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[uplifting music]
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>> Welcome to
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It Is Written Canada.
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Thank you for joining us.
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Did you know that the Bible has
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a lot to say about money?
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In fact, there are
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over 2,350 verses
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that talk about money.
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That's twice as many as
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the number of verses
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that speak about
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faith and prayer combined.
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Fifteen percent of
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everything Jesus said was on
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the topic of money.
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For example, out of
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the 38 parables Jesus told,
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16 deal with money,
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and one out of
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seven verses in the
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first three gospels
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speaks about money.
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In fact, Jesus spoke
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more about money and possessions
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than He did about
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heaven and hell combined.
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>> Today on
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It Is Written Canada,
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our special case is
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Sven Tornlov,
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who is going to share with us
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his wisdom
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on saving for the future
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or investing,
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and how the Bible gives us
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direction when it comes to
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investing.
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When it comes to finances,
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Sven is a person
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we really trust.
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Sven is the Associate Treasurer
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and Planned Giving Director of
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the Seventh-day Adventist Church
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in the British Columbia and
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Yukon Conference.
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He has a bachelor's degree
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in business administration
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from Walla Walla University.
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>> Sven, welcome to
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It Is Written Canada.
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Thanks for joining us again.
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>> Thank you very much
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for having me.
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It's my pleasure to be here.
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>> Sven, when we speak about
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saving for the future,
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we're talking about investing,
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right?
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And what does the Bible say
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about investing?
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>> I'm glad you asked
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that question, because
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one of my favourite verses
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in the Bible,
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in Ecclesiastes...
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...10, verses 19.
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And maybe we'll unpack this.
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Can this be right?
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>> Well, it's right in the sense
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of material things.
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So money is our
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currency of exchange,
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it's the way of trading.
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And so yeah, it can answer
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everything in terms of
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material things.
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But in terms of our,
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you know, our
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spiritual wealth,
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our spiritual, you know,
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answers, questions.
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Money's not the answer
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to everything.
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Obviously not.
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>> Okay.
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So I agree a for sure.
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>> Yeah, so when we're talking
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here about investing
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for the future financially,
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can you give us some basic...
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...tips to keep in mind
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when we're thinking of investing
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for the future?
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Before we do that,
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what would you say
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that we should keep in mind?
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>> You know, so many people
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when they talk about investing
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for the future and investments
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and a portfolio,
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I mean, we see dollar signs,
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right?
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That's what we see,
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and we get excited about,
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you know, if I put away
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this much per year,
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this much per month,
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when I'm 65, when I'm 70,
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I'm gonna have this much.
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And sometimes in the equation
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to get from what we put in
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every month to what we're
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gonna have to when we're 65
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is we adjust the
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interest rate factor.
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And so we are,
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you know, if 5% doesn't get us
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to the number we need,
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we throw in 6% or 7%,
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8%, you know,
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to get that big number
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when we're going to retire.
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And I think that we
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could be deceiving ourselves
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because where we should be doing
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an evaluation for risk.
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You know, how much risk
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am I really willing to
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put my money in...
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...when I'm looking for
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my future?
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Because when I retired,
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I am no longer
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in my working years.
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So I have to be wise about
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my investment.
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So I feel that if we do
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a risk assessment,
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as opposed to looking at
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how much interest my investment
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is going to earn, we're gonna be
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in a much better position
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when we are ready to retire.
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>> So different people are
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prepared to take different kinds
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of risks when it comes to
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investing.
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>> Yes, different types of risk.
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And also depending on
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where you are at.
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You know, if you're between the
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ages of 20, 30,
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30 and 40,
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there's a much longer period
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before you're 65.
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But you know, when you're 55
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or 60, you need to be
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reducing that risk
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within your portfolio.
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So I think it really depends
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where you are at,
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how old you are,
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where you're at in your
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working years
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as to, you know,
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your level of risk.
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>> Sven, sometimes we get
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so worried about saving and
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we just wanna keep everything
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and hoard everything.
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Can you tell us a little bit
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about hoarding?
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>> You know, I think we just
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have to drive through
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a subdivision and we don't even
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have to look in people's homes,
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but for some reason,
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we all have garages,
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but none of us park in them.
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Why is that?
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Is it because they're so
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full of stuff?
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So are we all hoarding
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to a certain extent?
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You know, maybe.
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And I think it transitions
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our trust in God,
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our faith in God
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into ourselves and into
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our own merit and
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what we have and we might
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be looking at our neighbour
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and saying, we have
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more than our neighbour.
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You know, with all of these
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material things,
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and where that really
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shouldn't be our goal and that
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shouldn't be where our
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level of satisfaction and
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self-actualization comes from.
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>> So we're not talking about
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hoarding in the sense that
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that's going to protect us
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from the future,
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to have more things.
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>> There are different stories
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and verses in the Bible that
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talk about budgeting and giving.
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You know, we read about
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the woman that gave two mites
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and everyone was looking at her
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and thinking, Wow, like,
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that's really little.
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But in her heart, and Jesus knew
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as well, like, that was all
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that she had.
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So when it comes to budgeting,
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too, you know, we can't look at
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others and see how much
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they're giving or how much
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they're saving.
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Everyone's situation
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is different.
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And we even see, too, in the
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story of Joseph.
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You know, he knew that there was
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going to be seven good years
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where they were going to
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harvest a lot.
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But he also knew that
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there was going to be
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seven years of famine as well.
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You know, God blessed him
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knowing that that was going to
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come and he was able to save
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for the people.
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And in the end, you know,
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like so many people became
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better off because of that.
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He saved so many lives through
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listening to God's guidance
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with that.
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Yes, I don't think, you know,
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oftentimes we're going to
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know exactly what's going to
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come, right, but
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just be prepared for
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things like that
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that could happen.
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Sometimes an extra
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medical situation could arise
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that you have to pay
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something out of pocket,
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or God forbid, you get into
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a car accident.
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You know, some of these things
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you just can't control.
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But by having a budget
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and setting money aside,
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instead of now being
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completely stressed, not knowing
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where to get these funds from,
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you prepared for the future,
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knowing that, okay, even though
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this bad thing has happened
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to me, and even though
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I didn't see this coming,
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through the help of God,
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I've been able to put
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something aside and now
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it's not going to cause
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too much harm to me or my family
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or to my loved ones.
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Those that are affected by
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our finances.
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>> So planning for the future,
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I've also heard
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financial planners talk about
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emergency fund,
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having an emergency fund.
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What does an emergency fund
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look like?
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How much should it be?
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And what's the purpose of it?
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>> Good, so right in the name
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it gives us a hint.
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An emergency fund, okay?
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So there's an emergency,
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I need those funds now,
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you know, not next month,
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now.
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So a good place
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to have those moneys
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is going to be in a
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high-interest savings account
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or maybe in a tax-free
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savings account, but...
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...if it's in the TFSA,
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not invested in a way where
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it's locked in,
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somewhere where you can
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receive that out, you know,
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within 24 hours.
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And so when I think of
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emergency fund,
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I wanna look at risk.
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How much risk do I have
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on my income,
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and how much risk do I have
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on my expenses?
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So looking at income...
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...have I been working for
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the same company for 20 years?
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Am I on salary?
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Or have I just started a new job
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or am I self-employed?
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So if I'm self-employed,
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I am gonna carry a lot more risk
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on my income side.
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It's not steady.
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But if I work for the
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same company for 20 years
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and I'm on salary,
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it's probably a lot more secure.
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So if it's not as secure,
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maybe that pushes me closer to
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the six-month side.
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If it's very secure,
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maybe closer to the
00:09:54.79\00:09:55.82
three-month side, if it's
00:09:55.82\00:09:56.86
being static.
00:09:56.86\00:09:57.86
Looking at my expense side,
00:09:57.86\00:09:59.93
if I rent, okay,
00:09:59.93\00:10:02.13
I don't carry much liability.
00:10:02.13\00:10:04.13
And so- because
00:10:04.13\00:10:05.63
if the fridge dies,
00:10:05.63\00:10:07.67
who pays for it?
00:10:07.67\00:10:08.77
>> The landlord.
00:10:09.40\00:10:10.41
>> The landlord, not me, right?
00:10:10.41\00:10:12.31
But conversely, if I own
00:10:12.31\00:10:14.78
if the fridge dies,
00:10:14.78\00:10:15.84
who pays for it?
00:10:15.84\00:10:16.78
>> You do.
00:10:16.78\00:10:17.55
>> I do, you see?
00:10:17.55\00:10:19.25
And so I carry much more
00:10:19.25\00:10:20.75
liability when I own.
00:10:20.75\00:10:21.95
And what happens if I have
00:10:21.95\00:10:22.98
a rental suite?
00:10:22.98\00:10:24.55
If I have a rental suite
00:10:24.55\00:10:25.59
all of a sudden now I have
00:10:25.59\00:10:26.59
two stoves, two fridges.
00:10:26.59\00:10:28.39
You know, I double my appliances
00:10:28.39\00:10:31.06
and I have obligation as a
00:10:31.06\00:10:33.19
landlord now to my tenant
00:10:33.19\00:10:35.26
to be able to replace things
00:10:35.26\00:10:38.10
very, very quickly.
00:10:38.10\00:10:39.43
And so that's gonna move me,
00:10:39.43\00:10:41.70
if I own, more to the
00:10:41.70\00:10:43.37
six-month side, and if I have a
00:10:43.37\00:10:44.71
rental suite or a carriage home,
00:10:44.71\00:10:46.31
maybe more even into the
00:10:46.31\00:10:47.41
nine-months where I'm gonna
00:10:47.41\00:10:49.18
have to have nine months
00:10:49.18\00:10:51.05
or six months or three months,
00:10:51.05\00:10:52.51
depending on where
00:10:52.51\00:10:53.58
your liability sits on your
00:10:53.58\00:10:54.72
income and expense side,
00:10:54.72\00:10:56.58
to have that sitting as cash
00:10:56.58\00:10:58.95
readily available
00:10:58.95\00:11:01.06
to pay for an emergency.
00:11:01.06\00:11:02.39
>> That's a lot of money.
00:11:02.39\00:11:04.29
So you're slowly building up
00:11:04.29\00:11:05.99
this emergency fund.
00:11:05.99\00:11:07.23
So we're not saying
00:11:07.23\00:11:08.26
it's a fixed amount of $1,000.
00:11:08.26\00:11:10.17
We're talking about
00:11:10.17\00:11:11.20
whatever you would make
00:11:11.20\00:11:13.30
in that six-month period,
00:11:13.30\00:11:14.97
you should have that
00:11:14.97\00:11:16.24
in savings ready
00:11:16.24\00:11:18.01
in case there's an emergency.
00:11:18.01\00:11:19.74
[SVEN] That's right, and,
00:11:19.74\00:11:20.78
you know, there are
00:11:20.78\00:11:21.78
a number of ways to get there.
00:11:21.78\00:11:22.81
And you're not gonna get there
00:11:22.81\00:11:23.88
this month,
00:11:23.88\00:11:25.45
you might not get there
00:11:25.45\00:11:26.51
this year, but over a
00:11:26.51\00:11:27.62
number of years
00:11:27.62\00:11:28.72
you will get there.
00:11:28.72\00:11:29.75
And you know, when you start out
00:11:29.75\00:11:30.85
in life, you're finished school
00:11:30.85\00:11:32.95
and you start out,
00:11:32.95\00:11:34.16
you're, maybe you're gonna
00:11:34.16\00:11:36.02
start renting, right?
00:11:36.02\00:11:38.16
So you now maybe you're just
00:11:38.16\00:11:39.86
having the three months
00:11:39.86\00:11:40.90
of expenses.
00:11:40.90\00:11:41.96
And then when you buy
00:11:41.96\00:11:43.26
your first home after you've
00:11:43.26\00:11:44.37
rented for 3 or 4 years...
00:11:44.37\00:11:45.90
So now you're only moving from
00:11:45.90\00:11:47.70
zero, having no emergency fund
00:11:47.70\00:11:49.44
to only having three months.
00:11:49.44\00:11:50.74
Now you're moving from
00:11:50.74\00:11:51.77
three months to six months.
00:11:51.77\00:11:52.97
So you're not making that
00:11:52.97\00:11:54.01
giant leap all at one time.
00:11:54.01\00:11:56.24
And, you know, a great catalyst
00:11:56.24\00:11:57.88
for starting your emergency fund
00:11:57.88\00:11:59.45
is your tax return.
00:11:59.45\00:12:01.22
If you get a tax return,
00:12:01.22\00:12:02.58
that can be the catalyst
00:12:02.58\00:12:03.72
to start your emergency fund.
00:12:03.72\00:12:04.99
[RENÉ] That's a great idea.
00:12:05.62\00:12:06.65
[MIKE] Very good idea.
00:12:06.65\00:12:07.69
>> Sven, you've just shared
00:12:08.32\00:12:09.56
with us about an emergency fund.
00:12:09.56\00:12:11.86
Can you tell us about a fund
00:12:11.86\00:12:14.13
for future needs?
00:12:14.13\00:12:16.00
>> Sure.
00:12:16.00\00:12:16.87
I mean, I define future needs
00:12:16.87\00:12:18.37
as as myself, as a
00:12:18.37\00:12:19.87
one-time purchase of $500
00:12:19.87\00:12:22.17
or more.
00:12:22.17\00:12:23.44
So examples of this would be
00:12:23.44\00:12:25.31
buying tires for my vehicle,
00:12:25.31\00:12:28.21
putting a new roof on my house.
00:12:28.21\00:12:30.48
And I know that if I need
00:12:31.28\00:12:34.02
a new set of tires
00:12:34.02\00:12:35.05
in three years,
00:12:35.05\00:12:36.12
let's just use easy math.
00:12:36.12\00:12:37.42
Let's say tires cost $900.
00:12:37.42\00:12:40.16
Divide that by three years,
00:12:40.16\00:12:41.66
it's going to be $300.
00:12:41.66\00:12:44.06
Divide that by 12 is gonna be
00:12:44.06\00:12:45.53
$25 a month.
00:12:45.53\00:12:47.50
Okay?
00:12:47.50\00:12:48.20
So now I need to set aside
00:12:48.20\00:12:49.66
$25 a month for my tires.
00:12:49.66\00:12:52.27
I know that in ten years,
00:12:52.27\00:12:53.90
I'm gonna need to put a new roof
00:12:53.90\00:12:55.10
on my house.
00:12:55.10\00:12:56.07
Let's say it's $12,000
00:12:56.07\00:12:57.67
for easy math, divided by ten,
00:12:57.67\00:12:59.77
so you get 1,200.
00:12:59.77\00:13:02.11
Divide that by 12 months,
00:13:02.11\00:13:03.61
that's gonna be $100.
00:13:03.61\00:13:05.68
So now just taking
00:13:05.68\00:13:06.72
those two things, I need to
00:13:06.72\00:13:07.78
set aside $125 every month.
00:13:07.78\00:13:10.65
And then in three years
00:13:10.65\00:13:12.35
I'll have my $900.
00:13:12.35\00:13:14.22
We're pretty good at managing,
00:13:14.22\00:13:15.69
you know, static income,
00:13:15.69\00:13:17.03
static expenses, everything is
00:13:17.03\00:13:18.69
pretty much the same.
00:13:18.69\00:13:19.73
We pretty much use the
00:13:19.73\00:13:20.86
same amount of gas every month.
00:13:20.86\00:13:22.60
Food costs the same pretty much
00:13:22.60\00:13:24.13
every month.
00:13:24.13\00:13:25.13
Your gas bill is
00:13:25.13\00:13:26.13
annualized...
00:13:26.13\00:13:27.14
...all of these items.
00:13:28.27\00:13:29.30
But all of a sudden, you get hit
00:13:29.30\00:13:31.47
with new tires for your vehicle,
00:13:31.47\00:13:32.91
$900.
00:13:32.91\00:13:33.98
Well, you can only water down
00:13:33.98\00:13:35.01
the soup a few times,
00:13:35.01\00:13:36.44
and then you're not-
00:13:36.44\00:13:37.45
then it doesn't get-
00:13:37.45\00:13:38.45
it's not a joy to eat anymore.
00:13:38.45\00:13:39.88
And so that's what's hard
00:13:39.88\00:13:41.25
to manage.
00:13:41.25\00:13:42.22
So if you have this
00:13:42.22\00:13:43.25
emergency fund,
00:13:43.25\00:13:44.45
not the emergency fund,
00:13:44.45\00:13:45.45
your future needs fund,
00:13:45.45\00:13:47.82
you have the dollars
00:13:47.82\00:13:48.72
sitting there.
00:13:48.72\00:13:49.66
So you take the $900 out
00:13:49.66\00:13:51.49
and you buy your new tires.
00:13:51.49\00:13:52.93
And that way you
00:13:52.93\00:13:53.90
don't have to scrimp.
00:13:53.90\00:13:54.86
You can buy good tires,
00:13:54.86\00:13:55.93
you know, for your vehicle.
00:13:55.93\00:13:57.90
When you need a new roof
00:13:57.90\00:13:58.97
for your house, it's not
00:13:58.97\00:14:00.10
stressful.
00:14:00.10\00:14:01.30
It's not this big stress time.
00:14:01.30\00:14:04.17
How am I gonna pay for
00:14:04.17\00:14:05.94
my new roof?
00:14:05.94\00:14:07.01
You use plastic.
00:14:07.01\00:14:09.68
And then you try to pay it off
00:14:09.68\00:14:11.58
and if you don't pay it off,
00:14:11.58\00:14:12.58
you end up paying
00:14:12.58\00:14:13.72
interest for it.
00:14:13.72\00:14:14.92
>> When it comes to planning
00:14:15.55\00:14:16.65
for the future, there are
00:14:16.65\00:14:18.12
different items that
00:14:18.12\00:14:19.52
different people wanna save for.
00:14:19.52\00:14:21.39
It could be a car, it could be
00:14:21.39\00:14:23.26
a house, it could be wanting to
00:14:23.26\00:14:25.63
pay for a vacation,
00:14:25.63\00:14:26.80
it could be maybe
00:14:26.80\00:14:27.86
a really big birthday party
00:14:27.86\00:14:29.23
that you wanna throw for
00:14:29.23\00:14:30.33
your child when they turn 16,
00:14:30.33\00:14:32.30
or when they turn 18, right?
00:14:32.30\00:14:33.54
There's lots of expenses
00:14:33.54\00:14:35.24
that are out there.
00:14:35.24\00:14:36.27
It's really just dependent on
00:14:36.27\00:14:37.97
what you love to do,
00:14:37.97\00:14:39.17
what you love to spend on.
00:14:39.17\00:14:40.44
Some people really prioritize
00:14:40.44\00:14:42.18
date nights as a couple,
00:14:42.18\00:14:43.88
you know, and spending
00:14:43.88\00:14:45.11
a lot there.
00:14:45.11\00:14:46.61
But when it comes to saving,
00:14:46.61\00:14:48.55
you just have to
00:14:48.55\00:14:50.75
really think about your wants
00:14:50.75\00:14:52.89
versus your needs.
00:14:52.89\00:14:54.02
And I put such a strong emphasis
00:14:54.02\00:14:55.36
on this because it can be
00:14:55.36\00:14:56.36
very easy to merge the two
00:14:56.36\00:14:58.23
together and to tell ourself
00:14:58.23\00:15:00.43
that something is a need
00:15:00.43\00:15:02.26
when it really isn't.
00:15:02.26\00:15:03.73
So there's actually something
00:15:03.73\00:15:05.00
that has kind of blown up
00:15:05.00\00:15:06.27
on social media lately.
00:15:06.27\00:15:07.40
It's called girl math.
00:15:07.40\00:15:09.30
So with girl math
00:15:09.30\00:15:10.84
there's this thought that,
00:15:10.84\00:15:12.31
Okay, if I'm spending cash,
00:15:12.31\00:15:14.24
I'm technically not spending
00:15:14.24\00:15:15.81
money because it's not lowering
00:15:15.81\00:15:17.75
the number on my bank account.
00:15:17.75\00:15:19.38
Or if I bought something
00:15:19.38\00:15:20.68
and I returned it,
00:15:20.68\00:15:21.72
now I have this refunded money
00:15:21.72\00:15:23.42
so that's money I would have
00:15:23.42\00:15:24.52
spent anyways, so it doesn't
00:15:24.52\00:15:25.59
count if I spend it again.
00:15:25.59\00:15:27.29
So you just have to really
00:15:27.29\00:15:29.29
steer away from these ideas
00:15:29.29\00:15:30.96
about, Okay, I'm spending
00:15:30.96\00:15:33.60
something that's on sale,
00:15:33.60\00:15:34.63
I'm saving money.
00:15:34.63\00:15:35.96
No, that money is still
00:15:35.96\00:15:37.00
coming out, right?
00:15:37.00\00:15:38.03
So you just have to
00:15:38.03\00:15:39.20
ground yourself when it comes to
00:15:39.20\00:15:40.77
your spending and really
00:15:40.77\00:15:42.34
look into saving and
00:15:42.34\00:15:43.74
investing specifically.
00:15:43.74\00:15:44.94
Saving is great and investing
00:15:44.94\00:15:46.47
is great as well.
00:15:46.47\00:15:48.04
Save for the rainy day.
00:15:48.04\00:15:49.44
They say that, you know,
00:15:49.44\00:15:50.61
if an emergency comes up
00:15:50.61\00:15:52.71
or by any chance maybe you
00:15:52.71\00:15:54.08
lost your job, you should have
00:15:54.08\00:15:55.82
savings for around 3 to 6 months
00:15:55.82\00:15:57.82
that can cover your
00:15:57.82\00:15:58.85
living expenses if you were to
00:15:58.85\00:16:00.69
lose your job.
00:16:00.69\00:16:01.69
So keep that in mind as well
00:16:01.69\00:16:03.02
when you're doing a budget
00:16:03.02\00:16:04.09
to have money set aside
00:16:04.09\00:16:05.49
in the case that, God forbid,
00:16:05.49\00:16:07.13
you lose your job.
00:16:07.13\00:16:08.20
>> And most employers,
00:16:10.03\00:16:11.07
you can set it up,
00:16:11.07\00:16:12.10
that they will put
00:16:12.10\00:16:13.97
this money into a
00:16:13.97\00:16:15.54
separate account or into a TFSA,
00:16:15.54\00:16:17.54
right off of your paycheck.
00:16:17.54\00:16:19.44
So out of sight, out of mind.
00:16:19.44\00:16:21.21
And this just grows
00:16:21.21\00:16:22.71
because you've taken the time
00:16:22.71\00:16:24.51
to calculate and figure out
00:16:24.51\00:16:26.65
what are my future needs
00:16:26.65\00:16:28.28
going to be.
00:16:28.28\00:16:29.62
My family, we wanna go to
00:16:29.62\00:16:30.75
Hawaii, let's say
00:16:30.75\00:16:31.75
in three years.
00:16:31.75\00:16:32.75
What is that gonna cost?
00:16:32.75\00:16:34.16
Start setting it aside monthly.
00:16:34.16\00:16:35.89
>> That takes a lot of
00:16:36.89\00:16:37.83
discipline.
00:16:37.83\00:16:38.63
And I think a lot of people,
00:16:38.63\00:16:39.76
they look at this and they say,
00:16:39.76\00:16:40.90
"Wow, I really want that."
00:16:40.90\00:16:43.50
Well, if you want that and it,
00:16:43.50\00:16:45.13
and that's a value to you,
00:16:45.13\00:16:46.90
then you're going to have to be
00:16:46.90\00:16:48.34
disciplined.
00:16:48.34\00:16:49.27
And when you get that discipline
00:16:49.27\00:16:50.94
you are free, right?
00:16:50.94\00:16:52.67
>> You are.
00:16:52.67\00:16:53.54
And it does take discipline,
00:16:53.54\00:16:54.61
but especially when your
00:16:54.61\00:16:55.71
employer can take it off of
00:16:55.71\00:16:56.88
your paycheck every pay.
00:16:56.88\00:16:58.85
Out of sight, out of mind.
00:16:58.85\00:17:00.85
You know, you do the
00:17:00.85\00:17:01.85
calculations once a year
00:17:01.85\00:17:03.39
and then you go down to your
00:17:03.39\00:17:04.55
employer, take that money off.
00:17:04.55\00:17:06.45
You know, taking off
00:17:06.45\00:17:07.56
$120, $150,
00:17:07.56\00:17:09.26
maybe $200 every month
00:17:09.26\00:17:11.33
is significantly easier
00:17:11.33\00:17:13.36
than being saddled with
00:17:13.36\00:17:15.23
needing a new roof,
00:17:15.23\00:17:16.97
$12,000.
00:17:16.97\00:17:18.20
How am I gonna do that?
00:17:18.20\00:17:20.00
Home equity line of credit.
00:17:20.00\00:17:21.17
That's a lot of places
00:17:21.17\00:17:22.37
where people turn.
00:17:22.37\00:17:23.47
And then they're paying
00:17:24.27\00:17:25.31
interest on it.
00:17:25.31\00:17:26.31
>> Sven, you mentioned
00:17:26.31\00:17:27.44
future needs.
00:17:27.44\00:17:28.41
Can you tell us a little bit
00:17:28.41\00:17:29.71
about, you know, future needs
00:17:29.71\00:17:32.21
as far as
00:17:32.21\00:17:34.65
our children's education
00:17:34.65\00:17:36.48
and also as far as
00:17:36.48\00:17:38.45
retirement is concerned.
00:17:38.45\00:17:40.09
>> So future- your children's
00:17:40.79\00:17:42.72
future education.
00:17:42.72\00:17:43.76
I mean, that is a biggie.
00:17:43.76\00:17:45.46
I think that
00:17:45.46\00:17:47.46
99% of us would agree
00:17:47.46\00:17:49.30
that we want our child to
00:17:49.30\00:17:50.97
do something in education
00:17:50.97\00:17:52.87
beyond grade 12, whether that's
00:17:52.87\00:17:54.84
at a trade school,
00:17:54.84\00:17:56.27
you know, becoming a red seal
00:17:56.27\00:17:58.51
in some area,
00:17:58.51\00:18:00.11
or going to a...
00:18:00.11\00:18:02.11
...four-year degree, a bachelors
00:18:03.21\00:18:04.48
or a science degree.
00:18:04.48\00:18:06.35
So how do I do that?
00:18:06.35\00:18:08.12
Well, if you look into
00:18:08.12\00:18:09.22
an RESP,
00:18:09.22\00:18:11.29
the government has
00:18:11.29\00:18:12.59
significant
00:18:12.59\00:18:14.46
incentives
00:18:14.46\00:18:16.06
to really grow
00:18:16.06\00:18:18.99
the amount of money that
00:18:18.99\00:18:20.03
you have in that investment.
00:18:20.03\00:18:21.73
So I would strongly suggest
00:18:21.73\00:18:23.20
that you go down to
00:18:23.20\00:18:24.53
your local financial institution
00:18:24.53\00:18:26.63
and- or Google
00:18:26.63\00:18:28.87
and learn about an RESP
00:18:28.87\00:18:31.77
and start it today.
00:18:31.77\00:18:33.84
You know, make your appointment
00:18:33.84\00:18:35.01
at the bank and then research
00:18:35.01\00:18:36.81
on how you're gonna do it,
00:18:36.81\00:18:38.78
because that's how powerful
00:18:38.78\00:18:40.15
it is, an RESP.
00:18:40.15\00:18:41.45
>> What does that stand for?
00:18:41.45\00:18:43.65
>> Registered Educational
00:18:43.65\00:18:44.95
Savings Plan.
00:18:44.95\00:18:46.82
Okay.
00:18:46.82\00:18:47.69
So then in retirement,
00:18:47.69\00:18:49.02
let's talk about retirement,
00:18:49.02\00:18:50.53
that's an RRSP
00:18:50.53\00:18:52.13
which we might be a lot more
00:18:52.13\00:18:53.23
familiar with, a Registered
00:18:53.23\00:18:55.36
Retirement Savings Plan.
00:18:55.36\00:18:57.43
And there are a number of
00:18:57.43\00:18:59.17
schools of thought
00:18:59.17\00:19:00.24
around retirement,
00:19:00.24\00:19:02.00
your own retirement,
00:19:02.00\00:19:03.27
because you have such a
00:19:03.27\00:19:04.61
long period in which you are
00:19:04.61\00:19:06.78
investing for it,
00:19:06.78\00:19:08.08
and hopefully equally
00:19:08.08\00:19:09.94
as long period that you're
00:19:09.94\00:19:11.38
gonna be able to enjoy it
00:19:11.38\00:19:12.48
in retirement.
00:19:12.48\00:19:13.45
But it cannot be our sole focus
00:19:13.45\00:19:15.85
that we are just driving
00:19:15.85\00:19:17.35
all of our extra dollars
00:19:17.35\00:19:18.92
into our retirement because
00:19:18.92\00:19:20.52
we also need to enjoy
00:19:20.52\00:19:21.59
our working years.
00:19:21.59\00:19:22.76
You know, we only have
00:19:22.76\00:19:24.83
so much time to enjoy our
00:19:24.83\00:19:26.49
children being in elementary,
00:19:26.49\00:19:29.20
you know, only so much time
00:19:29.20\00:19:30.60
that they're gonna be
00:19:30.60\00:19:31.73
in their teen years
00:19:31.73\00:19:33.27
and pretty soon they're gone.
00:19:33.27\00:19:34.67
So if we don't enjoy
00:19:34.67\00:19:35.90
those times either
00:19:35.90\00:19:37.27
to bolster the family unit,
00:19:37.27\00:19:39.24
you know, to keep our marriage
00:19:39.24\00:19:41.81
going strong, we still need to
00:19:41.81\00:19:43.68
take care of that.
00:19:43.68\00:19:45.98
But in looking at our
00:19:45.98\00:19:47.08
retirement, we do have
00:19:47.08\00:19:48.25
a long period of time.
00:19:48.25\00:19:49.72
Hopefully we have a long period
00:19:49.72\00:19:50.99
of time because we're gonna
00:19:50.99\00:19:52.09
start, if we haven't started,
00:19:52.09\00:19:53.79
we're gonna start today, okay?
00:19:53.79\00:19:56.39
We're going to start today.
00:19:56.39\00:19:57.56
So you need to in retirement,
00:19:57.56\00:19:59.19
have some...
00:19:59.19\00:20:00.23
...tax-deferred growth,
00:20:01.63\00:20:04.30
which is probably gonna be
00:20:04.30\00:20:05.50
into an RRSP.
00:20:05.50\00:20:06.74
But also you're going to need to
00:20:06.74\00:20:08.37
have some that has already been
00:20:08.37\00:20:10.41
taxed so that when you're
00:20:10.41\00:20:12.37
in retirement
00:20:12.37\00:20:13.71
and you need to talk to a
00:20:13.71\00:20:15.44
strategist, a professional
00:20:15.44\00:20:16.95
financial advisor on this,
00:20:16.95\00:20:19.11
but when you are retired,
00:20:19.11\00:20:21.22
your money that is tax deferred,
00:20:21.22\00:20:23.62
you will probably set that up.
00:20:23.62\00:20:25.35
So it's a monthly payment
00:20:25.35\00:20:27.39
that's coming out
00:20:27.39\00:20:28.76
so that you don't get
00:20:28.76\00:20:29.79
hit with these large tax burden
00:20:29.79\00:20:31.73
in a single year in retirement.
00:20:31.73\00:20:33.80
But if you have,
00:20:33.80\00:20:35.40
like let's say in retirement,
00:20:35.40\00:20:36.63
you need a new roof
00:20:36.63\00:20:38.03
or you want to go on a holiday
00:20:38.03\00:20:39.53
or you need to pull out
00:20:39.53\00:20:40.54
a chunk of money,
00:20:40.54\00:20:41.64
you have a chunk of money
00:20:41.64\00:20:42.74
set aside which has
00:20:42.74\00:20:43.84
already been taxed.
00:20:43.84\00:20:45.07
And that's probably going to be
00:20:45.07\00:20:46.27
invested in a TFSA,
00:20:46.27\00:20:47.81
Tax-Free Savings Account.
00:20:47.81\00:20:49.28
>> Let me give you an example.
00:20:51.05\00:20:53.31
This came from a professor
00:20:53.31\00:20:54.52
at MIT in the States.
00:20:54.52\00:20:56.32
And as far as visualizing
00:20:57.39\00:21:00.29
the power of compounding.
00:21:00.29\00:21:02.06
If you could take Fenway Park...
00:21:03.46\00:21:05.66
...and make it watertight...
00:21:07.03\00:21:09.36
...and you had a magic
00:21:10.80\00:21:13.54
eye dropper...
00:21:13.54\00:21:14.80
...where it would start with
00:21:16.40\00:21:17.87
one drop
00:21:17.87\00:21:19.71
and then it would
00:21:19.71\00:21:21.38
double and then double again
00:21:21.38\00:21:24.38
and then double again,
00:21:24.38\00:21:26.21
if you were sitting
00:21:26.21\00:21:27.58
up on the top tier
00:21:27.58\00:21:30.22
of the stadium...
00:21:30.22\00:21:31.82
...how long would it take...
00:21:33.09\00:21:35.26
...to fill up the entire stadium
00:21:36.39\00:21:39.03
with water?
00:21:39.03\00:21:40.13
And...
00:21:42.56\00:21:43.67
..everybody is always wrong.
00:21:45.27\00:21:46.74
If you then also ask
00:21:47.84\00:21:49.37
the question,
00:21:49.37\00:21:51.24
how long would it take...
00:21:51.24\00:21:53.44
...for there to be six feet
00:21:54.44\00:21:56.01
of water in the stadium?
00:21:56.01\00:21:57.95
The answer to that
00:21:59.11\00:22:00.68
is 40 minutes.
00:22:00.68\00:22:02.62
The amount of time to go from
00:22:03.92\00:22:04.45
The amount of time to go from
00:22:04.62\00:22:05.29
six feet to the top
00:22:05.29\00:22:08.26
stadium seat?
00:22:08.26\00:22:10.13
Forty-five.
00:22:11.56\00:22:12.69
Why?
00:22:14.40\00:22:15.53
Because remember,
00:22:15.53\00:22:16.93
every drop that's coming out
00:22:16.93\00:22:19.57
is doubling.
00:22:19.57\00:22:21.54
So when it's starting
00:22:23.37\00:22:24.37
when it's small, it's like...
00:22:24.37\00:22:26.24
...yeah, this...
00:22:27.14\00:22:28.24
...this isn't doing anything.
00:22:29.14\00:22:30.48
This is gonna take forever.
00:22:30.48\00:22:32.51
But once it starts to build...
00:22:32.51\00:22:35.18
...it gets big fast.
00:22:37.42\00:22:39.89
And that's what we miss about
00:22:41.62\00:22:43.39
debt when we're paying
00:22:43.39\00:22:44.69
someone else.
00:22:44.69\00:22:45.96
We're putting money
00:22:45.96\00:22:47.50
in someone else's pocket
00:22:47.50\00:22:49.90
versus if we had kept it
00:22:49.90\00:22:52.33
and put it to work,
00:22:52.33\00:22:54.07
what it could be
00:22:54.07\00:22:55.37
doing for us.
00:22:55.37\00:22:57.31
>> This is very good.
00:23:01.01\00:23:02.01
So we're talking about
00:23:02.01\00:23:03.11
balancing all of our finances
00:23:03.11\00:23:06.11
and our financial needs
00:23:06.11\00:23:07.48
and seeing the big picture
00:23:07.48\00:23:10.39
of what we need now
00:23:10.39\00:23:11.92
in the present term and not
00:23:11.92\00:23:14.16
all hoarding it for later.
00:23:14.16\00:23:15.79
Sort of like the guy
00:23:15.79\00:23:16.89
in the Bible who
00:23:16.89\00:23:17.99
has a big barn,
00:23:17.99\00:23:20.20
but he wants to build a
00:23:20.20\00:23:21.23
bigger barn because he has
00:23:21.23\00:23:22.26
a big harvest,
00:23:22.26\00:23:23.33
and he just hoards and hoards
00:23:23.33\00:23:25.10
and hoards and he just sits back
00:23:25.10\00:23:26.43
and he says, "Well, now I don't
00:23:26.43\00:23:27.47
have to worry about anything."
00:23:27.47\00:23:28.50
And he forgets about God.
00:23:28.50\00:23:29.84
And the Lord says, "Well,
00:23:29.84\00:23:31.84
you're a fool
00:23:31.84\00:23:32.84
because your life could be
00:23:32.84\00:23:34.61
required of you today."
00:23:34.61\00:23:36.11
So we don't know when that's
00:23:36.11\00:23:37.08
gonna happen.
00:23:37.08\00:23:38.05
So we can plan
00:23:38.05\00:23:39.41
for the future,
00:23:39.41\00:23:40.45
but also
00:23:40.45\00:23:42.52
live in the present,
00:23:42.52\00:23:44.22
very important in terms of
00:23:44.22\00:23:45.89
all of this.
00:23:45.89\00:23:46.89
>> Sven, could you please
00:23:46.89\00:23:48.12
give us some timeless rules
00:23:48.12\00:23:50.56
for investing?
00:23:50.56\00:23:51.86
>> Sure.
00:23:51.86\00:23:52.53
Let's go back to the Bible...
00:23:52.53\00:23:54.10
...and look up in Proverbs...
00:23:55.20\00:23:58.10
...chapter 21, verse 20.
00:24:02.77\00:24:04.57
So when we think about
00:24:15.38\00:24:16.82
investing, we need to
00:24:16.82\00:24:18.59
realize that this is gonna be
00:24:18.59\00:24:19.75
a work of a lifetime.
00:24:19.75\00:24:20.92
If systematically, every month,
00:24:21.76\00:24:24.56
every paycheck, for all of
00:24:24.56\00:24:26.59
your working years...
00:24:26.59\00:24:27.60
...so that, you know, when we're
00:24:28.90\00:24:30.17
retired, we are not a burden
00:24:30.17\00:24:32.33
on anyone, and we are still able
00:24:32.33\00:24:34.87
to be generous with others
00:24:34.87\00:24:37.87
and still being able to
00:24:37.87\00:24:40.34
help when people need help.
00:24:40.34\00:24:43.35
So we need to realize
00:24:43.35\00:24:44.58
that it is just as vital
00:24:44.58\00:24:46.85
as sleeping, as eating,
00:24:46.85\00:24:49.68
a very systematic approach.
00:24:49.68\00:24:51.75
This is where
00:24:51.75\00:24:52.89
the tortoise wins the race.
00:24:52.89\00:24:54.42
>> Yeah, very good advice.
00:24:55.39\00:24:57.76
I'm going to ask you to pray.
00:24:57.76\00:24:58.96
I'm just thinking in terms of
00:24:58.96\00:25:00.40
money as being comparable
00:25:00.40\00:25:02.86
to something.
00:25:02.86\00:25:03.90
I like to compare it to seed,
00:25:03.90\00:25:05.13
right, some of it
00:25:05.13\00:25:06.47
you can use, maybe it's
00:25:06.47\00:25:08.17
wheat seeds.
00:25:08.17\00:25:09.84
Some of it you can replant
00:25:09.84\00:25:11.87
and then it can grow again.
00:25:11.87\00:25:13.24
That would be savings.
00:25:13.24\00:25:14.31
And some of it you have to eat.
00:25:14.31\00:25:16.18
And so some of you have to spend
00:25:16.18\00:25:17.85
on our current needs right now.
00:25:17.85\00:25:20.48
And maybe someone is listening
00:25:20.48\00:25:21.78
to us right now and
00:25:21.78\00:25:22.85
they're thinking,
00:25:22.85\00:25:24.09
I haven't saved enough.
00:25:24.09\00:25:25.82
And I'm in a kind of a-
00:25:25.82\00:25:27.32
I'm in a real tight spot
00:25:27.32\00:25:29.22
right now, and I'm listening
00:25:29.22\00:25:30.53
to this program and I realize
00:25:30.53\00:25:32.13
I have some future needs,
00:25:32.13\00:25:33.93
I have a present need,
00:25:33.93\00:25:35.23
and I haven't saved enough.
00:25:35.23\00:25:36.46
Maybe they're in their,
00:25:36.46\00:25:38.00
closer to their retirement years
00:25:38.00\00:25:39.50
and they're worried.
00:25:39.50\00:25:40.87
Maybe you can pray for them
00:25:40.87\00:25:41.87
right now that God will
00:25:41.87\00:25:43.24
give them wisdom
00:25:43.24\00:25:44.71
to trust Him,
00:25:44.71\00:25:46.17
that He will provide
00:25:46.17\00:25:47.21
for their needs,
00:25:47.21\00:25:48.28
but also trust Him to
00:25:48.28\00:25:50.88
see a strategy
00:25:50.88\00:25:52.21
for making the right decisions.
00:25:52.21\00:25:54.12
>> Sure, let's bow our heads.
00:25:54.78\00:25:56.05
Dear Father, I wanna thank You
00:25:57.35\00:25:58.49
for the love and grace
00:25:58.49\00:25:59.52
that You have given to us, Lord,
00:25:59.52\00:26:01.92
and that you have
00:26:01.92\00:26:03.02
given us wisdom, Father.
00:26:03.02\00:26:05.33
And Lord, I would like to pray
00:26:05.33\00:26:07.20
for all of those who are
00:26:07.20\00:26:08.46
thinking about
00:26:08.46\00:26:10.50
their future needs.
00:26:10.50\00:26:12.90
And Lord, if
00:26:13.67\00:26:15.70
they are struggling with that,
00:26:15.70\00:26:17.57
give them energy to be
00:26:17.57\00:26:18.84
systematic in that approach.
00:26:18.84\00:26:20.71
And if they feel that they
00:26:20.71\00:26:22.71
have...
00:26:22.71\00:26:23.75
...earned retirement years.
00:26:24.58\00:26:26.92
Lord, they have such a
00:26:26.92\00:26:28.02
tremendous asset to pass on
00:26:28.02\00:26:30.09
to the younger generation
00:26:30.09\00:26:32.25
to help them through
00:26:32.25\00:26:34.06
the mistakes that they
00:26:34.06\00:26:35.12
might have made, Lord.
00:26:35.12\00:26:36.19
So please grant us wisdom.
00:26:36.19\00:26:38.83
In Your name I pray, amen.
00:26:38.83\00:26:40.20
>> Amen.
00:26:40.20\00:26:41.03
>> Sven, thank you so much
00:26:42.20\00:26:43.47
for joining us on
00:26:43.47\00:26:44.50
It Is Written Canada today.
00:26:44.50\00:26:46.87
>> You're welcome.
00:26:46.87\00:26:47.74
Thank you.
00:26:47.74\00:26:48.50
>> Friends, our free offer
00:26:49.67\00:26:51.31
is a little booklet entitled
00:26:51.31\00:26:53.84
The Windows of Heaven.
00:26:53.84\00:26:56.18
>> The Windows of Heaven
00:26:56.18\00:26:57.25
contains inspiring true stories
00:26:57.25\00:26:59.48
and promises from the Bible
00:26:59.48\00:27:02.05
of how God will provide
00:27:02.05\00:27:03.92
for all who put
00:27:03.92\00:27:05.45
their trust in Him.
00:27:05.45\00:27:06.96
>> Before you go, we would
00:27:08.36\00:27:09.82
like to thank all of you
00:27:09.82\00:27:11.73
who have supported the ministry
00:27:11.73\00:27:13.73
of It Is Written Canada
00:27:13.73\00:27:15.70
with your prayers
00:27:15.70\00:27:17.23
and financial contributions.
00:27:17.23\00:27:19.83
>> Yes, thank you.
00:27:19.83\00:27:21.34
And we would also like to
00:27:21.34\00:27:23.34
invite you to follow us on
00:27:23.34\00:27:24.91
Instagram and Facebook
00:27:24.91\00:27:26.34
and subscribe to our
00:27:26.34\00:27:27.94
YouTube channel, and also listen
00:27:27.94\00:27:29.71
to our podcasts.
00:27:29.71\00:27:31.28
And if you go to our website,
00:27:31.28\00:27:33.08
you can see our latest programs.
00:27:33.08\00:27:36.05
>> Friends, if you want the
00:27:37.25\00:27:38.72
kind of wisdom
00:27:38.72\00:27:39.82
that God longs to give you,
00:27:39.82\00:27:41.92
even in the financial areas
00:27:41.92\00:27:44.03
of your life,
00:27:44.03\00:27:45.63
we would recommend
00:27:45.63\00:27:46.90
you open the Bible
00:27:46.90\00:27:48.83
where it is recorded that
00:27:48.83\00:27:50.47
Jesus found His assurance
00:27:50.47\00:27:52.97
to defeat the devil
00:27:52.97\00:27:54.80
through the Word of His Father
00:27:54.80\00:27:57.11
when He declared...
00:27:57.11\00:27:58.57
[uplifting music]
00:28:09.05\00:28:12.02
¤¤
00:28:12.02\00:28:14.96