Patel Wealth - NBF, Toronto, ON (2026)

09/30/2024

Today is marked as The National Day for Truth and Reconciliation. It commemorates the history and ongoing legacy of the Canadian Indian residential school system and the trauma experienced there. Today honours the children who never returned home, survivors who attended residential schools, their families, and communities.
Today is also known as Orange Shirt Day. This is because it originates from the story of survivor Phyllis Webstad. She shared her experience of when she was six, on her first day of residential schooling. She was stripped of her belongings, including her new orange shirt her grandmother bought her. The orange shirt was never returned. This orange shirt now symbolizes the stripping away of culture, identity, freedom, and self-esteem experienced by Indigenous children over generations.
Today, we pause to reflect on the past, acknowledge the painful history of residential schools, the lasting impact on Indigenous communities, and the importance of reconciliation.
Demonstrate your support by wearing an orange shirt and taking the time to learn more about the history of this day.

09/17/2024

Have you ever tried to remove a tree on your own?
The internet is filled with failed attempts at cutting down trees and removing stumps. I've removed some small trees on my own. But, a big tree? I am grateful to all those who suffered and struggled and filmed their efforts so I could learn that it isn't as easy as tying a stump to the back of a truck. It also isn't as easy as asking my friend or relative with a chainsaw to cut a large tree down.
Why is it so difficult?
Because it takes experience and knowledge to know where and how to cut to avoid damage. It takes experience to know where to look for roots before trying to pull a stump out. It takes a professional.
I've found that to be true in financial planning, too.
The internet is full of good ideas on things to watch for and do when creating a financial plan. These are great for those little trees. You know, like setting this month's budget. Or getting the reminder to update your will.
For things like adjusting your plan to maximize your in-pocket income from your investments. Or modifying your investment allocation to reduce risk but still working to meet your objectives. Or even prioritizing goals based on family and economic changes. There is no substitute for a professional who has the experience and knows how to dig down and find all the roots that could be keeping you from your goals.
If you've been doing it on your own, it might be a good time to meet. My team and I will analyze your plan in depth to ensure your retirement is as great as it should be.

09/11/2024

On September 11, 2001, the US experienced one of the most shocking and unsettling tragedies in history. The September 11th attacks took the lives of over 3,000 individuals.
This terrorist attack demonstrated the worst of people but brought out the best of our nation. The American people, especially those in New York, rose from the ashes and banded together in unprecedented support.
Today, we recognize and honor those who lost their lives in this tragedy. Whether they were victims of the attack or those who volunteered.
We take a moment of silence to show our respects, so that their legacy may live on, and their memory will never be forgotten.

09/05/2024

"I do not fix problems. I fix my thinking. Then problems fix themselves." Louise L. Hay

Do you sometimes think if you can just solve one problem you are dealing with, whether big or small, then all will be fine? But when you pass that hurdle, there always seems to be another problem to deal with, and sometimes numerous problems at once!

I have thought about this and have come to the conclusion that problems are just a part of life. There will always be ups and downs, brambles and thorns, but that's a good thing! Because overcoming challenges brings growth.

Overcoming one challenge seems to give us more ability and confidence to fight the next beast!

09/02/2024

Celebrate Labor Day with a fresh perspective! This day was set aside as an opportunity for us to take time to relax, spend time with family, and maybe even have a parade. But have you thought about the journey behind the conveniences that make our lives so pleasant? It's not just a simple baseball, cell phone, or cup of coffee – it's the result of countless hours of labor from people all around the world. In the rush of our daily lives, it's easy to forget the labor that goes into everything we use and enjoy. This Labor Day let's take a moment to appreciate the hard work and dedication that brings these items to our hands. As you're celebrating, look around and consider the labor that made your celebration possible. Each item is a testament to the power of labor and the connections that unite us. Have a happy and relaxing Labor Day!

08/22/2024

Many surveys and studies show that the earlier you invest, the more opportunities you have to grow your wealth. The right time to start investing is when you enter the workforce, around your 20's.

By investing at an early stage of life, you learn a pattern of financial independence and discipline. An early investment teaches the real difference between investments and saving. Never think being young is a barrier to making an investment, as you are never too young to invest. Even a little amount of money invested now can potentially put more money in your pocket in the future.

Below I have put together some of my top reasons why investing in your 20s will always be better than starting in your 30s. (Of course, if you're already past your twenties, don't worry – it's never too late to start investing!) Don't forget that you can always reach out if you have any questions or would like to learn more!

• More Recovery Time: If you invest early and incur a loss, you have more time to make up for the loss on investment. Whereas, an investor who starts investing at a later stage in life, will get less time to recover their losses. Thus with early investments, your investment gets more time to grow in value.

• Time Value of Money: Early investments lead to compounding returns. The time value of money increases over time. Regular investments made right from an early age can reap huge benefits at the time of retirement. Moreover, early investment facilitates your entry in the world of finance early.

• Secured Future: There will be times in life when you will need urgent money to meet unavoidable expenses. During such times, the investments made at an early age can prove to be very handy and will help you get through the tough times all by yourself. The need for borrowing money from others decreases dramatically with early investments.

08/20/2024

One of the most important questions almost all wealthy families have is how to raise responsible, grounded children.

Money can stunt a child's sense of perspective, independence, and life direction, causing both entitlement and dependence on family wealth.

I'm often asked by clients, "How do we provide for our children while teaching them strong values and the responsibilities of wealth?"

The answer varies depending on your child's personality and situation, of course, but in general, here are my rules of thumb:

👦Younger Kids: Model your values

Values are caught, not taught. Your children will pick up more from seeing the choices you make about how you spend your time and money than they will from what you say.

If you want them to learn frugality, humility, and good judgment, you need to live those values.

👨‍🎓Teens/Young Adults: Teach financial skills, but let them make mistakes

Teach them about budgeting. Help them figure out how they might save for an important purchase—and consider matching whatever they can earn.

If a college student blows through their spending budget halfway through the month, letting them do without for the rest of the month can help teach them budgeting, self-discipline, and planning—all important life skills.

08/15/2024

Passing down your financial know-how is an important job for parents, grandparents, aunts, and uncles, but it's easier said than done...

Just as you work hard to secure your own financial future and legacy, it's also important to ensure that your loved ones can navigate their own financial independence.

Here are two bite-sized lessons you can use to teach the kiddos financial independence👇

🏁Emphasize the Long-term goals

It's not easy for young children — and many teenagers — to understand that delayed gratification can make them happier. Helping them recognize that disciplined saving and investing will allow them to acquire a toy, vehicle, or lifestyle they really want can reinforce the benefits of acting responsibly.

Consider a vision board of goals to create a concrete reminder of the future they are trying to create.

🤕Use those 'Teachable Moments'

We all make mistakes, but when we see our loved ones falter, it's only natural to want to fix things. However, it's better for all involved if they understand that actions have consequences.

Be sure to discuss the situation clearly and calmly with your kiddo. If they don't get "bailed out" after blowing an allowance or what they have in savings, they'll likely think long and hard before doing it again.

08/15/2024

Today, I want to talk about financial literacy. Financial literacy is the knowledge and ability to make smart decisions with money. Now more than ever, making informed financial decisions is vital. Regardless of who you are or your financial standing, we can no longer afford to make poor choices.

The benefits of making sound financial decisions are substantial. Research has shown that individuals who have undergone personal finance education have higher savings rates, greater net worth, and contribute more to their savings plans.

As a Financial Advisor, I firmly believe that financial literacy is the KEY to unlocking a successful and secure financial future. Here are a few tips to get you started:

📌 Educate Yourself: Dive into books, podcasts, and online resources to expand your financial knowledge. Stay curious and open to learning!

📌 Set Clear Goals: Define your short-term and long-term financial objectives. Having clear targets will guide your financial decisions.

📌 Budget Wisely: Create a budget that aligns with your goals and track your spending. Small adjustments can lead to significant savings.

📌 Start Investing: Take advantage of investment options to grow your wealth over time. Even small contributions can make a big difference.

📌 Seek Professional Advice: When needed, consult financial experts to gain personalized insights.

Remember, knowledge is the most potent investment you can make. Let's empower ourselves with financial literacy and take charge of our financial destinies!💪💰

If you have any burning questions about budgeting, investing, or saving for the future please reach out and I'd be happy to give some guidance.

08/13/2024

You could spend years researching and reading the internet's top things you must know in finance. Honestly, when it comes down to it, there is really only one big thing you need to be concerned about.
Live within your means.
What exactly does that mean? Whatever your income, your expenses must remain lower.
I know that some people reading this will say that is too simplistic and obvious. But the reality is, most of the people I talk to who have financial concerns, that is their issue.
Even those who have millions of dollars sometimes struggle with this one principle. It may seem like having millions saved up for retirement means easy living, but there still must be a budget. If you spend more than the portfolio can make for you, it will begin to be depleted. That depletion is fine unless it is happening at a faster rate than possible to sustain a 20–30-year retirement.
That's why I think it's so important to teach the next generation this idea. So, with your kids and grandkids help them understand the concept of living within their means. For some, this means giving an allowance or even earning an allowance through household chores.
Help them see the benefit of saving enough for a big item they really want. It's a natural tendency to let the money burn a hole in their pocket, as the saying goes. Help them move outside of that tendency.
This includes not bailing them out when they've overextended themselves. If you can start doing that when the consequences they face are small, like not having enough money for that candy, then the lesson will not be nearly as painful as it will be down the road.

08/08/2024

Are you a proud grandparent looking to pass on some valuable financial wisdom to your adorable grandkids? Below are some great ways you can teach your grandkids about the importance of saving money.

🏦 Set Up a Savings Account: Help your grandkids open their own savings account. Encourage them to save a portion of their pocket money or earnings and explain how interest can make their savings grow over time.

🐖 Start a Piggy Bank: Start with a classic! Get them a piggy bank and encourage them to save spare change. Make it a fun activity by decorating the bank together and setting goals for what the saved money can be used for.

💲 Matching Contributions: Consider matching a portion of their savings. This not only encourages saving but also teaches the concept of employer-matching contributions.

💰 Money Jars: Create different money jars labeled "Spend," "Save," and "Donate." Help them allocate their money between these jars to teach them the importance of budgeting, saving, and giving back.

🎲 Play Money Games: Engage in educational games like "Monopoly" or "Cashflow for Kids." These games teach financial concepts in a fun and interactive way, making learning about money exciting for your grandkids.

📚 Read Books on Money: Read children's books about money and saving with your grandkids. This can spark interesting conversations and provide valuable insights through relatable characters and stories.

Remember, as a grandparent, you have a unique opportunity to shape your grandkids' financial habits and empower them for a lifetime. By teaching them the value of money and saving, you're setting them up for financial success and independence in the future.

08/06/2024

Teaching your kids about money management is one of the best gifts you can give them. But when should you start?

Every child will have a different age where they will be most receptive and capable of fully understanding financial concepts. But, there are certain concepts that can begin to be taught at a very young age. If there's one thing I've learned, it's that kids can surprise you with how smart and adaptable they really are.

Here are a few things that I believe we should all be teaching our kids to help them live the most successful financial life they can.

• Earning Money. As your kids become old enough to do chores around the house or yard; let them. Start an allowance system that requires them to earn their money. Also, encourage their early entrepreneurial ideas. Whether it's making bracelets, selling lemonade, or offering a service, give them guidance and support. These ideas will set the tone for the rest of their life.

• Spend Wisely. No matter how old your kids are, they want things. The only difference between a 5-year-old and a 16-year-old is the cost of the things they want. Teach your kids patience and restraint when it comes to spending. Taking a step back and thinking about the financial big picture will be an invaluable skill later in life. Help them create a budget and refer to it before any purchases.

• Saving Money. As kids start earning money teach them about saving. Stress the importance of putting money aside. One of the biggest regrets that most people have about their early years of earning is that they didn't save as much as they should.

These concepts will give your children a great foundation for their financial life. If there's anything I can do to help you pass along these concepts to your kids please reach out.

Patel Wealth - NBF

09/30/2024

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