Mind Wealth Podcast

How can we increase cashflow? How can we look at life in terms of cashflow? Why is cashflow important to someone? 

The reality is that we need income. Most people need to work harder to make more money, but we can learn to leverage what we do in order to make money without having to work more. As we increase our cashflow over the years, we can eventually get to the point where all our monthly necessities are covered by the cashflow coming from assets that we don't have to work to get. That's when true financial freedom happens. 

So this episode talks about cashflow and why you might want to do a cashflow plan NOW so that you will have real cashflow later.

What is it that people want to know when the are planning for retirement? How much income do I need for when I retire? The truth is, we plan based on a LOT of speculation and based on factors that are 100% out of our control.

In this episode, we go over what you need to think about and how you need to change your planning of future income to keep more of the growth of your money under YOUR control. It's important to choose investments that give you more certainty for the future and also put you in a place to be able to take advantage of opportunities as they come up. 

After hearing some of this information, a lot of our clients say 2 things:

1. It's a no brianer. What do we need to do in order to change and get out of this game?
2. Why didn't I know about this 20 years ago?

If you are asking the sames questions, contact us to setup a free consult call and we'll see how we can help you. Phone 250-563-0777

If you've been told to wait until you are making over $50k to incorporate your business, you've probably been given some advice that was not looking at the big picture. In this episode, we go over all the reasons you might want to incorporate and pay yourself differently than you do as a "Sole Proprietor" small business owner. 

As a business owner, how do you pay yourself? Do you pay yourself as an employee? Do you take a draw from your account and then settle the taxes at tax time? Do you pay yourself as a shareholder with dividends (you have to have the right business type to do this)? 

There are many ways to pay yourself and each may have benefits that you think are good for you. This episode goes over what you need to consider and how you might be able to put more money in your pocket while legitimately paying less taxes. 

In this episode we discuss assets and what you should consider to be your greatest asset. How can you protect this asset? 

This episode gives you a perspective about where Andrew has been and where he's at now. The thing about anyone dealing with their finances is that they are usually not using the right tool in the right way in order to really get great results. For Andrew, that means he was using several financial tools that were not the best tools....and they were rigged to favour the banks and government more than they were to favour Andrew. We hope you enjoy this episode. If you do, please leave a comment!

The title of this episode is the puchline. Once you realize JUST how much you are paying in mortgage interest, you'll want to make sure that you pick the right kind of mortgage for you and your situation. We discuss our favourite solution in this episode, but there are several other alternatives that might be more suitable for you and your situation.

The mortgage details your lender doesn't want you to see

A mortgage quote where someone would have been paying 61% interest the first year they were making mortgage payments? Whaaat? That's right, when you look at the amortization schedule for a mortgage, the first few years typically have over 50% interest! It's the magic of compound interest, in reverse, and in favour of the bank. If you want to learn how you can get around this, you had better checkout todays episode. 

Conclusion

A mortgage is probably one of the biggest financial decisions you make in your life. Choosing and using the right kind of mortgage is crucial to getting out of debt faster while also still living your life and enjoying a home that fits your lifestyle and the income you have. Don't take this episode lightly

Most people don't do the math on what their vehicle payments actually cost them. In this episode we break it down and go over what we can do to get out of this trap and still own a great vehicle without paying too much for it.

When we are talking about investments, a profit is only a profit when you take it. In this episode we go over what might be one of the ways the investment companies are able to keep more of the profits and pass a lot less on to you. So, if you want to learn how to get a lot more profits out of the investments that you might already have, this episode is for you.

What can we do?

In this episode we discuss a young couple that we know that had a tragedy happen in their life, but the insurance they had really didn't give them much help. They had mortgage insurance, and we go over how mortgage insurance just protects the bank but doesn't benefit YOU nearly as much as other types of insurance (like life insurance). 

This episode goes over a real world example of a chiropractor that we know that was really paying quite a lot in taxes when he didn't need to. Some of the main points that we go over include:

1. In general, business owners should not be paying themselves as employees
2. For everyone (business owners and employees), it is possible to pay for your extra medical expenses with pre-tax dollars so that you don't have to pay income taxes on the money you spend on you and your families medical expenses. 
3. For business owners, some types of insurance that you are paying for can actually be paid for by the bueiness with pre-tax dollars
4. We also go over how there are some scenarios where business owners SHOULD pay themselves as employees if there is a justifiable reason to do so
5. RRSP money is some of the most expensive money you can ever use if you need to access it before retirement for whatever reason
6. Tax brackets have only ever gone up, so don't expect to be in a lower tax bracket when you retire because it might not be the case

Tradition advice has a lot of merit in it's own right, but a lot of traditional advice has come from a narrow point of view. When you look at the big picture, there are a lot of decisions you can make in your life that will benefit you and your beneficiaries much more. This episode will reveal to you how a lot of the traditional advice you've been given will dramatically benefit the banks and the government and leave your legacy cut almost in half. 

If you want to learn how to keep more money in your pocket now AND leave more of a legacy when you die, this is a really important episode to listen to. 

Why are we passionate about this topic and why is it worth listening? We are going through concepts that are going to help you no matter what, so regardless of where you are at (being a business person or an employee) you can benefit from these concepts and put them to use in your life. Learning how you can take advantage of mortgages, vehicle purchases, medical expenses, and the way that use use money  are the concepts that so many people can really benefit from. We also have a process of leveraging the money that is going through your hands anyway so that it does even more for you than you thought was possible; this is what the rich do with their money in order to have it be even more effective for them. 

We hope you enjoy this pilot episode and it gives you enough of a reason to subscribe to this podcast and get notifications when we add new episodes. 

Welcome to the Mind Wealth Podcast where we teach you to think differently about money and make changes in the way you manage your money so that you can take home more profit, pay less taxes and live a better life.

This episode is just our podcast trailer so that we can get everything setup and be able to post regularly. Get ready to have your mind blown about how you can save huge amounts of money by making small changes in the way that you deal with your finances. For virtually every problem we can identify, we have a solution that is better than what 90% of the rest of the financial community is going to tell you. So if you are ready to improve your cashflow, subscribe and listen on.