Adiel and I were in Downtown Toronto recently for a fundraising event for 100 Strong Foundation, an organization mentoring and empowering young black boys in the GTA. It was great to meet with Donavan Bailey, a Canadian sports legend and to hear the words of wisdom he shared with all of us. I also had the opportunity to meet some of our clients and to connect with many others in our community. It was a great evening and I encourage you to check out the great work 100 Strong Foundation is doing and to support this work. Enjoy this issue where I share some valuable insights. Please remember to share this with everyone in your network:

1. Experience a Smooth Sail to Success…

I'm so excited to share Hallie’s new business venture, Tutoring Lighthouse, as she seeks to illuminate the passion in others through her love for education. Tutoring Lighthouse is a business that prioritizes personalized and interactive learning so students everywhere can excel in their academic studies. If you would like to become involved with Tutoring Lighthouse, either as a student or a tutor, visit tutoringlighthouse.com and/or email info.tutoringlighthouse@gmail.com. Hallie is passionate about education, she’s an experienced tutor, an author and a great public speaker! I’m so proud of her body of work and can’t wait to see the young lives she will impact with her love for learning.

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2. Personal Tax Planning Considerations

With just three and a half months till the end of the year, now is the time to start planning on how to minimize your 2024 personal tax liability. Start by estimating your personal tax liability now to determine how much taxes you will be paying in 2024. With this information, you can consider strategies to minimize taxes such as contributing to your RRSP or increasing your contributions; deferring income; splitting income; transferring securities with unrealized gains between accounts; etc. More specific strategies to follow in the coming weeks. And I suggest you consult your Tax Specialist for more insights on your personal situation.

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3. Why Most People Struggle Financially

I strongly believe that you don’t need a 6-figure salary to create financial freedom. And for this reason, I believe financial freedom is attainable for most people. However, only a few achieve it. Why? It’s because most people lack fundamental knowledge and a proven path to follow. This is why I wrote the book, Tax-Efficient Wealth, to provide you with an easy-to-implement blueprint that will enable you to build and grow your wealth in a tax-efficient manner. After reading this book:

• You will have a solid knowledge of the key wealth drivers to build wealth and uncover the money mindset required to win the money game.
• You will have a blueprint and a step-by-step plan to start your journey of building and growing your wealth tax-efficiently.
• You will save taxes, have more money, and have the confidence to shatter all your money worries for life.

You can grab a copy of the book here and in this short video, I share what the tax-efficient path to wealth is.

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4. Money Is Useless Until It Is Put To Use

Not long ago, I listened to a 10X Workshop by Grant Cardone where he made the comment that money is useless until it is put to use. In many ways, he is right. He goes on to say that he does not save money. Why? According to Grant, saving cash is like saving a legal pad - it’s worthless because money, like any paper, is only good when it’s used. If you leave money in savings too long, it disappears! One reason for this is inflation, and many of us have experienced the real impact of inflation in recent years with the escalation of prices of everyday goods and services. When prices of the basic necessities go up significantly more than increases in wages, you lose money when you save. So this is what you do with your cash instead of saving it:

• Invest in yourself to increase your income
• Invest in your business to increase your income
• Invest in real assets that produce cash flow

Make sure to take your cash and buy things with it that will make you more cash! He concludes by saying, “Cash is not king. Cash is dead. Cash flow is king!” Do you agree?

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5. Leadership By Design

If you have a child in Grade 10, I encourage you to register your child for this great program as the final application deadline of September 23 is quickly approaching. My daughter, who is currently in Grade 12 has been part of this program since Grade 10 and my son, Adiel, recently applied as he just started Grade 10. This Leadership By Design (LBD) program is for academically motivated Black students who are in Grade 10. The LBD program is about amplifying students’ leadership skills. LBD seeks to inspire and equip students to pursue future leadership opportunities whereby they become decisions makers who are well positioned to shape the future of their communities, workplaces and country. This program is FREE and offers students leadership skills, mentorship, skill-building workshops, career exploration, STEM program with UofT, Summer enrichment programs, meetings at university locations, scholarships and many more. To learn more and to apply, go here.