Money Mindset Mastery

In this episode of the Money, Mindset and Mastery podcast, host Jim Lao interviews Dean Mizzi, a hardscape and renovation expert, about his new business and the program he has launched to help contractors accurately estimate costs and maximize profits. Dean explains that hardscape is a division of landscaping that focuses on hard surfaces like walkways, driveways, and retaining walls. He emphasizes the importance of understanding the business side of contracting, particularly pricing jobs and managing numbers. Dean's program, called the Pro-Fit Estimator, provides contractors with a comprehensive dashboard that helps them estimate costs, create contracts, track expenses, and ensure profitability. The program is suitable for both new and seasoned contractors. Dean Mizzi discusses the importance of knowing your numbers as a contractor and how his profit estimator program can help contractors and homeowners alike. He emphasizes that contractors should not rely on other contractors to determine their pricing, as each business has different overhead costs. Knowing your numbers can lead to more success in running your own business and achieving profitability. The program is not limited to contractors and can also benefit investors and flippers. Dean plans to approach colleges to offer his program as an accreditation or certification program. The program is available worldwide through the Udemy platform. Sign up for the program: The Pro-Fit Estimator Program Suite (Program Download) | Udemy

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Summary

In this episode of the Money, Mindset, and Mastery podcast, Jim and Ryan discuss a four-step master plan to overcome financial stress. They emphasize the importance of understanding your financial situation, educating yourself on financial matters, finding a trusted financial professional, and practicing self-care. They provide practical tips for managing stress, such as exercise, breathing techniques, and spending time with loved ones. The hosts also highlight the resources and tools available through TBH Group to help individuals improve their financial well-being.

Sound Bites

"Everyone seems to be stressed out right now with their finances."

"You need to have the financial tools. Our process is the reverse. First, we wanna make sure we teach you how to play the game."

"Try to speak with a financial professional. At least get a second opinion."

Chapters

00:00 Introduction and Overview

03:08 Understanding Your Financial Situation

10:42 Financial Education

29:03 Self-Care for Financial Wellness

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Summary

In this conversation, the hosts discuss the impact of hoarding cash and the reasons why people tend to do so. They highlight the fear of loss, lack of financial literacy, and the illusion of safety as common factors. They emphasize the importance of understanding the psychology behind hoarding cash and the need for education and professional advice to make informed financial decisions. The hosts also discuss the difference between saving and investing, and the impact of keeping money in savings accounts or GICs compared to long-term inflation rates. They caution against falling for temporary offers and highlight the need for proper education and research when it comes to financial decisions. The conversation focused on debunking common misconceptions and providing education around financial topics. One key theme was the importance of understanding retail banking and the potential risks associated with joint ownership of assets. The speakers emphasized the need for personalized financial advice and the dangers of following generic advice from banks. They also discussed the benefits of dollar cost averaging and the role of cash in a portfolio. The conversation highlighted the importance of having a well-diversified and well-managed investment portfolio to minimize risk. Lastly, the speakers emphasized the value of working with a trusted advisor and regularly reviewing and adjusting financial goals.

Takeaways

Hoarding cash can have a negative impact on long-term financial planning and retirement goals.

Fear of loss, lack of financial literacy, and the illusion of safety are common reasons why people tend to hoard cash.

It is important to understand the psychology behind hoarding cash and seek education and professional advice to make informed financial decisions.

Saving is for short-term needs, while investing is for long-term needs. It is important to strike a balance between the two and set clear financial goals.

Temporary offers and high-interest rates may not always be beneficial in the long run, and it is important to consider the fine print and potential hidden fees. Beware of generic advice from banks and retail banking. Seek personalized financial advice that considers your specific needs and goals.

Joint ownership of assets can have potential risks and may not always be the best solution. Consider the implications and consult with a financial advisor before making any decisions.

Dollar cost averaging is a strategy that allows for gradual investment over time, reducing the impact of market fluctuations.

Cash has a place in a portfolio and can provide stability and liquidity. It is important to consider the role of cash in your overall investment strategy.

Chapters

00:00 Introduction and Irritation with Hoarding Cash

02:25 Psychology Behind Hoarding Cash

04:19 Impact of Hoarding Cash during Market Volatility

07:13 Impact of COVID on Hoarding Cash

10:22 Difference Between Saving and Investing

11:30 Impact of Cash and GICs on Inflation

24:18 Importance of Education and Seeking Professional Advice

28:08 Challenges with Banking Employees' Knowledge and Advice

28:37 Misinformation from Banks

29:35 The Risks of Joint Ownership

30:14 The Importance of Proper Estate Planning

32:03 Dollar Cost Averaging and the Benefits of Cash

33:28 Overcoming Fear and Misconceptions about Investing

36:31 The Role of Cash in a Portfolio

37:03 The Risks of GICs and Estate Settlement

38:00 The Importance of Liquidity and Access to Capital

40:21 The Complexity and Education of Investing

42:13 Understanding Risk and Loss in a Well-Diversified Portfolio

45:35 The Value of Slow and Steady Investing

47:09 The Importance of Coaching and Behavior in Investing

49:01 The Role of Cash in a Portfolio (Final Thoughts)

49:12 Setting Goals and Educating Yourself

50:02 Monitoring and Adjusting Your Financial Plan

50:32 Contact Information and Conclusion

50:43 Money Minsdet Mastery Intro.mp4

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In this episode, Jim and Ryan introduce Denis Bisson, the head of TVH Wealth, and discuss the announcement of the referral arrangement with TVH Group. Denis shares his background in the financial services industry and his journey to becoming an independent portfolio manager. They highlight the benefits of TVH Wealth, including access to a team of specialists and a focus on risk management. Denis explains the importance of an investment policy statement and the comprehensive approach to financial planning at TVH Wealth. The conversation covers topics such as assessing investment portfolios, market conditions and outlook, future plans for TVH Wealth, managing cash and other assets, and final thoughts and contact information.

Takeaways

• TVH Group has entered into a referral arrangement with TVH Wealth, led by Denis Bisson, an independent portfolio manager.
• Denis brings expertise in financial planning, portfolio management, and trust and estate planning to TVH Wealth.
• TVH Wealth offers access to a team of specialists in legal, accounting, and mortgage services, providing a comprehensive approach to financial planning.
• The investment philosophy of TVH Wealth focuses on risk management and a slow and steady approach to wealth accumulation. When assessing investment portfolios, it is important to consider the client's overall financial situation, including any outside investments they may have.
• Regular reviews and risk assessments are crucial to ensure that clients are properly invested and not exposed to unnecessary risks.
• Market conditions can be unpredictable, and it is important to stay informed and make investment decisions based on a well-rounded strategy rather than chasing short-term gains.
• TVH Wealth aims to provide comprehensive portfolio management services and maintain open communication with clients to keep them informed and satisfied.
• Transferring stock portfolios and mutual funds in kind can be a viable option to avoid unnecessary fees and taxes.
• Holding cash in a high-yield cash ETF or cash account can be a suitable option for short-term goals and expenses.
• TVH Wealth is focused on attracting new clients, keeping current clients happy, and making positive changes to its portfolio management services.

Chapters

00:00Introduction and Announcement

01:09Denis Bisson's Background in Financial Services

07:02Denis Bisson's Designations and Expertise

10:53TVH Group Services and Team Collaboration

20:52TVH Wealth's Approach to Wealth Management

25:21Alignment with TVH Group's Tortoise vs. Hare Philosophy

28:12Importance of Investment Policy Statement

33:20Comprehensive Financial Planning with TVH Wealth

33:30Assessing Investment Portfolios

37:03Market Conditions and Outlook

42:21Future Plans for TVH Wealth

55:28Managing Cash and Other Assets

58:05Final Thoughts and Contact Information

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In this episode, Jim, Ryan, and special guest Josh Brooks discuss Josh's journey in the mortgage industry and his transition to a client-facing role. They explore Josh's motivation and passion for mortgages, emphasizing the importance of building relationships with clients. They also highlight the valuable lessons Josh has learned from working with John and the TVH team, including the balance between communication and timing. The conversation delves into the collaborative nature of the TVH group and the efficiency of working with multiple professionals under one roof. Finally, they discuss the process of guiding clients through the mortgage journey and the importance of considering long-term financial planning. In this conversation, Josh Brooks discusses the role of TVH Group in helping clients navigate the mortgage process. He emphasizes the importance of staying on top of interest rate announcements and ensuring clients are prepared for mortgage renewals. Josh also highlights common pitfalls in the mortgage search and recommends starting the process at least six months in advance. Outside of work, Josh enjoys staying active by going to the gym, playing rugby, and hiking. He values referral partners who share TVH Group's commitment to long-term relationships and client success. Josh prefers face-to-face meetings but is also open to virtual interactions. To connect with Josh, clients can reach out via phone or email.

Takeaways

Building strong relationships with clients is crucial in the mortgage industry.

Learning from experienced professionals and duplicating their success can lead to personal growth and success.

Balancing communication and timing is essential in providing excellent service to clients.

Collaboration within a team of professionals can enhance efficiency and provide comprehensive solutions for clients.

Guiding clients through the mortgage process involves understanding their goals and providing ongoing support and guidance. Stay on top of interest rate announcements and let TVH Group handle the details.

Start the mortgage renewal process at least six months in advance to avoid last-minute scrambling.

Avoid common pitfalls in the mortgage search by seeking advice from professionals like TVH Group.

Josh Brooks values referral partners who prioritize long-term relationships and client success.

Chapters

00:00 Introduction and Background

01:07 Josh's Journey in the Mortgage Industry

04:13 Motivation and Passion for Mortgages

05:21 Building Relationships with Clients

07:04 Learning from John and Duplicating Success

08:01 Balancing Communication and Timing

09:23 Helping Clients Take the First Step

11:37 Importance of Client Relationships

13:22 Long-Term Planning and Repeat Clients

15:15 Collaboration within the TVH Group

20:12 Guiding Clients through the Mortgage Process

22:04 Establishing Goals and Building a Foundation

23:29 Considering Long-Term Financial Planning

25:16 Providing Guidance Beyond the Mortgage

26:32 Addressing Client Concerns and Questions

27:59 Staying Informed and Communicating within the Team

28:32 Helping Clients Navigate the Mortgage Process

29:13 Navigating Mortgage Renewals

30:21 Common Pitfalls in Mortgage Search

32:22 Providing Options and Avoiding Confusion

35:12 Personal Interests and Hobbies

41:27 Preferred Referral Partners

43:11 Face-to-Face or Virtual Meetings

48:18 Contacting Josh for Mortgage Advice

50:14 Closing Remarks

Agent: Josh Brooks

Licence #M20000810

Brokerage Name: Verico TvH Mortgages Inc.

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In this conversation, Jim and Ryan discuss the importance of behavioral biases in financial decision-making. They highlight the impact of behavior on financial success and the common biases that can derail financial plans. They delve into specific biases such as hurting, endowment effect, present bias, selective attention, illusory superiority, and social desirability bias. They also introduce the concept of money mindsets, including the brick wall, bunker, justifier, dreamer, undercover agent, masquerader, and optimist. They emphasize the value of understanding one's money mindset and how it can influence financial decisions. They encourage listeners to take the money mindset quiz to gain further insight into their own mindset. In this conversation, Jim Lao and Ryan Genoe discuss important behavioral aspects of personal finance. They emphasize the need to lower the mental value of possessions to avoid missed opportunities and emotional decision-making. They also caution against blindly copying others and making decisions based on unrealistic promises. The hosts highlight the importance of breaking repetitive patterns and making positive changes over time. They advise against using savings or debt to cover expenses and stress the need for a mindset shift to make money work for individuals. The conversation concludes with an overview of their financial capability program and contact information.

Takeaways

Behavioral biases can have a significant impact on financial success and should be considered in financial planning.

Common biases such as hurting, endowment effect, and present bias can derail financial plans.

Understanding one's money mindset is crucial in making informed financial decisions.

The money mindset quiz can provide valuable insights into individual money mindsets and help guide financial planning. Lower your mental value of possessions to avoid missed opportunities and emotional decision-making.

Question and research decisions before blindly copying others or making unrealistic promises.

Break repetitive patterns and make positive changes over time.

Avoid using savings or debt to cover expenses and shift towards making money work for you.

Take Our Money Mindset Quiz: https://cacheflo.typeform.com/19d4dcfc

Chapters

00:00 Introduction and Importance of Behavioral Biases

03:01 Financial Behavior and Biases

11:53 Hurting, Endowment Effect, and Present Bias

16:24 Selective Attention and Illusory Superiority

25:40 Money Mindsets: Brick Wall, Bunker, Justifier

32:44 Money Mindsets: Dreamer, Undercover Agent, Masquerader, Optimist

39:53 Money Mindset Quiz and Conclusion

42:26 Lowering the Mental Value of Possessions

44:22 Question Before You Copy

45:35 Don't Get Stuck on Repeat

48:35 Using Savings or Debt to Cover Expenses

52:03 Financial Capability Program

56:11 Conclusion and Contact Information

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Summary

This conversation explores the topic of reverse mortgages, a financial instrument that is often misunderstood and underutilized. The hosts, Jim and Ryan, are joined by John, a mortgage broker, to discuss the benefits, eligibility criteria, and misconceptions surrounding reverse mortgages. They emphasize that reverse mortgages should be considered as a viable option, not just a last resort, for retirees who want to age in place and maintain financial flexibility. The conversation also touches on tax benefits, accessing capital, and the steps involved in setting up a reverse mortgage. Overall, the conversation aims to provide clarity and guidance for individuals considering reverse mortgages.

Takeaways

Reverse mortgages can be a beneficial financial tool for retirees who want to age in place and maintain financial flexibility.

Reverse mortgages should be considered as a viable option, not just a last resort, for individuals who want to relieve financial stress and access the equity in their homes.

There are eligibility criteria for reverse mortgages, including age and property ownership, but income is not a significant factor in the approval process.

Reverse mortgages offer tax benefits, such as tax-free access to equity, but it's important to consider the tax implications of investing the funds.

Working with a mortgage broker and financial planner can help individuals navigate the process of setting up a reverse mortgage and develop a comprehensive retirement plan.

Chapters

00:00 Introduction and Purpose of the Conversation

02:06 Introducing John and the Topic of Reverse Mortgages

03:01 Understanding Reverse Mortgages and Their Differences

05:19 Benefits of Reverse Mortgages

06:17 Increasing Demand for Reverse Mortgages

07:15 Challenges of Traditional Mortgages for Retirees

08:40 Tax Benefits and Strategies with Reverse Mortgages

09:32 Eligibility Criteria for Reverse Mortgages

10:58 How Lenders Make Money with Reverse Mortgages

13:22 Preference for Aging in Place and Staying in Current Homes

14:47 Considerations for Children of Parents Considering Reverse Mortgages

18:09 Reverse Mortgages as a Viable Option, Not a Last Resort

22:32 Accessing Capital and Different Options for Reverse Mortgages

25:51 Reverse Mortgages as Part of a Comprehensive Retirement Plan

29:41 Case Study and Financial Stress Relief with Reverse Mortgages

32:29 Steps and Process for Setting Up a Reverse Mortgage

34:54 Addressing Concerns and Misconceptions about Reverse Mortgages

37:11 Consideration and Tips for Those Considering Reverse Mortgages

38:08 Contact Information for Further Questions

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Summary

In this conversation, Jim and Ryan discuss the importance of mastering your money and the power of behavioral cash flow planning. They highlight the limitations and challenges of traditional budgeting and the benefits of a cash flow plan. The conversation covers various signs that indicate the need for a behavioral cash flow plan, including lack of a fully funded retirement plan, retirement goals based on income replacement rather than projected expenses, inadequate life insurance coverage, and unstable car leasing or loan terms. They also discuss the importance of maximizing TFSA contributions, addressing short-term revolving debt, and the absence of a cash flow plan. In this conversation, Jim Lao and Ryan Genoe discuss the importance of financial education and adapting to current financial circumstances. Jim emphasizes the value of learning about money, investing, and cashflow planning, as it can significantly impact one's financial situation. He highlights the difference between the experiences of previous generations and the realities of today's financial landscape. Ryan encourages listeners to start the new year with a fresh start and consider exploring different approaches to financial planning. The conversation concludes with closing remarks and an invitation to continue the discussion in future episodes.

Takeaways

Behavioral cash flow planning is a powerful tool for mastering your money and achieving financial goals.

Traditional budgeting has limitations and may not address the behavioral aspects of spending and saving.

Signs that indicate the need for a behavioral cash flow plan include inadequate retirement savings, reliance on investable assets for retirement, and unstable car leasing or loan terms.

Maximizing TFSA contributions and addressing short-term revolving debt are important steps in improving cash flow.

A cash flow plan provides a clear understanding of income, expenses, and financial goals, allowing for better financial decision-making.

Chapters

00:00 Introduction and New Beginnings

01:18 Mastering Your Money and Behavioral Cash Flow Planning

10:08 Retirement Planning and Income Replacement

12:05 Retirement Goals Based on Expenses

13:51 Mobility Challenges and Medical Expenses in Retirement

14:48 Inadequate Life Insurance Coverage

17:54 Unstable Car Leasing or Loan Terms

19:00 Carrying Short-Term Revolving Debt

20:45 Maximizing TFSA Contributions

22:51 Dependence on Investable Assets for Retirement

23:27 Inability to Spend Frivolously

24:46 Withdrawing from or Halting Contributions to Long-Term Investments

27:00 Absence of a Cash Flow Plan

34:08 Challenges and Misconceptions of Behavioral Cash Flow Planning

43:24 The Importance of Financial Education

44:06 Adapting to Current Financial Circumstances

44:32 Closing Remarks

Complete Our Cash Flow Assessment

Visit our website wwwwe.tvhcashflow.ca

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In this episode, Jim and Ryan share five smart spending tips to help manage holiday spending effectively. They discuss the cost of the holidays and the importance of setting a budget. They also provide insights on leveraging sales, being mindful when shopping, and rethinking credit card use. Additionally, they emphasize the value of utilizing gift cards, participating in holiday gift exchanges, and making group donations. They encourage listeners to incorporate smart spending habits into their everyday lives and highlight the benefits of behavioral cashflow planning for the new year.

Takeaways

Set a budget and make a list of gifts and expenses to stay on track with holiday spending.

Take advantage of sales and be mindful of price matching to save money.

Use separate accounts or cash envelopes to allocate funds for holiday spending.

Consider adopting a family or participating in group donations to make a positive impact during the holiday season.

Incorporate smart spending habits into everyday life to maintain financial wellness.

Chapters

00:00 Introduction and Overview

01:28 The Cost of the Holidays

05:04 Tips for Managing Holiday Spending

08:04 Understanding Cash Flow and Budgeting

11:32 Rethinking Credit Card Use

15:44 Utilizing Gift Cards

19:23 Holiday Gift Exchanges and Group Donations

27:29 Incorporating Smart Spending Habits

29:59 Preparing for 2024 with Behavioral Cashflow Planning

35:26 Final Thoughts and Encouragement

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Summary

In this conversation, mortgage broker John Sowerby discusses the current economic landscape, the Bank of Canada's interest rate decisions, the similarities to the 2008 financial crisis, the implications for the real estate market, Ottawa's fiscal update and mortgage stress test, tightening lending and qualification, consolidating debt and refinancing, and the outlook for 2024. The conversation highlights the importance of building relationships in the mortgage industry and the value of personalized service. It also emphasizes the need to contact John for mortgage-related questions and provides multiple ways to reach out. The topic of renewing mortgages and the ideal timing for reaching out is discussed. The episode concludes with a farewell and the suggestion of future live events.

Takeaways

The Bank of Canada has been increasing interest rates, but there may be a shift towards rate cuts in the near future.

The real estate market is experiencing an under supply of housing, which is driving up prices.

Consolidating debt and refinancing can help improve cash flow and provide financial flexibility.

The outlook for 2024 suggests a better year for the economy and the real estate market.

Chapters

00:00 Introduction and Background

03:13 Understanding the Current Economic Landscape

08:01 Bank of Canada's Interest Rate Decisions

13:33 Similarities to the 2008 Financial Crisis

19:29 Variable Rate Mortgages vs. Fixed Rate Mortgages

23:45 Implications for the Real Estate Market

30:47 Ottawa's Fiscal Update and Mortgage Stress Test

35:51 Tightening Lending and Qualification

40:50 Consolidating Debt and Refinancing

46:18 Outlook for 2024

48:13 The Importance of Building Relationships

49:31 Contacting John for Mortgage Questions

50:24 Renewing Mortgages and Timing

51:27 Conclusion and Farewell

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