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Scotia Wealth Management

Investing in yourself with Bill and Kate

The Richard Dri Podcast

March 4, 2019

Bill and Kate have been married for 42 years and are the parents of two daughters who, thanks to setting a good example, have developed healthy financial habits. Following their wedding, Bill and Kate leveraged their mortgage to move from a smaller townhouse to a large detached home, though now as retirees they’ve opted to downsize. Along the way They’ve also had their share of fruitful and not-so-fruitful business ventures, taking away important financial and life lessons from both the ups and downs.

In this episode, Bill and Kate discuss how their financial habits were shaped by parental business ventures, how they’ve negotiated allowances with their own children, and why you don’t need to hold onto as many things as you think you need to.

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Highlights:

  • Bill highly recommends moving out on your own after graduating high school so you can learn to take care of yourself and manage your finances as soon as possible.
  • Bill and Kate taught their daughters about saving and spending money responsibly by setting a good example; they’re fairly frugal as a result.
  • Bill and Kate got into real estate not long after getting married, moving from a townhouse to a small detached house to a larger house over time by leveraging their mortgages.
  • Kate advises against over-extending yourself early, and that you might be better off avoiding a big house or flashy car until you can reasonably afford it.
  • Bill recommends investing in yourself as a worked through training, taking on extra tasks and responsibilities, etc.; he also states the importance of getting a responsible financial advisor
  • Kate says it is possible to wait too long to move out of your home into something smaller when you’re retired; if you’re too old, you might be too infirm to go through the moving process.
  • Bill suggests listeners truly learn about investment vehicles, researching where they should buy stock so they make the smartest, most stable choices.
  • Their secret for their marriage lasting for over four decades? Shared interests they can enjoy together even as they change over the years.

Quotes:

“If I could be a different person and start again I would never have missed that opportunity to go to university.”

“My kids need that kind of sense as well, that you have to work for what you want and that you value it.”

“If you can do something that improves your value, it pays a lot of dividends.”

“If you don’t know how to manage your own finances, go to someone who’s made that their life goal.”

“We’ve gone into giving the gift of time when we have to give presents to people.” 

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