Episode 35: Your Investment Advisor’s Definition of Risk Is Wrong!

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On this episode of the Canadian Wealth Secrets podcast we explore the topic of investing risk, how we perceive it, understanding what you are actually risking, risk’s impact on our investing decisions, how you can leverage expertise to minimize risk, and how risk evolves with learning and experience.

As you’ll quickly learn, your investment advisor’s definition of risk is pretty limited and it may even be outright wrong!

Let’s take some time to help you determine which of the investment opportunities or business ideas you’re currently stewing on are risky for you and how you can begin lowering the level of risk so you can feel confident to take the next step forward.

Resources:

• The Canadian Wealth Secrets Wealth Building Booklist 
• The Real Group Windsor Real Estate Team
• Canadian Wealth Secrets Ontario Mortgages
• Download our Wealth Building Blueprint

Interested in Joint Venture Opportunities?

For those interested in being considered for potential Joint Venture (JV) opportunities, reach out to us here.

Contact Matt if you’re Buying or Selling Real Estate in Windsor or Essex County!

Reach out to Jon if you’re looking for an Ontario Mortgage or an Ontario Mortgage Refinance!

Check out the work Jon and Kyle do assisting mathematics educators and district leaders.

Watch Now!

00:00:00:10 – 00:00:24:05
Matt Biggley
Potential real estate investors, they are just so paralyzed by the fear, by all the bad things that can go on and we talked about this many times in the show. People and I had a bunch of these conversations at an open house on Sunday. They said, I’ve been thinking about this for years and years and years. So people are literally stuck by this perception of risk.

00:00:24:06 – 00:00:44:02
Matt Biggley
So some of my thoughts are, how do we mitigate this risk? How do we scaffold risk for new investors or even investors who’ve been experienced maybe in one asset class and are looking to shift over to another one? And it’s been fun working with you guys because we’ve evolved outside of real estate and taken on some things that for me felt risky because they were uncomfortable.

00:00:44:02 – 00:01:06:19
Matt Biggley
I simply didn’t have experience or know how or I’m not a human calculator like the two of you guys are when it comes time to some of these number concepts that we’re involved in, some of the other assets we got into.

00:01:06:21 – 00:01:13:05
Kyle Pearce
Welcome to the Investing Teacher podcast with Kyle Pearce, Matt Biggley and Jon.

00:01:13:05 – 00:01:22:06
Jon Orr
Or Hey, get ready to be tired. We share successes and failures encountered during our real life lessons learning how to build generational wealth from the ground up.

00:01:22:08 – 00:01:27:09
Matt Biggley
Welcome investor students to another episode of the Canadian Wealth Secrets podcast.

00:01:27:11 – 00:01:37:14
Kyle Pearce
Hey, today everyone, we are going to be first of all, welcome back. Matt. You had a busy week last week when we had Who did we have on Ryan? Ryan is in the kitchen.

00:01:37:14 – 00:01:39:15
Jon Orr
Malcolm He had the Canadian idol.

00:01:39:21 – 00:02:00:17
Kyle Pearce
And felt so welcome to go when when we recorded that. So great to have Matt back here and there’s been something we’ve been chatting quite a bit about as the invested students know from previous episodes. While we are pretty excited about investing in real estate, we love the tangible ness of it. We love the scarcity of it. People always need a place to live.

00:02:00:19 – 00:02:27:04
Kyle Pearce
And just this idea of having something that could generate US income, that’s one of our main places. But the reality is, is that we invest in all kinds of different asset classes. And this idea of risk sort of has been floating around out there. We’ve heard a lot about it. And actually when we chat with invested students, oftentimes this idea of risk pops up.

00:02:27:04 – 00:02:55:03
Kyle Pearce
And I think we have maybe an incomplete story of what risk really is, right. When I think about risk, I think a lot of people think you have to be risky. You have to do things that are risky and scary and maybe have low probabilities or low were probabilities of success in order to experience a higher reward. And through our conversations, we’ve sort of landed on something a little bit different.

00:02:55:03 – 00:03:06:09
Kyle Pearce
And actually, I want to let the cat out of the bag here. We’re going to try to promote people to think about actually doing something that is low risk can actually be the greatest reward.

00:03:06:10 – 00:03:27:00
Jon Orr
Yeah, that’s for sure. I think going to be something that we get to in this episode. And I think for us, when we think about there’s risk in the conversations we’ve had about risk, I feel like we’ve kind of stumbled on that, like you said, cause some people think certain asset classes are risky. Oh, I don’t want to go in the stock market because that’s risky.

00:03:27:06 – 00:03:51:19
Jon Orr
I don’t want to be in real estate because that’s risky or I’m going to be in mutual funds with my bank because there’s low risk there or I’m going to be in my whole life insurance premiums that I’m contributing to every year that’s growing. That’s no risk. That’s low risk. Instead of I think people think certain asset classes have an immediate assignable amount of risk.

00:03:51:21 – 00:03:59:07
Jon Orr
Imagine you had this chart and each asset class was listed across the x axis, the horizontal axis, and there was like a.

00:03:59:09 – 00:04:00:11
Kyle Pearce
Jon coming out. Look at.

00:04:00:11 – 00:04:20:09
Jon Orr
Exactly, exactly. And there’s a bar chart. And then up the side is the level of risk. And it’s like automatically there’s a certain amount of risk that is in that asset class. So if you imagine real estate investing, when I talk with family members, other people, they’re like, Oh man, that’s so risky because there’s so many intricacies in so many things to think about.

00:04:20:09 – 00:04:48:02
Jon Orr
It’s so risky. But instead you should be thinking about, I think, how much risk for each individual as I think the risk changes, not because you’re tolerance for the risk that’s there. It’s actually less risk to you when you have information, when you know about something, when you have a certain knowledge level about something, it becomes less risky for you because you’re completely involved.

00:04:48:02 – 00:05:10:00
Jon Orr
Think about it. You’re in I business helping other math teachers, helping other district leaders change their math program. We run a business to help people do that. And somebody might say, Oh, you’re an entrepreneur and you’re running your own business. You’re a math teacher over here. It’s no risk because you have your fine pension plan. You’re going to shift to all of a sudden run this business.

00:05:10:02 – 00:05:27:15
Jon Orr
And you’re like, That’s so risky. Actually, we’ve been doing it for a long time and we know exactly how the intricacies of this business works. And it’s actually no risk for us because we know so much about running this business that it’s going to run and there’s actually no risk anymore. We don’t even think of it that way.

00:05:27:15 – 00:05:51:09
Jon Orr
And I think real estate investors who’ve been doing this long time, I think, think the same way. There’s no risk here. For me, each maybe deal has risk associated. You do that analysis for sure, but I think people’s mindsets around asset classes need to shift a little bit about there’s no predefined risk. It’s all about how much information you have about, say, that industry, that asset.

00:05:51:09 – 00:06:16:24
Matt Biggley
Class as you talk there, Jon, would maybe me really appreciate how investing which should be something that’s so based on logic and rationale and numbers is actually so emotionally driven. The big banks would play on this when they try to pitch you on a mutual fund that’s low risk. We tend to associate risk with fear, and fear is what holds so many people back from taking those first investing steps.

00:06:16:24 – 00:06:39:22
Matt Biggley
And I think about our audience. Our audience would be largely educators or people with pension defined benefit pension jobs. We are trained over the course of our career to think incredibly conservatively within that. That’s the culture of teachers or the culture of nurses or people who have those types of jobs. So I think we’re talking to an audience that is, for the most part, pretty risk averse.

00:06:39:24 – 00:07:11:08
Matt Biggley
And I think a lot of our pre conversation about this was about the perception of risk. And so how we see risk and how with learning, with experience and with great partners, your perception of risk really changes over time. When I think about when we first started investing and how scary that was compared to where we are now, A lot of my conversations with potential real estate investors, they are just so paralyzed by the fear, by all the bad things that can go on.

00:07:11:10 – 00:07:37:21
Matt Biggley
And we talked about this many times in the show. People and I had a bunch of these conversations that an open house on Sunday, they said, I’ve been thinking about this for years and years and years. So people are literally stuck by this perception of risk. So some of my thoughts are, how do we mitigate this risk? How do we scaffold risk for new investors or even investors who’ve been experienced maybe in one asset class and are looking to shift over to another one?

00:07:37:21 – 00:07:57:03
Matt Biggley
And it’s been fun working with you guys because we’ve evolved outside of real estate and taken on some things that for me felt risky because they were uncomfortable. I simply didn’t have experience or know how or I’m not a human calculator like the two of you guys are. When it comes time to some of these number concepts that we’re involved in, some of the other assets we got into.

00:07:57:05 – 00:08:14:18
Kyle Pearce
Yeah, for sure. And it’s interesting because as I hear us diving a little bit deeper here and I go back to this visual that Jon had mapped out for us and then, Matt, you’ve sort of highlighted that when you look at this map of risk where Jon, you were saying you could put different levels of risk based on a different asset class.

00:08:14:19 – 00:08:38:11
Kyle Pearce
And what I’m hearing you say, Matt, is that really that map, assuming that everyone is on equal ground, it’s like assuming that everyone knows exactly the same amount or maybe nothing about the asset class. And in reality, if you think back to the first time you sat down, at least this is a thought or a moment in my investment journey when I remember getting my first job.

00:08:38:11 – 00:09:03:03
Kyle Pearce
Jon You mentioned your experience, getting your first job and starting to think about investing. I sat down with the big bank banker and we sat down and I did this short little questionnaire and at the end they were like, Hey, you can invest in higher risk stuff because you’re young and you have time. But really what I’m recognizing now is the reason why it was high risk was because I didn’t know anything about any of the things on the page.

00:09:03:03 – 00:09:25:03
Kyle Pearce
I didn’t know what a balanced fund was. I didn’t know what money markets were. I didn’t know about what’s an equity. I didn’t know any of those things. So if you look at it and you come in and you know nothing about the asset classes, then I would argue, yes, that matrix makes sense when you look at and go, Whew, this one is more risky because you’re going in blind and you know nothing.

00:09:25:03 – 00:09:43:15
Kyle Pearce
And I’m picturing the clients that you’re working with Matt, who may be new to investing in real estate, and they’ve been thinking about it. Here’s the interesting part. I think there’s a question we need to ask these people, and this is for everyone listening right now. If you’ve been thinking about investing in an asset class for a long time, what else have you done?

00:09:43:17 – 00:10:05:05
Kyle Pearce
Because if you just been thinking about it, right, have you been learning about it? So, Jon, you referenced this idea of building businesses, Alex or mosey He doesn’t invest in the stock market and people think he’s crazy. The guy’s got hundreds of millions of dollars and he doesn’t invest them in the stock market. They’re like, you can make so much money passively just by putting it in the stock market.

00:10:05:05 – 00:10:14:19
Kyle Pearce
And to him, he knows more about building businesses. So he puts his money in startups that he knows he can help turn around or help.

00:10:14:20 – 00:10:15:23
Jon Orr
Out like a direct hand in.

00:10:16:03 – 00:10:41:08
Kyle Pearce
Exactly. For him, there’s no risk there because when he goes into a conversation with the CEO of a company, he’s asking all the questions, every single detail that he needs to know to determine whether he can do something beneficial with that company or not, whereas when he goes and invests in any random company in the stock market where he has no hand in, he’s not a member of the board, he can’t influence in any way.

00:10:41:10 – 00:11:02:13
Kyle Pearce
He’s feeling a higher sense of risk. So that’s for him. For us, when we walk into a real estate deal, we look at a deal and we don’t look at it as risky at all because we are going in and we’re asking all those same call it or mosey questions. So we had a building, we had an eight unit multi-use building under contract.

00:11:02:15 – 00:11:21:17
Kyle Pearce
We knew on paper, assuming all of these things, this number makes sense. We walk in, we do the inspection, we find out about all these other things. That’s not risk. We’re like, All right, no problem. Let’s go back and renegotiate. Couldn’t get a deal going. No problem. We walk away, right? No risk there at all. It’s just dealing.

00:11:21:17 – 00:11:49:23
Kyle Pearce
It’s what happens if this happens or if that happens. And really, in every single investment, when you think about it, whether it’s you investing in yourself so that you can generate money or you can start growing your wealth, or whether it’s you going out and investing in an asset class, the reality is the more you know about that asset class, the less risky that asset class becomes for you because you understand what’s happening.

00:11:49:23 – 00:12:09:12
Kyle Pearce
I don’t want to use the word risk. You don’t understand the risks. You know what’s required that it’s a requirement. It’s not a risk. So I know when I go into a real estate deal that it’s a requirement that I keep in mind that if the roof goes, it’s going to cost us between 60 and 100,000 on a big building like that, like we just know that.

00:12:09:14 – 00:12:27:18
Kyle Pearce
We know that ahead of time, that’s not a risk. That’s knowing that that is a requirement of entering into this world. So do the numbers still work? Right? And then you have to go through all the list. So regardless of the asset class, learning about what is required is the key, and that’s what’s going to bring risk down.

00:12:27:18 – 00:12:53:17
Kyle Pearce
So to me, I look at risk is almost like risk is the unknown. The more you know or the less you know about something, the higher the risk is for you, but the more you know about it. The risk now starts coming down. Of course, there’s going to be surprises in any investment class, but you can mitigate that risk through understanding and feeling confident in what’s required of entering into that asset class.

00:12:53:19 – 00:12:58:21
Kyle Pearce
Then the risk goes away and you just do what you expected was going to happen.

00:12:59:01 – 00:13:19:19
Jon Orr
That’s perfect. I think that helps everyone right now making those decisions by saying, Look, I can mitigate any risk by making an investment in knowledge. And that’s something that kind of brings my thoughts and other thinking about risk in that question is what are you risking? Because I think a lot of times it’s like, Oh, I’m risking my money.

00:13:19:21 – 00:13:43:20
Jon Orr
But also it can be like I’m risking my time, right? Or I’m risking my relationships. These are the things that you’re like, Hey, it’s not just about money. Because, Kyle, if I want to mitigate my risk and you’re thinking money, I want to mitigate my money risk. You actually have to dedicate time to doing that. So now I’ve transitioned my money risk idea into a time risk.

00:13:43:20 – 00:14:08:17
Jon Orr
Do I want to risk my time to learn about this asset class? So that I can mitigate my money risk? And I think that’s because the example for a long time you had been doing all this, learning for a long time and constantly chatting with me about it and me kind of I was at that time risk because Kyle, I don’t think I have any more time to dedicate to learning anything else.

00:14:08:19 – 00:14:32:03
Jon Orr
You’ve already given me this homework, you’ve already given me this homework to do and learning on this area. We got to learn about building a business that’s like now you got to learn about the stock market. I’m like, I don’t think I have time to learn about that. And because I didn’t want to risk my time and probably and therefore my relationships tied to that, my family time, there’s only so much things that can go around.

00:14:32:03 – 00:14:53:14
Jon Orr
So it’s like if I’m going to dedicate time to learn that, then it’s like I’m going to mitigate my money risk. But I’ve now committing a bunch of time, so I don’t know if I have that. It took time in me and learning to kind of like slowly go, Actually, I can dedicate some time to learning that and then therefore I’ve reduced my money risk over the long term.

00:14:53:16 – 00:15:09:16
Jon Orr
And so I think to me, the crux of the question, it’s like, well, what are you willing to risk if you want to go down these pathways? Are you willing to kind of put this on the line or change this, your lifestyle or or this? And that really becomes the risk factor for me.

00:15:09:19 – 00:15:32:22
Matt Biggley
Jon That was a really thoughtful kind of breakdown of risk. And I like how you delved into really considering what you’re risking. And I guess I was sort of really focused on the money part, but the time part, the relationship part’s huge and it takes me back to our previous episode. On coaches in the role of coaching and how, in your case with Kyle bringing this stuff to use like Kyle has a lot of expertise.

00:15:32:22 – 00:15:54:09
Matt Biggley
And so that expertise from a coach or a partner or or a partnership, like a joint venture partnership, can really remove a lot of that risk and flatten that learning curve for you. And it can also help mitigate that time risk because they can point you in the direction of where your learning should be. And personally, I’m always joking to my wife.

00:15:54:11 – 00:16:22:07
Matt Biggley
I’m obsessed with expertise. I’m not someone who wants to spend a lot of time on something without knowing that it’s the thing to do. It’s the way to go, it’s the direction. And that’s why it’s such a big advocate for coaching. Because, yes, experience can teach us things, but having that expert guide, having that coach, having that partner who has that expertise can not only reduce that perception of risk, but that actual risk, that realized risk by guiding you through things.

00:16:22:07 – 00:16:40:00
Matt Biggley
And so I think I love the dynamic between the three of us as partners and friends, because a lot of our conversation when I get off a phone call with Kyle, my wife says that sounded like a business call rather than a call with friends because we’re talking about things. We’re learning about things were chatting about things as we go.

00:16:40:00 – 00:16:48:17
Matt Biggley
It’s like you’re reducing your level of risk because that learning and that guidance helps you overcome some of that perception of risk. I love.

00:16:48:17 – 00:17:12:04
Kyle Pearce
It. And going back to bringing up this idea of time and Matt, I’m like you. I think sometimes I can get stuck in the weeds and thinking only about money is maybe the wrong way to say it. But ultimately, when I think about investing, I do think about the number, right? And Jon’s a really good piece for both of us to kind of remind us that money is a tool.

00:17:12:06 – 00:17:29:10
Kyle Pearce
Money isn’t actually something that we want to just have a lot of. In my head, I know that I am designed I have a habit where it’s like I feel my goal is if I could just hug a lot of money in a room in darkness and I would be fine. But that’s because of my primal question. I want to be safe.

00:17:29:10 – 00:17:30:16
Kyle Pearce
I want to be secure, right?

00:17:30:20 – 00:17:32:19
Jon Orr
You need to hoard it. You’re more like a mom.

00:17:32:20 – 00:18:01:15
Kyle Pearce
A hoarder of cash, right? I’m a hoarder of money. And that’s something that I have to work through. And having a partnership like you guys there can be really helpful for us to kind of see that in. Jon’s really great at wrecking sizing and always bringing to the forefront is what’s the end goal? Because I can only imagine that if, let’s say ten years from now, 20 years from now, I am in that dark room holding all of these bars of gold and I’m just sitting there that I’m probably going to want to do something beyond that.

00:18:01:15 – 00:18:20:09
Kyle Pearce
I’m going to go now what? And it really does come down to time and family and friends and relationship, all of those things. That is why I want that security. I want that security so I can provide for my family, so that I can spend time with my family. So I have a good relationship with my wife and my kids.

00:18:20:09 – 00:18:38:02
Kyle Pearce
Right. So those are really important things. And it reminds me again, we are such horror mosey fans. So Alex Ha Mosey, if he ever listens to this, he does a Google search. All of our transcripts are going to come up if he puts his name in, but he said something that really had an influence on all three of us recently.

00:18:38:02 – 00:19:13:20
Kyle Pearce
He said that if we look at time and money as resources or as tools, he says that people spend the resource that they value the least. And that is a really interesting dynamic that had a massive impact on me. I was actually driving back from camping with my family and everybody was having their little independent tech time in the car and I was listening to Alex and when he said that, I recognize that holy smokes, by default, I am willing to give up my time over my money and my wife is the opposite.

00:19:13:20 – 00:19:38:23
Kyle Pearce
So, Sean, tell chill, spend the money first because she wants to value the time. And to me I’m like, Whoa, I need to change the teeter totter on that. I don’t want to go all the way to the other end where you just spending all the money and just not thinking about money. Money is important. We still need it as a tool, but when I think about that, I go, Holy smokes, I am so willing and dedicated and committed to spend pretty much all of my spare time.

00:19:38:23 – 00:20:06:12
Kyle Pearce
I still commit time to my family and to my kids and all of those things. But all the other time I commit all of that time towards spending it, towards trying to generate more capital, to generate more wealth. And again, not necessarily a bad thing, but it’s something that we need to at least recognize that’s happening and that every decision I make is either, I would argue, probably either one of those two things.

00:20:06:12 – 00:20:38:16
Kyle Pearce
I’m either willing to pay someone to do something for me to give me time or I’m going to use my time in order to try to save that money or to earn that money. And that’s something that I know I need to do. Some more thinking about, especially moving forward as we try to look at ways that we could continue generating enough income to support our families, to obviously support ourselves into the future, but then also to leave a little bit of that legacy wealth for the next generation.

00:20:38:18 – 00:21:03:23
Jon Orr
Yeah, and I think that’s a good pairing with the last point that we were making with thinking about what you’re risking, We have this time money tradeoff with risk. If you compare those two, you can help kind of clarify where the most risk for you is and do you want to transition that into the other side. So if need dedicating time is the risk right now so that I can mitigate the money risk, then maybe I’m like, you know what?

00:21:03:23 – 00:21:27:10
Jon Orr
Maybe I could spend a little bit more money gained back that time and therefore I’m making that risk statement. So it’s that balance that you have to kind of play with. You have to think about where that risk is going to be for you. And I think that’s like Kyle, when we meet with Matt, district leaders across North America, the first question we always ask them is like, Well, what do you want to have in the end?

00:21:27:10 – 00:21:43:14
Jon Orr
What’s your goal? And then from there we can backtrack how to get there. And I think that’s the question everybody has to ask right now. It’s like, okay, well, if I want to mitigate risk, what is the risk that I’m mitigating and what is my time money balance right now? Where is that a skew? Is it a skew?

00:21:43:14 – 00:21:49:06
Jon Orr
You have to kind of think about those two things before you can say what asset classes are risky. For me.

00:21:49:06 – 00:22:09:06
Kyle Pearce
I love it. And I think when you’re beginning that journey and I picture again myself, when I started as a 23 year old teacher and I sat down and I started to think about investing at that time, it’s very hard. You’re just thinking months ahead, right? You’re just like, Hey, I just want to make sure I’m doing okay in my job and maybe I can buy a house in the next couple of years.

00:22:09:06 – 00:22:31:23
Kyle Pearce
You’re thinking very short term for hopefully long term gains. And in reality, it’s interesting because I know for me, if you have this vision of me hugging those bars of gold in a dark room, I’m looking at that and I’m going, really what I’m converting that to are trying to work myself through is that, hey, I’m doing this other investing these businesses, real estate.

00:22:31:23 – 00:22:51:17
Kyle Pearce
Real estate is a business as well, right? Other asset classes, options, trading and some of these other things so that I can generate income not necessarily to directly fuel or sustain our lifestyle, but I want to take that money and I want to turn those into the safety. Right. My bars of gold over there, that is just the safety.

00:22:51:17 – 00:23:11:18
Kyle Pearce
And for me, I think that’s what’s turned me on. So much for the whole life policies, right? The infinite banking process and really not using it for infinite banking necessarily for those who have read about it, but more or less to turn it into bars of gold that is super safe so that I have that sense of security over here.

00:23:11:18 – 00:23:31:08
Kyle Pearce
But then I still have the tool where I could take a policy loan against it, and I can still invest in a really great opportunity. It might not be something I focus all my time on into the future, but I want to know that I have it there and it’s available to me. And it’s not necessarily just floating around in a stock market or it’s just floating around doing something else.

00:23:31:10 – 00:23:55:18
Kyle Pearce
It’s very secure. So I look at that as my bars, my gold. So when I think about this, I want to start talking guys about some big ideas. And I think for me, I think the big idea for those who are listening is to think about what is your relationship with risk? What does it mean to you? I hope that today, through this episode, you’ve kind of thought maybe a little bit differently about what risk is.

00:23:55:18 – 00:24:22:02
Kyle Pearce
And if you’re looking at risk in the traditional sense, then maybe it means that you have to start digging in and doing some more learning. So what asset class or classes? You don’t have to just focus on one, but you need to start somewhere. You need to start thinking about which 1 a.m. I going to learn more about so that when I enter into that world that I feel like it’s not a risk anymore, that it’s just a requirement.

00:24:22:02 – 00:24:44:16
Kyle Pearce
If you open a restaurant, it’s not risky to open a restaurant. You just need to know how to restaurants operate, what’s common, what happens when customers go away. You just need to know what’s involved in opening up that business. And the same is true here in this particular regard. So what is it that you’re trying to generate the wealth for and where is that going to go?

00:24:44:16 – 00:25:05:11
Kyle Pearce
And what does that look like over time? Are you like me and you want to generate enough money and wealth or enough of an investment so that you can start putting it into something that’s safe so you can just feel secure? Or are you the type of person that you’re like, Hey, I’m an Alex Hermosa type and I’m just going to keep investing in this one thing that I’m amazing at.

00:25:05:13 – 00:25:31:09
Kyle Pearce
Think about one of Matt’s clients who’s like this crazy real estate mogul who’s just constantly flipping properties. It’s not risky for him. He knows so well what he’s doing every single time, and he loves doing it. So that’s him. That’s probably his safety, right? He looks at that as zero risk at all. So what is it for you Lower the bar on the risk by going out, learning about what it is that you’re going to be focusing in on.

00:25:31:15 – 00:25:53:10
Kyle Pearce
And again, I hope I’m not stealing everybody’s big takeaways here from the group, but Matt says find people that can help you get there faster, whether you’ve got to pay through a coaching program or a mentorship program, or maybe there’s some people in your inner circle that are doing some pretty important things. What value can you bring to them so that they say, You know what?

00:25:53:10 – 00:26:05:09
Kyle Pearce
Yeah, come and hang out with me every time I go do this or do that, I want you with me because you’re bringing some value to them. So think about those things and let’s lower the risk on all of our investments.

00:26:05:11 – 00:26:25:18
Matt Biggley
And I think for a lot of us, I think we wrongly associate risk with doing something irrational or doing something stupid. I think that for all of us, we have to accept that we want to do everything possible to give ourselves peace of mind, to do our research, to do our learning, to have our partnerships. But there’s always going to be some element of risk.

00:26:25:20 – 00:26:41:03
Matt Biggley
I was talking to first time homebuyers on Sunday. They said, okay, you can have a home inspection of financing cause you can do all of those things. And when you actually make that offer, it’s still going to feel really scary. So you still have to accept that. You’re going to have to take the plunge. That is part of winning.

00:26:41:03 – 00:26:58:08
Matt Biggley
That is part of rolling the dice. And certainly over time, you’ll be able to stack that risk and you’ll be able to get into things that either, as Kyle said, do a real deep dive into one asset class or you’ll start to venture off into other asset classes as we have. And that perception of risk will really change.

00:26:58:08 – 00:27:15:14
Matt Biggley
But we want to create as much peace of mind as possible for you accepting it will always feel in the moment really risky. And when you look back on that, you will probably laugh at yourself about how risky it felt in the moment, and yet how months or years later it truly wasn’t risky at all.

00:27:15:16 – 00:27:34:12
Jon Orr
Totally, totally. I think that’s a great way to end it off here. Matt, is for us to think about that question and kind of think about time being kind of the mitigator as well. As long as you’re pairing it with knowledge, you’ve got that time tradeoff with money, but also your knowledge building that knowledge set so that things will become less risky.

00:27:34:12 – 00:27:48:09
Jon Orr
And I think that’s our way to go. But everyone has to make kind of make that decision. So you’re going to go off right now, you’re going to start thinking about that time trade off, that money trade off. Where can I dedicate some time to make things less risky, or am I okay with being risky so that I can save my time?

00:27:48:11 – 00:28:12:01
Jon Orr
So there is that tradeoff you got to make that decision. Folks, We want to thank you for joining us here on our podcast. And if you’ve listened before, hit the rate and review button. Leave us a rating, leave us a review. It does help people find this show so that it can help them think about these things, think about risk, think about making decisions and getting into the real estate market or any sort of asset class.

00:28:12:01 – 00:28:31:03
Jon Orr
If this is the first time we want to welcome you here and hit that subscribe button so that you can get notified. As we put out new episodes, we put out one every single week. This is episode 35, folks. That means there are 34 other episodes you can dive into on various topics around finance, personal finance, investment, real estate investment.

00:28:31:03 – 00:28:34:16
Jon Orr
So check those out and welcome. If this is the first time you’re listening.

00:28:34:18 – 00:29:04:06
Kyle Pearce
And friends, we’ve got all kinds of links, resources, transcripts and our Canadian Wealth Secrets amazing investment book list over on the Canadian Wealth Secrets dotcom website today show notes can be found at forward slash episode 35 that’s Canadian Wealth Secrets dot com forward slash episode 35 And hey, if you head on over there, you can get on our VIP club list for especially Canadian listeners.

00:29:04:06 – 00:29:26:01
Kyle Pearce
So those who are Canadian listeners, we’ve got a pretty cool little giveaway that you’ll be a part of. But of course, from around the world, getting on the list will be helpful for you in order to learn a ton about investing on ways that you can do things a little bit better, like Jon helping people to refinance in high interest times.

00:29:26:01 – 00:29:43:20
Kyle Pearce
Like what does that look like in sound? Like, how can I save a little bit of money? Or if you’re like me and you want to start stacking some gold bars that you can still leverage? Hey, I don’t know. The last time you brought a gold bar to try to buy something, but it’s hard to do. It’s heavy and a lot of people don’t really accept it like cash.

00:29:43:20 – 00:30:04:23
Kyle Pearce
So whole life policies are way better, way more flexible. So if you’re looking for a little bit of that safety, that security, but you still want to have access to that thing we call money, that resource getting on our VIP club list, you’ll learn a little bit more about how you can do that as well. So head on over to investment feature AKAM and check things out.

00:30:04:23 – 00:30:27:04
Kyle Pearce
If you’re in the Windsor-essex area and you are looking to buy a property either for yourself or to invest in the Windsor Essex market. Hey, match your man. Not only find the property but also to coach you through and help you overcome some of those risks. We love our investment teacher students and we look forward to chatting with you real soon.

00:30:27:06 – 00:30:42:05
Matt Biggley
If you would like to reach out to us to talk about coaching partnership opportunities, as we talked about in this episode of mitigating some of that risk by leveraging our expertise, reach out to us at Canadian Wealth Secrets dot com forward slash J.V..

00:30:42:07 – 00:30:59:17
Jon Orr
Awesome stuff there. All right students class dismissed.

00:30:59:19 – 00:31:14:05
Kyle Pearce
Hey there invested students. This content is for informational purposes only. You should not construe any such information or other material as legal tax, investment, financial or other advice.

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