February 19, 2024 • 53 mins
Embark on a journey of financial wisdom as certified financial planner Jamie Madigan returns to our podcast with a treasure trove of insights on maneuvering through the world of finances. Together, we peel back the layers of complexity within financial services, providing you with the keys to unlock a seamless experience, whether you're investing, mortgaging, or just starting on your entrepreneurial dream. And let's be honest — who doesn't want to avoid the snags of entangled personal and business finances? Jamie's expertise will guide you to clearer skies.
The paths of love and money often intertwine, sometimes leading to a tangle that needs careful unraveling. Jamie and I discuss strategies for ensuring your relationship thrives financially, whether that means communicating about the merits of joint accounts or exploring the joy of financial independence within a partnership. We've got personal stories and proven strategies up our sleeves, ready to help you and your beloved find that sweet spot between saving for the future and savoring the present.
Health emergencies and life's curveballs don't come with a warning, but they needn't knock your finances off course. We get down to brass tacks with Jamie about the importance of emergency funds and dissect the maze of insurance options that can guard your financial well-being against life's surprises. For those facing the daunting task of securing life insurance with pre-existing conditions, hope, and practical advice is waiting for you in our conversation. So gear up for a heart-to-heart on financial foresight and resilience that will leave you feeling more confident to talk about money and its impact throughout life's experiences.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 2 (00:07):
Welcome to the Communication 24-7 podcast,
where we communicate about howwe communicate.
I'm your host, jennifer Furlong, so I have my good friend,
(00:30):
jamie Madigan back.
If you did not have theopportunity to listen to our
previous conversation, I'm goingto invite you to hit the pause
button on this one and backtrackjust a little bit and go listen
to our conversation we had nottoo long ago.
I guarantee you you will notwant to miss that.
It was a very powerful and verymeaningful conversation, so
(00:53):
please make sure you go back andlisten to that one.
But for today, I asked Jamie tocome back because we had not
even had the opportunity to talkabout financial planning yet,
and that's where his expertiselies.
So we're going to talk about,you know, talking about how do
we communicate about financesand what are some of the things
(01:14):
that we need to look for.
What are some of the thingsthat we can bring up with our
family.
You know, what are some thingsthat we just may not necessarily
even know about, because, let'sface it, we don't know what we
don't know, which is why it'simportant we talk to the experts
.
Jamie, thank you so much forbeing back on the show and, yeah
, welcome back.
(01:35):
How you been.
Speaker 1 (01:36):
Thanks for having me back.
I'm glad to be back.
I really enjoyed our lastconversation and, as you stated,
jen, if our listeners haven'theard that, definitely go back
and listen to that, and I'mexcited for today's chat as well
.
Speaker 2 (01:51):
Yeah, absolutely so.
Let's get our listenersacclimated to what we're
focusing on today, give themjust a real quick rundown of
what is your experience in thisfield of financial planning.
Speaker 1 (02:08):
Sure, so I'm a certified financial planner and
what that means?
Because it means differentthings to everybody.
It's very confusing, especiallyup here in Canada, with all
different kinds of titlesfloating around.
But essentially, a certifiedfinancial planner means that I
have earned my designation.
It took me two years to dowhile also running my business.
(02:32):
And you take a bunch of onlinecourses, do a case study, write
two exams well, I guess three intotal One part way through,
that's three hours and then twothree hour exams in one day for
(02:53):
the final.
That was a lot of fun.
And then, as part of the ongoingeducation to keep the
designation, we've got to dowhat's called continuing
education credits, so doingcourses and training to ensure
that we're staying up to datewith everything that changes
when it comes to regulations.
(03:14):
And then I've set myself up asan independent broker.
So what that means is I've gotaccess to just about every
financial services product fromevery financial services company
in Canada and I deal withinvestments, insurance, health
benefits, group benefits,private health insurance,
(03:36):
mortgages.
So people always surprise thatI deal with all of that Because,
again, a lot of the times theyjust think that a certified
financial planner deals witheither investments and or
insurance, and in some casesthat's all people choose to do.
But for my business partnersand I, it was really important
(03:57):
that we be able to help ourclients out with just about
everything when it comes totheir finances and have access
to every product or service outthere, so that we can truly
recommend what's best for ourclients.
Speaker 2 (04:13):
Awesome.
So I don't even know if you'llknow the answer to this question
, but because you are located inCanada, are the regulations
different from in the UnitedStates?
Like, have you worked withclients from the US?
Just so the listeners will know, in case they do have questions
(04:33):
, how you might be able to helpthem with whatever aspect of
financial planning that they'relooking at.
Speaker 1 (04:39):
Yeah, so at a high level, jen, I'd say everything
we discussed today will apply toeverybody in North America and
probably even other countriesaround the world.
But yes, when it comes toregulations, names of accounts
or whatnot, they do differ bycountry.
So it's important for anybodyfor American listeners to deal
(05:03):
with somebody in the US, and insome cases maybe even in their
state, and then for our Canadianlisteners it's important to
understand who you're dealingwith, what they're licensed to
advise you on.
And then we are provinciallylicensed up here in Canada.
Speaker 2 (05:22):
Okay, that's actually very good to know.
Thank you for pointing that out,because sometimes we may not
even necessarily think aboutthat part of it when you begin
your journey down this road.
Those are probably some of thequestions that you may not even
necessarily know should be aquestion to begin with, one of
the questions that I personallythink of when I think of
(05:45):
financial planning and this isone reason why I'm super happy
that we're having thisconversation today, because I
know I'm not the only one whowonders all these questions that
I have.
You have financial planning foryour personal finances, right,
and then, if you're a businessowner, you're going to have to
have financial planning for thebusiness side of things.
(06:07):
How important is it to keepthose separated?
Because if you're a businessowner and entrepreneur, like we
are, those finances can get alittle convoluted sometimes.
So for anybody else who'slistening to this and they're
either thinking about starting abusiness or maybe they're early
(06:28):
on in their business, whatshould we be doing about that so
we can make sure that we're notmessing things up too bad?
Speaker 1 (06:37):
Yeah, no, that's a great question, one I get a lot
because I deal with a lot ofentrepreneurs and business
owners.
So I'm glad you bought it upright off in the back because
it's important to start with.
And, yes, things can really getcommingled, especially in the
entrepreneur world, because ourpersonal funds, our business
(07:00):
funds, can often be hard todistinguish.
This is where I'd say it'simportant to have a really good
accountant from day one.
So, before you even actuallyofficially start your business,
talk to your accountant to saythis is what I'm thinking about
doing.
How should I properly structurethat?
(07:22):
In some cases you may want toeven engage a lawyer, definitely
if you're incorporating, butagain, the accountant will be
able to help outline that.
And that's where you want yourprofessional power to come
together, because youraccountant should be talking to
your financial planner, whoshould be talking to your lawyer
(07:45):
or whatever professionals youhave engaged, depending on your
type of business, with yourpermission, obviously and ensure
that everything is set up fromday one, or set up properly.
And, most importantly, where I'mgoing with this is that for all
of your business income andbusiness Expenses, you'll likely
(08:08):
want to have separate accountsfor that.
So a business banking account,a business credit cards if
you're accepting onlineTransactions, a business account
for that, either PayPal, stripeor Whatever system you're using
, and then for all your personalstuff, keeping that separate.
(08:29):
And the reason I suggest thatis because I know, in Canada, if
we were to be audited, if we'vegot all of that commingles,
well, guess what?
The CRA, canada revenue agency,is now going to go through
everything.
So take a look at all of yourpersonal and business stuff to
(08:50):
try to figure out what'sbusiness, whereas if you keep
everything separate, you canonly hand over your business
Items if that's what's beingaudited, and then they're not
digging through all of yourpersonal life too.
So it makes your life easier,as well as theirs.
Speaker 2 (09:09):
I Haven't even thought about that aspect of it,
so that's really good to know.
I guess the CRA is is yourversion of our IRS.
Yes exactly everyone's favoritegovernment agency, I'm sure,
regardless of where we are.
So thank you for that advicenow, with you being a financial
(09:32):
planner, and you had listed awhole host of Areas that you're
able to help your clients with.
What are just some of thebroader things that you think
right off the bat?
Individuals just need to beaware of if they are just
starting this journey ofThinking about financial
(09:53):
planning.
Just what's your advice forthem?
What are maybe some questionsthey may need to ask?
You know, if they find a localfinancial planner, how can we
help them get started on thisjourney as effectively as
possible?
Speaker 1 (10:08):
Great question.
So One thing I'd recommend isthat whoever you're dealing with
whether it be an independentadvisor, planner, broker,
somebody at a bank or anotherfinancial professional Ask a lot
of questions about do they havea designation, like myself,
certified financial planner?
(10:28):
What licenses do they have?
What are they License to adviseyou on?
How are they compensated?
And the reason you want to askthese questions is to get an
idea of are they limited interms of the advice that they
can offer and or the productsthat they can offer?
You'll want to understandcompensation to try to determine
(10:52):
Do they really have your bestinterest at heart or are they
perhaps maybe trying to pushsome products on you to get
better, better compensation,even though you don't really
need them?
So those are the questions tobe asking the professionals that
you're dealing with.
And then the question youshould be asking yourself is
(11:14):
Really getting a betterunderstanding of your cash flow,
and what I mean by that is weall tend to understand how much
money we make, especiallyCorporate people with a
corporate job.
If I ask them how much they make, they know what their annual
salary is, at least before tax.
Where most people don't have agood Understanding of is the
(11:38):
other side of that, theirexpenses.
So where and how are theyspending their money?
And it's always the firstexercise I take any new client
or prospect through, becausethere's it's usually an
eye-opening exercise and there'susually a few aha moments where
people realize or Come tounderstand how much money
(12:01):
they're spending, where they'respending it, and they didn't
even realize it.
And a lot of that just has todo with today's world and
especially the retail world, andhow easy they've made it for us
to To spend money.
And I use the example ofStarbucks all the time.
They have a great mobile appTap, tap, tap.
(12:24):
All your funds are low.
Auto reload, sure, until yousee that on a credit card
statement or in your Checkingaccount, your bank account.
Speaker 2 (12:33):
Oh, Multiple times a week.
Speaker 1 (12:38):
Load or auto reload a little more than I thought last
.
Right, that makes sense interms of what questions to be
asking the people you're talkingto and then what questions to
ask yourself.
Speaker 2 (12:52):
It's so incredibly important.
I will say, you know, I wasalways really bad about that.
You know, just an understandingof my own Budget.
You know what's coming in,what's going out, and I'm sure
most people, like you said, arelike this.
They, just until they theyactually sit down and look at it
, you know, open up an Excelspreadsheet and start recording
(13:14):
all of that stuff.
And, and I've noticed that mybank you know I do my online
banking they actually are ableto provide that information For
me.
You know what, every month,I'll go in and I'll just kind of
look at okay, how many werehome expenses?
You know how much was were myhome expenses?
(13:34):
How much did I spend in gas?
You know whatever, and that'sreally a useful tool.
It is eye-opening and I foundthat I was using the Amazon link
, the Amazon app, a little toomuch so, and I had way too many
(13:56):
subscriptions, so you name itNetflix, hulu, spotify, I mean
the whole thing.
So that really helped merealize where I needed to
actually tighten up.
Speaker 1 (14:09):
So incredibly helpful and do you their Jen.
That's why I take everybodythrough that exercise.
For starters, because those areall the aha moments that people
come across or they realizethey're spending like maybe
they've got the jet gymmembership, which is pay as you
don't go Because we're not usingit, or a yoga membership, or
(14:32):
really old days and magazine.
Right, that's right If peoplestill have that, if they haven't
gone digital.
But yeah, oftentimes we'llforget about things and stuff
will just renew, and especiallyin today's digital environment,
we might forget about some ofthe things we pay for if we're
no longer using them.
Speaker 2 (14:53):
But we forgot to cancel them you know, and and
that makes me think of thedifferences and how challenging
it is when You're someone who'ssingle Like, it's really easy.
For me being, you know, freshlydivorced I'm quickly finding
out it's much easier for me tobalance the checkbook and keep a
(15:14):
Handle on the finances versuswhen I was married.
So do you speak with a lot ofcouples and Try to give them
some guidance on how they canget on the same page Regarding
their budget and what kind ofadvice do you give them?
Because I know this is one ofthe most Argued topics in any
(15:37):
relationship.
It's gonna be the finances andhow much money is being spent.
You know what's some advicethat you have for couples who
are, you know, going down thisjourney.
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Speaker 1 (16:14):
That's a great point, jen, and unfortunately, the
financial discussion Can eithermake a relationship or, in
severe cases, break it, and thebreak it is usually because
people aren't having thediscussion and or just aren't
being honest.
Hmm, yes, with all of mycouples, regardless of if
(16:35):
they're dating or livingtogether or married it doesn't
matter if they are a couple thenI'm having that discussion with
them and Just encouraging thatthey be open and honest with
each other about theirrelationship with money, because
we're all different and there'snothing wrong with that.
(16:56):
But it's important for peopleto understand.
If One of them is a great saver, has a great credit score, no
debt, and the other one has nota penny to their name, a really
low credit score, just tons andtons of debt, because they're
(17:18):
spending like they're amillionaire but not making that
much, then that's gonna be aproblem in the relationship.
Quite often, married couples Isee where, in some instances,
they pool their money together,have joint accounts.
In other Instances they havetheir separate accounts because
it's my money, I'm working forit, so it's mine.
(17:40):
Again, there's no right orwrong answer, but it's just
understand how are you gonna paythe bills, who's paying for
what?
And yeah, you can still havesome fun money, and I always
encourage that, that you want tobe saving to have some fun too,
especially while we're aliveand can enjoy it.
(18:01):
It's important to reallyunderstand our behavior with
money, what we think of it, howwe handle it, and the more open
and honest couples are a betthat, the better.
It should help at least thatpart of the relationship?
Speaker 2 (18:17):
Oh yeah, absolutely, and that is something that you
have to be able to haveconversations about, open and
honest conversations, and so ifone person in the relationship
is really hesitant to share thatinformation, that's a big red
flag right there.
(18:38):
So that's a big conversationthat needs to be had.
You had mentioned relationshipwith money.
Since you have become soknowledgeable as a financial
planner, and I'm sure this hashad a huge impact on how you
view money and your relationshipwith money, what are some of
(19:01):
the lessons that you havelearned over the time that you
have been actively engaged as afinancial planner?
Because you've had to gothrough all of this training and
these certifications, and soI'm sure that you probably have
seen your relationship changewith the money that you have.
(19:24):
Is that right?
Speaker 1 (19:27):
Oh, yeah, for sure, and maybe not so much changed,
but I've learned more, betterunderstand why I started doing
some of the things I did at ayoung age and I can't think my
parents enough for getting mestarted, so I do have to lead
with that where I had paperroots when I was younger in the
(19:49):
neighborhood.
So they made us put away somemoney, save it right from our
very first job.
As soon as we started earning alittle income.
They would make us save some ofthat and then obviously we
could spend some of that as well.
But since becoming even moreinvolved in the industry and
(20:09):
learning, let's say some of themost important things for me are
in like this is somethingeverybody in the industry talks
about, but pay yourself first,and what I mean by that is every
Friday I've got moneyautomatically coming out of my
accounts into my RSP retirementsavings plan, which is similar
(20:35):
to 401k in the US, as well as aTFSA or tax free savings account
.
And the reason I do that isbecause it's gone out of my bank
account.
I don't see it.
If I don't see it, I'm notgoing to spend it, because I
don't buy anything Well one ifit's not on sale or I can't find
(20:58):
a really good deal.
And secondly, I don't buy it ifI don't have the money for it.
Speaker 2 (21:02):
So it's say, those are yeah, those.
Speaker 1 (21:05):
I guess my three key lessons learned is pay myself
first.
So get that money into thesavings accounts so that it's
growing, it's building.
The reason I do it weekly is sothat I'm hitting the market 52
different points over the courseof the year, so I'm catching
(21:27):
different highs and lows.
That money's in there growingon the good days, not so well on
the bad days, but it's in there.
It's compounding, it's workingharder.
For me, that will do a lotbetter than just one lump sum
contribution over the course ofthe year.
(21:47):
And then by not buying stuff ifI don't have money for it, I'm
not taking on any unnecessary orbad debt.
And then, obviously, the deals.
That's just something I'vebecome and something that my mom
and friends all joke about isthat I always seem to either
(22:08):
have a credit card that gets mea good deal or find a promo code
online or a Rakuten withcashback, and they're like team.
I don't know how you do it, butyou know all the deals.
How do I get this for a betterprice?
Speaker 2 (22:23):
Oh, yeah, I love a good coupon code.
That's one of my favoritethings.
Yeah, sign up for all thebirthday stuff, get your
discounts and all of thosethings I highly recommend.
And for us in the United Statessee, I'm a veteran there are
all kinds of awesome veteransdiscounts out there, so I always
(22:45):
ask wherever I go, do you offera veteran's discount?
And you'd be surprised at howmany places actually have that,
and so I think that's a piece ofadvice I would share with our
listeners as well.
If you are a veteran, ask thequestion, don't be embarrassed
by it.
Save your money.
If it's like 10%, hey, that's10% that can go towards
(23:07):
something else.
You did not have to spend thatmoney on that one item.
I think that's a fantasticthing to be able to do.
You had mentioned your parentswere really good about teaching
you to save your money.
How early do you think parentsshould begin having these types
of conversations with their kidsabout saving and spending and
(23:31):
all of these things?
Speaker 1 (23:33):
Yeah, that's a great question and one that I always
get from parents and, honestly,the sooner you start the better.
So I'd say probably seven oreight.
When, like I look at my niecesand nephews, now they're 10,
eight and then soon to be six,and obviously the 10 year old
(23:58):
gets money.
Now he understands what he cando with that.
My niece, who is eight, she'ssaving all her money.
She knows how much money shehas and she knows what she needs
to buy her next toy or treat orwhatever she's got.
So it's great to see herunderstanding the value of money
(24:19):
and how much she's saved up andwhat more she needs.
And then my little nephew,who's five.
He's still a little too young,so I'd say probably seven or
eight, or as soon as you noticeyour child's understanding the
concept of money and you canstart having those discussions
(24:42):
with them.
We had to do chores around thehouse to earn an allowance.
The more chores that we did,the more money we could earn.
So I think that's a great wayto help teach children the value
of money and that you have towork to earn it.
(25:04):
In most cases it's not justgoing to fall into your lap and
you're eventually probably goingto have to get an education and
a job and work for it.
Speaker 2 (25:17):
That's right.
Most of us do not have thatgolden parachute that we're
going to be able to rely on.
You know when times get tough.
So having those lessons learnedat a young age, yeah, that's a
powerful gift that any parentcan give their child.
I think one of the challengesin that is that so many parents
(25:39):
out there were not.
They didn't have that advantagewhen they were growing up.
And so what are some of the morecommon, I guess, mistakes that
you see people make over andover again?
That just seems to be, you know, like they're just bad habits
maybe, or just things that youdon't know, because they're
(26:02):
things that you've learned fromyour parents and it's just
generationally.
It's handed down over and overagain.
You know, I just I know how Igrew up with my parents.
Money was not a conversationthat we ever had.
Balancing a checkbook, savingmoney, like none of that was
ever a conversation.
(26:23):
So I can tell you it's been avery difficult journey.
You know, as a young adult andeven to today, you know, just
having conversations like this,I always learned, you know,
something new.
So, from your experience, whatdo you think are some of the
most common, I guess mistakespeople make in general with
their money?
Speaker 1 (26:45):
The biggest one is just spending money you don't
have Thinking, oh, I'll buy that, I'll put that on credit or my
line of credit, I'll be able topay that down in a month or a
couple of months.
And guess what?
If you do that for one thing,you're probably going to do it
(27:05):
for another thing or a fewthings.
And then all of a sudden thosebills start piling up.
And then guess what?
Something happens that wedidn't plan.
The car breaks down, somethinghappens to the condor or the
house.
All of a sudden.
Now we have another unplannedexpense that.
So how are we going to pay forthat?
(27:27):
That is obviously the biggestmistake that I see people make
is buying things, andunfortunately it's usually
larger purchases where theydon't have the money and really
they likely could hold off a bitlonger, take a few months to
save up for it, likely get abetter deal because they waited
(27:50):
a few months and now they canget a better price on it and not
take on any debt to buy it inthe end.
Speaker 2 (27:59):
Yeah, I think instant gratification is our enemy and
we have.
That is one really bad habit.
I think that we have learned,especially today, to be able to
just like hold off on thatdecision.
Do you absolutely have to havethat right now?
Probably not.
Maybe take a couple of days tothink this over.
(28:21):
You know is this is money thatyou're going to spend and you
know is it necessary for you tospend this money or use your
credit card like you were saying.
I mean, if you're, if you'rewilling to do it for one thing,
you're probably going to do itfor a few things.
And next thing, you know yourdebt is going from three digits
to four digits to five digitsand you know, on up, and that's
(28:44):
not a good feeling to have atall.
Speaker 1 (28:48):
Not at all.
But again, I blame theretailers and technology that.
I'm sure you notice that.
Well, in some cases, even ifyou just talk about something
with friends, then go on yourphone or laptop, all of a sudden
guess what?
All these ads start to appear.
I know, if I go on Amazon or awebsite and look for something
(29:11):
guess was going to fill my feedfor the next week or two and
some websites will even email me.
Oh, jamie, we noticed you werechecking this out.
Did you forget to check out?
Or, oh, this is a hot item.
They've only got limited stockleft.
So they know you're interested,or they see that you at least
checked it out.
(29:31):
So now they're trying topressure you because if I didn't
buy it, oh well, maybe if wetell them we're low on stock,
you'll think it's a hot item.
And that's just the littlequestion that he needs to come
back at it through his cart andcheck out.
Speaker 2 (29:48):
Yeah, then they have their little claws in you.
That's actually probably areally good part of the
conversation to have with thekids as well, because they're on
social media.
I know not too long ago I readour Surgeon General here in the
United States had issued anadvisory I think it was back in
May in that teenagers age from13 to 19, like 95% of them, are
(30:15):
on social media, and the vastmajority of those who are on
social media said that they'repretty much on social media
constantly.
And so the barrage ofadvertisements and what are
their peers talking about, thepurchasing that's going on.
How are they spending theirmoney?
That's a lot of pressure aswell, and I didn't even think
(30:38):
about that until you justmentioned that.
Now, with our experiences onsocial media, and that's
probably a conversation that alot of parents don't think to
have with their kids whenthey're thinking about the
financial conversation, ifthey're having any conversations
at all.
Speaker 1 (30:55):
Yeah, no, exactly, and I'm not on TikTok, but I
know that a lot of influencersare and that age group is very
impressionable.
So, depending on what they see,they might want to buy it or
think that they need to have it,and if one of their favorite
(31:16):
celebrities is endorsing it orwearing it, it's like oh mommy,
like I must have this, or on theflip side of that, your other
point I know on Instagram as I'mscrolling through there every
third or fourth Like a real or a?
Yeah, or a story, or yeah.
Speaker 2 (31:38):
Yeah, those things.
Speaker 1 (31:40):
It's sponsored.
Speaker 2 (31:42):
Yeah, okay.
Speaker 1 (31:45):
Stop showing me so much sponsored material.
Show me actual material from myfriends.
That's why I'm on here and I'vejust noticed this because I'm
like who is this?
I don't have the and I scrollback down a little and I'll
notice at the header sponsored.
So just keep scrolling Becausesame and like.
(32:07):
You click on it, then there'slinks to go and buy and again
they've made it really easy forus to fall into a trap and buy
stuff without even realizing himwith Amazon.
They've even got the buy nowbutton, so you don't even have
to add it to your shopping cart.
Speaker 2 (32:25):
That's right, really easy.
You're so right about the wholesponsoring stuff on social
media.
I noticed recently on Facebookjust within, I'm wanting to say,
within the past month, I havenoticed my feed has changed
dramatically.
I don't know what's going onwith the algorithms.
I don't have any idea what'sgoing on behind the scenes, but
(32:49):
I do notice that as I'mscrolling I'm doing the whole
just scroll, scroll, scroll I'mseeing more sponsored stuff and
then more things that from Idon't know if they're pages or
like, I don't even follow thesepages, but I'm seeing more of
that stuff than the stuff for myfriends anymore.
(33:09):
So, yeah, they're just kind oflike slowly feeding it to us,
and so what an important pointto make as far as the
conversations you're having withyour kids and, I guess, your
significant other whoever you'resharing that budget with making
sure that they're on top ofthings as well.
(33:30):
One thing that you and I havespoken about in the past that is
closely related to financialplanning is health and being
prepared, because you never knowand earlier you just said you
never know something couldhappen.
Something could happen withyour house.
You could lose your job,anything could happen.
(33:52):
But also something else thatcould happen is you could get
really, really sick at somepoint and God forbid, if you get
so sick you can't work anymore.
Whatever happens, you reallywant to put yourself in a
position that everything is notgoing to fall apart at that
point.
You don't want to lose yourhome or go so far into debt that
(34:16):
you begin just spiraling out ofcontrol.
So what are some advice do youhave for people who they may not
be sick now, but hey, you and Iboth know it just happens and
you've been doing it for it.
It's a prize.
(34:37):
So what are some things thatyou think the average person
really needs to think about whenit comes to those kinds of
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(35:19):
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Speaker 1 (35:39):
Yeah, no, this is a great topic and, funny enough,
it's pretty much what our lastchat covered.
So again, check it out, if youhaven't already.
Speaker 2 (35:51):
That's right.
Speaker 1 (35:52):
But yeah, it's a question that I always ask
everybody.
I do a lot of posting about iton social media as well, and
I'll ask people what is yourbiggest asset?
And if they own real estate,own condo.
It's always that If they don'town real estate, then it might
(36:13):
be a car.
If they have a car or whatever,their biggest oh, my laptop,
but I might, no, no, no, and 95%of people get it wrong or give
me one of those answers.
But our biggest asset is ourhealth and our ability to work
(36:33):
in our new paycheck or an income, and as soon as that becomes
impacted well, guess what?
Our biggest asset couldpotentially turn into our
biggest liability.
That's right.
So, yeah, there's really twoways we can address that, jen.
One is understanding what yourdifferent insurance options are,
(36:55):
and they should be slightlysimilar again in both countries.
Maybe slightly different names,but here in Canada, the main
types of insurance we have arelife insurance, which pays out
to your beneficiaries when youpass away, but then there's two
(37:15):
forms of insurance that pay youa benefit while you're alive.
The first is critical illness,which pays you a lump sum of
money, tax-free, should you bediagnosed with a critical
illness, the top three beingheart attacks, stroke, cancer
(37:35):
and those aren't life sentencesanymore.
As you and I both know, we wereboth diagnosed with cancer.
Look at us.
We're here talking away, that'sright.
I was diagnosed with cancer at44.
Fortunately I had a criticalillness policy, so I had my
(37:56):
doctors complete the forms,submitted it to the insurance
company.
I had a check in the mailwithin eight business days.
It's the fastest claim I'veever settled.
I didn't get any preferentialtreatment because I was the sort
of financial planner on thepolicy.
Let's just have quick.
Some policies can settle.
(38:17):
And then the third option isdisability and that pays you a
monthly benefit if you becomeinjured and can't work.
So you can either cover off orprotect your income and your
biggest asset by taking outinsurance and or by building up
(38:40):
an emergency funds.
And I recommend typically atleast three to six months of
expenses at a minimum.
Some clients take it further.
They want to go six, nine, 12months.
Again, no right or wrong answer.
It's what is your personalfeeling?
Yeah, If you lost your job orlost your ability to earn an
(39:03):
income, how long would you wantto know your expenses are
covered for?
You don't have to worry aboutanything to allow you to either
seek treatment, get better orjust find new employment.
Speaker 2 (39:18):
Yeah, that makes such a huge difference.
I had the critical illnessinsurance as well.
I will tell you, it just is aload off.
It's like one less thing thatyou have to worry about.
You have so many other thingsgoing on in your life that you
have to focus on.
That's just one less thing thatyou truly you don't want to
(39:38):
have to stress out over thosethings.
One thing I did want tohighlight, because earlier you
had mentioned that you payyourself first For anybody who.
I hear it all the time.
Well, I'm just paycheck topaycheck and I really don't have
the ability to save anything,and it truly does help when you
(40:02):
have that little bit of moneytaken out of your paycheck
automatically before you evenget it.
You're not going to see it, andso I can't stress enough that's
.
One thing that I did this yearis I set up actual several
savings accounts, and they'rejust different pockets One's for
(40:23):
vacation, one is for the rainyday fund.
I don't see that money at allnow before I get paid, and so
I'm not missing it and I'm notable to spend it on Amazon or
Starbucks or anywhere else thatI typically spend money.
So all of this is just kind ofit comes together full circle,
(40:47):
and I just think it's soimportant to the listeners to
hear your message of what you'resaying.
You have to save your money.
You have no idea how muchyou're going to appreciate.
You're going to thank yourselffor doing that get the critical
health insurance and have all ofthose savings accounts at the
(41:08):
same time.
If I can get the 12 monthsavings in there, oh heck, yeah,
I'm going to feel really good.
Speaker 1 (41:16):
I'm glad you shared your example, Jim, because that
is exactly what you should bedoing.
So in the old days, maybe whatour grandparents would have done
is have their different cookiejars or mason jars or what's not
and put money in those.
Now that we're in the digitalworld, yeah, we can create
different accounts for each goal.
(41:36):
So you can have your retirementaccount, your vacation account,
your emergency fund, rainy dayfund, whatever else and then any
other goals are big your housefund, your vehicle fund, your
whatever kids education, kidswedding so you can have multiple
(41:56):
accounts that you'recontributing to, multiple goals
that you're working towards, asopposed to just putting
everything into one big bucketand then constantly dipping in.
Well, then, you just kind ofdefeated the purpose of putting
the money in there.
Speaker 2 (42:14):
That's right, yeah, and now that I've gotten used to
having that money taken outautomatically out of my paycheck
and I don't even see it, I amamazed at how quickly that money
adds up, because you just don'teven think about it until
sometimes.
I'll be like, well, how much isin there?
And then I'll go look and I'mlike, okay, I'll be able to have
(42:34):
a pretty nice vacation comingup soon.
Oh, yay, yay, for me it feelsgood.
It really is a nice feeling toknow that you have that little
pot of money there that you canaccess when you need to access
for it.
But I guess we should alsomention that don't access it
(42:55):
unless it's for what it wasintended for, right.
Speaker 1 (42:59):
Exactly.
Ideally, that's what we want.
That's why you need thatemergency or rainy day bucket.
So for all the unplanned stuff.
But again, the unplanned stuffshould be an appliance breaking
down, a car breaking down, notoops, I had another late night
on Amazon last night and lookwhat arrived at the door today.
(43:20):
That can be controlled.
Speaker 2 (43:23):
Yeah, yeah.
What advice do you have forindividuals who might have a
difficult time finding insurance?
I'll give you a personalexample.
Being a cancer survivor, one ofmy biggest concerns was life
insurance for my two children.
(43:46):
Now I mean, they're adults, butI don't want to leave them with
nothing and I want whatever theestate, whatever settles, I
want them to be able to havesomething.
But one of the things that Iwas told when I was shopping
around for life insurance isthat I can get life insurance.
(44:06):
I mean, most of us will passaway from an accident, I was
told.
So that's the type of lifeinsurance I could get.
But because I am recently outof treatment, they told me I had
to wait two years before Icould get life insurance to
cover me in case, like if I hada heart attack or if I died from
(44:29):
natural causes.
So what kind of advice and Iknow I'm not the only one who
has come across roadblocks andgetting different types of
insurance so what kind of advicecould you give our listeners
who are encountering the samethings?
Speaker 1 (44:43):
Yeah, and that's another great question I want to
get off and, jen, I am theperfect example.
About 46 right now.
I'm an unsurable because I'mstill fighting my cancer fight,
and it's usually people that area lot older who come to me with
(45:04):
this question or concern, butagain, it could happen at any
age, regardless of whether ornot you plan for it.
And I know here in Canada andI've got to believe in that US
as well that there are certaininsurance companies who provide
coverage with no medicalunderwriting.
What I mean by that is that youdon't have to go through the
(45:30):
usual blood tests, urine tests,vitals and or the insurance
company connecting with yourdoctor to get lots of details.
You'll still have to completean application.
You want to be weary of thecompanies, though, and what I
mean by that is the ones who sayno application, no underwriting
(45:53):
, guaranteed acceptance.
If it sounds too good to betrue, it probably is too good to
be true.
Speaker 2 (46:00):
Yeah.
Speaker 1 (46:01):
I've recently found one company here in Canada and I
just got contracted with themlast week.
They do provide this type ofinsurance both life insurance
and critical illness with nomedical underwriting needed.
However, they still dounderwriting at time of
application.
(46:21):
So what I mean by that is, Ithink their applications about
26 questions, if I recallcorrectly.
So they're still gonna gothrough how you answer those
questions, evaluate the risk andNow granted, since you're not
providing any medicalinformation, the premiums are
(46:42):
obviously going to be higher,right?
However, you can still getcoverage.
So both for life as well ascritical illness I think life is
currently up into about amillion, critical illness to 150
.
Critical illness should bemoving to 250 shortly, by the
end of the year and life to 2million, right?
(47:03):
So, again, those are goodcoverage amounts and that's what
I wasn't seeing with a lot ofthis type of product being
advertised.
Yeah, they're too good to betrue, or you were looking to
maybe get 25 or 50,000.
Now, in some instances that'sgood for the funeral expenses,
final expenses, better thanhaving nothing, but in other
(47:29):
Instances people need and want alot more.
So it was nice to find thiscompany that does do some
underwriting and can actuallyensure Good amounts of coverage.
Speaker 2 (47:42):
Yeah, yeah, so good it.
So keep shopping around, keeplooking.
They do exist.
Just be mindful, and yeah lookyeah look at the small print.
Speaker 1 (47:54):
What you'll want to look for is no medical
underwriting required, mm-hmm.
But then ask that is medical or, sorry, is Underwriting done at
time of application?
Okay so I realize that soundsconfusing, but underwriting at
time of application means thatthe insurance company is taking
(48:14):
a look and Validating how muchrisk are they taking on,
determining how much premium youshould pay and Then, by having
that done at time of application, should anything go wrong,
either you pass away, in thecase of life insurance, or
you're diagnosed with a criticalillness.
In the case of critical Illness, then those policies will pay
(48:36):
out.
Mm-hmm.
That underwriting at time ofapplication doesn't happen, then
it happens when a claim is made, and I don't like that because
Too much uncertainty right.
They can look back oh, we didn'trealize that you had cancer or
(48:57):
that you were still dealing withtreatment.
There's too many variableswhere they could say, oh, we
didn't know or we would haveasked For more information,
you've got a higher chance ofyour claim being denied and then
just all your premiums comeback to you.
Speaker 2 (49:15):
Wow, that's so important.
That's some good stuff thatthat's really important to know.
Jamie, we have already beentalking for like 50 minutes now.
I mean Almost an hour.
That's always happened such afantastic conversation.
Just so much good informationthat I know you know people need
(49:37):
to hear and they need to beable to access.
You know this stuff.
I want to go ahead and wrap upthe conversation, since we are,
you know, coming up on an hour.
But is is there anythingRemaining that you wanted to
make sure we were able to touchon?
But before we wrap up thisepisode, yeah, two other was
(49:58):
three key things.
Speaker 1 (49:59):
Jen Mm-hmm, why make sure you have a will and that
it's a date, yeah, depending onwho you named as your executor.
Ensure that they know where tofind that will.
Second would be to, in additionto the will, ensure that
Beneficiaries on your insurancepolicies and investments are
(50:22):
updated.
Don't have it set to a state.
Have actual people named sothat the money goes to them, not
your estate, and then becomesubject to probate fees.
And the third piece of adviceis when things do change in your
life, either for better or forworse, reach out to your
financial planner Is that'sgonna have an impact on your
(50:45):
plan.
They need to know.
Don't wait till your nextmeeting, especially if it's
significant.
Reach out to them.
Let them know of the change sothat they can go in, tweak your
plan.
And now you know what you needto do to stay on track to
achieve your goals.
Speaker 2 (51:01):
Hmm, valuable, very valuable, to know all of that
stuff.
Thank you so much for takingthis time, come back and
visiting again and having anytime round two of our
conversation.
You know you and I could couldtalk for another five hours, I'm
sure, about about anything andeverything under the Sun.
(51:22):
I'm just so appreciative thatyou agreed to come back for
round two and talk about thisreally important topic.
If there's anybody who wants tofollow up with you, how do they
get in touch with you?
Speaker 1 (51:33):
anybody who's either listening to us.
You can check the show notesfor the spelling of my name and
the company name.
If you're watching video, youcan see it on the screen, but
you can Google Jamie Madigan, jA M, ie, m A, di G A N.
Connect with me on LinkedInthere.
(51:53):
Or you can Google the companyname, beacon point B, e, a, c O
N P O I N T, or visit beaconpoint dot ca To see my face, the
business partners and you canbook time on my calendar through
the website.
Speaker 2 (52:11):
Wonderful.
All right, everyone check Jamieout.
Go to the website stock full ofReally good, valuable advice.
All right, one last time.
Thanks again, jamie, and I knowI will see you again real soon.
Speaker 1 (52:28):
Thanks Jen.
Speaker 2 (52:30):
All right, everyone, I hope you found this episode to
be valuable.
I know I did, so.
I'm gonna go back and start,you know, just looking at
everything tonight, so I canmake sure that I'm doing what
I'm supposed to be doing as faras my finances go, and I know
you're gonna do the same.
All right, I hope everyone hasa great, wonderful rest of your
(52:50):
day and We'll see you next time.
All right, bye.
Thanks for listening.
If you enjoyed this episode andyou'd like to help support the
podcast, please share it withothers, post about it on social
media or leave a rating and areview.
Welcome to the Communication 24-7 podcast,
where we communicate about howwe communicate.
I'm your host, jennifer Furlong, so I have my good friend,
(00:30):
jamie Madigan back.
If you did not have theopportunity to listen to our
previous conversation, I'm goingto invite you to hit the pause
button on this one and backtrackjust a little bit and go listen
to our conversation we had nottoo long ago.
I guarantee you you will notwant to miss that.
It was a very powerful and verymeaningful conversation, so
(00:53):
please make sure you go back andlisten to that one.
But for today, I asked Jamie tocome back because we had not
even had the opportunity to talkabout financial planning yet,
and that's where his expertiselies.
So we're going to talk about,you know, talking about how do
we communicate about financesand what are some of the things
(01:14):
that we need to look for.
What are some of the thingsthat we can bring up with our
family.
You know, what are some thingsthat we just may not necessarily
even know about, because, let'sface it, we don't know what we
don't know, which is why it'simportant we talk to the experts
.
Jamie, thank you so much forbeing back on the show and, yeah
, welcome back.
(01:35):
How you been.
Speaker 1 (01:36):
Thanks for having me back.
I'm glad to be back.
I really enjoyed our lastconversation and, as you stated,
jen, if our listeners haven'theard that, definitely go back
and listen to that, and I'mexcited for today's chat as well
.
Speaker 2 (01:51):
Yeah, absolutely so.
Let's get our listenersacclimated to what we're
focusing on today, give themjust a real quick rundown of
what is your experience in thisfield of financial planning.
Speaker 1 (02:08):
Sure, so I'm a certified financial planner and
what that means?
Because it means differentthings to everybody.
It's very confusing, especiallyup here in Canada, with all
different kinds of titlesfloating around.
But essentially, a certifiedfinancial planner means that I
have earned my designation.
It took me two years to dowhile also running my business.
(02:32):
And you take a bunch of onlinecourses, do a case study, write
two exams well, I guess three intotal One part way through,
that's three hours and then twothree hour exams in one day for
(02:53):
the final.
That was a lot of fun.
And then, as part of the ongoingeducation to keep the
designation, we've got to dowhat's called continuing
education credits, so doingcourses and training to ensure
that we're staying up to datewith everything that changes
when it comes to regulations.
(03:14):
And then I've set myself up asan independent broker.
So what that means is I've gotaccess to just about every
financial services product fromevery financial services company
in Canada and I deal withinvestments, insurance, health
benefits, group benefits,private health insurance,
(03:36):
mortgages.
So people always surprise thatI deal with all of that Because,
again, a lot of the times theyjust think that a certified
financial planner deals witheither investments and or
insurance, and in some casesthat's all people choose to do.
But for my business partnersand I, it was really important
(03:57):
that we be able to help ourclients out with just about
everything when it comes totheir finances and have access
to every product or service outthere, so that we can truly
recommend what's best for ourclients.
Speaker 2 (04:13):
Awesome.
So I don't even know if you'llknow the answer to this question
, but because you are located inCanada, are the regulations
different from in the UnitedStates?
Like, have you worked withclients from the US?
Just so the listeners will know, in case they do have questions
(04:33):
, how you might be able to helpthem with whatever aspect of
financial planning that they'relooking at.
Speaker 1 (04:39):
Yeah, so at a high level, jen, I'd say everything
we discussed today will apply toeverybody in North America and
probably even other countriesaround the world.
But yes, when it comes toregulations, names of accounts
or whatnot, they do differ bycountry.
So it's important for anybodyfor American listeners to deal
(05:03):
with somebody in the US, and insome cases maybe even in their
state, and then for our Canadianlisteners it's important to
understand who you're dealingwith, what they're licensed to
advise you on.
And then we are provinciallylicensed up here in Canada.
Speaker 2 (05:22):
Okay, that's actually very good to know.
Thank you for pointing that out,because sometimes we may not
even necessarily think aboutthat part of it when you begin
your journey down this road.
Those are probably some of thequestions that you may not even
necessarily know should be aquestion to begin with, one of
the questions that I personallythink of when I think of
(05:45):
financial planning and this isone reason why I'm super happy
that we're having thisconversation today, because I
know I'm not the only one whowonders all these questions that
I have.
You have financial planning foryour personal finances, right,
and then, if you're a businessowner, you're going to have to
have financial planning for thebusiness side of things.
(06:07):
How important is it to keepthose separated?
Because if you're a businessowner and entrepreneur, like we
are, those finances can get alittle convoluted sometimes.
So for anybody else who'slistening to this and they're
either thinking about starting abusiness or maybe they're early
(06:28):
on in their business, whatshould we be doing about that so
we can make sure that we're notmessing things up too bad?
Speaker 1 (06:37):
Yeah, no, that's a great question, one I get a lot
because I deal with a lot ofentrepreneurs and business
owners.
So I'm glad you bought it upright off in the back because
it's important to start with.
And, yes, things can really getcommingled, especially in the
entrepreneur world, because ourpersonal funds, our business
(07:00):
funds, can often be hard todistinguish.
This is where I'd say it'simportant to have a really good
accountant from day one.
So, before you even actuallyofficially start your business,
talk to your accountant to saythis is what I'm thinking about
doing.
How should I properly structurethat?
(07:22):
In some cases you may want toeven engage a lawyer, definitely
if you're incorporating, butagain, the accountant will be
able to help outline that.
And that's where you want yourprofessional power to come
together, because youraccountant should be talking to
your financial planner, whoshould be talking to your lawyer
(07:45):
or whatever professionals youhave engaged, depending on your
type of business, with yourpermission, obviously and ensure
that everything is set up fromday one, or set up properly.
And, most importantly, where I'mgoing with this is that for all
of your business income andbusiness Expenses, you'll likely
(08:08):
want to have separate accountsfor that.
So a business banking account,a business credit cards if
you're accepting onlineTransactions, a business account
for that, either PayPal, stripeor Whatever system you're using
, and then for all your personalstuff, keeping that separate.
(08:29):
And the reason I suggest thatis because I know, in Canada, if
we were to be audited, if we'vegot all of that commingles,
well, guess what?
The CRA, canada revenue agency,is now going to go through
everything.
So take a look at all of yourpersonal and business stuff to
(08:50):
try to figure out what'sbusiness, whereas if you keep
everything separate, you canonly hand over your business
Items if that's what's beingaudited, and then they're not
digging through all of yourpersonal life too.
So it makes your life easier,as well as theirs.
Speaker 2 (09:09):
I Haven't even thought about that aspect of it,
so that's really good to know.
I guess the CRA is is yourversion of our IRS.
Yes exactly everyone's favoritegovernment agency, I'm sure,
regardless of where we are.
So thank you for that advicenow, with you being a financial
(09:32):
planner, and you had listed awhole host of Areas that you're
able to help your clients with.
What are just some of thebroader things that you think
right off the bat?
Individuals just need to beaware of if they are just
starting this journey ofThinking about financial
(09:53):
planning.
Just what's your advice forthem?
What are maybe some questionsthey may need to ask?
You know, if they find a localfinancial planner, how can we
help them get started on thisjourney as effectively as
possible?
Speaker 1 (10:08):
Great question.
So One thing I'd recommend isthat whoever you're dealing with
whether it be an independentadvisor, planner, broker,
somebody at a bank or anotherfinancial professional Ask a lot
of questions about do they havea designation, like myself,
certified financial planner?
(10:28):
What licenses do they have?
What are they License to adviseyou on?
How are they compensated?
And the reason you want to askthese questions is to get an
idea of are they limited interms of the advice that they
can offer and or the productsthat they can offer?
You'll want to understandcompensation to try to determine
(10:52):
Do they really have your bestinterest at heart or are they
perhaps maybe trying to pushsome products on you to get
better, better compensation,even though you don't really
need them?
So those are the questions tobe asking the professionals that
you're dealing with.
And then the question youshould be asking yourself is
(11:14):
Really getting a betterunderstanding of your cash flow,
and what I mean by that is weall tend to understand how much
money we make, especiallyCorporate people with a
corporate job.
If I ask them how much they make, they know what their annual
salary is, at least before tax.
Where most people don't have agood Understanding of is the
(11:38):
other side of that, theirexpenses.
So where and how are theyspending their money?
And it's always the firstexercise I take any new client
or prospect through, becausethere's it's usually an
eye-opening exercise and there'susually a few aha moments where
people realize or Come tounderstand how much money
(12:01):
they're spending, where they'respending it, and they didn't
even realize it.
And a lot of that just has todo with today's world and
especially the retail world, andhow easy they've made it for us
to To spend money.
And I use the example ofStarbucks all the time.
They have a great mobile appTap, tap, tap.
(12:24):
All your funds are low.
Auto reload, sure, until yousee that on a credit card
statement or in your Checkingaccount, your bank account.
Speaker 2 (12:33):
Oh, Multiple times a week.
Speaker 1 (12:38):
Load or auto reload a little more than I thought last
.
Right, that makes sense interms of what questions to be
asking the people you're talkingto and then what questions to
ask yourself.
Speaker 2 (12:52):
It's so incredibly important.
I will say, you know, I wasalways really bad about that.
You know, just an understandingof my own Budget.
You know what's coming in,what's going out, and I'm sure
most people, like you said, arelike this.
They, just until they theyactually sit down and look at it
, you know, open up an Excelspreadsheet and start recording
(13:14):
all of that stuff.
And, and I've noticed that mybank you know I do my online
banking they actually are ableto provide that information For
me.
You know what, every month,I'll go in and I'll just kind of
look at okay, how many werehome expenses?
You know how much was were myhome expenses?
(13:34):
How much did I spend in gas?
You know whatever, and that'sreally a useful tool.
It is eye-opening and I foundthat I was using the Amazon link
, the Amazon app, a little toomuch so, and I had way too many
(13:56):
subscriptions, so you name itNetflix, hulu, spotify, I mean
the whole thing.
So that really helped merealize where I needed to
actually tighten up.
Speaker 1 (14:09):
So incredibly helpful and do you their Jen.
That's why I take everybodythrough that exercise.
For starters, because those areall the aha moments that people
come across or they realizethey're spending like maybe
they've got the jet gymmembership, which is pay as you
don't go Because we're not usingit, or a yoga membership, or
(14:32):
really old days and magazine.
Right, that's right If peoplestill have that, if they haven't
gone digital.
But yeah, oftentimes we'llforget about things and stuff
will just renew, and especiallyin today's digital environment,
we might forget about some ofthe things we pay for if we're
no longer using them.
Speaker 2 (14:53):
But we forgot to cancel them you know, and and
that makes me think of thedifferences and how challenging
it is when You're someone who'ssingle Like, it's really easy.
For me being, you know, freshlydivorced I'm quickly finding
out it's much easier for me tobalance the checkbook and keep a
(15:14):
Handle on the finances versuswhen I was married.
So do you speak with a lot ofcouples and Try to give them
some guidance on how they canget on the same page Regarding
their budget and what kind ofadvice do you give them?
Because I know this is one ofthe most Argued topics in any
(15:37):
relationship.
It's gonna be the finances andhow much money is being spent.
You know what's some advicethat you have for couples who
are, you know, going down thisjourney.
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Speaker 1 (16:14):
That's a great point, jen, and unfortunately, the
financial discussion Can eithermake a relationship or, in
severe cases, break it, and thebreak it is usually because
people aren't having thediscussion and or just aren't
being honest.
Hmm, yes, with all of mycouples, regardless of if
(16:35):
they're dating or livingtogether or married it doesn't
matter if they are a couple thenI'm having that discussion with
them and Just encouraging thatthey be open and honest with
each other about theirrelationship with money, because
we're all different and there'snothing wrong with that.
(16:56):
But it's important for peopleto understand.
If One of them is a great saver, has a great credit score, no
debt, and the other one has nota penny to their name, a really
low credit score, just tons andtons of debt, because they're
(17:18):
spending like they're amillionaire but not making that
much, then that's gonna be aproblem in the relationship.
Quite often, married couples Isee where, in some instances,
they pool their money together,have joint accounts.
In other Instances they havetheir separate accounts because
it's my money, I'm working forit, so it's mine.
(17:40):
Again, there's no right orwrong answer, but it's just
understand how are you gonna paythe bills, who's paying for
what?
And yeah, you can still havesome fun money, and I always
encourage that, that you want tobe saving to have some fun too,
especially while we're aliveand can enjoy it.
(18:01):
It's important to reallyunderstand our behavior with
money, what we think of it, howwe handle it, and the more open
and honest couples are a betthat, the better.
It should help at least thatpart of the relationship?
Speaker 2 (18:17):
Oh yeah, absolutely, and that is something that you
have to be able to haveconversations about, open and
honest conversations, and so ifone person in the relationship
is really hesitant to share thatinformation, that's a big red
flag right there.
(18:38):
So that's a big conversationthat needs to be had.
You had mentioned relationshipwith money.
Since you have become soknowledgeable as a financial
planner, and I'm sure this hashad a huge impact on how you
view money and your relationshipwith money, what are some of
(19:01):
the lessons that you havelearned over the time that you
have been actively engaged as afinancial planner?
Because you've had to gothrough all of this training and
these certifications, and soI'm sure that you probably have
seen your relationship changewith the money that you have.
(19:24):
Is that right?
Speaker 1 (19:27):
Oh, yeah, for sure, and maybe not so much changed,
but I've learned more, betterunderstand why I started doing
some of the things I did at ayoung age and I can't think my
parents enough for getting mestarted, so I do have to lead
with that where I had paperroots when I was younger in the
(19:49):
neighborhood.
So they made us put away somemoney, save it right from our
very first job.
As soon as we started earning alittle income.
They would make us save some ofthat and then obviously we
could spend some of that as well.
But since becoming even moreinvolved in the industry and
(20:09):
learning, let's say some of themost important things for me are
in like this is somethingeverybody in the industry talks
about, but pay yourself first,and what I mean by that is every
Friday I've got moneyautomatically coming out of my
accounts into my RSP retirementsavings plan, which is similar
(20:35):
to 401k in the US, as well as aTFSA or tax free savings account
.
And the reason I do that isbecause it's gone out of my bank
account.
I don't see it.
If I don't see it, I'm notgoing to spend it, because I
don't buy anything Well one ifit's not on sale or I can't find
(20:58):
a really good deal.
And secondly, I don't buy it ifI don't have the money for it.
Speaker 2 (21:02):
So it's say, those are yeah, those.
Speaker 1 (21:05):
I guess my three key lessons learned is pay myself
first.
So get that money into thesavings accounts so that it's
growing, it's building.
The reason I do it weekly is sothat I'm hitting the market 52
different points over the courseof the year, so I'm catching
(21:27):
different highs and lows.
That money's in there growingon the good days, not so well on
the bad days, but it's in there.
It's compounding, it's workingharder.
For me, that will do a lotbetter than just one lump sum
contribution over the course ofthe year.
(21:47):
And then by not buying stuff ifI don't have money for it, I'm
not taking on any unnecessary orbad debt.
And then, obviously, the deals.
That's just something I'vebecome and something that my mom
and friends all joke about isthat I always seem to either
(22:08):
have a credit card that gets mea good deal or find a promo code
online or a Rakuten withcashback, and they're like team.
I don't know how you do it, butyou know all the deals.
How do I get this for a betterprice?
Speaker 2 (22:23):
Oh, yeah, I love a good coupon code.
That's one of my favoritethings.
Yeah, sign up for all thebirthday stuff, get your
discounts and all of thosethings I highly recommend.
And for us in the United Statessee, I'm a veteran there are
all kinds of awesome veteransdiscounts out there, so I always
(22:45):
ask wherever I go, do you offera veteran's discount?
And you'd be surprised at howmany places actually have that,
and so I think that's a piece ofadvice I would share with our
listeners as well.
If you are a veteran, ask thequestion, don't be embarrassed
by it.
Save your money.
If it's like 10%, hey, that's10% that can go towards
(23:07):
something else.
You did not have to spend thatmoney on that one item.
I think that's a fantasticthing to be able to do.
You had mentioned your parentswere really good about teaching
you to save your money.
How early do you think parentsshould begin having these types
of conversations with their kidsabout saving and spending and
(23:31):
all of these things?
Speaker 1 (23:33):
Yeah, that's a great question and one that I always
get from parents and, honestly,the sooner you start the better.
So I'd say probably seven oreight.
When, like I look at my niecesand nephews, now they're 10,
eight and then soon to be six,and obviously the 10 year old
(23:58):
gets money.
Now he understands what he cando with that.
My niece, who is eight, she'ssaving all her money.
She knows how much money shehas and she knows what she needs
to buy her next toy or treat orwhatever she's got.
So it's great to see herunderstanding the value of money
(24:19):
and how much she's saved up andwhat more she needs.
And then my little nephew,who's five.
He's still a little too young,so I'd say probably seven or
eight, or as soon as you noticeyour child's understanding the
concept of money and you canstart having those discussions
(24:42):
with them.
We had to do chores around thehouse to earn an allowance.
The more chores that we did,the more money we could earn.
So I think that's a great wayto help teach children the value
of money and that you have towork to earn it.
(25:04):
In most cases it's not justgoing to fall into your lap and
you're eventually probably goingto have to get an education and
a job and work for it.
Speaker 2 (25:17):
That's right.
Most of us do not have thatgolden parachute that we're
going to be able to rely on.
You know when times get tough.
So having those lessons learnedat a young age, yeah, that's a
powerful gift that any parentcan give their child.
I think one of the challengesin that is that so many parents
(25:39):
out there were not.
They didn't have that advantagewhen they were growing up.
And so what are some of the morecommon, I guess, mistakes that
you see people make over andover again?
That just seems to be, you know, like they're just bad habits
maybe, or just things that youdon't know, because they're
(26:02):
things that you've learned fromyour parents and it's just
generationally.
It's handed down over and overagain.
You know, I just I know how Igrew up with my parents.
Money was not a conversationthat we ever had.
Balancing a checkbook, savingmoney, like none of that was
ever a conversation.
(26:23):
So I can tell you it's been avery difficult journey.
You know, as a young adult andeven to today, you know, just
having conversations like this,I always learned, you know,
something new.
So, from your experience, whatdo you think are some of the
most common, I guess mistakespeople make in general with
their money?
Speaker 1 (26:45):
The biggest one is just spending money you don't
have Thinking, oh, I'll buy that, I'll put that on credit or my
line of credit, I'll be able topay that down in a month or a
couple of months.
And guess what?
If you do that for one thing,you're probably going to do it
(27:05):
for another thing or a fewthings.
And then all of a sudden thosebills start piling up.
And then guess what?
Something happens that wedidn't plan.
The car breaks down, somethinghappens to the condor or the
house.
All of a sudden.
Now we have another unplannedexpense that.
So how are we going to pay forthat?
(27:27):
That is obviously the biggestmistake that I see people make
is buying things, andunfortunately it's usually
larger purchases where theydon't have the money and really
they likely could hold off a bitlonger, take a few months to
save up for it, likely get abetter deal because they waited
(27:50):
a few months and now they canget a better price on it and not
take on any debt to buy it inthe end.
Speaker 2 (27:59):
Yeah, I think instant gratification is our enemy and
we have.
That is one really bad habit.
I think that we have learned,especially today, to be able to
just like hold off on thatdecision.
Do you absolutely have to havethat right now?
Probably not.
Maybe take a couple of days tothink this over.
(28:21):
You know is this is money thatyou're going to spend and you
know is it necessary for you tospend this money or use your
credit card like you were saying.
I mean, if you're, if you'rewilling to do it for one thing,
you're probably going to do itfor a few things.
And next thing, you know yourdebt is going from three digits
to four digits to five digitsand you know, on up, and that's
(28:44):
not a good feeling to have atall.
Speaker 1 (28:48):
Not at all.
But again, I blame theretailers and technology that.
I'm sure you notice that.
Well, in some cases, even ifyou just talk about something
with friends, then go on yourphone or laptop, all of a sudden
guess what?
All these ads start to appear.
I know, if I go on Amazon or awebsite and look for something
(29:11):
guess was going to fill my feedfor the next week or two and
some websites will even email me.
Oh, jamie, we noticed you werechecking this out.
Did you forget to check out?
Or, oh, this is a hot item.
They've only got limited stockleft.
So they know you're interested,or they see that you at least
checked it out.
(29:31):
So now they're trying topressure you because if I didn't
buy it, oh well, maybe if wetell them we're low on stock,
you'll think it's a hot item.
And that's just the littlequestion that he needs to come
back at it through his cart andcheck out.
Speaker 2 (29:48):
Yeah, then they have their little claws in you.
That's actually probably areally good part of the
conversation to have with thekids as well, because they're on
social media.
I know not too long ago I readour Surgeon General here in the
United States had issued anadvisory I think it was back in
May in that teenagers age from13 to 19, like 95% of them, are
(30:15):
on social media, and the vastmajority of those who are on
social media said that they'repretty much on social media
constantly.
And so the barrage ofadvertisements and what are
their peers talking about, thepurchasing that's going on.
How are they spending theirmoney?
That's a lot of pressure aswell, and I didn't even think
(30:38):
about that until you justmentioned that.
Now, with our experiences onsocial media, and that's
probably a conversation that alot of parents don't think to
have with their kids whenthey're thinking about the
financial conversation, ifthey're having any conversations
at all.
Speaker 1 (30:55):
Yeah, no, exactly, and I'm not on TikTok, but I
know that a lot of influencersare and that age group is very
impressionable.
So, depending on what they see,they might want to buy it or
think that they need to have it,and if one of their favorite
(31:16):
celebrities is endorsing it orwearing it, it's like oh mommy,
like I must have this, or on theflip side of that, your other
point I know on Instagram as I'mscrolling through there every
third or fourth Like a real or a?
Yeah, or a story, or yeah.
Speaker 2 (31:38):
Yeah, those things.
Speaker 1 (31:40):
It's sponsored.
Speaker 2 (31:42):
Yeah, okay.
Speaker 1 (31:45):
Stop showing me so much sponsored material.
Show me actual material from myfriends.
That's why I'm on here and I'vejust noticed this because I'm
like who is this?
I don't have the and I scrollback down a little and I'll
notice at the header sponsored.
So just keep scrolling Becausesame and like.
(32:07):
You click on it, then there'slinks to go and buy and again
they've made it really easy forus to fall into a trap and buy
stuff without even realizing himwith Amazon.
They've even got the buy nowbutton, so you don't even have
to add it to your shopping cart.
Speaker 2 (32:25):
That's right, really easy.
You're so right about the wholesponsoring stuff on social
media.
I noticed recently on Facebookjust within, I'm wanting to say,
within the past month, I havenoticed my feed has changed
dramatically.
I don't know what's going onwith the algorithms.
I don't have any idea what'sgoing on behind the scenes, but
(32:49):
I do notice that as I'mscrolling I'm doing the whole
just scroll, scroll, scroll I'mseeing more sponsored stuff and
then more things that from Idon't know if they're pages or
like, I don't even follow thesepages, but I'm seeing more of
that stuff than the stuff for myfriends anymore.
(33:09):
So, yeah, they're just kind oflike slowly feeding it to us,
and so what an important pointto make as far as the
conversations you're having withyour kids and, I guess, your
significant other whoever you'resharing that budget with making
sure that they're on top ofthings as well.
(33:30):
One thing that you and I havespoken about in the past that is
closely related to financialplanning is health and being
prepared, because you never knowand earlier you just said you
never know something couldhappen.
Something could happen withyour house.
You could lose your job,anything could happen.
(33:52):
But also something else thatcould happen is you could get
really, really sick at somepoint and God forbid, if you get
so sick you can't work anymore.
Whatever happens, you reallywant to put yourself in a
position that everything is notgoing to fall apart at that
point.
You don't want to lose yourhome or go so far into debt that
(34:16):
you begin just spiraling out ofcontrol.
So what are some advice do youhave for people who they may not
be sick now, but hey, you and Iboth know it just happens and
you've been doing it for it.
It's a prize.
(34:37):
So what are some things thatyou think the average person
really needs to think about whenit comes to those kinds of
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Speaker 1 (35:39):
Yeah, no, this is a great topic and, funny enough,
it's pretty much what our lastchat covered.
So again, check it out, if youhaven't already.
Speaker 2 (35:51):
That's right.
Speaker 1 (35:52):
But yeah, it's a question that I always ask
everybody.
I do a lot of posting about iton social media as well, and
I'll ask people what is yourbiggest asset?
And if they own real estate,own condo.
It's always that If they don'town real estate, then it might
(36:13):
be a car.
If they have a car or whatever,their biggest oh, my laptop,
but I might, no, no, no, and 95%of people get it wrong or give
me one of those answers.
But our biggest asset is ourhealth and our ability to work
(36:33):
in our new paycheck or an income, and as soon as that becomes
impacted well, guess what?
Our biggest asset couldpotentially turn into our
biggest liability.
That's right.
So, yeah, there's really twoways we can address that, jen.
One is understanding what yourdifferent insurance options are,
(36:55):
and they should be slightlysimilar again in both countries.
Maybe slightly different names,but here in Canada, the main
types of insurance we have arelife insurance, which pays out
to your beneficiaries when youpass away, but then there's two
(37:15):
forms of insurance that pay youa benefit while you're alive.
The first is critical illness,which pays you a lump sum of
money, tax-free, should you bediagnosed with a critical
illness, the top three beingheart attacks, stroke, cancer
(37:35):
and those aren't life sentencesanymore.
As you and I both know, we wereboth diagnosed with cancer.
Look at us.
We're here talking away, that'sright.
I was diagnosed with cancer at44.
Fortunately I had a criticalillness policy, so I had my
(37:56):
doctors complete the forms,submitted it to the insurance
company.
I had a check in the mailwithin eight business days.
It's the fastest claim I'veever settled.
I didn't get any preferentialtreatment because I was the sort
of financial planner on thepolicy.
Let's just have quick.
Some policies can settle.
(38:17):
And then the third option isdisability and that pays you a
monthly benefit if you becomeinjured and can't work.
So you can either cover off orprotect your income and your
biggest asset by taking outinsurance and or by building up
(38:40):
an emergency funds.
And I recommend typically atleast three to six months of
expenses at a minimum.
Some clients take it further.
They want to go six, nine, 12months.
Again, no right or wrong answer.
It's what is your personalfeeling?
Yeah, If you lost your job orlost your ability to earn an
(39:03):
income, how long would you wantto know your expenses are
covered for?
You don't have to worry aboutanything to allow you to either
seek treatment, get better orjust find new employment.
Speaker 2 (39:18):
Yeah, that makes such a huge difference.
I had the critical illnessinsurance as well.
I will tell you, it just is aload off.
It's like one less thing thatyou have to worry about.
You have so many other thingsgoing on in your life that you
have to focus on.
That's just one less thing thatyou truly you don't want to
(39:38):
have to stress out over thosethings.
One thing I did want tohighlight, because earlier you
had mentioned that you payyourself first For anybody who.
I hear it all the time.
Well, I'm just paycheck topaycheck and I really don't have
the ability to save anything,and it truly does help when you
(40:02):
have that little bit of moneytaken out of your paycheck
automatically before you evenget it.
You're not going to see it, andso I can't stress enough that's
.
One thing that I did this yearis I set up actual several
savings accounts, and they'rejust different pockets One's for
(40:23):
vacation, one is for the rainyday fund.
I don't see that money at allnow before I get paid, and so
I'm not missing it and I'm notable to spend it on Amazon or
Starbucks or anywhere else thatI typically spend money.
So all of this is just kind ofit comes together full circle,
(40:47):
and I just think it's soimportant to the listeners to
hear your message of what you'resaying.
You have to save your money.
You have no idea how muchyou're going to appreciate.
You're going to thank yourselffor doing that get the critical
health insurance and have all ofthose savings accounts at the
(41:08):
same time.
If I can get the 12 monthsavings in there, oh heck, yeah,
I'm going to feel really good.
Speaker 1 (41:16):
I'm glad you shared your example, Jim, because that
is exactly what you should bedoing.
So in the old days, maybe whatour grandparents would have done
is have their different cookiejars or mason jars or what's not
and put money in those.
Now that we're in the digitalworld, yeah, we can create
different accounts for each goal.
(41:36):
So you can have your retirementaccount, your vacation account,
your emergency fund, rainy dayfund, whatever else and then any
other goals are big your housefund, your vehicle fund, your
whatever kids education, kidswedding so you can have multiple
(41:56):
accounts that you'recontributing to, multiple goals
that you're working towards, asopposed to just putting
everything into one big bucketand then constantly dipping in.
Well, then, you just kind ofdefeated the purpose of putting
the money in there.
Speaker 2 (42:14):
That's right, yeah, and now that I've gotten used to
having that money taken outautomatically out of my paycheck
and I don't even see it, I amamazed at how quickly that money
adds up, because you just don'teven think about it until
sometimes.
I'll be like, well, how much isin there?
And then I'll go look and I'mlike, okay, I'll be able to have
(42:34):
a pretty nice vacation comingup soon.
Oh, yay, yay, for me it feelsgood.
It really is a nice feeling toknow that you have that little
pot of money there that you canaccess when you need to access
for it.
But I guess we should alsomention that don't access it
(42:55):
unless it's for what it wasintended for, right.
Speaker 1 (42:59):
Exactly.
Ideally, that's what we want.
That's why you need thatemergency or rainy day bucket.
So for all the unplanned stuff.
But again, the unplanned stuffshould be an appliance breaking
down, a car breaking down, notoops, I had another late night
on Amazon last night and lookwhat arrived at the door today.
(43:20):
That can be controlled.
Speaker 2 (43:23):
Yeah, yeah.
What advice do you have forindividuals who might have a
difficult time finding insurance?
I'll give you a personalexample.
Being a cancer survivor, one ofmy biggest concerns was life
insurance for my two children.
(43:46):
Now I mean, they're adults, butI don't want to leave them with
nothing and I want whatever theestate, whatever settles, I
want them to be able to havesomething.
But one of the things that Iwas told when I was shopping
around for life insurance isthat I can get life insurance.
(44:06):
I mean, most of us will passaway from an accident, I was
told.
So that's the type of lifeinsurance I could get.
But because I am recently outof treatment, they told me I had
to wait two years before Icould get life insurance to
cover me in case, like if I hada heart attack or if I died from
(44:29):
natural causes.
So what kind of advice and Iknow I'm not the only one who
has come across roadblocks andgetting different types of
insurance so what kind of advicecould you give our listeners
who are encountering the samethings?
Speaker 1 (44:43):
Yeah, and that's another great question I want to
get off and, jen, I am theperfect example.
About 46 right now.
I'm an unsurable because I'mstill fighting my cancer fight,
and it's usually people that area lot older who come to me with
(45:04):
this question or concern, butagain, it could happen at any
age, regardless of whether ornot you plan for it.
And I know here in Canada andI've got to believe in that US
as well that there are certaininsurance companies who provide
coverage with no medicalunderwriting.
What I mean by that is that youdon't have to go through the
(45:30):
usual blood tests, urine tests,vitals and or the insurance
company connecting with yourdoctor to get lots of details.
You'll still have to completean application.
You want to be weary of thecompanies, though, and what I
mean by that is the ones who sayno application, no underwriting
(45:53):
, guaranteed acceptance.
If it sounds too good to betrue, it probably is too good to
be true.
Speaker 2 (46:00):
Yeah.
Speaker 1 (46:01):
I've recently found one company here in Canada and I
just got contracted with themlast week.
They do provide this type ofinsurance both life insurance
and critical illness with nomedical underwriting needed.
However, they still dounderwriting at time of
application.
(46:21):
So what I mean by that is, Ithink their applications about
26 questions, if I recallcorrectly.
So they're still gonna gothrough how you answer those
questions, evaluate the risk andNow granted, since you're not
providing any medicalinformation, the premiums are
(46:42):
obviously going to be higher,right?
However, you can still getcoverage.
So both for life as well ascritical illness I think life is
currently up into about amillion, critical illness to 150
.
Critical illness should bemoving to 250 shortly, by the
end of the year and life to 2million, right?
(47:03):
So, again, those are goodcoverage amounts and that's what
I wasn't seeing with a lot ofthis type of product being
advertised.
Yeah, they're too good to betrue, or you were looking to
maybe get 25 or 50,000.
Now, in some instances that'sgood for the funeral expenses,
final expenses, better thanhaving nothing, but in other
(47:29):
Instances people need and want alot more.
So it was nice to find thiscompany that does do some
underwriting and can actuallyensure Good amounts of coverage.
Speaker 2 (47:42):
Yeah, yeah, so good it.
So keep shopping around, keeplooking.
They do exist.
Just be mindful, and yeah lookyeah look at the small print.
Speaker 1 (47:54):
What you'll want to look for is no medical
underwriting required, mm-hmm.
But then ask that is medical or, sorry, is Underwriting done at
time of application?
Okay so I realize that soundsconfusing, but underwriting at
time of application means thatthe insurance company is taking
(48:14):
a look and Validating how muchrisk are they taking on,
determining how much premium youshould pay and Then, by having
that done at time of application, should anything go wrong,
either you pass away, in thecase of life insurance, or
you're diagnosed with a criticalillness.
In the case of critical Illness, then those policies will pay
(48:36):
out.
Mm-hmm.
That underwriting at time ofapplication doesn't happen, then
it happens when a claim is made, and I don't like that because
Too much uncertainty right.
They can look back oh, we didn'trealize that you had cancer or
(48:57):
that you were still dealing withtreatment.
There's too many variableswhere they could say, oh, we
didn't know or we would haveasked For more information,
you've got a higher chance ofyour claim being denied and then
just all your premiums comeback to you.
Speaker 2 (49:15):
Wow, that's so important.
That's some good stuff thatthat's really important to know.
Jamie, we have already beentalking for like 50 minutes now.
I mean Almost an hour.
That's always happened such afantastic conversation.
Just so much good informationthat I know you know people need
(49:37):
to hear and they need to beable to access.
You know this stuff.
I want to go ahead and wrap upthe conversation, since we are,
you know, coming up on an hour.
But is is there anythingRemaining that you wanted to
make sure we were able to touchon?
But before we wrap up thisepisode, yeah, two other was
(49:58):
three key things.
Speaker 1 (49:59):
Jen Mm-hmm, why make sure you have a will and that
it's a date, yeah, depending onwho you named as your executor.
Ensure that they know where tofind that will.
Second would be to, in additionto the will, ensure that
Beneficiaries on your insurancepolicies and investments are
(50:22):
updated.
Don't have it set to a state.
Have actual people named sothat the money goes to them, not
your estate, and then becomesubject to probate fees.
And the third piece of adviceis when things do change in your
life, either for better or forworse, reach out to your
financial planner Is that'sgonna have an impact on your
(50:45):
plan.
They need to know.
Don't wait till your nextmeeting, especially if it's
significant.
Reach out to them.
Let them know of the change sothat they can go in, tweak your
plan.
And now you know what you needto do to stay on track to
achieve your goals.
Speaker 2 (51:01):
Hmm, valuable, very valuable, to know all of that
stuff.
Thank you so much for takingthis time, come back and
visiting again and having anytime round two of our
conversation.
You know you and I could couldtalk for another five hours, I'm
sure, about about anything andeverything under the Sun.
(51:22):
I'm just so appreciative thatyou agreed to come back for
round two and talk about thisreally important topic.
If there's anybody who wants tofollow up with you, how do they
get in touch with you?
Speaker 1 (51:33):
anybody who's either listening to us.
You can check the show notesfor the spelling of my name and
the company name.
If you're watching video, youcan see it on the screen, but
you can Google Jamie Madigan, jA M, ie, m A, di G A N.
Connect with me on LinkedInthere.
(51:53):
Or you can Google the companyname, beacon point B, e, a, c O
N P O I N T, or visit beaconpoint dot ca To see my face, the
business partners and you canbook time on my calendar through
the website.
Speaker 2 (52:11):
Wonderful.
All right, everyone check Jamieout.
Go to the website stock full ofReally good, valuable advice.
All right, one last time.
Thanks again, jamie, and I knowI will see you again real soon.
Speaker 1 (52:28):
Thanks Jen.
Speaker 2 (52:30):
All right, everyone, I hope you found this episode to
be valuable.
I know I did, so.
I'm gonna go back and start,you know, just looking at
everything tonight, so I canmake sure that I'm doing what
I'm supposed to be doing as faras my finances go, and I know
you're gonna do the same.
All right, I hope everyone hasa great, wonderful rest of your
(52:50):
day and We'll see you next time.
All right, bye.
Thanks for listening.
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