Feb 12, 2020
Marc:
Thanks so much. That was great. Saving and investment can be an overwhelming thing. So I've asked Rob from Canaccord to come and help us. So Rob, how are you?
Rob:
Really good. How are you Marc?
Marc:
Good. I've gotta say, why should we invest? Cause I think a lot of people at home, that's what they're asking, right?
Rob:
Yeah. The neat thing about investing is you get the power of compounding on your side, right? So a dollar starts working for you from day one. You know, if you're 30 or 35 or 25 yeah. If you can get that dollar working for you way earlier, you get that whole power of compounding on your side. It compounds the dividends, the interest they compound and you end up getting more money for you at retirement.
Marc:
And the one thing that people need to understand too is that you don't have to have millions of dollars in the bank in order to start investing. Right? Because it's that mentality, right? I need to have a certain amount before I can start.
Rob:
No, I'd start your first dollar that you save, you know, that should be in my mind, should be invested. You should take a look at some growth funds or in particular some equity funds to make sure you get that money growing for, you don't need to wait until you have 50 grand or a hundred grand or a million bucks. Those dollars need to start working for you early
Marc:
because you want to have those years before retirement. Right? Absolutely.
Rob:
Why are we saving money? Why are you and I saving money? We want to save? Because there will be a point in our lives where we're not going to be able to draw income or draw a salary. That's right there. We get old, right? Exactly. I mean, you have the gray hair, right? Or I'm in a Home.
That's right. And someone needs to pay for that. Right? So ideally you've saved, you've got retirement funds, you've, you've put money aside and that you can then draw on and pay for yourself and your retirement years. Okay
Marc:
Talk about the process because I find that what's great about you is the fact that you actually customize depending on the person.
Rob:
Yeah. I built my business around custom holistic wealth advice. So there's kind of two parts. One is the actual portfolio management. So that is me, my passion building portfolios, what I studied my whole life to do. Portfolio theory. Yeah. Risk adjusted returns. And actually it's, it's the custom-ness of the advice piece. So holistic wealth advice. I want to walk a mile in your shoes, Mark. I want to know, you know, what makes you tick. But I gotta make sure you know... are we saving for the kids? Or, you know, the retirement fund? What are we doing with respect to your personal situation? And it becomes a custom piece of wealth advice.
Marc:
So talk to me about a child's education cause I think that's a lot on, on people's minds, right? The ones that have kids. I have two kids and it's something that keeps coming up. So what are, what's your advice?
Rob:
The neat thing with our country is you get a bonus that the government will, you know, chip in some money for you if you contribute to an education plan. So you get those dollars, you get to contribute, they throw in some money so you get your money working for you, you get the government's working for money working for you. Then you get the compound that much earlier. You do have like in theory, 18 years to save, right? For the kids. Yes. Well get started early, I would say.
Marc:
Perfect. And what about retirement? Talk to me about retirement.
Rob:
Yeah, retirement is a critical one because you want to have, you want to make sure that your... the investments that you have now are, are going to be tax efficient. They're going to grow and then when you're drawing down on them, you're optimizing your tax situation at retirement. So this is a holistic wealth plan. We want to take a look at cashflow now, cashflow in retirement. Where are we going to draw the funds from in retirement? Are we taking it from this account or this account? Saving for retirement and optimizing your wealth for retirement is not a simple thing and one of the reasons people reach out to us.