You | Money Club

What is Your Greatest Asset?

You are!

You already have an asset worth a minimum of $1 million.

"The biggest financial asset you have by miles is the value of your earnings power over the years. To secure your financial future it is way more important what you do with this $1 million dollar asset today than if you invest in stocks or bonds. The earnings power you get out of this asset is dependent on what you do in the next few years. This is what you should focus on." Warren Buffett

What will stop you from reaching your potential?

Lack of education
- This should not be a problem for most Canadians given all the great options available.
(Bad) habits you develop when you are young
- Bad habits are very hard to change later in life.

Warren Buffett Talks to Young Americans

Warren Buffett is one of the greatest investors in history. In the video he spends an hour talking to young Americans about what he thinks they should be thinking about. Yes the video is old and the quality is very low. Fortunately, the audio quality is good - and that is what we care about.

As discussed in the video, adjusted for inflation, US$50,000 in 1999 equals about C$130,000 in 2024. On a 100% basis this puts the value of 'you' at about C$1.3 million today.

You Have Already Won the Birth Lottery

Having the proper perspective is one of the keys to living a happy life. Imagine how different your life would be if, instead of living in Canada, you were living in another country like Ukraine, Lebanon, Somalia or Venezuela? Much of the rest of the world is a mess. That is why so many people from around the world are keen to come to Canada. Why? The short answer is they want a better life for themselves and their kids. If you don't believe me talk to older family members who came to Canada. Why did they do it?

Is Canada perfect? No, of course not. But even with all its faults, what we have here is a miracle.

If you were born in Canada (or live here now) you are one of the select few who have been born into a very good deal. The odds that a world baby will be born in Canada is 1 in 384 (or 0.26%).

In Canada you are getting a good education, have access to good health care, enjoy free speech and the rule of law, working internet and electricity, and you are allowed to pursue whatever you want to get ahead in life. You are already a big winner!

Winning the birth lottery does not guarantee you success or riches. However, you do have a ticket to the dance.

Are you taking full advantage of the gift you have been given?

It is important to have perspective; this will help you frame your situation and better deal with the highs and lows of life.

What do you want to be when you grow up?

Design the life you want: In five eyebrow-raising findings, Burnett offers simple but life-changing advice on designing the life you want, whether you are contemplating college or retirement.

Start with curiosity
Reframe problems - work on the right thing
Radical collaboration - the answer is out there in the world
Mindful of process
Bias to action - try stuff