Design An Even Better Future - Common Misconceptions When Building Wealth

 

Congrats! We got through February! I don't know about you, but the shortest month of the year always feels like the longest... How have you been doing? Below is March's issue of Design Your Own Future. This issue is to help empower you, to take advantage of the opportunities, to live by design. It's directed towards my clients, and contacts that are consultants, business owners, and leaders that want to do even better! I hope this email finds you well and helps you do even better.

Inside this issue... Buy Term and Invest the Rest vs The Infinite Banking Concept Have you arrived? Business Owner of the Month - Dr. Wayne MacLeod Investment Tip of the Month - Become Your Own Bank Events

Buy Term and Invest the Rest vs The Infinite Banking Concept Here's the problem: The general public is being served by banks who can't sell insurance products and financial firms with catchy slogans such as "Buy term and invest the difference". On top of this, 90% of financial advisors offer product based advice instead of value based advice, therefore, the Infinite Banking Concept or Become Your Own Bank Strategy is not discussed, and if it is, it is often done so incorrectly. Common Misconceptions When Building Wealth: You have to change your lifestyle to save money? You need to rely on things out of your control like the market? You need to take big risks to get big results? These are just some of the reasons people have for why they aren’t able to build wealth and reach their financial goals. It’s time for this to stop. Hope is NOT a strategy. It’s time for a new way of thinking…what if there was a way to safely remove these questions from your planning? I'm here to help - reply to this email or simply book a call by clicking here to learn more. Until then, here's a video where Caleb Guilliams shares my view, explains the infinite banking concept, discussions the pros and negatives, and shows a direct comparison to buy term and invest the rest.

If you had the answer to one question, and that answer would make life much easier, what would that question be?

Have You Arrived? How do you know when you arrived? Let me tell you something you already know..... Life ain't all sunshine and rainbows, and nothing will hit harder than life - especially when you are starting and running a business. What a difference 2 years can make! The video below was made 2 years ago when MoMonday's (an unfortunate victim of 2020) was running strong and I was making the transition from "I hope I can" to today's "I AM". Don't give up. Keep moving forward, keep improving. Keep doing the right thing and GO FOR IT!!

So, how would you answer the question - how do you know when you arrived? When you show up with the power vs the need? When you can truly say, "I am where I want to be"? If you would like to learn more about the processes that helped me and others become more successful, please reach out or book a call, I'd be happy to help

The Financial Engineer's BUSINESS OWNER OF THE MONTH Would you like to have your product, service, or professional profile shared with 12,000+ (LinkedIn, Facebook, and Monthly Newsletter)? Every month, I will introduce a "do gooder" / business owner / entrepreneur that is making their communities even better with their business and "can do" attitude!! March's Business Owner of the Month is Dr. Wayne MacLeod, family physician with an interest in helping Canadians with disabilities apply for the Disability Tax Credit (DTC) to improve their financial security and well-being

When asked why he started his own business: "My mother was a nurse in PEI and I used to tag along for house calls - healthcare and helping others is in my blood" Dr. MacLeod has a passion for helping others, especially those with disabilities "Doctors are too conservative when helping their patients with the DTC application - the govt is the gate keeper, not the doctor!! Living with a disability is hard enough, there should be no shame in applying for the DTC!!"

Why do you do what you do? Can you share a success story? "I met a single father of two boys with disabilities that tried for years to get approved for the DTC. I was able to help him and he received a much needed check of $36,000 from the government. This was a game changer for him and it felt so good to be able to help" Check out Dr. Wayne MacLeod on Facebook and the wonderful services he provides. Unlike other DTC experts, he charges a flat rate and will let you know if he can help you or not. His LinkedIn profile can be found HERE His services and friendly expertise comes highly recommended!

Learn more about Dr. Wayne MacLeod

The Financial Engineer's Investment Tip of the Month

Did you know that banks make huge returns with limited risk using your money? They do, and I'm going to share with you how they do it. Banks constantly urge you to give them your hard-earned money and leave it with them. If it's such a great idea, why don't they do the same thing?? It's because moving money is far more profitable than leaving it sitting still. If Jill deposit $100 into her bank account, what do you think the bank does with Jill's $100? Answer: They lend it out it and charge others for that $100! Well, it could be 20% for a credit card, 12% for a business loan, 6% for a car, or 3% for a mortgage! Let's dive a little deeper.... Say the bank is paying Jill 1% for the $100 and earning 3% from Jill. How much is the bank making on that? Now, much people would say 2%, but that only right if the bank provides the capital. The bank is making a 200% return. Why? It's because the only thing the bank is responsible for is the interest, they are not responsible for providing the capital. All the bank is doing is moving money from person to person and get magnified returns!! You're probably wondering, can we do this? Can we become our own bank? Yes! We absolutely can! All you need to know is a bit about how to structure personal finances correctly. If you have any questions or would like more information, email me or reach out at anytime.

EVENTS: Upcoming Webinars (Atlantic Time): Let me know if you would like me to add your webinar here I highly recommend the following resources to help you and your business expand and become more effective and efficient:

Let me know if you would like a recording of my favorite business and financial webinars and podcasts. Make More Money and Design Your Future videos can be found here

Happy St.Patty's Day and Beware of the Ides of March!! May the luck of the Irish be with you! Irish I had another beer!

When you're ready... here are 3 ways I can help: Option 1. I help my clients hone in on their money and success mindset, habits, and processes. That’s how they experience results that they couldn’t even think were possible for them. If you would like to run through my process that’s helped others create an even better life, you can book a quick 15 min chat to see if I can help you too. Just CLICK HERE to see my calendar through our online scheduler. Option 2. Attend our Healthy, Wealthy, and Thrive Workshop - Increase your focus, productivity, and your relationship with money and success while decreasing stress and distractions. Option 3. Attend my next free webinar: Every quarter I get together online with a handful of other local business owners and share with them the most current research and insights into proper financial planning - specifically for business owners. If you'd like to participate or just listen in on the next session, please email me at steve@thefinancialengineer.ca and I'll forward you the details. As you already know, If you don't have a plan, you will become part of someone else's plan... Let's design an even better future! Be Healthy, Wealthy and Thrive!!!

Steve MacLellan, P.Eng "The Financial Engineer" steve@thefinancialengineer.ca +19022406508 www.TheFinancialEngineer.ca