This week, I was out with other Oakville dads for the 2nd Annual Oakville Dads Tune Up Golf Tournament. It was an opportunity to meet new guys in our community and to have fun playing golf. As a team in a scramble golf format, we shot a 72, one over for the day. For those of you that understand golf that’s a great score…a score I’m unlikely to achieve in my lifetime playing alone. That’s the power of teamwork and working with others…something I talk about in this issue as it relates to your finances. Have a great long weekend and enjoy this issue. As always, please remember to share this with everyone in your network:
1. Don’t Do It Alone…
It is tempting to think we know it all. We want to figure things out ourselves. We want to go on the journey alone and in isolation, not realizing that we can only go so far. Just this week, I came across this insightful quote from Marie-Christine Gasingirwa, a director at the Ministry of Education in Rwanda, reminding us of the limitations we face when we work in isolation:
“In life there isn’t a single person that knows everything and there is no person that knows nothing. It’s not too late to learn because you just need to develop that interest, talk to people, share with them what you have and learn from them. There is no breakthrough in this world if you are isolated, you can only make a breakthrough by talking to people.”
Whether it is our pride or ignorance, we hurt ourselves when we don’t seek help from those that have accomplished what we want to accomplish. Hopefully, you got the point from the quote above, “There is no breakthrough in this world if you are isolated, you can only make a breakthrough by talking to people.” If you’re looking to shrink time on your journey to building tax-efficient wealth and achieving financial freedom, I can help you. You can learn more about my FAST Results Coaching Program here.
2. The Top Ten Reasons Why You Pay Too Much in Taxes
Whether you like it or not, taxes affect all of us. In fact, it is probably your biggest household expense (assuming you have a decent job or business). Yet, most people do nothing to manage their taxes. In this article, I discuss the top 10 reasons why you may be paying too much in taxes. Reasons ranging from lack of periodic tax planning, lack of optimization with family members and a lack of basic knowledge of our Canadian tax laws. Get all the details here.
3. It Never Gets Easier, You Just Get Better
When I started a business several years ago, I did not know exactly what was ahead of me. I had no idea how challenging it was to grow and sustain growth. I believe that a major reason many businesses fail very early after they start is the underestimation of what it takes to run a successful business. Starting a business is the easiest step. Figuring out a way to stay in business and grow the business is where the battle lies.
Only those who have committed to a life of continuous improvement will make it. They understand that it never gets easier. They have to get better to make it look easy for those looking from the outside. If you find that things are easier for you in business, school, work, personal development, or sports, you should consider this a red flag. Why? Because it is a sign that you’re not growing. Growth, at any level, will require pain and/or discomfort. In this article, I discuss the 5 principles that will help you in your pursuit of excellence: Read more here.
4. Busy With Many Tasks? Consider Elimination…
One of the disadvantages of living in North America is the burden of a busy life. If you live in North America, you likely live a busy life. As I’ve shared in the past, it’s a thing of pride to be busy in North America. If you have a long list of daily tasks as I often have, you never stop wondering why the list only gets longer and longer day after day. With all the techniques and ideas on managing tasks, staying production and managing time, nothing does the most magic as just eliminating tasks. I was reminded of this when I came across this insightful quote in my inbox this week:
“Sometimes the most productive thing you can do is eliminate the task.
Downsize. The rooms you don’t have, don’t need to be cleaned.
Donate. The items you don’t own, don’t need to be organized.
Delete. The projects you don’t take on, don’t need to be finished.
Is this a problem that needs to be solved? Or is it a problem that can be eliminated all together?”
It sounds pretty straight forward but I know how challenging it can be to implement and follow through. Lately, I’ve been using the tool of delegation but obviously, I have to do more to eliminate the many tasks I have. James Clear, author of Atomic Habits, shares insightful quotes like this weekly. Consider subscribing to his weekly emails for tips on cultivating winning habits. Check it out here.
5. What is a Perfect Investment?
With the uncertainty in the current financial markets, now is the time to double down on sound investment strategies before you deploy your capital. In this short video, I discuss my top 10 characteristics for the perfect investment/financial vehicle and I also evaluate different investment vehicles against these top characteristics. This video is an excerpt of the full video I shared with members of our Tax-Efficient Wealth Membership Network. So, to watch the full video and other useful resources, you will have to join our membership. We are currently working on rebranding our membership to be re-launched this Fall so keep your eyes peeled for this in the coming months.
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