CORPORATE REVIEW – What’s Your Financial IQ? – Quintuple financier – FVN
Chilliwack – Bill Westmacott – Bill’s blog November 4, 2021
As a professional life insurance broker and financial educator, I have spoken with over 1000 people in my career from all walks of life. I’ve done over 150 seminars, and I always enjoy asking my audience questions and asking them to ask questions. Why? Questions are one of the best learning methods and help me understand people’s level of financial education and what is important to them. What I have learned since doing this in my career, most people have limited financial education.
Usually parents impart very basic knowledge (this was my own experience). Our education system has avoided teaching how the financial system works like the plague. Unless you are pursuing a post-secondary career in finance / investing, even then the education can often be too focused (again, this was my own experience). As a result, the academic and practical knowledge of many people is not even vast, nor does it provide a holistic approach to wealth creation and protection. The world of finance and investing has become so complex and complicated that no one can figure it all out, including myself.
So I created the Wealth Foundation Series course so that ordinary people can understand the important things and not make a lot of big financial mistakes. I have often said: “It is difficult to create considerable wealth and not suffer big setbacks along the way.” But, the more knowledge you gain BEFORE you invest, the better your chances of achieving good results.
It has been a long personal journey to study widely and think critically on the vital subject of wealth creation. In order to help as many people as possible, I have decided to lower the price of my Wealth Foundation Series course to CA $ 249 or in two installments of CA $ 124.50 plus tax.
I created the course to provide the basic knowledge and disciplines necessary for long-term success. So whether you are just starting out or are already well advanced in the wealth management process, you will gain new insights and ideas to help you make informed decisions in all of your investment and borrowing decisions. Remember, building wealth is a journey that lasts a lifetime and I encourage you to never stop learning. So what are you going to learn after my brief introduction to who I am and why I created the course?
- Lesson one: wealth is vital for your well-being. I meet many types of people in my meetings. First, those who say, I don’t care about money or wealth at all ”. I think they mean they don’t have a real interest in learning about wealth, but if the same person suddenly had little or no income or wealth, trust me, they would care and would need to learn! Second, on occasion, I have met a few obsessed people, workaholics, and they never have enough money. They are constantly looking for an allusive number. I have found that having extreme beliefs about money rarely works, and loving money or being indifferent leads to pain and loss in one or more areas of our lives.
- Most people fall somewhere in the middle, but usually aren’t as committed to long-term financial education. Wealth is important and can provide you with many quality options in life, imparting generational blessings, but not paramount in my opinion.
With each of the six lessons, I provide a 12-28 minute video and printable study guide that you follow and take notes. Additionally, I end each module with a short quiz to make sure you remember the most critical points from that lesson.
- Lesson two: I’ll make a bold statement, “You will never create significant wealth without a team and mentors. “ My educational wealth story includes hundreds of people who have contributed to my understanding for 30 years. I am grateful to these mentors who have influenced my thoughts and helped me develop a holistic heritage plan that I continue to work on and adjust as needed.
- Truth be told, you will need many experienced and integral people with different expertise on your journey to create and protect your wealth. You don’t have to agree with every point a mentor makes, but stay humble and open to learning new ideas and strategies. At different seasons of your life, you may want to add a new mentor.
- I discuss this in detail in Lesson 2, what to look for in a mentor, what to avoid, and I offer over a dozen different gifts and goals that have had a positive impact on my life.
- Lesson Three: What financial disciplines and essential fundamentals will you need in your life to build wealth?
- Ideally, it is wise that you have several vital principles in place. before you begin the journey of wealth. However, you may be on the right track, and the six fundamentals I’m talking about will be essential to your success and may challenge you to add more to your life.
- I’ll include rule number one: “You can’t spend more money than you earn each month. The elephant in the room for so many families and individuals is DEBT, and we’ll honestly look at good and bad debt and more.
- Lesson Four: Risks and the Wealth Trap
- In reality, there are LOTS of risks and pitfalls in the financial world. We will therefore cover several of them in this lesson.
- All asset classes carry risk, and there are no exceptions. But have you taken counterparty risks into account in your investment decision? I will include many examples in several asset classes to help you add this information before making a new investment decision.
- Risk is part of the investment, but we want to mitigate it to avoid huge losses.
- Have you ever considered the possible pitfalls and wealth traps that we can all fall into that can harm your life and the lives of those close to you?
- I will cover several pitfalls and provide positive tips for avoiding bad habits and thoughts that can trip us all up.
- Lesson Five: Why Are Market Cycles Important?
- During my wealth journey, I have had the chance to learn from some of the best experts in wealth cycles, and some of them are very wealthy, and they include the work of cycles as essential in financial decisions. I encourage you to do the same.
- If you enter an investment at the top of a cycle for a particular asset class, it can waste a lot of your time.
- In this lesson I’ll cover 7 important cycles that will impact your life whether you know them or not. Winston Churchill was great with his many insightful and witty comments, and one of them that I particularly like is “if you want to understand the future, study the past”.
- The universe and our world are filled with thousands of repeatable cycles, some repeating like clockwork and others in approximate time frames. Some business cycles can be delayed or manipulated by the government or central banks. I discuss this in the course so that one does not become indifferent or reckless in wealth decisions.
- Lesson 6: Develop your wealth management plan
- One of the most rewarding things I do in life professionally is educating clients and helping them develop a wealth plan that works for their goals and dreams.
- In this lesson, I’ll walk you through the many important steps and questions you’ll need to ask yourself and answer yourself honestly to get the right frame of mind. How you feel about wealth is critical to your long term success.
- We’ll take a look at the obstacles you face in building wealth and make a plan to overcome them.
- Creating wealth isn’t easy, and we’ll go over the main disciplines and principles and see if you apply them to your life.
- By the end of this course, you will have a written plan and action steps that you will need to take based on your honest assessment of your situation.
- So whether you are just starting to learn or are 30 years into the race, I know you will gain many new ideas that will help you become a better steward of your wealth.
- I encourage you to take my course for the new price of $ 249 or in two installments, so that as many people as possible can learn the essential foundations of wealth and improve your skills for the rest of your wealth journey.