Gary Mauris recently spent an hour on a live zoom webinar with “The Wealthy Barber David Chilton”.
WATCH THE FULL WEBINAR HERE
Summary of the conversation:
David believes residential mortgage rates are going to remain low for a very very long time and he says he does not like to make predictions but this one he feels comfortable with.
He thinks there may be a reset on people wanting to buy luxury items.
He said that he believes People that live within their means are happier with their lives. Everything has its limits. “When the tide goes out you see who is swimming naked.”
Buckle down and fine-tune those items that are not causing us happiness. Most people will find joy from not having financial pressure. Live within your means.
We have to stop defining ourselves by what we own.
Steps to dig ourselves out of the COVID-19 crisis.
Each family has its own unique scenario. A lot of families are still earning an income and they are saving a ton of money because they have not been spending money! He praised the Canadian Government for getting monies into the hands of Canadians.
AirBnB has dried up. This is going to hurt those that relied on this income. Anything tied to these properties with AirBnB will probably see these properties listed for sale once the COVID crisis ends and a flood of real estate listings in this space.
Equity Markets: Opportunity of a lifetime? or a Risk?
He does not move in and out of stocks… he has typically not been a trader… he is long term. He Believes the Canadian Banks are a strong investment but it depends on how quickly the crisis passes. He is not a great trader and believes there may be one more downturn.
Individual sectors
Governments will be looking for ways to jump-start the economy and spending money in certain sectors. He thinks Gold is something to have in your portfolio as “insurance” 3 to 10% of the portfolio.
Should people leverage – borrow to buy stocks?
Do it within reason and you have to be psychology ready to deal with this.
The reluctancy to shop online is virtually now eliminated. Retail? The compound effect is brought forward which doesn’t make him feel good about Retail.
The energy sector is under tremendous pressure: his take on Oil
He said This is the most negative about any investment opportunity ever. He said it is probably a decent buy. He does not think oil is going anywhere soon. There is too much reliance on it, but he thinks it is an excellent buy opportunity but long term it may not be good. With solar cost and alternative fuels, the oil sector will feel pressure in the long term.
The Principals from his book “The Wealthy Barber” written 30 years ago are still applicable today and worth the read.
I hope this is helpful to you as it was for me.
Angela Calla is a 16-year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.
