Money & Motorcycles: My Financial Advice Journey

Money & Motorcycles: My Financial Advice Journey

I often joke about the first piece of financial advice I gave to my wife after only 6 months of marriage. During her first year of teaching and before we were married, she had been counselled by her Credit Union to start saving in a Registered Retirement Savings Plan (RRSP). Just starting out, we didn’t have many other resources and we, (actually, more like I), desired to have a motorcycle. We did not want to borrow to purchase, so unknowingly, we did live by one Biblical financial principle which is to “avoid the use of debt.”

My financial advice as a brand new husband was to cash in the RRSP so we could enjoy some time together on our motorcycle. I had no idea that there would even be a tax consequence to this redemption, so this was not part of my thinking. The other thing I failed to consider was the time value of money. That original investment (more than 30 years ago), would now be worth 15 to 20 times more than the value at that time. I did not know or understand the biblical financial principles shared in my last blog. As a young couple, building liquidity or setting long term goals were not on our list of priorities.

While this financial decision may not have been the best, it did bring us much enjoyment, which is one of the things money can accomplish. In 1 Timothy 6:17b, we are instructed not to trust in money, but have confidence in God “who richly supplies us with all things to enjoy.”

The irony is amazing because this same Credit Union that gave good advice to my wife (to invest in an RRSP) later became my employer. As one of their financial planners, naturally, my advice was based on industry standards. As a Christian, I acted with integrity and provided good counsel to clients, but the focus of my advice did not intentionally incorporate biblical financial principles.

A condensed version of my financial advice journey.

If you watch my story that I briefly shared last week at the 2019 Kingdom Advisors Conference, you will learn that I became an advisor out of necessity, not purpose. You will also begin to understand that the level of fulfillment as a financial planner increased tremendously once I realized my work was not just a job but a calling. My role was to educate people in financial wisdom, which in reality, is a means of fulfilling the Great Commission by teaching them.

Once I realized my unique position where I was able to use my competency as a Certified Financial Planner® and incorporate the wisdom gained as a Certified Kingdom Advisor®, my career became my calling. I was finally in the sweet spot and was able to build deeper relationships with clients than ever before.

In my current role, I connect with many advisors across Canada who are very much like I was, enjoying their career and client relationships, yet sensing there is another level of fulfillment that can be reached. My experience is that you can flourish in your work when you realize God has called you to do that work. When you apply wisdom that is timeless (James 3:17) to the advice you share, the results are heavenly and you can enjoy the ride!

Can I Please God In How I Use Money?

The Bible has much to say about so many important things in life but it says more about money and possessions than it does about heaven or hell or faith and prayer. John Piper said, Jesus spoke more about money than he did about sex, heaven, and hell. Money is a big deal to Jesus.

Why is the issue of money so important? Maybe because it is the greatest competitor to God … Jesus said there is no middle ground, “You cannot serve God and money.” It’s one or the other.

The fact is none of us set out with a goal to serve money and most would likely prefer to serve God rather than money. We want money to answer our needs and grant our desires and oddly enough, God is interested in doing the same for us. The choice becomes whether we will look to God as our supply or to our finances. The lines are so easily blurred because as we earn money, we begin to see it as our source.

How, then, can we please God with money? Hebrews 11:6 states very clearly: “Without faith it is impossible to please God.” To be honest, I have never really connected this verse with how I use money, but we need faith in every aspect of life in order to please God. If you jump back to verse 4, it reads, “By faith Abel offered to God a better sacrifice than Cain did.” This verse explains Abel to be “a righteous man, because God approved his gifts.”

The story of Cain and Abel is challenging because they both made an offering to God from the labour of their hands. Cain worked the ground and produced crops while Abel became a shepherd. Cain presented some of the land’s produce and Abel presented some of his flock. Some have said the animal sacrifice was more pleasing because it foreshadowed the Temple sacrificial system as well as Christ’s sacrifice to take away sin. This explanation hardly seems fair though, because they both offered to God from their produce.

Hebrews 11:4 provides the answer: it seems Abel’s offering was “by faith” and Cain’s offering lacked faith and was, therefore, not pleasing to God. If you read the story in Genesis 4, this is actually confirmed. It says of Cain (v.3a), “In the course of time Cain presented …” but regarding Abel it says he presented “some of the firstborn (v. 4). One offering did not require faith because it was offered once there was a sufficient supply. For Cain, there were many crops when he offered; no faith was required because he waited until there was plenty before he offered to God. For Abel, the priority was completely different. He offered to God first, which required faith that more would follow the firstborn. He was trusting God for his provision by offering the first to God. This pleases God.

This is a powerful lesson in financial priorities. What is our top financial priority? Do we give only when we have plenty and can afford to give? The big question is this: Does our giving include faith or does our giving lack faith because we are confident we have enough?

Let’s face it, most of us are not necessarily living by faith because it seems to make more sense to “walk by sight” (2 Cor. 5:7). What a journey it is to live and give by faith. It means having sufficient confidence in God that we can set giving as a priority above the other things we can use money for.

How do we acquire faith? Here are the steps:

1. Faith (in regards to money) comes by hearing (biblical principles of finance).

2. Hearing creates thoughts and an understanding in our minds

3. As we mediate on biblical principles, it begins to shape what we believe.

4. Believing leads to a deeper knowing or a conviction (a confident trust).

5. Only then are we able to live by faith, acting and doing based on the convictions that have now been forged within us.

Think about these five biblical financial principles:

1. Spend less than you earn

2. Avoid the use of debt

3. Build liquidity

4. Set long term goals

5. Give Generously

Please watch this video about a kind hearted lady who was saving for a car that she needed. When asked how she was doing with her savings fund, she said she had given it all away. She gave $5000 to a widow that she felt needed the money more than she needed a car. What an amazing story and example of living by faith.

Truth for the Troubled

Truth for the Troubled

When I went to school, I naively thought the idea was simply to memorize many facts for exam time. Little did I realize that an isolated fact is like a stray piece of a puzzle. It’s an object, an article, a fragment of information, a bit of trivia. Truth, on the other hand, is all about meaning. To put it another way, discerning truth is a matter of interpreting the facts.

Facts are obviously an important part of education and learning, but may lack meaning. Truth is more about the application of those facts. Our goal as parents is to have our children love learning and discover truth that will help them navigate life with purpose.

The fact is this: truth has been more impactful in my life than the facts I learned in school. Truth has guided me in a way that facts never could.

Photo by Terry Grimes (Divine Design)

As a professional, I desire the people I work with to discover principles that can guide them in their careers. In most fields of work today, “continuing education” is required because we are not designed to stop learning. Facts can change but truth is constant and becomes the foundation for our lives.

Life can be very difficult at times when we examine the fact of a particular situation that is facing us. We need truth to guide us through these times. I was reminded this past week about how challenging it can be for a person to find direction in life; it can truly be a struggle. Here is some wisdom and advice that has helped me:

  • Let your eyes look forward; fix your gaze straight ahead. Carefully consider the path for your feet, and all your ways will be established. (Advice from Proverbs 4:25-25 HCSB)
  • God is capable of “making my footsteps firm” (Psalms 40:2) giving us a sense of security for the way forward.
  • God is able to establish us (Psm. 37:23) and keep our feet from slipping (Psm. 66:9).
  • When we find ourselves in a dark place, in the midst of despair, God can rescue us if we cry for help (Psm. 30: 2,3).
  • Sometimes God doesn’t seem to hear us or speak to us and we “become like those who go down to the pit” (Psm. 28:1 NASB). We need communication with God or we can shift to a dark place (down to the pit). There is a sense of despair among this group because they see themselves “as good as dead and completely helpless” (Psm. 88:4 CEV). We are not actually without strength but are made to feel like we have no strength, then we begin to believe we have no strength.
  • We need to pray: “Answer me quickly … or I will become like those who go down” into that dark place (Psm. 143:7 NASB).
  • When it seems there is no one who can help us out of the pit (a dark place), we can still pray: “Don’t stay far off when I am in trouble with no one to help me” (Psm. 22:11 CEV).
  • Remember, “he will deliver the needy who cry out, the afflicted who have no one to help” (Psm. 72:12 NIV).

When we isolate and focus only on the burdensome facts surrounding a situation in life it can lead us to a place of despair. The truth is we have a God who cares even when there seems to be nothing but darkness. The truth of God’s Word gives hope that light can shine in the midst of any darkness and deliver even when no one else can!

Have you ever or are you now in a dark place? Have you ever felt disconnected from God, like He is not hearing your prayers and you are not hearing his voice?

The Oldest I’ve Ever Been

The Oldest I’ve Ever Been

We are not getting any younger and I feel that especially today since it is my birthday. Have you ever felt that your best years are behind you rather than ahead of you?

New Years Eve four years ago, was especially memorable since I was turning the big 5-0. I was feeling exactly that way, like my youth was in the rear view mirror and I was never able to accomplish what I desired when I was younger. That very year, I attended a session at the Kingdom Advisors Conference that really spoke to me about the way I was feeling.

The speaker, Lloyd Reeb, from HalfTime Institute, helped me realize that my best years were actually ahead of me. Why? He explained the years where you have the most influence, know the most people, have gained the most wisdom and can have the greatest impact are when you are between age 50 – 80.

Fast forward and I now see that this is true. I have met some amazing and influential people since that time (not to diminish in any way those I knew before). A person’s impact in life continues to build so I am believing for an even greater impact in the year ahead.

Thanks to all who sent me greetings on my birthday but I have a wish for you. May the years ahead be much more impactful the the years you have already lived!! Happy New Year!

The Difference in a Decade

The Difference in a Decade

Facebook has a way of reminding you of what you were doing 10 years ago and of course, encourages you to share those memories.

Do you remember what was happening 10 years ago? Two things are pretty significant because it would affect so many Canadians:

PM Harper at Deer Lake1. There was a federal election in Canada,

2. The stock market was dropping and could not seem to find a bottom.

For me, those times included some of the most dramatic events that led to a major life change. I ran as a Conservative candidate in the 40th Canadian General Election. Whenever people find out about my election run they ask, “How did you do?” My reply usually starts with, “Do you remember Danny Williams, the Premier of Newfoundland Labrador? Remember his ABC campaign (Anybody But Conservative)?” The result: no Conservative was elected in the province in that election, not even those who were favoured!

After the election, I returned to my financial planning practice (10 years ago on this very day, October 15th).  My clients, like others around the world, were seeing their portfolios declining by thousands, especially in the weeks I was campaigning in an election that I had no chance of winning. They were still on an emotional roller coaster wondering if they would ever regain what was lost.

Screen Shot 2018-10-15 at 10.38.02 AMThis led me to a very dark place, what my wife often refers to as my mid-life crisis. I struggled with the fact that I was not there for my clients when they needed me most; that was a fail. I put my name forward to run in a federal election and felt very much alone, especially after the devastating election night. I felt defeated (in more ways than just the election) and questioned my purpose. If you look at the chart and the shaded area of yellow, the stock market decline seemed to parallel my life at this time. What was my life all about anyway? It was one of my lowest, darkest times.

I needed a change, a new direction, maybe a new career. I needed something to get me out of this dark place. I searched the web every evening after work for opportunities that I felt suited for but came up empty. Or did I? I prayed but those results didn’t appear any better. I did, however, find a new role with a different Credit Union. This did not seem to make much sense though because it meant I would be managing less than 20% of the assets I was managing where I was. That decision just didn’t seem to make sense but I just knew I had to make a change.

What is interesting is that in my job search, I also found a membership organization for Christian financial professionals known as Advisors with Purpose (now known as Kingdom Advisors). I joined as a member and started to participate in the monthly coaching calls. I also did the KA Core Training which helped me understand what it meant to be called to the role of financial planning. I never really felt called to be a financial planner; it was more like just a job for me, but my perspective began to change. As time progressed, I realized more and more that I was “called” to do what I was doing. It was not just a job, but my interaction with clients was indeed an answer to the calling I felt in life for many years.

Fast forward to the fall of 2013 when I am asked to become the National Director of Kingdom Advisors in Canada. This would mean helping other Christian financial professionals understand their own calling; that excited me. It also meant leaving my practice and clients and leaving “the rock” (Newfoundland), where I had lived all my life; that scared me.

In 2015, I left my book of business behind and my wife and I moved to Ontario, just on the outskirts of Ottawa. I ended up in the Ottawa region anyway, not because I was elected as a Member of Parliament, but to fulfill a completely different purpose. Life has taken a very different path than I thought. I can truly say it is a journey of faith that is not without dark moments.

I am reminded of this scripture in Isaiah 45:3 (NIV):

I will give you hidden treasures, riches stored in secret places, so that you may know that I am the LORD, the God of Israel (& Canada), who summons (or calls) you by name.

Have you ever felt like your life is like a chart of the stock market? Has it often resembled that sort of roller coaster ride? Look for the treasures that may be hidden in the dark place, invest your life at that point where opportunity presents itself because the return on the investment of your life can be significant and have eternal rewards!

Have You Discovered Your Why?

Have You Discovered Your Why?

Last week was one of those special weeks where I was privileged to interact with some amazing influencers in the Christian financial services industry. More than ninety financial professionals from 7 of the 10 provinces in Canada came together in Toronto for the Kingdom Advisors Canada Conference.

BradThe majority of these advisors have figured out why they do what they do and surprisingly, it’s not just for the career, the money or the position. It’s because they feel called and that calling is usually defined by some life experience. After the conference, I was intrigued to read an article about one of our speakers, Brad Smith.

Photo taken from an article published by Wealth Professional Canada, written by Leo Almazora.

The article describes how Brad always saw protecting his clients’ wealth as his primary role. I believe this to be true for most financial advisors but that all changed for Brad after an incident with one of his very first clients.

“Henry was a factory worker, and he had done everything right,” he said. “He’d put his kids through school; by the time he retired, he was financially set to achieve everything we’d planned for. He couldn’t wait to leave the factory behind.”

No one could have imagined what would happen next: not long after his retirement, the man who’d done everything right tried to take his life. After finding out what happened from Henry’s wife, Smith visited him at the hospital and asked what drove him to it.

“Henry said ‘Nobody needs me. Nobody at work needs me, my kids don’t need me,’” he recalled. “’I went to my doctor because I was losing sleep, and he just gave me pills. I took them home, asked myself what it all meant, and downed all of them.’”

Genuinely concerned, Smith and a few of Henry’s loved ones brainstormed to help him find a purpose; he was passionate about hockey, so he decided to coach minor-league hockey teams and ultimately got out of his funk.

The whole affair marked a turning point for Smith. “I realized that if I succeed only in taking care of my client’s money — making sure it’s used well and ensuring a good return on investment — I have failed as an advisor,” he said. “I didn’t want another Henry.”

It seems this is when Brad began to find out his “why” and purpose in his profession as a financial advisor. The typical thinking is that dealing with a financial advisor is about rates of return on an investment portfolio or taking care of a client’s money. No doubt it does include those things, but discovering that his career path was about something far more important had a significant impact on his business and client relationships.

Over time, Smith found a similar pattern with other clients; many who were financially prepared for retirement were actually unprepared in emotional or psychological ways. That prompted them to develop a seven-step program to help clients lead lives of success and significance, a major part of which is to give generously to the benefit of others.

The seven step process  that Brad walks his clients through is the “journey to meaningful  significance.” Every year the Kingdom Advisors conference recognizes someone whose life demonstrates Christian character, unparalleled professional competency, along with the integration of biblical wisdom into their advice and counsel.  Brad journeys with his clients toward a life of significance and in this process has discovered his own life of significance. At the KA Conference in September 2018, Brad became the recipient of the Advisor with Purpose award because he has truly become an advisor with purpose.

A Truck By Accident

A Truck By Accident

Three years ago, we left Newfoundland and moved to Ontario. Now in 2018, it was time to rent another Uhaul to move our son, his wife along with our grandson from Toronto, Ontario to Gatineau, Quebec. That’s where this story gets interesting.

I go to pick up the rental truck, only to be told the 15 foot truck my daughter-in-law Amanda had ordered was in an accident and had to be inspected and was no longer available for us to rent. He said, “I have another truck for you though, it’s a little bigger, would that be OK?”

I replied by explaining how they had moved from Toronto a month ago in a 15 foot truck, stored everything in my garage and since that time they purchased an oak table with 6 chairs plus two night tables for their bedroom, so an extra 5 feet would not go astray.

Here is how Amanda explained her day (before moving day) on her Facebook post:

Well, today was eventful. I lost my keys, then found them under the seat of my car. We went to pick up our truck for tomorrow’s move, but it was in an accident. So we picked up a 20′ truck at 5 for the same price as the 15′ truck. Then I got a call that our fridge/stove order was cancelled, and wouldn’t be delivered tomorrow but we’d have to wait a week or two for it to arrive. So we went to Home Depot and got the same fridge and almost the same stove for $800 cheaper than our original order. We’re picking them up with our Uhaul tomorrow morning.

The one thing she didn’t really explain was that the Home Depot in Carleton Place could not deliver to Quebec, so the fridge and stove would need to be  transported rather than be delivered. I quickly realized the 20′ truck was not just a replacement for the smaller truck but actually needed to make the move in one trip.

It was like someone knew and even arranged a larger truck for us to make the move. When I picked it up, I understood Home Depot was delivering the fridge to their Gatineau home the following day. I certainly had no idea we would need the extra space in the truck, nor did the guy at Uhaul.

Many people would say that all of this is simply things falling into place, but I can’t help but think about the words of Jesus:

Consider the birds of the sky: They don’t sow or reap or gather into barns, yet your Heavenly Father feeds them. Aren’t you worth more than they? (Matt. 6:26)

Many would probably say that God is not involved in our lives like that but here is the answer  I would respond with:

Just as you don’t know the path of the wind, or how bones develop in the womb of a pregnant woman, so also you don’t know the work of God (see Eccl. 11:5).

You can choose to say these events are just coincidence and has nothing to do with God’s activity. I choose instead to give God glory for caring for us similar to how He cares for the birds of the sky or the grass of the field. If God feeds the birds and cares for the grass, I believe He can arrange the right size of Uhaul we need, even if we ordered a smaller one.

Have you ever had good things happen that are almost too good to be true? Do you thing God has any part of this or is it just coincidence?