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 have done well over 150 seminars, and I always like to ask questions of my audience and have them ask questions. Why? Questions are one of the best learning methods, and it helps me understand people’s financial education level and what is important to them. What I have learned since I have done this in my career, most people have a limited financial education.
Generally, parents pass on very basic knowledge (that was my own experience). Our education system has avoided teaching how the financial system works like the plague. Unless you pursue a post-secondary financial/investment career, even then, the education can often be too narrowly focused (again, this was my own experience). As a result, many people’s academic and practical knowledge is not broad even, nor does it provide a holistic approach to building wealth and protecting it. The financial and investment world has become so complex and complicated that no one person can understand it all, including myself.
So, I created the Wealth Foundation Series course so that ordinary people can understand the important stuff and not make a lot of big financial mistakes. I have often said, “it is challenging to build sizable wealth and not take big setbacks on the journey.” But, the more knowledge you gain BEFORE you invest, the better chances you will have of good outcomes.
It has been a long journey personally to study broadly and think critically on the vital topic of wealth creation. To help as many people as possible, I decided to lower the price of my Wealth Foundation Series course to $249 CA or in two payments of $124.50 CA plus taxes.
I created the course to provide foundational knowledge and disciplines necessary for long-term success. So whether you are just starting out or well into the wealth process, you will gain new insights and ideas to help you make superior decisions in all of your investing and borrowing decisions. Remember, creating wealth is a life-long journey, and I encourage you never to stop learning. So what will you learn after my brief introduction to who I am and why I created the course?
- Lesson One: wealth is vital to your well-being. I come across several types of people in my meetings. First, those who say, I don’t care about money or wealth at all”. I think they mean that they do not have a genuine interest in learning about wealth, but if the same person suddenly had little or no income or wealth, believe me, they would care and need to learn! Second, on occasion, I have met a few obsessed people, workaholics, and they never have enough money. They are constantly striving for an allusive number. I have found having extreme beliefs around money seldom work, and loving money or being indifferent leads to pain and losses in one or many areas of our lives.
- Most people are somewhere in the middle but generally not that committed to long-term financial education. Wealth is significant and can provide you with many quality options in life, pass on generational blessings, just not all-important, in my opinion.
With each of the six lessons, I provide a video of 12 to 28 minutes and a printable study guide that you follow along and take notes. In addition, I end each module with a brief quiz to ensure you remember the most critical points of that lesson.
- Lesson Two: I will make a bold statement, “you will never create sizable wealth without a team and mentors.” My wealth educational story includes hundreds of people who have contributed to my understanding over 30 years. I am grateful for these mentors who have influenced my thoughts and helped me develop a holistic wealth plan that I continue to work on and adjust when necessary.
- Truthfully, you will need many experienced and integral people with differing expertise in your journey to create and protect your wealth. You do not have to agree with every point a mentor makes, but stay humble and be 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 two, what to look for in a mentor, what to avoid, and I provide over a dozen people with different giftings and focus that have positively impacted my life.
- Lesson Three: What are the essential financial disciplines and foundational principles you will need in your life to build wealth?
- Ideally, it is wise you have several vital principles in place before you start the wealth journey. However, you may be well into the path, and the six foundational principles I discuss will be critical to your success and possibly challenge you to add some to your life.
- I will include rule number one, “You cannot spend more money than you take in each month.”The elephant in the room for so many families and individuals is DEBT, and we will take an honest look at good and bad debt and so much more.
- Lesson Four: Risks and Pitfall of Wealth
- In reality, there are MANY risks and pitfalls in the financial world. So, we will tackle many of them in this lesson.
- All asset classes have risk, and there is no exception. But have you considered counter-party risks in your investment decision? I will include many examples in multiple assets classes to help you add these insights before making a new investment decision.
- Risk is part of investing, but we want to mitigate it to avoid huge losses.
- Have you ever considered the possible pitfalls and traps of wealth we can all fall into that can hurt your life and others close to you?
- I will cover several pitfalls and provide positive guidance to avoid bad habits and thoughts that can trip us all up.
- Lesson Five: Why do Market Cycles Matter?
- On my wealth journey, I have been fortunate to learn from some of the top wealth cycles experts, and some of them are very wealthy, and they include cycles work as essential in financial decisions. I would encourage you to do the same.
- If you enter an investment at the top of a cycle of a particular asset class, it can set you back big time.
- I will cover in this lesson 7 important cycles that will impact your life whether you know about them or not. Winston Churchill was great with his many insightful and witty comments, and one I like particularly is, “if you want to understand the future, study the past.”
- The universe and our world are full of thousands of repeatable cycles, some repeat like clockwork and others in approximate time frames. Some economic cycles can be delayed or manipulated by the government or central banks. I discuss this in the course so one does not become indifferent or unwise in wealth decisions.
- Lesson Six: Develop Your Wealth 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 will walk you through the many steps and important questions you will need to ask and answer yourself honestly regarding having the right mindset. What you think about wealth is critical to your long-term success.
- We will look at the obstacles you face in creating wealth and develop a plan to overcome them.
- Creating wealth is not easy, and we will walk through the main disciplines and principles and see if you are applying them to your life.
- At the end of this course, you will have a written out plan and action steps you will need to do based on your honest evaluation of your situation.
- So, whether you are just beginning willing to learn or 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 at the new pricing of $249 or in two payments, so as many people as possible can learn the critical wealth foundations and enhance your skills for the remainder of your wealth journey.