Episode 62: Niche Down on Nicheing: Strategies for Sustainable Success For Canadian Investors & Entrepreneurs

Listen Now!

If you have been successful in entrepreneurship, business, investing, or even life – but you aren’t actually clear on what you’re striving towards – it’s highly likely that you’ve just been lucky.

The real question you need to ask yourself is: 

How long will your luck last if you continue to drift through your entrepreneurial daily ritual, aimlessly working without intentionality, without clarity, or without a clear goal in mind? 

As entrepreneurs, business owners, and investors, we are “go-getters” by nature and that can lead us to try to be all things to all people. 

In this episode you’re going to learn the most important element you need to take your wealth creation journey to the next level. 

The Canadian Wealth Secret Sauce for this episode is: 

Identify your niche and direct the vast majority of your time, energy, and thoughts towards serving those in that niche.

We’re going to “niche down” on “niching down” in all aspects of entrepreneurship, business, finances, and life to help you determine how you can better direct your time, energy, and overall focus on becoming the expert you need to be for your niche. 

What you’ll learn: 

• Why much of the success that we as entrepreneurs, business owners, and investors achieve can often be attributed to luck;
• Why your natural drive to be all things to all people is actually holding you back from even greater success in your business be it active or passive;
• How to avoid the feeling of “ditching” some potential clients you could help or “missing out” on investment opportunities that fall outside of your identified niche; and,
• Why becoming the “authority” in a very specialized niche with a more narrow base of clients, deals, or opportunities will lead you to much greater levels of entrepreneurial or investor success.

Resources:

• Episode 45: Why Going 10x Is Easier Than 2x
• Episode 38: Clarifying Your Life’s Why So You Can Achieve Your Dream Lifestyle
• Book a Discovery Call with Kyle to review your corporate (or personal) wealth strategy to help you overcome your current struggle and take the next step in your Canadian Wealth Building Journey!
• Looking for a new mortgage, renewal, refinance, or HELOC? Reach out to Jon to share some options.
• Follow/Connect with Kyle Pearce on LinkedIn for daily posts and conversations about business, finance, and investment. 
• Dig into our Ultimate Investment Book List
• Download our Wealth Building Blueprint

Let’s Connect For A Discovery Call!

For those interested in having a review of your financial wealth plan, learning more about potential joint venture (JV) opportunities, or a mortgage review, book a free discovery call now.

Watch Now!

Episode Summary:

The big question on the mind of many Canadian homeowners with a variable rate mortgage is…

…should I lock-in my variable rate mortgage?

While every situation is different, the most simple answer without any other context would be “no.”

<Sorry to those who already did…>

Why?

The damage has already been done. Rates are high and the Bank of Canada (along with their boss, the U.S. Federal Reserve) are in a rate hold pattern with the aggressive spike up in interest rates that first began in early 2022.

The goal for these rate hikes was to stamp out inflation that had been very high for some time throughout the pandemic.

Although the last Consumer Price Index (CPI) numbers came in higher than anticipated in the U.S. this past week, economists still predict that rates will stay elevated in the short term before beginning cuts as early as the 2nd or 3rd quarter of this year.

While you may stand to save interest in the short term by locking in your variable rate mortgage into say a 5 year fixed, the data and probability suggests that you may soon find yourself paying more on the fixed than your current variable rate.

The Bad News…

The bad news is that any mortgage professional be it from the “Big Banks” or independent brokers who were promoting the use of a variable rate term while interest rates were at historical lows – with the exception of very specific cases such as a short term need – was doing you a disservice. The small savings you were receiving over a fixed rate has now turned into a big loss for many.

For those who bought a home, renewed, or refinanced with a variable rate mortgage in 2020-2022, your time to lock-in to a fixed rate has likely passed.

The Good News…

It is very likely that the worst is here and that relief is coming your way soon.

For those whose mortgage is up for renewal during 2024, exploring the option of a variable mortgage may be the right move from a probability standpoint. However, locking in to a fixed rate may be what you want and need to sleep better at night.

If possible, you might consider shorter terms, however you will be paying a higher rate to do so.

What are the terms of your mortgage currently and when are you up for renewal?

What are your plans based on what you knew before reading this post and what has changed now that you’re at the bottom?

See the comments for some helpful links to learn more about interest rate projections, CPI numbers, and who you might connect with to discuss your mortgage details in order to craft your plan.

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00;00;00;05 – 00;00;29;07
Kyle Pearce
If you’ve been successful in entrepreneurship, business investing, or even life in general, but you aren’t actually clear on what you’re striving towards, then it’s highly likely that you’ve just been lucky. The real question you need to ask yourself is how long will your luck last if you continue to drift aimlessly without doing things with intentionality, without clarity, or without a clear goal in mind?

00;00;29;10 – 00;00;38;21
Kyle Pearce
As entrepreneurs, business owners and investors, we are go getters by nature, and that can lead us to try to be all things to all people.

00;00;38;24 – 00;01;04;25
Jon Orr
In this episode, you’re going to learn the most important element. You need to take your wealth creation journey to the next level. And our secret sauce for today’s episode are, well, secret sauce is always be niching. We’re going to niche down on niching down in all aspects of business, finances and life to help you determine how you can better direct your time, energy and overall focus on becoming the expert you need to be.

00;01;05;02 – 00;01;41;27
Kyle Pearce
Let’s go. Welcome to the Canadian Wealth Secrets Podcast with Kyle Pierce and John Walker. We are recovering high school mathematics teachers and education consultants whose entrepreneurial spirit led us to begin multiple businesses, as in real estate investing, digital courses and coaching and consulting. After the bell rang at dismissal time.

00;01;42;03 – 00;01;59;26
Jon Orr
And fast forward a decade later where we’ve grown our portfolios and time free them to the point where we can now help entrepreneurs, business owners and investors grow their wealth into a legacy that lasts generations through hidden investment and tax secrets. Your financial advisors won’t believe our true.

00;01;59;29 – 00;02;27;13
Kyle Pearce
All right, John, let’s dig in here today. The episode is we’re all about niching down. We’re going to niche on niching and why this is on our minds is because we’ve had this long journey of businesses. We were working, first of all, as educators right in the classroom. And at that point you can actually look all the way back then and sort of see how this advice could have been really helpful to us.

00;02;27;13 – 00;02;46;18
Kyle Pearce
Right? We’re trying to work with students. We were trying to be all things to all people. Fast forward now to the work that we do now, and it’s like we still seem to want to have this drive to help as many people as possible. But in reality, it just isn’t realistic to be able to provide all things to all people.

00;02;46;21 – 00;03;02;02
Kyle Pearce
And we really want to kind of go down this rabbit hole a little bit to niche down on what should we be doing instead in order to essentially not only grow our businesses, but ultimately do it in a more effective authority state of way.

00;03;02;07 – 00;03;22;18
Jon Orr
You said it in the introduction, but the most important aspect of running your own business or managing your finances, or like we said before, in anything that is you’re dealing with on a regular basis in your life. The secret sauce is clarity. You have to have a clear pathway. You have to have a clear image of what you’re after.

00;03;22;18 – 00;03;46;21
Jon Orr
So that turns into so many different things that we need to niche down. So a thing about being clear is how you niche down into certain aspects of your life, your finance life, your business life, your personal life. So what we need to do is the thing that drives you to be the most successful wealth creator. The person that’s going to build their wealth into a legacy that lasts is how to get clarity on these things.

00;03;46;21 – 00;04;15;18
Jon Orr
How do I get clarity on what my business objectives are? How do I get clarity on what our personal finance goals are, and where should my money be on that? How do I get clarity in my day to day interactions with the people I work with? My employees, my family members? Being very clear on how you’re helping people or how you’re changing your business or how you’re managing your personal wealth is the secrets sauce to becoming just having wealth in all of those areas.

00;04;15;25 – 00;04;33;09
Kyle Pearce
I love it. I love it. And it’s funny because when we think about it, you can look at things from two different parts of the spectrum. You can go one side of the spectrum and say, Oftentimes we almost niche down in a certain pillar of our life. So we go hard on work, for example, and then we ignore these other pillars.

00;04;33;09 – 00;04;54;12
Kyle Pearce
We’ve talked about the five pillars, right? And your health, your family, your friends, your job, those are the things that sometimes we find ourselves sort of over niching on a pillar. But then it’s like once you’re in that pillar, you almost want to do everything within it. So let’s think about this for a second. Think about your average business owner.

00;04;54;15 – 00;05;17;23
Kyle Pearce
You’re in a business and you want to be the best at everything possible that your business can serve. So I want to use an example just from everyday life. Like let’s think about a repair shop for cars, right? Your repair shop, That’s niching down, I suppose. You don’t fix everything. You fix cars and trucks. Sure, that’s great. But what do you specialize in?

00;05;17;23 – 00;05;49;27
Kyle Pearce
And I think that’s the real question here is like, are you just another repair shop? So dime a dozen every repair shops the same? Or do you go all in on one thing and do it better than everyone else? And when we think about this, really, when we talk about niching down, it’s really about thinking about who is that specific group that we’re looking to serve or what’s that specific goal that we have that we want to achieve, and trying not to get distracted by all the rest, Because you know what?

00;05;49;27 – 00;06;09;29
Kyle Pearce
I could try to have the best oil chain shop and then get distracted when someone comes in and says they want to do breaks. And you’re like, Well, I can do that really well too, right? And then the next person comes in with a banged up bumper. And I know how to fix that too. And then all of a sudden you’re doing a lot of things that may be really well, but it’s not a parent to anyone else.

00;06;09;29 – 00;06;35;20
Kyle Pearce
And I would argue that it actually distracts you from being the best oil change place that there is. Right? It’s like, what is my sort of unique ability, my unique offering that I can bring to that world? While I haven’t committed enough time and energy towards focusing on that, I’m focusing on how to improve that process. How do I take that 30 minutes oil change down to 20 minutes?

00;06;35;20 – 00;06;45;11
Kyle Pearce
Sort of reminds me of the idea. What is it like a seven minute abs? And it’s like, what? Like how do you get it to 6 minutes at a rate? And I can’t remember what movie it’s from.

00;06;45;14 – 00;06;46;13
Jon Orr
Mary That’s something about.

00;06;46;18 – 00;07;07;28
Kyle Pearce
It Is There it is. Yeah. It’s like, No, no, I got it, I got it. It’s six minute abs. I don’t even know what the numbers are. However, it’s the same idea, but we’re talking about it. Trying to be realistic here and say, you know what? If you’re just doing it the way that everybody else is doing it, are you actually serving people in the best way possible?

00;07;07;28 – 00;07;36;11
Kyle Pearce
Can I do this as best I can? Now I’m using a specific scenario like an auto repair shop, but the same is true in, say, life, business, personal finance, health, All of these areas, we really it comes down to this idea of about getting clear on what it’s after. If today, this morning during my workout I want abs and I’m going to focus all on my abs and then tomorrow I forget about that goal and I want to be the fastest runner ever.

00;07;36;13 – 00;07;44;15
Kyle Pearce
You’re doing a lot of good stuff, but are you actually getting closer to your real goal, to the thing that you set out to do at the beginning?

00;07;44;17 – 00;08;08;00
Jon Orr
Sure, Yeah, for sure. Why do you think people who aren’t focusing on the thing and niching down on whatever aspect and going there, like I need to make sure that that piece is tiptop. That piece that I really want to focus on is important. So if it’s in business, like what you’re saying is like I’m niching down too to help and serve that person or that custom avatar.

00;08;08;02 – 00;08;40;17
Jon Orr
When we talked about our students, we were like, We want to make sure back in a different life. When we were teachers, we wanted to help a certain group of students and crafted so many resources on helping that one group of students change their disposition towards mathematics. And so when we think about it and zoom out to all aspects, like why do we think like if I’ve been successful in business and I haven’t kind of zeroed in on different areas to make sure that all the holes are plugged and make sure that I’ve kind of niched down to where I need to niche down or I’ve set my objectives.

00;08;40;17 – 00;08;47;24
Jon Orr
Like, I didn’t do that. We said before, it’s like, you must have been lucky. Why would you get lucky? How does it work? How do I get lucky and not have those things?

00;08;48;00 – 00;09;07;15
Kyle Pearce
Well, I’ve got a funny feeling that people who are listening to this podcast, especially those who are entrepreneurs, the business owners, the invest ears out there that you are go getters, right? Your go getter and you’re a hard worker and you’re going to work as hard as you possibly can and you’re not going to quit. And all of those things.

00;09;07;15 – 00;09;17;01
Kyle Pearce
I think when you talk about hard work and opportunity, that’s sort of the definition that some have as to what luck really is. However, just work hard.

00;09;17;01 – 00;09;17;22
Jon Orr
It will work out.

00;09;17;28 – 00;09;40;08
Kyle Pearce
Yeah, a lot of me says I agree with that. If you work as hard as you possibly can and you don’t quit, opportunity is going to arrive. It’s going to find you and you’re going to be lucky. But could we do it better? Imagine a world where wherever you are in that journey, imagine if we went and said, Wow, I committed.

00;09;40;11 – 00;09;56;20
Kyle Pearce
I don’t know how many thousands of hours, 10000 hours to doing this thing. And imagine if someone told you later in life they’re like, You could have done it in 500 hours. You spent 10000 hours because you never quit. You worked hard, but because you didn’t have you didn’t.

00;09;56;20 – 00;09;58;03
Jon Orr
Focus on the right things.

00;09;58;06 – 00;10;26;00
Kyle Pearce
Exactly. You didn’t have the clarity, You didn’t have the intentionality. You didn’t really know what you were searching for. So you just kept working hard. And I’ve been there, John, I know you’ve been there. You’re way better at this than I am. I still find myself eager to explore more. I’m a fact finder, as everyone knows from our Colby Test episode, so I’m driven to explore new things and really what I keep trying to keep my mind.

00;10;26;00 – 00;10;47;15
Kyle Pearce
I don’t want to fight that fact finder drive in me, but when I’m doing this work, I always want to go, Does this could this not does it, but could this potentially help me get closer to my goal? And there’s different goals for the different aspects of your life. In our business, the one that we deal with most every day.

00;10;47;16 – 00;11;20;12
Kyle Pearce
I’m working with a lot of business owners, entrepreneurs, investors, specifically those who are in corporate aided in helping them to have a better plan for how they can not only continue along this journey to grow their net, their net income, their net worth, but to also do it in a way that’s going to allow them to maybe take safer bets with their money because we’re taking tax incentivized ways our RC tax sheltered ways to do it.

00;11;20;12 – 00;11;40;29
Kyle Pearce
And this requires a lot of strategy. So every rabbit hole I go down, I have to ask myself a question and say this is an interesting strategy, but does that actually help me become better at what I want to do to help serve that group of people? And if the answer is no, I got to put it on the back burner, right?

00;11;40;29 – 00;11;47;18
Kyle Pearce
I can put it in the weekend pile of like free time pile. And I get to decide to do those things because I want to.

00;11;47;18 – 00;11;48;28
Jon Orr
Do some day maybe list.

00;11;48;28 – 00;12;08;17
Kyle Pearce
Exactly. But I can’t take my work time that I’ve blocked out as time to focus on this specific goal. I need to make sure that I’m committing all of that time and all of that energy towards the thing that I want to happen for that specific time. BLOCK So if it’s work, what’s my goal for my work that day?

00;12;08;22 – 00;12;31;17
Kyle Pearce
What’s my goal for my family that day? That might mean putting the phone down, right? Every single time. BLOCK Might be focusing on a different aspect of my life, But I have to decide, is this action going to get me closer to that goal? And if you’re wondering, you’re like, well, I don’t really have a goal for that specific thing, whether it’s personal health, business investment, whatever.

00;12;31;19 – 00;12;40;16
Kyle Pearce
If you don’t have that, then you’re kind of drifting, right? And we would argue you want a pause and you want to decide what is it that we’re trying to achieve here?

00;12;40;24 – 00;13;02;28
Jon Orr
Let’s go back to your business for a second in what you said about trying to get focused on how to help that particular group of people save on their taxes or think about how to be a wealth architect to them. You weren’t always clear on who it was. So what led you to get more clarity? How did you get more clarity on that aspect of your life?

00;13;03;00 – 00;13;20;16
Kyle Pearce
Yeah, it’s really interesting and I would say much of it I think starts with we’ll call it selfish and I mean selfish because it’s like I’m looking to serve people who I feel that I am. I was trying to solve this problem for myself. I was trying to solve it for you and Matt. I did a lot of work to do that.

00;13;20;16 – 00;13;39;10
Kyle Pearce
My goal was at that time, how do I solve a very specific problem that we were facing? And I was able to get there. I had to put a lot of time and effort into it, but I was able to get us there to go all right. I solve that goal and when I look back, it’s like when I got into this world, I’m like, I’ve always loved finance.

00;13;39;10 – 00;13;56;21
Kyle Pearce
I have always loved investing and I’ve always loved trying to teach and educate. So it just seemed like a great fit, like I’m going to help everybody. And my thought was, All right, well, I’ll get licensed and I’ll do it all. I’m going to get licensed to help people with investments and in their earnest PS and they’re tax free.

00;13;56;21 – 00;14;13;22
Kyle Pearce
So I’m going to help them with JVs. When we have deals that’s going on, I’m going to help that. I did all of this stuff. And what I recognized was I’m like, you know, it’s going to be really hard to be really awesome at all of those things for every specific individual that’s out there. And I started to recognize that.

00;14;13;22 – 00;14;36;09
Kyle Pearce
I’m like, Well, where did I spend the most time and effort while it’s been on the things that we’ve done? So me personally, I don’t do a whole lot of RSP investing because we’ve always been a real estate investor, right? A lot of business owners tend to not be I shouldn’t say this, some still do pull salaries to throw it into an RSP because they’re being told that’s what they’re supposed to do.

00;14;36;12 – 00;14;59;16
Kyle Pearce
I would argue that for many that’s not the case. I say many, not all. And I recognize that, wow, there’s a very specific group of people that I can really help with something in a very unique way that other people can’t do any body can help someone with an RSP, right? You’re like, Hey, I just want to take that RSP and go put it in index funds or whatever.

00;14;59;23 – 00;15;31;06
Kyle Pearce
It’s like, I don’t need to spend my time there because somebody else can do that. I don’t need to be the one that goes and helps that person out. But what I want is I want to be able to take all of this time and energy that we put into the work that we do. And I want to be able to help more people like us, because here’s the reality is that I searched for years trying to find the people out there, the different teams out there that would be able to help us strategize in such a way that would take our unique situation.

00;15;31;06 – 00;15;53;18
Kyle Pearce
Having incorporated businesses, having holding cards, real estate often is incorporated, but it doesn’t have to be. And how do I do that while also still getting maybe this feeling of safety and security in the long run when let’s say, maybe I don’t want to work as much as I do now, Right. And I just want to go and take a couple months off and go somewhere.

00;15;53;18 – 00;16;17;10
Kyle Pearce
I want to have sort of that feeling that those people with pensions have the feeling that some of those people with like really big RSPs have. But I also don’t want to have the tax issue that all of those people have. And that was really the problem I looks to solve for us. I was very clear on it and now I’m like, Well, why would I not want to help more people solve that same problem?

00;16;17;10 – 00;16;22;16
Kyle Pearce
Because it’s something that I care so much about and I’ve spent so much time digging through.

00;16;22;19 – 00;16;58;04
Jon Orr
Yeah. So what I’m hearing is if you want to break this down, right, like, how do we get clear on what’s most important is what I heard you hear is almost like outline like I know what my outcome needs to look like. I know I want that. And how do I re-engineer it to create that? What are the steps that I need to do in order to solve that problem, which is allows me if I solve that problem and allows me to achieve my dream outcome, which was having that financial security of having those big RRSPs without the tax implications, you can see it down the road that you wanted those things and you worked

00;16;58;07 – 00;17;22;03
Jon Orr
to get them and that also made it clear who you needed to help. So it’s like if I’m trying to decide on how to get clear on what the most important action is for me in my business or in my financial journey, what do I want that dream outcome to look like? And then how do I re-engineer it and then figure out where do I spend my energy to create those pieces and how do I create those pieces?

00;17;22;03 – 00;17;40;21
Jon Orr
What does that look like? It takes planning. It also takes dedication. And dedication can be hard. It can be really hard. And I heard a phrase recently. My wife actually was listening to a podcast and she heard a phrase that really stuck with her and she said, You got to choose your heart because so many things are hard.

00;17;40;21 – 00;18;01;21
Jon Orr
But the other option is also heart, right? It’s hard to be in debt, right? It’s hard to be in debt. That’s a tough life to be in debt and to have that weighing on you. But it’s also hard to plan out your financial roadmap. That’s hard, too, but which hard you want? Do you want to go down the rabbit holes and try to figure the planning out and dedicate time to making that real?

00;18;01;28 – 00;18;17;23
Jon Orr
Because that’s hard and it takes time. But it’s also hard to not do that because you create a life where it’s like, Man, that’s a life that’s hard to live. It’s the same with exercise, it’s the same with exercise, right? It’s like I could exercise every day, but that’s hard. But if I don’t exercise every day, maybe my health.

00;18;17;23 – 00;18;30;16
Jon Orr
That was what worried me about my exercises. I taught with a teacher who’s my age right now, But this was ten years ago and he died in the classroom. Heart attack diet fell over in front of the kids right there before he.

00;18;30;16 – 00;18;35;14
Kyle Pearce
It’s going to make a joke if the calculus problem was too hard, but that would be teacher, do it. Okay.

00;18;35;14 – 00;18;54;03
Jon Orr
And it really hit me, right? It was like and he was there. I’m 45 years old, early, right? Just in. I’m around that age now. But it was ten, 15 years ago this happened. And I remember thinking like, I don’t want that to be me. Like, I have to make sure that my heart can keep me going. So I dedicated that I was already exercising, but I was like, That is my heart.

00;18;54;03 – 00;19;06;23
Jon Orr
I’m going to make sure that I don’t have that hard life. And then I’m going to have this hard life instead, right? It’s like I got to choose your heart. And that can help you dictate what your dream outcomes going to be. But you got to re-engineer it.

00;19;06;25 – 00;19;16;29
Kyle Pearce
I love it. And something that popped into my mind when you talked about it, it’s almost like you could have hard now and easier later, or you could have easy now and harder.

00;19;16;29 – 00;19;18;14
Jon Orr
Lay the same idea, right? Same idea.

00;19;18;14 – 00;19;41;11
Kyle Pearce
You really think about that and you go like you get both. It’s easy to ignore. Say your plan for your company, right? Or your business or your investments. It’s easy to just sort of do the thing right and do a bunch of saving or do a bunch of investing. But it becomes hard if later you’re like in the spot and you’re sort of like, I didn’t really like Think This Through.

00;19;41;13 – 00;20;00;01
Kyle Pearce
I was actually just on a call before we hit record was on a call with a business owner. Seems like an awesome individual has been working quite a bit is in their fifties now is starting to like think about seems like enjoys doing the work so it’s not like I’m dying to get out but you can tell it has been stuck in a way, a lot of money.

00;20;00;01 – 00;20;18;21
Kyle Pearce
I would argue that this particular individual actually has been living well below their means. Congratulations. But I don’t think it’s because they just don’t want to. I think it’s like almost like a bit of fear. Right. And it’s like that’s the unknown. So it’s like he’s kind of rolling through life or has rolled through life to this point.

00;20;18;23 – 00;20;41;13
Kyle Pearce
Had also mentioned that every investment this person said, every investment that I’ve made was a bad one, except for a really low return, almost like guaranteed return, call it 4% or whatever. Yeah, I’m like, there’s a lot of people like that. But the part that really resonated with me was that that person had been living pulling a specific salary, which seems low.

00;20;41;14 – 00;21;04;07
Kyle Pearce
It was under $100,000. Right? Has said he’s not been unable to enjoy life or anything, but this size of the investments inside of this portfolio are just massive. Not to mention, he owns a business that is doing quite well. So year to year this person’s getting more and more retained earnings and it’s flowing up to the holding corp.

00;21;04;07 – 00;21;33;10
Kyle Pearce
And I mean, a guy like me, I’m all over that. I’m like, that’s amazing. I’m all excited. But at the same time it’s happening because there hasn’t been enough, say, focus or planning around. What does that look like? What’s my goal? How am I going to get there? And basically there’s some fears that this person exposed and the fear was, am I going to have enough to not only survive through retirement but also leave a bit of a legacy to his child?

00;21;33;13 – 00;21;59;12
Kyle Pearce
And I’m like, yeah, those are like two really big things. But here’s the crazy part based on this. Just listening to the scenario that child is going to be living a ten X lifestyle to this particular individual. So I’m not saying that he wants to live a ten X lifestyle, but the reality is it’s almost like he’s living well under his means to make sure that there’s protection there for the daughter.

00;21;59;14 – 00;22;25;10
Kyle Pearce
And now the daughter is literally going to be put in a position where she could live a ten x lifestyle her entire life, and that person never really even had the opportunity to kind of go there because there wasn’t the appropriate planning taking place. Right. So not only from like a taxation perspective, this person is losing money to taxes based on the strategy they’re using right now, but also actually has access to more capital.

00;22;25;15 – 00;22;49;04
Kyle Pearce
And I’m like, we could literally do some of our strategies. We can use these strategies to not only increase your net worth, your legacy over time, but we can also put more money in your pocket at the same time with no out-of-pocket costs and no risk. I say no risk. It’s like nothing in life is ever risk free.

00;22;49;04 – 00;23;12;04
Kyle Pearce
But I’m going to say one of the safest risks that they could possibly take. And that was just one scenario. And again, it comes down to what is your goal and how am I going to get there? And if this person would have known that goal ten years ago, 20 years ago, 40 years ago, I’m going to bet that their net worth would be dramatically different as well, Right?

00;23;12;04 – 00;23;31;06
Kyle Pearce
That clarity would have allowed them to act way earlier. It’s still going to benefit this person. They’re in their 50th. This is going to still benefit them. And it’s great. And I love it that I’m able to kind of go, hey, look, you can get that, that and a better lifestyle whether you choose to use it or not by doing these things.

00;23;31;06 – 00;23;44;13
Kyle Pearce
This very particular strategy that we can put in place based on your scenario, it makes me feel like so amazing inside. And it’s like the beauty is, is they don’t have to give anything up. The only thing they’re giving up is having to bet on luck.

00;23;44;15 – 00;24;04;07
Jon Orr
Yeah, and think of it like if we go back to the top of the episode, we said our secret sauce. You know, our wealth creators. Secret sauce is always banishing, always thinking about what can I drill down on to get more clear on what’s important? That’s what really niching is, right? Is like, I want to get niched in my business.

00;24;04;07 – 00;24;18;02
Jon Orr
I want to make sure I serve that particular person when we want to niche down or get very clear on what our business is after, we have to say what are our main objectives? What are my 90 day goals? What do I want to see the outcome look like? And I need to get day goals. Let’s re-engineer it.

00;24;18;04 – 00;24;36;23
Jon Orr
How do I niche down to create my wealth in my personal life? How do we serve the people around us? You wonder, how do I best serve my kids and also their friends on the hockey team? It’s like, how do I best serve those and what are they really going through so that I can really understand how to best serve a particular individual in our lives?

00;24;36;23 – 00;24;52;02
Jon Orr
Those are the questions we ask ourselves to be create wealth in our life. And then I think about our finances. If we’re creating wealth in our finances, you just kind of nailed it. It’s like we do have to go. Like what matters most? How can I structure what I’m really after, right? That re-engineering has to happen there too.

00;24;52;03 – 00;25;07;08
Jon Orr
What? How can I niche down in my personal finances to get the thing that I’m really after and to make myself feel good about doing that and so that I can get it. And I think that’s where we have to be clear, because if we’re not clear, it’s been luck the whole time.

00;25;07;10 – 00;25;27;18
Kyle Pearce
Totally. That’s a huge takeaway. I know for me, I struggle with this because again, I’m the type of person that I get joy out of helping people, all people. I don’t like the idea of niching down and I want to just share something that has come up to me, a realization that I’ve made about this idea of who you want to focus on.

00;25;27;18 – 00;25;48;07
Kyle Pearce
So I mentioned in just a moment ago that who I want to focus on happens to be incorporated business owners, entrepreneurs, investors. I want to help them specifically. But it doesn’t mean you have to say no to other people. And I think that for me is a big takeaway. I’m not going to go out and try to seek out helping everyone.

00;25;48;10 – 00;26;07;29
Kyle Pearce
But if someone comes to me so if you’re breaking, go back to our mechanic scenario and you have a garage and you want to focus on brakes on cars, doesn’t mean that you have to turn away anybody else that comes to you for something else. But what you want to make sure everybody knows is that you are an authority in that particular space.

00;26;07;29 – 00;26;30;03
Kyle Pearce
You don’t have to turn everybody else away and I tend to do the same thing. So I have some people that reach out about RSPCA. I’m more than happy to share thoughts, ideas, next steps, and usually it means ultimately giving them an idea to think on and then trying to connect them to someone else who’s a better fit because that’s their niche.

00;26;30;05 – 00;26;51;07
Kyle Pearce
But so I think for me that’s the biggest maybe takeaway is sort of look at the pillars in your life. Think about the pillars thinking that you want to give enough to each of your pillars. But then once you hone in on that pillar, if it’s finance, if it’s your business, if it’s your family or your health, it’s like, what are those specific goals that you’re after?

00;26;51;14 – 00;27;02;09
Kyle Pearce
So that when you’re focused on that pillar that you can give all that you’ve got towards that specific goal so that you’re not leaving the rest all to luck.

00;27;02;16 – 00;27;22;26
Jon Orr
Love it. Great way to kind of summarize what we chatted with here today. Kyle, if this is the first time you’ve listened to one of our episodes, then we want to welcome you and we encourage you to hit the subscribe button so that you can listen to next week’s episode. We release episodes every Wednesday and you can subscribe and get those notifications right to your device so that you don’t miss out.

00;27;22;27 – 00;27;43;19
Jon Orr
As we put out new episodes, this is not the first episode. You listen to a number before then consider leaving a rating and review and that helps people find the show. It helps others decide if this show is the right fit for them. If you’ve decided this is the right fit for you, hey, keep on listening and make sure that leave that rating and review.

00;27;43;22 – 00;28;19;11
Kyle Pearce
Hey, they’re incorporated business owners, entrepreneurs and investors. As you just heard me, That’s the niche I love playing in the most and I love love hearing scenarios. Situations are usually complex. Most of the time people respond and say, My scenario is really complicated. They say, and I’m like, No, no, it’s not complicated. It’s complex because you’re a business owner and you have a corporate structure, and that means that you could probably use a discovery calls so we can run through your scenario, see if there’s any ideas, any easy things that you can put into place right away.

00;28;19;14 – 00;28;42;14
Kyle Pearce
Or maybe there’s some bigger, loftier goals that you want to set for yourself so that you can maximize not only those profits that are coming in, those retained earnings, but also ensure that you’re directing them in such a way that’s going to save you in terms of the taxation and the punitive tax system that we have, but then also leads you to growing your net worth at the same time.

00;28;42;14 – 00;29;06;22
Kyle Pearce
Hey, if that sounds like you reach out to us. Canadian Wealth secrets dot com forward slash discovery and we can hop on a short discovery call once again Canadian wealth secrets dot com forward slash discovery. I always always strive to give you at least one big takeaway something that you can walk away with, implement or seek out with your advisors.

00;29;06;25 – 00;29;08;28
Kyle Pearce
Looking forward to seeing you next time.

00;29;09;00 – 00;29;27;27
Jon Orr
Alright Canadian. Well, secret seekers, we will get into the secret sauce next time. Take care.

00;29;27;29 – 00;29;44;01
Kyle Pearce
Just a reminder, my friends, that the content in this episode and all episodes is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial or other advice.

00;29;44;03 – 00;29;59;26
Jon Orr
John Or as a mortgage agent with Brick’s mortgage license number. m23006803. Kyle Pierce is a licensed life and accident and sickness insurance agent with the PAN Corp. team, which includes corporate advisors and the PAM Financial teams.

Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

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