The Secrets to Building Wealth: An Encore Presentation of EP 52
This week, I am doing an encore presentation of Episode 52: The Secrets to Building Wealth.
In this episode, I am giving you the secrets to building wealth!!!...... What are they you might be wondering, well you will have to listen to find out.
About the Host:
I am a financial professional, who specializes in helping people to achieve their financial goals. My absolute passion is creating new possibilities in people’s lives by showing them the ropes when it comes to money. I’m here to spark healthy and positive conversations around wealth and investment and create a world where nobody is limited by their financial situation. I believe this begins with education and shifting our relationships with money. I love getting to witness people achieving their most ambitious goals and creating new possibilities for themselves and their families!
I love your questions! Reach out to me anytime at:
Email: kalee.boisvert@raymondjames.ca
Instagram: https://www.instagram.com/kaleeboisvert/
Twitter: https://twitter.com/wealthandwelln2
https://www.facebook.com/kaleeboisvertwealthandwellness/
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Transcript
Welcome to the wealth and wellness podcast with
Kalee Boisvert:me Kaylie Bob air. I specialize in helping people to achieve
Kalee Boisvert:their financial goals. I have a love for all things numbers, and
Kalee Boisvert:I'm passionate about financial literacy. My goal is to spark
Kalee Boisvert:healthy and positive conversations around wealth and
Kalee Boisvert:investment and create a world where nobody is limited by their
Kalee Boisvert:financial situation. But wealth is just one piece of the
Kalee Boisvert:equation of living our best lives. So join me as we explore
Kalee Boisvert:both wealth and wellness topics. From your net worth to your self
Kalee Boisvert:worth. Get ready to take confident action. Hello, this is
Kalee Boisvert:Kaylee. And thank you so much for listening to this week's
Kalee Boisvert:episode of the wealth and wellness podcast. Today's topic
Kalee Boisvert:is very much a wealth focused topic. And I'm calling it the
Kalee Boisvert:secrets to building wealth. So I'm really glad that you're
Kalee Boisvert:tuning into this episode. I think it's very important,
Kalee Boisvert:obviously, if I'm going to reveal some secrets here. So but
Kalee Boisvert:you're welcome to tell other people about it. It's not that
Kalee Boisvert:secretive. So the more the merrier when it comes to
Kalee Boisvert:listening to this week's episode. So the secrets to
Kalee Boisvert:building wealth, let's get right into it. So first one that I
Kalee Boisvert:want to talk about is make saving money and investing a
Kalee Boisvert:habit. So it's so important that it becomes second nature and a
Kalee Boisvert:habit in your life, this investing, saving money actually
Kalee Boisvert:putting away money for you. So just getting into the routine of
Kalee Boisvert:having this ongoing saving and investing happening is so key.
Kalee Boisvert:And I want to stress that you want to focus less on the
Kalee Boisvert:amount, and just more on the taking action part of it. So
Kalee Boisvert:because if your focus is on the amount, you might find yourself
Kalee Boisvert:putting it off and making excuses. So you might say, well,
Kalee Boisvert:I'll get this started. And I'll start doing this whole savings
Kalee Boisvert:and investing thing that Kaylee's talking about, when I
Kalee Boisvert:have more money, or when I get that raise, or, you know,
Kalee Boisvert:there's so many things that we can come up with, right. But the
Kalee Boisvert:key is to start now doing what you can. Anything you can if
Kalee Boisvert:it's putting away $10 a month, because that's what's extra
Kalee Boisvert:right now. And that's what's manageable and feasible than
Kalee Boisvert:doing that. Because really, again, we're just getting into
Kalee Boisvert:the taking action, and getting into the routine and creating a
Kalee Boisvert:habit out of it. So when those things do happen, maybe it's
Kalee Boisvert:okay, you start with a certain amount, but you do get that
Kalee Boisvert:raise or you do you know, get a new job and start to make more a
Kalee Boisvert:higher income, then maybe that is the time that you can adjust
Kalee Boisvert:and increase but really the key. And you know that secret is
Kalee Boisvert:making it a habit, just having it happen and getting
Kalee Boisvert:comfortable with that ongoing investing ongoing saving. Having
Kalee Boisvert:that automatic reoccurrence of savings always happening is so
Kalee Boisvert:important. And specifically what that means is just base it on
Kalee Boisvert:when you get paid. So if you're getting paid bi weekly, bi
Kalee Boisvert:monthly, weekly, one time per month, or maybe that's just when
Kalee Boisvert:you want to be putting the money away. But as a minimum I'm
Kalee Boisvert:suggesting when it comes to savings and investing the
Kalee Boisvert:frequency be at least monthly. So again, you can pick any sort
Kalee Boisvert:of recurrence, it can be as often as weekly, but as a
Kalee Boisvert:minimum if you can be putting away money at least monthly. And
Kalee Boisvert:always ensure you're directing a portion of that to your long
Kalee Boisvert:term savings bucket. So that financial freedom, retirement
Kalee Boisvert:whatever you want to call it, but having a portion always
Kalee Boisvert:being directed to that amount because it's it's so key and so
Kalee Boisvert:vital. Building that long term savings amount and and investing
Kalee Boisvert:accordingly. Because, you know, when it comes to financial
Kalee Boisvert:freedom are retirement, which just probably not enough if
Kalee Boisvert:you're relying on some of the you know, government payments
Kalee Boisvert:and things like that, if that's really what you're looking at as
Kalee Boisvert:your retirement income. My suggestion is, you know, make
Kalee Boisvert:sure supplementing it you're growing your own again, it's
Kalee Boisvert:that financial freedom, financial independence that you
Kalee Boisvert:feel confident in power that you have enough and ability to, you
Kalee Boisvert:know, retire even before those amounts kick in, perhaps if
Kalee Boisvert:that's your goal, right? So
Kalee Boisvert:making sure that that money that's being added on an ongoing
Kalee Boisvert:basis, this is key to making sure it's being invested. So
Kalee Boisvert:it's not just that, okay, I'm allocating, you know, this
Kalee Boisvert:percentage each month to my long term savings bucket and it's
Kalee Boisvert:going in on a monthly basis or BI a weekly basis or whatever
Kalee Boisvert:that looks like. And then it's just sitting there as cash,
Kalee Boisvert:because that's not going to get us, you know, building and
Kalee Boisvert:closer to the goal. So it is important that you are
Kalee Boisvert:investing. And when it comes to investing, there's so many
Kalee Boisvert:options out there. So you can invest according to your
Kalee Boisvert:timeframe still. So for that longer term investing, if you're
Kalee Boisvert:young, and you're putting away money for your financial freedom
Kalee Boisvert:goal, you can get very growth focused with that investment
Kalee Boisvert:money, or with those investments, sorry, and you can
Kalee Boisvert:aim for, you know, types of investments that might be a
Kalee Boisvert:little bit, you know, more volatile, but in return, you're
Kalee Boisvert:expecting a higher potential return from them. So, again, in
Kalee Boisvert:the world of investing, there's so much flexibility, there's so
Kalee Boisvert:much out there. So make sure that that money that's going to
Kalee Boisvert:these different buckets, maybe once your financial freedom
Kalee Boisvert:goal, maybe one saving up a down payment for a vacation property
Kalee Boisvert:that you always dreamed of making sure that the types of
Kalee Boisvert:investments for each of those goals is in line with the time
Kalee Boisvert:horizon for that goal. And, and sort of you know where your
Kalee Boisvert:expectations are, and when you need that money and how much you
Kalee Boisvert:need, make sure that the investment is aligned with that.
Kalee Boisvert:But again, key is that you are investing, it's not just sitting
Kalee Boisvert:there as cash, because you're gonna have to put away a lot
Kalee Boisvert:more money for that financial freedom goal, if it's all just
Kalee Boisvert:gonna be cash coming from you, right? We want investing to be
Kalee Boisvert:working for you growing, compounding, and it really takes
Kalee Boisvert:a lot of the you know, the the stress off you because it's
Kalee Boisvert:gonna help grow your money and build it. And you don't have to
Kalee Boisvert:put away that as much because of that. So it's key that you're
Kalee Boisvert:actually investing that money that you're getting the habit of
Kalee Boisvert:putting away lots of flexibility when it comes to investing. So
Kalee Boisvert:if you have your reservations, if you're not if you're more of
Kalee Boisvert:a risk adverse person, I'm telling you, there's something
Kalee Boisvert:out there for you, there's so many products, whether it's
Kalee Boisvert:individual stocks, mutual funds, ETFs, exchange traded funds,
Kalee Boisvert:there are so much out there that there is going to be something
Kalee Boisvert:that fits with you your goal, your timeframe. So don't get
Kalee Boisvert:scared of the idea of well investing, you know, it could be
Kalee Boisvert:too risky, or it's, I don't know not enough about it. Again,
Kalee Boisvert:those are excuses, there's something out there, there's
Kalee Boisvert:something that would work for you, there's something that is
Kalee Boisvert:likely lower risk, if that's what you're looking for. So
Kalee Boisvert:don't let those excuses turn you away from investing completely.
Kalee Boisvert:Mutual funds, I find are a great tool to utilize for ongoing
Kalee Boisvert:investing, because they can be purchased in fractional units.
Kalee Boisvert:So if we're getting into the nitty gritty of well, I'm
Kalee Boisvert:putting away, you know, $150 every paycheck, a mutual fund is
Kalee Boisvert:a great solution there because you're going to be investing
Kalee Boisvert:that full $150 Versus if it's a stock an individual stock
Kalee Boisvert:investment, for instance, and is trading at, you know, $92 a
Kalee Boisvert:share, well, then you can only buy one, right, you can't buy
Kalee Boisvert:one and a half when it comes to stock. So mutual funds are a
Kalee Boisvert:great tool to be getting that full full value of your invest
Kalee Boisvert:your amount put away invested. So again, just a side note or
Kalee Boisvert:something to consider. Again, though, there's so many options
Kalee Boisvert:out there, it doesn't have to be necessarily a mutual fund.
Kalee Boisvert:And this idea of making saving money and investing a habit, it
Kalee Boisvert:will check off so many boxes when it comes to personal
Kalee Boisvert:finances. Because if you read the books, if you read the
Kalee Boisvert:articles about investing and growing your finances, they're
Kalee Boisvert:you know, you're always hearing these themes of pay yourself
Kalee Boisvert:first. So you're doing that you're checking the box, you're
Kalee Boisvert:doing that by by making sure you're in this habit, not trying
Kalee Boisvert:to time the markets. Again, you're checking that box off,
Kalee Boisvert:too, because you're putting money in and investing it just
Kalee Boisvert:on an ongoing basis. Maybe it's weekly, maybe it's bi monthly,
Kalee Boisvert:but you're having it go into the markets at these different
Kalee Boisvert:times. So markets might be going up at the time markets might be
Kalee Boisvert:going down, you're averaging in, you're buying at those different
Kalee Boisvert:points, you're not trying to time, you're just getting
Kalee Boisvert:invested. And it's about you know, the the time in the
Kalee Boisvert:markets versus timing the markets again, it's something we
Kalee Boisvert:hear a lot of as well. And again, you're checking the box,
Kalee Boisvert:you're making sure that you're doing that as well, by just
Kalee Boisvert:having it as a routine, a habit. It's just going in on a constant
Kalee Boisvert:basis. You're not trying to find the best part to buy, you're not
Kalee Boisvert:waiting on the sidelines saying okay, I'm gonna wait for the
Kalee Boisvert:next crash. Because you don't necessarily know when that's
Kalee Boisvert:going to happen. And you could be waiting a long time or I
Kalee Boisvert:mean, you know, maybe it could happen as quick as next week.
Kalee Boisvert:But, you know, what you can be sure of is that if you're
Kalee Boisvert:investing in your business ongoing, you're going to get
Kalee Boisvert:some of the UPS, you're going to get some of the downs, you're
Kalee Boisvert:going to get some of the in between. So again, it's just
Kalee Boisvert:getting into the routine, having it be a habit. And then it's
Kalee Boisvert:essentially, it's on cruise control, right? It's just
Kalee Boisvert:happening, it's just ongoing, investing on an ongoing basis.
Kalee Boisvert:And you don't have to get too caught up in the days to the day
Kalee Boisvert:to day of the markets, because they're changing every day,
Kalee Boisvert:they're going up one day, they're going down one day. And
Kalee Boisvert:it's just the nature of, you know, investing and that sort of
Kalee Boisvert:world of investing. But if you just decide, Hey, I can't
Kalee Boisvert:control that, I'm going to focus on this habit, this routine I
Kalee Boisvert:have of putting money away and being diligent about that,
Kalee Boisvert:that's something you can do, and you can feel really good about
Kalee Boisvert:doing it. Because you are checking so many of the boxes,
Kalee Boisvert:you can read any articles and, and you know, books out there,
Kalee Boisvert:and they're all going to tell you to do that, right, you need
Kalee Boisvert:to be putting money away, you need to be getting invested. So
Kalee Boisvert:making it a habit, making it part of your routine, having on
Kalee Boisvert:cruise control, having it just happen automatically, if you can
Kalee Boisvert:have that setup, that's basically you know, the best
Kalee Boisvert:way, right, and then you don't even have to think about it. So
Kalee Boisvert:that's one of the keys to building wealth. Another one of
Kalee Boisvert:the keys I want to share is about keeping it simple. And
Kalee Boisvert:then really keeping it that way. So keep it simple, but then keep
Kalee Boisvert:it that way. So you might start out, keeping it simple, but I
Kalee Boisvert:find that people, you know, sometimes like to sort of get a
Kalee Boisvert:little bit more, you know, sort of starting to move things
Kalee Boisvert:around and make changes where it's again, let's if we start
Kalee Boisvert:out keeping it simple, let's just keep it that way. There's
Kalee Boisvert:so many options out there when it comes to investing your
Kalee Boisvert:money. And I would say there's perhaps too many options.
Kalee Boisvert:There's 1000s of individual stocks, mutual funds, ETFs,
Kalee Boisvert:exchange traded funds, that's what ETFs are. And there's an
Kalee Boisvert:array of alternative products. So you know, the list is
Kalee Boisvert:endless. And oftentimes, I do see people having that
Kalee Boisvert:willingness to start out keeping it simple. But then like I said,
Kalee Boisvert:it's just some time, you know, and it's almost like they start
Kalee Boisvert:to get bored, they're fidgety, they need a fidget toy. You
Kalee Boisvert:don't need to fidget with your investments, get a fidget toy,
Kalee Boisvert:my daughter loves them, they start to you start to try to
Kalee Boisvert:find the next best thing, looking for something different.
Kalee Boisvert:Feeling like a you know, you have to change or do something.
Kalee Boisvert:So sometimes if your investments are going well, it's almost like
Kalee Boisvert:we sabotage it ourselves and just go, well, I should probably
Kalee Boisvert:change it, I should probably make some changes, you know,
Kalee Boisvert:it's going well. And then it's not like we can just accept it,
Kalee Boisvert:it's like we have to get in there and start messing around.
Kalee Boisvert:So no, you don't need to do that. You can just truly keep it
Kalee Boisvert:simple. You don't have to jump at, you know, these great
Kalee Boisvert:investment opportunities that maybe you heard your colleague
Kalee Boisvert:or your neighbor talking about that. That could be the most
Kalee Boisvert:complicated thing in the world and have 50 pages of
Kalee Boisvert:disclaimers. And at the end of the day, really what we're
Kalee Boisvert:looking at the number is rate of return, it's really the only
Kalee Boisvert:number that matters. It doesn't matter how you go that get
Kalee Boisvert:there. It's just that number of well, what was your rate of
Kalee Boisvert:return? If you held one ETF, just simple, you know, you you
Kalee Boisvert:kept it simple, and you held one thing, one ETF, and again, ETF
Kalee Boisvert:is a basket. So it's there's a variety of investments within
Kalee Boisvert:it. But let's say that one holding had an 8% annual return.
Kalee Boisvert:But let's say your friend, you know, they're really into the
Kalee Boisvert:stock market, they have 50 different stocks, and they're
Kalee Boisvert:always researching and buying and selling and, you know, doing
Kalee Boisvert:a lot of sort of fidgeting, and you know, buying, selling
Kalee Boisvert:changing things up and they spend a lot of time and energy.
Kalee Boisvert:What matters though, at the end of the day is their rate of
Kalee Boisvert:return. So you know, it doesn't matter what's inside, it's what
Kalee Boisvert:you got as a as a return. So yours might look really simple.
Kalee Boisvert:It's just one line item and you received your 8% annual return
Kalee Boisvert:based on the numbers, where you started the year and where you
Kalee Boisvert:ended the year. And let's say they had a lot going on. And
Kalee Boisvert:there's, you know, a list of different investment holdings
Kalee Boisvert:they have they had some great ones. And then they had some
Kalee Boisvert:that went down. And at the end of the year, though, again,
Kalee Boisvert:their starting number and their finishing number they had an 8%
Kalee Boisvert:Return to or which path would you have rather taken the simple
Kalee Boisvert:one without one investment generating 8%.
Kalee Boisvert:Again, there's probably a variety of holdings within that.
Kalee Boisvert:So it's not maybe one stock holding but one diversified
Kalee Boisvert:investment holding or that complicated. time intensive 8%.
Kalee Boisvert:Obviously you want a simple one, you don't care. You know what's
Kalee Boisvert:inside, you just see that number. Hey, you started the
Kalee Boisvert:beginning of the year with this. This is the ending number. It's
Kalee Boisvert:an 8% return. You don't care how you got there. But you'd
Kalee Boisvert:obviously rather choose the simpler path and the one with
Kalee Boisvert:less of and you know, a time and energy in it as well. So I
Kalee Boisvert:cannot stress enough, more complicated does not translate
Kalee Boisvert:to greater returns or better investments, I think the reason
Kalee Boisvert:people sort of seek these out or go after them is, well, this
Kalee Boisvert:sounds really complicated. And we assume that really
Kalee Boisvert:complicated means, okay, it's gonna make me a lot of money.
Kalee Boisvert:That is not the case, simple, can generate the same and even
Kalee Boisvert:better results. So let's get that out of her head that it has
Kalee Boisvert:to be, you know, complicated, and it has to be a lot of time
Kalee Boisvert:and energy and effort, that that that's not what correlates to
Kalee Boisvert:investment return, right? It's, it's a number, it's your
Kalee Boisvert:starting number, your ending number, what happens in the in
Kalee Boisvert:between, is not as important. And really, if we can keep it
Kalee Boisvert:simple and get that number, keeping it ultra simple, that's
Kalee Boisvert:a much easier path to take. And I think everyone would agree
Kalee Boisvert:that they'd rather take that path. An interesting stat I read
Kalee Boisvert:was from 2003, to 2013. So that 10 year range, fidelity was
Kalee Boisvert:tracking their investors, the best return numbers, so
Kalee Boisvert:fidelity, especially in the US is a large investment firm and
Kalee Boisvert:individual investors can have their accounts with fidelity. So
Kalee Boisvert:what they found was the best investors were dead or inactive.
Kalee Boisvert:So that, you know, goes to this comment of keeping it simple,
Kalee Boisvert:they were keeping it simple, they were not getting antsy,
Kalee Boisvert:they were not searching for the best thing. Next Best Thing,
Kalee Boisvert:they were literally doing nothing. Like obviously in the
Kalee Boisvert:case, especially of people that had passed away and their,
Kalee Boisvert:again, their investments obviously just continued on.
Kalee Boisvert:Maybe they weren't notified that the people had passed away what
Kalee Boisvert:for whatever reason, but the fact that people the who were
Kalee Boisvert:the best returns were from dead or inactive, again, goes back to
Kalee Boisvert:the point of, you don't have to make it complicated,
Kalee Boisvert:complicated, and taking a lot of action and doing things does not
Kalee Boisvert:necessarily translate to better results. And all we're looking
Kalee Boisvert:at is that return number that result number. So we can keep it
Kalee Boisvert:simple, you can be, you know, just in a simple, easy
Kalee Boisvert:investment, you don't have to have all the bells and whistles
Kalee Boisvert:and you know, get the next best, you know, stock tip to have a
Kalee Boisvert:successful portfolio, okay? The next seek Secret to Building
Kalee Boisvert:Wealth is having a willingness to do the work and be prepared
Kalee Boisvert:to make sacrifices. So you cannot simply have a head in the
Kalee Boisvert:sand approach, and then hope that one day, when you choose to
Kalee Boisvert:stop working, your finances are just going to be there and ready
Kalee Boisvert:to support you on this next phase of your life. You know,
Kalee Boisvert:that's a little bit wishful thinking, right? You do have to
Kalee Boisvert:do work, and it will take action. And sacrifices also
Kalee Boisvert:likely will have to be made at times. Now I don't like talking
Kalee Boisvert:in the the negative sense. I'm all about, you know, positive.
Kalee Boisvert:And if we're staying that way, we're welcoming more, you know,
Kalee Boisvert:and we're manifesting more, and we're bringing more into our
Kalee Boisvert:lives, if we can kind of see it on the positive. So I don't know
Kalee Boisvert:a better way to say, you know, sacrificing, but maybe thinking
Kalee Boisvert:it as
Kalee Boisvert:the having to make a decision, you're going to have to make
Kalee Boisvert:decisions, you're going to have to choose between this or that
Kalee Boisvert:of picking one thing over the other when it comes to your
Kalee Boisvert:money that is going to happen. It's not it's not simple. It's
Kalee Boisvert:not, you know, earth, it's not that we can always indulge and
Kalee Boisvert:go for everything we want, right? We can't have everything.
Kalee Boisvert:But we can have we will be faced with decisions and we can pick
Kalee Boisvert:one thing over another, or there will be options for us. So I
Kalee Boisvert:have clients that were able to, for instance, retire as
Kalee Boisvert:millionaires in their 50s. And during their working years,
Kalee Boisvert:never made six figure salaries. So we always assume that to be a
Kalee Boisvert:millionaire to be a multi millionaire, you have to have
Kalee Boisvert:really big incomes to create that, that level of wealth in
Kalee Boisvert:your life. Well, that is not the case. And I can tell you, from
Kalee Boisvert:personal experience from seeing it myself that it is possible.
Kalee Boisvert:You don't have to make the six figure salaries and you can
Kalee Boisvert:still get to those big goals. But now you might be asking,
Kalee Boisvert:well, how how is it that they do this? Well, they were
Kalee Boisvert:disciplined. They were diligent with savings and how and where
Kalee Boisvert:they spent their money.
Kalee Boisvert:So that doesn't mean though, that it didn't come with a cost,
Kalee Boisvert:you know, this building of their financial freedom was really
Kalee Boisvert:important to them. And they always stuck with that in their
Kalee Boisvert:decisions about money. So I remember talking to one of the
Kalee Boisvert:this client in particular, and she mentioned that, you know,
Kalee Boisvert:there was a time where their friends came to them about this
Kalee Boisvert:vacation they had planned and it sounded amazing. And they really
Kalee Boisvert:wanted to go, but they ran the numbers, and they just didn't
Kalee Boisvert:have, you know, the money for it. Like it wasn't in their
Kalee Boisvert:budget, they had sort of their where their money was directed,
Kalee Boisvert:it was going to the separate buckets, and they didn't have
Kalee Boisvert:that money ready to spend on this trip. And they didn't, they
Kalee Boisvert:didn't believe in putting it on a visa and paying for it later.
Kalee Boisvert:Again, that was a decision that they made. So the they had to
Kalee Boisvert:decline just because it didn't fit with their budget, but
Kalee Boisvert:saving for their future was their priority. So this, this
Kalee Boisvert:sacrifice or this decision, it really did align with their
Kalee Boisvert:ultimate goal. So I mean, initially, it might have felt
Kalee Boisvert:like, Oh, that sucks, we can't go. But at the probably, you
Kalee Boisvert:know, really thinking about our days later, they still probably
Kalee Boisvert:felt you know good about their decision, if that's really what
Kalee Boisvert:aligned with their values and goals. So to really succeed in
Kalee Boisvert:wealth building game, you know, there likely will be areas of
Kalee Boisvert:your life that you will have to make some important decisions.
Kalee Boisvert:But if you do so with the intention to align your expenses
Kalee Boisvert:and your savings, and this plan for your money with your goals
Kalee Boisvert:and values, then you likely will still feel good about those
Kalee Boisvert:decisions and not have any regrets. So an example of this
Kalee Boisvert:is, let's say, your value, one of your values is adventure and
Kalee Boisvert:travel. And then let's say that you recently received a bonus
Kalee Boisvert:from work, so it was recently deposited into your account. And
Kalee Boisvert:it's kind of like you see it in the bank account, the balance
Kalee Boisvert:has gone up and you're like, wow, it's, you know, it's almost
Kalee Boisvert:burning a hole in your pocket. And you're like, I need to spend
Kalee Boisvert:this money. And you might be maybe browsing at the mall one
Kalee Boisvert:day, and you see this fabulous designer bag and and, you know,
Kalee Boisvert:you're you save yourself, you justify and say, Well, I did
Kalee Boisvert:just get this bonus, they've worked really hard for it, and I
Kalee Boisvert:you know, I deserve this, I should reward myself but after
Kalee Boisvert:you buy it, you might still have some buyer's remorse that sets
Kalee Boisvert:in right away, or maybe in the days to follow. And this is
Kalee Boisvert:likely due to, in that case, the purchase not really aligning
Kalee Boisvert:with your goals and values. And I'm not in any way saying that
Kalee Boisvert:we shouldn't treat ourselves to the lavish, you know, a lavish
Kalee Boisvert:gift every now and then and have those things because that's
Kalee Boisvert:those are, those are, you know, that's good, it's, they make us
Kalee Boisvert:happy. And um, you know, it is it is nice to see the rewards of
Kalee Boisvert:our, our work and our efforts. But if you would have directed
Kalee Boisvert:it, in this case, if you value adventure and travel, if you
Kalee Boisvert:would have taken that bonus money and then automatically put
Kalee Boisvert:it towards your travel account for or going on a weekend
Kalee Boisvert:getaway, you might have felt a lot better about where that
Kalee Boisvert:money went. So again, it's this decision making decisions. It's
Kalee Boisvert:being intentional about where you're directing your money. So
Kalee Boisvert:you have to be prepared. Again, I don't want to say the word
Kalee Boisvert:sacrifice, but you're gonna have to, there's going to be moments
Kalee Boisvert:with your money that you're going to have to say, is it
Kalee Boisvert:this? Or is it that is it? You know, do I want it going here or
Kalee Boisvert:there and really deciding with your values? What is most
Kalee Boisvert:important? So yes, I love to splurge on fancy lattes. And I
Kalee Boisvert:love having a dinner out like it's fun to go out for like, to
Kalee Boisvert:a new restaurant. And again, it's it's a new experience, it's
Kalee Boisvert:good food, it's something a lot better than my cooking. But at
Kalee Boisvert:the same time, it also feels good to make my make my tea at
Kalee Boisvert:home some mornings instead of going to Starbucks and paying
Kalee Boisvert:the five bucks or whatever it is and and it feels good to make
Kalee Boisvert:home cooked meals. Because in those moments, I know that the
Kalee Boisvert:money that I'm not spending on on those splurging, I know it
Kalee Boisvert:can be directed towards my financial freedom account. And
Kalee Boisvert:that's an important goal of mine. So yes, there are
Kalee Boisvert:sacrifices or decisions to make along the way. But I'm doing it
Kalee Boisvert:in a way that's intentional. I'm saying hey, it's fun to go buy a
Kalee Boisvert:Starbucks, but I also know when I'm drinking my at home, coffee
Kalee Boisvert:or tea that I am excited that I'm you know, saving that money
Kalee Boisvert:that I would have spent and then that money is there, extra that
Kalee Boisvert:I can put towards one of those goals that I'm very passionate
Kalee Boisvert:about. And that feels good too. So again, you know, I say
Kalee Boisvert:sacrifices, but if you really look at it and see where it kind
Kalee Boisvert:of falls in the whole plan of your money, it should actually
Kalee Boisvert:feel pretty Good to be making these decisions. But again,
Kalee Boisvert:that's part of the secret is that there's going to be those
Kalee Boisvert:tough decisions along the way. And there's going to be times
Kalee Boisvert:you might have to say no to things that you know, sound
Kalee Boisvert:really fun or enticing, but they just don't align. And that
Kalee Boisvert:you're, you're likely going to feel better off though down the
Kalee Boisvert:line because of it.
Kalee Boisvert:A good book I read on this topic was also the book The
Kalee Boisvert:Millionaire Next Door. And in it the author studies,
Kalee Boisvert:millionaires. And I found it so interesting to learn about like
Kalee Boisvert:the behaviors and what they're spending their money on that a
Kalee Boisvert:lot of the millionaires are the majority that the
Kalee Boisvert:that they they, they studied or followed and interviewed, had
Kalee Boisvert:been driving the same vehicle for you know, 10 plus years and
Kalee Boisvert:they didn't spend a lot on these vehicles. It wasn't like the
Kalee Boisvert:newest model on the lot it's that they've been driving good
Kalee Boisvert:reliable vehicles for a long time. They're not necessarily
Kalee Boisvert:living in mansions are the biggest house on the block.
Kalee Boisvert:These everyday you know, millionaires, actual, the
Kalee Boisvert:majority of the millionaires had amassed wealth from making
Kalee Boisvert:sacrifices and not falling prey to that, you know, swanky car,
Kalee Boisvert:the giant home, but directing it to their extra money towards
Kalee Boisvert:their savings and investing. So it's interesting just to
Kalee Boisvert:realize, I think sometimes we think that that wealthy life has
Kalee Boisvert:to be what we see visually to and, you know, on the surface of
Kalee Boisvert:all the stuff that you have, but that's not necessarily the
Kalee Boisvert:reality of things, right. The reality is, they've had to
Kalee Boisvert:decide, hey, you know, instead of buying the newest car, like
Kalee Boisvert:I, you know, it's tempting, it's, there's the marketing,
Kalee Boisvert:it's in our face, that, Oh, we need to upgrade to the next best
Kalee Boisvert:thing. They said, Hey, I'm gonna, you know, keep my
Kalee Boisvert:reliable vehicle, it's doing great, it's still running, I
Kalee Boisvert:don't have to spend any money on it, it's already paid off. And
Kalee Boisvert:then extra money is going into this financial freedom goal,
Kalee Boisvert:where I can retire earlier than a lot of the people I know. And
Kalee Boisvert:I can have a lot more freedom as a result. So again, this is
Kalee Boisvert:different for everyone. And your goals and values are going to be
Kalee Boisvert:different. I'm not saying one is right or wrong. But I am
Kalee Boisvert:reminding that there's going to be moments that you do have to
Kalee Boisvert:make some tough choices when it comes to your money. Okay. So
Kalee Boisvert:next secret to building wealth is about being mindful of your
Kalee Boisvert:money, knowing what you have and where it goes. So building
Kalee Boisvert:wealth requires giving your money time and attention. And
Kalee Boisvert:you must have an awareness of your money. One of the biggest
Kalee Boisvert:mistakes I see when it comes to people in their money is they do
Kalee Boisvert:not know how much they have. They don't know where it is,
Kalee Boisvert:they don't know where it goes. They know literally nothing
Kalee Boisvert:about their money. Like truly and if and if that's you, again,
Kalee Boisvert:I'm not putting you down on this podcast. This is again, it's the
Kalee Boisvert:secret. It's a learning experience. And so let's see,
Kalee Boisvert:you know what we can do differently. So, again, we have
Kalee Boisvert:to be mindful, we can't be ignoring it. We can't not know
Kalee Boisvert:about it. We can't be like, I have no idea. I don't know where
Kalee Boisvert:my accounts are I don't I have these other accounts elsewhere.
Kalee Boisvert:I don't know what they are in, I don't know how much they are.
Kalee Boisvert:You know, that's, that's a bit alarming. We have to know we
Kalee Boisvert:have to have the answers to those because that's how we
Kalee Boisvert:build wealth. How do we know if we're building? How do we know
Kalee Boisvert:for growing our wealth if we don't even know where we are
Kalee Boisvert:now? Or where we started? And, and I'm a mom. So this makes me
Kalee Boisvert:think of parenting as like, you know, another example. So can
Kalee Boisvert:you imagine if, if I took this approach, you know, if we took
Kalee Boisvert:this approach with our children, and someone comes up to me, and
Kalee Boisvert:it says, Hey, where's IV? And my dad IVs, seven years old. So
Kalee Boisvert:someone's just like, hey, where is she? What's she up to? And?
Kalee Boisvert:And this is my response, you know, I'm not really sure. I
Kalee Boisvert:don't know. I don't know where she is. I don't know what she's
Kalee Boisvert:doing. Um, I don't know where she's been. You know, that would
Kalee Boisvert:be frightening. You'd be like, Oh, my goodness, um, you should
Kalee Boisvert:probably, you know, keep a close eye on your seven year old
Kalee Boisvert:child, but we're doing that with our money. We're not, we're not
Kalee Boisvert:being aware. We're not being you know, conscious of, or we're not
Kalee Boisvert:being mindful of it. We don't even know where it's going. We
Kalee Boisvert:can't answer those questions with our money. So we need to be
Kalee Boisvert:mindful of our money too. We need to pay attention to it. We
Kalee Boisvert:need to take care of it just like we do with our children.
Kalee Boisvert:And again, I have to always like, maybe give myself these
Kalee Boisvert:disclaimers here. And I'm not saying that, you know, the cost
Kalee Boisvert:of paying more attention to our money is you know, giving up
Kalee Boisvert:time and attention to our children or it's like we're
Kalee Boisvert:adding another child but I am saying, you know, we have to
Kalee Boisvert:give it care and attention to you can love it as well. You
Kalee Boisvert:can. You know, you can see it as important and valuable because
Kalee Boisvert:that's important. It sends an important message to our money
Kalee Boisvert:about that we value it that we don't just Throw it away, that
Kalee Boisvert:we know where it is, we know where it goes, we can send love
Kalee Boisvert:for what our money affords us, you know, it's not greedy to be
Kalee Boisvert:thankful and grateful for what it you know, it leads to us
Kalee Boisvert:building in our lives and creating. And this leads to a
Kalee Boisvert:positive relationship with our money as well, which I think is
Kalee Boisvert:so important. And for more on that money mindset, check out
Kalee Boisvert:last week's episode. So the one before this, because that was
Kalee Boisvert:all about money mindset. And again, it's a really important
Kalee Boisvert:topic to discuss. So how can you be mindful with your money? How
Kalee Boisvert:can you pay more attention, it's really just that it's, it's just
Kalee Boisvert:giving it more time and attention, if you're giving it
Kalee Boisvert:none. If you're not spending any time, with your money, paying
Kalee Boisvert:attention to your money, tracking, you know, your money,
Kalee Boisvert:where it goes, where it is, how much you have, then anything is
Kalee Boisvert:going to make a difference. So maybe it's that you start with
Kalee Boisvert:just making a point of going through your accounts, bank
Kalee Boisvert:accounts, investment accounts, or credit cards, just looking at
Kalee Boisvert:them making sure you're doing at least on a weekly basis. For
Kalee Boisvert:instance, maybe that's your goal, seeing what your expenses
Kalee Boisvert:are looking like, did you spend more than anticipated? Is there
Kalee Boisvert:a category you're spending a little bit more in than you
Kalee Boisvert:thought that you want to cut back on? Is there anything that
Kalee Boisvert:comes up that was surprising, it can be very informal, it can be
Kalee Boisvert:very just browsing through just seeing right, just visually
Kalee Boisvert:looking at those numbers, logging into your online
Kalee Boisvert:accounts, just looking. And then having that awareness, right.
Kalee Boisvert:And it can be even more formal, though, you can create a budget,
Kalee Boisvert:which you know, I call a cash flow statement, I like to call
Kalee Boisvert:it a cash flow statement just to see where your money's going.
Kalee Boisvert:You can make a big, you know, spreadsheet, you can make it on
Kalee Boisvert:a piece of paper, you can do all sorts of things. If that's if
Kalee Boisvert:you'd like to be a little bit more formal and use like these
Kalee Boisvert:kind of tools. If you're a little bit more analytical, then
Kalee Boisvert:this might even be sound like a fun task to you creating a net
Kalee Boisvert:worth statement. So just having an idea of your assets versus
Kalee Boisvert:your liabilities, and I break down and talk about you know
Kalee Boisvert:what exactly that looks like on one of my episodes. I don't
Kalee Boisvert:know, free now, like thinking which one is it? Oh,
Kalee Boisvert:I do not remember, but it is one of it. I think I go over it a
Kalee Boisvert:couple times. So look, take a listen to that if you want kind
Kalee Boisvert:of a more detail of what a network statement is, and you
Kalee Boisvert:can google it as well. But again, I stress I can't stress
Kalee Boisvert:enough spend time in you know, taking a look, having awareness
Kalee Boisvert:where your money is where it's going, How much money do you
Kalee Boisvert:have? Spend time investing in your financial literacy, that's
Kalee Boisvert:another important one for being mindful. And to do so you can
Kalee Boisvert:just you know, you can read a book about money, you can listen
Kalee Boisvert:to a podcast, there's so many amazing podcasts. If you're
Kalee Boisvert:listening this episode, you're doing one right now, you can
Kalee Boisvert:read an article, an article per week is going to make a
Kalee Boisvert:difference in that financial literacy level that you if you
Kalee Boisvert:feel like you want to learn more, that's going to make a big
Kalee Boisvert:difference. It's an important to put that time and it's an
Kalee Boisvert:important investment in yourself. Okay, so that's, it's
Kalee Boisvert:an important key. So another sort of tip for succeeding in
Kalee Boisvert:the money game and building wealth, what's another secret
Kalee Boisvert:This is how I want to wrap it up, is this is just this idea of
Kalee Boisvert:don't give up. Do whatever you can, to stay positive, and
Kalee Boisvert:believe in yourself and the possibilities. wealth building
Kalee Boisvert:can be slow, it can be boring. It's like watching a turtle or
Kalee Boisvert:watching paint dry. Like literally, you know, if you're
Kalee Boisvert:watching it too closely, or every day or, you know, multiple
Kalee Boisvert:times within the day, maybe nothing's really happening. But
Kalee Boisvert:you know, the key is that you want to stay positive, believe
Kalee Boisvert:in yourself, believe in the possibility. Believe in the
Kalee Boisvert:steps you're taking. If you're doing these actions just
Kalee Boisvert:outlined in this podcast, keeping it simple, having that
Kalee Boisvert:ongoing savings and investing, paying attention. Give yourself
Kalee Boisvert:credit for doing those things because they aren't easy. We
Kalee Boisvert:have busy lives, but to just take these simple steps that I
Kalee Boisvert:call secrets, but they're really simple steps actually. They are
Kalee Boisvert:really going to make the difference. It's not rocket
Kalee Boisvert:science. Like I said, wealth building can be easy. It it can
Kalee Boisvert:be really, you know, you can sort of have it on cruise
Kalee Boisvert:control once you start doing these things, and it doesn't
Kalee Boisvert:need to be something that's stressful, that's overwhelming.
Kalee Boisvert:Don't beat yourself up about past behaviors. So if you're
Kalee Boisvert:struggling, taking these steps and doing these things that I
Kalee Boisvert:talked about in this episode, you're going to have to you
Kalee Boisvert:know, move past those ideas about beating ourselves up about
Kalee Boisvert:past mistakes we've made with money like I can't believe I did
Kalee Boisvert:this or I made such a terrible, you know, money mistake when I
Kalee Boisvert:bought this house and I sold it and I shouldn't have I should
Kalee Boisvert:have waited longer I should have waited till the markets came
Kalee Boisvert:back and it was worth more there's, there's an endless list
Kalee Boisvert:of things you can say. And I will tell you that we're we've
Kalee Boisvert:all made money mistakes. At least one I would say most of us
Kalee Boisvert:plenty that we we look back on and say hey, I would have done
Kalee Boisvert:this differently or whatnot. That's fine. It's a money
Kalee Boisvert:lesson, right? It's not a money mistake. It's a money lesson.
Kalee Boisvert:saying oh, I'm you know, it's too late. Now, there's no point
Kalee Boisvert:that I hear as well or feeling like they're starting too late
Kalee Boisvert:from people saying that again, move past that decide that, Hey,
Kalee Boisvert:today is just let's use today as a clean slate. Stay positive,
Kalee Boisvert:because when it comes to money, it's very easy to get negative,
Kalee Boisvert:it's very easy to lose hope it's very easy to feel overwhelmed.
Kalee Boisvert:But what if you had unwavering belief in yourself and a
Kalee Boisvert:positive attitude at all times?
Kalee Boisvert:In I took a Reiki course this past weekend, and it was just
Kalee Boisvert:saying like, you know, just for today, I'm not going to worry
Kalee Boisvert:just for today, I'm not going to get angry. So it's even if this
Kalee Boisvert:seems overwhelming for me to say, Hey, be positive money all
Kalee Boisvert:the time. What if you said hey, just for today, I'm gonna be
Kalee Boisvert:positive when it comes to money, and where I'm at in my financial
Kalee Boisvert:situation? And then can you say that again tomorrow, right? If
Kalee Boisvert:it if it takes taking it step by step like that, then do whatever
Kalee Boisvert:I take, I encourage you, although it can be slow and
Kalee Boisvert:boring. Investing is so powerful when we allow the magic of
Kalee Boisvert:compounding to do its thing, right. And it's it's so hard for
Kalee Boisvert:us to conceptualize. But compounding and action is saying
Kalee Boisvert:okay, let's say you invest $100,000, at 8%, over 10 years,
Kalee Boisvert:it grows to 215,000 over 20 years, it becomes 460 some odd
Kalee Boisvert:1000. If it's growing 8% per year, after 30 years, your
Kalee Boisvert:100,000 that you didn't even add money to but grew and compounded
Kalee Boisvert:is over a million dollars. That's amazing. Like that's,
Kalee Boisvert:that's very powerful. And again, probably day to day, it doesn't
Kalee Boisvert:seem like we see that progress. But if we're patient, if we see
Kalee Boisvert:the sort of long game and that magic of compounding, it's still
Kalee Boisvert:happening. Putting away $500 A month at 8%. So just putting
Kalee Boisvert:away 500,000 or $500 a month sorry, at 8%. So starting from
Kalee Boisvert:scratch, just putting away your $500 a month, after 20 years, it
Kalee Boisvert:grows to almost 400,000 Even though you've actually only put
Kalee Boisvert:away 120,000. But the rest was compounding right. So
Kalee Boisvert:compounding it's like our best friend, it's like our you know
Kalee Boisvert:it's a little it's a little money treat along the way it's
Kalee Boisvert:working for you working for your benefit. It's like having this
Kalee Boisvert:this invisible partner helping you out with growing your money
Kalee Boisvert:$500 A month at 8%. That was after 20 years. So after 30
Kalee Boisvert:years, it's become about it becomes about 750,000 Even
Kalee Boisvert:though you put away only about 180,000. So that's the rest was
Kalee Boisvert:compounding. It's huge. So you have to believe in the
Kalee Boisvert:possibilities, you have to realize that that's what that is
Kalee Boisvert:that's happening that it's possible for you as possible for
Kalee Boisvert:anyone. It doesn't sort of, you know, discriminate and only work
Kalee Boisvert:for certain people that that's compounding and that's the
Kalee Boisvert:numbers of it. So that is in fact what it does. So this wraps
Kalee Boisvert:up my secrets to building wealth. You know, if you're
Kalee Boisvert:thinking, um, if you're thinking these didn't seem very
Kalee Boisvert:secretive, Kaylee, cuz they call it secrets. And you're, you're
Kalee Boisvert:just going wow, these are just a few, you know, very basic, maybe
Kalee Boisvert:seemingly obvious. Comments. That's it. It's, you know, it's
Kalee Boisvert:not rocket science building wealth. And the key to building
Kalee Boisvert:wealth is really through just taking action. It's being
Kalee Boisvert:consistent, it's being boring. There's no secret tricks,
Kalee Boisvert:there's no need to try to get, you know, tips on some top top
Kalee Boisvert:secret shortcuts to get there. Because, you know, you're
Kalee Boisvert:probably going to get there just just as easily or again, the
Kalee Boisvert:shorter easier path is maybe is likely keeping it simple. I see
Kalee Boisvert:it happen time and again, in my business, like I said, people
Kalee Boisvert:that you wouldn't expect to be millionaires, because they
Kalee Boisvert:didn't make these ultra high incomes that you assume you have
Kalee Boisvert:to make to amass a lot of wealth, but they still achieve
Kalee Boisvert:that. So money doesn't have to be intimidating. It doesn't have
Kalee Boisvert:to be stressful or overwhelming. It doesn't even have to be
Kalee Boisvert:secretive. What you found on this episode, it's not that
Kalee Boisvert:secretive. It can be easy, and it can even be fun. So I hope
Kalee Boisvert:you enjoy this episode, and I hope to catch you Next time
Kalee Boisvert:I hope you found value in this episode. And because I'm such a
Kalee Boisvert:proponent of taking confident action, I want to pose a
Kalee Boisvert:question to you the listener. What is one action that you feel
Kalee Boisvert:inspired to take after listening to today's episode? If you enjoy
Kalee Boisvert:listening, please subscribe and share with your friends and
Kalee Boisvert:family. Thank you so much and I will catch you next time
