The Freedom Formula: Smart Money Moves for New Canadians

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_00 (00:03):
Because life insurance is almost like
universal.

SPEAKER_03 (00:05):
Yes.

SPEAKER_00 (00:06):
It works for you for so many different things.

SPEAKER_03 (00:09):
Because anything that you do in Canada, you need
that credit score 60.

SPEAKER_00 (00:12):
That's how you expose yourself, first of all,
with the Canadian system.

SPEAKER_03 (00:17):
It comes down to the mindset as well.

SPEAKER_00 (00:19):
The money is the sixth sense which allows you to
enjoy the other time.

SPEAKER_03 (00:23):
That's true.
I like that.

SPEAKER_00 (00:25):
Life insurance becomes the immediate estate for
the family.

SPEAKER_03 (00:30):
A goal without a plan isn't just a wish.
But what if I told you that withthe right plan, you could stop
wishing and start winning?
Welcome to the Solar Talk Show.
Where real stories create withreal strategies.
I'm still around your trusted,real estate, and well-building
partner.
And the ones behind thisplatform build for new

(00:51):
beginnings.
Whether you're new to the GTA,just launched your business, or
dreaming of your first home, youbelong here.
Today's guest is someone whodoesn't just talk about money,
he teaches you how to make itwork for you.

(01:11):
A mentor, a coach, an educator,and a community builder with
over 20 years of experience.
Him has guided countlessfamilies toward real financial
freedom.
From smart financial planning toinvestment tools that you've
never heard of, but absolutelyneed to learn.
This episode is your moneymasterclass.

(01:33):
If you ever felt lost in thesystem, overwhelmed by options
or unsure how to start buildingwealth in Canada, stay with us.
This episode will change the wayyou look at money and your
future.
Let's dive into the mindset, thestrategies, and the secrets.
No one teaches you when you landin Canada.

(01:55):
Until now.
Let's go.
Hi Hem, welcome back to theshow.

SPEAKER_00 (02:00):
Oh, thank you so much.

SPEAKER_03 (02:02):
Nice to have you again.
Um, Hem, you have mentioned manytimes my money is nice.
In your journey, where did thatmindset pivot happen and how did
this journey began?

SPEAKER_00 (02:12):
So I always look at money as not just uh that I can
spend more money, like it's moreabout um how can I utilize it,
how can I utilize it as a tool,right?
Because money at the end of theday, no matter what trade we all
work in, we are all working forgenerating an income.

SPEAKER_02 (02:35):
Yes, absolutely.

SPEAKER_00 (02:36):
Now it all depends on the type of the trade you
work in, it depends on the typeof position you work in, so it
all always differentiates thatto how much money you're
bringing home.
But at the end of the day, youhave to decide that what that
money can do for you.

SPEAKER_01 (02:50):
Yes.

SPEAKER_00 (02:50):
Because money gives you options, yeah.
It's not everything, but it doesgive you options 100%.
And I always say that the moneyis the sixth sense, which allows
you to enjoy the other five.

SPEAKER_02 (03:01):
That's true.
I like that.

SPEAKER_00 (03:03):
Yeah, so so that's how I look at money.
Um, so when I I started workingin a workforce, and then
obviously, just like anybodyelse, every I had also my goals
and dreams, and I wanted to dosomething bigger and better
always.
I was constantly thriving intoit.
And I realized that yes,working, making money is good,

(03:28):
but then also how effectivelyyou can put your money to work
for you.
Yes, yes, because ultimate goal,that should be the goal, right?
That you don't want to keepworking for your entire life.
Uh, yes, you can, because youdon't want to just bore yourself
by not doing anything, yeah, butat least it gives you option to

(03:49):
you can slow down, you can, youknow, you can do different
things, what you like.
So it gives you, it startsgiving you options like
immediately and later in yourlife.

SPEAKER_03 (03:58):
Yeah, so it's not working hard is good, but
working smart is even better.

SPEAKER_00 (04:02):
Yes.

SPEAKER_03 (04:02):
So knowing the strategies, knowing what is out
there and how you can, you know,make the money that you earn
work for you.
That is the strategy and themindset that actually thrives.

SPEAKER_00 (04:12):
That is so true, yeah.

SPEAKER_03 (04:13):
Most definitely.
And tell me, like, uh what forfor a journey in money, like you
know, to get it working for you,the mindset, uh mindset shift,
Hemat, uh, what that needs tohappen.
What is what did that look likefor you in general?

SPEAKER_00 (04:27):
So, first of all, you have to be disciplined,
right?
Because when you're disciplined,you just live free life.

SPEAKER_02 (04:34):
Yes.

SPEAKER_00 (04:34):
But when you're undisciplined, you're always
slave to what you're doingcurrently or what you'll be
doing in the future.
And the reason why I say that,that yes, money is important to
make, but also understand thatthe money has a lot of power.
And that power only starts whenyou start becoming more
disciplined, understand theconcepts behind it.

SPEAKER_01 (04:57):
Yes.

SPEAKER_00 (04:57):
And that's what the beauty about uh learning about
money too, because we all wentto school, we got to learn math,
history, science for like anumber of years.

SPEAKER_01 (05:08):
Yeah.

SPEAKER_00 (05:08):
But how many times today are we using history on a
daily basis?
Not much.
But when it comes to money, wedeal with money every single
day.

SPEAKER_01 (05:15):
Yes.

SPEAKER_00 (05:15):
Right?
So that's why the first thing isyou everyone needs to understand
how your money can work for youor how money works.

SPEAKER_01 (05:25):
Yes.

SPEAKER_00 (05:26):
And when you understand the concepts,
strategies, rules, andprinciples, that's when you can
just put your money to work.
Uh, also understanding the rulesbehind it, that well, whatever
you make, money doesn't comewith the instruction manual, as
you already know.
So people don't really realizewell, how much money I should

(05:46):
start saving every month.
Imagine that years ago italready started, and we are
living in that generation thatour parents, our grandparents,
everyone used it, where wealready have that mindset that
okay, I get I get paidbi-weekly, weekly, whatever way
you're gonna get paid.
But it comes with theinstruction manual.
An instruction manual says thatmake sure that the 20% of what

(06:11):
you're making goes towards thesaving.
Make sure that the 30% goestowards the debt management,
right?
Or 30% goes into your lifestyle,or 20% goes into this.
So if there is an instructionbehind it, then we are already
programmed that way.
Yeah, but it doesn't happen likethat.
So when people get paid, thenthey don't really understand,

(06:34):
okay, what should I do with thismoney?
Right?
And that's why I always say thatwell, make yourself disciplined,
well, certain amount of money itactually gets withdrawn from
your bank account on a weeklybasis, on a bi-weekly basis, or
monthly basis.
Yeah.
So that's how you now startprogramming yourself.
Well, okay, now I only left withthis much money, yeah, and

(06:55):
that's what I can work with.

SPEAKER_03 (06:56):
That's right.
I like the fact that youmentioned uh it needs uh
managing finances, man, managingmoney needs discipline.
Because I tell my daughter too,like um, she has the small piggy
bank.
So now and then she gets alittle bit of money she puts in
there.
So when whenever she's hears theice cream trucks, especially in
summer, goes on, like, I'm gonnago get ice cream.
Yeah, I'm like, I don't havecash on me because you know we

(07:17):
don't carry cash as much, right?
She's like, I have my piggybank.
And I'm like, remember why youhave the piggy bank?
When you spend on the smallthings, you're gonna miss out on
the big things.
Yes, right.
I always tell her this.
Um, and actually, I I thinkthat's important, especially on
a young age, for the kids tounderstand how money works.
Yes, um, because as youmentioned, that's not been
taught um on uh on in the schoolsystem as well as it should be

(07:40):
needed at this time.
Hopefully that will change.

SPEAKER_00 (07:42):
But it's almost like playing a sports, right?
So we all played sports at onepoint in our life.
Some people are still playing, Istill play even today.
But it's all about knowing yourrules and principles before you
start playing.

SPEAKER_02 (07:55):
Exactly.

SPEAKER_00 (07:55):
Imagine I play a sports and I do not know any
rules, any principles, so Idon't follow anything.
You're just running around.
Exactly, right?
There is no outcome, like what Ihave based on my desire.
So that's why when it comes tomoney game, the same rule
applies.
You need to know your rules andprinciples, like how you can
actually make it work.

SPEAKER_03 (08:15):
Yeah, right?

SPEAKER_00 (08:16):
Because it can work for you or it can work against
you.

SPEAKER_03 (08:18):
That's true, that's true, absolutely right.
So, Heman, let's talk about uh,you know, anybody that who's new
to the country, new to the GTA,uh starting uh trying to
understand these concepts tomake like not to work hard but
to work smart.
Um, so what whatever thehard-earned money that you're
making that can actually youknow influence in you know good
growth.
Um so tell me what are some ofthe common financial traps or

(08:40):
misunderstandings uh newimmigrants face when they arrive
in the GTA?

SPEAKER_00 (08:44):
So there are a few things, and that's what I always
talk about in my group talks orone-on-one talk as well, that
what should they they shouldstay away from.
Um because there are a lot ofthings out there as a consumer
product, but not not allproducts are meant for you.

SPEAKER_01 (09:02):
Yes.

SPEAKER_00 (09:03):
Uh, it might be for somebody else, but not for you.
So you need to understand thataspect first because it's
individual stream, right?
So everyone has different goalsand ambitions, or the family
dynamics are different.
So that's how it's going to workfor you.
Okay, so that's number one.
Number two is once you knowwhat's available out there, can

(09:24):
you use it now or can you wait alittle bit later?

SPEAKER_01 (09:28):
Right?

SPEAKER_00 (09:28):
Because some people also then they get into kind of
habit, they you know what, no,no, I want to get that done now.
So I'll give an example.
There are a lot of credit cardcompanies out there, and then
they just try to lure you infull with like, okay, you know
what, if you get our creditcard, it's a cash back, or you
get these points or that point,whatever it is, right?
It sounds great.

(09:49):
So now you get into somethinglike that, but then what you are
doing uh subconsciously, thatnow you're borrowing that money
already.
You already borrowed that money.
So if your limit is fivethousand, if it's ten thousand,
you already have borrowed thatmoney, which means you already
have that money which is notyours.
That's right.
And you start spending on it.
And before you really sometimes,many a times I've seen that

(10:11):
well, before you even realizeyou spent so much that now you
can't even keep up with the debtmanagement piece, right?
So that is very important.
Then also, many a times thosecredit cards they offer you
credit card balance protectioninsurance, which normally I say
don't go for it, and it has itits own uh pitfalls, which

(10:33):
basically you need to understandthe well, how exactly it's going
to work for me.
Just don't get into it becauseit's given to you.

SPEAKER_02 (10:41):
Exactly.
Right?

SPEAKER_00 (10:42):
Ask a lot of questions.
Yes, ask a lot of questions, andthen always ask with based on
the situation.
Okay, so if you're telling methis, so let's say let me walk
you through the scenario.
What if, and then what happens,right?
So you need to understand thosethings.
People normally get shy awayfrom, or maybe they just get too

(11:03):
excited because they gotsomething, and then now they
forget about everything else.

SPEAKER_02 (11:08):
That happens, yes.

SPEAKER_00 (11:09):
Yes, yeah, so there are a lot of things like that,
like people buy homes, forexample, and then um they are
being offered like a mortgageinsurance.
Do you understand how themortgage insurance works?
I normally ask not to have themortgage insurance when you have
a life insurance in placebecause life insurance is almost
like universal.

(11:29):
Yes, it works for you for somany different things, and it
remains almost like a constant,it doesn't change, but mortgage
insurance it doesn't work thesame way as a life insurance.

SPEAKER_01 (11:41):
Yes.

SPEAKER_00 (11:42):
So you need to understand those aspects too,
right?
And then also understandingdifferent types of accounts you
go with, right?
So there are a lot of thingswhich you need to know that what
is out there and what you needat this point as a startup and
what you can pick up on later,or what you should not have at

(12:04):
all.

SPEAKER_03 (12:05):
Yes, yes, absolutely right.
There are a lot of products outthere.
It doesn't mean that everythingis for you.
You need to sit down and analyzewhat is best for you and also
read between the fine lines,right?
Yes.
We don't do that, we just golike you know, sign, sign, sign.
But understanding what you'resigning in and what are what it
what what that means for you isum is it's knowledge that you

(12:27):
need to thrive on because youknow being blindfolded to that
uh can lead into things that younever expected to happen, right?
Most definitely.
So understand your products,understand the strategies that
is good for you, and you know,choose that and apply that to
your life.

SPEAKER_00 (12:41):
100%.

SPEAKER_03 (12:42):
Most definitely.
And for someone just landing inthe GTA right now, you know,
looking for a better life, whatis the uh what's the first thing
they should do financially tostart off on the right foot?

SPEAKER_00 (12:53):
So, well, first thing they have to find work.
That's the first thing theyshould do.
And uh, to find the work, I alsoknow that there are a lot of
people out there that arelooking for work, but then they
don't really keep options open.
They always have something intheir mind that I want to get a

(13:13):
job or or I want to find somesort of work, maybe it's a
commission-based orsalary-based, only in one
particular specific industry.
You're limiting yourself, right?
Because you're competing with somany others with just that
particular industry.
Yeah.
Uh so I I always say that youknow, like always keep your

(13:35):
options open.
That's number one.
But yes, you have to find awork, so at least now you have
some sustainable life which nowis going to go on.
And then as you go on, then youcan always find the options
which you were really lookingfor.
Because that really helps you.
Because financially, if you'restruggling and you're not
getting anywhere, now you getfrustrated with that process,

(13:58):
right?
And I always say that well, whatyou should do, because I also
have spoken to many othergovernment agencies where
they're they're newcomers and uhthey're looking for work or
work.
I've also spoken togovernment-funded employment
agencies too.
I always say that when youstart, when you put yours outs

(14:18):
uh yourself out in theworkforce, uh what you have to
do first thing is that gothrough the process and then
enjoy the process because it'snot important.
Yes, it is important that well,whatever goal, specific goal
you're looking for, well, I wantto get a job in this industry,
this kind of position, and it'sgreat.

(14:39):
Yeah, because that gives you thefulfillment, right?

SPEAKER_02 (14:42):
Exactly.

SPEAKER_00 (14:42):
But what's the greatest fulfillment is going to
be the person you become in theprocess.

SPEAKER_02 (14:47):
That's true, absolutely.

SPEAKER_00 (14:48):
So I always tell people enjoy the process.
Like, don't just get frustratedwith the system and with what
you have to go through andwhatnot.
There are a lot of opportunitiesout there too, like you can
actually market yourself in formof you can connect with a lot of
networking groups.
Uh, nowadays social media isvery trendy, and I love that.
Uh, I'm a technology guy, so Ialways kind of look for

(15:12):
different ways, differentavenues.
How I can actually, you know, domore.

SPEAKER_02 (15:16):
Yeah, exactly.

SPEAKER_00 (15:17):
How I can become more creative.

SPEAKER_02 (15:19):
Keep learning.
Yeah.

SPEAKER_00 (15:20):
So connect yourself with like-minded networking
groups.
You can do that.
There are a lot of eventshappening as well, uh,
especially over the weekend.
You can become part of it.
Some are free for you to attend,some you just pay like small
fees.
To just keep doing those things,and that's how you expose
yourself, first of all, with theCanadian system.

SPEAKER_02 (15:41):
Exactly.

SPEAKER_00 (15:41):
Right?
With the Canadian industries andthe employers and the other
people who are also in thesimilar position as you.
Or you also come across peoplewell who actually started as a
few, but then now they are at adifferent level.

SPEAKER_02 (15:55):
Exactly.

SPEAKER_00 (15:55):
There are a lot of learning curves you go through,
but that only happens whenyou're really, very uh
open-minded, keep your optionsopen.

SPEAKER_03 (16:02):
Yeah, think long term.
Yes, surround yourself with theright people.
Yes.
That definitely thrive, willmake you thrive in the industry
that you want to be in.

SPEAKER_02 (16:10):
That's true.

SPEAKER_03 (16:11):
And also, like some, I want to add to what you just
said, like, you know, havingthat financial footprint from
the very first.
So go to a bank, start your bankaccount right away, and get into
like a prepaid credit crowd orsomething, so you'll start
building that credit score aswell.
Because anything that you do inCanada, you need that credit
scope next to you.

SPEAKER_00 (16:28):
Yeah, for sure.

SPEAKER_03 (16:29):
Most definitely.
Let's talk about first-time homebuyers in the GTA.
So they're now here, they havestarted their financial journey
and they're thinking aboutbuying that first home.
Uh, what kind of financialplanning must be in place before
they even think about you knowgoing out there?

SPEAKER_00 (16:44):
So, one thing uh they can always start from is uh
where they really want to getsettled.
I mean, as you already know,Stella, is you can leave in
Toronto after 10 years, you canmove somewhere else, or you
other vice versa, right?
So that is always there, butmost people they end up staying
in the same sort of communitysetup or same city.

SPEAKER_02 (17:07):
Yes.

SPEAKER_00 (17:08):
So you need to identify the well, first of all,
the type of work I'm lookingfor, where my opportunities are
more than less.
Yes, right, compared to othercities, and then that's how you
just kind of uh stay there.
You yes, you have to startrenting for sure in the
beginning.
Yeah, find the ways where youcan actually also start saving

(17:29):
money by by leasing or rentingthose spaces too.
Uh no matter where you comefrom, you have to just start
getting into like more like youcan compromise certain things.
Yes, you will not get everythingwhat you have always aimed for,
what the way you have lived inyour life, right?
So you're to always compromisethat way, but then once you kind

(17:51):
of start understanding the whereyou want to get settled, yeah,
then also now startunderstanding that what it takes
for you to become a homeowner.

SPEAKER_02 (18:00):
Yes.

SPEAKER_00 (18:01):
So you need to obviously start saving money
because you need to come up withthe down payment.
That's the first thing.
Now there are down paymentsavailable for like 5%, but when
you make less than 20%, thenthere is a CMSC fees where they
also need to understand thatpart too.
And if you want to avoid thatpart, then you should have like

(18:23):
20% down payment.
So just start saving money.
Now, government also offersreally very great tool, which
just came out literally a coupleof years ago.
It's called First Home SavingsAccount.

SPEAKER_01 (18:34):
Yes.

SPEAKER_00 (18:35):
And I always uh advise people that if you have
never purchased a home,regardless of whether you've
been renting for the last fiveyears, ten years, twenty years,
doesn't matter.
If you have not purchased a homeunder your name, this is your
opportunity where you canactually capitalize it.
Okay, so per year individually,they have eight thousand

(18:57):
dollars.
So if let's say husband andwife, they both have eight
thousand dollars each limitevery year, regardless of the
income.
Open that account, put thatmoney in, uh, it gives you two
benefits immediately.
So, first is that when you putthat money into that account,
with the next year when you filetax return, you can write, I

(19:21):
mean, you can show that youcontributed eight thousand
dollars for the previous year,so you get the tax refund.
So it works like a similarfeature as RRSP, but then also
the money which already has beeninvested, and then when you take
that money out, it is alwaystax-free.
So that's the feature of TFSA.

SPEAKER_03 (19:41):
Yeah, so that's a tax saving too.

SPEAKER_00 (19:43):
Exactly.
So first home savings account ishybrid of both RRSP and the
TFSA.

SPEAKER_02 (19:50):
Yes.

SPEAKER_00 (19:50):
Right?
And uh you can save money, youcan put$8,000 per year for the
five years.
And after five years, you cannotput more money in, but you your
money is still invested and it'sgrowing.
Yeah, but you don't have to waitfor five years to buy a home.
Let's say if there is anopportunity where it gives you,
you already saved up money inyour first home savings account,

(20:11):
and then whatever the overflowsurplus money you have, you have
actually also invested or savedup on the side.
Now you have enough money, morelikely, for the down payment,
then use that money even afterthree years or after four years.
So you can take that money outand then you can use it as a
down payment.
However, there are also someother costs, right?

(20:32):
So closing costs and lawyer feesand the other fees, whatever you
have to consider.
So, first of all, the wholefinancial planning is required
before even you take that step.

SPEAKER_02 (20:44):
Exactly.

SPEAKER_00 (20:45):
So, what step I'm referring to is buying a home.
Yes, not saving or investingmoney, that can start
immediately.
Yeah, right?
But then before you buy a home,then regardless of the size of
the home or type of the home,you need a financial planning in
place.

SPEAKER_02 (21:01):
Exactly.

SPEAKER_00 (21:02):
And this is what you're getting into, which is
the probably the biggest deathin your life, right?
You're taking on so muchmortgage.
Uh, you need to understand canyou make that mortgage payment
every single month?
Plus, it comes with other costs,property tax, the utilities, and
other maintenance, whateveryou're looking at.

SPEAKER_02 (21:20):
Exactly.

SPEAKER_00 (21:20):
Right?
So you need to understand thosefirst, and then that gives you
like a solid foundation that notonly you can become a homeowner,
but then you can sustain that.
Sustain.
And you enjoy that home.

SPEAKER_03 (21:32):
Exactly, exactly.
So you mentioned it's it is oneof the biggest steps that you
took take over.
But if you plan it well and ifyou look at it long term, it can
be the biggest investment thatyou're making as well for
yourself.
Right?
So, as you mentioned, differentpeople come with different
stages in life.
Maybe sometimes you are equippedto buy right away.
Yes, but maybe you need thattime, like five years, ten years

(21:56):
out.
So sitting down with a financialplanner, a mentor, and planning
that out in the next five years,that gives you the path to a
successful achievement after thefive years.

SPEAKER_00 (22:07):
Yes, and buying a home is a very big investment as
well.
So it's not something you'rebuying today and then you don't
like the community, you don'tlike the area, you can't keep up
with the payments, and okay, nowlet me sell it in six months.
That's not how it works becausethen you'll end up losing money.

SPEAKER_01 (22:23):
Right?

SPEAKER_00 (22:24):
So you want to go somewhere where you're planting
your flag for at least five, tenyears, yeah, and then you enjoy,
and then now you move on, andthen you can buy a bigger home
or you can buy another property.
Yeah.
Because now it also puts you ina position that you've built
some equity in the house.
Yeah.
So you can just utilize thewhatever your goals are.

SPEAKER_03 (22:42):
Yeah, most definitely.
You I like the fact that youmentioned about the first-time
home buyer savings plan, and youalso talked about the RRSP.
Is there any other products thatyou know um we should be aware
of uh when we are in thisprocess?

SPEAKER_00 (22:54):
So there's also like the RRSP, which I said.
So let's say if there was asurplus, they can now start
putting money in RRSP.
And then uh government also hasa plan that now, let's say, when
you're ready to buy a home, notonly you can use your first home
savings account, you can alsouse RRSP money towards the first

(23:15):
buyer's home program.

SPEAKER_02 (23:17):
That's a good point, yeah.

SPEAKER_00 (23:18):
So that way you can also actually benefit from both,
and that gives you enough moneyfor the down payment.
And going back to my point, youmight have 20% or more than 20%
at that point, so you're savingthe CMSC fees.

SPEAKER_03 (23:30):
Exactly, exactly, most definitely.
Um, tell us about some um hiddencost or tax implications.
Um, a lot of the um lot of theuh first-time home buyers or
newcomers miss in the beginningof this journey.

SPEAKER_00 (23:44):
So, like I said, people need to understand
property tax.
It is different for alldifferent homes.
Uh so they need to understandthat.
If they are buying or gettinginto something like a
condominium unit, uh, whetherit's maybe a town homes or a
condominium like a high-rise,there are condominium fees.
Uh, some condominiums they haveutility fees as well, some is

(24:07):
already included in it.
So you need to understand allthose aspects, the maintenance
fee, right?
So that's something also, andalso people need to know that
it's not the same uh what it isnow versus what it will be two,
five years later, that changes.
Yes, right?
Yeah, so property tax thatchanges, all other fees they

(24:29):
they changes too, right?
So so those those are the thingswe need to know, and then also
the utilities too.
It doesn't stay the same.

SPEAKER_02 (24:37):
Yes, yes.

SPEAKER_00 (24:38):
Not only is it based on your consumption, but it's
also based on how thoseproviders are going to change
the cost of it.

SPEAKER_02 (24:45):
Exactly.

SPEAKER_00 (24:46):
So so there are, I shouldn't say everything is
hidden, but it's more logicalway, right?
Because the cost of everythingdoes not remain the same.

SPEAKER_01 (24:56):
Yes.

SPEAKER_00 (24:57):
We all understand that well, there's an average
inflation is two to threepercent.
So every year the cost goes upfor everything.
And those are the different waysyou can actually look at it that
what's in it for now and thenwhat's in it for me later, and I
need to keep up with it.

SPEAKER_03 (25:13):
Yeah, that's true, that's true.
That's amazing.
Thanks for sharing that.
Um, let's talk about uh yourjourney as well with the
families that you have workedwith.
So you work with families, um, alot of many, many families, and
families uh with different needslike disabilities, um, uh
business owners and so forth.
What are most underused ormisunderstood financial tools uh

(25:34):
available in Canada at thistime?

SPEAKER_00 (25:36):
So I think we are now talking about three
different categories.
Yes so typical families uh orfamilies with uh with disability
or someone has a disability inthe house and the business
owners, right?
So now these are three differentdynamics.
So if I start with the typicalfamilies, uh it's people who are

(25:56):
young or are not just too young,maybe anywhere from 25 to 55
age.
Uh they have young children,they own a home, they have a
mortgage, um, they also haveother debts, the credit cards,
line of credit card loans.
Some people still have students'loans to be paid back, right?
Um, so those things obviouslythey have to take into

(26:18):
consideration because these areobligations.

SPEAKER_01 (26:20):
Yeah.

SPEAKER_00 (26:21):
Okay.
So first thing stands out forthose families is they need to
protect the income.
And to protect the income, whichis their actually foundation,
uh, that comes in the form ofthe life insurance.
So let's say if I meet with afamily, and if they say to me,
I'm saving money into RRSP, I'msaving money into TFSA, great,

(26:43):
you're saving money for theretirement, or I'm saving money
for my children's education.
And I have a mortgage and I haveother debts, I'm paying of that
too.
But everything's been done sofar, it is based on two income.
Yes.
Because every most Canadianfamilies you see, they both
work.

(27:04):
Yes.
Right?
So it's based on two incomes,your lifestyle has been built.
Now imagine that one person isnot there, okay, for whatever
reason.
So now everything is there interms of all those obligations,
but now there is only one incomeleft.
So how can you keep up with it?

SPEAKER_02 (27:25):
Yes, that's true.
Okay.

SPEAKER_00 (27:27):
But if if the person who passed away, whether husband
or wife, and if that individualhad a life insurance, now life
insurance becomes the immediateestate for the family, and now
they have all these money totake care of the majority of the
obligations.
So if that's say they hadthey're left with the half a
million dollars mortgage, nowthe surviving spouse does not

(27:48):
need to worry about how do Imake the mortgage payment.
With the life insurance proceed,you pay off the entire mortgage.
So it's wiped off.
You have two children, you'resaving money for RESP, but now
you can keep up with thosemaking those monthly payments
into it.
So now you make sure that wellyou put the lump sum for both
children and that's fullyfunded.

(28:09):
By the time they are 18, readyto go to college, university,
they already have enough money.

SPEAKER_01 (28:14):
Yes.

SPEAKER_00 (28:14):
Okay.
Also paying off the debt.
Many people they have jointcredit cards, joint line of
credit.
So one person is gone, nowyou're responsible.
Okay, so you need to make surethat's paid off too.

SPEAKER_01 (28:25):
Yes.

SPEAKER_00 (28:25):
And then the final expenses like funeral, any
taxes, legal accounting fees.
And after everything is done,how much money you want to keep
behind as a cash, so you caninvest that money, and that
becomes your supplemental incomeuntil you get stable in
financial household.

SPEAKER_02 (28:42):
That's true.

SPEAKER_00 (28:43):
Right?
So that's the that's for thetypical family, that's the first
thing.
And most people don't understandthe value of it.

SPEAKER_01 (28:52):
Yes.

SPEAKER_00 (28:52):
Okay.
Yes.
And so that's that's what we do.
That we basically sit down, wemake them understand.
You need to understand what isthe insurance firm.

SPEAKER_01 (29:02):
Yes.

SPEAKER_00 (29:03):
Right?
We drive car, we pay for the carinsurance.
We we own a home, we pay for thehome insurance.
People take insurance is onother electronic devices like
cell phones or some electronicwhatever TVs.
And why not on your own life?
Which is the biggest asset youhave.

SPEAKER_03 (29:19):
Yeah, I think it comes down to the mindset as
well.
Because you know, when I speakto people about when when I got
my first life insurance, and Imean when I talk to people about
getting life insurance, Ibelieve it comes down to the
mindset because a lot of peoplewe are very uh afraid to talk
about death.

SPEAKER_01 (29:35):
Yes.

SPEAKER_03 (29:35):
Right?
And we try to keep away from itas much as we can, which is
absolutely human psychology,right?
You don't want to talk about thenegative, which is great.
But we need to think about longterm.
Yes.
What happens after, yeah, afterme, right?
When that question comes in,then the the financial is the
most important part that youwant to protect your family,
your loved ones.
That's the only thing that youcan leave for them.

SPEAKER_02 (29:57):
That's true.

SPEAKER_03 (29:58):
Yeah, exactly, right?
So planning, you know, when youare young.
I would say like when you'retaking life insurance, it's very
important to plan it when you'reyoung as well.
Because when you are young, yourpremium is lower.
You're not you don't have muchhealth complications.
Yes.
So you can secure yourself agood premium and you can keep it
lifelong.

SPEAKER_00 (30:15):
Yes.

SPEAKER_03 (30:16):
Yeah.
Tell me a little bit about yourexperience there too.

SPEAKER_00 (30:19):
Well, so many a times uh client would say that,
yeah, I don't think I need alife insurance.
Uh, because I am I'm savingmoney and I'm I'm I'm putting
money away for my children'seducation.
Um sometimes even they say,Well, my family can sell this
house.
I'm like, okay, that's fine, butthen do you want your family to

(30:39):
change the entire lifestyle?
Right?
Now, if you really love yourfamily, you want to make sure
that, well, it's not just whenyou're alive you're able to
provide what they need.
But then after you're gone,that's when they need you the
most.

SPEAKER_02 (30:55):
That's true.

SPEAKER_00 (30:56):
And that's where you have to just replace it.
Now, there is always anemotional loss which is not
going to be replaced.
Yeah.
But the financial loss can bereplaced even after you're gone.

SPEAKER_01 (31:06):
Yeah.

SPEAKER_00 (31:06):
Right?
So that's that.
Now for the families with thedisabilities, I think the
biggest uh thing I have observedbecause I work with many
government agencies and Iprovide my seminars and
workshops and so on.
I think the most things they'remissing out on is that there are
a lot of funding and resourcesavailable for them to use, but

(31:27):
they're not aware of it.
Okay, so so they're missing outon those things, which they
should have been benefited orcollected from the time when
that thing happened in theirlife.
So so that's what I think peoplewith uh, I mean, the families
who have someone in the familywith a disability, they should
take the time on those, reflectback on those things and then

(31:51):
see that well, what's out therewhere I can actually capitalize
everything on it.

SPEAKER_03 (31:55):
Exactly.
Think outside that small circlethat you know you're comfortable
in because thinking long term,planning long term, what
matters, and also educatingyourself about all the tools,
all the strategies available,all as you mentioned, there's a
lot of plans, a lot of fundingavailable, educating yourself so
you know where you can benefitand you know have you know
thrive in your family life, inyour and your personal life,

(32:16):
most definitely.
Um, when it comes to uhbalancing uh risk and reward
with new Canadians uh who aretrying to build wealth in the
GTA, um, but also stay safe.
Uh what is what what is yourinput there?
What is the mind shift change orthe the practicality that that
you you would advise them tothrive on?

SPEAKER_00 (32:37):
Well, without the risk, there is no reward, right?
Absolutely, yeah.
You're always taking a risk,like a leap of faith.
It's not just about money, it'sabout anything else.

SPEAKER_02 (32:47):
Yes, right?

SPEAKER_00 (32:48):
Whether you want to work in uh a particular
industry, and now you let's sayget a job to work in the
industry, there is obviously arisk.
Yes.
What is the risk that you mightnot like the employer, you might
not like what the way they work,the way they operate and their
system and so forth, or theymight not like you.

(33:08):
There's always a risk, but thenwithout taking a risk, there is
no reward what you're seekingfor.
Okay, and the reward is yes,there is a reward, but reward is
not all always like it's aone-time thing.

SPEAKER_01 (33:25):
Yes, right?

SPEAKER_00 (33:26):
It's not that okay, I got this now, it's that it's
not that you're always kind ofstriving for more and more and
more, and every single time youstrive, there's always a risk
associated with it.

SPEAKER_01 (33:39):
That's true.

SPEAKER_00 (33:39):
Yeah, people work as an employee.
Now, if they want to become aself-employed, for example, so
let's say now they want tobecome a real estate agent, or
they want to become a mortgageagent, or they want to become an
accountant or plumber,electrician, that is a leap of
faith, and you're taking a risk.
That what is the risk?
As an employee, you get paidsalary, right?

(34:02):
You do your job Monday toFriday, nine to five, and then
you're done.
But when you go towards theself-employed side, now it
depends on the amount of job youwill be able to finish.
That's how you will be rewarded.
Obviously, there is a risk, butthen once you take that risk,
now you understand that you knowwhat, if I do this, I can make

(34:23):
more money.
Because they already havefreedom of money depending on
how many hours they work.

SPEAKER_01 (34:28):
Yes.

SPEAKER_00 (34:28):
But now when you own a business, that also comes with
the risk.

SPEAKER_01 (34:31):
Yes.

SPEAKER_00 (34:32):
What if my business fails?
Yeah, right?
Or what I don't have enough timeto do it, or I don't have the
proper knowledge of what type ofbusiness I'm getting into.
Right?
So there's always a risk behindeverything we do.
Or let's say now you become aninvestor, you start investing
money, whether it's a realestate, whether it's uh mutual
funds or segregated funds,there's a risk all over the

(34:55):
place.
Right?
But understand the history.
And we always talk about it thatwhen someone wants to invest
money in RRSP or TFSA or let'ssay pension or anywhere else
they want to invest money.
We never talk about what it willbe tomorrow or after a month or

(35:16):
after a year.
We always talk about last 10years, 15 years, 20 years.
Okay, and any investment youlook at, it has always
fluctuated, including the realestate.

SPEAKER_02 (35:26):
Yes.

SPEAKER_00 (35:27):
Right?
It has always fluctuated, likeit goes up and it goes, comes,
could goes down and goes back upand comes down.
There's always a graph you see,which is always zigzag, there's
never a straight line.

SPEAKER_01 (35:38):
Yeah.

SPEAKER_00 (35:38):
Right?
So as long as they know thatokay, whatever I have to do,
yes, there's always a riskassociated with it, but then
it's always going to give me thereward.
And I think that that processitself, for some people, it
makes them nervous about it.
They kind of stay away from it,but then you're also putting
your light life as at a riskthat you're not growing, you're

(36:02):
not thriving, you're not gettinganywhere.

SPEAKER_03 (36:04):
Exactly.
Don't be the person who is gonnalook back and say, Oh, I wish I
had done that five years ago.
Yeah, do it when you when youfeel like that's the time.
So you can after five yearsagain, say, Oh, I'm so glad I
did it five years ago, look atme right now.

SPEAKER_00 (36:16):
And there are a lot of opportunities you pass by,
and then it might not come backto you.

SPEAKER_03 (36:20):
Yeah, that's true.

SPEAKER_00 (36:21):
And then all you do is just uh, do you wanna just
what do you want to go through?
Do you want to go to pain ofchange or pain of regret?

SPEAKER_03 (36:27):
Exactly, exactly.

SPEAKER_00 (36:28):
That's what you have to decide.

SPEAKER_03 (36:29):
Yeah, yeah.
You know, success is better thanregret.
So, you know, thrive on that,you know, have this right plan
strategies, have thecoachmanship, surround yourself
with guides that who can guideyou to your success, right?
And with that, you don't have toreally thrive on the fear, you
can thrive on the success.

SPEAKER_02 (36:46):
Yes, most definitely.

SPEAKER_03 (36:47):
Yeah, and Hema, so you speak a lot about financial
freedom uh being thetransformational path in your
life.
Um, can you tell me a little bitabout that in your personal um
in your personal journey aswell, and what you have seen
with the with the uh people thatyou have worked with?

SPEAKER_00 (37:06):
So when I actually started working, I'll tell you
exactly what happened.
So I understood that whatever Iwas doing at that point, so my
very first job was when I was ina school, I started working, and
I started working at McDonald's.

(37:26):
And uh not because I wanted towork in the food industry, but I
knew that I had to I had tostart working just to understand
the money aspect of it.

SPEAKER_01 (37:36):
Yeah.

SPEAKER_00 (37:37):
Now my dad was a private lender, so he always
taught good concept to me and mybrother.
So we always knew that how hewas executing everything.
So that is one thing Iunderstood so early enough in my
life that well, there aredifferent types of death.
Uh, there are some that aregood, some are bad.
And as long as you understandand you work for it and work

(38:00):
towards it, then that's how it'sgoing to work for you.
So, one thing I never actuallygot into was the death side of
it.
I never got multiple creditcards and started spending money
and getting different loans andso forth.
But first, I I wanted to earnmoney and see okay, what what

(38:20):
how much money I'm bringinghome, and then what I'm able to
kind of exchange what I'mbringing home.

SPEAKER_01 (38:27):
Yeah.

SPEAKER_00 (38:28):
So that makes you realize based on your lifestyle
or today or what you want tobuild was the shortfall.
Okay, and you need to understandthe shortfall, and then that's
how it basically pushes you moreto do more, right?

SPEAKER_01 (38:42):
Yeah.

SPEAKER_00 (38:43):
So I started working there, and a friend of mine
brought to my attention that thebell was hiring, and I applied
for a part-time customer servicerepresentative role at their
head office location, and I gotaccepted.
So I started working with themas well.
So I was doing three things at atime.
That also made me realize well,how hard you have to work for

(39:05):
your money, right?
That's right.
And then that's how I startedworking, and I started saving
and saving and saving andsaving.
Because my goal was I wanted tobuy a house.

SPEAKER_01 (39:14):
Yes.

SPEAKER_00 (39:15):
So back then there was no first home savings
account, there was no TFSA,there was only RRSP or the other
ways you want to save.
So that's how I started savingmoney, and then uh by the time
that I got into that situation,now I got married, and um by
like by God's grace, I'm soblessed that my life partner who

(39:39):
I got have the same mindset fromthe very beginning until now.
She's my strong supporter by andbehind everything what I have
done, what I'm doing, and what Iwill be doing, right?
So that's another thing.
I think that's the biggestinvestment, too, in your life.
Like you have to really be very,very particular about who you

(40:00):
are choosing as your lifepartner.

SPEAKER_02 (40:02):
Yeah, absolutely.

SPEAKER_00 (40:03):
And then we bought a home and uh we put down like so
much money towards the downpayment.
Um, I think it was almost a 40%down payment, I was able to put,
and then uh we just started uhliving in that beautiful home,
and then the one thing was nevertaken away from me from my

(40:24):
mindset, is no matter who I sawsurrounded by, like my friends
and the co-workers and so forth,I never actually got intimidated
by how they were living theirlife because I knew that where I
want to be and how I want tolive my life, and that's how I
always lived my life from thevery beginning, and that's why

(40:47):
where I am today is all becauseof those those principles and
the discipline which I alwaysimplemented in my life.

SPEAKER_03 (40:55):
That's amazing.
Don't let the outside worldworld noise disturb your path,
right?
You just have to have yourfocus, you need to have your
values, right?
Your commitments, and you know,that's a beautiful journey you
had.
Amazing.
And having the right, right lifepartner, um, that's very, very
important.
I know Krishna, she's amazing.
So that's that's a blessing toher.
Uh so how does um so in in soright now when we talk to a lot

(41:18):
of people, a lot of people arebecause of the economy, with the
trades, uh interest rates andthings like that.
Everyone, like not everyone, butmost of us are on the surviving
mode, not in the thriving mode.
So, what needs to happen, orwhat should someone focus on to
change it from surviving tothriving?

SPEAKER_00 (41:38):
First thing, that surviving mode which you just
mentioned about that why I'mjust kind of smiling is people
are living in survival mode inhere, not physically.

SPEAKER_02 (41:50):
Yes, right?

SPEAKER_00 (41:51):
So the first thing you need is the mind shift.
Okay, you need to come out ofthat zone that you're constantly
kind of struggling, yeah, right?
Struggling to make decisions,struggling to think beyond,
struggling to kind of you knowwhat, make uh make certain
choices in your life justbecause you are in a mode where

(42:14):
okay, let me get this done now,then I can get to this point.

SPEAKER_03 (42:18):
Yeah, okay.

SPEAKER_00 (42:19):
See, there is no such thing that you you can only
do this now, and then only thisthis is where you can go.
You can go anywhere you want,and you can do one any anything
you want to do.
It's just that it starts withyou.
Yes, okay, and that mind is isso powerful that whatever way

(42:40):
you train your mind, it actuallygoes in the subconscious mode in
your mind.
And then you just keep doingthose things subconsciously
before even you realize it.
Okay, I'll give you one simpleexample.
Let's say you drive from yourhouse and now you get to your
work the very first day.

(43:01):
Okay, you're very mindful thatwell, where what direction
you're going to, right?
Or or where you're heading to,or are you taking the right turn
or left turn and and so on.
You go the second day, the thirdday, the fourth day.
What happens after a couple ofmonths?

SPEAKER_03 (43:16):
Oh, it's just get automated.

SPEAKER_00 (43:18):
Right?
Yeah.
You get to your work, and thenin your mind, like, how the hell
I got here, right?
So many a times you don'trealize.
See, that's the power of themind.

SPEAKER_01 (43:27):
Yes.

SPEAKER_00 (43:28):
So, whatever way you are training your mind, that is
how you're going to drive yourentire life.
And what helps you is the righttype of association, right?
Whether no matter what workplaceyou're working at, uh, no matter
what community you're living in.
I'm sure you've heard storiesfor that there are many

(43:49):
successful people today.
They their upbringing was in alike a very, very bad kind of
community.
Oh my god.
Right?
Bad settings they grew up with.

SPEAKER_01 (43:58):
Yeah.

SPEAKER_00 (43:59):
Uh they grew up with the the not the very, very
upbringing, like awell-upbringing families as
well.
So you need to know that it'snot about those dynamics, yeah.
Right?
But it's about in here, like youhave to that there was a shift
in their mind.

SPEAKER_01 (44:16):
Yeah.

SPEAKER_00 (44:16):
Right, and that's how they became successful.
So so the the key is that nomatter what situation you are in
today, just first of all, stepout of that survival zone.
Okay, and think beyond, and thentalk to yourself that what you
deserve, then what you have.

(44:40):
Yes, yes, I always say this likealways be grateful about what
you have.

SPEAKER_03 (44:44):
Yes, always gratitude important.

SPEAKER_00 (44:46):
And that will actually make you to get to the
next level.
If you always complain aboutwhat you have, or if you're not
satisfied enough, then it isnever going to bring you to the
next stage because then you'reconstantly reminding yourself
that well, wherever I am today,I need to just fix those things
first, yeah, and that's how Ican get to the next thing, but

(45:09):
that's not going to happen veryfast.
Maybe never.

SPEAKER_03 (45:11):
Yeah, you need to fix things as you progress.
Yes, exactly.

SPEAKER_00 (45:15):
Then the thriving mode begins, and then again,
it's again the subconscious.
Yeah, if you trained your mindaccordingly, before even you
realize you're already thriving.
You're striving, you know,you're in a different place in
your life, like physically,mentally, emotionally.

SPEAKER_03 (45:30):
Most definitely.
Oh, that's beautiful.
The way that you word it, uhHeman, that's very, very
beautiful.
And to the point as well,because you know, it's it's
starts with gratitude,understanding what you have,
appreciating what you have, andyou know, aiming to, you know,
in influence that to grow,right?
And stepping out of that comfortzone is not easy.

(45:50):
Yes, I'm I will never say it'seasy.
No, I have to step out of mycomfort zone many times in my
journey too, and believe me,it's not easy.
But you know, once you do that,and you when when you look back,
oh my god, that's a huge journeyand a huge leap that you have
crossed over that you will neverwould have imagined if you did
not take that leap.
Yes, right?
That's true.
Most definitely.
So that's a wonderful verse thatyou shared with us.

(46:12):
Um, you you kept lifelong uhfriendships, relationships with
clients, partners.
What role do integrity and thevalue plan uh value play in
financial mentorship andbusiness success?

SPEAKER_00 (46:25):
I I just go go with uh who I am, right?
It's very open uh in regards towhen I when I meet with the
clients first time and then Ikeep working them for the entire
life, or my friends or my familyor my business partners, anybody

(46:46):
you look at, or people in thecommunity I know, it's always
about it uh I always reflect aswho I am.
I never try to make things up ina way that you know, okay, this
is the kind of set ofenvironment, and this is what
now I have to become.
No, because then it's not goingto help you much.

(47:07):
Um when you are true toyourself, uh that's the first
thing, and when you have aself-respect about yourself, and
now when you're bringingyourself out and talk to people,
it reflects all the time.

SPEAKER_02 (47:20):
Absolutely, yeah.

SPEAKER_00 (47:21):
And your habits, okay.
So, whatever habits you have, soyes, outside of your day-to-day
work you do in your householdand then your workplace,
whatever it is, but what else doyou have incorporated in your
lifestyle?
Okay, so who are you hanging outwith?
Who do you talk to the most?
Okay, um, and it doesn't matterwhether you talk to someone only

(47:44):
once a week, but who you aretalking to.

SPEAKER_02 (47:48):
Matters, yeah.

SPEAKER_00 (47:48):
That really matters, right?
And then what kind of placesyou're visiting.
Okay, so everything theenvironment has a big factor on
how we actually thrive ineverything in our life, also our
own personal habits.
So, what do you do just to kindof physically, mentally,
emotionally to keep you likegrounded, but at the same time

(48:10):
it makes you very strong.
See, me and my wife, we wake upat five o'clock in the morning.
Okay, why?
Because we want to giveourselves time the very first
thing in the morning.
So we do yoga and meditation.
Now, when we do that, obviouslyevery single day, you have no
idea, Stella, that how gratefulI am for everything I have.

(48:31):
Right?
Even as little as I'm breathingair, yeah, you know, like that
is so grateful.
And um, so when you wake up,like you have to give yourself
time personally, and you want tojust kind of reflect on
everything, how your day isgoing to look like.
There should be like a scanthroughout the day, like okay,

(48:51):
how your day will be lookinglike, and what kind of energy
you're going to bring toyourself, to your family, to
people you will be connectedwith today.
And that's very importantaspect.

SPEAKER_01 (49:02):
Yes.

SPEAKER_00 (49:03):
So I do not touch my phone until almost I would say
8:30, 9 o'clock in the morning.
That phone is completely awayfrom me, and I'm just busy with
what I have to do, which is myyoga meditation.
Then my daughter wakes up, thenyou know, like we spend time
with her with her breakfast orwhatever we have to do.

(49:24):
We all get ready to go out, andthen that's when I actually
check my phone.
Sometimes not even until I getto my office, my work.

SPEAKER_01 (49:32):
Yes.

SPEAKER_00 (49:32):
Okay, it's very important that you're so
connected to yourself for acertain time, and that gives you
so much strength and courage forthe whole day.
So now when you talk to nomatter what, that energy is
going to be so different anddivine that now you're connected
to that person for the wholelife.

(49:52):
All my clients know this.
Anytime they can reach out tome, whether they're text or
phone call or email, whateverworks for them.
And I keep checking on them allthe time for no reason.
Random phone calls.

SPEAKER_03 (50:06):
Yes, that's important.

SPEAKER_00 (50:08):
Hey, how's it going?
What are you doing?
Like, are you out?
Are you driving?
Whatever it is, is everythinggood?
Every family is good?

SPEAKER_01 (50:14):
Yes.

SPEAKER_00 (50:15):
That's all it takes.

SPEAKER_01 (50:16):
Yes, yes.

SPEAKER_00 (50:17):
Now, when do you call them?
When you're driving, right?

SPEAKER_01 (50:21):
Yeah.

SPEAKER_00 (50:21):
When you're driving, you can work.
You're not on your laptop orlike you're you're doing the
emails and documents, you're notdoing all those things.

SPEAKER_03 (50:29):
Right?

SPEAKER_00 (50:29):
So that's when I make my most calls.

SPEAKER_03 (50:31):
Yeah.
Just hands-free, just make yourcalls, make those connections,
keep up with them.

SPEAKER_00 (50:36):
Same thing with the family, with the partners, uh,
like the business partners andthe other people in the
community.
That's how you just execute yourentire day.
And we wake up at five, and theneven by the time it's like eight
o'clock, nine o'clock, teno'clock, we are not exhausted.
You know, because that's anotherthing, too, that you need to

(50:58):
love what you're doing.

SPEAKER_02 (50:59):
Exactly, exactly.

SPEAKER_00 (51:00):
Okay, yeah, that's when it becomes, it's not a work
anymore.

SPEAKER_03 (51:04):
Yeah, it's it's a lifestyle.

SPEAKER_00 (51:05):
That's the lifestyle.
You got it.
That's the perfect work.
That's your lifestyle.
And you are you always lookforward to the next day.
Okay, and before we go to bed,like we as soon as we're in our
bed, we pray.
Just very quick pray, but wepray.
Yes, it's just about everything,what has happened today, and and
then just the gratitude.

SPEAKER_03 (51:27):
Reflecting on the day, right?
Everything's important.

SPEAKER_00 (51:30):
Even as little as you, I I go for let's say
grocery shopping, I go to themall or whatever it is, and I I
can just kind of quick have aquick encounter with people.
I say hi, hello, whatever it is.
You're you're you're talking tosomebody.

SPEAKER_01 (51:43):
Yes, right?

SPEAKER_00 (51:44):
Yeah.
So so even you we have to begrateful for everything what
actually we come across becauseyou never know that how what
that connection brings to you.

SPEAKER_01 (51:54):
Yes.

SPEAKER_00 (51:55):
Right?
And it's not always about themoney, it's not always about the
business, it's not always aboutthe transaction, but it can add
values in your life.

SPEAKER_03 (52:03):
Most definitely.

SPEAKER_00 (52:04):
And that's what you need every single day.

SPEAKER_03 (52:06):
You know, I I like the fact thatyou touched on you know very,
very important points indifferent, different ways.
You you talked aboutself-respect um and having your
momentum, like having thatmoment for yourself.
Um, you know, you have 24 hoursa day, you need to take some
time for yourself because we getso busy, yes, we we forget about
that.
And you know, no matter ifyou're doing it in the morning

(52:26):
or late at night, just havingthat time for yourself to
reflect and you know, to focuson yourself that is very
important.
That reminded me about a podcastI listened to of Mel Robbins.
Um, she talks about you know,never hit that snooze button in
the morning.
Yes, right, because once you hitthe snooze button in the
morning, you're you're actuallysnoozing your whole day.

(52:48):
Yes, because you know, whateverthat you have planned in your
calendar for that day, now it'sgonna not be on that time.
Yes, so just you know, thatactually resonated with me
really uh really well.
But you know, what you saidtoday added more value to that.
Thank you.
So, you know, you've been uhsharing valuable information,
Heman, from personal life aswell, and as well as financial

(53:09):
uh literacy, too.
Um let's now go into a lightninground.
I like to call this a lightninground because I have five
questions for you.
So, what's the best money adviceuh you have ever received?

SPEAKER_00 (53:30):
Uh what's the best money advice?
It could be from anyone, right?
Yes, yeah.
So I think I kind of touch uponthat too, that never see money
as a bad thing.
Uh there are many people outthere, um, they just think like
money, money is all root of allevils, like whatever all

(53:51):
different terminologies,different uh way of saying it.
I always say that you see theway, like I said, my dad was a
private lender, right?
And then he always, so as wewere growing up, we always saw
that well, how he was living hislife, what he was believing in
when what he didn't believe in.
Yeah, so so that was like asubconsciously, indirectly, we

(54:14):
got that advice that well, firstof all, how you have to build
your life, yeah, it's not basedon how much money you make, it's
based on how much money youkeep.
Okay, so there are people outthere, they make a lot of money,
but then they are not able tokeep a lot of money.
Okay, so so best money advice, Ithink, in my opinion, is that

(54:37):
use money as a power for now andfor later, and it's not just
maybe for you, it could be forlike helping out in the
community, helping out thecharities, helping out anybody
else in your family whoever inneed of money, yeah, right?
And in order to show it all thetime that well, this is what
you're doing, there are a lot ofpeople out there that they do

(54:58):
things and they don't show.
It doesn't mean that they arenot really it, yeah.
See, but that's the money,that's what money can do.
But if you have it and if youknow that the power of money,
yeah, then only you can do it.

SPEAKER_03 (55:10):
Exactly, it's a tool, it's a tool, exactly, most
definitely.
And the next question so if butsomebody is debating between
should I go RRSP or should I goTFSA, your go-to wealth tool.
Which one is that?

SPEAKER_00 (55:23):
I have been asked this question so many times, and
I always say that uh there is noright or wrong answer.
It all depends on your familysituation, yes, right?
So there are people out therethat they are making a lot of
money as a family.
Now, one person is making morethan the other person, yes,
right?

(55:44):
Or let's say husband worksfull-time, wife works part-time,
or they both work full-time, butthere's always they fall into
different tax brackets, mostlikely.

SPEAKER_01 (55:53):
Yes.

SPEAKER_00 (55:53):
Sometimes they fall into the same, but most likely
they fall into different taxbrackets.
So now you need to understandyour tax.
Like, are you are you paying alot of tax every single year or
you're not?
If you are paying a lot of tax,then if you want to save money,
uh, you want to make yourselfdisciplined, then put money into
RRSP.

(56:13):
That will give you tax refund.
Right?
Now, there I have many clientsthat they have they're they've
been maxing out their RRSPsevery single year based on that
concept.
They also have surplus money.
So now that goes into TFSAbecause that is also a
tax-efficient way you can buildyour investment.
So when you take money out fromTFSA, it's completely tax-free.

(56:36):
Okay, now there are somefamilies they they don't really
benefit much by putting moneyinto RRSPs because it doesn't
make any difference or not muchdifference, then they should
lean more towards TFSA.
Okay.
Now the RRSP also works in asituation where one partner
makes a lot of money, whichmeans at the higher tax bracket,

(56:58):
the second uh partner does notmake a lot of money.
So, what they can also consideris the spousal RRSP, where the
person who is making more moneycan invest money under the
low-income spouse, and thelow-income spouse basically uh
benefits from having the RRSP,doesn't take away from her limit

(57:20):
or his limit as a low income.
Their limit still stays thesame, but now they have
accumulated more money undertheir retirement.
Yes, but at the same time,person who is under high income,
high tax bracket, that personbenefits from the tax, even
though they are saving moneyunder the low-income spouse.

SPEAKER_02 (57:41):
That's true.

SPEAKER_00 (57:42):
Okay, and then every now and then they can that they
they can take the money out, thespousal RSP when it's been taken
out, depending on how you playoff that strategy.
Uh, the tax falls into thelow-income earner.

SPEAKER_01 (57:56):
Right?

SPEAKER_00 (57:57):
So you're saving tax that from that point as well.
Yes, there are many, manydifferent strategies you can
implement, but again, it goesback to the family dynamics.

SPEAKER_03 (58:05):
Family dynamics, choose what's best for you.

SPEAKER_00 (58:07):
Right.
So I always say this don't getthe life insurance because your
friend got it.
Yeah, because you just get thelife insurance, but not exact
same what other family has.

SPEAKER_01 (58:17):
Yeah.

SPEAKER_00 (58:18):
Same way for the investment.
Yeah, don't do the exact samething what your friends and
family have done.
Yeah, your family dynamics aredifferent, and that's why it has
to be customized.

SPEAKER_03 (58:27):
Yeah, that's why you need to speak to someone who can
show you the options available.

SPEAKER_00 (58:31):
And that's what we do, that we provide the full
financial needs analysis, whichis about 15 pages document,
which is customized to yourfamily, confidential and
complimentary.
We don't charge.
So then now you understand thatokay, this is my entire
financial house, this is whereexactly I am today, but then

(58:51):
based on my goals and dreams,where I will be after 20 years,
or where I will be when I'm inmy retirement.
Yes, right?
And if you don't like what yousee based on that plan, this is
your time to bridge that gap.

SPEAKER_03 (59:07):
Absolutely, absolutely, most definitely.
That's really, really goodinformation there.
Um, the next question.

SPEAKER_00 (59:13):
Yes.

SPEAKER_03 (59:13):
Uh, what's one book that changed your life?

SPEAKER_00 (59:16):
Oh, that is a very tough question because there are
many cool books we can talkabout.
There are different booksactually, they all shared
different lights, differentdynamics when it comes to the
message, um, you know, the uhthe power which stays with you.

SPEAKER_01 (59:32):
With you, yeah.

SPEAKER_00 (59:32):
And then that's what it is.
So there are there are a coupleof books I can say that well.
There is one one book, it'scalled Um Think Like a Winner by
Dr.
Walter Staples.
Uh it's a very amazing book, ittalks about the mental laws.
Uh so that's very, very goodbook, and then it also kind of
gives you insight about whenyou're thinking, so the the

(59:56):
mental laws, it also should kindof reflect based on The
relationships you have with yourchildren, with your parents,
with your with your spouse, withthe your your friends, right?
So it's all different.
And uh there's another book, uh,it is um atomic habits.

SPEAKER_01 (01:00:15):
Okay.

SPEAKER_00 (01:00:15):
That is also very good books, like it it reflects
on your habits, right?
So how you basically implementthose habits in your lifestyle
based on your obligations, basedon uh the type of work you're
doing, right?
So so it actually has a truepower of its own as well.

(01:00:35):
Um then how to influence yourfriends and and family, so that
is another one as well.
Um there are there are there aremany, many books out there, I
would say, that they're they'rereally good books, and sometimes
I go back to those books aswell.
It's not that I read it once andthen I'm I'm never reading it
again.
Yeah, sometimes you want to readit again, yeah.

SPEAKER_03 (01:00:57):
And it may give you a different perspective of the
book, right?

SPEAKER_00 (01:01:00):
Because every time it happens, like how many times
you watch a movie?
Let's say you watch a moviefirst time.
Yeah, there are certain thingsit sits with you, and then you
watch it second time.
Oh my god, was this in the moviewhen I watched first time?
Like, how did I miss it?
You know what I'm saying?
Yeah, yeah.
So so that that that's whathappens with the books too.

SPEAKER_03 (01:01:17):
Yeah, exactly.

SPEAKER_00 (01:01:18):
Every time you you read it again and you pick up on
something new.

SPEAKER_03 (01:01:20):
Yes, that's so that's absolutely right.
So read the right books, yes,most definitely.
Um, your first job when youarrived in Canada, I know that
you talked about this.
I you know what was it, and youknow, what was their pivoting,
what was there a pivoting momentthere for you for your next
time?

SPEAKER_00 (01:01:36):
So, like I said, that I started working at
McDonald's, I started at thefront.
So, you know, like when you whenyou get in, yeah, um, then
someone is there to greet you.
Hi, how are you?
And then how can I take yourorder, whatever, and then that's
how you just uh take the orderand you serve them, and then uh
because I wanted to grow, Iexpressed my interest that I

(01:01:57):
want to learn in the other areasin the restaurant, right?
So then I started working in thekitchen, and then I started
understanding that what goes inand how the waste management and
so on and so forth, because thenthat gives a completely
different perspective of thebusiness, yes, right?
Yeah, then I I moved intodrive-thru.
So I I was taking orders indrive-thru, and then um the

(01:02:20):
McDonald's drive-thru, it's like90 seconds time you have, yeah,
from the time when you take anorder until you deliver, yeah,
right.
So you it that trains you onefficiency, like how efficiently
you have to move through, yes,regardless of what it is, right?
And then you try the techniqueshere and there a little bit, and

(01:02:40):
then that's how you learn.
So, so and then based on that,depending on where it was
needed, I was changing myself.
Then I moved up to become a teamcoordinator.
Yeah, uh, then I became a swingmanager, which is pretty much
like an assistant manager, yeah.
And um when I was a teamcoordinator, no, sorry, um,

(01:03:03):
assistant manager, that's whenmy friend brought it to my
attention that the bell washiring.
So that's when I and that was acompletely different industry,
yeah, right?
Completely different dynamics,it's a completely corporate
environment.
Yes, and then that's how I gottrained.
I had to go through like sixweeks in-class training, and
after every single training, Ihad to pass the test to move on

(01:03:25):
to the next level, yeah.
And then after I finished my sixweeks, then I was in a six-week
staging period where I was onthe floor taking calls, making
calls, yeah, and then that's howI got trained, and then that's
how I started working after thiswhole two sets of six weeks of
training program.

SPEAKER_02 (01:03:42):
Exactly.

SPEAKER_00 (01:03:43):
Right?
But also I understood.
See, the thing is when you diveinto those things, and then when
you risk yourself to learndifferent techniques, different
skills, yeah, that's when nowyou also understand what you can
do, what are your capabilities,right?
See, that's what the most peopledon't do.

(01:04:04):
Yeah, they become comfortabledoing what they are doing
because now they feel secureabout it.
Oh, now I'm comfortable, I do myjob, I know how to do my job,
and then this is where I getpaid, and now they get settled.
Yes, but you always look for theopportunities, look at how you
can find another opportunity.
Working for Bell, um, I work inlike 13 different positions, and

(01:04:27):
that's always again the sameway.
Yeah, I kind of after I workedin customer service just in nine
months, I'm like, I need to dosomething else, I need to just
kind of know something else.
I started working in themarketing department, yes,
right?
Not knowing anything aboutmarketing.
So that's what I mean.
That well, you really need tokind of, I'm not saying going to
say you're to just followblindly, yeah, but it goes, it's

(01:04:51):
going to actually kind of expandyour vision about what the what
the opportunities are, and moreimportantly, is what your
capabilities are.

SPEAKER_03 (01:05:01):
Yes, yes.
You know, that's absolutelyright.
Right, that's absolutely right.
You know, it doesn't matterwhere you started, but it
matters like you know what yougather from there and where you
end with it, right?
And this remind I have to sharethis.
This reminds me of somethingwhen I first started my career
when I was 19 years old in SriLanka.
Um, I used to live with mygrandma.
So my grandma, she used she wasan English teacher.

(01:05:23):
Um, so she used to tell me,Stella, rolling stones gathers
nothing.
She tells me this.
But in that 19-year-old mind, Iwanted more than what I was in.
I was in banking, I was uh I wasa team lead in banking.
Um I didn't start as that, but Iyou know I started as her uh
cashier, but then into uhprivate banking, and then I was
a team lead in banking.

(01:05:44):
Um I always wanted more formyself, but I was always
rolling.
Yes, so but every time I hear mygrandma saying like Rolling
Stone gathers nothing, RollingStone gathers nothing, but no,
she's she was wrong.
Yeah, because you know, RollingStone gathers everything.
Yes, because you that's how youwill know what you want for
yourself, and you know, I haveyou know, as you mentioned, you

(01:06:05):
know, we go through differentpaths in our life, different,
you know, we take differentjourneys, everybody's story is
unique, and that's how youbecome who you are, yes, and
that's how you identify what youwant to become and how you want
to thrive in this world, yeah,right?
Absolutely.
So, yeah, and you know, similarsimilar to the journey that you
shared, like you captured valuein different positions that you

(01:06:27):
were in in McDonald's, in BelmBell Bell Canada, um, and all
that adds into the value thatyou bring to your clients or to
your family right now.

SPEAKER_00 (01:06:36):
Yes, and that's what actually motivated me, uh not
motivated, inspired me, I wouldsay, me and my wife to get into
the financial services industry,which was completely a new work.

SPEAKER_01 (01:06:47):
Yeah, right?

SPEAKER_00 (01:06:48):
Yeah, and then that's how we started working,
and then we were also nowwanting to shift that like I
wanted to go through that mindshift as well.
And now from the employee side,now how can we become a business
owner?

SPEAKER_02 (01:07:00):
Exactly.

SPEAKER_00 (01:07:01):
So that's how we just kind of working towards it,
yeah, and then it was atransition, and then we just uh
went through everything that wasrequired in terms of the
licensing and training and thenbuilding a business, and yeah,
yeah, and that's been an amazingjourney because then see, if I
thought that okay, you know, Iworked in the telecommunication
industry for so long, so now Ithink this is it, and I can go

(01:07:24):
into other industry, I canthrive, I'm more successful
today than what I used to be inthe telecommunication industry.

SPEAKER_03 (01:07:31):
Exactly, exactly.
So, this is why, like, I want tosay this again.
I think I know that I have saidthis before in one of my other
podcasts too.
Uh, like, talk to the peoplethat who's now in the business,
now in the in the in the system,because you know, going back to
my grandma, in her era, in hergeneration, that was the
mindset.
You know, you get a governmentjob, you be that government job,

(01:07:53):
you create the life that youwant, right?
But no, the like the the worldhas evolved beyond that.
So the more knowledge you have,more uh like you know, and you
keep educating yourself andgetting these you know uh life
uh experiences and applying toit to your future life, that's
how you're gonna thrive rightnow, right?

SPEAKER_00 (01:08:12):
It's just like you, Stella.
Like you said that you worked inthe banking industry, then you
started working at Bell, and uhthat's where you worked, and
then now you became a successfulreal estate agent.
Yeah, three differentindustries.

SPEAKER_03 (01:08:25):
Exactly, right?

SPEAKER_00 (01:08:26):
So that's that's what I mean.

SPEAKER_03 (01:08:28):
But every industry teaches you something that you
need to thrive in today's world,and that makes you believe even
more that you can do anything,exactly.

SPEAKER_00 (01:08:35):
Right?
So you're not just meant forjust one specific thing, you can
do anything, yeah.

SPEAKER_03 (01:08:40):
Have your options open, right?
So, Heman, to conclude this umum conversation today, if you
were gonna reflect back in yourlife, what would you tell the
25-year-old Hemand if you methim today?

SPEAKER_00 (01:08:54):
I um I obviously I would say that uh what I have
done in the very beginning, inthe very early in my life, yes,
there could have been a lot moredone than what it was done.
Um so certain things, and alsoit also comes with the

(01:09:15):
limitations as well.
Like you said, the as the yearsgo by, the world has evolved and
uh there are new things inplace.
Back then, there were not bigtechnology, no social media,
right?
Um, there were not uh too muchawareness.
See, now we know so many thingsjust because of the social media

(01:09:36):
or the type the whole societyhas been set up, right?
Things are just at ourfingertips.
We know everything, what wewant, where to get to like we
know everything about it.
Yeah, it becomes a very easyprocess.
So back then, um yes, um I Ithink I did uh everything at my

(01:09:58):
best ability, but uh I wouldalways say that I would I would
have done something differentlythan what whatever way it was
done.
Maybe I would have been moreresponsible, maybe I would have
been more disciplined, not thatI wasn't, yeah, but you know
it's the age too, right?
And then also it's not about theage too.

(01:10:20):
Like sometimes you want to dothings, but then you don't know
how to.
Yes, right.
But now I would say today, ifI'm speaking to someone who is
25, you already know how to.
Yeah, there are so manyresources and tools available.
Yes, right, yeah, so that is notan excuse that should not be a

(01:10:40):
showstopper because it's alreadythere.
Yes.
Now it is up to you that how youwant to move forward from here.

SPEAKER_03 (01:10:46):
Exactly, exactly.
You know, for a 25-year-oldright now, and a 25-year-old,
then now you have more tools athand at your exposure at your
fingertips.
Yes.
So you can actually do yourresearch, reach out, you know,
as needed to evolve better andbe better in your life.
Yes, most definitely.
Oh my god, Herman, thisconversation has been
value-packed.
You know, I'm reallyappreciative taking the time to

(01:11:08):
share your journey, yourinsights, and your financial
literacy with us today, with ouraudience today.
If you have any questions, weare gonna leave Heman's
information in our bio today.
You can contact him directly aswell, or myself, and you know,
we'll be happy to you know holdyour hands through the journey
and educate you know as you needit.
So, thank you very much, Hemat,again, for joining me.

SPEAKER_00 (01:11:28):
Well, thank you to all listeners, and uh thank you
to you too.
And uh again, I'm also gratefulto have you uh here with me and
then you know, kind of asking mequestions, and also it's a great
opportunity for me to reflectback onto so many things.
Like it was just like uh youknow, like a uh years years ago,

(01:11:48):
like what I start where Istarted, I still have everything
in front of my eyes, and like Isaid, I'm so grateful about the
entire life, what how the flighteverything has been um happening
with me, like from starting fromMcDonald's to Bell to Financial
Services, like everything I'vegone through, there was a reason
behind it, and I always grew.

(01:12:10):
I'm so grateful about everythingwhat's what's been happening.

SPEAKER_03 (01:12:13):
Oh, it's wonderful.
Thank you so much, Heyman.
It's it's been a pleasure.

SPEAKER_00 (01:12:16):
Thank you so much, Tara.

SPEAKER_03 (01:12:19):
You've just heard financial wisdom that could
shift your family's future.
But knowledge alone doesn'tcreate freedom, action does.
So if this episode sparkssomething in you, take the first
step, have the conversation, askthe questions, build the plan.
You don't need to know it all,you just need to start.

(01:12:41):
A huge thank you to Hempad forsharing your journey, your
insights, and your heart for ourcommunity.
Your path proves that financialsuccess isn't just about money,
it's about legacy, leadership,and lifting others as we rise.
If this episode spoke to you, dothree quick things.

(01:13:02):
Subscribe to the podcast, sharethis with someone who needs to
hear it, tag us at Stellar TalkShow, and tell us your biggest
takeaway.
We read them all.
And until next episode, this isStella Ram, your trusted real
estate and well-buildingpartner, reminding you you don't
have to do it all alone.
You just need to start.

(01:13:23):
This is the Stellar Talk Showwhere new beginnings, new
stories, and small strategiesare always on the table.
See you in the next episode.
Let's thrive together.
Thank you for spending your timewith us on the Stellar Talk
Show.
We hope you found value intoday's episode and gained
insights to help elevate yourlifestyle.

(01:13:46):
If you enjoyed the discussion,please like, subscribe, and
share it with anyone who couldbenefit.
It means the world to us.
Until our next episode, stayinspired, and I'll see you soon
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