Mark McGrath @MarkMcGrathCFP Twitter profile

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Mark McGrath

4 months

Advisors and wealth management firms often expect you to transfer your life savings to them before they do any work. How do you know your experience will line up with their promises? At PWL, we do things a little different:

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Mark McGrath

@MarkMcGrathCFP

1 year

Make sure you know what you're retiring to. This was a hard post to write. I almost didn't write it in fact. I've started and trashed this story many times. But I believe there are important lessons in this story we can learn from. Warning: this does not have a happy ending.

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Mark McGrath

@MarkMcGrathCFP

1 year

I'm a landlord. At one time I thought I would build a portfolio of rentals. I absolutely cannot stand it and can't wait to sell and never do it again. No liquidity, high fees, and lots of headaches. Some people are cut out for it. I am absolutely not.

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Mark McGrath

@MarkMcGrathCFP

1 year

As a financial planner, I didn't get any training in this. We learn about the financial side of retirement but not enough about its emotional and psychological aspects. About how our identities can be intertwined with our careers and our businesses.

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Mark McGrath

@MarkMcGrathCFP

1 year

And remember, this was a guy who had lots of friends, social activities, sports, and hobbies. And still, retirement undid him in less than 18 months. Humans require a purpose. And if that purpose is linked to your business, be careful leaving it behind.

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Mark McGrath

@MarkMcGrathCFP

1 year

I'm a landlord. At one time I thought I would build a portfolio of rentals. I absolutely cannot stand it and can't wait to sell and never do it again. No liquidity, high fees, and lots of headaches. Some people are cut out for it. I am absolutely not.

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Mark McGrath

@MarkMcGrathCFP

1 year

I just want to say thank you to everyone who took the time to comment and send me a DM. I'm overwhelmed. I won't be able to respond to them all, but know you've been heard and have affected me deeply. ❤️❤️❤️

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Mark McGrath

@MarkMcGrathCFP

1 year

So when you think about retirement, think about what you're retiring to. Focus on your relationships, mental health, community, and purpose. And spend time before you retire on finding a path to fulfillment.

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Mark McGrath

@MarkMcGrathCFP

1 year

And when he sold his business, he stripped himself of his identity. Now he was a nobody. He lost his purpose, the very thing that made him who he was. Whether he knew it or not, I think he loved the business because it gave him a sense of fulfilment he didn't know he'd miss.

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Mark McGrath

@MarkMcGrathCFP

1 year

Why am I telling you all this? Selfishly, because it's been almost a decade, and I'm not sure I've really had an outlet until now. But also because I think I know what happened, and I think people can learn from it.

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Mark McGrath

@MarkMcGrathCFP

1 year

What I think happened is that my dad's business became his identity. He was the tile guy. He was the guy that sponsored all of our sports teams. In a booming town, he was the guy you went to when you needed tile. He was the tile guy.

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Mark McGrath

@MarkMcGrathCFP

24 days

It's wild watching people react to business owners talking about leaving. "Bye!" "Don't let the door hit you on the way out!" They somehow fail to understand that small business owners are the backbone of the economy.

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Mark McGrath

@MarkMcGrathCFP

10 months

Just checked TD's "high-interest" savings account. The rate is 0.05% annually.

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Mark McGrath

@MarkMcGrathCFP

26 days

The media keeps saying only 0.13% of Canadians are affected by the increase in capital gains inclusions rates. That's wrong. Publicly traded companies that earn capital gains just had their tax rates go up. Anyone holding Canadian stocks is affected.

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Mark McGrath

@MarkMcGrathCFP

1 year

By losing his purpose, he lost his essence, his spirit. The thing that gave him his joie de vivre. He had surmounted his biggest challenge and achieved his singular goal. And there was nothing on the other side.

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Mark McGrath

@MarkMcGrathCFP

1 year

Move over RRSP Home Buyers' Plan (HBP) - there's a new kid in town. The Tax-Free First Home Savings Account (FHSA) arrives on April 1st, 2023. What is it? How does it work? What are the benefits? What strategies can you use to make the most of it? I'm glad you asked. 👇

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Mark McGrath

@MarkMcGrathCFP

23 days

If you don't want to listen to me, take it from one of the brightest tax minds in the country.

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Mark McGrath

@MarkMcGrathCFP

27 days

Incorporated professionals got hit hard in yesterday's budget. The biggest impact for many will be the increase in the capital gains inclusion rate for every dollar of capital gains in their corporation. Let's look at the math to see how bad it is.

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Mark McGrath

@MarkMcGrathCFP

1 year

Like many French Canadians, he loved steak and beer. But any time he found himself getting "soft", he would just switch that off - he would diet and quit drinking for a month or so until he got his six-pack abs back. I didn't realize as a kid how impressive that was.

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Mark McGrath

@MarkMcGrathCFP

1 year

He called me one day from the UBC Psychiatric Ward. He told me he was having dark, intrusive thoughts and thought he should get checked in. I didn't realize how serious this was, but I noted that he had the wherewithal to realize it and seek help immediately.

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Mark McGrath

@MarkMcGrathCFP

1 year

@pewm12 Just keep in mind that sometimes, that decision is out of our control. I've seen people get forced out of work for health reasons in their 50s. And while I hope you have a long and illustrious career ahead of you, don't let work be your only meaning.

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Mark McGrath

@MarkMcGrathCFP

1 year

But slowly, he started to change. After a few months of golfing near-daily, he got bored. And then he got depressed. He changed. One day he said he didn't like steak anymore. This man had eaten steak three times a week for over 40 years. Something was up.

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Mark McGrath

@MarkMcGrathCFP

1 year

He used to read books on longevity and admired the lifestyle of the people of Okinawa. Okinawa has some of the highest life expectancies on Earth, and is home to one of the greatest concentrations of centenarians. He planned to live a long, long time.

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Mark McGrath

@MarkMcGrathCFP

1 year

I told them if I was driving across town in the middle of the night, I wanted to know why. He was hesitant, but I was persistent. Then he told me, "your father is dead." I collapsed and remember only that I kept saying, "I had so much more to tell him".

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Mark McGrath

@MarkMcGrathCFP

1 year

Within a month of returning from his trip, he was back working for the guys he sold his store to. He didn't need the money - he just missed his store and his friends. His best friend was his first employee - a man he had hired 30 years earlier. This worked out for a while.

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Mark McGrath

@MarkMcGrathCFP

24 days

If your definition of "rich" is anyone with more than you, you're part of the problem.

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Mark McGrath

@MarkMcGrathCFP

1 year

I went to see him, and he had made friends with half the patients in the ward. Including a well-known ex-Vancouver Canuck hockey player. He told me that night he had made a mistake by going there. That this place was full of crazy people, and he wasn't crazy (his words).

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Mark McGrath

@MarkMcGrathCFP

1 year

My only guess is that he crashed that car intentionally. He went 100km/h through a red light straight into the j-curve. He rolled it three times. I think he didn't want his ID on him because he didn't want to be identified immediately. But he was wearing his seatbelt...

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Mark McGrath

@MarkMcGrathCFP

1 year

This is a story about my dad. My dad grew up the youngest of four siblings in Quebec. He, his siblings, and my grandparents moved to Vancouver in the 70s, and my uncle opened a tile store. My dad worked for him for a while, then eventually opened his own store.

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Mark McGrath

@MarkMcGrathCFP

1 year

He had rented a car for some reason, drove it to the middle of the Lion's Gate Bridge in Vancouver, turned on the hazard lights, and got out. Then he jumped. Two cyclists - one on the bridge, and one down below on the seawall - called it in.

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Mark McGrath

@MarkMcGrathCFP

1 year

My brother and I had a great childhood. We played sports, went camping, and took family vacations. I played high-level baseball and my brother played high-level hockey, and our parents never missed a single game. We lived in a nice house and had everything we needed.

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Mark McGrath

@MarkMcGrathCFP

1 year

One day he told us he had sold his business and was retiring. We were thrilled. All he wanted to do was retire so he could keep travelling, golfing, swimming, and enjoying his life. He booked a two-month trip to Asia to celebrate. He was 58. And then it all went downhill.

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Mark McGrath

@MarkMcGrathCFP

8 months

Please don't borrow money at 10% to go on vacation. Especially if you're already unable to pay your bills.

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Mark McGrath

@MarkMcGrathCFP

1 year

He was fit, active, and a traveller. He was a scratch golfer and swam 80 laps at the pool three times a week. He was also a black belt in karate and extremely disciplined.

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Mark McGrath

@MarkMcGrathCFP

1 year

They gave him anti-depressants, and he checked himself out. He seemed better until a few days later. We were scheduled for dinner at my mom's house, but he didn't show. This was not like him. After about 30 minutes, my mom panicked and said: "something is wrong."

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Mark McGrath

@MarkMcGrathCFP

1 year

That night, on a foggy Thursday in October, I was awoken by a phone call from a private number. I ignored it. And they called back. It was the police, and they told me my mom was upset and that I needed to drive the 40 minutes in the middle of the night to see her.

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Mark McGrath

@MarkMcGrathCFP

1 year

My dad was private, and we never really knew his financial situation. Growing up, we would ask him if we were rich, to which he always said, "no, but we have enough". Eventually, my parents split up. But they remained close and lived in the same neighbourhood.

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Mark McGrath

@MarkMcGrathCFP

1 year

But something was nagging at me. My dad was an exceptional driver. And the crash location was a j-curve intersection he drove through twice daily on his commute for over 20 years. I called his best friend to get his take.

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Mark McGrath

@MarkMcGrathCFP

1 year

His best friend told me that my dad had called him right before the accident. He told him he had stashed his wallet and ID under a garbage can in a parkade on the other side of town. A parkade he had no business being at. To this day I still don't know why he did that.

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Mark McGrath

@MarkMcGrathCFP

1 year

Over the next few weeks, he was overcome with the fear that he would be arrested and put in jail because of the accident. We tried to explain that no crime was committed, and that no one was hurt. But he was adamant. This fear paralyzed him.

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Mark McGrath

@MarkMcGrathCFP

26 days

People are confusing "corporations" with "the wealthy" The majority of small business owners are not the ultra-rich that you think they are.

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Mark McGrath

@MarkMcGrathCFP

1 year

He was a relentless entrepreneur and a good father. He was shrewd and pennywise. I used to joke that he would split 2-ply toilet paper to save money. But he was also a savvy investor, and he did well in his business.

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Mark McGrath

@MarkMcGrathCFP

1 year

He didn't care about tile and saw the business as a means to an end - a way to build wealth and retire. He was laser-focused on this goal.

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Mark McGrath

@MarkMcGrathCFP

1 year

We called the police, and they came by about an hour later. In mid-sentence, the officer got a report about a car accident in his earpiece. The vehicle involved fit the description of my mom's car, which he had borrowed. He looked at us and said, "your dad is alive, but..."

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Mark McGrath

@MarkMcGrathCFP

1 year

Then one day, I was on the Skytrain on my way home from work. My dad called and said he had a fight with my mom and he was going to grab a hotel. I told him to come and stay at my place for the night, but he didn't want to bother me. That was the last time I spoke with him.

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Mark McGrath

@MarkMcGrathCFP

1 year

We rushed to the hospital. All we knew was that he was alive. We had no idea what the extent of his injuries were. When we got there, there wasn't a scratch on him. The paramedics told us they needed to jaws of life to pry him from the wreckage. It was a miracle.

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Mark McGrath

@MarkMcGrathCFP

1 month

My kids' RESP just crossed $70k. I have 2 kids, aged 6 and 1. I expect that by the time my oldest goes to school, the account will be well over $200k.

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Mark McGrath

@MarkMcGrathCFP

3 months

Sobering stats on Canadians' retirement savings: - average h/h saves 6% of their annual income - 75% between 55-64 have less than $100k - 44% in that age group have less than $5k - 32% between 45 - 64 have nothing saved at all Hate CPP all you want, but it saves people.

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Mark McGrath

@MarkMcGrathCFP

1 year

I post daily, Monday to Friday. Usually about financial planning for Canadian Physicians and business owners. If you enjoyed this thread, please: 1. Follow me for more 2. Retweet the 1st tweet below 3. Book a no-commitment meeting using the link in my bio

Mark McGrath

@MarkMcGrathCFP

1 year

Make sure you know what you're retiring to. This was a hard post to write. I almost didn't write it in fact. I've started and trashed this story many times. But I believe there are important lessons in this story we can learn from. Warning: this does not have a happy ending.

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Mark McGrath

@MarkMcGrathCFP

25 days

Had 2 conversations with business owners today that want to leave the country. Just saying.

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Mark McGrath

@MarkMcGrathCFP

1 year

The more you learn about investing, the higher the probability you end up as an index investor.

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Mark McGrath

@MarkMcGrathCFP

2 years

Client today has a $1M mortgage on a $1.6M property. Variable rate means her amortization is now 38 years. Considering locking in a 3 year fixed at 5%. Payments would go from $4k to $6k monthly. Combined household income is $180k. Good thing they were stress tested? 😱

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Mark McGrath

@MarkMcGrathCFP

1 year

Your house is a much riskier asset than a diversified portfolio of global stocks. It just doesn't feel that way because you can't check the price every 2 seconds.

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Mark McGrath

@MarkMcGrathCFP

25 days

There is no $250k exclusion for capital gains in a corporation There is no $250k exclusion for capital gains in a corporation There is no $250k exclusion for capital gains in a corporation There is no $250k exclusion for capital gains in a corporation There is no $250k…

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Mark McGrath

@MarkMcGrathCFP

1 year

Here's a monte carlo on a $600k portfolio with a 10% withdrawal rate and 10% annual returns over 30 years. You run out of money around 70% of the time.

Mark McGrath

@MarkMcGrathCFP

1 year

@JayBWealth Come on Jay you gotta know by now the math doesn't work like that. Total return is all that matters. Tell me, what's the better outcome. $600k invested at 10% annualized yield Or $1M invested at 10% annualized returns ?

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Mark McGrath

@MarkMcGrathCFP

2 months

Just reviewed our wills with my lawyer. We have included a spousal trust if one of us passes away. Why? Protection. Say I die and she inherits everything. We're young, so she might get into another relationship, perhaps with someone with kids from a previous marriage. Or…

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Mark McGrath

@MarkMcGrathCFP

1 year

Thinking of selling a property to your kids for cheap? Don't. it will be double-taxed. Say you bought a property for $500k. It's worth $700k today, but you're thinking of selling it to your kids for $300k as a favour. What happens?

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Mark McGrath

@MarkMcGrathCFP

4 months

I kinda feel like if Canadian real estate crashed by 50% we'd all stand around and go "well duh"

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Mark McGrath

@MarkMcGrathCFP

10 months

Multiple conversations lately with immigrants who have come here and are completely dejected by the high cost of housing. These are people with high incomes who are terrified to lock themselves into a high 6 or 7 figure mortgage, and rightly so. This can't be sustainable.

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Mark McGrath

@MarkMcGrathCFP

25 days

I had no idea how divided this country was until I started talking about tax here.

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Mark McGrath

@MarkMcGrathCFP

23 days

I'll be called a liar for this I'm sure, but I've heard from several medicine residents that they're planning on moving to the US after training. I hope they don't, but it should be obvious that the doctor shortage could get worse.

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Mark McGrath

@MarkMcGrathCFP

1 year

Client is 19 with $50k to invest. A gift from her grandmother. We're going to put it all in a 60/40 portfolio. She has the time horizon and risk capacity to go higher, but she's never invested before and doesn't know how she'll react to volatility. Baby steps are ok.

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Mark McGrath

@MarkMcGrathCFP

1 year

@TKopelman Appreciate it Thomas. My uncle is in his late 80s, a decamillionaire, and he's still out there developing real estate for this reason - it's who he is.

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Mark McGrath

@MarkMcGrathCFP

4 months

Many Canadians can't afford for real estate prices to go up. The rest can't afford for them to go down.

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Mark McGrath

@MarkMcGrathCFP

1 year

RRSP returns are tax-free, just like a TFSA. You heard me. I said tax-free, not tax-deferred. And for most, the returns are even better than tax-free. Don't believe me? Allow me to explain. 👇

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Mark McGrath

@MarkMcGrathCFP

1 year

Once you back out all the expenses that will disappear in retirement: * mortgage * savings * kids expenses * higher tax rates * CPP contributions You realize you might need less retirement income than you think.

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Mark McGrath

@MarkMcGrathCFP

1 year

Who wants to tell them?

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Mark McGrath

@MarkMcGrathCFP

7 months

Investment recommendations based on portfolio size: $100K: - low-cost, global index funds $1M: - low-cost, global index funds $10M: - low-cost, global index funds $100M: - low-cost, global index funds

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Mark McGrath

@MarkMcGrathCFP

1 month

My 1-year-old daughter took her first steps today. When I told my 6-year-old son, he started crying. "Why are you crying son?" "It's just amazing, I'm so proud of her" And my heart grew 3 sizes today

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Mark McGrath

@MarkMcGrathCFP

4 months

If someone tells you RRSPs are a scam - You can safely ignore any financial advice that follows from that person.

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Mark McGrath

@MarkMcGrathCFP

1 year

In the past 36 hours, I have received messages from literally hundreds of people. Many are at a difficult crossroads themselves or are sharing stories about loved ones struggling with retirement and purpose. I don't have answers, but want you to know that you're not alone.

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Mark McGrath

@MarkMcGrathCFP

1 year

Baby McGrath coming tomorrow! For the next few weeks I'm going to be reposting some of my older content instead of writing new threads. Back to new programming once life settles down. ❤️❤️❤️

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Mark McGrath

@MarkMcGrathCFP

1 year

If I sell you a permanent insurance policy with a $100k per year premium, I make around $150k in commission. Just thought you should know that.

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Mark McGrath

@MarkMcGrathCFP

18 days

I'm not an economist so honest question. Does a higher consumption tax like GST not largely solve the "tax the rich" problem?

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Mark McGrath

@MarkMcGrathCFP

1 year

@HennigarRd Thanks Deane. I find this to be an issue with physicians in particular. They dedicate their lives to learning and helping people, and then have to give it all up at some point.

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Mark McGrath

@MarkMcGrathCFP

1 year

Just received a DM. This person is in their mid-20s and running a successful business. They were hard-pitched a whole life insurance policy with $250k/year premiums. Zero financial planning done for them first. THIS is why I get mad about the insurance industry.

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Mark McGrath

@MarkMcGrathCFP

22 days

Some people have a hard time understanding that business owners pay tax on their salaries and dividends. They aren't just magically converting their salaries into capital gains.

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Mark McGrath

@MarkMcGrathCFP

4 months

Just saw a portfolio with 71 mutual funds per account. 4 accounts, so 284 total mutual fund positions I'm traumatized and don't know if I'll ever recover

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Mark McGrath

@MarkMcGrathCFP

1 year

@spooky_JL Lol it's the truth, just pointing out real estate isn't some infinite money hack

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Mark McGrath

@MarkMcGrathCFP

1 year

Most people don't need: - leverage - fancy insurance policies - exotic investment strategies - tax schemes They need to: - increase savings rates - invest appropriately - use TFSAs and RRSPs - pay down debt - buy cheap term insurance Do that and you're 90% of the way there.

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Mark McGrath

@MarkMcGrathCFP

1 year

Ideally you should use your TFSA as a retirement account. Yet a BMO study found: - Only 63% have a TFSA - 56% hold some cash in their TFSA. - Nearly 1/3 say cash is over 75% of their TFSA holdings - Only half even know a TFSA can hold non-cash assets What's in your TFSA?

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Mark McGrath

@MarkMcGrathCFP

4 months

Canadians: "CPP is trash! I'm better with money than them, let me manage it myself!" Also Canadians:

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Mark McGrath

@MarkMcGrathCFP

1 year

Money may not buy happiness, but it's a pretty good hedge against worry.

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Mark McGrath

@MarkMcGrathCFP

4 months

Walgreens raised its dividend for 47 years in a row. They just cut it by 50%. No longer a dividend aristocrat. One of the reasons I would never let dividends dictate my retirement spending.

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Mark McGrath

@MarkMcGrathCFP

1 year

Most people don't need: - leverage - fancy insurance policies - exotic investment strategies - tax schemes They need to: - increase savings rates - invest appropriately - use TFSAs and RRSPs - pay down debt - buy cheap term insurance Do that and you're 90% of the way there.

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Mark McGrath

@MarkMcGrathCFP

1 year

Convo yesterday: - single, mid-40s, no kids - 100% of her investments, including RRSPs & TFSAs, are in segregated funds - MERs are 3.5% - has a whole life insurance policy despite having arguably no need for insurance at all There's so much work to do in this country.

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Mark McGrath

@MarkMcGrathCFP

1 year

@DavidPOLeary You're gonna love this - he was a hot sauce connoisseur. Like a whole cabinet dedicated to hot sauce. And come to think of it, I don't think I ever saw him use Tabasco 😂

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Mark McGrath

@MarkMcGrathCFP

11 days

If I was just getting started learning about personal finance, or if I wanted to go the DIY route, here are the resources I would devour first. And in this order.

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Mark McGrath

@MarkMcGrathCFP

11 months

Update: Both properties now sold! Huge weight off.

Mark McGrath

@MarkMcGrathCFP

1 year

I'm a landlord. At one time I thought I would build a portfolio of rentals. I absolutely cannot stand it and can't wait to sell and never do it again. No liquidity, high fees, and lots of headaches. Some people are cut out for it. I am absolutely not.

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Mark McGrath

@MarkMcGrathCFP

28 days

My wife and I each have $2M of term life insurance. Why $2M? Because that's how much it would take for us to ensure the survivor is financially independent for life. Want to know how much life insurance you you need? Well, let me tell you.

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Mark McGrath

@MarkMcGrathCFP

14 days

I sold my rentals last year. I was expecting a big tax bill due to the capital gains. But I ended up with a $4,500 refund. How? Partially because of the +1 in the calculation of the principal residence exemption (PRE): 👇

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Mark McGrath

@MarkMcGrathCFP

26 days

I feel compelled to explain that there is no $250k capital gains exemption for gains incurred inside a corporation. The $250k is only for individuals. The number of people telling me I'm wrong because they didn't know of this is making my head hurt.

Mark McGrath

@MarkMcGrathCFP

27 days

Incorporated professionals got hit hard in yesterday's budget. The biggest impact for many will be the increase in the capital gains inclusion rate for every dollar of capital gains in their corporation. Let's look at the math to see how bad it is.

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Mark McGrath

@MarkMcGrathCFP

11 months

Most people I've met that own a rental or two have no idea what their net annualized returns have been. They believe it's the pathway to wealth, and it can be, but they haven't measured their performance against other investments. Most of the time, it's a buy and hope strategy.

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Mark McGrath

@MarkMcGrathCFP

1 year

People love defined benefit pensions but hate annuities. It's the same thing folks.

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Mark McGrath

@MarkMcGrathCFP

9 months

Woke up to 13,000 followers today. To the 264 of you that aren't bots, I appreciate you 🙏♥️

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Mark McGrath

@MarkMcGrathCFP

4 months

Tonight, as the clock strikes 12:00 and announces the very first moments of 2024, while you're celebrating and embracing your loved ones - I will max out my TFSA

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Mark McGrath

@MarkMcGrathCFP

1 year

If my company is worth $100 and I pay you a $1 dividend, my company is now worth $99. You have 1 share worth $99, and $1 in cash that you must now pay tax on. Dividends aren't magical free money.

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Mark McGrath

@MarkMcGrathCFP

11 months

Your retirement goal shouldn't be to acquire X amount of dollars. It should be to receive Y amount of dollars per year in retirement.

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Mark McGrath

@MarkMcGrathCFP

28 days

With the increase in capital gains inclusion rates - I am now a dividend investor and Whole Life insurance salesman.

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Mark McGrath

@MarkMcGrathCFP

1 year

Update: baby and mama are happy and healthy 😍

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0

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Mark McGrath

@MarkMcGrathCFP

11 months

You don't need a high Income to build wealth. You need a high savings rate.

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