Funding the Future With RESPs
School starts in a couple weeks; think about how fast summer flew by. Seems like it was just a week ago that we had our Difference Makers Golf Tournament and the days were as long as ever. I even had a thought that it smelt like fall outside. Many families are gearing up to send their kids back to school. Backpacks, lunch kits, glue sticks, and markers are flying off the shelves. One cohort people may not think about is post-secondary students. As young families stock up on crayons, they may not be thinking of post-secondary education but it is something that can cost more than all the crayons they’ve bought over their school years.
How To Be Wealthy
True wealth is about having the freedom, time, and means to easily and routinely, access those little experiences that bring joy to your life. No matter where you are or how much money you have, I believe that wealth encompasses more than just monetary values in your TFSA or RSP; though having higher monetary values can help, it is not a requirement.
There really are six steps in becoming wealthy.
Win Rate of the S&P 500
On Sunday, one of the most well-known tournaments came to a close, the Wimbledon Championship. Now, I am not a huge fan of tennis, but between this and something I saw on Instagram this morning, I was reminded about a crazy statistic that Roger Federer told students at Dartmouth’s graduation in 20241. He told students, “Being perfect in tennis is impossible…I won almost 80% of my matches… what percentage of points do you think I won in those matches? Only 54%.” Just 54%, let that sink in. Federer has won eight Wimbledon titles and is highly regarded as one of the best players ever, but he has only won 54% of the points in his matches. The points he did win would compound and eventually turn into a match win. Looking at those odds of 54%, he had better chances of getting a point than guessing heads or tails correctly, winning a hand of blackjack, or having a positive day on the S&P 500.
