Do you have a plan to sustainably grow your savings?


 Vlog Episode Two

According to the latest census data, 65% of Canadians say they are saving for retirement.

That’s good right?  But the same census showed that average the rate of savings is only 4.6% of household income.

The average household income in Canada is $70,336.  So that means we are saving just $3,235.46 per year.

Now most of us are pretty conservative with our investors.

We stick with medium and low risk mutual funds, bonds and so called “Blue Chip” stocks, those are the world’s biggest companies with the longest and most stable track records.  After we consider things like inflation, taxes and fees most of our investment portfolios are giving us a real rate of return somewhere in the 3% range.

So if you’re an average Canadian and you invest $3235 per year and get a 3% return in 40 years you’ll have amassed a Grant-Total of just $215,156.

Can you retire on that?

Is that sustainable?

I can hear you already – “But we can’t afford more right now”.  “I have a pension so I’ll be okay”. “What about the government programs like CPP? Won’t they support me?”  “Maybe we can increase our savings once the kids are grown up”.

Those are all valid points and one of these days I intend to address them all.  For now, if you have a company pension I just of one word for you – “Nortel”.  And CPP is great but it won’t be enough, you still need to supplement it with your own savings.

But let’s do the math on that last one.

What if you stuck with the average savings for 20 years while you were raising your family and then doubled or even tripled your it for the next 20 years?

Well in that case, if you double your savings you would end up with $260,777, tripled – about $356,000.

Better, but still not really enough.

We clearly need a different strategy.  One that starts with taking a more wholistic approach to things like lifestyle goals, takes into consideration your age and stage, and most importantly your debt ratios.

So let me ask you one more question.

If I could show you a way to sustainably grow your savings for the future – without significantly changing your lifestyle now – would that be a conversation worth having?

Write to me in the comments below or send an email at the address on your screen and let’s talk.

 

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Hey… Can I Ask You A Question? – (Vlog)


Continuing on my blog post from September 20, “Three Key Questions Every Financial Planning Should Be Asking”.   I’ve started to put together a series of marketing videos that ask and answer some of the most common questions that I receive or use in my practice.  The questions that I will be exploring here are designed to help you, my potential clients, get a clear picture of what I can do for them and move the conversation forward.

The series is called “Hey.. Can I Ask You A Question?” And will follow an animated whiteboard format to ask the question, walk through a few potential scenarios and end with a call to action for the viewers to reach out for more information.

The first video is live on my YouTube Channel now.  You can check it out here…  and be sure to click on the bell icon in the top right corner to be automatically notified as I create more videos.

Grind it Out


 “Success is extracted from the grinding of mundane work” – Darren Hardy

I hate to sound like a broken record but there really is no substitute for hard work.

I’ve written on this topic before.  Here,  and I even made a video about it, here.  But I can’t say it enough because when I tell people how hard I work and the disciplines I practice people are always astonished.

And quite honestly that astonishes me!  What did they think I was doing all this time?

I’m certainly not sitting around waiting for the phone to ring.  I’m out there, grinding and if you aren’t working at least half as hard I am this is your one and only warning.

I’m coming to eat your lunch!

The greatest divide in business (and in life) exists in the fantastically dull, every day, day in and day out grind.  I love the mundane tasks of my business!  Making phone calls, sending emails, mining the internet for new leads.  I can’t get enough of it.

Is it exciting?  Hell No!

Does it pay dividends?  You bet your ass it does!

I have learned to master the mundane tasks, even made a game of it to prevent boredom and drift.

I’m going to let you in on the secret to my success.  I don’t mind telling you this because I know from experience that there are very few people who will even come close to the intense focus that I bring to my work.  And those of you who do are likely in a slightly different industry or geographic area so have at it – if you think you can.

Ready?  There are four parts to it.  Here they are.

1 – Start work at the same time every-day.

2 – Work on what you say you are going to work on when you say you are going to work on it.

3 – Work all the way to quitting time.

4 – Guard your down time like it’s the holy grail, you need your rest, you deserve it.

For me, my day starts at 5:30 am with a trip to the gym and ends at 7:00 pm, Monday to Friday.  At 7:00 pm on Friday I turn of my computer and silence the alerts on my phone until Monday morning!  If I can’t address an issue in the 67.5 hours a week that I am “on”.  It’s not worth it to me.

But there’s way more to it than that.  You need to develop a set routine and follow it like a monk!  Set aside time for prospecting and all the other hard and mundane tasks in your calendar each and every week and if someone wants to meet with you and make a million-dollar purchase during your set prospecting time you must have the discipline to say no and offer an alternative. (Of course if that’s the only time your prospect can meet you then you make an exception but this has never happened to me)

It’s simple – If you don’t control your time, you time will control you.  This is the only way you’ll get ahead.  It’s all about the grind!

L C Sheil writes regularly about, spirituality, life and business coaching.  He is the founder and director of The Matthew 5:5 Society (formerly The Meekonomics Project) where he coaches ministry and business leaders to Live Life to the Fullest in Complete Submission to the Will of God. 

Mr. Sheil has authored two books and is available for public speaking and one on one coaching in the areas of work life balance,  finding and living your core values  and financial literacy.  Write to The Matthew 5:5 Society here for more information or follow L C Sheil on twitter and instagram.  

Vlog Ep 11 – The Value of a Financial Planner


Did you know that the average annual return of the stock market over the last 50 years has been over 7% while the average individual investor has achieved only 2.3% over the same period?

Ever wonder why that is?

It has nothing to do with fees, or institutional investors taking all the good opportunities.  It’s much simpler than that.

In Today’s VLOG I’ll tell you why most individuals can’t achieve those kinds of returns consistently and how to give yourself a fighting chance.  The answer is simpler than you might think…