The Freedom Formula: Smart Money Moves for New Canadians

Are you a newcomer to Canada, a first-time homebuyer in the GTA, or someone ready to finally break free from living paycheck to paycheck? This episode is your ultimate financial roadmap.

In this powerful conversation, host Stella Ram sits down with Hem Bhatt—a seasoned Financial Coach & Mentor with 20+ years of experience helping families and entrepreneurs unlock financial freedom in Canada.

👉 You’ll discover:
✅ The biggest money mindset shift every new Canadian must make
✅ The first financial steps to take when you land in Canada
✅ Hidden costs & tax traps for first-time home buyers in the GTA
✅ The most underused financial tools in Canada (that could save you thousands!)
✅ How to go from surviving to thriving—emotionally & financially
✅ The truth about building wealth that schools, banks, and employers never teach you

If you’ve ever felt lost in Canada’s financial system, this episode will help you gain clarity, confidence, and control over your money.

✨ Don’t just wish for freedom—learn the formula to create it.

🔥 If this episode helped you, do three quick things:
1️⃣ Subscribe to The Stellar Talk Show for more strategies on real estate, finance & lifestyle in Canada.
2️⃣ Share this video with a friend or family member who’s building their new life in Canada.
3️⃣ Comment below your biggest takeaway—we’d love to feature your insights in the next episode!


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Transcript

SPEAKER_00 0:03

Because life insurance is almost like universal.

SPEAKER_03 0:05

Yes.

SPEAKER_00 0:06

It works for you for so many different things.

SPEAKER_03 0:09

Because anything that you do in Canada, you need that credit score 60.

SPEAKER_00 0:12

That's how you expose yourself, first of all, with the Canadian system.

SPEAKER_03 0:17

It comes down to the mindset as well.

SPEAKER_00 0:19

The money is the sixth sense which allows you to enjoy the other time.

SPEAKER_03 0:23

That's true. I like that.

SPEAKER_00 0:25

Life insurance becomes the immediate estate for the family.

SPEAKER_03 0:30

A goal without a plan isn't just a wish. But what if I told you that with the right plan, you could stop wishing and start winning? Welcome to the Solar Talk Show. Where real stories create with real strategies. I'm still around your trusted, real estate, and well-building partner. And the ones behind this platform build for new beginnings. Whether you're new to the GTA, just launched your business, or dreaming of your first home, you belong here. Today's guest is someone who doesn't just talk about money, he teaches you how to make it work for you. A mentor, a coach, an educator, and a community builder with over 20 years of experience. Him has guided countless families toward real financial freedom. From smart financial planning to investment tools that you've never heard of, but absolutely need to learn. This episode is your money masterclass. If you ever felt lost in the system, overwhelmed by options or unsure how to start building wealth in Canada, stay with us. This episode will change the way you look at money and your future. Let's dive into the mindset, the strategies, and the secrets. No one teaches you when you land in Canada. Until now. Let's go. Hi Hem, welcome back to the show.

SPEAKER_00 2:00

Oh, thank you so much.

SPEAKER_03 2:02

Nice to have you again. Um, Hem, you have mentioned many times my money is nice. In your journey, where did that mindset pivot happen and how did this journey began?

SPEAKER_00 2:12

So I always look at money as not just uh that I can spend more money, like it's more about um how can I utilize it, how can I utilize it as a tool, right? Because money at the end of the day, no matter what trade we all work in, we are all working for generating an income.

SPEAKER_02 2:35

Yes, absolutely.

SPEAKER_00 2:36

Now it all depends on the type of the trade you work in, it depends on the type of position you work in, so it all always differentiates that to how much money you're bringing home. But at the end of the day, you have to decide that what that money can do for you.

SPEAKER_01 2:50

Yes.

SPEAKER_00 2:50

Because money gives you options, yeah. It's not everything, but it does give you options 100%. And I always say that the money is the sixth sense, which allows you to enjoy the other five.

SPEAKER_02 3:01

That's true. I like that.

SPEAKER_00 3:03

Yeah, so so that's how I look at money. Um, so when I I started working in a workforce, and then obviously, just like anybody else, every I had also my goals and dreams, and I wanted to do something bigger and better always. I was constantly thriving into it. And I realized that yes, working, making money is good, but then also how effectively you can put your money to work for you. Yes, yes, because ultimate goal, that should be the goal, right? That you don't want to keep working for your entire life. Uh, yes, you can, because you don't want to just bore yourself by not doing anything, yeah, but at least it gives you option to you can slow down, you can, you know, you can do different things, what you like. So it gives you, it starts giving you options like immediately and later in your life.

SPEAKER_03 3:58

Yeah, so it's not working hard is good, but working smart is even better.

SPEAKER_00 4:02

Yes.

SPEAKER_03 4:02

So knowing the strategies, knowing what is out there and how you can, you know, make the money that you earn work for you. That is the strategy and the mindset that actually thrives.

SPEAKER_00 4:12

That is so true, yeah.

SPEAKER_03 4:13

Most definitely. And tell me, like, uh what for for a journey in money, like you know, to get it working for you, the mindset, uh mindset shift, Hemat, uh, what that needs to happen. What is what did that look like for you in general?

SPEAKER_00 4:27

So, first of all, you have to be disciplined, right? Because when you're disciplined, you just live free life.

SPEAKER_02 4:34

Yes.

SPEAKER_00 4:34

But when you're undisciplined, you're always slave to what you're doing currently or what you'll be doing in the future. And the reason why I say that, that yes, money is important to make, but also understand that the money has a lot of power. And that power only starts when you start becoming more disciplined, understand the concepts behind it.

SPEAKER_01 4:57

Yes.

SPEAKER_00 4:57

And that's what the beauty about uh learning about money too, because we all went to school, we got to learn math, history, science for like a number of years.

SPEAKER_01 5:08

Yeah.

SPEAKER_00 5:08

But how many times today are we using history on a daily basis? Not much. But when it comes to money, we deal with money every single day.

SPEAKER_01 5:15

Yes.

SPEAKER_00 5:15

Right? So that's why the first thing is you everyone needs to understand how your money can work for you or how money works.

SPEAKER_01 5:25

Yes.

SPEAKER_00 5:26

And when you understand the concepts, strategies, rules, and principles, that's when you can just put your money to work. Uh, also understanding the rules behind it, that well, whatever you make, money doesn't come with the instruction manual, as you already know. So people don't really realize well, how much money I should start saving every month. Imagine that years ago it already started, and we are living in that generation that our parents, our grandparents, everyone used it, where we already have that mindset that okay, I get I get paid bi-weekly, weekly, whatever way you're gonna get paid. But it comes with the instruction manual. An instruction manual says that make sure that the 20% of what you're making goes towards the saving. Make sure that the 30% goes towards the debt management, right? Or 30% goes into your lifestyle, or 20% goes into this. So if there is an instruction behind it, then we are already programmed that way. Yeah, but it doesn't happen like that. So when people get paid, then they don't really understand, okay, what should I do with this money? Right? And that's why I always say that well, make yourself disciplined, well, certain amount of money it actually gets withdrawn from your bank account on a weekly basis, on a bi-weekly basis, or monthly basis. Yeah. So that's how you now start programming yourself. Well, okay, now I only left with this much money, yeah, and that's what I can work with.

SPEAKER_03 6:56

That's right. I like the fact that you mentioned uh it needs uh managing finances, man, managing money needs discipline. Because I tell my daughter too, like um, she has the small piggy bank. So now and then she gets a little bit of money she puts in there. So when whenever she's hears the ice cream trucks, especially in summer, goes on, like, I'm gonna go get ice cream. Yeah, I'm like, I don't have cash on me because you know we don't carry cash as much, right? She's like, I have my piggy bank. And I'm like, remember why you have the piggy bank? When you spend on the small things, you're gonna miss out on the big things. Yes, right. I always tell her this. Um, and actually, I I think that's important, especially on a young age, for the kids to understand how money works. Yes, um, because as you mentioned, that's not been taught um on uh on in the school system as well as it should be needed at this time. Hopefully that will change.

SPEAKER_00 7:42

But it's almost like playing a sports, right? So we all played sports at one point in our life. Some people are still playing, I still play even today. But it's all about knowing your rules and principles before you start playing.

SPEAKER_02 7:55

Exactly.

SPEAKER_00 7:55

Imagine I play a sports and I do not know any rules, any principles, so I don't follow anything. You're just running around. Exactly, right? There is no outcome, like what I have based on my desire. So that's why when it comes to money game, the same rule applies. You need to know your rules and principles, like how you can actually make it work.

SPEAKER_03 8:15

Yeah, right?

SPEAKER_00 8:16

Because it can work for you or it can work against you.

SPEAKER_03 8:18

That's true, that's true, absolutely right. So, Heman, let's talk about uh, you know, anybody that who's new to the country, new to the GTA, uh starting uh trying to understand these concepts to make like not to work hard but to work smart. Um, so what whatever the hard-earned money that you're making that can actually you know influence in you know good growth. Um so tell me what are some of the common financial traps or misunderstandings uh new immigrants face when they arrive in the GTA?

SPEAKER_00 8:44

So there are a few things, and that's what I always talk about in my group talks or one-on-one talk as well, that what should they they should stay away from. Um because there are a lot of things out there as a consumer product, but not not all products are meant for you.

SPEAKER_01 9:02

Yes.

SPEAKER_00 9:03

Uh, it might be for somebody else, but not for you. So you need to understand that aspect first because it's individual stream, right? So everyone has different goals and ambitions, or the family dynamics are different. So that's how it's going to work for you. Okay, so that's number one. Number two is once you know what's available out there, can you use it now or can you wait a little bit later?

SPEAKER_01 9:28

Right?

SPEAKER_00 9:28

Because some people also then they get into kind of habit, they you know what, no, no, I want to get that done now. So I'll give an example. There are a lot of credit card companies out there, and then they just try to lure you in full with like, okay, you know what, if you get our credit card, it's a cash back, or you get these points or that point, whatever it is, right? It sounds great. So now you get into something like that, but then what you are doing uh subconsciously, that now you're borrowing that money already. You already borrowed that money. So if your limit is five thousand, if it's ten thousand, you already have borrowed that money, which means you already have that money which is not yours. That's right. And you start spending on it. And before you really sometimes, many a times I've seen that well, before you even realize you spent so much that now you can't even keep up with the debt management piece, right? So that is very important. Then also, many a times those credit cards they offer you credit card balance protection insurance, which normally I say don't go for it, and it has it its own uh pitfalls, which basically you need to understand the well, how exactly it's going to work for me. Just don't get into it because it's given to you.

SPEAKER_02 10:41

Exactly. Right?

SPEAKER_00 10:42

Ask a lot of questions. Yes, ask a lot of questions, and then always ask with based on the situation. Okay, so if you're telling me this, so let's say let me walk you through the scenario. What if, and then what happens, right? So you need to understand those things. People normally get shy away from, or maybe they just get too excited because they got something, and then now they forget about everything else.

SPEAKER_02 11:08

That happens, yes.

SPEAKER_00 11:09

Yes, yeah, so there are a lot of things like that, like people buy homes, for example, and then um they are being offered like a mortgage insurance. Do you understand how the mortgage insurance works? I normally ask not to have the mortgage insurance when you have a life insurance in place because life insurance is almost like universal. Yes, it works for you for so many different things, and it remains almost like a constant, it doesn't change, but mortgage insurance it doesn't work the same way as a life insurance.

SPEAKER_01 11:41

Yes.

SPEAKER_00 11:42

So you need to understand those aspects too, right? And then also understanding different types of accounts you go with, right? So there are a lot of things which you need to know that what is out there and what you need at this point as a startup and what you can pick up on later, or what you should not have at all.

SPEAKER_03 12:05

Yes, yes, absolutely right. There are a lot of products out there. It doesn't mean that everything is for you. You need to sit down and analyze what is best for you and also read between the fine lines, right? Yes. We don't do that, we just go like you know, sign, sign, sign. But understanding what you're signing in and what are what it what what that means for you is um is it's knowledge that you need to thrive on because you know being blindfolded to that uh can lead into things that you never expected to happen, right? Most definitely. So understand your products, understand the strategies that is good for you, and you know, choose that and apply that to your life.

SPEAKER_00 12:41

100%.

SPEAKER_03 12:42

Most definitely. And for someone just landing in the GTA right now, you know, looking for a better life, what is the uh what's the first thing they should do financially to start off on the right foot?

SPEAKER_00 12:53

So, well, first thing they have to find work. That's the first thing they should do. And uh, to find the work, I also know that there are a lot of people out there that are looking for work, but then they don't really keep options open. They always have something in their mind that I want to get a job or or I want to find some sort of work, maybe it's a commission-based or salary-based, only in one particular specific industry. You're limiting yourself, right? Because you're competing with so many others with just that particular industry. Yeah. Uh so I I always say that you know, like always keep your options open. That's number one. But yes, you have to find a work, so at least now you have some sustainable life which now is going to go on. And then as you go on, then you can always find the options which you were really looking for. Because that really helps you. Because financially, if you're struggling and you're not getting anywhere, now you get frustrated with that process, right? And I always say that well, what you should do, because I also have spoken to many other government agencies where they're they're newcomers and uh they're looking for work or work. I've also spoken to government-funded employment agencies too. I always say that when you start, when you put yours outs uh yourself out in the workforce, uh what you have to do first thing is that go through the process and then enjoy the process because it's not important. Yes, it is important that well, whatever goal, specific goal you're looking for, well, I want to get a job in this industry, this kind of position, and it's great. Yeah, because that gives you the fulfillment, right?

SPEAKER_02 14:42

Exactly.

SPEAKER_00 14:42

But what's the greatest fulfillment is going to be the person you become in the process.

SPEAKER_02 14:47

That's true, absolutely.

SPEAKER_00 14:48

So I always tell people enjoy the process. Like, don't just get frustrated with the system and with what you have to go through and whatnot. There are a lot of opportunities out there too, like you can actually market yourself in form of you can connect with a lot of networking groups. Uh, nowadays social media is very trendy, and I love that. Uh, I'm a technology guy, so I always kind of look for different ways, different avenues. How I can actually, you know, do more.

SPEAKER_02 15:16

Yeah, exactly.

SPEAKER_00 15:17

How I can become more creative.

SPEAKER_02 15:19

Keep learning. Yeah.

SPEAKER_00 15:20

So connect yourself with like-minded networking groups. You can do that. There are a lot of events happening as well, uh, especially over the weekend. You can become part of it. Some are free for you to attend, some you just pay like small fees. To just keep doing those things, and that's how you expose yourself, first of all, with the Canadian system.

SPEAKER_02 15:41

Exactly.

SPEAKER_00 15:41

Right? With the Canadian industries and the employers and the other people who are also in the similar position as you. Or you also come across people well who actually started as a few, but then now they are at a different level.

SPEAKER_02 15:55

Exactly.

SPEAKER_00 15:55

There are a lot of learning curves you go through, but that only happens when you're really, very uh open-minded, keep your options open.

SPEAKER_03 16:02

Yeah, think long term. Yes, surround yourself with the right people. Yes. That definitely thrive, will make you thrive in the industry that you want to be in.

SPEAKER_02 16:10

That's true.

SPEAKER_03 16:11

And also, like some, I want to add to what you just said, like, you know, having that financial footprint from the very first. So go to a bank, start your bank account right away, and get into like a prepaid credit crowd or something, so you'll start building that credit score as well. Because anything that you do in Canada, you need that credit scope next to you.

SPEAKER_00 16:28

Yeah, for sure.

SPEAKER_03 16:29

Most definitely. Let's talk about first-time home buyers in the GTA. So they're now here, they have started their financial journey and they're thinking about buying that first home. Uh, what kind of financial planning must be in place before they even think about you know going out there?

SPEAKER_00 16:44

So, one thing uh they can always start from is uh where they really want to get settled. I mean, as you already know, Stella, is you can leave in Toronto after 10 years, you can move somewhere else, or you other vice versa, right? So that is always there, but most people they end up staying in the same sort of community setup or same city.

SPEAKER_02 17:07

Yes.

SPEAKER_00 17:08

So you need to identify the well, first of all, the type of work I'm looking for, where my opportunities are more than less. Yes, right, compared to other cities, and then that's how you just kind of uh stay there. You yes, you have to start renting for sure in the beginning. Yeah, find the ways where you can actually also start saving money by by leasing or renting those spaces too. Uh no matter where you come from, you have to just start getting into like more like you can compromise certain things. Yes, you will not get everything what you have always aimed for, what the way you have lived in your life, right? So you're to always compromise that way, but then once you kind of start understanding the where you want to get settled, yeah, then also now start understanding that what it takes for you to become a homeowner.

SPEAKER_02 18:00

Yes.

SPEAKER_00 18:01

So you need to obviously start saving money because you need to come up with the down payment. That's the first thing. Now there are down payments available for like 5%, but when you make less than 20%, then there is a CMSC fees where they also need to understand that part too. And if you want to avoid that part, then you should have like 20% down payment. So just start saving money. Now, government also offers really very great tool, which just came out literally a couple of years ago. It's called First Home Savings Account.

SPEAKER_01 18:34

Yes.

SPEAKER_00 18:35

And I always uh advise people that if you have never purchased a home, regardless of whether you've been renting for the last five years, ten years, twenty years, doesn't matter. If you have not purchased a home under your name, this is your opportunity where you can actually capitalize it. Okay, so per year individually, they have eight thousand dollars. So if let's say husband and wife, they both have eight thousand dollars each limit every year, regardless of the income. Open that account, put that money in, uh, it gives you two benefits immediately. So, first is that when you put that money into that account, with the next year when you file tax return, you can write, I mean, you can show that you contributed eight thousand dollars for the previous year, so you get the tax refund. So it works like a similar feature as RRSP, but then also the money which already has been invested, and then when you take that money out, it is always tax-free. So that's the feature of TFSA.

SPEAKER_03 19:41

Yeah, so that's a tax saving too.

SPEAKER_00 19:43

Exactly. So first home savings account is hybrid of both RRSP and the TFSA.

SPEAKER_02 19:50

Yes.

SPEAKER_00 19:50

Right? And uh you can save money, you can put$8,000 per year for the five years. And after five years, you cannot put more money in, but you your money is still invested and it's growing. Yeah, but you don't have to wait for five years to buy a home. Let's say if there is an opportunity where it gives you, you already saved up money in your first home savings account, and then whatever the overflow surplus money you have, you have actually also invested or saved up on the side. Now you have enough money, more likely, for the down payment, then use that money even after three years or after four years. So you can take that money out and then you can use it as a down payment. However, there are also some other costs, right? So closing costs and lawyer fees and the other fees, whatever you have to consider. So, first of all, the whole financial planning is required before even you take that step.

SPEAKER_02 20:44

Exactly.

SPEAKER_00 20:45

So, what step I'm referring to is buying a home. Yes, not saving or investing money, that can start immediately. Yeah, right? But then before you buy a home, then regardless of the size of the home or type of the home, you need a financial planning in place.

SPEAKER_02 21:01

Exactly.

SPEAKER_00 21:02

And this is what you're getting into, which is the probably the biggest death in your life, right? You're taking on so much mortgage. Uh, you need to understand can you make that mortgage payment every single month? Plus, it comes with other costs, property tax, the utilities, and other maintenance, whatever you're looking at.

SPEAKER_02 21:20

Exactly.

SPEAKER_00 21:20

Right? So you need to understand those first, and then that gives you like a solid foundation that not only you can become a homeowner, but then you can sustain that. Sustain. And you enjoy that home.

SPEAKER_03 21:32

Exactly, exactly. So you mentioned it's it is one of the biggest steps that you took take over. But if you plan it well and if you look at it long term, it can be the biggest investment that you're making as well for yourself. Right? So, as you mentioned, different people come with different stages in life. Maybe sometimes you are equipped to buy right away. Yes, but maybe you need that time, like five years, ten years out. So sitting down with a financial planner, a mentor, and planning that out in the next five years, that gives you the path to a successful achievement after the five years.

SPEAKER_00 22:07

Yes, and buying a home is a very big investment as well. So it's not something you're buying today and then you don't like the community, you don't like the area, you can't keep up with the payments, and okay, now let me sell it in six months. That's not how it works because then you'll end up losing money.

SPEAKER_01 22:23

Right?

SPEAKER_00 22:24

So you want to go somewhere where you're planting your flag for at least five, ten years, yeah, and then you enjoy, and then now you move on, and then you can buy a bigger home or you can buy another property. Yeah. Because now it also puts you in a position that you've built some equity in the house. Yeah. So you can just utilize the whatever your goals are.

SPEAKER_03 22:42

Yeah, most definitely. You I like the fact that you mentioned about the first-time home buyer savings plan, and you also talked about the RRSP. Is there any other products that you know um we should be aware of uh when we are in this process?

SPEAKER_00 22:54

So there's also like the RRSP, which I said. So let's say if there was a surplus, they can now start putting money in RRSP. And then uh government also has a plan that now, let's say, when you're ready to buy a home, not only you can use your first home savings account, you can also use RRSP money towards the first buyer's home program.

SPEAKER_02 23:17

That's a good point, yeah.

SPEAKER_00 23:18

So that way you can also actually benefit from both, and that gives you enough money for the down payment. And going back to my point, you might have 20% or more than 20% at that point, so you're saving the CMSC fees.

SPEAKER_03 23:30

Exactly, exactly, most definitely. Um, tell us about some um hidden cost or tax implications. Um, a lot of the um lot of the uh first-time home buyers or newcomers miss in the beginning of this journey.

SPEAKER_00 23:44

So, like I said, people need to understand property tax. It is different for all different homes. Uh so they need to understand that. If they are buying or getting into something like a condominium unit, uh, whether it's maybe a town homes or a condominium like a high-rise, there are condominium fees. Uh, some condominiums they have utility fees as well, some is already included in it. So you need to understand all those aspects, the maintenance fee, right? So that's something also, and also people need to know that it's not the same uh what it is now versus what it will be two, five years later, that changes. Yes, right? Yeah, so property tax that changes, all other fees they they changes too, right? So so those those are the things we need to know, and then also the utilities too. It doesn't stay the same.

SPEAKER_02 24:37

Yes, yes.

SPEAKER_00 24:38

Not only is it based on your consumption, but it's also based on how those providers are going to change the cost of it.

SPEAKER_02 24:45

Exactly.

SPEAKER_00 24:46

So so there are, I shouldn't say everything is hidden, but it's more logical way, right? Because the cost of everything does not remain the same.

SPEAKER_01 24:56

Yes.

SPEAKER_00 24:57

We all understand that well, there's an average inflation is two to three percent. So every year the cost goes up for everything. And those are the different ways you can actually look at it that what's in it for now and then what's in it for me later, and I need to keep up with it.

SPEAKER_03 25:13

Yeah, that's true, that's true. That's amazing. Thanks for sharing that. Um, let's talk about uh your journey as well with the families that you have worked with. So you work with families, um, a lot of many, many families, and families uh with different needs like disabilities, um, uh business owners and so forth. What are most underused or misunderstood financial tools uh available in Canada at this time?

SPEAKER_00 25:36

So I think we are now talking about three different categories. Yes so typical families uh or families with uh with disability or someone has a disability in the house and the business owners, right? So now these are three different dynamics. So if I start with the typical families, uh it's people who are young or are not just too young, maybe anywhere from 25 to 55 age. Uh they have young children, they own a home, they have a mortgage, um, they also have other debts, the credit cards, line of credit card loans. Some people still have students' loans to be paid back, right? Um, so those things obviously they have to take into consideration because these are obligations.

SPEAKER_01 26:20

Yeah.

SPEAKER_00 26:21

Okay. So first thing stands out for those families is they need to protect the income. And to protect the income, which is their actually foundation, uh, that comes in the form of the life insurance. So let's say if I meet with a family, and if they say to me, I'm saving money into RRSP, I'm saving money into TFSA, great, you're saving money for the retirement, or I'm saving money for my children's education. And I have a mortgage and I have other debts, I'm paying of that too. But everything's been done so far, it is based on two income. Yes. Because every most Canadian families you see, they both work. Yes. Right? So it's based on two incomes, your lifestyle has been built. Now imagine that one person is not there, okay, for whatever reason. So now everything is there in terms of all those obligations, but now there is only one income left. So how can you keep up with it?

SPEAKER_02 27:25

Yes, that's true. Okay.

SPEAKER_00 27:27

But if if the person who passed away, whether husband or wife, and if that individual had a life insurance, now life insurance becomes the immediate estate for the family, and now they have all these money to take care of the majority of the obligations. So if that's say they had they're left with the half a million dollars mortgage, now the surviving spouse does not need to worry about how do I make the mortgage payment. With the life insurance proceed, you pay off the entire mortgage. So it's wiped off. You have two children, you're saving money for RESP, but now you can keep up with those making those monthly payments into it. So now you make sure that well you put the lump sum for both children and that's fully funded. By the time they are 18, ready to go to college, university, they already have enough money.

SPEAKER_01 28:14

Yes.

SPEAKER_00 28:14

Okay. Also paying off the debt. Many people they have joint credit cards, joint line of credit. So one person is gone, now you're responsible. Okay, so you need to make sure that's paid off too.

SPEAKER_01 28:25

Yes.

SPEAKER_00 28:25

And then the final expenses like funeral, any taxes, legal accounting fees. And after everything is done, how much money you want to keep behind as a cash, so you can invest that money, and that becomes your supplemental income until you get stable in financial household.

SPEAKER_02 28:42

That's true.

SPEAKER_00 28:43

Right? So that's the that's for the typical family, that's the first thing. And most people don't understand the value of it.

SPEAKER_01 28:52

Yes.

SPEAKER_00 28:52

Okay. Yes. And so that's that's what we do. That we basically sit down, we make them understand. You need to understand what is the insurance firm.

SPEAKER_01 29:02

Yes.

SPEAKER_00 29:03

Right? We drive car, we pay for the car insurance. We we own a home, we pay for the home insurance. People take insurance is on other electronic devices like cell phones or some electronic whatever TVs. And why not on your own life? Which is the biggest asset you have.

SPEAKER_03 29:19

Yeah, I think it comes down to the mindset as well. Because you know, when I speak to people about when when I got my first life insurance, and I mean when I talk to people about getting life insurance, I believe it comes down to the mindset because a lot of people we are very uh afraid to talk about death.

SPEAKER_01 29:35

Yes.

SPEAKER_03 29:35

Right? And we try to keep away from it as much as we can, which is absolutely human psychology, right? You don't want to talk about the negative, which is great. But we need to think about long term. Yes. What happens after, yeah, after me, right? When that question comes in, then the the financial is the most important part that you want to protect your family, your loved ones. That's the only thing that you can leave for them.

SPEAKER_02 29:57

That's true.

SPEAKER_03 29:58

Yeah, exactly, right? So planning, you know, when you are young. I would say like when you're taking life insurance, it's very important to plan it when you're young as well. Because when you are young, your premium is lower. You're not you don't have much health complications. Yes. So you can secure yourself a good premium and you can keep it lifelong.

SPEAKER_00 30:15

Yes.

SPEAKER_03 30:16

Yeah. Tell me a little bit about your experience there too.

SPEAKER_00 30:19

Well, so many a times uh client would say that, yeah, I don't think I need a life insurance. Uh, because I am I'm saving money and I'm I'm I'm putting money away for my children's education. Um sometimes even they say, Well, my family can sell this house. I'm like, okay, that's fine, but then do you want your family to change the entire lifestyle? Right? Now, if you really love your family, you want to make sure that, well, it's not just when you're alive you're able to provide what they need. But then after you're gone, that's when they need you the most.

SPEAKER_02 30:55

That's true.

SPEAKER_00 30:56

And that's where you have to just replace it. Now, there is always an emotional loss which is not going to be replaced. Yeah. But the financial loss can be replaced even after you're gone.

SPEAKER_01 31:06

Yeah.

SPEAKER_00 31:06

Right? So that's that. Now for the families with the disabilities, I think the biggest uh thing I have observed because I work with many government agencies and I provide my seminars and workshops and so on. I think the most things they're missing out on is that there are a lot of funding and resources available for them to use, but they're not aware of it. Okay, so so they're missing out on those things, which they should have been benefited or collected from the time when that thing happened in their life. So so that's what I think people with uh, I mean, the families who have someone in the family with a disability, they should take the time on those, reflect back on those things and then see that well, what's out there where I can actually capitalize everything on it.

SPEAKER_03 31:55

Exactly. Think outside that small circle that you know you're comfortable in because thinking long term, planning long term, what matters, and also educating yourself about all the tools, all the strategies available, all as you mentioned, there's a lot of plans, a lot of funding available, educating yourself so you know where you can benefit and you know have you know thrive in your family life, in your and your personal life, most definitely. Um, when it comes to uh balancing uh risk and reward with new Canadians uh who are trying to build wealth in the GTA, um, but also stay safe. Uh what is what what is your input there? What is the mind shift change or the the practicality that that you you would advise them to thrive on?

SPEAKER_00 32:37

Well, without the risk, there is no reward, right? Absolutely, yeah. You're always taking a risk, like a leap of faith. It's not just about money, it's about anything else.

SPEAKER_02 32:47

Yes, right?

SPEAKER_00 32:48

Whether you want to work in uh a particular industry, and now you let's say get a job to work in the industry, there is obviously a risk. Yes. What is the risk that you might not like the employer, you might not like what the way they work, the way they operate and their system and so forth, or they might not like you. There's always a risk, but then without taking a risk, there is no reward what you're seeking for. Okay, and the reward is yes, there is a reward, but reward is not all always like it's a one-time thing.

SPEAKER_01 33:25

Yes, right?

SPEAKER_00 33:26

It's not that okay, I got this now, it's that it's not that you're always kind of striving for more and more and more, and every single time you strive, there's always a risk associated with it.

SPEAKER_01 33:39

That's true.

SPEAKER_00 33:39

Yeah, people work as an employee. Now, if they want to become a self-employed, for example, so let's say now they want to become a real estate agent, or they want to become a mortgage agent, or they want to become an accountant or plumber, electrician, that is a leap of faith, and you're taking a risk. That what is the risk? As an employee, you get paid salary, right? You do your job Monday to Friday, nine to five, and then you're done. But when you go towards the self-employed side, now it depends on the amount of job you will be able to finish. That's how you will be rewarded. Obviously, there is a risk, but then once you take that risk, now you understand that you know what, if I do this, I can make more money. Because they already have freedom of money depending on how many hours they work.

SPEAKER_01 34:28

Yes.

SPEAKER_00 34:28

But now when you own a business, that also comes with the risk.

SPEAKER_01 34:31

Yes.

SPEAKER_00 34:32

What if my business fails? Yeah, right? Or what I don't have enough time to do it, or I don't have the proper knowledge of what type of business I'm getting into. Right? So there's always a risk behind everything we do. Or let's say now you become an investor, you start investing money, whether it's a real estate, whether it's uh mutual funds or segregated funds, there's a risk all over the place. Right? But understand the history. And we always talk about it that when someone wants to invest money in RRSP or TFSA or let's say pension or anywhere else they want to invest money. We never talk about what it will be tomorrow or after a month or after a year. We always talk about last 10 years, 15 years, 20 years. Okay, and any investment you look at, it has always fluctuated, including the real estate.

SPEAKER_02 35:26

Yes.

SPEAKER_00 35:27

Right? It has always fluctuated, like it goes up and it goes, comes, could goes down and goes back up and comes down. There's always a graph you see, which is always zigzag, there's never a straight line.

SPEAKER_01 35:38

Yeah.

SPEAKER_00 35:38

Right? So as long as they know that okay, whatever I have to do, yes, there's always a risk associated with it, but then it's always going to give me the reward. And I think that that process itself, for some people, it makes them nervous about it. They kind of stay away from it, but then you're also putting your light life as at a risk that you're not growing, you're not thriving, you're not getting anywhere.

SPEAKER_03 36:04

Exactly. Don't be the person who is gonna look back and say, Oh, I wish I had done that five years ago. Yeah, do it when you when you feel like that's the time. So you can after five years again, say, Oh, I'm so glad I did it five years ago, look at me right now.

SPEAKER_00 36:16

And there are a lot of opportunities you pass by, and then it might not come back to you.

SPEAKER_03 36:20

Yeah, that's true.

SPEAKER_00 36:21

And then all you do is just uh, do you wanna just what do you want to go through? Do you want to go to pain of change or pain of regret?

SPEAKER_03 36:27

Exactly, exactly.

SPEAKER_00 36:28

That's what you have to decide.

SPEAKER_03 36:29

Yeah, yeah. You know, success is better than regret. So, you know, thrive on that, you know, have this right plan strategies, have the coachmanship, surround yourself with guides that who can guide you to your success, right? And with that, you don't have to really thrive on the fear, you can thrive on the success.

SPEAKER_02 36:46

Yes, most definitely.

SPEAKER_03 36:47

Yeah, and Hema, so you speak a lot about financial freedom uh being the transformational path in your life. Um, can you tell me a little bit about that in your personal um in your personal journey as well, and what you have seen with the with the uh people that you have worked with?

SPEAKER_00 37:06

So when I actually started working, I'll tell you exactly what happened. So I understood that whatever I was doing at that point, so my very first job was when I was in a school, I started working, and I started working at McDonald's. And uh not because I wanted to work in the food industry, but I knew that I had to I had to start working just to understand the money aspect of it.

SPEAKER_01 37:36

Yeah.

SPEAKER_00 37:37

Now my dad was a private lender, so he always taught good concept to me and my brother. So we always knew that how he was executing everything. So that is one thing I understood so early enough in my life that well, there are different types of death. Uh, there are some that are good, some are bad. And as long as you understand and you work for it and work towards it, then that's how it's going to work for you. So, one thing I never actually got into was the death side of it. I never got multiple credit cards and started spending money and getting different loans and so forth. But first, I I wanted to earn money and see okay, what what how much money I'm bringing home, and then what I'm able to kind of exchange what I'm bringing home.

SPEAKER_01 38:27

Yeah.

SPEAKER_00 38:28

So that makes you realize based on your lifestyle or today or what you want to build was the shortfall. Okay, and you need to understand the shortfall, and then that's how it basically pushes you more to do more, right?

SPEAKER_01 38:42

Yeah.

SPEAKER_00 38:43

So I started working there, and a friend of mine brought to my attention that the bell was hiring, and I applied for a part-time customer service representative role at their head office location, and I got accepted. So I started working with them as well. So I was doing three things at a time. That also made me realize well, how hard you have to work for your money, right? That's right. And then that's how I started working, and I started saving and saving and saving and saving. Because my goal was I wanted to buy a house.

SPEAKER_01 39:14

Yes.

SPEAKER_00 39:15

So back then there was no first home savings account, there was no TFSA, there was only RRSP or the other ways you want to save. So that's how I started saving money, and then uh by the time that I got into that situation, now I got married, and um by like by God's grace, I'm so blessed that my life partner who I got have the same mindset from the very beginning until now. She's my strong supporter by and behind everything what I have done, what I'm doing, and what I will be doing, right? So that's another thing. I think that's the biggest investment, too, in your life. Like you have to really be very, very particular about who you are choosing as your life partner.

SPEAKER_02 40:02

Yeah, absolutely.

SPEAKER_00 40:03

And then we bought a home and uh we put down like so much money towards the down payment. Um, I think it was almost a 40% down payment, I was able to put, and then uh we just started uh living in that beautiful home, and then the one thing was never taken away from me from my mindset, is no matter who I saw surrounded by, like my friends and the co-workers and so forth, I never actually got intimidated by how they were living their life because I knew that where I want to be and how I want to live my life, and that's how I always lived my life from the very beginning, and that's why where I am today is all because of those those principles and the discipline which I always implemented in my life.

SPEAKER_03 40:55

That's amazing. Don't let the outside world world noise disturb your path, right? You just have to have your focus, you need to have your values, right? Your commitments, and you know, that's a beautiful journey you had. Amazing. And having the right, right life partner, um, that's very, very important. I know Krishna, she's amazing. So that's that's a blessing to her. Uh so how does um so in in so right now when we talk to a lot of people, a lot of people are because of the economy, with the trades, uh interest rates and things like that. Everyone, like not everyone, but most of us are on the surviving mode, not in the thriving mode. So, what needs to happen, or what should someone focus on to change it from surviving to thriving?

SPEAKER_00 41:38

First thing, that surviving mode which you just mentioned about that why I'm just kind of smiling is people are living in survival mode in here, not physically.

SPEAKER_02 41:50

Yes, right?

SPEAKER_00 41:51

So the first thing you need is the mind shift. Okay, you need to come out of that zone that you're constantly kind of struggling, yeah, right? Struggling to make decisions, struggling to think beyond, struggling to kind of you know what, make uh make certain choices in your life just because you are in a mode where okay, let me get this done now, then I can get to this point.

SPEAKER_03 42:18

Yeah, okay.

SPEAKER_00 42:19

See, there is no such thing that you you can only do this now, and then only this this is where you can go. You can go anywhere you want, and you can do one any anything you want to do. It's just that it starts with you. Yes, okay, and that mind is is so powerful that whatever way you train your mind, it actually goes in the subconscious mode in your mind. And then you just keep doing those things subconsciously before even you realize it. Okay, I'll give you one simple example. Let's say you drive from your house and now you get to your work the very first day. Okay, you're very mindful that well, where what direction you're going to, right? Or or where you're heading to, or are you taking the right turn or left turn and and so on. You go the second day, the third day, the fourth day. What happens after a couple of months?

SPEAKER_03 43:16

Oh, it's just get automated.

SPEAKER_00 43:18

Right? Yeah. You get to your work, and then in your mind, like, how the hell I got here, right? So many a times you don't realize. See, that's the power of the mind.

SPEAKER_01 43:27

Yes.

SPEAKER_00 43:28

So, whatever way you are training your mind, that is how you're going to drive your entire life. And what helps you is the right type of association, right? Whether no matter what workplace you're working at, uh, no matter what community you're living in. I'm sure you've heard stories for that there are many successful people today. They their upbringing was in a like a very, very bad kind of community. Oh my god. Right? Bad settings they grew up with.

SPEAKER_01 43:58

Yeah.

SPEAKER_00 43:59

Uh they grew up with the the not the very, very upbringing, like a well-upbringing families as well. So you need to know that it's not about those dynamics, yeah. Right? But it's about in here, like you have to that there was a shift in their mind.

SPEAKER_01 44:16

Yeah.

SPEAKER_00 44:16

Right, and that's how they became successful. So so the the key is that no matter what situation you are in today, just first of all, step out of that survival zone. Okay, and think beyond, and then talk to yourself that what you deserve, then what you have. Yes, yes, I always say this like always be grateful about what you have.

SPEAKER_03 44:44

Yes, always gratitude important.

SPEAKER_00 44:46

And that will actually make you to get to the next level. If you always complain about what you have, or if you're not satisfied enough, then it is never going to bring you to the next stage because then you're constantly reminding yourself that well, wherever I am today, I need to just fix those things first, yeah, and that's how I can get to the next thing, but that's not going to happen very fast. Maybe never.

SPEAKER_03 45:11

Yeah, you need to fix things as you progress. Yes, exactly.

SPEAKER_00 45:15

Then the thriving mode begins, and then again, it's again the subconscious. Yeah, if you trained your mind accordingly, before even you realize you're already thriving. You're striving, you know, you're in a different place in your life, like physically, mentally, emotionally.

SPEAKER_03 45:30

Most definitely. Oh, that's beautiful. The way that you word it, uh Heman, that's very, very beautiful. And to the point as well, because you know, it's it's starts with gratitude, understanding what you have, appreciating what you have, and you know, aiming to, you know, in influence that to grow, right? And stepping out of that comfort zone is not easy. Yes, I'm I will never say it's easy. No, I have to step out of my comfort zone many times in my journey too, and believe me, it's not easy. But you know, once you do that, and you when when you look back, oh my god, that's a huge journey and a huge leap that you have crossed over that you will never would have imagined if you did not take that leap. Yes, right? That's true. Most definitely. So that's a wonderful verse that you shared with us. Um, you you kept lifelong uh friendships, relationships with clients, partners. What role do integrity and the value plan uh value play in financial mentorship and business success?

SPEAKER_00 46:25

I I just go go with uh who I am, right? It's very open uh in regards to when I when I meet with the clients first time and then I keep working them for the entire life, or my friends or my family or my business partners, anybody you look at, or people in the community I know, it's always about it uh I always reflect as who I am. I never try to make things up in a way that you know, okay, this is the kind of set of environment, and this is what now I have to become. No, because then it's not going to help you much. Um when you are true to yourself, uh that's the first thing, and when you have a self-respect about yourself, and now when you're bringing yourself out and talk to people, it reflects all the time.

SPEAKER_02 47:20

Absolutely, yeah.

SPEAKER_00 47:21

And your habits, okay. So, whatever habits you have, so yes, outside of your day-to-day work you do in your household and then your workplace, whatever it is, but what else do you have incorporated in your lifestyle? Okay, so who are you hanging out with? Who do you talk to the most? Okay, um, and it doesn't matter whether you talk to someone only once a week, but who you are talking to.

SPEAKER_02 47:48

Matters, yeah.

SPEAKER_00 47:48

That really matters, right? And then what kind of places you're visiting. Okay, so everything the environment has a big factor on how we actually thrive in everything in our life, also our own personal habits. So, what do you do just to kind of physically, mentally, emotionally to keep you like grounded, but at the same time it makes you very strong. See, me and my wife, we wake up at five o'clock in the morning. Okay, why? Because we want to give ourselves time the very first thing in the morning. So we do yoga and meditation. Now, when we do that, obviously every single day, you have no idea, Stella, that how grateful I am for everything I have. Right? Even as little as I'm breathing air, yeah, you know, like that is so grateful. And um, so when you wake up, like you have to give yourself time personally, and you want to just kind of reflect on everything, how your day is going to look like. There should be like a scan throughout the day, like okay, how your day will be looking like, and what kind of energy you're going to bring to yourself, to your family, to people you will be connected with today. And that's very important aspect.

SPEAKER_01 49:02

Yes.

SPEAKER_00 49:03

So I do not touch my phone until almost I would say 8:30, 9 o'clock in the morning. That phone is completely away from me, and I'm just busy with what I have to do, which is my yoga meditation. Then my daughter wakes up, then you know, like we spend time with her with her breakfast or whatever we have to do. We all get ready to go out, and then that's when I actually check my phone. Sometimes not even until I get to my office, my work.

SPEAKER_01 49:32

Yes.

SPEAKER_00 49:32

Okay, it's very important that you're so connected to yourself for a certain time, and that gives you so much strength and courage for the whole day. So now when you talk to no matter what, that energy is going to be so different and divine that now you're connected to that person for the whole life. All my clients know this. Anytime they can reach out to me, whether they're text or phone call or email, whatever works for them. And I keep checking on them all the time for no reason. Random phone calls.

SPEAKER_03 50:06

Yes, that's important.

SPEAKER_00 50:08

Hey, how's it going? What are you doing? Like, are you out? Are you driving? Whatever it is, is everything good? Every family is good?

SPEAKER_01 50:14

Yes.

SPEAKER_00 50:15

That's all it takes.

SPEAKER_01 50:16

Yes, yes.

SPEAKER_00 50:17

Now, when do you call them? When you're driving, right?

SPEAKER_01 50:21

Yeah.

SPEAKER_00 50:21

When you're driving, you can work. You're not on your laptop or like you're you're doing the emails and documents, you're not doing all those things.

SPEAKER_03 50:29

Right?

SPEAKER_00 50:29

So that's when I make my most calls.

SPEAKER_03 50:31

Yeah. Just hands-free, just make your calls, make those connections, keep up with them.

SPEAKER_00 50:36

Same thing with the family, with the partners, uh, like the business partners and the other people in the community. That's how you just execute your entire day. And we wake up at five, and then even by the time it's like eight o'clock, nine o'clock, ten o'clock, we are not exhausted. You know, because that's another thing, too, that you need to love what you're doing.

SPEAKER_02 50:59

Exactly, exactly.

SPEAKER_00 51:00

Okay, yeah, that's when it becomes, it's not a work anymore.

SPEAKER_03 51:04

Yeah, it's it's a lifestyle.

SPEAKER_00 51:05

That's the lifestyle. You got it. That's the perfect work. That's your lifestyle. And you are you always look forward to the next day. Okay, and before we go to bed, like we as soon as we're in our bed, we pray. Just very quick pray, but we pray. Yes, it's just about everything, what has happened today, and and then just the gratitude.

SPEAKER_03 51:27

Reflecting on the day, right? Everything's important.

SPEAKER_00 51:30

Even as little as you, I I go for let's say grocery shopping, I go to the mall or whatever it is, and I I can just kind of quick have a quick encounter with people. I say hi, hello, whatever it is. You're you're you're talking to somebody.

SPEAKER_01 51:43

Yes, right?

SPEAKER_00 51:44

Yeah. So so even you we have to be grateful for everything what actually we come across because you never know that how what that connection brings to you.

SPEAKER_01 51:54

Yes.

SPEAKER_00 51:55

Right? And it's not always about the money, it's not always about the business, it's not always about the transaction, but it can add values in your life.

SPEAKER_03 52:03

Most definitely.

SPEAKER_00 52:04

And that's what you need every single day.

SPEAKER_03 52:06

Yeah, most definitely. You know, I I like the fact that you touched on you know very, very important points in different, different ways. You you talked about self-respect um and having your momentum, like having that moment for yourself. Um, you know, you have 24 hours a day, you need to take some time for yourself because we get so busy, yes, we we forget about that. And you know, no matter if you're doing it in the morning or late at night, just having that time for yourself to reflect and you know, to focus on yourself that is very important. That reminded me about a podcast I listened to of Mel Robbins. Um, she talks about you know, never hit that snooze button in the morning. Yes, right, because once you hit the snooze button in the morning, you're you're actually snoozing your whole day. Yes, because you know, whatever that you have planned in your calendar for that day, now it's gonna not be on that time. Yes, so just you know, that actually resonated with me really uh really well. But you know, what you said today added more value to that. Thank you. Yeah, most definitely. So, you know, you've been uh sharing valuable information, Heman, from personal life as well, and as well as financial uh literacy, too. Um let's now go into a lightning round. I like to call this a lightning round because I have five questions for you. So, what's the best money advice uh you have ever received?

SPEAKER_00 53:30

Uh what's the best money advice? It could be from anyone, right? Yes, yeah. So I think I kind of touch upon that too, that never see money as a bad thing. Uh there are many people out there, um, they just think like money, money is all root of all evils, like whatever all different terminologies, different uh way of saying it. I always say that you see the way, like I said, my dad was a private lender, right? And then he always, so as we were growing up, we always saw that well, how he was living his life, what he was believing in when what he didn't believe in. Yeah, so so that was like a subconsciously, indirectly, we got that advice that well, first of all, how you have to build your life, yeah, it's not based on how much money you make, it's based on how much money you keep. Okay, so there are people out there, they make a lot of money, but then they are not able to keep a lot of money. Okay, so so best money advice, I think, in my opinion, is that use money as a power for now and for later, and it's not just maybe for you, it could be for like helping out in the community, helping out the charities, helping out anybody else in your family whoever in need of money, yeah, right? And in order to show it all the time that well, this is what you're doing, there are a lot of people out there that they do things and they don't show. It doesn't mean that they are not really it, yeah. See, but that's the money, that's what money can do. But if you have it and if you know that the power of money, yeah, then only you can do it.

SPEAKER_03 55:10

Exactly, it's a tool, it's a tool, exactly, most definitely. And the next question so if but somebody is debating between should I go RRSP or should I go TFSA, your go-to wealth tool. Which one is that?

SPEAKER_00 55:23

I have been asked this question so many times, and I always say that uh there is no right or wrong answer. It all depends on your family situation, yes, right? So there are people out there that they are making a lot of money as a family. Now, one person is making more than the other person, yes, right? Or let's say husband works full-time, wife works part-time, or they both work full-time, but there's always they fall into different tax brackets, most likely.

SPEAKER_01 55:53

Yes.

SPEAKER_00 55:53

Sometimes they fall into the same, but most likely they fall into different tax brackets. So now you need to understand your tax. Like, are you are you paying a lot of tax every single year or you're not? If you are paying a lot of tax, then if you want to save money, uh, you want to make yourself disciplined, then put money into RRSP. That will give you tax refund. Right? Now, there I have many clients that they have they're they've been maxing out their RRSPs every single year based on that concept. They also have surplus money. So now that goes into TFSA because that is also a tax-efficient way you can build your investment. So when you take money out from TFSA, it's completely tax-free. Okay, now there are some families they they don't really benefit much by putting money into RRSPs because it doesn't make any difference or not much difference, then they should lean more towards TFSA. Okay. Now the RRSP also works in a situation where one partner makes a lot of money, which means at the higher tax bracket, the second uh partner does not make a lot of money. So, what they can also consider is the spousal RRSP, where the person who is making more money can invest money under the low-income spouse, and the low-income spouse basically uh benefits from having the RRSP, doesn't take away from her limit or his limit as a low income. Their limit still stays the same, but now they have accumulated more money under their retirement. Yes, but at the same time, person who is under high income, high tax bracket, that person benefits from the tax, even though they are saving money under the low-income spouse.

SPEAKER_02 57:41

That's true.

SPEAKER_00 57:42

Okay, and then every now and then they can that they they can take the money out, the spousal RSP when it's been taken out, depending on how you play off that strategy. Uh, the tax falls into the low-income earner.

SPEAKER_01 57:56

Right?

SPEAKER_00 57:57

So you're saving tax that from that point as well. Yes, there are many, many different strategies you can implement, but again, it goes back to the family dynamics.

SPEAKER_03 58:05

Family dynamics, choose what's best for you.

SPEAKER_00 58:07

Right. So I always say this don't get the life insurance because your friend got it. Yeah, because you just get the life insurance, but not exact same what other family has.

SPEAKER_01 58:17

Yeah.

SPEAKER_00 58:18

Same way for the investment. Yeah, don't do the exact same thing what your friends and family have done. Yeah, your family dynamics are different, and that's why it has to be customized.

SPEAKER_03 58:27

Yeah, that's why you need to speak to someone who can show you the options available.

SPEAKER_00 58:31

And that's what we do, that we provide the full financial needs analysis, which is about 15 pages document, which is customized to your family, confidential and complimentary. We don't charge. So then now you understand that okay, this is my entire financial house, this is where exactly I am today, but then based on my goals and dreams, where I will be after 20 years, or where I will be when I'm in my retirement. Yes, right? And if you don't like what you see based on that plan, this is your time to bridge that gap.

SPEAKER_03 59:07

Absolutely, absolutely, most definitely. That's really, really good information there. Um, the next question.

SPEAKER_00 59:13

Yes.

SPEAKER_03 59:13

Uh, what's one book that changed your life?

SPEAKER_00 59:16

Oh, that is a very tough question because there are many cool books we can talk about. There are different books actually, they all shared different lights, different dynamics when it comes to the message, um, you know, the uh the power which stays with you.

SPEAKER_01 59:32

With you, yeah.

SPEAKER_00 59:32

And then that's what it is. So there are there are a couple of books I can say that well. There is one one book, it's called Um Think Like a Winner by Dr. Walter Staples. Uh it's a very amazing book, it talks about the mental laws. Uh so that's very, very good book, and then it also kind of gives you insight about when you're thinking, so the the mental laws, it also should kind of reflect based on The relationships you have with your children, with your parents, with your with your spouse, with the your your friends, right? So it's all different. And uh there's another book, uh, it is um atomic habits.

SPEAKER_01 1:00:15

Okay.

SPEAKER_00 1:00:15

That is also very good books, like it it reflects on your habits, right? So how you basically implement those habits in your lifestyle based on your obligations, based on uh the type of work you're doing, right? So so it actually has a true power of its own as well. Um then how to influence your friends and and family, so that is another one as well. Um there are there are there are many, many books out there, I would say, that they're they're really good books, and sometimes I go back to those books as well. It's not that I read it once and then I'm I'm never reading it again. Yeah, sometimes you want to read it again, yeah.

SPEAKER_03 1:00:57

And it may give you a different perspective of the book, right?

SPEAKER_00 1:01:00

Because every time it happens, like how many times you watch a movie? Let's say you watch a movie first time. Yeah, there are certain things it sits with you, and then you watch it second time. Oh my god, was this in the movie when I watched first time? Like, how did I miss it? You know what I'm saying? Yeah, yeah. So so that that that's what happens with the books too.

SPEAKER_03 1:01:17

Yeah, exactly.

SPEAKER_00 1:01:18

Every time you you read it again and you pick up on something new.

SPEAKER_03 1:01:20

Yes, that's so that's absolutely right. So read the right books, yes, most definitely. Um, your first job when you arrived in Canada, I know that you talked about this. I you know what was it, and you know, what was their pivoting, what was there a pivoting moment there for you for your next time?

SPEAKER_00 1:01:36

So, like I said, that I started working at McDonald's, I started at the front. So, you know, like when you when you get in, yeah, um, then someone is there to greet you. Hi, how are you? And then how can I take your order, whatever, and then that's how you just uh take the order and you serve them, and then uh because I wanted to grow, I expressed my interest that I want to learn in the other areas in the restaurant, right? So then I started working in the kitchen, and then I started understanding that what goes in and how the waste management and so on and so forth, because then that gives a completely different perspective of the business, yes, right? Yeah, then I I moved into drive-thru. So I I was taking orders in drive-thru, and then um the McDonald's drive-thru, it's like 90 seconds time you have, yeah, from the time when you take an order until you deliver, yeah, right. So you it that trains you on efficiency, like how efficiently you have to move through, yes, regardless of what it is, right? And then you try the techniques here and there a little bit, and then that's how you learn. So, so and then based on that, depending on where it was needed, I was changing myself. Then I moved up to become a team coordinator. Yeah, uh, then I became a swing manager, which is pretty much like an assistant manager, yeah. And um when I was a team coordinator, no, sorry, um, assistant manager, that's when my friend brought it to my attention that the bell was hiring. So that's when I and that was a completely different industry, yeah, right? Completely different dynamics, it's a completely corporate environment. Yes, and then that's how I got trained. I had to go through like six weeks in-class training, and after every single training, I had to pass the test to move on to the next level, yeah. And then after I finished my six weeks, then I was in a six-week staging period where I was on the floor taking calls, making calls, yeah, and then that's how I got trained, and then that's how I started working after this whole two sets of six weeks of training program.

SPEAKER_02 1:03:42

Exactly.

SPEAKER_00 1:03:43

Right? But also I understood. See, the thing is when you dive into those things, and then when you risk yourself to learn different techniques, different skills, yeah, that's when now you also understand what you can do, what are your capabilities, right? See, that's what the most people don't do. Yeah, they become comfortable doing what they are doing because now they feel secure about it. Oh, now I'm comfortable, I do my job, I know how to do my job, and then this is where I get paid, and now they get settled. Yes, but you always look for the opportunities, look at how you can find another opportunity. Working for Bell, um, I work in like 13 different positions, and that's always again the same way. Yeah, I kind of after I worked in customer service just in nine months, I'm like, I need to do something else, I need to just kind of know something else. I started working in the marketing department, yes, right? Not knowing anything about marketing. So that's what I mean. That well, you really need to kind of, I'm not saying going to say you're to just follow blindly, yeah, but it goes, it's going to actually kind of expand your vision about what the what the opportunities are, and more importantly, is what your capabilities are.

SPEAKER_03 1:05:01

Yes, yes. You know, that's absolutely right. Right, that's absolutely right. You know, it doesn't matter where you started, but it matters like you know what you gather from there and where you end with it, right? And this remind I have to share this. This reminds me of something when I first started my career when I was 19 years old in Sri Lanka. Um, I used to live with my grandma. So my grandma, she used she was an English teacher. Um, so she used to tell me, Stella, rolling stones gathers nothing. She tells me this. But in that 19-year-old mind, I wanted more than what I was in. I was in banking, I was uh I was a team lead in banking. Um I didn't start as that, but I you know I started as her uh cashier, but then into uh private banking, and then I was a team lead in banking. Um I always wanted more for myself, but I was always rolling. Yes, so but every time I hear my grandma saying like Rolling Stone gathers nothing, Rolling Stone gathers nothing, but no, she's she was wrong. Yeah, because you know, Rolling Stone gathers everything. Yes, because you that's how you will know what you want for yourself, and you know, I have you know, as you mentioned, you know, we go through different paths in our life, different, you know, we take different journeys, everybody's story is unique, and that's how you become who you are, yes, and that's how you identify what you want to become and how you want to thrive in this world, yeah, right? Absolutely. So, yeah, and you know, similar similar to the journey that you shared, like you captured value in different positions that you were in in McDonald's, in Belm Bell Bell Canada, um, and all that adds into the value that you bring to your clients or to your family right now.

SPEAKER_00 1:06:36

Yes, and that's what actually motivated me, uh not motivated, inspired me, I would say, me and my wife to get into the financial services industry, which was completely a new work.

SPEAKER_01 1:06:47

Yeah, right?

SPEAKER_00 1:06:48

Yeah, and then that's how we started working, and then we were also now wanting to shift that like I wanted to go through that mind shift as well. And now from the employee side, now how can we become a business owner?

SPEAKER_02 1:07:00

Exactly.

SPEAKER_00 1:07:01

So that's how we just kind of working towards it, yeah, and then it was a transition, and then we just uh went through everything that was required in terms of the licensing and training and then building a business, and yeah, yeah, and that's been an amazing journey because then see, if I thought that okay, you know, I worked in the telecommunication industry for so long, so now I think this is it, and I can go into other industry, I can thrive, I'm more successful today than what I used to be in the telecommunication industry.

SPEAKER_03 1:07:31

Exactly, exactly. So, this is why, like, I want to say this again. I think I know that I have said this before in one of my other podcasts too. Uh, like, talk to the people that who's now in the business, now in the in the in the system, because you know, going back to my grandma, in her era, in her generation, that was the mindset. You know, you get a government job, you be that government job, you create the life that you want, right? But no, the like the the world has evolved beyond that. So the more knowledge you have, more uh like you know, and you keep educating yourself and getting these you know uh life uh experiences and applying to it to your future life, that's how you're gonna thrive right now, right?

SPEAKER_00 1:08:12

It's just like you, Stella. Like you said that you worked in the banking industry, then you started working at Bell, and uh that's where you worked, and then now you became a successful real estate agent. Yeah, three different industries.

SPEAKER_03 1:08:25

Exactly, right?

SPEAKER_00 1:08:26

So that's that's what I mean.

SPEAKER_03 1:08:28

But every industry teaches you something that you need to thrive in today's world, and that makes you believe even more that you can do anything, exactly.

SPEAKER_00 1:08:35

Right? So you're not just meant for just one specific thing, you can do anything, yeah.

SPEAKER_03 1:08:40

Have your options open, right? So, Heman, to conclude this um um conversation today, if you were gonna reflect back in your life, what would you tell the 25-year-old Hemand if you met him today?

SPEAKER_00 1:08:54

I um I obviously I would say that uh what I have done in the very beginning, in the very early in my life, yes, there could have been a lot more done than what it was done. Um so certain things, and also it also comes with the limitations as well. Like you said, the as the years go by, the world has evolved and uh there are new things in place. Back then, there were not big technology, no social media, right? Um, there were not uh too much awareness. See, now we know so many things just because of the social media or the type the whole society has been set up, right? Things are just at our fingertips. We know everything, what we want, where to get to like we know everything about it. Yeah, it becomes a very easy process. So back then, um yes, um I I think I did uh everything at my best ability, but uh I would always say that I would I would have done something differently than what whatever way it was done. Maybe I would have been more responsible, maybe I would have been more disciplined, not that I wasn't, yeah, but you know it's the age too, right? And then also it's not about the age too. Like sometimes you want to do things, but then you don't know how to. Yes, right. But now I would say today, if I'm speaking to someone who is 25, you already know how to. Yeah, there are so many resources and tools available. Yes, right, yeah, so that is not an excuse that should not be a showstopper because it's already there. Yes. Now it is up to you that how you want to move forward from here.

SPEAKER_03 1:10:46

Exactly, exactly. You know, for a 25-year-old right now, and a 25-year-old, then now you have more tools at hand at your exposure at your fingertips. Yes. So you can actually do your research, reach out, you know, as needed to evolve better and be better in your life. Yes, most definitely. Oh my god, Herman, this conversation has been value-packed. You know, I'm really appreciative taking the time to share your journey, your insights, and your financial literacy with us today, with our audience today. If you have any questions, we are gonna leave Heman's information in our bio today. You can contact him directly as well, or myself, and you know, we'll be happy to you know hold your hands through the journey and educate you know as you need it. So, thank you very much, Hemat, again, for joining me.

SPEAKER_00 1:11:28

Well, thank you to all listeners, and uh thank you to you too. And uh again, I'm also grateful to have you uh here with me and then you know, kind of asking me questions, and also it's a great opportunity for me to reflect back onto so many things. Like it was just like uh you know, like a uh years years ago, like what I start where I started, I still have everything in front of my eyes, and like I said, I'm so grateful about the entire life, what how the flight everything has been um happening with me, like from starting from McDonald's to Bell to Financial Services, like everything I've gone through, there was a reason behind it, and I always grew. I'm so grateful about everything what's what's been happening.

SPEAKER_03 1:12:13

Oh, it's wonderful. Thank you so much, Heyman. It's it's been a pleasure.

SPEAKER_00 1:12:16

Thank you so much, Tara.

SPEAKER_03 1:12:19

You've just heard financial wisdom that could shift your family's future. But knowledge alone doesn't create freedom, action does. So if this episode sparks something in you, take the first step, have the conversation, ask the questions, build the plan. You don't need to know it all, you just need to start. A huge thank you to Hempad for sharing your journey, your insights, and your heart for our community. Your path proves that financial success isn't just about money, it's about legacy, leadership, and lifting others as we rise. If this episode spoke to you, do three quick things. Subscribe to the podcast, share this with someone who needs to hear it, tag us at Stellar Talk Show, and tell us your biggest takeaway. We read them all. And until next episode, this is Stella Ram, your trusted real estate and well-building partner, reminding you you don't have to do it all alone. You just need to start. This is the Stellar Talk Show where new beginnings, new stories, and small strategies are always on the table. See you in the next episode. Let's thrive together. Thank you for spending your time with us on the Stellar Talk Show. We hope you found value in today's episode and gained insights to help elevate your lifestyle. If you enjoyed the discussion, please like, subscribe, and share it with anyone who could benefit. It means the world to us. Until our next episode, stay inspired, and I'll see you soon on our next Stellar Talk Show.