Founder of Kind Wealth; a virtual family office helping business owner families maximize their return on life. Impact investor, boxing fan, and proud Dad.
A surprising fact:
Many of the wealthiest people/families working with high paid professionals (accountants, lawyers, etc) still do not have a financial plan & aren’t optimizing their wealth.
Why? Because …
We had our first inquiry from a couple who panic bought a condo in d/t Toronto a few months ago. The monthly cost eats up their entire free cash flow and are worried about rising int rates and getting trapped if RE prices keep falling.
Feels like just the tip of the iceberg.
@MarkMcGrathCFP
Wow, thanks for having the courage to share such a personal/emotional story with us Mark! A great lesson for all of us in here.
Your Dad sounds like an amazing guy. Not sure how he allowed you to develop such bad taste in hot sauce, but by all other accounts, he was remarkable!
Spoiler alert:
Trading in the markets is the most competitive game there is. Most institutional money managers (with the smartest minds working on it full time) can’t beat the markets.
So no, your financial advisor John from Burlington won’t beat the markets either.
So after a lifetime of burying my head in the sand, I finally took the plunge to get tested for ADHD. Receiving a diagnosis has been life-changing for me, and my family. Here’s what happened.
@EverydayGirlDad
100%, it’s not a contest to see who is most deserving of being tired. Let’s all assume most people are trying their best. Life gets hard for all of us sometimes.
My 1st lawn sign b/c we can't afford 4 more yrs of John Tory!
Vote for whoever you'd like but I'd urge you to consider
@StephenPunwasi
. His platform is thoughtful & nuanced & provides the substance all our political candidates should provide.
@nasmadotali
Your portfolio is like a bar of soap. The more you touch it, the smaller it gets.
Stay invested. Stay diversified.
If you’ve got cash, deploy it over several weeks/months. Maybe add some real assets (gold, ag commodities, etc).
Then settle in and wait for the storm to pass.
@RyanGarcia
I know you’ve got a fight to promote, but social media is terrible for our mental health.
Not sure what you’re going through right now brother. But consider taking a break from social media. Pull your family and closest friends in tight and focus on getting grounded. ✌🏻
Here's something I wish more people knew:
Your accountant isn't sitting around all day thinking about tax strategies that can save you money.
Here's why:
I want to smash the cultural taboo that prevents us from talking openly about our money worries. Bottling them up allows them to fester and breeds fear and shame. But opening up is hard, no one wants to go first. So here's my deep dark money secret.
The rich get richer because they invest!! I had no idea. That's it, global poverty is solved everyone!!
The poor (the people without capital) just need to invest!! Why didn't any of us think about that?
Poor Dad: Let’s spend this extra $500 a month on a new car payment
Rich Dad: Let’s invest this extra $500 a month into the stock market
The rich get richer because they invest
Women, please don’t let the men in your lives take exclusive control over the family finances. I speak with women every year seeking help after the men in their lives blew up their finances (racked up debt usually due to investing mistakes) without them being aware.
This is wild. A friend just told me how her ex-husband's sister, 15 yrs ago, scrounged to buy a property. In that time she levered up enough to acquire 28 condos. Today she reached out to my friend asking to borrow money. Think of that, this is her brother’s ex-wife ...
With the Conservative leadership race heating up, under adjusted criteria and with more contenders coming forward, what does former candidate
@kevinolearytv
think of how it's shaping up? And the party's prospects for forming government after the next election?
#ctvqp
#cdnpoli
One of the coolest things to happen last year at
@kindwealth_ca
was receiving a 5 star Google Review from a prospective client that we weren’t able to serve but for who we took the time to educate and make sure they found an advisor who was the right fit.
Here's a shocking confession from a CFA charter holder who has worked in financial services for over 25 yrs:
I didn't know what a financial plan was for the first 15 yrs of my career.
The reason I'm not embarrassed to admit that now ...
A surprising fact:
Many of the wealthiest people/families working with high paid professionals (accountants, lawyers, etc) still do not have a financial plan & aren’t optimizing their wealth.
Why? Because …
@czue
1/Corey, this is another excellent piece. I really admire your concise writing & clear thinking.
Thanks for writing this. It’s honest & humble & is a breath of fresh air.
Funny enough, I came to a diff conclusion even though I can’t disagree with much/any of what you wrote.
Have you ever wondered what a Family Office is?
If so, you’re not alone. The term seems to be all the rage these days and is often misused. That's because it sounds cool but is a nebulous term lacking clear defining criteria.
🧵But here are some general criteria:
I was compiling data on
@kindwealth_ca
's marketing, and I realized I've had over 400 calls with prospects since we started.
Here are 8 lessons I've learned about selling financial advice ...
Face masks don’t protect the wearer, they protect everyone else. This clips shows that either a) Pence doesn’t understand this or b) doesn’t care about other people. Neither is a good look.
@nasmadotali
Nasma, I've read a lot of the comments & some are pretty scary.
One tip:
Ignore people who give you specific advice about what to buy (buy this stock, ETF, or asset class) without having first asked you a lot of questions about your circumstances, mindset, and goals.
TODAY: Elementary educators at the Ottawa-Carleton, Toronto and York Region school boards, and ECEs at Toronto Catholic School Board are on a one-day full withdrawal of services. Picket lines will be set up at schools, the Toronto Catholic School Board office.
#ETFOstrike
#onpoli
The idea that the government would outlaw an asset manager from considering the factors they deem relevant to their investment decision-making is preposterous.
A Republican bill to prevent pension fund managers from basing investment decisions on factors like climate change cleared Congress, setting up a confrontation with President Joe Biden, who is expected to veto the measure
Celebrating 11 years of marriage today with
@WorldVisionMel
.
It's wonderful thinking back on all the fun times together.
But it's reflecting back on the hard times, when she's had my back, no matter what, that makes me grateful beyond words. ♥️
I'm bad at taking time to celebrate. So here goes.
I started The Impact Investing Podcast 4 yrs ago. Publishing consistently while running
@kindwealth_ca
& raising kids has been tough.
But I'm coming on 50 episodes now, >50k downloads, and an avg of 4.9 stars from 24 ratings.
Many people, even professionals like accountants, lawyers, and investment managers, don’t know what a financial planner does. For a long time, I didn't either.
How can that be? It has to do with the history (or lack thereof) of the profession.
🧵Here's the story ...
Here's a shocking confession from a CFA charter holder who has worked in financial services for over 25 yrs:
I didn't know what a financial plan was for the first 15 yrs of my career.
The reason I'm not embarrassed to admit that now ...
Hey
@benjaminwfelix
, sorry to have to break it to you. But all the work you’ve done on International diversification is wrong. This guy says so. Ironclad logic right here!
Congratulations
@AdvisorBMillard
, CFP, and
@jasonpereira
, CFP, who we honoured yesterday for earning 2022 FP Canada Fellow distinction.
Nominations open for 2023 Fellow distinction and the Donald J. Johnston Lifetime Achievement Award:
#FinancialPlanning
This is just absurd. Keep the money, or give it to low income families who are struggling right now. But $200 is not going to help kids “catch up” at school.
@blueshirtdistin
@unscriptedmike
Not to mention persistent long term health consequences for those with long COVID, something I’ve never heard of with influenza.
I have to give a huge shoutout and thank you to
@AnandWrites
. A simple tweet at him about his book,
#WinnersTakeAll
, led to him joining my team meeting to discuss the book’s central arguments in the context of our work at
@worldvisioncan
. Coolest thing ever! Thanks brother!
The term financial advice muddies the water b/t investment advice & financial planning. These fields have entirely different bodies of knowledge & proficiency requirements.
Sadly most advisors don't provide financial planning even though that's what most people desperately need.
Wow!! We did it!!!
Employee Ownership Trusts (EOTs) are coming to Canada with the necessary tax incentives!
Kudos to the Gov't for listening to experts in crafting (and revising) the legislation in intelligent ways that will make EOTs truly viable!
This is such an important finding at a crucial time! Please share this widely so our elected officials hear this loud & clear!
The gov't is in the process of drafting legislation that will bring Employee Ownership Trusts (EOTs) to Canada.
EOTs ...
@naval
Not even then will the masks come off. Having been infected doesn’t mean you can’t be infected again. Especially with more variants. Masks are here for good.
Tomorrow I begin
#ship30for30
; I will post one atomic essay per day for 30 days.
I’ll be writing about my journey in impact investing and my goal of empowering people to invest for social & environmental impact.
I’m nervous & excited. I hope you'll follow along below. 👇
Went for my first colonoscopy this morning. Thanks
@VancityReynolds
for the PSA!
In the recovery room now listening to a symphony of flatulence from the other patients just waking up from their procedures.🤣
If you’re +45, ask your doctor about it. It could save your life.
After our girls got violently sick for the 4th time in 8 weeks, we decided to get out of dodge for the winter. Loving the warmth and the slower pace. Nothing says Christmas Eve like an afternoon jungle walk.
One thing no one prepares you for after losing a parent is the constant guilt you feel for not spending more time with the parent who is still living. 😥
This is such an important topic. I appreciate
@ramit
's podcast and efforts on this subject.
I do wish more time had been spent delineating two important distinctions:
1. Commissions vs Fee-Based compensation models
2. Financial Planning vs Investment Management
I'll explain
This is a tired trope and demonstrates a deep misunderstanding of how good financial advisors/planners add value.
N.B. I don’t charge AUM fees or even manage investments at all.
If you’re paying your advisor 1% on a $1 million portfolio that grows 10% per year before fees, that’s:
- $10k in fees the first year.
- $152k over 10 years!
- $512k over 20 years!!
- $1.36 million over 30 years!!!
You’re paying for your advisor’s beach house.
I hope you
Mel and I are proud to be counted among one of these 89 other incredible young philanthropists. We’re so excited to establish the Melani & David O’Leary Foundation. It will be a legacy we pass on to our daughters and generations of our family to come!
#kindwealth
#philanthropy
Let me assure you, the "morons" Dave is referring to aren't being pedantic. It's shocking that Dave is missing that:
1. Future returns could (and many expect will) be lower.
2. Average returns aren't the only thing that matters. The order of returns matters as much. Meaning ...
From the Ramsey Show (November 2, 2023):
This disturbing video rant from Dave Ramsey demonstrates an ongoing ignorance of safe withdrawal rates and sequence of returns risk, plus a combative insistence on using 12% average linear returns assumptions over decades.
Dave publicly
Creativity isn’t bestowed, it is unlocked.
And notice, I didn’t put quotes around that sentence? That’s because I made it up tonight.
Go ahead, google it. I’ll wait …
And ya, I’m pretty proud.
@amandabella
This is fucking bananas. The only possible explanation for what’s happening is that the government has done the math and values the votes and dollars more than human lives. End of story. People will die because the gov’t didn’t want to spend the $ for smaller class sizes.
As smart as these professionals are, they are only looking at their narrow slice of the picture.
A financial planner is the missing piece. He/she should be devising the overarching strategy and ensuring the others are aware of it & that everyone is rowing in the same direction.
@wadeo355
@MichaelBensonn
@Klitschko
Of course he is. Dude is fighting for his country and the lives of his people.
Roy Jones is my boxing hero. But he should severe his ties with Russia and publicly denounce Putin.
Personally, I’m starting with 3 (it’s the worst bite), wrapping around the outside and setting up the two bite, with all the mayo, for the finish. An end of meal amuse-bouche if you will.
Spoiler alert:
Trading in the markets is the most competitive game there is. Most institutional money managers (with the smartest minds working on it full-time) can’t beat the markets.
So no, your financial advisor John from Burlington won’t beat the markets either.
Back in South Africa after moving home 4 yrs ago. I’m with Rachel and Jongi Kamko(my old friend and boxing coach) at Grassroots Youth Development in Khayelitsha. The work he’s doing with vulnerable youth is so amazing! I miss you old friend. My heart is so full! ❤️
At
@kindwealth_ca
we won’t work with a client who expects us to exclude their partner from the conversation because “they aren’t interested” or “they prefer I take care of the finances”.
I curate free resources to help people get 🧠smarter about impact investing.
A thread about what you'll get when you subscribe (for free) to my newsletter ...
Have a work day-date with my partner in crime
@WorldVisionMel
at the
@rotmanschool
Gender Analytics Possibilities conference. An amazing learning how inclusive analytics can generate new products, services and policies and make real progress on inclusion and gender equality.
You may lose your wife, you may lose your dog, your mother may hate you. None of those things matter. What matters is that you achieve success and become free. Then you can do whatever you like.
This is a strange set of reasons not to teach personal finance in school.
1.Who is going to teach it? Teachers. Like every other subject.
2.Who is going to create the curriculum? The government. Like every other subject.
3.Kids aren't interested. Yes, like every other subject.
Should personal finance be taught in HS?📈💰
Thanks to
@ramit
for joining
@awealthofcs
and
@michaelbatnick
on this special episode of TYB! Link down below for the full episode out now on YT⏯️‼️
🎥
100%. I’m very lucky to have an amazingly supportive wife who has been willing to sacrifice financially as I build a business. I couldn’t do this without her.
Looking to be a Financial Advisor?
Make sure your spouse understands what it will take to build your business.
Your spouse must have your back!
This industry isn’t easy. It’s near impossible without your spouse on board.
@snboxing
One more since I can’t resist:
After Robinson lost to Jake LaMotta, he not only beat LaMotta in the immediate rematch but he did it just 3 weeks later … and he took a tune-up fight in between.
🍌🍌🍌🍌
We previously had our mobile and home internet with Rogers. Due to the recent Rogers outage, we vowed not to keep both with one provider. We switched our home internet to Bell Fibre. We now have a 1.5 Gbps line (vs 1), get better coverage in our house & save 30% on our bill.
I had a blast today judging the RBC x Rotman Sustainable Finance Case Competition. We saw some amazing presentations and had a tough time choosing a winner. Great job by everyone involved!
@rotmanschool
@Lee_Chin_Inst
100%. Men need a healthier definition of masculinity that frees us from these barbaric notions that men aren’t supposed to cry, need help, or show emotions.
I recently started telling my 5yr old made up stories at bedtime about SuperMax; a seemingly ordinary dog with super powers who saves the day without his owner ever knowing. It’s her favourite thing. So now I have an evening deadline to produce a new short story every night! 😫
Let's all normalize talking about mental health. I struggle with it like everyone else.
I'd love to see a world where we normalize regular mental health checkups like annual physicals are normalized.
In the past two years I’ve lost two of the people I love the very most in this world. So I know how hard end of life planning can be.
That’s what makes this launch so great. Affordable cremation you can arrange entirely online. It’s the
@WillfulWills
of cremation.
I’m proud to announce that
@Eirene
is officially available in Ontario.
Eirene allows families to plan an affordable cremation entirely online — all at their convenience.
I'm really honoured to have
@kindwealth_ca
put in such good company with other purpose-driven businesses like
@knixwear
and
@WillfulWills
who are finding ways to help others during a time of fear and uncertainty.
Easy peasy. Just register a business, get a credit card, buy expensive shit, claim bankruptcy, and you're off the hook.
The banks, credit card companies, and government have never considered this brilliant loophole! lol
🤦♂️
That’s a wrap! Got cooked like a lobster but
@lewlewlemonn
and I had a great time
@FutureProofAC
! Lots of great content, catching up with friends and making new friends.
A bientot!