The Real Reason Immigrants Never Build Massive Wealth

Please, stop everything you are doing right now. But if you are driving, keep your eyes on the road but open your ears. If you are at home, push the snacks away, turn off the TV and sit up. We're talking money. Now, I want you to do something for me. I want you to take a deep breath and trust me for the next 10 minutes or so. I need your absolute focus because what I'm about to tell you is the reason 90% of immigrants in this country stay busy but broke for many years. If you don't listen and learn, you may learn the hard way. And in Canada, the hard way costs you your time, your health and your family's future. I know from my own personal experience and trust me, you will learn a lot today that they never told you at the orientation sessions. Now, most of you came to Canada with a dream. You thought, oh, if I just work hard, I'll be rich or at least I'll be very comfortable. But look around you honestly. Why are so many people working two jobs and still struggling? The brutal honest truth is that the Canadian system is designed to keep you useful but not rich. It's designed to keep you paying taxes and interest until you turn 65. But today and for the rest of the week, I'm giving you an umbrella and a shield to break out of that mold. Today is day one of a seven-day financial rescue mission I call the immigrant hustle. Over the next week, I'm going to show you exactly how to stop being a survivor and start being a builder. Now, here's exactly where we're going. Today, day one, I'm going to show you the foundation that ensures that you never go back to zero. Tomorrow, day two, we will organize your money buckets. You're going to start saving with purpose. Days three to five, we will unlock the tax secrets. I'll show you how registered accounts like the TFSA and the RRSP are the closest thing to legal cheating in the Canadian tax system. On days six and seven, we will hit the growth phase. I'll show you how to invest so your money works harder than you do. And on the last day, I'm giving you a free 90-day money plan to download so you can track every move. It's going to be awesome and you don't want to miss any part of it. If you are ready to break the cycle, I want you to comment, I am a builder right now. Some of you might be familiar with the earlier stages, but just stay with me throughout because you'll be reminded of what you already know and I know you will learn something new that will make you take some needed action. I know it. So let's build phase one of your foundational shield. These are the basic foundational things that you need to start building wealth in Canada. The first layer of your foundational shield is your emergency buffer. Most people call this the emergency fund, but I call it the peace of mind accounts. No matter how good you think you are doing financially, you don't have the power to stop emergencies from happening. And they do happen. Cars break down. People fall ill and can't walk. A parent needs surgery back home. Unexpected things happen that need money. And if God forbid you lose your job, you need a cushion before you get another job. And that could take a few months. So the rule is this. You need three to six months of your fixed expenses tucked away in an account. I didn't say three to six months of your income. You need three to six months of your expenses. If your rent, your groceries, and your bills cost you $4,000 a month, your first shield, which is your peace of mind account, needs to have between $12,000 and $24,000 in it. Now I know what you're thinking. Chey, that's a lot of money. I can barely save $200. I hear you. But listen to me. If you don't have this buffer, you are just one incident away from a financial landmine. Honestly, you can't do this. You just need to start small. What I want you to do, if you haven't done it already, is to open a separate high-interest savings account today. Label it Do Not Touch. This money is not for vacation. It's not for getting yourself a new phone. It is for emergencies. If you need names of banks that you can start a high-interest savings account with, I left some of them for you in the description. Some of them are my referral links. So if you use them, I will be most grateful. The second layer of your shield is income protection. Despite popular opinion, your biggest asset isn't your house. It isn't your car. Your biggest asset is your ability to earn an income. Because think about it. If you get sick or injured, or God forbid you become partially disabled and you can't go to work tomorrow, then who pays your rent? Who pays the mortgage? Who pays your bills? Losing the ability to work is losing your biggest asset. Now I know what you're thinking. I have benefits at work if I'm sick or disabled. Okay, I know you think you're covered. But let me tell you a secret. Most employer plans only offer basic coverage. They might pay 60% of your salary for a few months and then they stop. My dear, can you survive on 60% of your pay in this economy? No. And what happens when they stop paying you and you are still not back to work? Not to scare you, but please, you need to check your benefits package today. If you are self-employed or if your job coverage is weak, you need a private disability insurance policy. It ensures that even if your body stops working, the paychecks keep coming. Do not leave this to chance, please. The final layer of your foundational shield is life insurance. I know, we don't like to talk about life insurance because we don't want to think about death. I feel the exact same way right here. I do. But if you have a spouse, children, or parents back home who depend on you, I dare say you must have some form of life insurance. This is your love letter to your family. I have many, many stories of the good and the bad side of this. However, if you are new in Canada, please don't get distracted by complicated plans. My advice is this. Start with term insurance, especially if your income is still low. Term insurance is simple. It gives you massive coverage and it is incredibly cheap when you are young and healthy. We are talking less than the cost of two Tim Hortons coffees a month. This is the goal that you should aim for. You want a policy that covers 10 to 15 times your annual income. So if you earn 60,000, you want a 600,000 policy. Now, hold on, let me explain why. Because if the unthinkable happens, your family shouldn't just be grieving. They should be financially secure. They shouldn't be forced to move out of the house or to sell the house or sell the car while they are still crying. Your children should still be able to go to school and your life insurance will help them do all of that. If you are still unsure or you are confused on whether you even need life insurance or how much you need or which insurance is best for you, I understand. I offer a no obligations free consultation in this regard. I'll leave the link in the description so you can connect with me and let's run the numbers together for you. Now, look at your foundational shield. You have the emergency buffer, you have your income protection shield and you have your life insurance shield. It's really looking good. When you have these three things, you stop being afraid. Honestly, you can walk into your boss's office with your head held high because you are not a slave to the paycheck anymore. You have your shield. But once your shield is built, how do you start building wealth? Listen, this is where most immigrants make the mistake of leaving their money in a cluttered savings account where it does absolutely nothing. Please don't do that. Tomorrow, I'm going to show you my money buckets system. I'm going to show you exactly how to organize your money so that you can save for a house, a car and your children's education all at the same time using the best types of accounts in Canada. So your homework for today is simple. Calculate your three to six months buffer number. Write it down. And as we go along, we'll build a plan on how to build up those funds. You're making progress. Well done. I'm going to see you tomorrow for day two. Thank God for this opportunity to build. Stay tuned and remember, don't just run, build. And while you wait, you can start building a 12 month financial plan that I explained how to do on this video right here. Go and check it out and I will see you tomorrow.