Episode 38: Clarifying Your Life’s Why So You Can Achieve Your Dream Lifestyle

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Taking that initial step into entrepreneurship can be a leap of faith, and we dive into strategies to navigate this pivotal moment. Discover actionable tips to overcome uncertainties and embrace the first steps towards building your entrepreneurial path.

Uncover the driving force behind taking risks and stepping outside your comfort zone. We explore the factors that motivate individuals to embrace challenges and seize opportunities, fostering a mindset of growth and resilience.

Structuring your goals is essential for both short-term and long-term success. We delve into effective strategies to frame your goals, that not only aligns with your dreams but also grants you the freedom to pursue them with purpose and determination.

What you’ll learn:

  • How do I take the first step into entrepreneurship; 
  • What motivates you to take risks?
  • How do you structure your goals to give you freedom to pursue your dreams; 
  • How do you decide what lifestyle is the best fit for you;
  • How entrepreneurship can help you achieve financial and time freedom;
  • Your first steps towards planning for your early retirement or career change;

Resources:

     

    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, Ontario Mortgage Refinance or a HELOC in Ontario.

     

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

    Watch Now!

    00:00:00:06 – 00:00:17:06
    Jon Orr
    We talk a lot about real estate investing. We talk a lot about what to do with some of the funds that you have available. But it’s like I got no wiggle room on the budgeting and how do I create that wiggle room? And that’s what we want to talk about here. We want to help you figure out how to create wiggle room.

    00:00:17:08 – 00:00:34:02
    Jon Orr
    And there’s two paths, right? We could go down the route where it’s like I could figure out where the wiggle room or what you could do is maybe I should reach out and find a partner, find a helpful, trusted friend, and they can actually look at where the wiggle room is, because sometimes we’re in the thick of it.

    00:00:34:02 – 00:00:58:10
    Jon Orr
    You can’t see the forest through the trees, Right? Because I’m here. I think about this, but some outside look can go, Hey, have you ever thought about this? Have you ever thought about that? Let’s create the wiggle room based off your goal.

    00:00:58:12 – 00:01:05:00
    Kyle Pearce
    Welcome to the Canadian Wealth Secrets podcast with Kyle Pearce, Matt Biggley and John Orr.

    00:01:05:01 – 00:01:14:23
    Jon Orr
    Get ready to be shot as we share our successes and failures encountered during our real life lessons. Learning how to build generational wealth from the ground up.

    00:01:15:00 – 00:01:41:04
    Kyle Pearce
    Welcome invested students to another episode of the Invest It Teacher podcast and my friends, Matt sends his regards. He was supposed to be on with us this morning, but he had a last minute deal that he had to run out and do a showing for. So we’re wishing him and his clients the best. As you can probably tell, Matt will drop anything and everything in order to serve his real estate clients.

    00:01:41:04 – 00:02:11:22
    Kyle Pearce
    And that’s something while it hurts our heart, we definitely I know we appreciate it when our real tears in the past when we were buying real estate deals, when they’ve dropped everything in order to make sure that we’re being served in the most appropriate and beneficial way. So good luck to Matt and his clients there. And John, that leaves you and I to riff on something that has been on our minds because you and I have been working together with a few clients in helping them both on the mortgage side.

    00:02:11:22 – 00:02:47:23
    Kyle Pearce
    One specific client who’s been looking at renewal coming up and has been considering refinancing and considering some options there. And then of course, on the other hand, has been looking for some advice as to what do I do in order to begin my wealth building journey. So it got you and me thinking about, hey, usually when you’re working with a client specifically for mortgage, and when I’m working with a client specifically to help them with any sort of wealth planning strategies, really, it all starts in essentially the same spot.

    00:02:48:03 – 00:03:13:14
    Jon Orr
    Sure, for sure it does. And I think this question, when you met with this person and you start to hear we’re hearing the same story, right? We’re hearing the story of I’m in a situation here is where I’m spending my money or here’s where my money goes. And I do want to start planning or adjusting where that money goes so that I can build generational wealth or maybe I can become financially free, or maybe I can get into investing or maybe I haven’t started my retirement planning yet.

    00:03:13:14 – 00:03:43:04
    Jon Orr
    Or maybe I want to shift my retirement planning because of changes that’s happened and folks are reaching out and asking like, what are some of the options I can do? What are my creative solutions? In one of our first episodes, in our Blueprint episodes, we talked initially about starting your investment funds and building that way, and we gave some tips on how to kind of think about how to create a nest egg that you could start contributing to to help with your goals towards building your generational wealth in your investments.

    00:03:43:06 – 00:04:02:22
    Jon Orr
    But in this episode, I think what we’re want to do is think about like, I’m already in it, you know, I’m already here and what can I do now to shift some of my I’m going to use that word, that B-word. Kyle, you know, shift some of that budgeting around, because I think a lot of times you look at our budgets and I did this for a long time, you look at your budget and go, I can’t.

    00:04:02:22 – 00:04:22:07
    Jon Orr
    I got no movement. I can’t move this money here. I want to do that. So I want to do this. These are the goals I’m having. I got to pay this bill. I got to pay that bill. I got no wiggle room to work towards my financial future. And it’s like I feel like I can’t buy real estate, you know, how am I going to get there?

    00:04:22:07 – 00:04:44:11
    Jon Orr
    And then it sinks on you. It’s like, Oh, I’m listening to all these strategies on how to get started, but also what to do when I’m in it. Because we talk a lot about real estate investing, We talk a lot about what to do with some of the funds that you have available, but it’s like I got no wiggle room on the budgeting and how do I create that wiggle room?

    00:04:44:11 – 00:05:05:04
    Jon Orr
    And that’s what we want to talk about here. We want to help you figure out how to create wiggle room. And there’s two paths, right? We could go down the route where it’s like I could figure out where the wiggle room or what you could do is maybe I should reach out and find a partner, find a helpful, trusted friend, and they can actually look at where the wiggle room is, because sometimes we’re in the thick of it.

    00:05:05:04 – 00:05:23:13
    Jon Orr
    You can’t see the forest through the trees, Right? Because I’m here. I think about this. But some outside look can go, Hey, have you ever thought about this? Have you ever thought about that? Let’s create the wiggle room based off your goal. So that’s what we want to talk about here, how to create some wiggle room and think about maybe you want to do it yourself, but also maybe where can you go?

    00:05:23:17 – 00:05:25:17
    Jon Orr
    Where can you look to get some help?

    00:05:25:19 – 00:05:45:23
    Kyle Pearce
    Yeah. The one challenge with doing it yourself is there’s a couple of things. The first and foremost, I think, is accountability, right? Having the accountability to actually follow through and do it to deal with. I’m going to be honest and say, I don’t think your average person, when they do a budget of any type and we’re not saying it has to be super itemized movie night on this day, this day, this day.

    00:05:46:04 – 00:06:07:15
    Kyle Pearce
    Some people want to see that you can sometimes reveal by doing that process, you can expose maybe some of the things that you’re spending money on that maybe don’t bring you joy or happiness. Right? Meaning like if I eliminated that, I actually don’t think it would make me any happier, sadder, anything. It would just be neutral. And that’s easy.

    00:06:07:15 – 00:06:25:18
    Kyle Pearce
    That’s great. That’s awesome. That’s not really what we’re digging into here today. What we’re talking about is how things are now and then being able to look at how things are now in terms of the money coming in, the money going out and then trying to go, okay, for a lot of people, we know Parkinson’s law, we’ve talked about it on the show before.

    00:06:25:18 – 00:06:32:00
    Kyle Pearce
    It’s like your budget is going to expand to meet the amount of money that you have.

    00:06:32:00 – 00:06:33:13
    Jon Orr
    Lifestyle type, totally.

    00:06:33:13 – 00:06:49:20
    Kyle Pearce
    Total lifestyle creep. The same is true for time. We’ve talked about it before. If you have 30 days to work on a project, you’re going to use all 30 days. Now, you might not use it all effectively, but you’re going to stretch that project out 30 days. You had a week to do it, you’d figure it out and get it done in a week.

    00:06:49:20 – 00:07:10:03
    Kyle Pearce
    So the same is true here. Most people right now, if you were to say we asked everyone, Hey, how many people have a lot of extra money sitting leftover in their account every month? The answer is probably going to be nobody. Everyone’s like, No, it’s always gone somewhere. It always is disappearing. So really, what you want to do is you want to take your current lifestyle.

    00:07:10:03 – 00:07:31:06
    Kyle Pearce
    If you’re happy with your current lifestyle. Right. I’m going to argue most people want to continue improving their lifestyle. But if let’s say the lifestyle you have, you’re like, Hey, I like this lifestyle. I don’t want to modify this lifestyle. So therefore I have no access to any sort of funds that are going to help me really set myself up for my financial future.

    00:07:31:12 – 00:07:50:01
    Kyle Pearce
    That part right there. The first step that we need to do is we need to look at, okay, where is that money flowing to in general? There’s expenses, like we said, there’s certain expenses like groceries and so forth. We’re not saying, listen, don’t buy the expensive granola bars anymore. That’s up to you. You want to do that rock and roll.

    00:07:50:01 – 00:08:07:16
    Kyle Pearce
    There’s ways you could do that. But we’re talking more or less about where is the money flowing now, If you put all the expenses that are pretty typical, you’ve got your regular gas and all the other expenses you have, even entertainment. You like to go to dinner this many times, blah, blah, blah. All that’s over there, let’s put it to the side for now.

    00:08:07:18 – 00:08:28:24
    Kyle Pearce
    But we start looking at some of the bigger spends that are coming out of your account every month. That might be mortgage, it might be car payments, might be student debt, it might be some other type of loan. Write for some home improvement or home equity line or a line of credit. All of these different things sort of factor in.

    00:08:29:01 – 00:09:08:19
    Kyle Pearce
    And the part that I think is really important you mentioned about having someone else that you might be able to have an outside look is to be able to help you consider something that may not have popped into your mind. It doesn’t mean that you were incapable of actually thinking of this new idea. But oftentimes when people come in an unbiased sort of look, they can look at it and in particular, people who would advise on wealth building strategies like what we do, we’d be able to look at that inserted, determine whether there might be a better approach where you can take the money that’s currently going out the door and reshape it in a

    00:09:08:19 – 00:09:18:11
    Kyle Pearce
    way so that it gets redirected to things that are going to provide you more financial benefit in the mid and longer term for sure.

    00:09:18:11 – 00:09:39:14
    Jon Orr
    So, for example, what you’re getting at is when, when I’m working with one of my clients on obtaining their mortgage, so they bought a house, they’re looking at refinancing or maybe they’re refinancing their existing mortgage and they’re looking at trying to qualify or a prepayment for a home, or maybe it’s an investment property they’re looking at where’s the top end of my range?

    00:09:39:16 – 00:09:56:10
    Jon Orr
    And I’m looking at trying to figure out, can I afford this or how am I going to restructure? And a lot of times what we do to having our white glove service or concierge service is we want to get all the info upfront with the goals that you’re looking for. What are those goals? If I’m investing, what is my short term goal?

    00:09:56:10 – 00:10:14:13
    Jon Orr
    What’s my long term goal? If I’m buying my home? Is this my forever home? Maybe I’m here for some time, or what are some of the goals that I’m looking for? And on homes, but also my future, my retirement. So we gather all of that information and we want to go, okay, let’s look at your financial situation and we build them a budget.

    00:10:14:13 – 00:10:38:20
    Jon Orr
    So it’s like how we take that burden of them to create their budget off their plate, because that budget building is like we said, we don’t maybe know exactly what best options. And that’s our job to help you understand, teach you, and also show you what some options are to achieve the goals that you’re looking for. So, for example, it might be like, Hey, I’ve got a car payment for one of my cars and I got a couple of years left on my car payment.

    00:10:38:22 – 00:11:07:14
    Jon Orr
    It might make more sense in our budget redesign if I want to have a chunk of money. Remember, one of my goals is to be a real estate investor or to start saving more for my retirement, maybe harder for my retirement. I want to retire early, and that’s not currently happening in your budget. But maybe because we’re refinancing your home or maybe because you’re buying your home, what we can do is restructure that budget so that the car payment goes on your mortgage.

    00:11:07:16 – 00:11:29:23
    Jon Orr
    Right. And it can be it relieves some of the cash flow you’re experiencing to now rededicate that money over in this area and you’re starting to achieve that goal. And you know my old self, Kyle, I’ve done a lot of learning over the last five years alongside you and a lot of times directly from you, you being a financial advisor, have been my financial advisor for a number of years now.

    00:11:30:00 – 00:11:45:22
    Jon Orr
    I remember thinking before all of this information was like, Oh my gosh, if I heard that in saying like, I’m going to take my car payment, which I know I might have it fully paid off in three years and I’m going to pay interest on that car payment for the next three years. If I’m going to put that on my mortgage.

    00:11:45:22 – 00:12:11:07
    Jon Orr
    My mortgage is still another 20 years. I think this would be my old self to shudder at someone and say, look, all you did. This is also our math teacher self cueing in, right? All you did was you took your liability right now and you stretched it over 20 years instead of three. Oh, you’re going to be paying interest on that for 20 more years at maybe a lower interest rate because your mortgage rate was lower than what your car, who are the lender, is on your car.

    00:12:11:09 – 00:12:30:23
    Jon Orr
    But I mean, you’re stretching that interest. And if we add up all of that interest compared to the interest you could pay over the next two years, it might be more. And it’s like, why would you do that? That would have been my old self. But my new self is saying, if we were doing that to just free up cash flow for you to go out to eat, or maybe I want to buy something or maybe I’m going to do this.

    00:12:30:23 – 00:12:48:04
    Jon Orr
    But I mean, if the purpose is to achieve one of your long term goals, to make money for yourself in the future, maybe it’s to make money now with cash flow on a rental property. Then it actually might be more beneficial to do that strategy because now you’re going to take that money and you’ve got this opportunity cost, right?

    00:12:48:04 – 00:13:04:24
    Jon Orr
    All of a sudden it’s like, if I didn’t do that, my opportunity cost is lost. Now I’ve got this chunk of money, this availability to invest over here, which could start making money, which actually in the long term is probably going be more beneficial because I’m going to make more money than the interest that I’m actually paying out.

    00:13:05:01 – 00:13:26:22
    Kyle Pearce
    Totally, Totally. I love that example. The car, the debt consolidation here, debt consolidation, commercials all the time. And it’s like right away people are like, Oh, here we go. It’s like, you know, payday loans and that sort of thing. And the reality is that sadly, is what happens in a lot of those cases is that people go in and they go in with the wrong goals or the wrong objectives.

    00:13:26:24 – 00:13:45:12
    Kyle Pearce
    And if you go into that scenario now, I’m not going to argue the person, on the other hand, who’s offering the consolidation probably doesn’t want those bad things for you and is probably articulating like, Hey, listen, we want to help you, you know, reduce your debt, not so you can spend more money, but so that you can put yourself in a better financial position.

    00:13:45:18 – 00:14:06:03
    Kyle Pearce
    What ends up happening is some of these people don’t go in with that mindset. And it’s like for you, the invested students, I’m going to argue that people who are listening to this show, we say it all the time. You’re in a different place where you’re like, I’m not seeking money now. The marshmallow test is great, but this idea of if you’ve never heard about it, you got to go check it out.

    00:14:06:03 – 00:14:25:20
    Kyle Pearce
    But this delayed gratification, there is kids in a room and they left a marshmallow on the table on the like. If you don’t touch that marshmallow or don’t eat it until I come back, I’ll give you two. And the students who are the kids who are able to resist the study showed that in the long term they were massively more successful than the kids who just ate the one marshmallow.

    00:14:25:20 – 00:14:58:06
    Kyle Pearce
    Right. And you think about that in terms of this show. I’m going to argue that most of you are the marshmallow waiters. You are the deferred gratification and waiting for that opportunity in the future. That’s what wealth building is all about and financial planning is all about, is trying to set yourself up so you can enjoy a nice lifestyle now, not a lavish lifestyle now, but a nice a reasonable lifestyle that allows you to engage in happy are things that make you happy without losing it all or spending it all.

    00:14:58:06 – 00:15:21:00
    Kyle Pearce
    So the reality here is when we get creative, if we’re able to look at a budget and when a client comes in, sometimes the client’s like, I just want you to tell me what to do. And we are very against that. We are unable to really offer them any sort of specific advice, as you can imagine, because we have no idea what their goals are, what their current situation is, what their risk tolerance is.

    00:15:21:00 – 00:15:51:12
    Kyle Pearce
    All of these things, it makes it very challenging. So regardless of someone’s coming in as wants to be a JV partner on a real estate deal, or they want to come to John just for a refinance for their mortgage right away, you’re asking those questions and we’re asking them to actually do this work where we can see like, where is this money going currently and what is it that you’re trying to achieve when you get that quote unquote, extra money out, when you put that car payment into your mortgage?

    00:15:51:14 – 00:16:15:13
    Kyle Pearce
    Yeah, you’re right. That debt is going and is now being added to your home. However, I would argue that, hey, if the interest over here is double, then the interest on your home, you can bring that over and you could do something like, Hey, I’m going to increase my payments by a little bit more so that I can still pay down the car in the same amount of time, but at less interest if that’s the way you want to go.

    00:16:15:15 – 00:16:49:17
    Kyle Pearce
    Or it might free up that money so you can go. Well, actually I’ve been wanting to start building my wealth plan and I’m going to put it into things that are going to into assets that are going to grow in value. Maybe depending on your scenario, that means starting with real estate. Maybe it’s starting with a small, very small index stock portfolio, or maybe it’s getting yourself going on an infinite banking policy because you want to start building your warehouse of wealth on that front.

    00:16:49:19 – 00:17:16:01
    Kyle Pearce
    Ultimately, it all comes down to looking at that full financial picture and for us to be able to discuss what are the goals here. Right. And again, getting beyond, hey, I want to maximize my return. That’s not a goal. Of course, we all want that. What do we want? The return for and how do we feel about the certainty or uncertainty when we invest in certain asset classes?

    00:17:16:01 – 00:17:37:11
    Kyle Pearce
    Right. That part is a lot of really heavy lifting. People don’t like to do it, but ultimately when you have an accountable partner or accountability partner, what we try to do there, John, you and I and obviously Matt with his clients, we try to be that accountability partner so that we can help you get answers to questions that maybe you didn’t know the answer to.

    00:17:37:13 – 00:18:14:22
    Kyle Pearce
    Think about that for a second. Oftentimes, people like I know I should invest because it will make life better later. But what specifically are you looking for? Right. The personal beliefs piece, What is it that you are after? And do we have an actual plan in place? Most people don’t. They have the hope and pray method. Do we have a plan that’s going to help us get there where we can actually use probability to say, Hey, listen, if this is your plan based on your current trajectory, you are or you are not going to meet that plan.

    00:18:14:24 – 00:18:36:15
    Kyle Pearce
    Here’s what we might need to do in order to meet that plan, or do we need to modify the plan if we’re unwilling to do some of the things necessary in order to get to that plan? But either way, if there’s a lack of clarity there, right, if the person coming in doesn’t have a clear goal and they just want best returns, it just means that the work hasn’t been done yet.

    00:18:36:21 – 00:18:52:16
    Kyle Pearce
    And having someone else, an external partner to be an accountability partner is such a key piece in order to start getting the steps and everything, all the patio stones kind of lined up so you can make those steps and they don’t feel like massive leaps.

    00:18:52:18 – 00:19:10:10
    Jon Orr
    Yeah, and that’s the service that we always want to look. And this is something I think we’ve become accustomed to when we meet with clients is to always backward map and think about what the angles look like, what are the numbers that we’re going to need at the end goal, and how can I redesign or design the pathway to get there?

    00:19:10:10 – 00:19:30:12
    Jon Orr
    Because I think I think a lot of people are doing what you kind of just said is that they’re thinking that I’m looking for my best return, and then they’re like, I’m going to put these things in place and hopefully by the end of the time I’m at the place I think I’m going to get to. I think that’s a lot of times what retirement planning looks like for a lot of people when they’re doing it themselves.

    00:19:30:18 – 00:19:48:22
    Jon Orr
    Without that extra set of eyes that says like, what are your goals? Maybe you’ve got multiple financial goals. Think about retiring early. What does that look like? Do I need to have that 4% rule in place? Okay, If I want to have my 4% rule in place, which is like I can withdraw 4% of my nest egg every year and I’m never going to run out of money, What does that look like?

    00:19:48:23 – 00:20:10:05
    Jon Orr
    Okay, that gives me a target to make sure I can get there. What’s my plan to get there? Have I set up, like you said, those patio stones in place so that, you know, by the end of the time you’re going to get to that? Spikes? I think a lot of people say like, I’m going to retire, but they actually are just not looking at the backward mapping, the restructuring of like, this is where I am.

    00:20:10:05 – 00:20:35:04
    Jon Orr
    Okay, what have I put in place along the way so that it’s almost uncertainty? Your pension does that. If you have a pension, people have already backward mapped it all. The mathematics behind it is backward mapping. What do you have to contribute now so that you have this amount of money later? That’s what we’re talking about. So if I like, I’m contributing to my RRSP accounts now and I’m just putting would I have available come tax season?

    00:20:35:04 – 00:20:57:04
    Jon Orr
    You’re like, okay, what can I dump in there to help me along? And I hopefully I’ve dumped enough along the way that I can have a chunk of money at the end that fuels my lifestyle. But if you haven’t gone, Hey, look, I want to spend this kind of money per year on trips where I’m going to retire early, but it means my pension is out here and if I retire early, my pension’s here and I want to make up the difference.

    00:20:57:04 – 00:21:15:20
    Jon Orr
    Well, what’s the difference? And then how? What’s your plan to get to that difference? If you can figure that out, you can retire early. It’s all of a sudden you’ve got this for sure, mapping. So a lot of people aren’t for sure mapping what’s what we’re doing when we’re meeting with our clients, we take the info, we’re going to backward map it so that we can create that pathway.

    00:21:15:22 – 00:21:35:20
    Jon Orr
    If we’re refinancing our mortgage, let’s take those goals. Let’s put it in a place we’re not only going to just get you a mortgage with a lender, we’re actually going to help and teach you what’s the best way to do that for you and your financial planning. You’re all doing that, right? It’s like, let me figure out the best plan forward so that maybe we’ve just opened up maybe those RRSP money to get there is like, you know what?

    00:21:35:21 – 00:21:50:17
    Jon Orr
    Maybe we could open a whole life participating. Whole life policy, an infinite banking policy so that we could do that and have access to that capital so that I can make investments over here that makes me money and I’m still hitting those goals by the end of the time.

    00:21:50:19 – 00:22:07:08
    Kyle Pearce
    I love it. There’s so much here that is necessary and important. And I think the big piece that I’m hearing from you is ultimately at the end of the day, we got to know what is our goal, what’s our plan? And if you don’t know that right now, that’s fine too. That’s ultimately what that external partner is all about, right?

    00:22:07:08 – 00:22:28:05
    Kyle Pearce
    So when someone comes to me, oftentimes they don’t have clarity, right? We say things that are like, Hey, I want to have control over my time. Yeah, I want that too. We all want that too. But so what’s it going to take to feel like I have control over my time? Right? These are the questions that we want to ask and these are that helping us to figure out what that looks like and sounds like.

    00:22:28:06 – 00:22:56:14
    Kyle Pearce
    If I have access to X number of dollars a year, will that allow me to feel like I have enough control of my time where I get to decide whether I am continuing to work or not, or whether I take just side projects for the side hustle I enjoy doing or not. Ultimately, until we answer those questions, until we go down that rabbit hole, it’s really difficult to create a financial plan because it’s based on nothing, right?

    00:22:56:14 – 00:23:24:16
    Kyle Pearce
    We need to know what that goal is, so we can craft that plan around it. So if you are an invested student and you’re listening to this right now, we would encourage you, Hey, if you haven’t yet, start mapping out where is your money going now and not just in your head while you’re driving. You might be listening to this while you’re on a jog or you’re biking or you just out in the back where you really need to sit down and you need to think about, okay, how much money is really coming in?

    00:23:24:18 – 00:23:44:16
    Kyle Pearce
    And then where’s the money that’s going out? And you can, like I said, do this independently on your own. However, I would argue that there’s someone out there that you can lean on in order to do this work with. Maybe it’s us. If you want to reach out to Canadian Wealth Secrets over at Canadian Wealth Secrets dot com can hit that contact button.

    00:23:44:21 – 00:23:59:13
    Kyle Pearce
    Reach out to us based on what you share with us will decide. Are you ready to speak with Matt because you’re ready to dig in on that side or you’re looking at, Hey, listen, I’ve got a mortgage renewal coming up and I want to make sure that I make the quote unquote right choice for me and my family.

    00:23:59:19 – 00:24:16:01
    Kyle Pearce
    John will jump in and help you out. Hey, if you’re just looking for in general, you want to start this wealth planning process. What I try to do is I actually try to act like a little bit of a filter for the team to kind of go, hey, based on what I’m hearing, here’s the next step for you friends.

    00:24:16:03 – 00:24:43:20
    Kyle Pearce
    And oftentimes it might be I use a tool that I’ll send to the clients that I do work with. I’ll send you a tool that will help you start getting that sense of where this money’s going, and then we can start looking at it and say, Hey, okay, here’s what that first step might look like and sound like in order to help you get closer to the goal that you’re articulating to me here and the other pieces, it doesn’t always have to mean work on your end.

    00:24:43:20 – 00:25:11:07
    Kyle Pearce
    It just might mean a shift in perspective. Give a shift in how you do things, a shift in how you move the puzzle pieces around. And ultimately, at the end of the day, what we want to do for those that we work with is we want to help you get more clear on that goal and we want to send you in the right direction so that you can better understand where is my money going now and is it set up so that I can get to the end goal that I’m after?

    00:25:11:07 – 00:25:33:00
    Kyle Pearce
    The reason I’m listening to this podcast is because this is on your mind. So are we ready to do that work? Am I on the right track? That’s always something I always want to know. I’ll actually reach out to others to kind of go through what I think about my own situation so that I get their perspective and there’s always something to learn.

    00:25:33:00 – 00:25:59:21
    Kyle Pearce
    So regardless of whether you choose to do it solo or whether you choose to do it with a partner, accountability partner, ultimately this work has to be done. Otherwise, I bet you we’re in episode 37 here. If you don’t, you’re going to be at episode 137 and you’re still going to be spinning your wheels 237 And we certainly don’t want that for anyone because that time is the precious tool that really matters the most, right?

    00:25:59:21 – 00:26:18:05
    Kyle Pearce
    We need time and we need that compounding to take place regardless of what the strategy is. Super safe or a little bit. I hate the word risk, but a little bit more. We’ll say less conservative like some others might see real estate, as are some other financial classes or asset classes.

    00:26:18:05 – 00:26:34:08
    Jon Orr
    I like how you said time there because I think many of us have heard this phrase and this is in any market, but it’s not timing the market. It’s time in the market and we want to get in the market earlier than later. And you can do this. And I think that’s my biggest takeaway, Kyle, is to think about those goals.

    00:26:34:08 – 00:26:55:04
    Jon Orr
    But I mean, by thinking about who that trusted partner is or who that other person is or reaching out to kind of get another set of eyes, it means that if you think you’re stuck and you don’t have any wiggle room, there’s wiggle room. Everyone has wiggle room. It’s just now looking at what are your goals? And a lot of people like this that aren’t prioritizing what they really want.

    00:26:55:04 – 00:27:11:00
    Jon Orr
    And if we can prioritize what we really want, and sometimes it means talking with that person, like talking with you, Kyle, we can help decide what are the best courses of action or what are the best options for me if this is what I want? Well, these are my priorities. Let’s restructure down here to make that a possibility.

    00:27:11:00 – 00:27:28:07
    Jon Orr
    And that’s my biggest takeaway is it’s not just some people can have wiggle room. Everyone can have wiggle room. It’s just thinking about what are those priorities first. So that’s my big takeaway. Kyle is being clear on your priorities and then talking about those with one trusted person, Boom, you’ve got wiggle room.

    00:27:28:11 – 00:27:56:24
    Kyle Pearce
    My big takeaway I want to build on that is exactly this idea of priorities is if you don’t know what your priorities are, then you’re just leaving it to chance, right? You’re leaving it to however it turns out. It turns out right now, the way we spend our money is the way that whether we realize it or not, but we have prioritized our funds to go out the door in the way it’s going out the door right now.

    00:27:57:05 – 00:28:26:07
    Kyle Pearce
    And I love that idea you just shared about the wiggle room is that you get to control that, but you need to confront it first to know where it’s going, to understand where it’s going, and to know where you’d rather some of those funds to be going. And like you said, there is always wiggle room and it doesn’t have to be the wiggling out of the Starbucks coffee in the morning or wiggling out the Friday night dinner or the take out or the whatever.

    00:28:26:07 – 00:28:45:10
    Kyle Pearce
    That doesn’t have to be the wiggle room, but there is wiggle room there. But we do have to become conscious and aware of it. And then we also have to think of what is the priority. And if we do those two things and again, you do it with some guidance that should victory. Right now your trajectory is just random.

    00:28:45:12 – 00:29:10:19
    Kyle Pearce
    All of a sudden now the trajectory gets closer. The goal might be over there. We might still not be quite there yet, but you’re getting closer and closer. But the problem is, if we don’t keep changing that trajectory to get on target after ten, 20, 30 years, you are so far from that end goal, right? If you don’t actually fix the trajectory of what you’re shooting for, do that work.

    00:29:10:19 – 00:29:29:17
    Kyle Pearce
    Now. It would be great if you did it yesterday, ten years ago. But the reality is it doesn’t matter as long as we do that work now. So, hey, hopefully you grabbed something of value here from the show. If you are inspired by the work you’re hearing here, not only, hey, maybe you want to reach out to us over on a best to teacher icon.

    00:29:29:19 – 00:30:09:12
    Kyle Pearce
    We love chatting with invested students. We have great conversations. We try to point you in the right direction, be it working with one of us, or pointing it towards other professionals out there that we know would help you in your particular situation in case. But also if you think other people would benefit from this, hey, share the love, do us a favor and open up that app that you’re listening to and go ahead and leave a rating and review, because that will help more people who are eager to shift that trajectory, like we just said, towards their financial futures, that they really, really want to see when they are ready to take their time back.

    00:30:09:18 – 00:30:33:23
    Jon Orr
    Folks, we’ve dumped a bunch of resources over on our show notes page to kind of get started, head on over to invest in teacher account board. Episode 37 That’s Investor Teacher AECOM Board Session Episode 37. Also, don’t forget we have our VIP club. You can also join the VIP club. In our VIP club we are sending you tips resources on building your financial future, thinking about your finances.

    00:30:33:23 – 00:31:02:20
    Jon Orr
    But also each month we’re giving away prizes to our VIP club members. So for example, this month in August, we’re sending out a $50 gift card. But in other months, sometimes we send out a $50 gift card, but sometimes we send out big prizes like your mortgage payment is covered. So head on over to Canadian Wealth Secrets dot com forward slash VIP club that’s investor teacher dot com for such a VIP club join it and you will be on our list to get notified when we have our contests.

    00:31:02:22 – 00:31:20:20
    Kyle Pearce
    All right invested students. Class dismissed.

    00:31:20:22 – 00:31:32:08
    Jon Orr
    Just as a reminder folks content you heard here today 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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