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Michael Morrow Financial Expert and International Speaker · Authentic Living

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Welcome to authentic living with Roxanne, a place where we conscious conversations about
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things that really matter in our lives.
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And now here's your host, Roxanne Derhodge.
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Hi, everyone.
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It's, Roxanne Durgesh.
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Thanks for tuning in again.
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This week, I have a colleague, Michael Morrow, Hi, Michael.
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How are you?
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I'm great.
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How are you?
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Good.
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Good.
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Michael has, decided to spend some time with us today because We've talked a lot about
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authenticity, but I think a lot of times we kind of, I would say, deviate from the issue of
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money.
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I don't know if you've ever had conversations with friends or even family members, it seems
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to be that topic that most people don't wanna talk about.
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Michael is an expert.
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So I'm gonna tell you a little bit about his background.
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We're gonna jump into the concept of money and how how do you have what you need?
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And, if you don't, How do you start to think about the concept of money a bit differently?
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So Michael is the president of Moro Financial.
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He's certified financial planner.
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And, with Manulife Securities Investment Services Inc.
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He shows you how to Have enough for any important financial responsibilities.
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He helps you protect your lifestyle and make bet better business business better and
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retiring comfort.
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He has, done a lot of publication.
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He's been a national newspapers industry magazines and over, 40,000 financial.
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We spoken to over 40,000 financial advisors in 12 countries.
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And worldwide, people turn to him for his five books that he's written.
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He's a 2 time presidents of the local Financial Advisors Association of Canada.
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In a in addition to being an advisor, he's been heavily involved with community organizations
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like Big Brother's, United Way, Knight's Columbus, his church, his youth, bass,
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baseball, and as as well as Excalibur nights with a $1,000,000 round table foundation, which
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I know he has, a speaking event coming up there in June, so I'd like to hear a little bit more
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about that.
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My his wife, Nina, of 21 years are they live in Thunder Bay.
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So he sees a little bit more snow than I do here in Niagara.
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He enjoys his, his, family with his 2 children at their cottage on One Island Lake in the
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summer and skiing in the winter at Lock Lamont.
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So, Michael, thanks again for coming to talk with us today.
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So, you know, I know we, we met just recently, and, I was able to hear you speak and I'm I'm
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always intrigued by money, and I know it's something that even in my family was always,
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you know, you hear the concept.
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Money doesn't grow on trees.
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You know, you hear all these things going up over and over again.
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So I thought talking about the concept of money and what you see is kind of, would be a good
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topic is for us to focus on.
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Okay.
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Well, first thing is that we we just wrote a book that, the US version of the book, it's
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called Don't worry Retire Happy.
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3 of us did the Canadian version of that book and it got a PBS special in the United States
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and it's gonna be available on audio book and on on Kindle and, on chapters, online.
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And basically what we did was the the reason for the book we call it don't worry, retire
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hopping.
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And, basically, what we did was we talked about the 7 steps to having a successful retirement.
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Before I talk about that, I think that one of the things is the first thing with money is is
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that when when you look at what what what couples argue about it and the number one
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reason for people divorcing.
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Number one arguments are about money, how it's how it's made, how it spent and and very often,
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we find couples that that aren't aligned on their goals.
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One person wants to buy a bunch of toys.
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The other person wants to save the money.
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And very often causes a lot of tension.
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In addition to that, money, you know, isn't really all that topical like you mentioned, and
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people don't talk about it very and very often have, retired clients come in.
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They pass away, and their children have no idea on which money they have, where they wanted it
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to go And so, you know, it it is something that should be talked about more openly and and is
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really in a lot of ways, extremely secretive.
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The the number one thing that I find I've been a financial planner for 30 years and number one
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thing that I I find is is that that people know they should be saving money, but they really
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have no idea how much.
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They don't know what they're saving for.
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You know, you you you graduate from school.
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Maybe you have some student loans.
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You go out and you buy a nice car and you got a car payment.
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Now all of a sudden, you go and you buy a house and, Next thing, you know, when you phone me up
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and you're 30, 35, 40 years old and you've got all these payments, you've got very little
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money and retirement isn't really all that far away.
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If we only look at somebody's life, the average person lives to about age eighty years old,
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just to use a nice round number.
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And if we take that, that's only 28,000 days that you have in your whole life from age zero
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to age eighty.
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And if you look at the 1st quarter of your life from age zero to age twenty, you're going to
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school, you're not making any money at all, then you enter the workforce, you know, for the
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2nd phase of your life for me 28 age forties another 7000 days and then 40 to 60 is another
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7000 days.
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And then you retire at age sixty and you're gonna live off your money from 60 to age
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eighty.
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And so you don't make any money from 0 to 20, which is the 1st 7000 days of your life.
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You you don't make any money from 60 to 80, which is the last 7000 days of your life.
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So from 20 to 60, counting weekends, you have about 14000 days to to accumulate enough money
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to to get all the financial goals that you wanna have in your life.
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And it's just not very much time at all.
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And now I meet somebody if I meet him at 30 or I meet him at 40.
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They're down to maybe 10000 days, 7000 days to gather a big enough pool of money together to
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be financially dependent for for the rest of their life.
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The number one thing that that that people have to do is have some sort of a financial plan.
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And we, when we do financial plans, for clients.
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The software is actually pretty simple and pictorial.
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And basically, we just go and somebody comes in, know, we don't judge where they're at as
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far as financially when they come in.
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They are where they are.
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They came to us for help.
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So now you sit down with me.
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Let's just say you're forty years old and then you and your spouse make a $100,000 a year
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each.
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You've got $200,000 of gross income.
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And, you know, probably you've got a couple $100,000 as a mortgage payment still you're
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working on.
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You've got you've got kids you wanna save for for their schooling, maybe even help give them
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a little bit of a head start in life.
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Hopefully, you have a pension plan and things like that through work.
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And so what we do is we just take all those numbers.
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We plug them in.
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We go, okay.
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Here you're forty years old.
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Here's your current assets.
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Here's how much you plan on saving.
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Here's all the benefits that are going to be available till you come retirement time through
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Canada Pension, through all these securities, through your current savings, maybe money from
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downsizing your house, different things like that.
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And, we're just going to plug them in and what happens is you're either gonna have enough for
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retirement and you're not gonna have enough for retirement.
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And then if you have enough or you don't have enough, what we do is we turn around, and we
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just change the different assumptions.
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If you don't have enough for retirement, there's really not that many choices that are
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available to you.
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You can either work longer you can save more money.
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You can get more aggressive to hopefully get a better rate of return or you can retire on
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less.
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And so if I do a financial plan for you or anybody else and there's not enough money, you
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know, instead of you retiring, let's just say it's 60.
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If I have you retired, you know, 62 or 63, I got 3 more years of you working.
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I have 3 more years of you saving money.
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I have 3 more years of you compounding.
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And 3 last years, if you're pulling money out that we can really fix a financial plan or
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retirement plan for people really, really easy just by playing with the different variables
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that we have.
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So what do you find the biggest issue as with peep when, people come to you?
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What what is it that they're struggling with?
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Well, I I think that if with I talked about people that come to see me and then I'll I'll
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talk about just society in general.
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Most of the people that that that come to see me they already have money when when they meet
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me or they get referred to me.
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And so, you know, they've been saving money where they're at their bank or through their
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group RSP or you know, with an investment firm, whatever an offense to be.
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You know, husband and wife, let's just say get together and they go, okay.
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We can save a $1000 a month.
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They start putting it away for a while.
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And then they get to the point and they got 50,000, a 100,000, a couple of $100,000, and
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they don't really know what that money is gonna do for them.
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And then they call up somebody you know, maybe who's a little bit more established in the
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industry like myself to go and kind of basically take all the different pieces and put
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them together.
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So that's the biggest challenge that they have is that they're saving.
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They don't know how much they need.
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They don't know when they can retire.
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They don't know what the money's gonna do for them when they reach out here.
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So that's that's sort of the the average person that comes to see me, with their challenges.
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Everybody, if I if I go and I look at the average person just in society in general,
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their biggest challenge is is that they're up to their eyeballs in debt, the amount of debt
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that people have is just absolutely insane.
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You know, when you go and you look back a generation ago or or 2 generations ago, most of
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the people that are probably watching this are are children or grandchildren of immigrants,
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and you take sort of what an immigrant was like.
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They they moved over with with very little.
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They were just thrilled to get a job.
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They didn't care what that job was.
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They saved all their money.
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They didn't go out to restaurants.
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They they didn't have 2 or 3 cars.
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They didn't have 3 cell phones.
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They lived in a normal house.
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You know, most most people who were, you know, fifty and over, they lived in a house.
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There were 6 people living in a house.
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There was a two or a three bedroom house and, you know, everybody got along.
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Everybody was happy.
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And now today, everybody needs to live in 2000 square foot.
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They need to drive a nice car.
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They need to have all the toys, and there's just a huge cost to that.
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And the cost to that is basically that instead of you having money that you're saving for your
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future of all of this debt, which means that you're not only spending a 100% of your money,
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you're spending more than a 100% of your And so I gotta get you just just ground 0 where you're
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you're you're you're not, you know, you're you're making a little bit of progress instead
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of working yourself backwards.
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You know, when when we look at retirement and white people retire, you know, some people,
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they they they they're just they're just counting down the days until they retire.
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And there's other people, myself included.
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I don't really have I'm not gonna say I'm gonna not retire ever.
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But it's like a long way off for me.
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I I like my job.
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I I like coming into work.
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I like providing value and and having fulfillment in my life.
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But sort of the formula for retirement happiness is how much you you dislike what
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you're currently doing multiplied by how much you wanna do something So if you really dislike
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your current job and you really wanna do something else, then retirement is is a really,
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really important thing to you.
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But if you really, really like what you're doing and you don't really wanna do anything
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else, then retirement isn't that important.
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For sure.
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Like, you and I pivoting into different careers, speaking and and doing things like
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that.
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We're doing something we like, but you know, I will often hear people when I'm consulting or
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whatever, and they can't wait.
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They know by the by the months, the days, the hours, and I'm like, wow.
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What a way what a way to live.
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It's a a difficult concept to think that, you know, I'm thinking 6 6 years, 5 months, 3 days,
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and 24 hours kind of thing.
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You know, it's it's it's That's a public kind of thing.
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But you know, what happens is, you know, when people often get their priorities, misaligned,
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and I I guess if you just look at your whole life, forget about finances, your whole life is
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just a journey and the the the the purpose of your goal should be just to enjoy the whole
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ride.
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What it happens is, you know, very often you you you see scenarios and, everybody knows
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somebody who's like this where, you know, they're working day and night, you know, so
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they can pay for a big house.
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They can they can, you know, pay for all this stuff for their kids.
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They never see their kids.
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They never see their spouse.
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They never do any of this stuff, and it's like, why are you working so hard?
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And I was like, I'm doing it for my family.
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And it's like you're you're doing a lot for your family.
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You're you're never there for your family.
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You know, and and again, I I I guess sort of a a little bit of the thing that I have in the
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back my mind is, you know, that I guess the same working for the man.
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And, you know, when you're working for the man, your whole life is just a treadmill.
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You get up in the morning.
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You're your eyeballs and debt.
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You worry about, you know, what happens if you get sick?
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What happens if you lose your job?
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But if you don't have money, and you have your your spending less than you make and you have a
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little bit of a backup plan because you have money saved, you get to walk through life sort
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of a little bit more confident because, you know, all of a sudden, you know, your backup
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plan, if you if you do lose your job, it's it's okay.
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I'll be able to figure it out.
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You know, if you if you do take a step back with your health or or different things like
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that.
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So so those are just the kind of the things that that we just talk to people about in
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general, but I just I I find that that people don't understand debt, and they don't
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understand just how bad debt is.
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And we're we're here right now in a really low interest rate environment where, you know, you
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could have, let's just say a $100,000 line of credit and you're paying, let's just use a
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number 4% on it.
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And so you're not worried about it because you're just, you know, it's not that big of an
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amount, but what happens when interest rates go up?
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How are you ever gonna get ahead of all you're doing is just paying interest?
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And so so I I just feel that that that if people can get a better grip on their spending
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and under savings and on the fact that there is a bright future care for them because they they
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have a plan, then your overall quality of life is just gonna go up as as a as a result of
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doing that.
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So, Mike, what I clearly hear is that it's a mindset, right, because you're talking about
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where, you know, if you think about 2 generations ago, people were in the saving kind
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of mode.
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And right now, our thinking or even the exposure of of what we're seeing you know, with
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their kids or just what they get bombarded with with marketing.
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It's all about spending spending consuming.
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Right?
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So we're an consuming kind of, environments.
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If you kind of think about commercials on TV or just billboards or, you know, just driving by
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something, you're constantly being bombarded with stimuli that says, by me, you will make
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make it better.
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Make make whatever better.
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You'll you know, relationships better.
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It it, you know, you look better in this car.
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You'll have the pretty girl in the whatever.
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It's always we're being bombarded.
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When when people come in and what are some of the main kind of mind blocks that you hear from
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people
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around money?
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What what they say?
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Well, I I think that, you know, people just as a general rule, in the back of their head, they
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go, you know, everything will work itself everything will work itself out.
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And it's, well, you know what?
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You know, happily ever after is how all the movies end, but that's not necessarily how
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everything ends in real life.
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And so what happens is, you know, I remember some people that were in here that, had retired
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and didn't really have enough money when they retired because of you know, different
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challenges that they had that maybe weren't foreseen for them.
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And now they're ready at retirement, and they kept calling me up to take money out and take
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money on this.
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Like, we can't keep doing this.
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And they came in.
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It's like, you know, everything is gonna work out.
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Everything's gonna work out, and I saw their account put on.
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It was 400,000.
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It's 300,000.
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It's 200 1000.
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And all of a sudden, they're sitting in my office one day and a $150,000, and I'm trying
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to explain to them how this is gonna last them the rest of their life on top of pensions and
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is not a very good picture.
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And, you know, they're they're they're looking at me and they're trying to figure out how
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possibly gonna make do, and it's like, I've been telling you this for years.
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Like, you you told me everything's gonna work well.
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Everything's gonna work well.
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Is it gonna work out?
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You need to either go back to work or you need to start spending, you know, substantially less
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money than than than you currently are in order for this, you know, your lifetime is a an
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indefinite period of time.
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I don't know when you come and see me if if you're gonna live until you're 70, if you're
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gonna live till you're 80, till you're 90, you know, until you're a 100.
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And, you know, so how are we gonna how are we gonna properly allocate this money?
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And it's just a very, very elusive thing because you have no idea how long you're gonna
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live for.
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And, unfortunately, we used to have where everybody had a defined benefit pension that.
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Yes.
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Yes.
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That just paid them a guaranteed income for life.
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You know, let me go back a generation and a half for 2 generations and go you know, it'd be
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possible to to to live in in Windsor, Ontario, graduate as a C student from high school.
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Walk across the street, get a job at Fort Motor Company.
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At eighteen or nineteen years old, have a lifetime of job security, have a lifetime
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pension when you're all done.
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You'll have health insurance paid for for the rest of your life.
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You'll be able to go out at 20 years old, go buy a nice white house with a picket fence, you
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know, have have 3, 4 kids and just live a life heavily happily ever after.
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Well, that's again a generation of Afro.
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Let's go and let's take the same scenario.
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Today, we have straight a student graduates from high school at the top of their class.
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They go out.
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They get a university degree.
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They they graduate from university.
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They got $50,000 student debt and they're they're working at Starbucks.
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And, you know, that reality today is a lot different than it used to be.
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And so what happens is you need to go out, you know, any suggestion I could have is anybody
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that can go out and get a really nice defined benefit pension plan like like city employees
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do, like teachers do, like people that work at hydro.
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Those are very, very, very attractive things to have.
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Because it's it's a guaranteed income for life.
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And if you don't have that, even if you have money, having money you know, you come to me
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and let's say you're sixty five years old, you have a $1,000,000.
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How much can I pull out?
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Well, what if we earn 5% on it?
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What if we earn 7% on it?
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So we can give you You know, what if you live for 10 years?
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What if you lived for 30 years?
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What if you lived for 40 years?
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So just tell me a guaranteed income is just a really, really good thing to have.
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Because it it solves your biggest problem, which is how long you're going to live for
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because you really have no idea.
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You know, if you're a £400 chain smoking diabetic, I can give you a pretty good idea,
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where if all you do is, you're a vegan and goes to the gym for 2 hours every day, you know, I
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can give you a reasonably good idea as to how long you're gonna live for.
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But that's me telling you as a group how long people like you would normally live for, but
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you as an individual are gonna live longer or or shorter depending on you know, your own
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individual needs.
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So it's really about thinking about yourself knowing what, you know, kind of having a a
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vision of what kind of retirement you have in level of lifestyle that you want to.
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Right?
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So thinking, you know, so let's let's say the average Canadian, and I know that's hard.
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Let's say you're gonna retire at 65.
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Let's say sixty five years old.
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Is that how what is it that someone at that age needs needs to have to retire?
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Well, if I were to just use some general numbers, there's there's, you know, if if we
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look at inflation, we have to look at making sure that we inflation protect your retirement
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because your purchasing power goes down substantially.
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You know, even if you only have 2 or 3 percent inflation, if you have 2% inflation for 20
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years.
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Your purchasing power is about 50%.
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If you have 3% inflation, your purchasing power is only about 30% or 40% in 20 years.
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So what happens is is when I'm giving you a number, it's kinda like an inflation protected
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number, which is really, really So let's just say you have a $1,000,000 for a round number.
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If we get 5% on that and we pull 5% on, hypothetically, always gonna have your
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1,000,000 but because we need to be pulling out because of inflation, you know, you probably
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should only be taking out about 4% of it.
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So You know, if we when we look at different research studies, the the rock solid number for
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the amount of the amount that you can take out is more around 2 or 3 percent of what your lump
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sum of money is as it rocks all the number again.
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That's because we don't know how long you're gonna live for.
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But if we look at maybe more practical number, if somebody's gonna take care about 4 to 5% of
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what their compounds is each year, that would be you know, what I would call a safe and
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reasonable number.
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Now next to that, you know, we've got Canada pension.
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Will they security.
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So just for a round number, somebody who's getting maximum Canada pension is gonna get
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about $14,000 a year.
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At age sixty five.
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Old age security, you can take at age sixty five.
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That's for round number, about $6000 a year.
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So Some of these come maximum Canada pension comes to me as planning on retiring age sixty
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five.
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I already have a guaranteed income of about $20,000 a
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Right.
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So now that person has a $1,000,000.
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Maybe we pull $50,000 a year out of it.
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So maybe I'm gonna give them you know, as a gross gross number, about 70,000, I'd rather
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have that number be more around 60,000 just to be a little bit on the safe side because what
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if we lose money in the market?
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Right.
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Right.
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What if we have a couple of values?
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What if you have a couple unexpected expenses?
22:05
My health or something happens with your children or whatever.
22:09
Those are all things that do you buffer that in to the number that you're looking at.
22:13
You could do it in, but as a general rule, what happens is we start with, you have no money.
22:18
We do it, and here's your money growing, growing, growing, and now you're retiring, goes
22:21
down and it goes down to 0.
22:23
Let's just say age ninety.
22:25
Well, that's how most people envision their their their their plan working.
22:30
That's how most people envision their their life working, but, you know, that's not really
22:34
how it works.
22:35
If we look at what what happens, you know, when Canada pension first came out, it started at
22:41
age sixty five.
22:42
Life expectancy was only age seventy one.
22:45
If you go and you take a sixty five year old today and you look at what their life
22:48
expectancy is, you know, it's the chance that you've got a 50% chance of being alive.
22:55
You know, for a sixty five year old, that number is pretty close to age ninety.
23:00
Now if I have a husband and wife, I've got 22 of them, the chance of one of me alive, you
23:04
know, 50% chance is well above age ninety and a 25% chance is probably around age ninety five.
23:10
So am I planning from 65 to 75.
23:13
My plan from 65 to 85, 65 to 95, then you go and you go, wow, that's so fine.
23:20
I'll spend all my money let's just stay by age eighty five.
23:25
And then, all I have is my my my pensions or something like that.
23:29
Her base income just to pay my most necessary expenses.
23:34
And then I go, well, you know, all sounds fine and dandy.
23:38
But, the problem with living a long time is it costs a lot of money.
23:42
And if you go and you look, if somebody ends up in a long term care facility, You know, you're
23:47
looking at cost just for a round number of $2500 to $3000 a month.
23:52
Well, Anybody here has been in a long term care facility.
23:56
That is not the desired place to live.
23:59
My mom is one step away from going in a long term care.
24:02
She's living in assisted living.
24:04
She has a one bedroom, apartment, sort of the size of two small hotel rooms.
24:10
They serve her breakfast lunch and dinner.
24:11
That's $3700 a month.
24:13
Well, now on top of that, she goes out to exercise in class is three times a week.
24:17
We get driving miss Daisy.
24:19
To to pick her up for that 3 tech.
24:21
There's another $700 a month.
24:23
Then she doesn't like going in the elevator on her own, so they go and they pick her up for
24:27
breakfast, lunch, and dinner.
24:29
They show up six times a day to give her her pills.
24:31
That stuff costs like another 4000 or pardon me $1400 a month for all of that.
24:37
So I got $3700 bucks for the basic.
24:40
I got an extra $1400 in services.
24:42
Now I went to 5100 bucks.
24:45
Now I got her exercise classes and her her driving miss Daisy for that.
24:49
I'm at close to $6000 a month for her expenses right now.
24:53
And so now, is she gonna stop buying clothes?
24:56
Is she gonna stop gonna buy in her her kids and grandkids something for their birthday and for
25:00
Christmas?
25:01
Like, you know, it costs a lot of money getting old, and I think that people are really, really
25:05
unaware of that.
25:05
So we really caution people, you know, who are retired not to plan on spending all of their
25:10
money.
25:12
So, really, if you were let's say you were talking some, you know, young kids, right,
25:17
because a lot of kids today, you know, Mike, it's they're they're not very optimistic coming
25:23
out of university.
25:25
A lot of them, you you're talking at 50,000.
25:27
And a lot of times, they're coming out with, you know, higher debts.
25:31
Yeah.
25:31
Like 50,000.
25:33
Right?
25:33
And they're they're like you said, you're lucky if they don't have an actual skill, right, a
25:37
specific skill.
25:40
They're they're looking at, you know, something like a job at Starbucks and stuff like that.
25:44
I I don't know what the what the rate would be.
25:47
So what advice do you have for young people coming out that don't have the DB benefits to,
25:53
you know, they get, you know, the new, what is it?
25:56
DC'd it's called?
25:57
Yeah.
25:57
To find contribution where a certain percent of your income goes into an investment, you pick
26:02
the when it grows to whatever it grows to.
26:05
My advice to anybody who's why do you say to anybody, but specifically to younger people, My
26:10
my daughter's going into 1st year university in September.
26:13
My son's, a year and a half out graduating, top of his class in civil engineering.
26:19
He's got a good job.
26:21
Is is I I I guess if you go and you look at ultimately how you get paid, you, me, everybody
26:28
that's listening to this ultimately gets paid for providing value.
26:31
And so if you wanna get paid paid more, you don't have to provide more value or in essence,
26:35
you have to make solve more valuable.
26:37
And I I guess if I looked and let's just take, I'm gonna use a twenty five year old and, if
26:43
they they work from 25 to 65.
26:45
Let's just say they make $50,000 a year.
26:48
Well, if I take that, I multiply that over 40 years.
26:52
They have a a future of an economic potential of about $2,000,000, which is 50,000 times 40
26:57
years.
26:58
So now that twenty five year old comes to me and says, hey, Tell me what the best thing is
27:02
for me to do for the future.
27:04
You know, I want I know I need to be saving some money, paying up debts, doing all that
27:07
stuff.
27:08
You know, the best advice I give that person would be to continue going to school, continue
27:12
going to a part time course, taking something to so if they're not stuck at $15,000 a year of
27:18
income per hour.
27:19
There's nothing wrong with with having a job that set aside income that isn't really gonna
27:24
go up.
27:24
You know, somebody has to work at a restaurant.
27:26
Somebody has to work at a department store.
27:29
These these are good, honest, hardworking, jobs that normal people doing.
27:34
I'm not knocking that at all, but you know, if I could get that person making $50,000, if I
27:39
can convince them to go and make themselves more valuable to make, you know, $60,000 75
27:45
$1000.
27:46
A 100 let's say a $100,000.
27:47
Well, that person know is gonna have a future economic value of a $100,000 a year.
27:53
For 40 years.
27:54
They've got a future earning power of, you know, $4,000,000.
27:58
The person 50,000 has a has, a future earning power of $2,000,000.
28:04
So, you know, if if let's say somebody came to me and they're they're they make a $100 a year
28:11
and they're they're forty five years old.
28:12
They're right in the very middle of their their career.
28:15
And so they're they come in these.
28:16
They're sitting in money in the office and they make it a hundred grand a year and they have
28:19
much say $500,000 of of net worth when their house, their assets minus their liabilities,
28:25
everything.
28:26
So now I have this this forty five year old with $500,000 of investable assets sitting in
28:32
front of me, but they only have 20 years left to work left to work.
28:36
So what happens is They only have a future earning power for that 20 years of, say,
28:42
$2,000,000.
28:43
And now let's just say they have their twenty five year old son sitting right next to them
28:47
who has no money.
28:49
But they make a $100,000 a year.
28:51
You know, who's actually more valuable?
28:54
The twenty five year old with no debts who's gonna have a future earning power of of
28:58
$4,000,000 or, you know, the person who's halfway through the credits got 500,000.
29:04
So what happens is Over a period of time, you start the day you graduate from school.
29:09
Your earning your future earning potential is here and year by year by year goes down, down,
29:13
down until the day you retire.
29:15
Well, while that's happening, you need to have your assets start to go up, up, up like this to
29:20
sort of replace it so that, you know, you you start.
29:23
You have no money.
29:24
Your your earnings come from you physically going out to go to work.
29:27
Well, the day you retire, what happens is you're not earning any money anymore.
29:31
You have to have this pool of money Let's just say it's in an hourglass and it's slowly gonna
29:35
start dripping on.
29:36
We wanna make sure that it drips out at a pace that's gonna cost you the rest of your money
29:41
and, you know, hopefully look out after the the legacy needs that you you have for, you know,
29:46
wanting to pass something on to the next generation and so on.
29:50
So for that forty five year old, you're saying they have $2,000,000 left in that 20 years.
29:56
Yeah.
29:56
A 100,000 a year of income for 20 years.
29:59
Right.
29:59
So you're saying to that person to, to say what, 10% is?
30:03
I don't know.
30:04
They'd always say like
30:05
Oh, I used to 10 10% was what I gonna call sort of the golden rule.
30:08
And that, you know, that's been around forever.
30:10
The wealthy barber made that famous.
30:12
We're anxious.
30:13
No matter where you are, save 10%, save 10%, save 10%.
30:18
If you came to me and you were, again, 45, you're halfway through your career, and you
30:25
don't have all that much money, maybe it's not the worst thing because maybe you paid your
30:29
house off.
30:30
Maybe you're not all these student Like, you started at a different spot in your life than I
30:34
started, and everybody else started, but basically, you have to, have Money that's gonna
30:41
turn around and provide you with income when your income actually stops.
30:44
And so to use the number 10%, I think that almost anybody would use in the financial
30:50
services industry would say that 10% is far far too low of a number.
30:55
But if you come to me and you're not saving anything, And, you know, again, you make a
31:00
$100,000 a year in this scenario.
31:02
You come to me or you you you you currently aren't saving anything.
31:06
And I go and I I do a financial plan and I tell you, you need to save whatever $2000 a month or
31:12
some $3000 a month.
31:13
It's gonna be such a big number.
31:16
That you're that you're gonna, you know, get scared off and you're not gonna really do
31:19
anything.
31:19
I go, what's what's even the point?
31:21
So what I don't have to do is I have to convince you that Rome wasn't built in a day.
31:25
And then grain by grain a castle and brick by brick, a a or a brick brick or grain by grain
31:31
and a loaf of bread, brick by brick a castle.
31:34
And everything you do, everything in your life counts.
31:37
You know, it's it's kinda like if you're you're on a diet and you go and you you You you you
31:43
sit down at lunch and you have your your kale salad and your your vegan meal and all that
31:47
stuff and you, you know, you you you drink your your sparkling water with a lemon wedge in it.
31:51
And then when it's all done, you had a site to wear a nice big piece of chocolate cake.
31:55
And you go, well, I don't really count that.
31:58
Well, it doesn't matter whether you counter or not.
32:00
Your body is gonna count those calories.
32:02
And what I what I find happens is is that people think that the two bucks are spending
32:07
you know, on a on a coffee.
32:09
It's no big deal.
32:10
Well, you know, $22 a day on a coffee is 700 bucks a day or 700 bucks a year that you're
32:16
spending on coffee on a way to work.
32:17
You're probably not spending $2 on a coffee.
32:19
You're probably spending $5 on a coffee.
32:22
And so then we turn around and we go, okay.
32:24
Well, what are all these extras that you have?
32:26
And, like, if there are things that you don't really need that you could scale back on?
32:30
And, you know, it's, well, could you get a more basic cable package or maybe not have cable at
32:34
all?
32:34
Like, why are you paying for cable and Netflix?
32:36
I I look in my life.
32:37
I've got a cell phone.
32:38
My wife has a cell phone.
32:39
My daughter has a cell phone.
32:41
My son has a cell phone.
32:43
When I was my kid's age, we had one landline at our house, and we had one landline in my
32:48
office.
32:48
Us.
32:49
I'm paying for 4 cell phones.
32:50
Now I got a cottage.
32:51
I'm paying for Internet in my cottage.
32:53
I'm paying for Internet in my house and paying for a landline in my house.
32:57
My bill comes in for my technology bill every month comes in.
33:00
It's like a $600 bill.
33:02
And it's like, could we could could I drop?
33:04
Could I getting my data package down a little bit.
33:07
I've got I'm the type of person.
33:09
I don't care where I am.
33:11
If I want data, I don't care.
33:12
I'm gonna pay for it.
33:14
But at the end of the day, I could use Wi Fi.
33:16
I could use, you know, I could get a basic data package.
33:19
I could, you know, why do I have to have a smartphone?
33:23
You know, these are things that are are necessities today that that were complete
33:26
luxuries.
33:28
You know, I live in Thunder Bay.
33:29
I have a car starter in my car.
33:31
Well, I remember the first time 25 years ago when one of my friends and they got a car
33:36
starter.
33:37
I thought it was insane.
33:38
You know, and now a car starter is like, Everybody has to help.
33:41
Yeah.
33:42
Yeah.
33:42
Yeah.
33:42
And then you go and you and and you you look at this the subscriptions you're paying for, the
33:46
internet packages you're paying for.
33:48
All these things that are are necessary will say, well, that's fine.
33:52
Let's assume they are necessary.
33:53
Well, how are you gonna save enough money to continue having all of these things as part of
33:59
a necessary necessary lifestyle.
34:01
You know, other things that I'd like to throw out, You know, is anybody anybody here that's
34:07
listening to this have a have a child or a grandchild that, you know, gets divorced and
34:11
calls you up and says, hey, I need I need you to, you know, you're now sixty five years old,
34:15
seven years old, and your your son phones you up, your daughter phones you up and was, hey, I
34:19
gotta borrow a hundred grand because I gotta You know, we were paying for one house, and now
34:24
we're paying for 2, and I gotta do it as part of a settlement.
34:27
And, you know, that's just what the reality is.
34:30
You know, I I there was this a stock that I read, just recently.
34:33
I believe it was in the Toronto star.
34:35
Over 50% of people are supporting children.
34:39
They're over 30 years old.
34:41
50% of people have children are in some way financially supporting their children over 30
34:46
years old.
34:47
I live in Thunder Bay.
34:50
You know, $300,000.
34:51
I I just get you a pretty good house.
34:53
You know, if you make You're your husband and wife and thunder bay and you, you both make
34:57
$50,000.
34:58
You're you could actually, you know, have a reasonably good life.
35:01
Well, what if you live in Toronto?
35:03
You live in Vancouver.
35:04
And, I'm making $50,000 a year.
35:07
My wife's making 50.
35:08
We're we're working hand the mouth forever.
35:10
My kids Now because of that, maybe don't get the opportunities that they would have had.
35:15
Now they're not getting off to to as good of a start in life.
35:19
And now they graduate from school or they don't graduate from school.
35:22
They got debt.
35:23
They're now paying these outrageous rents, trying to pay it.
35:25
How are you ever gonna get to a spot where you're gonna be know, have a down payment for a
35:29
house or be able to afford stuff like that.
35:31
So it's just, you know, if you if you have I don't wanna say a a philosophy of scarcity, but
35:38
if you just recognize that that that, you know, money is is is is scarce to you because total
35:44
amount of money you're gonna make is what your future earning power is.
35:47
And you go, well, you know, my neighbor just bought a new truck.
35:50
They work at the same place as me.
35:53
We should buy a new truck.
35:55
You know, my my other neighbor, they just took their family down to Florida.
35:58
We should go down to Florida.
35:59
You know, the first time I was at Florida, I was twenty four years old.
36:04
Well, I look at my kids.
36:05
Again, they're 17 24.
36:07
I've had them on European cruises, and them on Caribbean cruises.
36:10
We've been down to Florida probably ten times, and we've got a vacation property close to our
36:15
house.
36:15
We got 3 boats on it.
36:17
This stuff is all.
36:19
Very, very expensive to maintain.
36:21
Well, I'm still doing the fundamental things and, myself and my wife both have good incomes.
36:26
Then we can afford a lifestyle like this, but if we were doing it all on debt, we're just
36:31
robbing our future and we're also robbing our our, you know, in some ways, our kids future.
36:35
And everybody has a different philosophy on, you know, some people, their their approach is,
36:40
hey, the minute you walk out the door, you graduated from University, you're not my
36:44
problem anymore.
36:45
Well, so what?
36:46
Know your twenty five year old phone's up, your 3 year phone's up and was, hey, mom, I got
36:50
cancer.
36:51
What are you gonna do?
36:51
Is it okay?
36:52
You're on your own, you're gonna help them out.
36:54
You know, we what about your parents?
36:56
You know, we have we have people with sandwich generation.
36:59
They're supporting their parents.
37:01
I'm not supporting their kids.
37:02
Well, how are you ever gonna get ahead if you're you're doing all that stuff?
37:05
So I would just tell anybody, make yourself valuable as possible so your future earning
37:10
power is as high as it can possibly be.
37:13
You know, do all the stuff that your grandmother, your grandfather told you, sitting
37:17
by the fireplace, you know, work hard, put away some money for a rainy day, you know, all all
37:22
those different things.
37:23
Those are just the good basic things that that that everybody should sort of abide by just
37:29
with their their life in general.
37:33
That wanting and that wanting in the moment has really kinda really deterring people from
37:38
having, really a a, like you said, a relaxed kind of lifestyle knowing that in the future,
37:43
if you like you said, if you make $10 and you save, you know, 2, all
37:48
the time.
37:49
There's gonna be something left versus if you're spending 10 or you're spending 12 and
37:53
you're having to pay that extra 2.
37:56
Yeah.
37:56
Under that treadmill throughout your life.
37:58
Yeah.
38:00
You know, and and for especially for younger people, they get a $100,000 under your belt
38:05
fast as you possibly can.
38:07
You know, for somebody who's maybe living at home, you know, they graduate.
38:10
They're living at home.
38:11
They've got a good paying job.
38:12
You should be saving, like, 50% of your income, 60% of your income.
38:16
You know, let's let's take 2 twins.
38:18
They both graduated from the university.
38:20
They're both making, you know, whatever.
38:23
$100,000 a year is to keep it as a simple number.
38:26
One of them decides they wanna get a new car.
38:28
They wanna go on all these trips.
38:29
They wanna have you know, the the Louis Vuitton, you know, perch, purse, and watch, and
38:34
and all all those things.
38:36
And the other one decides to live a more conservative lifestyle.
38:39
And saves $20 a year.
38:40
So now we're there and we're 5 years ahead.
38:43
And twin a has no money and twin b's got a $100,000.
38:46
Well, let's just say that that $100,000 is is is earning 5% just to for a real simple number.
38:52
So now let's say the 2 of us are twins, and so I got a $100 and you don't Well, I could stop
38:58
saving right now, and you would have to save $5000 a year for the rest of your life just to
39:03
keep up with what my money's growing by.
39:06
So in essence, now I'm because I did that and made that good early decision, I've got $5000
39:12
more free cash flow.
39:13
You know, look at people like my myself, my house is paid off and, again, has been paid off
39:18
for some time.
39:19
And again, you know, out of respect for everybody here, we're not living in a 1,000,000
39:22
and a half dollar in Toronto.
39:24
So your warehouse is 300,000.
39:26
I'm fifty four years old.
39:27
It should be paid off.
39:28
So now the fact that it is paid off, you know, it just let's say let's say my twin didn't pay
39:36
theirs off, and now they've got a $1500 month mortgage payment.
39:39
Well, because I don't have them I have $1500 a month of a free cash flow.
39:44
So what can I do with that?
39:45
I could spend that now.
39:47
I could I could save it.
39:48
But here's the thing I wanna really wanna kinda drive home for everybody.
39:52
How much more confidence am I gonna walk around with, you know, over the next 10 years?
39:56
Because I know I have a little bit more of a backup plan maybe than than somebody else does.
40:02
And so, you know, money gives you relevance.
40:06
And so, you know, just the fact you have money, you have more confidence you're able to make
40:10
maybe more long term decisions.
40:12
You know, let's go and look at the opposite end of We got somebody that that lives completely
40:16
on the mouth.
40:17
You know, they're they're out of money, by the time the next paycheck comes, you know, what
40:23
what do they do?
40:23
They got 20 bucks.
40:25
They they they don't get paid for 2 days.
40:26
They got 20 bucks.
40:27
They got to get some food.
40:28
Well, where did they go?
40:29
They go to salmone or something like that.
40:31
They buy everything in small quantities at the highest price because there's no point going to
40:35
the grocery store it's a mile away because it's only gonna be an extra dollar or 2 savings.
40:40
So that person is now paying more than they should for almost everything they're doing.
40:46
You know, meanwhile, the person who has has money behind them, They go to the grocery
40:50
store.
40:51
You see the toilet paper's on sale.
40:52
They buy a whole bunch of toilet paper.
40:54
They they fill their freezer with the stuff that's on sale.
40:57
So as a result now, their their their their money is being used just more efficiently.
41:01
So if you can but, you know, by having money behind you and having more of a long term
41:07
perspective, you actually aren't able to use your money more efficiently.
41:10
You know, if you go and you pay for things, if you I I just renewed a a health club
41:14
membership.
41:15
If I pay it for it monthly, you know, let's just say for fun, it's a $100 a month.
41:20
Well, if I because I paid for it annually, I got a discount.
41:22
So I paid, you know, in this analogy, $1100 for my my health club membership instead of
41:27
somebody who has no money, pay it a $100 a month or $1200.
41:31
So I'm 10% more efficient than that person is.
41:34
And what what what I did.
41:36
It cost me nothing.
41:37
It just was a matter of me being in a position where I could make that that that that annual
41:41
payment.
41:42
So that's a good point because whether it's the the $2 coffee or the paying the membership,
41:48
off, you you're constantly, instead of saying, oh, it's just $2 or it's $20.
41:52
It's it it all it's cumulative.
41:54
Yeah.
41:55
Right.
41:55
Like, if I go and I do, you know, we all in essence compounding.
42:00
So now I go and I somebody comes to see me again, mirror mirror on the wall.
42:03
I have a $100,000 a year.
42:06
You know, here it is at 5% or 6% whatever.
42:10
So here's how much money you get now.
42:11
Well, if I turn around and I I I change that rate of return by by 1% or 2%, you know, over
42:17
somebody's lifetime, they're gonna have substantially more money come retirement time
42:22
and, in a better just because of a 1%, you know, better rate of return.
42:26
And so what happens is, you know, if I go and I take that analogy and I and I say, okay, what
42:32
if you just did a whole bunch of things just a little bit better than you're currently doing?
42:36
You know, let me use weight, you know, exercises, an example, or losing weight You
42:41
know, you decide you want it, you wanna lose some weight.
42:44
Well, there's really only, you know, Ian, I'm not a diet expert here, but, you know, for some
42:48
simple version, you need to either burn more calories, you need to eat less calories.
42:52
Right.
42:53
So whatever you're currently doing, you're eating x number of calories a day.
42:56
So now I get you to a 100 calories a day loss.
43:01
Well, it's well, it's only a 100 calories.
43:03
Well, no, it's it's a 100 calories.
43:05
Well, at the end of a month, it's 3000 well, is that 3000 calories?
43:09
I don't know.
43:09
Maybe you're gonna weigh a pound less than a month.
43:11
Well, you know, if you wanna lose £20, as long as you're on the path, like, I just need to get
43:16
you on the path.
43:17
Like you're here.
43:18
Your here's your normal weight, somewhere between normal weight and your current rate,
43:22
weight, you made a whole bunch of really, really small bad decisions and they'll give you
43:27
that £20 extra weight.
43:28
So now all I have to do is just change your momentum, and it doesn't matter how much you
43:32
change it, but if I get you, you'll lose one pound.
43:34
I don't care whether it's this month or quarter.
43:37
You know, if you just stayed on that plan, you're gonna lose that £20, you know, but what
43:41
if all of a sudden now instead of just having you eat a few less calories.
43:45
What if I can get you to exercise a little bit more?
43:47
And, again, whatever exercise you're doing, all I do is I just get you to walk an extra 5
43:52
minutes every day.
43:53
Know, it's only 5 minutes.
43:54
I understand that, but it's a positive choice.
43:56
So now you're you're you're burning a few more calories plus you're consuming a few less
44:01
calories.
44:01
Now we have a double impact.
44:03
Well, here's what's maybe gonna happen is that now all of a sudden, because you're exercising
44:08
a little bit more, you're eating a little bit better.
44:10
Maybe now you're gonna sleep a little bit better night.
44:12
So now you sleep a little bit better tonight.
44:14
You can see how how one of them starts to impact the other one and the other one.
44:18
So now you sleep a little bit better tonight.
44:20
Now you wake up tomorrow.
44:21
You got a little bit more energy, you actually had today.
44:24
And so everything is compounds on everything.
44:27
So if I can get somebody to to save just a little bit more money, and then I can get them
44:31
to spend a little bit less, you know, and then I can get them to maybe earn a little bit more.
44:35
And just a whole bunch of little things all put together, everything counts and and know, I I
44:41
think that people discount that everything counts, and the the the opposite of saying that
44:45
everything counts is, well, I'm never gonna get there anyway.
44:48
So why even bother?
44:50
And if you see you see that, you know, forget about money.
44:54
You see that in so many areas in people's lives.
44:56
It's like, you're in a job.
44:57
You don't like this, well, why don't you Why don't you go, you know, you need to go to
45:02
school.
45:02
Let's say for a year to get the education to to get a better job.
45:05
And so I can't leave I can't leave my job, you know, for a year.
45:09
I and go back to school.
45:11
No way, you can't, but but you could read a block.
45:14
You know, you could maybe take one course and then maybe after this year, maybe take a second
45:19
course, you know, and then, you know, you're gonna be you're forty years old right now.
45:23
What are you gonna do?
45:24
You're gonna stay in a job you're gonna help you with for the next 25 years.
45:27
That's door number 1.
45:28
You can pick door number 1.
45:30
Maybe you could say, Hey, I really don't like this job and the pain of going and, you know,
45:35
getting education or whatever to get a promotion or whatever.
45:37
Maybe that's less pain.
45:39
Then then then go on a job you don't like for the next 25 years.
45:42
And but you're not gonna go pick up and go back to school, but it can't.
45:46
You could read a book.
45:47
There's you could there there's there's something you could do to make yourself a more
45:51
valuable employee and maybe put yourself in a better position.
45:54
Than than than you're currently at.
45:56
So it's incremental and additive, really, is what you're saying.
45:59
Small, small, incremental steps and And and, you know, for me as a as a financial planner,
46:05
but just for for anybody out there, it was listening.
46:08
It's just as an individual.
46:09
Your your job is to to to be a beacon of hope and to sell the promise of the future to, to to
46:15
other people.
46:16
You know, let's let's just paint the difference there.
46:18
You can You come to me.
46:20
You're a client of mine.
46:20
You come to me.
46:21
You're just devastated because, you know, one of your one of your kids got an illness.
46:25
And meanwhile, you're having financial problems.
46:28
And, and you're getting divorced.
46:30
And you go, you know what?
46:31
It's all hopeless.
46:32
Well, you know what?
46:34
Tomorrow's still another Okay.
46:36
And so I just need to sell you on it.
46:38
Tomorrow is another day.
46:39
Maybe things will be a little bit better tomorrow.
46:41
And maybe there's some things that you could do, you know, financially, personally, and
46:47
spiritually, whatever it happens to be.
46:49
Couple decisions you can make today.
46:52
They're gonna put you in a better spot.
46:54
When I when I present to people, I I love telling to tell them a story about, I got a
46:59
bunch of custom fit cloak And my weight fluctuates by probably about £15 through it,
47:05
throughout the year.
47:05
And I, I guess, I was maybe a little bit on the later side when I got all these custom fit
47:10
clothes.
47:12
And, so then what happens is all of a sudden, my console looked too tight, and it's, you
47:16
know, it's pretty bad when you're you closed them with it, but when you're you're custom
47:20
fit, they'll close them if it is really really bad.
47:22
And so, you know, I talked to a friend of mine, and, he's a personal trainer.
47:28
It's like, what do I what do we need to do to take an inch off my waist?
47:31
And he's like, in addition to everything you're doing, do 20 sit ups a day.
47:34
Take 20 steps of it.
47:36
That's something I could do right now in a minute.
47:38
You could do it.
47:39
All of us could do it.
47:40
Here's here's the thing I found out though.
47:42
I found out that it's actually easier to walk around with your pants too tight all day, then
47:47
there is to be 20 sit ups, okay?
47:49
Because the fact of the matter is if my pants are too tight and I put them on right now on
47:53
the too tight, If I do 20 sit ups right now, my pants are still gonna be too tight.
47:58
And so the the the the things that I'm doing today, you're gonna solve my problems tomorrow
48:02
and for months from now and 6 months from now.
48:04
And if I go, oh, you know what?
48:06
It's not worth it.
48:06
My pets are still gonna be too.
48:08
So what am I gonna do?
48:08
Walk around my past too tight for the rest of my life?
48:12
And so so it's just just just the game.
48:15
I at 30 years, just, you know, with thousands, thousands of people, both their goals, what
48:19
they wanna do, you know, what their challenges are and and things like that.
48:23
I just I can't convince people enough that that it's not really your big decisions that are
48:29
that are, they're aware why you feel.
48:31
It's just a whole bunch of of small, small decisions.
48:34
And again, the health and allergy that I used, I think, is pretty good where, you know, it's
48:38
just you know, my son, he says to me all the time, he goes, I have no problem getting to the
48:42
gym.
48:43
The hardest part is just getting getting to the gym.
48:45
That's the hardest part.
48:46
And she just got up you know, look at where you are right now and just decide you need to just
48:51
change your momentum just down the path and just start making decisions that are little
48:55
decisions that you're gonna do.
48:57
And, you know, again, you know, somebody decides, I I love when I see people on Facebook
49:02
and they're checking in at Goodlife Fitness and January 2nd, and I check-in, January 3rd, and
49:08
they check-in, I just like, I, I don't know how I, I already know how this movie is gonna end.
49:14
Okay?
49:15
And so what I would much rather do is convince you if you're not going to the gym at all is to
49:19
to start going once a week, you know?
49:22
And then when you're going once a week, then maybe start going it twice.
49:25
If you also
49:26
I I think that's the case with all change, Mike.
49:28
Like even with what I do for living with people when they wanna make changes, in the mental
49:32
well-being.
49:33
And I often say it doesn't take a it doesn't take a lot, but it has to be often
49:37
inconsistent.
49:38
It does not have to take a long time, you know, to just to kind of pivot and do something
49:43
different if you're if you're, you know, stressed out, if you're, you know, you're kind
49:47
of finding that you sleeping well.
49:48
Those types of things.
49:49
It's small, small steps, ultimately.
49:52
And then like it's like you're right.
49:54
Initially, maybe you're not seeing the change, but it's the small incremental step often, like
49:59
persistence and looking at the long term, which is really what you're saying.
50:02
If you think about it with any of us, we want to be able to We all have values and beliefs
50:07
about the kind of life that we have that we want.
50:10
And if you're thinking really and you're connected to that, you should be able to be
50:14
strategizing financially to be able to achieve that goal versus, oh, I won't think about it.
50:20
You know, I'll have that extra piece, a chalk with Jake and Hope to God.
50:23
I'm not gonna the £30 or whatever.
50:25
Right?
50:26
But one more thing I really would like to touch on is before we close all this off is is that
50:31
the concept of exploring what we call a hybrid entirement.
50:34
Then a hybrid retirement is where instead of being, let's just say the full time, you know,
50:40
teacher and then you work full time and then all of a sudden one day, you're not working at
50:44
all anymore.
50:45
People change careers so many times throughout their lifetime, you know, there's so many
50:49
people that, you know, full time job, and there may be a couple of casual jobs or things like
50:53
that.
50:54
Well, maybe what you could do if you're you get to retire and you're not quite in as good at
50:57
positions you wanna be in.
51:00
That's the timing you can change careers.
51:01
You can go and you can become a consultant.
51:03
You can go out and you can you can quit your job that, that you that you don't like.
51:07
That's maybe the good paying job, and then go and get a jump working at the flower shop with
51:11
it that you love doing part time.
51:13
And so now, you know, instead of going from a $100,000 a year of income down to nothing,
51:18
maybe you go from a $100,000 of income down to a job that's pays $50,000 and you do not for a
51:24
couple years, and it's a little bit of a transition in the retirement.
51:27
You can get a better grip on your expenses.
51:29
You can get a better grip on, you know, how many couples you get the border if all of a
51:35
sudden, the 2 of them went from working full time racing around and all of a sudden, they
51:39
both retired and they're sitting home with nothing to do all.
51:41
So, you know, if you have a little bit of a hybrid but maybe you retire now and your spouse
51:45
doesn't retire for another year or 2, and you just do a transition.
51:49
You figure out the money.
51:50
You figure out the, the lifestyle and stuff like that, but you know, one of the things is
51:55
is that people talk about, you know, I I I go to them like, what do you wanna do when you
51:59
retire?
52:00
And they go, oh, I wanna travel the world.
52:02
I five boat, you know, I want to do, you know, do buy a nice car and I want to see the world.
52:08
And then it's like, well, what are you doing right now?
52:10
Oh, I'm working 80 hours a week.
52:12
And so you're working 80 hours a week, so you can pay for all this stuff.
52:15
You don't see your kids.
52:16
You're you've missed your kids in silos.
52:18
Your marriage goes on the rocks a couple of times.
52:20
Your health soft softwares.
52:22
And all of a sudden, you go from work in 60, 78 hours a week.
52:25
And all of a sudden, when they just retire, now you're gonna just gonna start coughing 4 days a
52:30
week, 5 days.
52:31
That's not that's not, you know, that's not what retirement is like, and so So what you
52:36
need to do is you need to figure out what you're gonna do when you retire.
52:39
And if you enjoy doing those things, just like, what are what are all the things you like doing
52:43
in your life?
52:44
You know, you you you write them down and you go, okay.
52:46
Are you doing any of those things?
52:47
I was like, no.
52:48
Well, why why did like, your life is gonna be 8000 days, maybe 30000 days.
52:55
You know, today is one of those 30000 days.
52:57
Like, why aren't you doing the things that you like doing today?
53:00
Properly balance your work with with your with with all the things that we sort of sort of
53:05
discussed and again, look at life as just being a whole journey.
53:08
It's not like you're doing something you hate.
53:10
And all of a sudden, one day you're just gonna wake up and and retire and then you're gonna be
53:14
happy.
53:14
If you're not happy before you retire, you're probably not gonna be happy after your there.
53:19
And and again, the key thing is just to always wake up.
53:23
Forget money.
53:24
Just wake up and just just your your job is you walk out to the world and you gonna you're
53:28
gonna you're gonna come back at the end of the day after you you went on and you you met the
53:32
world and hopefully you made the world a better place.
53:35
Hopefully, you're you're a little bit better spot, you know, financial, your relationship
53:39
wise, or, or, or, you know, knowledge wise, and, and, you know, I would just encourage
53:45
people to to just not think that retirement is is that this this the most amazing time of your
53:52
life, you know, probably, you know, for a lot of people, you know, most amazing time in your
53:57
life is you're you're you're there.
53:58
You're raising your kids.
53:59
You got your kids are there.
54:00
And then all of a sudden, no, you got, you got, you know, maybe your your kids have grandkids
54:05
and now you're in your fifties, you're early 60?
54:08
These are
54:08
exciting, exciting times.
54:10
You know, how many people do you know that, I go see my mom and assist the living almost
54:15
every day.
54:16
It's, it's, you know, it's, it's, it's unfortunate on how few visitors these people
54:22
So live so rarely what you're saying is live your value and let your let your, your strategy
54:28
for, retirements be in line with that and but don't start it when you retire because I know
54:34
that somebody was telling me in financial services, and you could probably tell me that
54:38
people that do what you're suggesting with the 80 hours and stuff like that that there's a
54:42
there's a demographic that those people, a lot of times, not too long after retirement.
54:47
There's a high mortality rate.
54:49
Very very high mortality rate.
54:51
You know, if you I don't wanna quote me exactly on this, but the fastest growing segment is,
54:58
for suicide.
54:59
It's people over the age of
55:00
Yes.
55:01
Yep.
55:02
And, you know, so so maybe one day you're gonna be like, let's not forget for you for me.
55:07
Everybody here at Good Health is not not a guarantee of the future.
55:11
And, you know, you can turn around and and everybody's gonna get a phone call one day.
55:15
It's gonna save you a chance or you aren't busy.
55:18
We're all gonna get that phone call.
55:20
And, you know, for some of us, maybe that phone call is gonna radically change our life for the
55:24
next 20, 30 years.
55:25
Well, it'd be ashamed to have not enjoyed the first You know, again, what if what if all was
55:31
said in my life changes forever?
55:32
And I have a stroke tomorrow, and I end up I'm in a bed for the next 30 years.
55:36
Well, at least they can say I made the most out of the first 54 that I had.
55:41
You know, what if I just work day and night for the future?
55:43
And I find out that the future is not as bright as it's gonna be.
55:46
Mike, I know you, you know, you do obviously you're cons you're consulting it with clients,
55:51
but you also speak.
55:52
So for, tell me a little bit about speaking and then tell me, and the people listening, if they
55:57
wanted to connect with you and even for consultation or to to have you speak where
56:03
where they would,
56:05
would be to, go on my website, which is more financial at morrowfinancial dotca.
56:12
I'm in Thunder Bay.
56:13
I'm not gonna be to talk to anybody on the phone for half an hour about anything you wanna
56:17
talk about.
56:18
And if somehow we see that there's a bit, you know, we travel all over the country, and we've
56:23
got clients all over the country, and, We just feel that we have a real common sense approach
56:28
to put all of the pieces of the financial puzzle together for people.
56:32
And again, the key thing that they're gonna get out of that is the confidence actually enjoy
56:36
their life development.
56:38
So we we I won a grand prize in a national best idea contest for sort of my whole business
56:43
plan, so I've spoken really all over the world, you know, to financial advisors and to their
56:49
clients, on how to build a business, how to explain money, to clients how how to move
56:54
people to action and, remembering that the, you know, most people when I call them up, if I
56:59
just got referred to you, today, I'm Mike Moore from Warren Financial.
57:02
I'd like to talk to you about your money.
57:04
Your life was going to explain before your phone rang and you think it's gonna but just
57:09
playing off, you get off the phone with me.
57:10
So what I need to do is I need to compel you to be moved to auction.
57:14
You know, I need to do that by by by shortening then that the time horizon on how long you have
57:19
to save money and the important how long you're gonna have to live on it and putting you in a
57:23
position where you can see what your future is gonna like under the current path, and then we
57:26
can we can change what that path looks like.
57:29
So that's what we do.
57:30
We we speak to to financial advisors.
57:32
We speak to clients, Again, our new our our new book don't worry, retire happy.
57:37
That's a book for consumers.
57:38
And we're just we did the the first, caught copies of it, just to fix all the spelling
57:44
mistakes, and we've set that off now for the final final printing.
57:48
It'll be available on choppers online.
57:51
It'll be available on audible.
57:52
And we just think that it just we we put together the seven steps.
57:56
And what those seven steps are, the first one is to have a plan.
57:59
The second one, you know, is to maybe have a little bit of a hybrid retirement.
58:03
We work a little bit longer and save a little bit more.
58:05
And we wanna make sure we cover all your basic expenses with some sort of a guaranteed income,
58:11
and then we try to optimize you the rest of your retirement for inflation by investing in
58:15
equities Then we we teach people how to maximize Canada pension will be secure use.
58:20
Something, you know, 9 out of 10 people that are in your watch is a have no idea how Canada
58:24
pension works.
58:25
You know, and with with our president, I'm going to go to Tim Hortons and everybody at Tim
58:28
Hortons at the coffee club, you know, tell them when to take it, you know, and without knowing
58:32
what their situation is at all, and we find that most people make the wrong choice about
58:37
when they're gonna take their Canada pension and their old age security.
58:40
You know, the last two steps is make sure you have some sort of a plan for long term care
58:44
Long term care can basically bankrupt you and your family.
58:48
And then, you know, the last one is the usual home equity wisely, and then we get people to
58:52
buy life insurance to conserve our state.
58:54
And we just slowly put it all together.
58:56
We get people saving more money than they're currently saving.
58:59
And, at the end of the at the end of the day, most people are quite hot.
59:03
Fee that they've done that.
59:04
So you're you're also speaking.
59:06
I know you have a big event coming up.
59:09
Tell tell them what you speak about.
59:12
And what that, speaking event is because I know it's a pretty cool.
59:15
Yeah.
59:15
The the big event I'm doing this year I'm speaking for a group that I remember called a
59:19
$1,000,000 round table, which for Anybody who's in the speaking profession, that's playing in
59:24
regard as, the most prestigious place that you can speak, presumably, 14,000 people added in
59:31
Miami in June.
59:32
I'm doing a a focused session.
59:34
There'll be a 90 minute focused session, and Probably the people, I don't know about 2000
59:38
people out of which be financial advisors from all over the world, and we're just gonna
59:42
basically talk to them about how to market themselves, how to how to have niche markets,
59:47
all the different things that we do in our business to attract clients to keep to keep
59:52
clients to foster client loyalty.
59:54
And then after we show them how to get clients and keep clients, then we actually use a whole
59:58
bunch of, financial concepts to to help them to explain how money works.
1:00:03
And so that they can explain, you know, how life insurance work, and then you explain how
1:00:07
RSPs work, how how tax free savings and how it's working, and the different products out
1:00:11
there so that they can have the tools to basically, you know, assist their clients and
1:00:16
and and moving them to action by by taking something that's really unknown to the client,
1:00:20
which is how money works, and make it much more familiar and known to them by using simple
1:00:25
concepts to, so they they actually get it, you know, and then after they get it, and, you
1:00:31
know, we just work together with them as as clients to work towards whatever their
1:00:35
financial goals are.
1:00:37
That's amazing.
1:00:38
That's quite the accomplishment being able.
1:00:40
And I know you've you, have spoken there several times, in the speaking business it's
1:00:45
it's definitely one of the places that most people wanna be at and hopefully someday I'll
1:00:51
be able to to to be able to do that at some point.
1:00:54
So you know, my my, this has been, very, very helpful.
1:00:59
I know personally, I'm thinking of all the things that I need to read this book, first of
1:01:02
all, And, just to, you know, the basic things that I know that I can do today to really kind
1:01:09
of, you know, start to think about, like you said, from the $2 coffee, you know, kind of
1:01:14
looking at what the extra expenditures are that you can start to to shift down now and really
1:01:19
to be realistic.
1:01:20
And those What I found very, very interesting is the the hours.
1:01:24
Right?
1:01:25
So I'm thinking, okay, I'm 53.
1:01:27
And if I want to re, you know, look at at semi reach, I will do hybrid because I love what I
1:01:32
do.
1:01:32
I like you.
1:01:34
At 60 let's say 65 to kind of start to think about what are those hours, even if I'm gonna
1:01:39
go into a hybrid.
1:01:40
That's really, what a teachable moment there for me.
1:01:46
You know, so and I hope that the everyone listening is also thinking along those terms.
1:01:50
And, you know, to to live the life that you want now, don't hold your breath.
1:01:56
Don't hope that all of a sudden, you know, make the changes now.
1:02:00
You know, live, you know, make sure that you spend the time doing the things that you wanna
1:02:04
do.
1:02:04
That you're aligned with what you value and what you believe because like Michael said,
1:02:08
there's no guarantee.
1:02:10
You know, at 65 after you're doing all the things you you've done that you we wear
1:02:15
guaranteed health, even though we know Canadians are living, a very, very long time
1:02:20
because, just with technology and stuff like that.
1:02:24
So I go, you know, thanks so much again.
1:02:26
Good luck with the event.
1:02:27
My pleasure.
1:02:27
One one other thing just that people are interested I gave it one website, which is my
1:02:32
financial planning website, which is morrofinancial.ca.
1:02:35
But for my other website, whereas my speaking website in and stuff like that.
1:02:40
It's called ideas for advisors dot com, idefor@visers.com.
1:02:47
Okay.
1:02:47
And I will I will put both of them in the, the show notes.
1:02:51
They can, so should you want it to to deal with Michael individually or if you wanted to have
1:02:56
him speak at, your events, you can you'll be you'll be able to kind of hit the link below
1:03:02
and, be able to connect with them.
1:03:04
Our book don't worry, retired happy.
1:03:06
The Global Mill wrote a very, very favorable article about it.
1:03:09
Awesome.
1:03:10
Awesome.
1:03:11
So maybe if you send that to me with a link.
1:03:13
I could put it in, the show notes so that people could kind of, you know, be able to kind
1:03:18
of, read that article because I think Very perfect.
1:03:22
Thanks so much for having me.
1:03:24
Okay.
1:03:24
Well, thanks for coming on.
1:03:25
So for everyone, thanks for tuning in again to authentic living with Roxanne.
1:03:29
As you know, I'm a mental health and wellness specialist.
1:03:32
If there's needs for, speaking, training or coaching, please go to my website
1:03:37
atroxandurhodge.com or give me a call at 2 899290131.
1:03:43
Okay, everyone.
1:03:44
Take care, and we'll chat soon.
1:03:47
Thanks for tuning in to authentic living with Roxanne, creating the space for positive,
1:03:52
healthy change.
1:03:53
Roxanne is a key speaker, psychotherapist, and coach to work with Roxanne.
1:03:59
Visit rocksandirhaj.com/blue trend.
1:04:04
We'll see you next time on authentic living with Roxanne.