totally.

334
00:09:40,460 --> 00:09:42,370
And that's the thing with the

335
00:09:42,370 --> 00:09:42,678
TFSA.

336
00:09:42,678 --> 00:09:44,935
Like it was open in 2009 and I

337
00:09:44,835 --> 00:09:46,431
have to look back with the first
amount.

338
00:09:46,431 --> 00:09:47,701
I think it was $5,000.

339
00:09:47,701 --> 00:09:48,194
$5,000, yeah.

340
00:09:48,194 --> 00:09:48,618
$5,000, yeah.

341
00:09:48,618 --> 00:09:48,970
Yeah.

342
00:09:49,070 --> 00:09:51,387
So for somebody who, you know, in
2009, 5,000, 10,000, then

343
00:09:51,487 --> 00:09:52,399
conservatives did another 10,000.

344
00:09:52,399 --> 00:09:53,983
So we're adding up.

345
00:09:53,883 --> 00:09:56,864
But many years down the road, we
have a huge chunk, like over

346
00:09:56,864 --> 00:09:59,238
$95,000 worth of room if you were
over the age of 18 in 2009.

347
00:09:59,238 --> 00:10:01,752
So you invest in a TFSA like that,
you can invest completely

348
00:10:01,752 --> 00:10:04,039
tax-free, build a huge retirement
savings and have all that tax-free

349
00:10:04,039 --> 00:10:04,607
income in retirement.

350
00:10:04,607 --> 00:10:06,260
So now it's becoming more and more

351
00:10:06,232 --> 00:10:08,248
important to take advantage of
that account.

352
00:10:08,348 --> 00:10:08,548
Yeah.

353
00:10:08,386 --> 00:10:09,020
Speaking about closing on a Yeah.

354
00:10:09,020 --> 00:10:10,820
Speaking about closing on a
property, this is something that

355
00:10:10,900 --> 00:10:11,966
comes up in my conversations every
time.

356
00:10:12,066 --> 00:10:14,664
As a mortgage broker, we have to
like present you know a type of

357
00:10:14,664 --> 00:10:17,449
life insurance like a covered
mortgage obviously this is you

358
00:10:17,449 --> 00:10:20,907
know your area of expertise so i
generally like make the

359
00:10:20,907 --> 00:10:22,780
introduction off to a financial
advisor because i'm limited to

360
00:10:22,900 --> 00:10:27,472
sell just a couple products and
then we were talking previous to

361
00:10:27,472 --> 00:10:31,795
this show like critical illness as
well do you want to talk about the

362
00:10:31,895 --> 00:10:35,180
types of products that you have
access to and why people need

363
00:10:35,080 --> 00:10:37,427
them?
So a lot of people, when they get

364
00:10:37,427 --> 00:10:40,062
a mortgage, they're offered by
their mortgage broker or their

365
00:10:40,062 --> 00:10:42,536
lender a life insurance product
that's tied to that mortgage.

366
00:10:42,536 --> 00:10:44,416
So they don't own it.

367
00:10:44,416 --> 00:10:47,880
It's not there to protect them.

368
00:10:47,880 --> 00:10:50,211
It's there to protect the bank.

369
00:10:50,211 --> 00:10:52,341
Unfortunately, these products are

370
00:10:52,241 --> 00:10:54,894
quite expensive because they don't
do any medical underwriting.

371
00:10:54,894 --> 00:10:56,941
They essentially pair everybody
into one group.

372
00:10:56,941 --> 00:10:58,653
And that's how they price out the
insurance where with a life

373
00:10:58,653 --> 00:11:02,653
insurance policy that you own,
it's going to be a lot cheaper if

374
00:11:02,753 --> 00:11:03,136
you're healthier.

375
00:11:03,136 --> 00:11:04,965
You can own that for a period

376
00:11:04,965 --> 00:11:06,414
that's a lot longer than your
mortgage period.

377
00:11:06,414 --> 00:11:08,985
And you're not essentially
subsidizing the insurance for

378
00:11:08,985 --> 00:11:09,537
these unhealthy people.

379
00:11:09,537 --> 00:11:11,676
So it's a lot better way if you

380
00:11:11,676 --> 00:11:15,214
can get your own life insurance
policy that covers more than just

381
00:11:15,214 --> 00:11:16,686
your mortgage, and it doesn't
decrease over time.

382
00:11:16,686 --> 00:11:19,048
So a mortgage insurance or the
insurance tied to your lender,

383
00:11:19,048 --> 00:11:21,685
it's going to decrease in value
with the mortgage over time, and

384
00:11:21,685 --> 00:11:23,529
it's going to be more expensive.

385
00:11:23,529 --> 00:11:25,776
But a policy that you buy on your

386
00:11:25,776 --> 00:11:30,230
own is going to remain level for
the period that you own it, let's

387
00:11:30,230 --> 00:11:31,954
say 10, 20 or 30 years.

388
00:11:31,954 --> 00:11:34,997
And the price is not going to go

389
00:11:34,997 --> 00:11:35,582
down or up.

390
00:11:35,682 --> 00:11:36,410
It's going to remain level.

391
00:11:36,410 --> 00:11:39,560
And the death benefit is also
going to remain level.

392
00:11:39,460 --> 00:11:42,448
So if you have a $500,000
mortgage, you're going to get

393
00:11:42,448 --> 00:11:44,245
$500,000 of insurance.

394
00:11:44,245 --> 00:11:47,098
It's going to pay out $500,000 in

395
00:11:47,098 --> 00:11:47,767
the future.

396
00:11:47,767 --> 00:11:49,922
And it doesn't matter what your

397
00:11:49,922 --> 00:11:53,166
mortgage value is so i always tell
people when they're getting a

398
00:11:53,166 --> 00:11:56,357
mortgage don't take the policy
with the lender or if you do take

399
00:11:56,357 --> 00:11:59,569
that go and look at a separate
life insurance policy that you're

400
00:11:59,569 --> 00:12:05,036
going to own and then you can
cancel the policy with your lender

401
00:12:05,036 --> 00:12:07,487
if you're approved for the cheaper
prices yeah so what kind of

402
00:12:07,487 --> 00:12:11,058
insurance people are getting so
what kind of insurance people are

403
00:12:11,058 --> 00:12:14,703
getting like 20 year terms?
Like what about whole life

404
00:12:14,703 --> 00:12:15,100
insurance deal?
deal?

405
00:12:15,100 --> 00:12:15,813
Yeah.

406
00:12:15,813 --> 00:12:18,145
So I want to be really careful

407
00:12:18,145 --> 00:12:19,355
with how we have this
conversation.

408
00:12:19,355 --> 00:12:23,035
There's a lot of people and a lot
of advisors out there who are

409
00:12:23,035 --> 00:12:24,306
going to push whole life
insurance.

410
00:12:24,306 --> 00:12:25,824
And I'll be completely honest.

411
00:12:25,824 --> 00:12:27,798
It's because whole life insurance

412
00:12:27,798 --> 00:12:30,906
pays advisors about eight times
what a term life insurance policy

413
00:12:30,806 --> 00:12:31,088
would.

414
00:12:31,088 --> 00:12:33,027
Now, for 90% of people who are

415
00:12:33,027 --> 00:12:35,683
using most of their budget to
purchase their home and all their

416
00:12:35,683 --> 00:12:38,562
cash flows going to the mortgage,
they need as much life insurance

417
00:12:38,562 --> 00:12:43,155
as they can get to cover their
mortgage for as little cost as

418
00:12:43,155 --> 00:12:43,301
possible.

419
00:12:43,301 --> 00:12:45,288
So what we're typically doing is

420
00:12:45,188 --> 00:12:47,074
insuring these people with term
life insurance.

421
00:12:47,074 --> 00:12:48,809
So I'll give you an example.

422
00:12:48,809 --> 00:12:50,885
A million dollar policy on a

423
00:12:50,885 --> 00:12:54,177
35-year-old male is only going to
cost like $42, $43 a month.

424
00:12:54,177 --> 00:12:57,316
That's going to cover a million
bucks if they pass away in the

425
00:12:57,316 --> 00:12:59,420
next 20 years, cover the need for
the time being.

426
00:12:59,420 --> 00:13:01,840
Whereas a whole life policy,
they're fantastic and exceptional

427
00:13:01,840 --> 00:13:03,606
for the right use case.

428
00:13:03,606 --> 00:13:05,695
And we can get deep into the weeds

429
00:13:05,695 --> 00:13:04,260
on whole life.

430
00:13:04,260 --> 00:13:06,472
And I don't think we need to here.

431
00:13:06,472 --> 00:13:09,641
But there's a whole bunch of tax
advantage ways you can use them

432
00:13:09,641 --> 00:13:11,419
for corporations, also planning
for children's education, a more

433
00:13:11,419 --> 00:13:12,937
flexible way to save.

434
00:13:12,837 --> 00:13:14,008
There's a number of different

435
00:13:14,008 --> 00:13:14,193
ways.

436
00:13:14,193 --> 00:13:15,226
But typically, when we're covering

437
00:13:15,226 --> 00:13:17,887
mortgages for the lower income
families, we like to see term

438
00:13:17,887 --> 00:13:18,129
insurance.

439
00:13:18,129 --> 00:13:19,520
You said 35-year-old male.

440
00:13:19,520 --> 00:13:22,507
Is there like a steep decline
after that?

441
00:13:22,507 --> 00:13:25,209
When's the most optimal time in a
person's life?

442
00:13:25,309 --> 00:13:27,813
Matt and I are still active.

443
00:13:27,813 --> 00:13:28,781
We're playing sports.

444
00:13:28,781 --> 00:13:29,310
We're healthy.

445
00:13:29,310 --> 00:13:32,216
I just mean Taylor and I Well,

446
00:13:32,216 --> 00:13:33,544
both have young kids.

447
00:13:33,544 --> 00:13:35,417
So I imagine right now would

448
00:13:35,417 --> 00:13:39,002
probably be a good time to get
term life insurance to kind of

449
00:13:39,002 --> 00:13:40,132
cover them growing up.

450
00:13:40,132 --> 00:13:42,842
But I've heard of quite a few

451
00:13:42,842 --> 00:13:47,847
people that are then they realize
that they don't have any and they

452
00:13:47,847 --> 00:13:49,780
go to get more insurance.

453
00:13:49,780 --> 00:13:50,505
retiring, insurance, And

454
00:13:50,505 --> 00:13:53,078
obviously, way more expensive if
you're 60. 60.

455
00:13:53,078 --> 00:13:54,032
that's Yeah, exactly right.

456
00:13:54,132 --> 00:13:54,609
right.

457
00:13:54,509 --> 00:13:58,245
Is there a time where you should
kind of advise people on that?

458
00:13:58,245 --> 00:14:00,827
people on that?
it all matters Well, on the goals.

459
00:14:00,827 --> 00:14:04,017
And like I life insurance
companies are private say,

460
00:14:04,017 --> 00:14:04,717
companies.

461
00:14:04,717 --> 00:14:06,217
They are for profit.

462
00:14:06,217 --> 00:14:08,693
And the way that they price life
insurance is based on risk the

463
00:14:08,693 --> 00:14:11,449
three of us you know we're young
we're likely not going to pass

464
00:14:11,449 --> 00:14:15,465
away in the next 10 20 years hence
the price we give 40 50 bucks a

465
00:14:15,465 --> 00:14:18,279
month to the insurance company and
they guarantee they're going to

466
00:14:18,279 --> 00:14:22,495
give us a million bucks so most
people don't use their term life

467
00:14:22,495 --> 00:14:26,870
insurance products and that's why
it's so cheap it's just like car

468
00:14:26,838 --> 00:14:30,340
insurance yeah yeah premium you
don't crash you don't use it if

469
00:14:32,100 --> 00:14:34,535
you are older somebody in their
60s your chance of passing away

470
00:14:34,519 --> 00:14:40,120
goes up 50 50 the stats so most
yeah yeah premium you don't crash

471
00:14:40,026 --> 00:14:44,331
you don't use it if you are older
somebody in their 60s your chance

472
00:14:44,151 --> 00:14:44,420
of passing away goes up 50 50 the
stats of people who pass away goes

473
00:14:44,365 --> 00:14:49,960
up and that's why the insurance is
more expensive so if we're needing

474
00:14:49,902 --> 00:14:49,960
insurance later in life and we
know that that need is going to

475
00:14:49,947 --> 00:14:52,820
still be there that's somebody
who's a good client for a

476
00:14:52,670 --> 00:14:56,790
permanent product, who we can do
some more planning on the cash

477
00:14:56,747 --> 00:14:56,815
value side.

478
00:14:56,768 --> 00:14:56,920
A permanent product has an

479
00:14:56,846 --> 00:14:56,920
investment side.

480
00:14:56,874 --> 00:14:58,333
And plan to make that insurance a

481
00:14:58,300 --> 00:14:58,480
lot cheaper.

482
00:14:58,340 --> 00:14:58,480
There's actually a crossover

483
00:15:01,100 --> 00:15:01,150
period.

484
00:15:01,110 --> 00:15:01,280
Permanent insurance is quite

485
00:15:01,183 --> 00:15:01,280
expensive.

486
00:15:01,213 --> 00:15:02,700
And then term insurance crosses

487
00:15:02,618 --> 00:15:06,534
over, and it becomes more
expensive the older we get.

488
00:15:06,521 --> 00:15:08,251
So if you can get that permanent
product in place, you can actually

489
00:15:08,200 --> 00:15:10,065
have it paid up and not need to
pay any insurance yeah so it

490
00:15:10,065 --> 00:15:12,995
really depends guys we have to sit
down with the any yeah so it

491
00:15:12,995 --> 00:15:17,127
really depends guys we have to sit
down with the client see how long

492
00:15:17,127 --> 00:15:19,828
are they going to have that
insurance need yeah there are

493
00:15:19,828 --> 00:15:22,864
certain term products that you can
convert over to yeah there are

494
00:15:22,864 --> 00:15:26,299
certain term products that you can
convert over to whole life when

495
00:15:26,299 --> 00:15:29,733
that expiration comes up like if
you do a 20-year term did the

496
00:15:29,733 --> 00:15:23,757
insurance companies reach out or
do you guys facilitate that and

497
00:15:23,757 --> 00:15:27,741
say like you know do you get a
discount on the whole life if you

498
00:15:27,741 --> 00:15:29,252
transition over or how does that
look?

499
00:15:29,252 --> 00:15:29,733
Yeah.

500
00:15:29,733 --> 00:15:30,679
So it's not a discount.

501
00:15:30,679 --> 00:15:32,686
It's actually almost all term
insurance products have the

502
00:15:32,686 --> 00:15:33,398
ability to convert.

503
00:15:33,398 --> 00:15:35,340
Now, if we are going to

504
00:15:35,340 --> 00:15:39,586
potentially be converting that in
the future, we want to make sure

505
00:15:39,586 --> 00:15:42,228
we're in a company that has good
permanent products.

506
00:15:42,228 --> 00:15:44,418
So I'll use myself as an example.

507
00:15:44,418 --> 00:15:46,281
I got 2.5 million of term 20

508
00:15:46,281 --> 00:15:48,762
insurance that has the ability to
convert to any permanent product

509
00:15:48,762 --> 00:15:51,753
that I want in that 20 years.

510
00:15:51,753 --> 00:15:54,000
The cool thing about that is I can

511
00:15:54,120 --> 00:15:55,400
convert it without any medical
underwriting.

512
00:15:55,960 --> 00:16:00,148
So if anything happens to me, if I
get cancer, heart attack, stroke,

513
00:16:00,148 --> 00:16:02,221
anything like that, that would
make me uninsurable.

514
00:16:02,221 --> 00:16:04,553
I can still get that permanent
product, lock it in and make sure

515
00:16:04,553 --> 00:16:06,341
that I'm still insured in the
future.

516
00:16:06,341 --> 00:16:10,540
If I come to the end of the
period, we can reapply for a new

517
00:16:10,540 --> 00:16:11,610
product before my current product
has expired.

518
00:16:07,508 --> 00:16:10,861
If I don't get approved, then we
can look at converting.

519
00:16:10,861 --> 00:16:13,108
But again, it all matters what the
goals are with the insurance.

520
00:16:13,108 --> 00:16:15,642
There's a ton of different ways we
can set them up.

521
00:16:15,642 --> 00:16:14,820
a ton of different ways we can set
them up.

522
00:16:14,820 --> 00:16:17,757
If you did that there'd probably
just be no cash conversion, value

523
00:16:17,757 --> 00:16:19,049
to transfer right?
over, Yeah.

524
00:16:19,049 --> 00:16:19,460
over, Yeah.

525
00:16:19,460 --> 00:16:19,686
exactly.

526
00:16:19,686 --> 00:16:21,607
No, Because like I the term
insurance is super cheap.

527
00:16:21,607 --> 00:16:22,793
say, You're not building cash
value.

528
00:16:22,793 --> 00:16:24,941
It's just there to protect your
family for the time being.

529
00:16:24,941 --> 00:16:25,093
Yeah.

530
00:16:25,093 --> 00:16:26,206
Before we just continue to bore

531
00:16:26,206 --> 00:16:27,167
listeners, one more insurance
question.

532
00:16:27,167 --> 00:16:27,369
Sure.

533
00:16:27,369 --> 00:16:28,280
I've always been fairly passionate

534
00:16:28,860 --> 00:16:31,645
about this, but I'm curious to
hear your point on it.

535
00:16:31,645 --> 00:16:32,991
First off, congratulations.

536
00:16:32,991 --> 00:16:34,808
I know you guys are expecting a

537
00:16:34,808 --> 00:16:35,521
new addition pretty soon.

538
00:16:35,521 --> 00:16:37,126
Thank Thank you, yeah.

539
00:16:37,126 --> 00:16:40,759
So with with that, yeah, welcome
to the chaos of Matt and I's life

540
00:16:40,759 --> 00:16:41,342
with kids.

541
00:16:41,342 --> 00:16:44,428
But with that said, is this one of

542
00:16:44,528 --> 00:16:48,039
the first points of review with
clients when they're talking about

543
00:16:48,039 --> 00:16:52,713
having kids or have young kids?
Like, hey, maybe we should set up

544
00:16:52,713 --> 00:16:55,945
a whole life policy early because
we can build that cash value and

545
00:16:55,945 --> 00:16:58,701
it's cheaper and the medical
underwriting isn't there?

546
00:16:58,701 --> 00:17:02,576
Or do you just say like, we're not
going to worry about building

547
00:17:02,476 --> 00:17:05,440
wealth?
And I know it depends on cash flow

548
00:17:05,900 --> 00:17:09,234
and, you know, clients planning,
but is this an asset or a tool

549
00:17:09,234 --> 00:17:11,180
worth exploring right off the bat?
I's Yeah.

550
00:17:11,280 --> 00:17:14,760
So if we run the numbers and this
is going to be for the upper

551
00:17:14,760 --> 00:17:18,068
middle class, I'll be honest, it
is a little bit expensive.

552
00:17:18,068 --> 00:17:21,800
But if the client can sustain the
level of premiums for the duration

553
00:17:21,800 --> 00:17:27,520
of the policy, which is normally
paid over 20 years, it's an

554
00:17:27,371 --> 00:17:27,421
exceptional way to save and a
flexible way to save for your

555
00:17:27,375 --> 00:17:27,520
children for either education.

556
00:17:27,454 --> 00:17:31,555
And if they don't use the cash

557
00:17:31,513 --> 00:17:31,700
value for education, it then
continues to grow and they can

558
00:17:31,645 --> 00:17:34,900
pull it out for a down payment on
their first house.

559
00:17:34,866 --> 00:17:36,617
If they don't need that, it
continues to grow and they can use

560
00:17:36,617 --> 00:17:37,324
it in their retirement.

561
00:17:37,269 --> 00:17:38,357
So yes, it is a super exceptional

562
00:17:38,357 --> 00:17:41,437
way to save for your kids future
and build wealth.

563
00:17:41,537 --> 00:17:45,955
And the earlier you can start
that, the cheaper the insurance is

564
00:17:45,955 --> 00:17:48,204
going to be, because the
likelihood of a child passing

565
00:17:48,204 --> 00:17:51,606
insurance is going to be because
the likelihood of a child passing

566
00:17:51,606 --> 00:17:52,800
away is next to zero.

567
00:17:52,960 --> 00:17:53,760
The insurance companies price

568
00:17:53,760 --> 00:17:55,046
their insurance based on that.

569
00:17:54,946 --> 00:17:56,874
So most of the premium that you're

570
00:17:56,874 --> 00:17:59,221
paying is going to building that
investment portion.

571
00:17:59,321 --> 00:18:01,918
So it's more of an investment
product than an insurance product.

572
00:18:01,918 --> 00:18:05,319
But the beautiful thing about it
is that it grows tax-free yeah

573
00:18:05,319 --> 00:18:07,158
awesome sorry i have to ask
there's one more insurance

574
00:18:07,158 --> 00:18:09,669
question so like hey talk about
critical illness or like me

575
00:18:09,669 --> 00:18:12,866
getting sick so last night i was
going through your instagram liked

576
00:18:12,866 --> 00:18:15,376
all your photos you probably saw
two million likes this morning i

577
00:18:15,376 --> 00:18:18,449
was thinking last night like we
have a lot of life insurance becca

578
00:18:18,549 --> 00:18:22,097
and i like we're totally covered
that way but like if i don't die

579
00:18:22,097 --> 00:18:26,260
like we're in a situation here
right so like what do people have

580
00:18:26,260 --> 00:18:29,223
to do that like almost like if i
don't die like we're in a

581
00:18:29,323 --> 00:18:32,565
situation here right so like what
do people have to do that like

582
00:18:32,565 --> 00:18:36,505
almost like if i have a stroke or
something like it's like becca

583
00:18:36,505 --> 00:18:40,511
like just push me over the edge
like push me down the stairs

584
00:18:40,511 --> 00:18:44,304
finish me off like well push me
the stairs me off me off like well

585
00:18:44,304 --> 00:18:46,789
here's the thing disability or
critical illness can actually be a

586
00:18:46,789 --> 00:18:48,984
lot more the thing disability or
critical illness can actually be a

587
00:18:48,984 --> 00:18:52,229
lot more of a financial impact on
your family than a death and it's

588
00:18:52,229 --> 00:18:53,454
crazy to say that but think about
about it.

589
00:18:53,454 --> 00:18:55,298
You still have your mortgage.

590
00:18:55,298 --> 00:18:56,875
You have increased financial

591
00:18:56,875 --> 00:18:59,699
strain because you have new
medical expenses and you're there

592
00:18:59,699 --> 00:19:02,415
more, you know, as a burden to the
family.

593
00:19:02,315 --> 00:19:05,245
So the other individual in the
house can't take care of you.

594
00:19:05,109 --> 00:19:05,372
And it's unbelievable how many
people actually, you know, get

595
00:19:05,335 --> 00:19:05,400
these things.

596
00:19:05,400 --> 00:19:07,267
So three main ones, cancer, heart

597
00:19:07,267 --> 00:19:07,654
attack, stroke.

598
00:19:07,654 --> 00:19:08,877
We're all young guys.

599
00:19:08,877 --> 00:19:12,209
You know, we'd never think that we
have any risk of that.

600
00:19:12,209 --> 00:19:14,337
So why would you get critical
illness insurance?

601
00:19:14,337 --> 00:19:15,800
2020 thyroid cancer.

602
00:19:15,900 --> 00:19:17,337
I got my thyroid taken out.

603
00:19:17,337 --> 00:19:20,342
You have got to be kidding me.

604
00:19:20,342 --> 00:19:22,400
Last thing that I was thinking

605
00:19:22,400 --> 00:19:25,449
about was, do I need to continue
working?

606
00:19:25,449 --> 00:19:29,124
Am I able to continue to work or
should I focus on healing, to be

607
00:19:29,124 --> 00:19:30,325
recovery?
Unfortunately, I didn't have

608
00:19:30,325 --> 00:19:33,324
critical illness I was young and I
didn't think I needed it I should

609
00:19:33,324 --> 00:19:36,782
have had it and it would have paid
out I probably would have had a

610
00:19:36,782 --> 00:19:39,195
two hundred thousand dollar policy
it would have paid out I could

611
00:19:39,195 --> 00:19:42,139
take a couple years off and rest
and recover make sure that I'm

612
00:19:42,139 --> 00:19:44,298
healthy and then go back to work
so insurance hierarchy life

613
00:19:44,285 --> 00:19:45,006
insurance disability critical, but
in reality, it should be critical

614
00:19:44,881 --> 00:19:45,489
illness, life insurance and
disability kind of on the same

615
00:19:45,477 --> 00:19:45,695
level there.

616
00:19:45,663 --> 00:19:46,067
It's so important to have that

617
00:19:46,054 --> 00:19:46,240
coverage.

618
00:19:46,166 --> 00:19:46,240
Okay.

619
00:19:46,240 --> 00:19:46,332
Yeah.

620
00:19:46,332 --> 00:19:47,266
That's a wildly impactful Okay.

621
00:19:47,250 --> 00:19:47,342
Yeah.

622
00:19:47,342 --> 00:19:47,984
That's a wildly impactful story.

623
00:19:47,984 --> 00:19:50,586
I mean, it sure makes it easy for
the conversation when I'm talking

624
00:19:50,586 --> 00:19:51,143
to clients.

625
00:19:51,143 --> 00:19:51,282
Yeah.

626
00:19:51,282 --> 00:19:51,769
I was stressing for the right
reasons last I was stressing for

627
00:19:51,769 --> 00:19:52,953
the right reasons last night.

628
00:19:52,953 --> 00:19:53,510
Sweet Jesus.

629
00:19:53,510 --> 00:19:57,329
Matt just had the just had the
sniffles, thought he was going to

630
00:19:57,329 --> 00:19:57,706
be out of work for a week i didn't
even have that i was perfectly

631
00:19:57,706 --> 00:20:00,092
healthy thinking jesus actually i
had a shoulder injury that's

632
00:20:00,092 --> 00:20:03,365
bothering me thought he was going
to be out of work for a week i

633
00:20:03,365 --> 00:20:06,546
didn't even have that i was
perfectly healthy thinking jesus

634
00:20:06,546 --> 00:20:09,468
actually i had a shoulder injury
that's bothering me like just the

635
00:20:09,468 --> 00:20:12,284
most minor possible thing but it
gets you thinking you know so

636
00:20:12,284 --> 00:20:17,326
absolutely well that's very cool
so have that i well very cool so i

637
00:20:17,226 --> 00:20:21,741
think we should all look into that
especially me you don't need it

638
00:20:21,741 --> 00:20:25,188
till you need it i guess yeah yeah
absolutely that's a yeah

639
00:20:25,188 --> 00:20:27,692
absolutely a pretty good segue
into other like do's and don'ts so

640
00:20:27,692 --> 00:20:31,609
for just financial planning in
general, like what are you seeing

641
00:20:31,609 --> 00:20:33,267
kind of the biggest mistakes
people are making?

642
00:20:33,267 --> 00:20:34,926
Cause that's obviously one of
them.

643
00:20:34,926 --> 00:20:37,981
Yeah, so people are taking on debt
to buy depreciating assets.

644
00:20:37,981 --> 00:20:40,741
And I can't scream this from the
mountains loud enough.

645
00:20:40,741 --> 00:20:33,267
You know, we have two types of
debt.

646
00:20:42,820 --> 00:20:46,250
We have good debt and bad debt.

647
00:20:46,250 --> 00:20:47,262
People are taking on good debt.

648
00:20:47,262 --> 00:20:48,360
This is what the wealthy do.

649
00:20:48,360 --> 00:20:49,772
Good debt is when you take on debt

650
00:20:49,772 --> 00:20:50,875
to buy an appreciating asset.

651
00:20:50,875 --> 00:20:52,353
So let's say you're buying real

652
00:20:52,353 --> 00:20:53,936
estate, take on a mortgage, buy an
appreciating asset.

653
00:20:53,936 --> 00:20:57,361
Even better debt is when you're
taking on a mortgage to buy an

654
00:20:57,361 --> 00:21:00,324
appreciating asset that's a rental
that you can then write your

655
00:21:00,324 --> 00:21:03,542
interest on the mortgage on.

656
00:21:03,442 --> 00:21:05,192
So that's building your net worth.

657
00:21:05,192 --> 00:21:09,531
On the flip side, we have things
that destroy your net which is bad

658
00:21:09,431 --> 00:21:11,951
So this and you know, worth, debt.

659
00:21:11,951 --> 00:21:12,359
is, I hate to say it, everybody

660
00:21:12,359 --> 00:21:13,732
has it, vehicle loans.

661
00:21:13,732 --> 00:21:15,940
You buy a brand new vehicle,

662
00:21:15,940 --> 00:21:17,143
you're paying interest on the
financing.

663
00:21:17,143 --> 00:21:19,869
The second you drive it off the
lot, it's depreciated 30%.

664
00:21:19,869 --> 00:21:20,021
You can't sell it for what you
bought it for.

665
00:21:20,021 --> 00:21:21,375
And it continues to depreciate.

666
00:21:21,275 --> 00:21:22,355
So what does that do?

667
00:21:22,355 --> 00:21:23,289
That destroys our net worth over
time.

668
00:21:23,289 --> 00:21:25,155
So I keep trying to tell this to
clients and people, try to stay

669
00:21:25,155 --> 00:21:26,383
away from those types of things.

670
00:21:26,383 --> 00:21:28,215
I understand some people need to

671
00:21:28,215 --> 00:21:23,878
use lines of credit when times are
tough, credit cards, things like

672
00:21:23,878 --> 00:21:23,976
that.

673
00:21:23,976 --> 00:21:24,861
But if you can stay away from

674
00:21:24,860 --> 00:21:27,957
those depreciating assets that are
purchased on debt, do that as much

675
00:21:27,957 --> 00:21:28,795
as you possibly can.

676
00:21:28,795 --> 00:21:29,181
Yeah.

677
00:21:29,181 --> 00:21:32,587
I mean, from the mortgage side to
like car payments, just kill

678
00:21:32,587 --> 00:21:32,968
mortgage applications.

679
00:21:32,968 --> 00:21:33,666
So yeah.

680
00:21:33,666 --> 00:21:33,856
Yeah.

681
00:21:33,856 --> 00:21:36,013
And it's a lot easier to get

682
00:21:36,013 --> 00:21:36,203
approved for the car payment after
you get the mortgage.

683
00:21:36,203 --> 00:21:37,355
You might not get approved for
Yeah.

684
00:21:37,325 --> 00:21:39,196
And it's a lot easier to get
approved for the car payment after

685
00:21:39,188 --> 00:21:40,600
you get the mortgage.

686
00:21:40,600 --> 00:21:41,733
You might not get approved for the

687
00:21:41,733 --> 00:21:44,133
mortgage payment though, if you
have the car payment first.

688
00:21:44,133 --> 00:21:44,400
Totally.

689
00:21:44,400 --> 00:21:44,920
Yeah.

690
00:21:44,920 --> 00:21:47,579
And don't buy a car like a week
before closing either.

691
00:21:47,579 --> 00:21:47,766
Exactly.

692
00:21:47,766 --> 00:21:49,184
I know you laugh.

693
00:21:49,184 --> 00:21:49,940
you laugh.

694
00:21:49,940 --> 00:21:52,370
We always talk about that, but do

695
00:21:52,370 --> 00:21:56,389
people do that a lot?
Yeah, I've had that and a boat.

696
00:21:56,389 --> 00:21:58,626
And both times almost killed the
deal.

697
00:21:58,626 --> 00:22:01,376
Most of the time, boats, you get
into negative equity in the first

698
00:22:01,368 --> 00:22:01,760
few years.

699
00:22:01,752 --> 00:22:01,896
Yeah.

700
00:22:01,896 --> 00:22:02,040
Yeah.

701
00:22:02,040 --> 00:22:04,560
And they cost like $300 a day in

702
00:22:04,560 --> 00:22:04,680
gas.

703
00:22:04,680 --> 00:22:05,520
Yeah, it's unbelievable.

704
00:22:05,620 --> 00:22:07,440
So do's and don'ts from a
financial advisor, don't buy a

705
00:22:07,440 --> 00:22:07,620
boat.

706
00:22:07,620 --> 00:22:09,240
Actually, we've been the numbers,

707
00:22:09,240 --> 00:22:12,403
you're better off to rent a boat
for the amount of time.

708
00:22:12,403 --> 00:22:14,709
You end up much more ahead.

709
00:22:14,709 --> 00:22:16,607
Yeah, we were part of the boat

710
00:22:16,607 --> 00:22:20,934
club a couple of the boat club a
couple times like it is the best

711
00:22:20,934 --> 00:22:22,142
service you can get.

712
00:22:22,042 --> 00:22:24,189
And like the cost is nothing in

713
00:22:24,189 --> 00:22:24,397
comparison.

714
00:22:24,397 --> 00:22:24,674
Yeah.

715
00:22:24,674 --> 00:22:29,760
And it's also Yeah.

716
00:22:29,710 --> 00:22:29,760
And it's also nice.

717
00:22:29,730 --> 00:22:35,082
You don't have to, you know, do
your oil know do your oil changes

718
00:22:35,051 --> 00:22:37,203
maintenance all that kind of stuff
they clean it they put the gas in

719
00:22:37,303 --> 00:22:40,072
it you just take it out and bring
it back yeah or better yet just

720
00:22:40,172 --> 00:22:42,649
have a friend that has a boat yeah
that's usually my strategy yeah

721
00:22:42,649 --> 00:22:45,840
better yet just have a friend that
has a boat yeah that's usually my

722
00:22:45,840 --> 00:22:49,337
strategy yeah yeah yeah i mean
matt and i are in a standoff who's

723
00:22:49,337 --> 00:22:52,355
getting the boat okay what about
like average cost of retirement

724
00:22:52,355 --> 00:22:54,637
right now?
And I know it's probably been

725
00:22:54,637 --> 00:22:57,012
super volatile for you, but like
I'm assuming you're planning with

726
00:22:56,912 --> 00:22:58,710
clients basically every week
sitting down saying, you know,

727
00:22:58,710 --> 00:23:01,111
here's where you are in your age.

728
00:23:01,111 --> 00:23:02,843
Here's kind of your life

729
00:23:02,743 --> 00:23:02,885
expectancy.

730
00:23:02,885 --> 00:23:03,736
Here's your average spending

731
00:23:03,736 --> 00:23:03,949
limits.

732
00:23:03,949 --> 00:23:06,076
What do you generally see?

733
00:23:05,976 --> 00:23:08,754
Like, are there any rules of thumb
people should be planning for?

734
00:23:08,854 --> 00:23:10,732
Like, yeah, how do we quantify
retiring?

735
00:23:10,732 --> 00:23:12,766
The question retiring?
The question is, where are you

736
00:23:12,766 --> 00:23:15,080
used to living?
What's your current standard of

737
00:23:15,080 --> 00:23:10,341
living?
And if you want to continue that

738
00:23:10,241 --> 00:23:14,238
standard of living how do we get
you there so what we do is we sit

739
00:23:14,238 --> 00:23:16,714
down we put all of their
information into a financial plan

740
00:23:16,714 --> 00:23:20,194
because one of the biggest
questions i get is i have a lump

741
00:23:20,194 --> 00:23:24,698
sum of money i'm 45 50 how much is
this going to give me in

742
00:23:24,698 --> 00:23:27,125
retirement and is my retirement
going to look similar to how I'm

743
00:23:27,125 --> 00:23:28,792
currently living with my cash
flow?

744
00:23:28,692 --> 00:23:34,014
Or am I ahead or behind my goal?
So what we do is we sit down and

745
00:23:34,114 --> 00:23:35,671
put it all into the plan.

746
00:23:35,671 --> 00:23:37,100
If we're ahead of the goal,

747
00:23:37,620 --> 00:23:37,800
fantastic.

748
00:23:37,860 --> 00:23:39,930
If we're behind the goal, we can

749
00:23:39,930 --> 00:23:43,855
then show you the different
strategies that we can use to get

750
00:23:43,855 --> 00:23:45,181
you to that point.

751
00:23:45,181 --> 00:23:48,542
Retirement income varies person by

752
00:23:48,542 --> 00:23:50,557
person based on how they're used
to living.

753
00:23:50,557 --> 00:23:52,320
So we can't put a number on that.

754
00:23:53,020 --> 00:23:54,698
In terms of how much investments

755
00:23:54,698 --> 00:23:56,319
you should have, a general rule of
thumb is if you can sustain your

756
00:23:56,319 --> 00:23:58,241
retirement income with a 4%
withdrawal rate from your

757
00:23:58,241 --> 00:24:00,318
investment account, your
investments will never run out if

758
00:24:00,318 --> 00:24:02,859
they're managed appropriately at
low risk, you know, retirement

759
00:24:02,829 --> 00:24:02,659
income style investing.

760
00:24:02,659 --> 00:24:03,974
So we sit down, we come up with

761
00:24:04,074 --> 00:24:06,209
that number, we show the clients,
and then we track that over time

762
00:24:06,179 --> 00:24:07,312
and make sure that they hit that.

763
00:24:07,282 --> 00:24:07,833
And then for retirement, like

764
00:24:07,833 --> 00:24:08,875
there's different stages of
retirement too.

765
00:24:08,875 --> 00:24:11,549
We find once people retire, they
go gung-ho, they travel, they have

766
00:24:11,549 --> 00:24:14,531
high expenses, they're going out
for dinners, all this kind of

767
00:24:14,531 --> 00:24:14,769
stuff.

768
00:24:10,283 --> 00:24:12,464
And then, so we're at a high stage

769
00:24:12,464 --> 00:24:15,780
and then we slowly go down as we
get away from the traveling, it

770
00:24:15,780 --> 00:24:16,374
becomes a little bit more
difficult.

771
00:24:16,374 --> 00:24:20,541
We're still living on our own, so
we don't have those high expenses.

772
00:24:20,541 --> 00:24:25,578
And then over time, it slowly
ramps up near the later parts of

773
00:24:25,578 --> 00:24:27,015
retirement as we need assisted
living.

774
00:24:27,015 --> 00:24:31,020
That's incredibly expensive if you
aren't on a subsidized program and

775
00:24:31,160 --> 00:24:31,824
things like that.

776
00:24:31,824 --> 00:24:33,363
So it's a little bit of a moving

777
00:24:33,339 --> 00:24:33,426
target.

778
00:24:33,426 --> 00:24:36,096
So we have to make sure that

779
00:24:36,096 --> 00:24:38,509
clients have enough money to be
able to sustain that.

780
00:24:38,509 --> 00:24:41,450
Yeah, it's got to be a stressful
got to be a stressful job, hey, to

781
00:24:41,450 --> 00:24:44,005
be the one to be like, yes, you
can retire, like you'll be okay

782
00:24:44,005 --> 00:24:46,198
for the next 20, 30 years.

783
00:24:46,198 --> 00:24:47,487
Like, that's a lot of pressure,

784
00:24:47,487 --> 00:24:47,978
man.

785
00:24:47,978 --> 00:24:49,390
The even harder thing man.

786
00:24:49,390 --> 00:24:51,387
The even harder thing and what I
hate doing, unfortunately, some

787
00:24:51,387 --> 00:24:52,249
people come too late.

788
00:24:52,249 --> 00:24:54,521
They come to me in there when

789
00:24:54,521 --> 00:24:58,632
they're 45, 50, 55, and they want
to retire at 60, 65.

790
00:24:58,632 --> 00:25:01,901
And I have to sit across the table
from them and tell them that they

791
00:25:01,901 --> 00:25:03,531
can't retire when they want to
retire.

792
00:25:03,531 --> 00:25:06,334
They either have to reduce their
standard of living or work later.

793
00:25:06,334 --> 00:25:07,964
And that's a tough conversation.

794
00:25:07,964 --> 00:25:09,072
How I don't enjoy having that

795
00:25:09,072 --> 00:25:09,464
conversation.

796
00:25:09,464 --> 00:25:09,594
Yeah.

797
00:25:09,594 --> 00:25:09,920
Okay.

798
00:25:10,140 --> 00:25:10,974
I have a point Yeah.

799
00:25:10,974 --> 00:25:11,113
Okay.

800
00:25:11,113 --> 00:25:12,155
I have a point here.

801
00:25:12,155 --> 00:25:16,674
So the reason why I bring this up,
cause I run into this like way

802
00:25:16,674 --> 00:25:20,190
more than I thought I would when I
started this business.

803
00:25:20,190 --> 00:25:22,287
A lot of people I've helped them
that are retired.

804
00:25:22,387 --> 00:25:26,327
They own a house that's like
around a million dollars, like

805
00:25:26,327 --> 00:25:27,943
either low mortgage or no mortgage
on this house.

806
00:25:27,943 --> 00:25:29,349
But the people have virtually no
cashflow.

807
00:25:29,349 --> 00:25:30,560
Like they're living on pension.

808
00:25:30,560 --> 00:25:32,500
What should I be telling people

809
00:25:32,500 --> 00:25:36,680
like this to do because i feel
like it's almost like a swear word

810
00:25:36,680 --> 00:25:40,700
to some people to even mention
that they have like a ridiculous

811
00:25:40,700 --> 00:25:45,020
amount of equity in their home
yeah but like they've owned a home

812
00:25:45,120 --> 00:25:48,322
for 50 years so they're not going
to rent or they're at least not

813
00:25:48,322 --> 00:25:50,952
immediately open to that but their
standard of living is going down

814
00:25:50,952 --> 00:25:53,721
but they are sitting on a million
dollars i've struggled with what

815
00:25:53,721 --> 00:25:58,723
to do on this like Like for just a
quick story here, like I had

816
00:25:58,823 --> 00:26:00,006
people exactly like this.

817
00:26:00,106 --> 00:26:01,909
They wanted to buy another house.

818
00:26:01,809 --> 00:26:03,714
We sold their house, unconditional
offer, and we went to go buy

819
00:26:03,714 --> 00:26:04,252
another house.

820
00:26:04,252 --> 00:26:05,647
So the house hasn't closed yet.

821
00:26:05,647 --> 00:26:08,770
We were still waiting for the
proceeds, but we went to go buy

822
00:26:08,770 --> 00:26:13,238
another house and I was like, Hey,
we need to put a deposit on this

823
00:26:13,338 --> 00:26:14,016
house.

824
00:26:13,916 --> 00:26:16,102
So like, do you have $10,000 to

825
00:26:16,102 --> 00:26:18,444
put it on?
no five thousand no like one

826
00:26:18,444 --> 00:26:22,227
thousand no do you have five
hundred dollars no you don't have

827
00:26:22,227 --> 00:26:25,379
any money but you're sitting on a
million dollars what do i say to

828
00:26:25,379 --> 00:26:27,888
people like that right so most
people have majority of their net

829
00:26:27,888 --> 00:26:30,660
worth in their primary residence
and one of the things i don't know

830
00:26:30,660 --> 00:26:32,106
if you guys would agree with this
or not but i'd say your primary

831
00:26:32,106 --> 00:26:34,944
residence isn't a super great
investment when you look at it.

832
00:26:34,944 --> 00:26:38,857
i But what I tell clients is it
might save your retirement.

833
00:26:38,857 --> 00:26:40,230
So we see this all the time.

834
00:26:40,230 --> 00:26:40,546
People have a million dollar house

835
00:26:40,546 --> 00:26:41,861
fully paid off and no income.

836
00:26:41,761 --> 00:26:44,400
So the beautiful thing about the

837
00:26:44,300 --> 00:26:47,592
house is they've been forced to
pay it down over the years.

838
00:26:47,492 --> 00:26:50,520
the thing about the house is
they've been forced to pay it down

839
00:26:50,520 --> 00:26:51,231
over the years.

840
00:26:51,231 --> 00:26:52,653
If they were renting at were

841
00:26:52,653 --> 00:26:55,260
renting at a lower amount that
money would likely have gotten

842
00:26:55,260 --> 00:26:58,511
spent i love that this is why i
tell people too is owning your

843
00:26:58,511 --> 00:27:02,635
personal residence they say it's
not a good investment but it is

844
00:27:02,635 --> 00:27:03,272
like a forced savings account i
told absolutely yeah and the

845
00:27:03,272 --> 00:27:05,692
amount this is why i tell people
too is owning your personal

846
00:27:05,693 --> 00:27:07,855
residence they say it's not a good
investment but it is like a forced

847
00:27:07,838 --> 00:27:11,011
savings account i told and the
amount of people who i've seen

848
00:27:11,011 --> 00:27:13,899
that that strategy has saved their
retirement is unbelievable if

849
00:27:13,899 --> 00:27:17,820
i'm'm being quite honest, it's
most of the people that come to

850
00:27:17,820 --> 00:27:22,200
us, they have a huge house, a
little bit of investments, enough

851
00:27:22,199 --> 00:27:26,160
to sustain them for a while, but
they need some strategies down the

852
00:27:26,160 --> 00:27:27,166
road to tap into that.

853
00:27:27,166 --> 00:27:28,361
There's a number of different

854
00:27:28,361 --> 00:27:30,060
strategies we could get deep into
the weeds.

855
00:27:30,060 --> 00:27:32,488
We don't need to, but you can
reverse mortgage.

856
00:27:32,488 --> 00:27:35,019
I'm sure Taylor can talk about
this for a long time.

857
00:27:35,019 --> 00:27:35,994
You can sell and downsize.

858
00:27:35,994 --> 00:27:37,544
You can sell and invest that

859
00:27:37,544 --> 00:27:41,126
money, live off the income and
rent, and actually end up way more

860
00:27:41,126 --> 00:27:42,731
ahead, depending on what type of
investments you're in.

861
00:27:42,731 --> 00:27:44,060
So a bunch of different
strategies.

862
00:27:44,060 --> 00:27:45,659
For some of these people, it is
very difficult.

863
00:27:45,659 --> 00:27:47,980
They don't want to sell their
homes, but some of them do need

864
00:27:47,980 --> 00:27:48,397
to.

865
00:27:48,397 --> 00:27:50,698
And we do have to have those hard

866
00:27:50,598 --> 00:27:51,252
conversations with clients.

867
00:27:51,352 --> 00:27:53,539
can If you want to live the way

868
00:27:53,539 --> 00:27:55,766
you want to live, you want to
continue with your lifestyle, this

869
00:27:55,751 --> 00:27:58,506
is what we need to and we do have
to have those hard conversations

870
00:27:58,506 --> 00:28:01,190
with clients if you want to live
the way you want to live you want

871
00:28:01,090 --> 00:28:04,018
to continue with your lifestyle
this is what we need to do and

872
00:28:04,018 --> 00:28:06,721
sometimes that means selling your
house and downsizing or pulling

873
00:28:06,721 --> 00:28:10,400
some of that equity out with uh
leverage strategy ways that you

874
00:28:10,400 --> 00:28:14,092
know taylor can speak more to like
people don't don't even have to

875
00:28:14,092 --> 00:28:17,613
downsize most of the time i
experience like they just live in

876
00:28:17,613 --> 00:28:20,292
areas where the property values
are so high like the house isn't

877
00:28:20,292 --> 00:28:22,050
especially big just expensive
because it's like downtown or

878
00:28:22,050 --> 00:28:24,234
something right so yeah it's funny
to have this conversation like

879
00:28:24,234 --> 00:28:26,986
maybe i just need to throw them
your way or throw them taylor's

880
00:28:26,986 --> 00:28:31,116
way like i am biting like i am
biting my tongue here yeah throw

881
00:28:31,116 --> 00:28:36,081
them my way you freaking idiot
because that's a hard conversation

882
00:28:36,081 --> 00:28:41,559
to have the three of us and i just
i see this like so of us and i

883
00:28:41,559 --> 00:28:39,261
just i see this like so much,
right?

884
00:28:39,261 --> 00:28:42,181
Like it's here's why it's a tough
it's here's why it's a tough

885
00:28:42,181 --> 00:28:42,367
conversation.

886
00:28:42,367 --> 00:28:44,922
Like I've had similar clients as

887
00:28:43,648 --> 00:28:47,291
well because their mindset over
the past 20 years was pay off

888
00:28:47,291 --> 00:28:48,977
debt, right?
Like debt was quite expensive in

889
00:28:48,977 --> 00:28:50,415
the late eighties, early nineties
kind of thing.

890
00:28:50,415 --> 00:28:51,786
So I understand where they're
coming from.

891
00:28:51,754 --> 00:28:53,864
And the whole goal to retire was
previously like wipe out debt,

892
00:28:53,864 --> 00:28:57,141
live off a CPP, OAS, a bit of
savings.

893
00:28:48,588 --> 00:28:49,885
It just doesn't work right now.

894
00:28:49,885 --> 00:28:51,293
So yeah, with those clients, they

895
00:28:51,293 --> 00:28:52,800
don't have income to access the
equity is one big issue.

896
00:28:52,800 --> 00:28:57,314
So yeah, you can go on the reverse
mortgage side, which obviously

897
00:28:57,314 --> 00:29:00,410
you're giving up equity to the
lender over time.

898
00:29:00,410 --> 00:29:03,240
Nothing wrong with that product.

899
00:29:03,240 --> 00:29:04,656
Alternatively, there are like

900
00:29:04,755 --> 00:29:07,710
equity programs where you can
qualify to tap into equity just

901
00:29:07,610 --> 00:29:09,372
based on the loan to value of your
house.

902
00:29:09,372 --> 00:29:11,134
And there's high net worth
requirements.

903
00:29:11,134 --> 00:29:13,839
So you can also use like any other
liquidity that you have to

904
00:29:13,839 --> 00:29:13,945
qualify.

905
00:29:13,945 --> 00:29:15,424
So there's a lot of ways to

906
00:29:15,424 --> 00:29:18,117
qualify for liquidity in your
house that generally banks don't

907
00:29:18,017 --> 00:29:19,733
like advise on, right?
It's always, what's your income?

908
00:29:19,833 --> 00:29:23,206
What can we approve you for?
So we have that conversation and

909
00:29:23,306 --> 00:29:28,124
then we just lay it out and say,
okay, this is going to cost you,

910
00:29:28,124 --> 00:29:30,664
you know, 2000 bucks a month in
interest.

911
00:29:30,664 --> 00:29:32,973
Are you okay with that?
Because we're going to take now

912
00:29:32,973 --> 00:29:36,858
the liquidity and put it in an
investment that's going to service

913
00:29:36,816 --> 00:29:37,095
that debt.

914
00:29:37,193 --> 00:29:38,080
If it's structured correctly, you

915
00:29:38,200 --> 00:29:39,354
know, there's also tax benefits to
that.

916
00:29:39,454 --> 00:29:41,321
You can write off the interest on
your primary residence if set up,

917
00:29:41,305 --> 00:29:42,789
right?
Here's the main question I usually

918
00:29:42,773 --> 00:29:44,773
say right off the bat is like, do
you have any estate planning?

919
00:29:44,873 --> 00:29:46,313
Like, do you care if, you know,
your kids or anyone has equity in

920
00:29:46,216 --> 00:29:46,802
your home?
Cause at this stage it's costing

921
00:29:46,705 --> 00:29:47,607
you the lifestyle that you want.

922
00:29:47,607 --> 00:29:48,174
So like, does it really matter if

923
00:29:48,174 --> 00:29:49,307
you pass on an extra couple
hundred thousand dollars to your

924
00:29:49,307 --> 00:29:50,867
kids or not?
Or can we, you know, chew up some

925
00:29:50,867 --> 00:29:54,364
of that equity, leverage it,
reposition it elsewhere and allow

926
00:29:54,364 --> 00:29:58,968
you to live in the house you want
to live in for the next 10 or 15

927
00:29:58,968 --> 00:30:01,590
years, but maybe you don't pass
down as much in the estate when

928
00:30:01,590 --> 00:30:03,105
you do kind of pass on.

929
00:30:03,105 --> 00:30:04,620
Because yeah, the downsizing is a

930
00:30:04,620 --> 00:30:06,243
real thing, but like property
transfer tax, legal fees,

931
00:30:06,243 --> 00:30:09,772
commission, you're giving up a lot
of cash just in that transaction

932
00:30:09,772 --> 00:30:12,780
to live in a smaller place to tap
into that equity anyways to

933
00:30:12,780 --> 00:30:15,068
basically hold on to net worth to
pass on to your kids so i think

934
00:30:15,068 --> 00:30:17,136
that's the big question is like
how much do you want to pass on to

935
00:30:17,136 --> 00:30:21,486
your kids or not and then to
circle back is well if they had

936
00:30:21,486 --> 00:30:21,343
any kind of life insurance
pre-planning they wouldn't have to

937
00:30:21,343 --> 00:30:25,046
worry about that so much there
would be a benefit to that yeah

938
00:30:25,046 --> 00:30:26,321
absolutely i got yeah absolutely i
a question which may be very

939
00:30:26,321 --> 00:30:29,845
difficult to answer but maybe
you're thinking about it now is

940
00:30:29,845 --> 00:30:32,739
how much do kids cost?
And like, well, I'm about to find

941
00:30:32,639 --> 00:30:33,276
out, right?
Yeah.

942
00:30:33,276 --> 00:30:36,875
So find Taylor, you could probably
tell us a little better on this.

943
00:30:36,975 --> 00:30:40,040
Taylor's got a little guy, you
know, we do financial plans and we

944
00:30:40,040 --> 00:30:44,996
build some of that into the plan,
but I did look up the numbers here

945
00:30:44,996 --> 00:30:48,809
let me take a peek and again this
varies by demographic like my

946
00:30:48,809 --> 00:30:52,324
personal experience so far it has
not been that much money but like

947
00:30:52,323 --> 00:30:55,483
experience so far it has not been
that much money but like i want

948
00:30:55,482 --> 00:31:00,139
them to play hockey so i've got a
really good really good friend

949
00:31:00,139 --> 00:31:04,839
they were looking at a private
school for their kids he's got

950
00:31:04,839 --> 00:31:07,450
three kids the duration of that
private school from you know grade

951
00:31:07,450 --> 00:31:10,852
one to twelve not post-secondary,
was going to be $900,000 per kid.

952
00:31:10,753 --> 00:31:11,940
What school is that?
$900,000 per kid?

953
00:31:11,940 --> 00:31:12,440
per kid?
Aberdeen?

954
00:31:12,440 --> 00:31:13,003
Yeah.

955
00:31:13,003 --> 00:31:14,440
Okay, Aberdeen is like $12,000 a

956
00:31:14,440 --> 00:31:17,418
year for grade one and like
$20,000 a year for grade nine.

957
00:31:17,418 --> 00:31:19,001
How would that work?
$900,000?

958
00:31:19,001 --> 00:31:20,686
I got the number here.

959
00:31:20,686 --> 00:31:22,424
And I think this is way

960
00:31:22,424 --> 00:31:22,587
underwritten.

961
00:31:22,587 --> 00:31:23,565
And it also depends on

962
00:31:23,565 --> 00:31:23,674
demographic.

963
00:31:23,674 --> 00:31:25,151
But Stats Canada says about

964
00:31:25,151 --> 00:31:26,938
$293,000 from birth to age 17 for
a two-parent middle-income family

965
00:31:26,938 --> 00:31:27,552
with two children.

966
00:31:27,652 --> 00:31:28,781
So average of $17,235 per year.

967
00:31:28,781 --> 00:31:30,020
We need a bigger home.

968
00:31:30,020 --> 00:31:31,716
So a lot more mortgage payments.

969
00:31:31,716 --> 00:31:32,393
We need the bedrooms.

970
00:31:32,393 --> 00:31:33,467
We need a bigger vehicle.

971
00:31:33,467 --> 00:31:34,410
Bigger depreciating vehicle.

972
00:31:34,410 --> 00:31:34,774
Yeah, absolutely.

973
00:31:34,774 --> 00:31:35,916
A vehicle that you own.

974
00:31:35,916 --> 00:31:38,096
If you're sending your kids to a

975
00:31:38,096 --> 00:31:40,282
private school that adds up
there's so many things sports like

976
00:31:40,282 --> 00:31:44,419
you say hockey i have clients who
are spending over 30 000 40 000 a

977
00:31:44,419 --> 00:31:48,172
year yeah i heard that they're
like nine year olds and i know i

978
00:31:48,072 --> 00:31:50,760
heard that completely depends i
think you can do it fairly cheap

979
00:31:50,760 --> 00:31:54,070
but well yeah i mean like daycare
right now sure there's some ten

980
00:31:54,070 --> 00:31:57,220
dollar a day well yeah i mean like
daycare right now sure there's

981
00:31:57,220 --> 00:31:58,658
some ten dollar a day daycare.

982
00:31:58,658 --> 00:32:00,648
If you can get in the 2000 person,

983
00:32:00,648 --> 00:32:01,269
those nine spots.

984
00:32:01,369 --> 00:32:02,442
But otherwise, yeah, it's like

985
00:32:02,442 --> 00:32:04,059
1200 bucks a month.

986
00:32:03,959 --> 00:32:04,649
Yeah.

987
00:32:04,649 --> 00:32:06,545
So you have a couple of kids.

988
00:32:06,545 --> 00:32:06,675
Yeah.

989
00:32:06,675 --> 00:32:08,040
The trade-off is like, Oh, okay.

990
00:32:08,040 --> 00:32:08,950
Well maybe like somebody doesn't

991
00:32:08,950 --> 00:32:09,700
work so much.

992
00:32:09,600 --> 00:32:11,202
So they're staying home with the

993
00:32:11,202 --> 00:32:11,353
kids.

994
00:32:11,353 --> 00:32:12,787
Now you're losing that income.

995
00:32:12,787 --> 00:32:16,183
So I think there's like also a
loss of income to it.

996
00:32:16,183 --> 00:32:17,196
Hey, love my kids.

997
00:32:17,196 --> 00:32:19,247
They're worth every penny, but

998
00:32:19,347 --> 00:32:21,369
just curious of a stat.

999
00:32:21,369 --> 00:32:22,359
Like those are just obviously

1000
00:32:22,359 --> 00:32:22,758
changing numbers.

1001
00:32:22,758 --> 00:32:23,852
those changing numbers.

1002
00:32:23,852 --> 00:32:26,675
So it's like for a two parent
household when both parents are

1003
00:32:26,675 --> 00:32:29,012
working, typically they're like,
it depends how much one of the

1004
00:32:29,012 --> 00:32:31,621
spouses are making, but it's
normally a wash if you send the

1005
00:32:31,621 --> 00:32:32,875
kids to daycare or if you stay
home.

1006
00:32:32,875 --> 00:32:35,305
So if that's the case, do you want
somebody else raising your kid or

1007
00:32:35,305 --> 00:32:38,147
you raising the kid and doing all
that work for free?

1008
00:32:38,147 --> 00:32:41,962
So I don't know it's a tough thing
it's uh i guess up to each parent

1009
00:32:41,962 --> 00:32:44,282
to decide i guess you know like to
circle this conversation right

1010
00:32:44,282 --> 00:32:47,467
back if one parent's you you know
like to circle this conversation

1011
00:32:47,467 --> 00:32:51,684
right back if one parent's not
going to work and stay home and

1012
00:32:51,684 --> 00:32:55,812
the other person needs to get some
damn insurance like some insurance

1013
00:32:55,812 --> 00:32:58,970
yeah like this is the situation
i'm going to be doing a whole

1014
00:32:58,870 --> 00:33:01,630
bunch going to be doing a whole
bunch of videos on this because

1015
00:33:01,630 --> 00:33:04,167
it's a big thing in my life right
now everything with financial

1016
00:33:04,167 --> 00:33:05,858
planning is triggered by life
events marriage children home

1017
00:33:05,858 --> 00:33:09,109
purchase which have all been
things that have happened in my

1018
00:33:09,109 --> 00:33:09,305
life in the last couple years here
so i understand how all this works

1019
00:33:09,305 --> 00:33:11,751
i'm a financial advisor but yeah
i'm trying to spread the knowledge

1020
00:33:11,751 --> 00:33:14,571
out there for people who don't who
don't in my life right how all

1021
00:33:14,571 --> 00:33:18,073
this works i'm a financial advisor
but yeah i'm trying to spread the

1022
00:33:18,073 --> 00:33:21,666
knowledge out there for people who
don't who don't understand and so

1023
00:33:21,666 --> 00:33:26,200
they can make the right moves and
make sure their family's protected

1024
00:33:26,400 --> 00:33:29,240
you have to start to start
thinking about this because you're

1025
00:33:29,780 --> 00:33:32,440
right there's so many things you
don't know like you don't know

1026
00:33:32,440 --> 00:33:35,860
what's going to happen so you just
got to be prepared well here's a

1027
00:33:36,220 --> 00:33:39,940
question to ask yourself if you
were to die in the next 30 seconds

1028
00:33:39,940 --> 00:33:45,086
you're in the last 30 seconds of
your life how big of a check would

1029
00:33:45,086 --> 00:33:51,137
you have to write your family to
make sure that they didn't have to

1030
00:33:51,137 --> 00:33:56,200
worry in the future if you weren't
there to uh to help them live and

1031
00:33:56,320 --> 00:34:00,856
if you don't have that saved worry
in the future if you weren't there

1032
00:34:00,756 --> 00:34:02,571
to help them live.

1033
00:34:02,571 --> 00:34:04,698
And if you don't have that saved

1034
00:34:04,698 --> 00:34:07,870
up in an account and you can't
write that check today, you need

1035
00:34:07,870 --> 00:34:08,360
life insurance.

1036
00:34:08,360 --> 00:34:09,830
There's no questions about that.

1037
00:34:09,830 --> 00:34:12,165
Well, like I was saying before, if
I die, we're okay.

1038
00:34:12,165 --> 00:34:15,091
If I'm like halfway there, we are
up the creek, bro.

1039
00:34:15,091 --> 00:34:17,505
So we're going to talk after the
show then.

1040
00:34:17,505 --> 00:34:18,601
I'll do it with Taylor.

1041
00:34:18,601 --> 00:34:19,918
We're coming over, Taylor.

1042
00:34:19,918 --> 00:34:20,578
We're never leaving.

1043
00:34:20,578 --> 00:34:21,382
All right.

1044
00:34:21,382 --> 00:34:20,284
Well, maybe we'll leave it there
and dive into some of our wrap-up

1045
00:34:20,284 --> 00:34:23,871
questions sounds good you got me
scared i've got 30 seconds left in

1046
00:34:23,971 --> 00:34:27,962
my life okay if you could buy one
property in the okanagan in the

1047
00:34:27,962 --> 00:34:31,224
next 12 maybe we'll leave it and
dive into some of our wrap-up

1048
00:34:31,188 --> 00:34:33,701
questions sounds good you got me
scared i've got 30 seconds left in

1049
00:34:33,701 --> 00:34:36,324
my life okay if okanagan in the
next 12 months what would it be

1050
00:34:36,324 --> 00:34:39,039
top one my family's always been a
real estate family we have a bunch

1051
00:34:39,039 --> 00:34:41,449
of different investment properties
i'm actually in the next four days

1052
00:34:41,449 --> 00:34:44,496
here closing on we got a townhouse
for an Tough My family's always

1053
00:34:44,496 --> 00:34:26,786
been a real estate one.

1054
00:34:45,251 --> 00:34:47,301
We have a bunch of different

1055
00:34:47,301 --> 00:34:47,529
investment family.

1056
00:34:47,529 --> 00:34:47,871
properties.

1057
00:34:47,871 --> 00:34:51,938
I'm actually, in the next four
days here, closing on, we got a

1058
00:34:51,938 --> 00:34:52,757
townhouse for an investment
property.

1059
00:34:52,757 --> 00:34:57,063
So I'm going to say, I'm going to
go on the other side, go to the

1060
00:34:57,063 --> 00:34:57,353
recreational side.

1061
00:34:57,353 --> 00:34:59,552
I would love a place at Big White.

1062
00:34:59,452 --> 00:35:01,985
I think that's just such an
exceptional area, even long-term

1063
00:35:01,985 --> 00:35:02,875
opportunity for growth.

1064
00:35:02,875 --> 00:35:04,400
I don't know if you guys have seen

1065
00:35:04,780 --> 00:35:06,473
Big White's plan for the next 40
years.

1066
00:35:06,473 --> 00:35:07,873
I'm They're going to expand them I
out.

1067
00:35:07,873 --> 00:35:10,740
think it's a pretty cool spot if
you can purchase something up

1068
00:35:10,740 --> 00:35:10,984
there.

1069
00:35:10,984 --> 00:35:09,673
I don't know if you guys have seen

1070
00:35:09,673 --> 00:35:12,021
big whites plan for the next 40
years.

1071
00:35:12,021 --> 00:35:13,546
They're going to expand them And
out.

1072
00:35:13,546 --> 00:35:16,383
I think it's a pretty cool spot if
you can purchase something up

1073
00:35:16,383 --> 00:35:16,688
there.

1074
00:35:16,688 --> 00:35:18,977
going to expand I agree.

1075
00:35:18,977 --> 00:35:21,430
We actually had an episode about
that on here.

1076
00:35:21,430 --> 00:35:22,017
Oh, really?
Yeah, we did.

1077
00:35:22,017 --> 00:35:22,017
There's a lot going on up there.

1078
00:35:22,017 --> 00:35:23,074
So that's pretty cool.

1079
00:35:23,074 --> 00:35:23,191
Yeah.

1080
00:35:23,191 --> 00:35:24,835
If you can give your 20 year old

1081
00:35:24,835 --> 00:35:27,517
self any piece of advice, what
would it be?

1082
00:35:27,517 --> 00:35:32,318
Instead of buying the $1.3 million
house at $25,000, buy the $700,000

1083
00:35:32,318 --> 00:35:33,420
house at $20,000.

1084
00:35:33,420 --> 00:35:34,093
Yes, right.

1085
00:35:34,093 --> 00:35:34,317
Yeah, absolutely.

1086
00:35:34,317 --> 00:35:35,886
Of course, if you have the savings

1087
00:35:35,886 --> 00:35:36,615
to afford it.

1088
00:35:36,615 --> 00:35:38,152
The other thing I would say is

1089
00:35:38,152 --> 00:35:38,887
automate, automate, automate.

1090
00:35:38,887 --> 00:35:39,936
Make sure that you're paying

1091
00:35:39,936 --> 00:35:41,300
yourself first into your
investment accounts.

1092
00:35:41,300 --> 00:35:24,718
Treat it as a bill.

1093
00:35:24,718 --> 00:35:37,456
If it's not treated as a bill,

1094
00:35:37,456 --> 00:35:39,044
you're going to spend it on other
things.

1095
00:35:39,044 --> 00:35:40,828
So make sure that you're
automating your investments.

1096
00:35:40,828 --> 00:35:40,985
Yeah.

1097
00:35:40,985 --> 00:35:42,060
And I'll tack on that.

1098
00:35:42,060 --> 00:35:44,047
Even if people are intimidated
doing that, like do it for six

1099
00:35:44,017 --> 00:35:45,123
months and then reassess.

1100
00:35:45,123 --> 00:35:45,506
Cause I guarantee they'll forget

1101
00:35:45,506 --> 00:35:46,740
about it after six months.

1102
00:35:46,740 --> 00:35:46,989
Totally.

1103
00:35:46,989 --> 00:35:47,197
Okay.

1104
00:35:47,197 --> 00:35:48,111
What's your favorite charity or

1105
00:35:48,111 --> 00:35:48,984
how do you get back?
Yeah.

1106
00:35:48,984 --> 00:35:51,449
So we're at, I'm on the board of
directors for a charity in Klonica

1107
00:35:51,449 --> 00:35:52,257
called Freedom's Door.

1108
00:35:52,257 --> 00:35:53,443
So they're a drug and alcohol

1109
00:35:53,443 --> 00:35:54,021
rehabilitation home for men.

1110
00:35:54,021 --> 00:35:54,422
Amazing program.

1111
00:35:54,422 --> 00:35:56,028
These guys come in and they're
hurt.

1112
00:35:56,028 --> 00:35:58,103
They've been through the most
unbelievable stories of growing up

1113
00:35:58,103 --> 00:36:00,176
without parents on the streets,
addicted to drugs and alcohol.

1114
00:36:00,176 --> 00:36:02,016
And within the 90-day program that
they're there, they completely

1115
00:36:02,016 --> 00:36:02,340
transform.

1116
00:36:02,340 --> 00:36:02,611
It's unbelievable.

1117
00:36:02,611 --> 00:36:03,580
And we help them transition into
society.

1118
00:36:03,460 --> 00:36:04,340
So there's two different parts to
it. 90 days where it's like the

1119
00:36:04,340 --> 00:36:04,850
first 90 days of being clean.

1120
00:36:04,840 --> 00:36:06,028
It does run through the 12-step

1121
00:36:06,028 --> 00:36:06,333
program.

1122
00:36:06,333 --> 00:36:07,371
Then they go through the

1123
00:36:07,371 --> 00:36:07,920
continuing program.

1124
00:36:07,920 --> 00:36:09,580
And one thing that we're trying to

1125
00:36:09,720 --> 00:36:12,181
do now, we're actually adding
another 54 beds.

1126
00:36:12,181 --> 00:36:14,012
So currently we have 98 beds.

1127
00:36:14,012 --> 00:36:14,967
We're doing townhome projects to

1128
00:36:14,831 --> 00:36:17,177
add another 54 beds because the
biggest issue that Freedom's Door

1129
00:36:17,177 --> 00:36:20,661
is having is the bottleneck of
people on the wait list.

1130
00:36:20,661 --> 00:36:24,487
There's a list of 50 people at any
time who are trying desperately to

1131
00:36:24,453 --> 00:36:30,415
get into the program to get clean
and we don't have it.

1132
00:36:30,338 --> 00:36:31,610
So we've raised about 1.6 million
for these townhomes.

1133
00:36:31,533 --> 00:36:32,697
We need about another 1.6 million
for the next phase of the

1134
00:36:32,697 --> 00:36:32,820
townhome.

1135
00:36:32,820 --> 00:36:35,368
So if anybody wants to give for

1136
00:36:35,368 --> 00:36:29,802
something that's an exceptional
place and a local place that's

1137
00:36:29,755 --> 00:36:30,538
helping a lot of people.

1138
00:36:30,460 --> 00:36:30,736
That is awesome.

1139
00:36:30,736 --> 00:36:31,625
Where are the townhomes being
built?

1140
00:36:31,625 --> 00:36:32,820
Can you say like, is it?
Yeah, it's on Beller Avenue down

1141
00:36:32,820 --> 00:36:33,366
in Kelowna.

1142
00:36:35,823 --> 00:36:36,732
Okay, awesome.

1143
00:36:36,732 --> 00:36:38,916
And so you guys are fundraising
money.

1144
00:36:38,916 --> 00:36:41,878
Like, do you do any events?
Or obviously there's probably a

1145
00:36:41,878 --> 00:36:42,257
website.

1146
00:36:42,257 --> 00:36:44,088
Yeah, so if anybody wants to go

1147
00:36:44,088 --> 00:36:44,909
and donate, you can just go to the
Freedom's Door website and they

1148
00:36:44,865 --> 00:36:44,966
have a bunch of different ways.

1149
00:36:44,922 --> 00:36:44,997
Super easy.

1150
00:36:44,953 --> 00:36:45,105
We also run a car wash every year.

1151
00:36:45,061 --> 00:36:45,180
My family used to own the Mission

1152
00:36:45,149 --> 00:36:45,180
Superwash.

1153
00:36:45,320 --> 00:36:47,214
So we started that annual car wash

1154
00:36:47,214 --> 00:36:48,336
that supports Freedom's Door.

1155
00:36:48,336 --> 00:36:49,379
We've been making about $40,000,

1156
00:36:49,379 --> 00:36:51,584
$50,000 a year every year with
that program.

1157
00:36:51,472 --> 00:36:53,173
Then there's also a banquet every
year that makes the same thing

1158
00:36:53,173 --> 00:36:54,110
around $40,000, $50,000.

1159
00:36:54,106 --> 00:36:54,336
Cool.

1160
00:36:54,336 --> 00:36:54,887
That is amazing, man.

1161
00:36:54,887 --> 00:36:55,867
I love it.

1162
00:36:55,867 --> 00:36:57,147
Yeah, it's very good.

1163
00:36:57,147 --> 00:36:58,721
That is just awesome.

1164
00:36:58,721 --> 00:37:01,732
All right, Chris, how can Taylor
or I or our listener help you?

1165
00:37:01,712 --> 00:37:03,320
It's more more like, how can I
help you?

1166
00:36:50,814 --> 00:37:04,616
People want to go and follow my
Instagram.

1167
00:37:04,579 --> 00:37:05,156
I have a bit of a passion project
there.

1168
00:37:05,150 --> 00:37:05,870
As you can see, I love making
videos.

1169
00:37:05,842 --> 00:37:06,345
You put out quality content.

1170
00:37:06,231 --> 00:37:06,469
Yeah, thank you.

1171
00:37:06,469 --> 00:37:07,578
There's a lot of people, you know,
financial knowledge is not widely

1172
00:37:07,507 --> 00:37:07,707
dispersed.

1173
00:37:07,681 --> 00:37:08,075
It's not taught in school.

1174
00:37:07,962 --> 00:37:04,463
So I kind of set out on a bit of a
mission to help people.

1175
00:37:09,660 --> 00:37:11,050
So I do videos about three times a
week.

1176
00:37:11,050 --> 00:37:12,100
I post them, financial tips.

1177
00:37:12,400 --> 00:37:13,457
If people want to go and comment

1178
00:37:13,457 --> 00:37:16,192
or DM the word grow, I'll add them
to my email list.

1179
00:37:16,192 --> 00:37:19,300
I send out two times a month,
which is just educational emails

1180
00:37:19,300 --> 00:37:23,948
with tips, just like we're talking
about the FHSA or insurance.

1181
00:37:23,948 --> 00:37:27,201
So it's So it's always top of
mind.

1182
00:37:27,201 --> 00:37:34,738
If you comment I'll send about the
FHSA or So it's guide, always top

1183
00:37:34,738 --> 00:37:35,841
of If you comment insurance.

1184
00:37:35,841 --> 00:37:35,891
mind.

1185
00:37:35,886 --> 00:37:38,503
guide, I'll send you the link to
my free guide.

1186
00:37:38,503 --> 00:37:42,820
It goes over how to get out of
debt, how to build an emergency

1187
00:37:42,960 --> 00:37:43,947
fund, how to grow your retirement
savings.

1188
00:37:44,047 --> 00:37:46,072
So great resource for people who
are just starting out.

1189
00:37:45,972 --> 00:37:49,809
And if people do want to work with
me, I'm absolutely happy to do

1190
00:37:49,909 --> 00:37:50,184
that.

1191
00:37:50,084 --> 00:37:52,161
I normally start out with a 10

1192
00:37:52,061 --> 00:37:55,011
minute conversation, just see if
we're a good fit, see if we can

1193
00:37:55,011 --> 00:37:55,428
help.

1194
00:37:55,428 --> 00:37:58,122
If we can, and we agree that we're

1195
00:37:58,022 --> 00:38:00,803
a good fit, then we can discuss
next steps and moving forward.

1196
00:38:00,703 --> 00:38:03,970
So if people want to do that, they
can just reach out to my email.

1197
00:38:03,970 --> 00:38:06,910
They can search us up online, Matt
and Associates Financial

1198
00:38:06,910 --> 00:38:10,100
Solutions, and just go book a
meeting.

1199
00:38:10,420 --> 00:38:10,737
Wicked.

1200
00:38:10,737 --> 00:38:10,990
Yeah.

1201
00:38:10,990 --> 00:38:14,029
We'll put all that info in the
show notes Yeah.

1202
00:38:14,029 --> 00:38:17,435
We'll put all that info in the
show notes as well.

1203
00:38:17,535 --> 00:38:18,049
Yeah.

1204
00:38:17,949 --> 00:38:19,620
I appreciate your time, man.

1205
00:38:19,960 --> 00:38:20,128
Yeah.

1206
00:38:20,128 --> 00:38:21,586
Your social media has been

1207
00:38:21,586 --> 00:38:21,978
awesome.

1208
00:38:22,078 --> 00:38:24,540
Thanks so I appreciate your much.

1209
00:38:25,040 --> 00:38:25,181
Yeah.

1210
00:38:25,181 --> 00:38:26,680
your social media time, has man.

1211
00:38:26,820 --> 00:38:27,354
been Yeah, awesome.

1212
00:38:27,354 --> 00:38:28,066
Thanks so much.

1213
00:38:28,066 --> 00:38:29,507
Yeah, great time talking to you
too.