Jan. 13, 2022

Starting Strong with your Finances in 2022

Starting Strong with your Finances in 2022

The start of a new year is a great opportunity to reflect/reset/recharge – it is a perfect time to check in on your finances and to get a goal or multiple goals in place. In this episode, I share with you some of my top wealth-building strategies that are EASY to implement right now! Let’s make 2022 your most prosperous year yet! 

About the Host:

I am a financial professional, who specializes in helping people to achieve their financial goals.  My absolute passion is creating new possibilities in people’s lives by showing them the ropes when it comes to money. I’m here to spark healthy and positive conversations around wealth and investment and create a world where nobody is limited by their financial situation. I believe this begins with education and shifting our relationships with money. I love getting to witness people achieving their most ambitious goals and creating new possibilities for themselves and their families! 

 

I love your questions! Reach out to me anytime at:  

Email: kalee.boisvert@raymondjames.ca

Instagram: https://www.instagram.com/kaleeboisvert/

Twitter: https://twitter.com/wealthandwelln2

https://www.facebook.com/kaleeboisvertwealthandwellness/

 

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Transcript
Kalee Boisvert:

Welcome to the wealth and wellness podcast with

Kalee Boisvert:

me Kaylie Bob air, I specialize in helping people to achieve

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their financial goals. I have a love for all things numbers, and

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I'm passionate about financial literacy. My goal is to spark

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healthy and positive conversations around wealth and

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investment, and create a world where nobody is limited by their

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financial situation. But wealth is just one piece of the

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equation of living our best lives. So join me as we explore

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both wealth and wellness topics. From your net worth to your self

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worth, get ready to take confident action. Hello, this is

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Kaylee. And thank you for listening to this episode of the

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wealth and wellness podcast. So appreciative of having you share

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your time to listen to this. And today's episode, hopefully

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you're gonna find a lot of value in it. It's all about setting

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you up for a strong financial 2022. So again, I think this is

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really important, especially because we're starting a new

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year. I like to think of the new year as a great point to

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reflect, reset, recharge, and it really is a perfect time to

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check in on your finances and get some goal or some goals in

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place. And again, that reflection piece, I think it's

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an opportune time to start a new year to take an honest look back

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to reflect on the past year as well. And to really see, hey,

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what worked, you know, what might I want to improve on going

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forward. So using that reflection as an opportunity to

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look back as something you're learning from. So not

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necessarily, you're not using this as a form of criticizing or

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shaming yourself, you're saying I'm looking back to gain

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knowledge. So maybe it was that you blew through your holiday

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budget, and you want to rein that in for 2022. Maybe you

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spent more money on eating out than you realize, and you want

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to scale back a little bit going into this year and be diligent

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about you know, cooking your own meals at home and things like

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that. Maybe you saved less than you would have hoped for. Or

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maybe you weren't able to save any extra at all. And this is,

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you know, again, a reminder for this year, hey, I wanted to save

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money, I want to make sure that that is a priority for 2022.

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Now, so again, you're just learning from this. And with

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that knowledge, you can make any of the desired changes you would

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like to so again, the knowledge that you gained from doing some

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reflection is powerful, and it serves as you know, some course

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correction to so we can, we can learn so much we can gain so

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much from looking back as well. So it's all it's all good. It's

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all learning experiences. And you know, we're not saying money

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mistakes, we're just saying money lessons, you know,

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experiences, and and there's value in that. So taking that

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time to reflect. So in this episode, I want to share ideas

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that will support you in starting off 2022 I would love

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to see 2020 to be your most prosperous year yet. So let's

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have that be the goal of today's episode. Okay, so the first idea

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that I think would, that's gonna set you off with a strong start

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for 2022. So first idea for this prosperous year, is to try

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incorporating some no spend days into your weeks or your month.

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So I honestly didn't know what a no spend day was up until a

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couple years ago, which is probably a tad alarming, because

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it tells you that maybe I have a tendency to find ways to spend

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money. And so if you're the same as me or need some

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clarification, so what are these no spend days? Well, they're

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simply exactly as they're described, it means going a full

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day without spending any money. So it was very easy to spend

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money, all sorts of way to buy shop online. And again, which

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makes it very easy to spend money it's not a hard task to

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spend money.

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Go anywhere with my daughter IV and it is very, very easy to

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spend money. But have you ever challenged yourself to doing one

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or more consecutive no spend days? If not, I would say the

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start of this new year is a great time to take up the

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challenge. So these no spend days it really helps to reset

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your spending habits and it forces you to get intentional

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with your money by having you stop and think asking yourself,

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Do I really need this? Okay, so that's what no spend day can

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really do for you. It's not just about You know, being cheap and

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finding ways to not spend money, it's gonna force you to reflect

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and think about, you know, where am I spending money, where is

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all my money going to, and then maybe help you change some of

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those habits that aren't serving, you are not in

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alignment with where you want to see your money going. So if no

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spending seem like a stretch for you, if you have never done them

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in the past, try starting out with just one day a week, and

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then maybe have a goal of increasing it by another extra

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day, per month. And, again, this is really going to help shake up

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some of your spending habits. So maybe you say this first month,

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I'm going to have five no spend days and then next month, it's

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going to be eight and, you know, on and on and on, the goal can

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be whatever you want to set it as, but anything is going to

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make a difference. Again, especially if it's not something

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you've ever done or tried to challenge yourself to, it is a

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really good thing to try. And the result of no spend days,

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what does it mean? Well, it's more money in your pocket, which

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means more money left for you. So I always remind people, you

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know, if you're not giving your money away, and, and spending on

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things, again, sometimes unnecessary purchases, it's just

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more money for you more money left for you for your future,

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for your goals for the big goals that you want to build upon.

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That's what it means by not spending money by having these

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no spend days. And it gets you thinking creatively too. So if

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you're aiming for a no spend day, but you wanted to do an

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activity with your kids, for instance, then you can, you

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know, think of something that is a no cost sort of free adventure

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activity to do and even get them involved in coming up with this

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plan of hey, what are we going to do today, the challenge is,

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we're not going to spend money, let's come up with, you know,

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some adventures to go on. And it's fun to do those kind of

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ideas and thinking outside of the box, especially if you're

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getting your kids involved. It also helps you to, you know,

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eliminate waste or use up the things you have. So maybe you're

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you know, thinking I'm just going to order in tonight, it's

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easier, I don't want to have to cook. But if you're having no

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spend day sort of forces you to go to the fridge, look in the

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freezer, see what you have what you can actually use up. So

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there's lots of benefits to these no spend days, give it a

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go, I highly recommend it. Another concept I want to

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suggest for a strong financial 2022 is to focus on your net

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worth instead of your debt. So the first reason I have for this

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comes from an audio book I'm listening to so right now I'm

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listening to a lot of material from Bob Proctor. And in this

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specific audio book I really liked where he said, what you

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focus on, you get more of so I'm not quoting directly. So sorry,

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if I'm getting a little confused, but this is the

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concept. So whatever you're focusing on, you're getting more

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of. And that means if you spend your time focused on debt, guess

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what? You will attract more debt into your life. So you know,

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that's not good hearing that you're like, Nope, don't want

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that. So if you have been focused on debt, try to change

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that mindset and say and say and safe. Instead of focusing on

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debt, I'm going to focus on building my net worth. So again,

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my focus is on building my net worth, that's what you say to

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yourself. Instead of saying, I need to pay down my debt, I need

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to start eliminating my debt. Let's try to remove those words

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from your vocabulary and say, I'm wanting to build my net

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worth, I'm wanting to increase my net worth.

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And this serves as another important purpose, which is

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directing cash to where it's most productive. So oftentimes,

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people that come to me and ask questions with what should I do

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with my extra savings? So maybe they received a bonus from work

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or an increase in pay or something like that. And they

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asked, you know, should I use this towards my debt? Or should

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I use this towards investing? Well, if the debt in question is

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low interest debt, so for instance, maybe it's mortgage

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debt, and it's a below a 3% rate, maybe it's student loan

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debt, and again, it's around three or 4%. Or maybe it's

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something like car financing where you bought a new car and

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you got 0% financing. So then technically, if you have this

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low interest rate dead, technically, you would be better

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off to invest, because I'm just going off of past performance of

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the US markets. They've returned on average 8% annually since the

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1920s. So of course, I can't guarantee future returns and no

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one can and there's no guarantee again, if that's what it's done

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in the past until now There's no guarantee that that is the exact

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return is going to continue on average per year. But based on

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these past numbers, and again, that's a lot of data. So we're

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saying from the 1920s, until now that you will have received over

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8% on your investments. So based on being in a low interest rate

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environment, you'd likely be better off to earn that 8% or so

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as you would be outpacing your interest rate on the debt. And

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again, depending on how much it is, you could be outpacing it by

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5% plus, so again, more money in your pocket. So the math is

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math, the math doesn't lie. I'm a numbers person, I look at

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math. And I go, Well, this rate is you know, you have a car, and

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some people go, I don't have a car payment, but I have 0%

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financing? Well, I mean, can you get over the fact you have a car

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payment, because it was 0%, you could be putting that money

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elsewhere, earning any sort of return and outpacing the 0%

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having more money at the end of the day. And then once you've

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accumulated that, you can always take that and pay it down on the

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car. Or, or again, just pay it off, eventually, when you're

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making the car payments. So again, math is the math, math

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doesn't lie. The numbers are what they are. But what happens

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with money is many people will decide to go against the math

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and they'll say, Well, I'm going to pay off my debt first. And

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you know, again, it's it's a feeling or they maybe they just

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don't like carrying debt, maybe they were taught by parents, you

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know, it was drilled into them don't have debt, make sure you

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get rid of debt like that was. Oftentimes I think,

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generationally, what what we were taught about money is don't

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carry debt. So if you're struggling, getting yourself to

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follow the math, because again, I presented the math, the math

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is playing symbol, do you want a percent,

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or 3%? Well, if you can get eight, why focus on the three,

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right. But if you're still struggling, instead of seeing

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the debt as a separate entity, see it as it relates to your net

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worth. So if you've listened to this podcast, you've heard me

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talk about net worth many, many times. But just as a refresher,

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what is net worth, it's your assets. So what you own, minus

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your liabilities, what you owe, so all your assets, you can kind

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of sum that up in one column, all your liabilities, what you

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owe in one column, and assets minus the liabilities is your

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net worth. So again, taking the word debt out of our vocabulary

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and trying to get our head around that, where is my money

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better put to use, instead of looking at debt, you look at

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your net worth, then what you'd be doing is you'd be focused on

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increasing your net worth. And how can you increase your net

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worth, you can do it in one of two ways, you can increase your

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assets, or you can decrease the liabilities. So again, the

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mathematical equation being net worth equals assets minus

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liabilities, as the asset number goes up that number, your your

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total net worth is going to go up. And then also, as the

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liabilities go down, that number is going to go up. So you don't

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have to focus on the debt, you can focus on that assets column,

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building your investment accounts, and the math is still

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going to be in your favor, because you're going well, my

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net worth is increasing, my assets are increasing. So assets

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minus liabilities is now higher, again, so if you look at that,

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this way, you can maybe say, hey, with that bonus I received

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this year at work, I'm going to invest in my TFSA account My Tax

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Free Savings Account, instead of paying off my car because my car

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is a 2% interest rate. And that lump sum can, you know go

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towards again, my TFSA, I can invest it. And then once I do

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the net worth calculation, the number has increased, I haven't

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paid down the debt of my car. With that money. Instead, I've

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put it in the asset column, but the result is the same, my net

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worth has increased. So again, if you can instead focus on that

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full picture, your overall net worth and have the goal to be

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increasing your net worth each year, then you might find that

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you've now removed the focus off of debt. So you aren't calling

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in more debt just like our you know, Bob Proctor has warned us

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don't call in more of it. And you're also having mastered that

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math assignment of choosing the option that works, that's going

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to yield you the higher return number. So again, you're growing

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your net worth even further by putting that money in the bucket

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that's gonna earn you even more. So hopefully that makes sense.

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And again, this is a very important concept and how I'm

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hoping to help people get around that limiting belief and that

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kind of that pull towards not having any Debt, instead of we

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can look at it as I want to increase my net worth, I want to

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constantly be increasing my net worth, then that will help you

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get to the focus of what's going to increase my net worth faster

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will putting that money towards a higher yielding investment is

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going to increase the net worth number faster. The new year. So

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that was my next point. Another one. So this is another ways to

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be prosperous for 2022. So the new year is often when we think

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of making RSP contributions here in Canada, so registered with

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our RSP Registered Retirement Savings Plans. So you have the

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first 60 days of 2022 to make a contribution for the 2021 tax

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year. So I like to suggest that people use the Super Saver

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strategy with your RSP contribution. So what is this

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Super Saver strategy you might ask? Well, it consists of making

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an RSP contribution prior to the deadline. And then when that

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lovely tax return comes in as a result of your contribution, you

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take that full refund, and you put it into your RSP or TFSA

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account. So you've essentially double saved. So you're not just

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taking the cash from your tax return that you got as a result

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of making that contribution. And, you know, going down to

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Vegas, and I'm just gonna gamble it away, put it all on read, it

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was money I didn't have. And it's like a bonus that just

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came, you know, from CRA, No, instead, we're looking at this

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as a extra saving strategies. So we're putting the money away

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money that you received from putting the money in the RSP. So

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the double savings, by making your original contribution, you

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received a return and then you saved the money you saved on

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your taxes. And that is the super saving strategy. So that's

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why I call it super saving strategy, because I feel like I

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said the word saving over and over and over again. So that was

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is what makes it a super saving strategy. Okay, another point or

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idea for 2022. To make it the most prosperous year, start off

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strong in your finances is all about being diligent with

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spending. So I highly suggest you do try to track or take time

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to be aware of your money and where it's going. If you don't

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first see a way to increase your income, that is completely okay.

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When we talk about building wealth and reaching your

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financial independence and your retirement goals, oftentimes

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people think well, I have to make more money, I'm not making

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enough money to get myself there. Well, there's another

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alternative for this, if you don't think you can get that

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increase, maybe your company's not giving out pay increases or

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something like that, and it just to you then feels like an

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impossible goal to try to make well, there's another side to

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that, and it's I'm saving more money. So again, if you can save

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more money, that's also going to increase your net worth Yes,

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making more money is going to do it as well. But people get too

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hung up on that idea of thinking, you have to earn a

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certain amount of income to build net worth or or build

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your, you know, to get to that financial independence. And I

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can tell you based on years of experience working with clients,

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that there are people that I would say, have not made mass

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amounts of money, you might look at their money, their yearly

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income, and be quite surprised, based on where they've grown

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their net worth to as a result, or as a result of of saving and

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ongoing saving. And again, it's being diligent, and just

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spending less finding ways to spend what less and then the

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less you're spending, the more that you're saving. So I

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honestly think that realistically, we could probably

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all find ways to come back up, cut back sorry on some of the

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unnecessary expenses and purchases. And again, just like

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in the first point about no spend days, the gain is the

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extra that you get to keep what you're not spending you get to

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keep. So a common theme

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that I see with clients that have been very successful in

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their financial lives is that they do have a strong awareness

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about their money and where their money is going. So knowing

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what's coming in and knowing what's going out. Even wealthy

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ultra wealthy people have that knowledge they don't just, you

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know, decide that they don't have to track it or think about

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it because they Have lots of money, They've tracked it and

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thought about it. And that's how they've gotten to a point where

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they've amassed a, you know, a very good amount of, of wealth

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because of doing that behavior. So I know the word budget might

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make, you want to just, you know, run the other way, maybe

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you're like, well turn off the podcast, I don't want to hear

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budgeting. And I feel the same way, like sometimes budgets,

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just seeing them. And when you see like a super one time, like

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online and something like that, it just, for me, it causes

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stress. I'm like, Oh, they do that looks so organized and

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fancy. But again, I'm not saying that you have to make this

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wonderful spreadsheet and spend hours recording every dollar

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spent. But I'm saying to, to be mindful, it's being mindful of

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what's being spent, don't be in denial. Be aware, take time to

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gain that awareness. I just watched the movie, on Amazon

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Prime, it was called, I think it's called Queen pens, I might

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have gotten that wrong. But it talking about this makes me

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think of it in her line in the movie, where she says, Watch

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your pennies, and the dollars will take care of themselves. So

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that's what I think of when I think of saving money, spending

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less being diligent about tracking. And I mean, if you've

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seen the movie, I'm not going out. And I'm not telling you

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that you have to go out and, you know, clip a whole bunch of

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coupons and be a coupon and Queen. But there is power to

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this statement that small amounts add up and small changes

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to spending behavior do make a big difference. I was watching

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the movie, and it kinda was glancing. And I'm part of it.

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And it was so funny, because it was about like coupons. And

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she's like, this makes me think of Gigi, that's our grandma. So

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obviously, someone likes using coupons in the family. But yes,

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again, it's it is being mindful, I do like that line, because it

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does get you thinking that, that we do have control and ability

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to build wealth, I think so much. So many people just think

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it's out of our control and it's just not possible for you but

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doing small amounts on a regular basis, saving money, putting it

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away, having it compound is going to make a huge difference.

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And again, that's not based on how much money you make that's

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based on how much you're able to put away there's people that

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make a lot of money and are still aren't able to put money

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away and save and then you know, they're not even building their

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their wealth. So again, being diligent about where money is

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going is a very important part of that equation. Okay, and

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finally, one that I really want to stress is so important when

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it comes to wealth. And that's why I call this the wealth and

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wellness podcast and I have such a focus on incorporating you

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know, wealth and well being and investing in ourselves. Being

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the you know, you are your most important asset. Don't

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underestimate the power of investing in yourself, I truly

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believe that one of the best investments you can make is in

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you. So this year, I would love to urge you to have this focus

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on designating the time and resources to yourself as well

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not forgetting about you and investing in you. I am probably

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one of the poster people for investing in yourself I've done

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you know so many courses, education certificates, things

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like that. I've worked with life coaches I go for you know, I do

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the massages, the chiropractor, the natural path, the energy,

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clear the all sorts of things. And again, I don't look back on

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those and think of them as a waste of money. I don't think of

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them as like I'm just throwing away money on all sorts of

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things. I see these as investments and they helped me

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to really be my best self and thrive and grow and in return

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I'm able to thrive and grow in my business from that so being

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my best self then reflects in my business and what I can

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accomplish and my level of efficiency.

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So this includes life experiences to don't

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underestimate the value of amazing life experiences those

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once in a lifetime experiences and adventures. checking off

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dreams from your bucket list. Those are priceless things. And

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I you know I learned that firsthand like I recently took

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my daughter to Mexico and it was her first international trip and

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I loved just seeing her in that experience. Like it's just she

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was so you would just see your them taking it all in. And it's

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it's also new and different and still when she hears someone

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like mentioned Mexico on like TV or in passing she he perks up,

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because it's like I've been there, I know about Mexico. So

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it's, it's so cute to just see that. And again, it was I always

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dreamed of being able to take my daughter on trips and go on

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adventures with her. And now, she'll say things like, Let's

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travel around the world, and I want to go to Hawaii and Paris.

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And, and I love that, like, she's thinking big, and she's

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dreaming big already. And it's gotten her mind, you know, going

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thinking that way. And knowing that there are these

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possibilities, and that you get to create the life of your

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dreams and do the things you've always wanted to do. You know,

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this is, we're given this one precious life, and we don't have

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an endless amount of time here. So there's, you know, I highly

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suggest and stress to that, you're making sure you're

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investing in yourself and those, those experiences that you've

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always dreamed of, and not putting them on the back burner

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and pushing them off. Because I know we've had to do that for a

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while now during COVID. And, and so hopefully, that it hasn't

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changed that you are going to do those, maybe it's just delayed

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them and push them out a bit further. But make sure you're

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doing those things. I love having those conversations with

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my clients of the big dreams and goals they have and what they're

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planning to do with with their finances, that they've they've

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been successful with their finances, they've done the right

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things in the right behavior. And now they get to reap the

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rewards of it. It's not because it's, it's work. And it takes

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effort. And you have to have that that thing at the end that

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makes it all worth it. And that's what that is. So make

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sure that you're not under estimating that and make sure

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you are doing those things to invest in you as well when it

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comes to money and wealth. And that's all I have for you today.

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Hopefully, again that you found value in this episode. And I'm

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so appreciative of you joining me and listening in and I look

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forward to delivering another hopefully valuable just as

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valuable more valuable episode for next week. All right, thank

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you so much and I will catch you all next episode.

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I hope you found value in this episode. And because I'm such a

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proponent of taking confident action, I want to pose a

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question to you the listener. What is one action that you feel

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inspired to take after listening to today's episode? If you enjoy

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listening, please subscribe and share with your friends and

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family. Thank you so much and I will catch you next time