Really?

DOUG  By Guest Blogger Doug Rowat
.

The rich are different.

Consult your F. Scott Fitzgerald or the Howells from Gilligan’s Island for proof of that.

And the rich are also getting richer. Witness the increased net-worth market share for the top 1% over the past 30 years. These Gatsbys now control more than 30% of the entire wealth pie.

Share of total net worth held by the top 1%

Source: Federal Reserve Economics Data

So, we can shake our heads in disbelief, write nasty things about them in the comments, don our Eat the Rich t-shirts and take to the streets in protest, ram David Geffen’s yacht with our kayaks…

…or we can pause and consider what we could actually learn from these fat cats.

Yes, some of them got their wealth the easy way by inheriting it, but the vast majority actually earned it. Wealth-X, which studies this subject, notes that 68% of the ultra-wealthy are self-made and another 24% are at least partially self-made. So, they created their success, and therefore they have something to teach us.

The list I provide below of the five best-practices of the wealthy isn’t comprehensive (the wealthy are better at A LOT of things), but these points, I believe, are most useful and provide some good lessons for new investors:

1. They don’t succumb to envy. The rich tend to recognize early on that it makes no sense to take on debt simply to keep up appearances. Morgan Housel in his personal finance book, The Psychology of Money, identifies the problem that afflicts most individuals and which gained momentum in the 1980s and 1990s: “The lifestyles of a small portion of legitimately rich Americans inflated the aspirations of the majority of Americans, whose incomes weren’t rising.” The middle class too often write cheques that their incomes can’t cash and take on debt to appear richer and more successful. But, of course, debt isn’t wealth. When you’re legitimately wealthy then you can live like a baller. Until then, live modestly and within your income. By the way, Bill Gates wears a $48 Casio watch.

2. They read more. According to Entrepreneur.com, 85% of the rich read two or more self-improvement books per month and only 11% read for entertainment. Almost 80% of non-wealthy individuals read for entertainment. Further, 94% of wealthy individuals read news publications compared to only 11% of the non-wealthy. In short, if you want to make more money, you have to know what’s going on in the world. Also, put down the Jackie Collins novels immediately.

3. They’re diversified and don’t gamble. Yes, there are one-asset or single-stock millionaires, but in aggregate, the rich are actually very well diversified (see chart). I’ll also give you one guess whether the wealthy regularly buy lottery tickets.

Composition of wealth: middle income versus upper income individuals

Source: Visual Capitalist, Edward N. Wolfe. Light-green area refers to business equity, mid-green area refers to financial assets. All other asset coding is shown.

4. They hang with successful people. Jeff Benedict’s recent book, The Dynasty, which details the rise and success of the New England Patriots, mentions how new owner Robert Kraft would make every effort to spend time with super-agent Leigh Steinberg (the movie Jerry Maguire was loosely based on his life) because Steinberg worked constantly with executives at all the NFL franchises and knew how the best were run. Kraft also made it a point whenever possible to hang with Dallas Cowboys owner Jerry Jones because his team had won three Super Bowls in the 1990s. The Cowboys were considered the greatest franchise in the sport until, you know, Kraft’s Patriots won six titles. The point here? Find successful mentors, ditch the losers.

5. They don’t quit. Steve Jobs was fired from Apple. Walt Disney couldn’t make rent and had to eat dog food. Mark Cuban lived in poverty and had his electricity cut off. Larry Ellison had to mortgage his house and use a line of credit to keep Oracle afloat. Donald Trump filed for bankruptcy four times (or was it six?). And, because I mentioned The Dynasty above, Tom Brady was drafted in the 6th round, 199th overall. You get the idea here.

Finally, when financially successful people offer advice, don’t be dismissive. Learn from it. Warren Buffett, for instance, recently highlighted these best practices for wealth creation: “All that’s required is the passage of time, an inner calm, ample diversification and a minimization of transactions and fees.”

Brilliant and straightforward advice.

It also sounds a lot like what this website preaches every day.

Doug Rowat, FCSI® is Portfolio Manager with Turner Investments and Senior Vice President, Private Client Group, Raymond James Ltd.

 

171 comments ↓

#1 Dharma Bum on 03.20.21 at 9:37 am

Eat the Rich?

Trust me – I taste lousy.

And, I have lousy taste!

#2 KLNR on 03.20.21 at 9:43 am

Virulent strain of fomo has encircled the planet.

https://www.theguardian.com/world/2021/mar/20/can-you-help-me-the-quiet-desperation-of-new-zealands-housing-crisis

#3 Post Malone on 03.20.21 at 9:46 am

#31 binky barnes on 03.19.21 at 3:30 pm

Friday afternoon with a beautiful Spring weekend forecast. I think I will have a couple of cold Klonenburg Blanc and work on my ode to the PM PM. In case you missed it, the other day I declared (after some input from my fellow blog-dogs) that henceforth our leader, Mr. Justin Trudeau, shall be known as the Prime Minister Prime Minister (or PM PM for short).

————–

binky barnes,

What is it called when the Prime Minister holds a Performance Meeting according to Policy Manual with Portfolio Managers to set a new Process Model then plays some Pac Man while listening to Paul McCartney followed by a Personal Massage? In the afternoon!

You’ll need a Pace Maker to do the Post Mortem on that.

OK, I’m off to the Puppy Mill.

gets a Personal Massage in the Afternoon in Panama

#4 Inflation on 03.20.21 at 9:51 am

Re: post – Inflation on March 18th. I was wondering…

How long before inflation forces Dollarama to rename?

And what would the new name be in these upcoming inflation times?

Or perhaps they could exclusively sell Dolls?

#5 Minimalist on 03.20.21 at 9:54 am

#2 KLNR

————–

The thing to do now is go minimalist, isn’t it?

Consume less. Buy less. Own less.

Smell more flowers. Get more hugs. Make more love.

#6 KNOW IT ALL on 03.20.21 at 9:55 am

I learned along time ago…….

If you can’t beat them then join them.

#7 Paddy on 03.20.21 at 10:05 am

Great post as always Doug!
Seems to me, the vast majority of the have nots could benefit from applying these points to their everyday life. The point about reading is great one. Do you think Bill,Warren or David are wasting their time on social media??? No, they have their nose to the grindstone and deserve every success in their lives.

#8 Thankyou on 03.20.21 at 10:20 am

Brilliant post. Thankyou.

#9 Papabear on 03.20.21 at 10:20 am

I approve of the general message, but I feel like some of the points here are a bit lacking tact.
Bill Gates and his cheap watch… so if we just wore the same ratty clothes for 30 years, we can be multi-billionaires? I get it, the point is to not spend above your means, but the often given examples of billionaires not finishing college or some other fact dismisses the truth that most of us won’t ever get those sorts of opportunities.

Anyway, the chart about Composition of Wealth is interesting. I feel like it was chosen to be an image of, “See? the rich don’t blow all their money on a single asset house!”. But when you think about it… above a certain point, even the rich don’t need double or triple the square footage as most of us. So the percentage of their wealth in a house would naturally be lower because their needs are met. A person making 10 million a year doesn’t need 10x the house of someone making 1 million a year, so the percentage of their total net worth in housing would go down.
It’s the same thing when you look at how much people spend on food as a percentage of their total income. Lower income people have a higher percentage spent… not because they are buying caviar, but because we all have to eat and food gets expensive. I’d imagine the same is with real estate and us vs the rich.

Also, the reading books for fun vs education. Hmm. It does give off a, “Stop having fun, poor people” vibe but I can see the intended value in it. If we spent less time browsing memes and more time in some useful career building educational material, then we can use that to improve. But you have to admit there is already a ton of pressure to hustle, hustle, hustle in 2021. Use your already limited free time to make more money. Hurry up already and get another income stream.
Then people get old and wonder, “I wish I had more time to slow down and read a good book…”

Well, I’m starting to sound like TurnerNation and DolceVita and the others who rant and make no sense, so I will go read the financial post over coffee :)

#10 Looking up on 03.20.21 at 10:38 am

#5 Minimalist on 03.20.21 at 9:54 am
#2 KLNR

————–

The thing to do now is go minimalist, isn’t it?

Consume less. Buy less. Own less.

Smell more flowers. Get more hugs. Make more love.

————-

In my experience, consuming more, buying more and owning more gets me more hugs and love.

#11 crowdedelevatorfartz on 03.20.21 at 10:44 am

Excellent topic.
The jealous mob screaming about the unfairness of it all.
Hell there are more billionaires in communist China than the States and the mob isnt blaming them …they want to BE them.

I wonder if even it occurs to some billionaires that they ARE rich.
Buffet seems more interested in his work that what he has achieved.
Same with Gates.
I watched a series a few years back on computer geeks called Revenge of the Nerds.
Gates, Allen, all of them were very hard workers with a passion for what they were doing.
They were anything but worker bees clocking in 9 to 5.
And they all took chances, sometimes failed , sometimes hit home runs.
20-30 years later…billionaires that are still working.

Back to my books and The Economist.

#12 Looking for suggestions on 03.20.21 at 10:48 am

Garth, Doug Rowat and other readers. I’d be interested in Financial Books that you could suggest to read. After Doug’s endorsement, I read “The Psychology of Money”, it was excellent.

#13 TurnerNation on 03.20.21 at 11:00 am

WEEKEND READING: this is the best summary of the New Global System that was rolled out in March 2020.
This is it. If anyone asks what is really going on show them this one. Why we were told on Day 1: #stayhome and #newnormal. What has changed back since then? Nothing.

It also details Blog Dog Carney’s key leadership role in all of it.
————–

https://journal-neo.org/2021/03/19/the-great-reset-is-here-follow-the-money/

The top-down reorganization of the world economy by a cabal of technocratic corporativists, led by the group around the Davos World Economic Forum– the so-called Great Reset or UN Agenda 2030– is no future proposal. It is well into actualization as the world remains in insane lockdown for a virus

The hottest investment area since onset of the coronavirus global lockdowns is something called ESG investing. This highly subjective and very controlled game is dramatically shifting global capital flows into a select group of “approved” corporate stocks and bonds.

The Central Role of Mark Carney
Mark Carney is at the center of reorganizing world finance to back the UN 2030 green agenda behind the WEF Davos Great Reset, where he is a member of the Board of Trustees. He also is Adviser to the UN Secretary General as United Nations Special Envoy for Climate Action. He has described the PCAF plan as follows:

“To achieve net zero we need a whole economy transition – every company, every bank, every insurer and investor will have to adjust their business models, develop credible plans for the transition and implement them. For financial firms, that means reviewing more than the emissions generated by their own business activity. They must measure and report the emissions generated by the companies they invest in and lend to. PCAF’s work to standardise the approach to measuring financed emissions is an important step to ensuring that every financial decision takes climate change into account.”

As Governor of the Bank of England Carney played a key role getting world central banks behind the Green Agenda of the UN 2030 scheme. The major central banks of the world, through their umbrella Bank for International Settlements (BIS) in Basle, created a key part of the growing global infrastructure that is steering investment flows to “sustainable” companies and away from those like oil and gas companies it deems “unsustainable.” When then-Bank of England Governor Mark Carney was head of the BIS’ Financial Stability Board (FSB) he established something called Task-force on Climate-related Financial Disclosure (TCFD) in 2015.”

—- Where Kanada comes into play:

“Where this is all going is to create a web of globally-based financial entities who control combined wealth including insurance and pension funds into what they claim to be worth $100 trillion. They are setting the rules and will define a company or even a country by the degree of carbon emission they create. If you are clean and green, you potentially get investment. If you are deemed a carbon polluter as the oil, gas and coal industries are deemed today, the global capital flows will disinvest or avoid funding you. The immediate target of this financial cabal is the backbone of the world economy, the oil and gas industry along with coal.”

#14 Russ on 03.20.21 at 11:07 am

We had it figured out in the 19070s… until we started accumulating assets.

Ten Years After
https://www.youtube.com/watch?app=desktop&v=lSYFJB7o9ZQ

tax the rich
feed the poor
until there are the rich no more

They don’t make tunes like this anymore. You kids get off my lawn!!

#15 Beetman on 03.20.21 at 11:11 am

If you want to be financially successful get past the envy and greed. The rest is easy.

#16 Tarot Card on 03.20.21 at 11:12 am

Thanks for the blog Garth
Thanks for the post Doug
And thanks for the comment Papabear, as I was going to make similar points!
Yes Doug I agree with some of your comments.
But…..Are you not feeding the anger? Big headlines the 1 percent club owns 30 percent of the wealth?
Is that really the story?

For example how many self made millionaires got rich over that time? I think that speaks more to hard working people by saying yep you can make it, but that story of how they made it is far more important than the super rich getting richer.

My point is there are rich and then there are the super rich. And the super rich do indeed get rich by making more, it’s the old rule of compounding??
But the people who work hard and made it is a far better story.

You site Bill Gates, great example, the guy started with absolutely nothing but caught onto the next wave. Now he is super rich and wears a $49 watch. So because he’s wears a cheap watch you prove your point? What about his house? I sure it’s not cheap.

Why not site Pearce Bronson, the guy is selling his house for $100 million, my jaw dropped at that price.

Have you seen Bill Gates house? Heat sensors that can pick up a person over a mile away. His house is worth ? But you will counter With Mr Buffet living in a house he bought 40 years ago?

I would like to have have more money so I started a cleaning company that makes $500 to $1,000 a month and it allows me to buy luxuries I could not normally afford, like a Fitbit watch I did not buy an Apple Watch because I felt that was expensive and made me look like a poor guy wanting to look rich.
Have a great weekend,

#17 Bob The Cat on 03.20.21 at 11:16 am

Upper income: net worth 471K-10.3M.
Considering the recent activity in RE and the rising of the prices, what percentage of Canadian home owners can be considered as upper incomers (having over 471K in equity)?

Home equity does not count when determining high net worth individuals. – Garth

#18 Dogman01 on 03.20.21 at 11:38 am

Almost without exception in life it is better to have money than to have stuff. – Garth Turner

The easiest way for you to learn about money is for you not to have any. – Katharine Whitehorn

“Cash is like oxygen. You want to be sure it’s there, but you don’t need to have excessive amounts of it around.” – Warren Buffett

Many are raised in a families that do not have an understanding of “wealth”, I think this is a primary disadvantage of not coming from a wealthy background. Many do not get past the outlook that that money is for spending.

#9 Papabear on 03.20.21 at 10:20 am

“But when you think about it… above a certain point, even the rich don’t need double or triple the square footage as most of us. So the percentage of their wealth in a house would naturally be lower because their needs are met.”

I have a friend (family money) able to take risks with investments, no B&D for him, it is all Tesla, Bitcoin etc, however it is not much of a real risk for him, If he loses that sum he has enough to fall back on. No worries.
Not being a poker player I have always though that if one player has $10 and the other $100 then the one with $100 has a massive advantage with confidence and multiple opportunities for mistakes and poor play.

If you are poor opportunities are less frequent, risk can be greater and you better recognize them: “You only get one shot, do not miss your chance to blow, This opportunity comes once in a lifetime “ – Marshall B Mathers

Money’s nature changes when you have more of it. There is some sort of hierarchy of use\value based on the amount you have :

Enough for the day -$80
Enough for the week -$500
Rent- $1500
Enough to have some options – $30,000
Enough for a House – $100,000
Enough to retire – $1,500,000
Wealth – $3M
Power – $10M

#19 Sail Away on 03.20.21 at 11:40 am

Also, the truly successful never really retire. They just shift to areas they enjoy. Buffett has said he spends 80% of his workday reading.

Why retire when the world you’ve created is so satisfying? Garth, any thoughts?

#20 Ponzius Pilatus on 03.20.21 at 11:43 am

The show “Who wants to be a Millionaire?” is quaintly outdated.
Most homeowners in BC are already there.

Not until they sell. – Garth

#21 Dogman01 on 03.20.21 at 11:46 am

Ton Clement once floated an idea decades ago that you pay no income tax until you have made an accumulated income of $500,000, allowing you to get through school and into the workforce maybe start a household all unimpeded by taxes.

Joe Rogan’s wisdom. -“Freedom First”

If you know a motivated young person starting out send them this video; https://www.youtube.com/watch?v=LFX_tyicBT4

#22 Dogman01 on 03.20.21 at 11:54 am

#12 Looking for suggestions on 03.20.21 at 10:48 am

These two were featured on Garth’s blog a few years ago, for me one of the best books I have seen for FIRE;

Quit like a Millionaire:
https://www.goodreads.com/book/show/43345855-quit-like-a-millionaire

Accessible, funny. Describes the “scarcity mindset”

#23 Ponzius Pilatus on 03.20.21 at 11:54 am

Personally, I do not envy any rich person.
I found that every person, rich or poor, has their cross to bear.
I’m comfortable living the upper middle class life.
Just watched “The College Admission Scandal”.
My kids go to college, but if they had decided to become electrician or plumbers, that would be fine with me.
Being a Mensch is the most important thing for me.

#24 Dr V on 03.20.21 at 11:59 am

12 suggestions – try “The Millionaire next Door”. It is not a book about investing as much as it is a commentary of how many have achieved wealth by living within their means (more like below actually)
and a career of application. It’s coming up 30 years old, but I expect much of the observations still apply. I’ve
gone back to it over the years, reading particular chapters as a bit of a pick-me-up if I was puzzling over my own situation.

#25 Jimmy Zhao on 03.20.21 at 12:00 pm

That $48 Casio watch tells the time more accurately than the $10,000 Rolex

#26 fomojoe on 03.20.21 at 12:00 pm

Is there a way to block posts from turnernation?

It’s minutes of my life I’ll never get back

#27 Doug in London on 03.20.21 at 12:08 pm

I’m reminded of something I heard in the early 1980s, namely: the secret to success is hard work, that’s why it’s remained a secret for so long.

#28 Minimalist on 03.20.21 at 12:19 pm

#10 Looking up on 03.20.21 at 10:38 am
#5 Minimalist on 03.20.21 at 9:54 am
#2 KLNR

————–

The thing to do now is go minimalist, isn’t it?

Consume less. Buy less. Own less.

Smell more flowers. Get more hugs. Make more love.

————-

In my experience, consuming more, buying more and owning more gets me more hugs and love.

————-

Seems like yet another fantastic (and free) filtration method for those who you don’t want hugs or love from.

Wasn’t Coming to America all about that? :-)

#29 Wrk.dover on 03.20.21 at 12:21 pm

Concentrate more on wanting what you have than having what you want. When what else you do want becomes available stupid cheap, don’t hesitate, pounce!

Buy it once, keep it for life.

I’ve spend five decades accumulating things this way, lots of money was left over while waiting.

All I additionally want now is stuff that they haven’t invented yet, but I’ll have it when they do.

Too many people buy things for now rather than later.

#30 Damifino on 03.20.21 at 12:25 pm

#13 TurnerNation

The immediate target of this financial cabal is the backbone of the world economy, the oil and gas industry along with coal.
————————————

A perfect recipe for a return to the dark ages.

#31 TurnerNation on 03.20.21 at 12:29 pm

Who am I? 40-something salaryman. Red-blooded male. Totally sobar, rare bozzing. Have nothing to lose and everything to gain.
Creds – I have the basic requirements of FCSI path but am not active in the industry in that way, nor into the asset management either.

………
– Yup control over our BREEDING alright. Our elites are not playing around. They mapped all our DNA a long time ago. You mailed it in

“Injecting MEN with the female hormone progesterone could reduce the severity of their COVID-19, study claims”
https://www.dailymail.co.uk/sciencetech/article-9381227/COVID-19-Injecting-MEN-female-hormone-progesterone-reduce-infection-severity.html
Injection with the female sex hormone progesterone could improve outcomes for men hospitalised with severe COVID-19 infections, a study has concluded.

………
– Everything must change in the New System. 1001 new laws coming. Non stop.
CV enshrined unlimited power in all world governments. An orchestrated power grab.
Still not sure? Has your government filed a budget, in the past two two years or not? The arrogance.
(How many elected leaders were purged in early January? Holiday travel we were told.)

If local councils can to ban BBQs…Alberta as a Province can ban the Oil & Gas industry.

http://www.mirror.co.uk
“A council is planning to ban barbecues in open spaces over fears they contribute to global warming.
Brighton and Hove City Council, which is run by the Green Party, said the move is part of an action plan to tackle climate change and make the seaside resort carbon neutral by 2030.”

— It’s been said that all Former First World Countries will be brought to their knees financially. A UBI would do that.
Gee do you really believe they can just walk across USA the border, when here in Kanada we are banned from free travel to several provinces + USA?

https://www.washingtonpost.com/national/migrant-families-flights-canadian-border/2021/03/19/7885433c-88da-11eb-8a67-f314e5fcf88d_story.html
Biden administration considers flying migrants to states near the Canadian border for processing
The extraordinary volume of unauthorized border crossings in recent days has left the families and minors waiting hours outdoors, many under a bridge next to the river where CBP is operating a large outdoor processing station

…..
Seen elsewhere:

– “Imagine a village of 15,000 people that bans private gatherings, closes businesses and issues stay-at-home orders because of one person in the hospital.”

– Yup it’s a small club and we ain’t in it:
“Tanzania’s new president is also a member of the World Economic Forum (weforum.org)”

#32 Ponzius Pilatus on 03.20.21 at 12:40 pm

Interestingly, one of my first words that I learned in English was fortune and fortunate.
Sure hard work, persistence are important, but luck comes in handy, too.

#33 Flop... on 03.20.21 at 12:42 pm

The package.

Health and Wealth.

As I read this post my mind goes to the only true wealth I have witnessed, that is the trappings of wealth displayed by a billionaire I worked for a while, Paul Allen.

As I stood on one his properties, looking out at the largest private yacht in the world, I thought this guy has it all.

I was wrong, he had the wealth, but didn’t have the health.

Could be wrong on some of this but he first got diagnosed with cancer in his late 20s.

Seems like he had a good stretch for a while where he would have been able to enjoy life and his success, the stuff I witnessed certainly indicated that.

The last decade or so, another bout of cancer and then died of septic shock at the age of 65, around the age most people retire.

I’ve admitted on here when I first started working for him I didn’t know who he was, I thought at first he was in Bill Gates shadow, then my opinion for a while was that he attracted less attention, had more money than he could possibly spend, and looked for a decade or so like he was living a more enjoyable life between the two.

Gates seemed like he had a target on his back, the only target I saw for Allen was for the helicopter to land on his boat.

Should a peasant like me feel sorry for the loss of a guy like him?

I don’t have either good health or great wealth, besides over the top indulgence which I would no doubt partake in the same position, I had no time for jealousy, or a hate on for the man.

I will chip away at both, wired differently than the more ambitious on here, so I try to take my time in life, I’m not a Hoon.

Seems like Seattle was benefiting from his philanthropy and probably will continue through his family.

Wealth without longevity, what did that feel like on his death bed?

He was lucky he got to take the foot off the gas before most, but did that all seem like 5 minutes of fun when he was at deaths door?

He didn’t have all the money in the world, just a large chunk of it.

It wasn’t enough, he needed the package.

A lot of good health, a little bit of wealth…

M46BC

#34 Bankish on 03.20.21 at 12:49 pm

Doug I have a question for you that is slightly off topic in some ways, but is very much in our financial realm.
With the Canadian bank regulator unwinding temporary banking rules put in place due to the pandemic are Canadian bank dividend increases and buy backs allowed once more? The Globe and Mail had one small article on it that gave out no information on the subject dividends or buybacks.
Thank you

#35 Flop... on 03.20.21 at 12:58 pm

Don’t remember giving this one a run out yet, a slight crust on it from late January, but today seems like a good day to do it.

Gates and Allen formed Microsoft in Albuquerque, New Mexico, but in an odd twist, New Mexico is one of a few States without a billionaire on the books…

M46BC

Mapped: The Wealthiest Billionaires Around the U.S.

“The COVID-19 pandemic is creating a two-sided economy. On one hand, there are high levels of unemployment, record business closures and evidence of financial decline. But on the other, the stock market is setting record highs, tech companies are thriving, and wealth inequality is accelerating. Our latest map of the richest billionaire in every state for 2021 provides a snapshot of this second economy.

Our map demonstrates how the wealthiest individuals in every state across the country aren’t just rich, they are absurdly wealthy. Jeff Bezos personally controls more wealth than the entire annual GDP of Qatar ($193.8B vs. $175.8B). Taken collectively, our map visualizes some $1.16T which is a lot more than the entire economic output of Saudi Arabia ($793B). Only a handful of small states aren’t home to a billionaire, like Alabama, New Hampshire and New Mexico. But our map also shows how the richest people predominantly remain white men. There are a handful of billionaire women such as Abigail Johnson (MA, $15B), Susan Alfond (ME, $1.9B) and Gail Miller (UT, $1.9B).”

https://howmuch.net/articles/richest-billionaire-in-every-state-2021

#36 tsirrus on 03.20.21 at 1:00 pm

Good advice overall. I have issues with point 3 however, since in my view it’s more correlation than causation. To me diversification is the result of going up Maslow’s pyramid.

In short, you need to eat and sleep somewhere, and for both there are diminishing returns the more you go up the income ladder.

#37 Harry on 03.20.21 at 1:04 pm

By the way, Bill Gates wears a $48 Casio watch.
—————————-
By the way, Bill Gates was born rich.

#38 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 03.20.21 at 1:08 pm

Great tips Doug, but you’re forgetting the EASIEST way to get rich.

It’s so simple – Just take advantage of low IQ Toronturds and GTAHoles and take their money!

Do assignment sales of 400 sq ft glass-walled condos there for $1.1 million! Real estate only goes up there, right!?

Sell everybody there sports paraphernalia and tickets for the Make Believes and Raptors!

Those teams are both having a magical 7 game streak this month!

Make Believes are 1-6!!

Raptors are 0-7!!

Wow -such consistency!

Toronthole is where to invest your money, everyone :)

WINNING!!!!!!!!!

#39 Doug Rowat on 03.20.21 at 1:09 pm

#16 Tarot Card on 03.20.21 at 11:12 am

You site Bill Gates, great example, the guy started with absolutely nothing but caught onto the next wave. Now he is super rich and wears a $49 watch. So because he’s wears a cheap watch you prove your point? What about his house? I sure it’s not cheap.

—-

He didn’t have that house growing up in Seattle, but I bet he had a similar watch.

—Doug

#40 Flop... on 03.20.21 at 1:12 pm

More Billionaires in China than the States?

Who truly knows, China marches to their own beat, but this chart from a year ago would suggest not.

Things would have undoubtedly changed since then but if a fair whack of the wealth is in the global boat it sinks and rises at similar rates…

M46BC

In One Map: How Many Billionaires Are in The World.

“The coronavirus has affected people from all walks of life–including those worth more than $1 billion. As global markets are in flux, the net worth of the world’s richest people has fluctuated to the point where many of them have lost the title of “billionaire.” Our new visualization takes the most recent data from Forbes to illustrate how many billionaires are in the world, as well as the size of their cumulative net worth.”

Top 10 Countries with the Most Billionaires.

1. United States: 614
2. China: 388
3. Germany: 107
4. India: 102
5. Russia: 99
6. Hong Kong: 67
7. Brazil: 45
8. United Kingdom: 45
9. Canada: 44
10. France: 39

Information from April 2020

https://howmuch.net/articles/world-map-of-billionaires-2020

#41 Damifino on 03.20.21 at 1:13 pm

Preston Manning in the G&M (“What’s a Trillion?”)…

In today’s virtual political world, does Canada actually have a real prime minister and a real finance minister capable of effectively managing a crisis or anything else? Or is it sadly true, as is being whispered in more and more quarters, that in reality what Canada actually has is a former drama teacher playing the role of prime minister and a well-meaning journalist playing the role of finance minister?
—————————–

Two great questions Preston. The answers are “yes” and “yes”. Canada’s rudder is broken and the wheelhouse has been abandoned. Watch us opt for more of the same. We shall get the government we have become.

#42 Sunny Daze on 03.20.21 at 1:24 pm

The saving mentality is over and done with in the west. And ain’t coming back. China is producing an electric car for $5000. Who’s gonna pay $50/h to workers in Ontario.

No inflating this all away folks. Not gonna happen.

My ear to the ground tells me things are slowing. The money is already spent and the debt is higher.

First we watch the inflation and gdp numbers come down. Then watch for the policy response.

I’m no doomer but as an aside it wouldn’t surprise me if bitcoin became the way to protect savings from governments for the wealthy. Lots of squawking about it by powerful people. No action except allowing banks to slowly custody it.

Watch what they do. Not what they say.

How many are asking about crypto Ryan?

My guess is that inquiries are growing with the etfs just starting. And transactions growing. 100k now seems reasonable. Wild if true.

#43 crowdedelevatorfartz on 03.20.21 at 1:25 pm

Iceland’s volcano popped its cork after 800 years of dormancy.

https://www.cbc.ca/news/world/volcano-erupts-iceland-reykjavik-fagradalsfjall-1.5957440

#44 willworkforpickles on 03.20.21 at 1:26 pm

Individual and national un-payable debt won’t culminate in wealth. That ship is sinking.

As the US national debt (money owed its creditors) continues to grow hampered by pandemic growth too little to manage it, the “Debt to GDP ratio” widens.
With stimulus compounding the problem adding to the national debt combined with anemic growth, the growing shortfall gets covered servicing the debt by adding on more debt to cover what the country deep in the red needs to pay.
Stimulus money creation isn’t about to end any time soon.
Real growth that could stabilize the widening debt to GDP ratio (gap) isn’t coming any time soon either.
Debt cancer grows sapping the country’s ability to gradually heal itself. It will metastasize to heightened interest rate increases in the not too distant future.

Creditors will demand assurance through heightened rates.

No amount of gnashing of teeth will chase it away.

Systemic unemployment will take years to fix.

Real (robust) growth projections are out of wack.
Slow to anemic growth projections are more in line with reality.

#45 Doug Rowat on 03.20.21 at 1:27 pm

#9 Papabear on 03.20.21 at 10:20 am

I approve of the general message, but I feel like some of the points here are a bit lacking tact.
Bill Gates and his cheap watch… so if we just wore the same ratty clothes for 30 years, we can be multi-billionaires?

—-

Another one triggered by the Casio watch.

I’m flattered that you interpreted my 700-word blog as a literal (and apparently very insensitive) roadmap for becoming a billionaire.

—Doug

#46 crowdedelevatorfartz on 03.20.21 at 1:31 pm

@#26 fomojoe
‘Is there a way to block posts from turnernation?”

++++

The scroll wheel on your mouse broken…?

#47 DLT INC on 03.20.21 at 1:38 pm

So I’m 6 feet 4, have an IQ of 150+ and people say I have the most attractive appearance in any gathering. And oh yes, my parents had the money to see that I got into the best university. So, naturally, I’M ENTITLED. I deserve everything I get in this world. People ask me why I am such a going concern and I can’t really say. I guess I was just born that way. But, hey, I’m entitled, life sucks for some people, I guess, but that’s life. Born into a hell hole? Well suck it up. And did I say, I’m entitled because I earned everything I have. So if you don’t have everything I have, well you should have thought about that before you chose to be born into the country and family before you came into this world.
And did I say ” I’m entitled to things that you aren’t”

#48 NoName on 03.20.21 at 1:38 pm

#40 Flop… on 03.20.21 at 1:12 pm
More Billionaires in China than the States?

Who truly knows, China marches to their own beat, but this chart from a year ago would suggest not.

Things would have undoubtedly changed since then but if a fair whack of the wealth is in the global boat it sinks and rises at similar rates…

M46BC

In One Map: How Many Billionaires Are in The World.

“The coronavirus has affected people from all walks of life–including those worth more than $1 billion. As global markets are in flux, the net worth of the world’s richest people has fluctuated to the point where many of them have lost the title of “billionaire.” Our new visualization takes the most recent data from Forbes to illustrate how many billionaires are in the world, as well as the size of their cumulative net worth.”

Top 10 Countries with the Most Billionaires.

1. United States: 614
2. China: 388
3. Germany: 107
4. India: 102
5. Russia: 99
6. Hong Kong: 67
7. Brazil: 45
8. United Kingdom: 45
9. Canada: 44
10. France: 39

Information from April 2020

https://howmuch.net/articles/world-map-of-billionaires-2020

Just wonderin would numbers and dots be much different if they are measured in rummimbies instead of usd.

#49 Sunny Daze on 03.20.21 at 1:39 pm

Sorry

Doug:)

And BTC 100k that is

#50 Tbone on 03.20.21 at 1:49 pm

I always said the harder you work the luckier you get .
Now I am lucky I guess .
Don’t work anymore .

#51 Dolce Vita on 03.20.21 at 1:55 pm

Firstly, THAT was good Doug. Enjoyable read. Hard work. Perseverance. “Set it and forget it” for the most part.

————–

Secondly, a fellow Commenter doubted things would get back to normal until 2022, 2023 (read like a “gut feel” comment) and I said BEFORE Sept (I was looking at the Gov Canada vax deliveries).

Made me think. Decided to put some numbers to it.

Let me start by saying NOT GOOD so far – optimistic numbers based on achieving herd immunity of 76% (Manaus, BR) – numbers below rounded.

Cdn Population ≥ 15 yrs old: 32M
Theoretical Herd Immunity @76%: 24.3M (min we need vax’d)
No of doses needed (2/person): 48.6M
Doses administered, as of Mar 20: 3.8M
Balance still to be administered, as of Mar 20: 44.8M

Yesterday (a Record) doses administered: 163K

Days to administer Balance: 275

Completion date at 76% herd immunity = December 20, 2021
Completion date for 32M = March 24, 2022

Yikes. DOUBLE Yikes.

Other Commenter “gut feel” correct, my bad instead.

————–

Why so behind?

The Provinces (and NOT the Territories).

Feds delivering…

Q1 goal = 6M doses, confirmed to date = 8.1M (1.5M guilted from VAX HOG USA)
[kudos Minister Anita Anand and Maj. Gen. Dany Fortin]

Q2 goal = 23M doses, confirmed to date = 11.4M (near 1/2 way there and they are not counting any doses for June or Moderna in May and June)
[ibid., kudos]

Next Comment…the Provincial numbers ’cause the above long enough already.

#52 willworkforpickles on 03.20.21 at 2:09 pm

Inflation isn’t the only driver of future rate increases.
The expected spring/summer spending tsunami will cause inflation and some rate increase. The big increases come when national debt holders lose faith in governments ability to service further debt creation…even when real stagflation sets in.

#53 Dolce Vita on 03.20.21 at 2:10 pm

…the Provincial numbers which brings me to a new Comment Category:

Canada VAX Awards March 20, 2020 (8.3% vax’d national average, at least 1 dose):

Heavyweight Champions, in Order by a long country mile: Yukon*, NWT, Nunavut 3.5-6.2X National Vax’d Average

Province de la Grand Vitesse: La Belle Province 1.2X
Lest in the West: Manitoba 0.7X
Least in the East: Nova Scotia 0.5X

*All EYES ON YUKON, getting close to the Herd Immunity %??? (#1 Israel at 59.6%, #2 UK at 38.7%, Go Yukon GO!).

Above based on this Mar 20 Province, Territory vax’d % graphic & CTV’s Coronavirus vaccine tracker:

https://i.imgur.com/KH50h5y.png
https://www.ctvnews.ca/health/coronavirus/coronavirus-vaccine-tracker-how-many-people-in-canada-have-received-shots-1.5247509

———————–

Why all this?

If Canada is to recover economically by FALL 2021, return to prosperity and “normalcy” soon thereafter…at the current vax pace the Provinces are going at, Canada has a:

Snowballs Hope in Hades of achieving that Goal.

The Provinces (not the Territories, they are World leaders in vaxing) need to:

STEP UP THEIR GAME considerably.

Not only are the Variants a threat to delay/derail the FALL 2021 goal but so are the Provinces at their current pace of vax’ng.

[kudos to the Feds for not having raised major alarms about the pace of vax’ng to date – they should instead]

-FWIW

#54 BillyBob on 03.20.21 at 2:16 pm

Man, this album has been in heavy rotation on the Beats Pro while I rip around Prague on the bike lately. In the spirit of the great Smoking Man and his “buds”, seemed uncharitable not to share.

The Pretty Reckless – Death by Rock and Roll

https://www.youtube.com/watch?v=BX6KILafIS0

And that track ain’t a one-off on the album. Taylor Momsen is like the “Anti-Taylor Swift”: 27, hawt, and rocks harder than most men. It’s like she’s channeling Joan Jett and Chrissie Hynde. Gives hope for a future not completely neutered by liberal wet dreams.

It’s fascinating how someone so feminine can still have 10x as much testosterone as Faron.

#55 The other Keith in Calgary on 03.20.21 at 2:17 pm

This post, as are many other posts about wealth and the wealthy, is carefully worded and more than a little disingenuous. The graph, for example. It tops out at 10.3 million. That doesn’t even get you into the big leagues of rich. It barely gets you into the fabled 1%. The wealth numbers get astronomical as you get into the upper part of that 1%.

A million dollars, as a pile of $100 bills, is about 1 m high. You could get it into a suitcase. A billion dollars is about one Km high, much taller than the CN tower. Canada has between 40 and 50 with multiple piles like that, depending on exactly how you count. There is a huge difference between a millionaire, and a billionaire.

One of the great con jobs of our time is for the billionaires to convince the average Joe and Jane that tax policy that only affects the super wealthy is an assault on them. That Joe and Jane are really millionaires temporarily down on their luck, and might be affected by such policy. It’s one of the tools that allow the super wealthy to continue to grab more and more of the pie.

Yes, some wealth inequality is good. The people with innovative ideas, or the hustle to make that sale, and the next one, and the one after that, deserve to be rewarded for their efforts.

But it has to stop somewhere. The absurd concentration of wealth we see now isn’t good for anyone, including the people that nominally own it. After a certain point, the person isn’t making the money, the company they own is making it, they just sit on top of the pyramid.

#56 Slim on 03.20.21 at 2:22 pm

#41 Damifino

As long as the Conservative Party keep shooting themselves in the foot, it will continue on.

https://www.ctvnews.ca/politics/conservative-party-members-vote-down-resolution-to-enshrine-reality-of-climate-change-1.5355406

#57 Joe on 03.20.21 at 2:47 pm

1) still drive 2013 Ford Fussion
2) on May 1st will spend 8 hrs listening to Warren Buffet and Charlie Munger
3) diversified -> pension, stocks
4) just called all my friends and kicked them to the curb
5) wont quit, working on the ____ million dollar club

#58 Don Guillermo on 03.20.21 at 2:49 pm

DELETED

#59 crowdedelevatorfartz on 03.20.21 at 2:50 pm

@#47 BLT

” And oh yes, my parents had the money to see that I got into the best university. So, naturally, I’M ENTITLED. I deserve everything I get in this world. ”

+++

Reminds me of a famous musician about 30 years ago who was escorted immediately in to be seated at a fancy restaurant in New York , while dozens of customers stood watching and one person complained ,
“Why does HE get to jump the line while we have to wait?”

“Because I’m famous and you’re not…”

The newspapers took great pleasure in posting that comment the next day…..

#60 crowdedelevatorfartz on 03.20.21 at 2:51 pm

@#54 BillyBob

“It’s fascinating how someone so feminine can still have 10x as much testosterone as Faron.'”

++++

Ahahahahaha. Good one.

#61 Handsome Ned on 03.20.21 at 2:58 pm

#53 Dolce Vita

Re: Yukon. Yukon only has about 36 thousand people. Being remote with high first nations and poor medical infrastructure outside of Whitehorse they got first dibs for the vac. Apples to oranges as a comparison to rest of Canada.

#62 earthboundmisfit on 03.20.21 at 3:02 pm

On what planet does 471K net worth get you classified as “upper income”?

#63 Ponzius Pilatus on 03.20.21 at 3:02 pm

#50 Tbone on 03.20.21 at 1:49 pm
I always said the harder you work the luckier you get .
Now I am lucky I guess .
Don’t work anymore .
—————
There are only 24 hours in a day to work hard.
The goal is to work smart and let other people do the hard work for you.
Gretzky played not hard but smart and had Semenko do the dirty work.
But he also was lucky to have superior athletic genes.

#64 Sail Away on 03.20.21 at 3:15 pm

As I’m fading on my deathbed, I intend to beckon the nurse to my side, and whisper with my last breath:

‘I wish I spent more time at work’

#65 ogdoad on 03.20.21 at 3:17 pm

Great blog!

Howells – loved those two…ram David Geffen’s yacht with our kayaks…lol…dood

So people who succumb to FOMO will never be rich?

Someone in my family writes self improvment books. And earns a good wage. Quite similar to an Engineer designing the fix but the rights belong to the Gatsbys..

If I were rich what would I do? Bigger house? Nicer car? Buy 2×4’s more often? Nope! I would envy the REALLY rich who can go to space!!

Vit D and red wine today.

Og

#66 Concerned Citizen on 03.20.21 at 3:19 pm

Don’t eat the rich, but there there are a number of things we should be doing vis-a-vis high income and/or wealthy people:

– progressive marginal tax rate structure with limited loopholes (we do the first one right in Canada, not so much the second)

– reduce or eliminate the capital gains exemption for those with very high incomes. Why should money be taxed less than labour? Why should I pay less in tax trading in my pajamas than the plumber fixing my sink? We have very generous tax-sheltered account limits in Canada, which are more than enough to save for retirement for a middle to upper middle class Canadian. That capital gains exemption for investing/speculating in the secondary markets is arguably not needed at all, especially with all the excess capital looking for a home these days.

– institute measures to limit speculation in housing markets. Homes should be for living, not for investing/speculating by rich people.

– stop monetary policy that benefits the wealthy and penalizes the poor (pump asset prices for asset holders and inflation tax on the poor/middle class)

The calls to eat the rich are due to the increasing concentration of wealth in society due to secular forces like technology and trade, and increasingly due to outrageous policy choices that overwhelmingly benefit the rich (tax cuts, central bank asset buying). We don’t have a lot of control over the former, but I’d like to think we still have some control over the latter.

BTW, I assume you were trying to get a rise out of people by including Trump in the successful wealthy category. Had Trump simply invested his inheritance in the S&P 500, he’d be much better off today. He is a failure in my books, and I wouldn’t be surprised to learn in the future that he has a negative net worth.

#67 Beetman on 03.20.21 at 3:19 pm

My father who passed away a year ago, not from Covid coined a good one. “The harder I worked the luckier I got” RIP Dad

#68 Sail Away on 03.20.21 at 3:25 pm

#54 BillyBob on 03.20.21 at 2:16 pm

————

Hey, welcome back! It’s been awhile.

Jag’s been scarce as well- have you two been on a bender?

#69 Dolce Vita on 03.20.21 at 3:28 pm

One last thing on vaxing:

Nobody knows what the herd immunity % is.

Yukon is 51.6% vax’d, 1 dose. 35,874 of them.

2 doses for ALL of them = 71,748
Doses administered so far = 18,511
Canada currently sitting on 940,374 doses, delivered and NOT administered as of Mar 20.

—————————

FFS Gov Canada, WAKE UP and send the Yukon 36,018 more doses NOW to test if 76% is the herd immunity number. You’re sitting on nearly 1M unused doses. Surely to God Maj Gen Dany Fortin can fly a measly 36K doses to them tout suite.

Let Canada be the FIRST to achieve herd immunity in the World.

[sent a Tweet to Anand, Hajdu, Tam and Dr. Trudeau a minute ago…see what they do in the “grab a brain” Dept]

————-

You know what I would do if Yukon achieves herd immunity and Canada keeps the number secret:

EXTORT VAX HOG USA for many, many, many more doses delivered yesterday or a Trillion in cash (the budget will then balance itself) or a pipeline (or 2) for the data…

Quid pro quo.

#70 BasementDoo on 03.20.21 at 3:43 pm

This is 1950s self-help. The post is vague because the sentiment doesn’t stand up to an even cursory examination of the facts.

The entire population could adopt all these habits, and it wouldn’t change the fundamental situation. Saying the wealthy are “self-made” doesn’t tell the story of how that human capital came about.

I recommend reading “The Meritocracy Trap.”

#71 looking up on 03.20.21 at 3:48 pm

#28 Minimalist on 03.20.21 at 12:19 pm
#10 Looking up on 03.20.21 at 10:38 am
#5 Minimalist on 03.20.21 at 9:54 am
#2 KLNR

————–

The thing to do now is go minimalist, isn’t it?

Consume less. Buy less. Own less.

Smell more flowers. Get more hugs. Make more love.

————-

In my experience, consuming more, buying more and owning more gets me more hugs and love.

————-

Seems like yet another fantastic (and free) filtration method for those who you don’t want hugs or love from.

Wasn’t Coming to America all about that? :-)

——–

Actually I was talking about my wife, who is awesome by the way.

3 things buy me more love:

1) Being good to her, which I usually am

2) Buying her nice stuff once in a while, house reno she wants, nicer car etc. ( It’s not a money thing, I had no money when she met me). She works hard and she deserves it,

3) Adopting Sail Away’s practice of dressing in green tights and wearing a jester’s hat when the wife feels frisky. (see previous posts)

Strangely, #3 works out extremely well.

#72 The West on 03.20.21 at 3:49 pm

It’s a great post Mr. Rowat, always enjoy your entries.

One thing though. Willam Henry Gates III was born into money and privilege on both sides of the control mechanism. His father was a prominent corporate lawyer who had political ties to the top of the pyramid. His mother’s father was a member of the Rhodes Foundation with a seat in the Council on Foreign relations. He was a banker for the English Establishment.

There can be no doubt that William has worked hard and applied a vast trove of effort and persistence to get where he is today however, where he wound up had a lot to do with where he started.

In contrast, Steve Jobs (who was every bit Gates’ equal – probably superior in vision and application) wound up on the lesser end (by a lot).

Gates was born into the ruling class.

Jobs was born into less fortuitous circumstances.

It is the way of the world, always has been. The end of the second world gave way to a false sense of “equality and freedom” to a whole generation.

Even on here, all the boomers yammering about their “hard work” and “smarts”. Bought a house for $25,000, sold the house to their kids for $300,000 and cashed out pensions that their great great grandkids will still be paying for….some win the lottery and some don’t.

#73 Ponzius Pilatus on 03.20.21 at 3:50 pm

BillyBob is having a Praque Spring, coming out of Covid quarantine, ready to rumble, it seems.

#74 Ponzius Pilatus on 03.20.21 at 3:56 pm

I’ll make a prediction:
This one will go over 200 comments.
Fasten your seat belts.

#75 Don Guillermo on 03.20.21 at 3:57 pm

Hahahahahah, Trudeau blames Mulroney. Beauty! Canadian voters are The Greatest Fools!

https://calgaryherald.com/news/local-news/corbella-15

Prime Minister Justin Trudeau has been blaming past Conservative Governments for gutting Canada’s pharmaceutical industry but industry insiders say the truth of the matter is very different.

Trudeau and his ministers have gone so far as to blame former Progressive Conservative prime minister Brian Mulroney — who was prime minister from 1984 to 1993 — for the privatization, or “the selling off“, of Connaught Laboratories. What he fails to mention is that Connaught Labs didn’t go anywhere. It’s now part of Sanofi Pasteur, the world’s largest manufacturer of vaccines. The Connaught Campus in Toronto accounts for one-fifth of the company’s global vaccine sales.

#76 Ustabe on 03.20.21 at 4:07 pm

1) Hung out with a guy who worked his way out of the hills of Kentucky via a tennis scholarship, ended up with a Wharton MBA, corner suite at Ford, poached by Pepsi. He and his team are the ones that designed and created the modern aluminum pop can. Prior they were tin and had to be boxed up instead of plastic ringed. His 4x yearly residual cheques, any one of which would make the wealthiest on here blanch, were augmented by a pension income from Ford and Pepsi that anyone on here, Garth included, could live large on.

He’s the one that taught me to carry a LLC around even if it was doing nothing. Never can tell when you might need to fold somebody’s idea into a real company. That little “rich guy” thought has made me serious dough over the years.

2) I go fishing with a guy who owns his own Gulf Island. He also owns a few drug stores and an import business. Yearly he invites the creme de la creme out for a fishing/meeting/schmoozing weekend. I get invited not because I hang with that crowd but because I catch fish. Recreational. Getting on the boat I’m on is apparently a hot topic amongst these guys. For some reason I’m better at Coho than Chinook but no one is perfect.

Not one of these for real wealthy guys are worried at all about most of the the things that pop up on this comment section daily. They don’t talk of problems, they talk about solutions. If they can’t solve it they find someone who can.

Most everyone comes over by boat but there is one guy who insists on helicoptering in. Some live large, some live quietly among the masses. Some have multiple homes, some just one. Some spend big on clothes and grooming, some dress out of Marks or Sportchek and look like they go to Great Clips.

I’ve never heard any of them fussing about Faron tho…

Anyway, the truly rich are just like you and me only rich. Most of you on this blog are closer to homelessness than to the type of wealth they hold but keep on carrying water for them. They like that part.

#77 Dolce Vita on 03.20.21 at 4:11 pm

#61 Handsome Ned

I know Ned. But my point is that Canada can be the FIRST in the WORLD to know what the herd immunity % is.

Right now, Yukon is #2 in the World just after Israel in % population jabbed once. We’re sitting on nearly 1M doses right now, unused. There’s all of 35K of them.

That is POWERFUL data. Israel traded vax test data for vax (sample size of 200K, from 2 of their HMOs on vax results to Pfizer for doses).

Canada can keep the number SECRET and trade it for vax esp. with the VAX HOGS south of the border.

Besides the hoopla worldwide, Canada will know exactly how much vax to buy for its good people.

I’d be flying as much vax, cryo freezers, medical people, snowmobiles, all weather aircraft, temporary vax tents, you name it to all parts of the Yukon…like right now.

That data is GOLD.

Canada has THE golden opportunity of this Pandemic to see that thru – fast, in weeks or less. We can do 163K doses in 1 day…surely to God we can do a fraction of that in the Yukon.

———————-

Personal Note:

I get bragging rights in Italia at Canada being NUMERO UNO to find that % herd immunity number.

Wouldn’t that be something.

#78 Don Guillermo on 03.20.21 at 4:23 pm

#76 Ustabe on 03.20.21 at 4:07 pm
1) Hung out with a guy who worked his way out of the hills of Kentucky via a tennis scholarship, ended up with a Wharton MBA, corner suite at Ford, poached by Pepsi. He and his team are the ones that designed and created the modern aluminum pop can. Prior they were tin and had to be boxed up instead of plastic ringed. His 4x yearly residual cheques, any one of which would make the wealthiest on here blanch, were augmented by a pension income from Ford and Pepsi that anyone on here, Garth included, could live large on.

He’s the one that taught me to carry a LLC around even if it was doing nothing. Never can tell when you might need to fold somebody’s idea into a real company. That little “rich guy” thought has made me serious dough over the years.

2) I go fishing with a guy who owns his own Gulf Island. He also owns a few drug stores and an import business. Yearly he invites the creme de la creme out for a fishing/meeting/schmoozing weekend. I get invited not because I hang with that crowd but because I catch fish. Recreational. Getting on the boat I’m on is apparently a hot topic amongst these guys. For some reason I’m better at Coho than Chinook but no one is perfect.

Not one of these for real wealthy guys are worried at all about most of the the things that pop up on this comment section daily. They don’t talk of problems, they talk about solutions. If they can’t solve it they find someone who can.

Most everyone comes over by boat but there is one guy who insists on helicoptering in. Some live large, some live quietly among the masses. Some have multiple homes, some just one. Some spend big on clothes and grooming, some dress out of Marks or Sportchek and look like they go to Great Clips.

I’ve never heard any of them fussing about Faron tho…

Anyway, the truly rich are just like you and me only rich. Most of you on this blog are closer to homelessness than to the type of wealth they hold but keep on carrying water for them. They like that part
*************************************
I know exactly what you’re sayin’. I have a friend who’s cousins next door neighbor know a man who’s sister’ husband has a buddy that ………………………………………

#79 Timmy on 03.20.21 at 4:28 pm

Gates wears a cheap watch…so what he has an obscenely sized home

#80 Blair on 03.20.21 at 4:42 pm

Interesting post. But reading about self improvement sounds boring as hell.

#81 Toronto_CA on 03.20.21 at 4:56 pm

This post is crappy. Maybe later I’ll go into detailed reasons why but I’m cooking tonight.

Sorry Doug, not a fan of any of it. I guess I read too much fiction.

#82 Quintilian on 03.20.21 at 5:03 pm

Nothing wrong with the pursuit of wealth.

But how one gets there, and what one does with the acquired wealth is what matters.

“When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.”
-Frederic Bastiat

#83 Ed on 03.20.21 at 5:05 pm

#5 Minimalist on 03.20.21 at 9:54 am

#2 KLNR

————–

The thing to do now is go minimalist, isn’t it?

Consume less. Buy less. Own less.

Smell more flowers. Get more hugs. Make more love.

//////////

I think Millenials don’t make love enough…thats why they are so easily outraged by things like Dr Seuss.

#84 Tripp on 03.20.21 at 5:06 pm

“ 5. They don’t quit.”

Not sure about this. Knowing when to quit is just as wise, important and consequential as knowing when to persevere. It probably comes from the ability to recognize true opportunities, and abandon the other.

#85 Moses71 on 03.20.21 at 5:31 pm

Another thing I noticed about Bill Gates is he refers to his wife by her NAME. That’s impressive. Come to think of it, so does Garth. Just an observation but maybe something else to ponder about people who “have”

#86 Sail Away on 03.20.21 at 5:58 pm

#77 Dolce Vita on 03.20.21 at 4:11 pm

Canada can keep the number SECRET and trade it for vax esp. with the VAX HOGS south of the border.

———–

Mexico?

Surely you don’t mean the US, who is giving Canada 1.5M doses, unless Dolce facts are like Dolce math…

https://www.cbc.ca/news/politics/reuters-us-canada-mexico-vaccine-1.5954871

#87 WEXIT on 03.20.21 at 6:03 pm

The book mention “ The Psychology of Money,”
is well worth a read. One of, if not thee best money book I ever read.

#88 KLNR on 03.20.21 at 6:06 pm

@
#76 Ustabe on 03.20.21 at 4:07 pm
1) Hung out with a guy who worked his way out of the hills of Kentucky via a tennis scholarship, ended up with a Wharton MBA, corner suite at Ford, poached by Pepsi. He and his team are the ones that designed and created the modern aluminum pop can. Prior they were tin and had to be boxed up instead of plastic ringed. His 4x yearly residual cheques, any one of which would make the wealthiest on here blanch, were augmented by a pension income from Ford and Pepsi that anyone on here, Garth included, could live large on.

He’s the one that taught me to carry a LLC around even if it was doing nothing. Never can tell when you might need to fold somebody’s idea into a real company. That little “rich guy” thought has made me serious dough over the years.

2) I go fishing with a guy who owns his own Gulf Island. He also owns a few drug stores and an import business. Yearly he invites the creme de la creme out for a fishing/meeting/schmoozing weekend. I get invited not because I hang with that crowd but because I catch fish. Recreational. Getting on the boat I’m on is apparently a hot topic amongst these guys. For some reason I’m better at Coho than Chinook but no one is perfect.

Not one of these for real wealthy guys are worried at all about most of the the things that pop up on this comment section daily. They don’t talk of problems, they talk about solutions. If they can’t solve it they find someone who can.

Most everyone comes over by boat but there is one guy who insists on helicoptering in. Some live large, some live quietly among the masses. Some have multiple homes, some just one. Some spend big on clothes and grooming, some dress out of Marks or Sportchek and look like they go to Great Clips.

I’ve never heard any of them fussing about Faron tho…

Anyway, the truly rich are just like you and me only rich. Most of you on this blog are closer to homelessness than to the type of wealth they hold but keep on carrying water for them. They like that part.

Lol, exactly.

#89 Steve French on 03.20.21 at 6:08 pm

This is just about the worst advice I have ever read.

Reading lame and self-indulgent self-help books is the equivalent of a Jackie Collins novel.

Rich people don’t want to hear about how the latest Tony Robbins book awakened your inner giant. They want to hear something intelligent come out of your cake hole.

Read some Tolstoy or Dostoevsky. Form an intelligent opinion on something interesting. Acquire some cultural capital.

Then, when you hang out with those rich bast#2%ds you are so eager to meet, you won’t sound like a dumbass from the nether regions of the steerage section of the Greater Fool blog.

One last point. Back in my wayward youth, I used to work at a luxury hotel in Vancouver. That’s where I acquired one of the most useful insights in my life so far.

Here’s a secret: Rich people are actually mostly unhappy. They whinge and complain endlessly about the slightest issue. They are not that intelligent. They are actually mostly old, entitled, and boring.

In general, I would avoid them.

#90 Free(dumb) speech on 03.20.21 at 6:11 pm

#26 fomojoe on 03.20.21 at 12:00 pm
Is there a way to block posts from turnernation?

It’s minutes of my life I’ll never get back

___________________

You can always ignore his comments like I do! The guy writes in some obscure cryptic dialect devoid of any meaningful intellect. It’s almost like he thinks what he writes every day is helpful to the steerage section. But seriously, the guy is the most annoying poster on the blog… By far and away. And we all know there is some pretty stiff competition for that title on this pathetic blog!

That being said, the Greaterfool blogsters are strong advocates for free speech… As long as you don’t say anything good about Trump, and don’t question anything related to vaccines, masks, preferred shares, ETFs or other mantras professed here daily.

#91 Nonplused on 03.20.21 at 6:18 pm

“They read more. According to Entrepreneur.com, 85% of the rich read two or more self-improvement books per month and only 11% read for entertainment. Almost 80% of non-wealthy individuals read for entertainment.”

So is reading Greater Fool self improvement or entertainment?

———————–

There is an old proverb, attributed to be Jewish, that says “whenever possible hang around the lucky”. I’ve always interpreted that to mean that if you hang out with successful people, some of what made them successful might rub off on you. Things like hard work, frugality, patience, persistence, and calculated risk taking, all the things commonly called “luck”. Being part of the right network does make a difference.

There is another saying that goes “you are approximately the average of your 5 closest friends.” I don’t know that there is much you can do to chose your 5 closest friends, but I think over time it evolves to be true. So if you want to know who you are, all you need to do is look at who you hang out with the most. If you hang out mostly with biker gang members, chances are you are a biker. If you hang out mostly with professionals, chances are you are a professional. It works pretty well actually. It even works pretty well on other people, assuming you know their friends.

Unfortunately I spend too much time hanging out in this comments section, so that doesn’t bode well for my self assessment. But maybe it even works there too. For example, this comments section seems to have an affinity for tractors and yup I have one of those too. Well a half of one. No bucket.

#92 jess on 03.20.21 at 6:18 pm

a “rich” scheme

According to court documents, from at least 2013 through 2019, S. Agee and C. Agee, then partners at an Atlanta accounting firm, marketed, promoted, and sold together with co-conspirators, investments in fraudulent syndicated conservation easement (SCE) tax shelters. The SCE tax shelters were designed to produce tax deductions for high-income taxpayers through partnerships that purported to make “real estate investments.” In truth, the partnerships were a sham, lacking economic substance and serving no legitimate business purpose. The placement of conservation easements over the real estate was a foregone conclusion, which fraudulently enabled the investors to shelter their income from the IRS with no economic risk and to claim substantial tax deductions to which they were not entitled. S. Agee, C. Agee, and their co-conspirators marketed the SCE tax shelters by promising investors that for every $1 invested in the partnership, the investor would receive more than $4 in charitable tax deductions.

“The defendants’ and their co-conspirators’ criminal conduct enabled their clients to claim more than $1.2 billion in fraudulent tax deductions and generated hundreds of millions of dollars of tax loss to the United States,” said Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division. “Their convictions signal just the beginning of the department’s prosecutive efforts. Taxpayers engaging in such schemes, and the lawyers, accountants, appraisers and other professionals that enable them, should understand that they will be held fully to account for their fraudulent conduct.”

“Two defendants pleaded guilty today in the first-ever criminal case by IRS-CI involving conservation easements,” said Commissioner Charles Rettig of the IRS. “It should be considered the next step in the IRS’ battle against abusive SCEs. The defendants and their co-conspirators used conservation easement donations to personally enrich themselves and allow wealthy tax clients to evade their tax obligations. The charges and guilty pleas demonstrate that participation in abusive SCEs will not be tolerated. Once again, the IRS recommends that anyone who participated in an abusive SCE consult independent counsel about coming into compliance.”

Conservation easements were created by Congress to be a key tool used for protecting environmentally and historically important land. The donated conservation easement typically restricts the use or development of land in order to protect its conservation value. When legitimately created and used in compliance with the Internal Revenue Code, the conservation easement can both protect the environment and provide tax incentives. By contrast, abusive SCEs are designed to game the system and generate inflated and unwarranted tax deductions, often by using inflated appraisals of undeveloped land and partnerships devoid of legitimate business purpose.

https://www.justice.gov/opa/pr/atlanta-tax-professionals-plead-guilty-promoting-syndicated-conservation-easement-tax-scheme

#93 crowdedelevatorfartz on 03.20.21 at 6:23 pm

@#81 Toronto CA
“This post is crappy. Maybe later I’ll go into detailed reasons why but I’m cooking tonight.”

+++++

Save us the long winded, snarky critique.
Go back to the pot of beans and weiners.

#94 Damifino on 03.20.21 at 6:24 pm

Well, O’Toole is finished. His party hath collectively blasphemed on his watch. He should have seen it coming, I suppose. Still, good for the party, even if a lot of them are Bible thumpers doing it for all the wrong reasons.

https://nationalpost.com/news/politics/otoole-declares-the-debate-is-over-on-climate-change-but-his-partys-grassroots-disagree

Myself, I think the debate as to whether we’re effecting the climate in a minor way is over. The debate as to whether that justifies a religion of catastrophe and alarmism has only begun.

#95 crowdedelevatorfartz on 03.20.21 at 6:29 pm

@#free dumb
“But seriously, the guy is the most annoying poster on the blog… By far and away.”

++++

I’ve lost my Crown? My “aura”?
When did this happen?

#96 Flop... on 03.20.21 at 6:37 pm

#48 NoName on 03.20.21 at 1:38 pm

Just wonderin would numbers and dots be much different if they are measured in rummimbies instead of usd.

////////////////////////////////////////

Hey NoName, how have you been Brochaccio, you’re not posting as much anymore, did you get demoted?

You been a naughty boy?

Promotion would probably lead to more time to post was my thinking.

Croatia made the top places in the world to retire in that I posted last week, I understand why you have to stay in Toronto with your son getting good care, I have something for him.

Don’t worry about the rummimbies, I’ve got something more valuable than that.

A mashup from The Wiggles that might make your son laugh.

Yummy, yummy, fruit salad…

M46BC

https://m.youtube.com/watch?v=a13WnqsRc5g

#97 Nonplused on 03.20.21 at 6:49 pm

#12 Looking for suggestions on 03.20.21 at 10:48 am

“Extraordinary Popular Delusions and the Madness of Crowds” by Charles Mackay and “An Inquiry into the Nature and Causes of the Wealth of Nations” by Adam Smith are good places to start. Older books for sure but required reading.

I’d also throw in “The Demon-Haunted World: Science as a Candle in the Dark” by Carl Sagan as required reading for anyone looking for insight into this crazy world and how to think in the face of so much insanity.

And, of course, the Bible is worth a once through, if you have time for that sort of thing. Even if you don’t believe in God or that Genesis is literal and fact based, it gives excellent insight into the minds of the various writers through the years.

“The Alchemy of Finance” by George Soros is a weird one and I think his theory of “Reflexivity” isn’t as unique as he thinks it is, but it gives good insight into how a momentum trader with enough capital behind him can actually influence the markets. It sort of explains GameStop. Although Reddit didn’t exist in Soros time so he had to paint the tape.

“How to Trade in Stocks” by Jesse Livermore is a good one if for no other reason that it will make clear that if you aren’t the one painting the tape you are the pansy and will be left holding the bag eventually.

And, of course, read all of Garth’s books especially “Greater Fool” and “Money Road”. (MSU complete)

#98 Sara on 03.20.21 at 7:02 pm

Slightly off topic, although obviously an issue of “have not’s” thus inspiring “eat the rich” – the social justice warrior in me can’t resist – if looking for something on Netflix watch: https://www.netflix.com/ca/title/80187052#:~:text=Release%20year%3A%202017-,This%20series%20traces%20the%20tragic%20case%20of%20Kalief%20Browder%2C%20a,being%20convicted%20of%20a%20crime.

#99 crowdedelevatorfartz on 03.20.21 at 7:06 pm

Wow .
Apparently blind, deaf and dumb dinosaurs still walk the earth.

https://www.reuters.com/article/us-canada-politics/canadas-main-opposition-party-members-reject-proposal-to-recognize-climate-change-as-real-idUSKBN2BC0MN?il=0

Trudeau just won the next election and he has the Conservatives to thank….

#100 Sara on 03.20.21 at 7:09 pm

#94 Damifino on 03.20.21 at 6:24 pm

Myself, I think the debate as to whether we’re effecting the climate in a minor way is over. The debate as to whether that justifies a religion of catastrophe and alarmism has only begun.

=============
So your point is that we (mankind) are Affecting the climate only in a minor way, so who cares? Curious, but at what point does minor become major?

#101 Where's My Money Gone Greedeau? Not To Vaccine Innovation!! on 03.20.21 at 7:12 pm

“Trudeau’s blaming of Mulroney on vaccine problems delusional, say experts”
https://calgaryherald.com/news/local-news/corbella-15

No wonder we’re 57th in the world in vaccine deployment.
A commenter asks why this story is not run in TO-Van-Mtl. The answer is they were bought off by $600mm.
Trudeau is a CANADA KILLER!!!!!

#102 Nonplused on 03.20.21 at 7:14 pm

#14 Russ on 03.20.21 at 11:07 am

“tax the rich
feed the poor
until there are the rich no more”

Great, so utopia is when we are all poor and depend on government handouts for food?

I think I will tolerate the rich because we live in a nation where the “poor” drive their cars to the protest rallies that they organized on their iPhones. If they happen to get injured at the protest, they get free health care. And the tuition at the schools where they got their communist ideas is practically free.

“Eat the Rich” is envy plain and simple. “Thou shalt not covet” is one of the top ten for a reason. Socialism is a scorched earth policy, whereby if I can’t be rich then nobody else is going to be rich either. This despite the fact that the poorest person in Canada that isn’t a habitual drug user is way better off than most of humanity now or ever. Sure, they may not have notional assets in the millions, but they have a roof over their head and food on the table. And a car. And an iPhone. So what if they haven’t got any money? Money isn’t real. The roof, food, car, and iPhone is.

Here is how I view socialism (and communism): It is an attempt to burn down the rich people’s houses by burning down the whole town. Now we all have nothing, fair and square.

There were lots of opportunities for me to buy shares in Microsoft, even years and years ago when I realized Excel and Word were going to change the world. Instead I bought a dirt bike. The dirt bike was fun but became worthless. The forgone Microsoft shares?

#103 Minimalist on 03.20.21 at 7:16 pm

#71 looking up on 03.20.21 at 3:48 pm
#28 Minimalist on 03.20.21 at 12:19 pm
#10 Looking up on 03.20.21 at 10:38 am
#5 Minimalist on 03.20.21 at 9:54 am
#2 KLNR

————–

The thing to do now is go minimalist, isn’t it?

Consume less. Buy less. Own less.

Smell more flowers. Get more hugs. Make more love.

————-

In my experience, consuming more, buying more and owning more gets me more hugs and love.

————-

Seems like yet another fantastic (and free) filtration method for those who you don’t want hugs or love from.

Wasn’t Coming to America all about that? :-)

——–

Actually I was talking about my wife, who is awesome by the way.

3 things buy me more love:

1) Being good to her, which I usually am

2) Buying her nice stuff once in a while, house reno she wants, nicer car etc. ( It’s not a money thing, I had no money when she met me). She works hard and she deserves it,

3) Adopting Sail Away’s practice of dressing in green tights and wearing a jester’s hat when the wife feels frisky. (see previous posts)

Strangely, #3 works out extremely well.

————-

Sounds like it’s about consuming more, buying more, owning more to me. Like it’s costing you to get these, I believe we established earlier that was not the goal.

#104 Rogerhomeinspector on 03.20.21 at 7:17 pm

I’m a cabinet maker in a shop that does residential and commercial cabinetry and millwork. We tend to focus on larger high end projects.

Weird though because we’re putting a lot of fancy stuff now in the average home. Luckily, I’m privy to how a lot of this is paid for and in general, people can afford these massive and expensive renos because they use equity from their home.

There was a time not long ago when the average kitchen reno would be well executed, but materials and expectations were kept reasonable because people saved and paid for it. Laminate counter tops. Simple made to fit cabinetry. One piece vinyl floors. Now- everything has to be ceramic tile or wood floors (awful in a kitchen, FYI), full quartz countertops, massive islands, over the top built in lighting and outrageously expensive hardware like compound corner pullouts, nested drawers etc…

Maybe this wouldn’t be so bad if people planned to keep the stuff for 25 or 30 years but were often stripping stuff out of 10 year old homes. Now the rage is this ultra modern and sleek stuff but it’s highly impractical in many cases. One big feature of this designs for example is uppers that start at 62” off the floor instead of standard 54”. I’m 6’ tall and I can barely reach stuff on the bottom shelf in these designs. Also, most of this stuff doesn’t have handles so relies on touch open hardware. Cool if you use it once in a while. Huge pain if you use it regularly. And don’t get me started on the $50k Miele or Wolf appliances people put in so they can cook Kraft dinner for their kids.

Sadly, most of this stuff too will be ripped out and replaced in 10 years when a new trend takes hold or new owners have different tastes. This, after someone spent $75-100k on a kitchen reno 10 years earlier.

Be modest. Live beneath your means. Be happy with the simple things in life :)

#105 Dr V on 03.20.21 at 7:21 pm

Some fun with numbers and wealth inequality.

BC has 9 billionaires, with a total worth of $24B. lets agree that nobody needs more than $1B, (like in new mexico – thanks flop) and the rest should be “re-distributed”. so that would give us $15B and BC has a pop close to 5M.

First off, how do we monetize that $15B of assets? Well you have to sell them of course. lets say the richest 20% of BCers do this. so that is $15k from each of those people so $50-60k for the typical 20% family. Easy for some, not so much for others as they in turn would have to sell something. And then you’d have to run those businesses etc. But lets say it works.

So now we have $15B cash for the remaining 4M (bottom 80%) of BCers.

Hmmm less than $4k per person, (2 months of CERB)maybe $15k per family.

So each family gets a used honda civic. Or an F150 with
200k on it. Now there’s bounty for you!

Hope I’m not suffering from dolce math and missed a zero somewhere.

#106 Nonplused on 03.20.21 at 7:38 pm

#47 DLT INC on 03.20.21 at 1:38 pm

“So I’m 6 feet 4, have an IQ of 150+ and people say I have the most attractive appearance in any gathering.”

———————————-

Well, other than that comment being the most vile piece of jealousy I have seen in a while, I’ll let you on to a little fact:

Tall, smart, beautiful people always win no matter the system. Take their estate house away and you’ll find them in the governor’s mansion.

Look, this idea of socialism is that everyone can play tier 1 soccer and win a world cup. It hasn’t and won’t ever be true. Even in the USSR the guys designing the rockets got cars and houses while everyone else got a tiny apartment with 1 60-watt bulb.

#107 Ponzius Pilatus on 03.20.21 at 7:45 pm

#94 Damifino on 03.20.21 at 6:24 pm
Well, O’Toole is finished. His party hath collectively blasphemed on his watch. He should have seen it coming, I suppose. Still, good for the party, even if a lot of them are Bible thumpers doing it for all the wrong reasons.

https://nationalpost.com/news/politics/otoole-declares-the-debate-is-over-on-climate-change-but-his-partys-grassroots-disagree

Myself, I think the debate as to whether we’re effecting the climate in a minor way is over. The debate as to whether that justifies a religion of catastrophe and alarmism has only begun.
——————
That’s why I believe that the greens will improve significantly in the next election.
Green is no longer fringe, it’s going main stream.
Even Jimmy Pattisson sees the future in green industries.

#108 Nonplused on 03.20.21 at 7:53 pm

#59 crowdedelevatorfartz on 03.20.21 at 2:50 pm
@#47 BLT

” And oh yes, my parents had the money to see that I got into the best university. So, naturally, I’M ENTITLED. I deserve everything I get in this world. ”

+++

Reminds me of a famous musician about 30 years ago who was escorted immediately in to be seated at a fancy restaurant in New York , while dozens of customers stood watching and one person complained ,
“Why does HE get to jump the line while we have to wait?”

“Because I’m famous and you’re not…”

The newspapers took great pleasure in posting that comment the next day…..

———————————–

Many restaurants reserve tables for frequent customers. If you go there every day, spend a lot, and tip well you get preference over the line. It’s like having a standing reservation.

And it isn’t based on fame, as suggested here. It is based on receipts. You don’t want to be losing a high roller to the next joint. Although fame doesn’t hurt. If a famous person is dining there it increases the desire of the non-famous to dine there. You can put the prices up 50%.

#109 islander on 03.20.21 at 7:55 pm

https://www.theglobeandmail.com/canada/article-canadian-linked-to-north-korean-hackers-accused-in-cyber-heist-that/

Wouldn’t it be great if we were all playing by the same rules!

#110 Tarot Card on 03.20.21 at 7:56 pm

Thanks For answering my Post Doug.
Been thinking all day about watches ha ha

So my second rant for the day where do we draw the line on rich versus super rich. I guess my Beef is I hate when people talk about increasing taxes on doctors and lawyers, self employed or people who make less than 500,000 a year. Really!

What don’t understand is how governments allow the super Rich, Bill Gates had 100 billion off shore, Irving oil has 12 billion offshore. make them pay taxes.

Onto Housing
Jeff Bezos house 165 million
Bill Gates house 150 Million
Pierce Brosnon house is up for sale 100 million
Warren Buffet house 624,000
24 Sussex drive is worthless, the PM does not even live there. I guess he is one of poor!

Hot tip on Books to Read
After the Crash by Garth Turner, I have a signed copy for sale Its worth it weight in gold. I accept Bitcoin as well.
Have a great weekend.

#111 islander on 03.20.21 at 8:01 pm

#104 Rogerhomeinspector

Well said.

Unfortunately, we seem to have been teleported to another universe………

#112 Nonplused on 03.20.21 at 8:05 pm

#104 Rogerhomeinspector on 03.20.21 at 7:17 pm

One trend that has me aghast is people painting their oak trim white because new homes come with mostly white particle board moldings now. So sad. That oak is almost priceless now. Never paint hardwood.

#113 JSS on 03.20.21 at 8:18 pm

Be careful who you marry.

Otherwise you can’t “live within your means”, and become a seven figure net worth couple. Maybe a seven penny net worth couple

#114 Don Guillermo on 03.20.21 at 8:21 pm

#107 Ponzius Pilatus on 03.20.21 at 7:45 pm
#94 Damifino on 03.20.21 at 6:24 pm
Well, O’Toole is finished. His party hath collectively blasphemed on his watch. He should have seen it coming, I suppose. Still, good for the party, even if a lot of them are Bible thumpers doing it for all the wrong reasons.

https://nationalpost.com/news/politics/otoole-declares-the-debate-is-over-on-climate-change-but-his-partys-grassroots-disagree

Myself, I think the debate as to whether we’re effecting the climate in a minor way is over. The debate as to whether that justifies a religion of catastrophe and alarmism has only begun.
——————
That’s why I believe that the greens will improve significantly in the next election.
Green is no longer fringe, it’s going main stream.
Even Jimmy Pattisson sees the future in green industries
*************************************

Serious question PP. How does the GP intend to fund the social programs they are pursuing? I just scanned their election platform. What am I missing?

https://www.greenparty.ca/en/platform

#115 crowdedelevatorfartz on 03.20.21 at 8:41 pm

@#98 Sara
“the social justice warrior in me can’t resist – if looking for something on Netflix watch:
++++

interesting.
I remember reading bout this kid.
I’ll check it out…..
Better than Jackie Collins mini series reruns.

#116 Leftover on 03.20.21 at 8:44 pm

I’m more of an Old Testament guy, but:

“You Will Know Them by Their Fruits” Matthew 7:15-20

Basically, a poser is a poser is a poser.

Debt isn’t wealth is a good place to start.

#117 S.Bby on 03.20.21 at 8:46 pm

Bill Gates still wears a watch? That’s so old school.

#118 crowdedelevatorfartz on 03.20.21 at 8:49 pm

@#108 Nonplused
” If a famous person is dining there it increases the desire of the non-famous to dine there. You can put the prices up 50%.”

++++

True , but then you have actors like Harrison Ford who was filming in Halifax abut 20 years ago.
Peak of his fame.
Would go to a coffee shop around the corner from his Hotel in the mornings before filming.
Refused to “jump the line” even when everyone insisted.
Stood in line, waited his turn, talked to people, chilled.
Same with Paul McCartney in Hfx at a bakery.
Waited in line to buy home made blueberry pies.
Some famous people are A-holes , some are nice.
Money and fame doesnt buy “Class”.

#119 Stealth on 03.20.21 at 8:50 pm

Hi Doug,

If the numbers in wealth composition chart apply to individuals, does it mean that if the are married principal residence taken at 50% of value?

I have spoken to few individuals and all are confused which wealth measuring metrics apply to individuals vs families especially when shared family assets are somehow split into individuals charts.

Can you please help clarify this point (s)

Thank you

#120 The second coming! on 03.20.21 at 8:53 pm

#97 Nonplused on 03.20.21 at 6:49 pm
#12 Looking for suggestions on 03.20.21 at 10:48

And, of course, the Bible is worth a once through, if you have time for that sort of thing. Even if you don’t believe in God or that Genesis is literal and fact based, it gives excellent insight into the minds of the various writers through the years.

_______________________________

I tried reading the Bible years ago but found it to be as as useless and incoherent as a TurnerNation post on this blog. A whole lot of nothing about nothing. In other words….a complete waste of time.

#121 Lead Paint on 03.20.21 at 8:58 pm

#66 Concerned Citizen on 03.20.21 at 3:19 pm

Yes great points but far too smart for politicians to sell to the electorate.

#122 Doug Rowat on 03.20.21 at 9:14 pm

#119 Stealth on 03.20.21 at 8:50 pm
Hi Doug,

If the numbers in wealth composition chart apply to individuals, does it mean that if the are married principal residence taken at 50% of value?

—-

The chart refers to households. My mistake. Once again, my fact checker will be flogged.

—Doug

#123 Dr v on 03.20.21 at 9:25 pm

119 Stealth – one cut and paste then google search gets you here

https://www.visualcapitalist.com/composition-of-wealth/

The article refers to “household” wealth.

#124 Doug t on 03.20.21 at 10:06 pm

#13 TurnerNation

Shoutout bud – good call

#125 cowtown cowboy on 03.20.21 at 10:26 pm

Gates was far from staring with nothing…his Mom was on the board of IBM and was able to get him in to work on their DOS I believe and the rest as they say, is history..

Was checking out a Harley today as think it’s time to scratch that itch.. but the pursuit of material objectives brings fleeting enjoyment, look at how often the uber rich are rolling over their Mega yachts and ski-in ski-out Aspen pads…I think most people struggle with having a real purpose in life, something that brings real fulfillment..and brother that ain’t easy

Since i started working from home a year ago I don’t think I’ve worn my rolex once..

#126 Doug in London on 03.20.21 at 10:35 pm

Yes, I can relate to the practices of the wealthy posted here. While my net worth is not even close to someone like Bill Gates, I’m doing not bad for someone who failed a basic college financial course.

Number 1) I can relate to, having never been caught up in conspicuous consumption. I’ve many times heard questions like: why don’t you get a new car? It seemed pointless if the one I had was working just fine. I would hear comments like: if I had your money I would buy and name a long list of stuff I don’t even want. Now you know why I have money and those peanut gallery commenters don’t. I would rather have the freedom and flexibility wealth can offer, rather than more useless rubbish that will just collect dust.

Number 2) is essentially a real world version of Revenge of the Nerds, no need to elaborate as it’s self explanatory. While you’re at it, not only put down the Jackie Collins novels, but forget about what the Kardashians are up to. I mean, who really cares?

#127 Stealth on 03.20.21 at 11:06 pm

22 Dr v on 03.20.21 at 9:25 pm
119 Stealth – one cut and paste then google search gets you here

https://www.visualcapitalist.com/composition-of-wealth/

The article refers to “household” wealthM
—-

Thank you both Doug and Dr v.

Is there an equivalent Canadian version of wealth composition? This one seems to be American.

Thanks

#128 Jem on 03.20.21 at 11:14 pm

This was the best post on this blog- ever!

#129 Nonplused on 03.21.21 at 1:11 am

#118 crowdedelevatorfartz on 03.20.21 at 8:49 pm
@#108 Nonplused
” If a famous person is dining there it increases the desire of the non-famous to dine there. You can put the prices up 50%.”

++++

True , but then you have actors like Harrison Ford who was filming in Halifax abut 20 years ago.
Peak of his fame.
Would go to a coffee shop around the corner from his Hotel in the mornings before filming.
Refused to “jump the line” even when everyone insisted.
Stood in line, waited his turn, talked to people, chilled.

——————————

Harrison Ford is a class act, as are many other actors and musicians. But there are arses among all classes.

I once stood in line at Starbucks right behind Chevy Chase, who was filming across the street and the whole right lane was trailers. He likewise did not cut the line. But being timid Canadians nobody bothered him either other than to maybe say “hi”.

And it is different if you know you have a reserved table. I’ll skip the line if I know I have a reservation, or that I am meeting a party that is already seated. Back in the day, during Stampede week we would send all the summer students to the bar at 10 am to acquire and hold tables for the rest of us. Guess what? We skipped the line because we already had tables. And very drunk summer students. But thou shalt not muzzle the ox that treadeth the corn, as they say.

I’m sure many rich people have arrangements made before they arrive. They probably have a personal assistant that has been there since noon. Or a summer student. Or maybe an intern.

#130 ADR on 03.21.21 at 1:33 am

I sure hope you aren’t leaning a bit too hard on survivorship bias.

#131 Km on 03.21.21 at 2:15 am

@118
Meanwhile a few years back he was in line at Vij’s and told the hostess if “they knew who he was and why was he waiting?”. They passed on the message to management and they told Ford that everyone waits in line. So maybe not a Diva but also not afraid to use his star status. Glad he was put in his place. A good friend has worked there for years and it seem that is very much the rule star status means nothing.

#132 Ustabe on 03.21.21 at 4:08 am

Time for another recipe.

a) make garlic toast.
b) now make grilled cheese sandwiches.

Time for another tip.

1) do not confuse capitalism for conservatism.
2) conservationism pretty much doesn’t exist any longer.

#133 under the radar on 03.21.21 at 5:25 am

I learned a lot from being around some very smart people when I was young. I also saw the consequences of too much too soon. Making it is one thing, being able to keep it takes some doing.

About Net worth , exclude your home equity , deduct 40% from your rrsp, now start .

#134 LP on 03.21.21 at 7:34 am

#32 Ponzius Pilatus on 03.20.21 at 12:40 pm
Interestingly, one of my first words that I learned in English was fortune and fortunate.
Sure hard work, persistence are important, but luck comes in handy, too.

****************************************

Someone, don’t remember who, said: “The harder I work, the luckier I get.”

#135 Rosco on 03.21.21 at 8:14 am

#13 TurnerNation

Thank you for that must read link.

#136 NoName on 03.21.21 at 8:56 am

Funny

https://twitter.com/Price_to_Value/status/1373432359446474757?s=20

#137 Another Deckchair on 03.21.21 at 9:07 am

Hey 104 RogerTheHomeInspector;

The great thing about dog walking is that you get to see what’s happening; you are not zooming’ your Beemer at 80 in a 30km zone.

It is interesting how many times I see a new kitchen go in, house sold, and within *months* the stainless range hood, and all of the rest, is in a dumpster.

or, new backyard landscaping and fencing all around, sold, then the digger comes and flattens everything.

The only ones making firm money are the contractors – smart people.

#138 KLNR on 03.21.21 at 9:15 am

@ #104 Rogerhomeinspector on 03.20.21 at 7:17 pm

Be modest. Live beneath your means. Be happy with the simple things in life :)

How about just live within your means.
No need to be be a pauper ‘til retirement.
Good chance you don’t even make it that far.

#139 millmech on 03.21.21 at 9:26 am

#105 DR. V
You could redistribute the wealth of the rich and do it every generation, the best thing is that the wealth will end up back in their hands again. The poor are going broke trying to look like the wealthy, the wealthy people that I know who have wealth do not flaunt it, you would not know they have wealth.
Becoming wealthy is hard work and sacrifice and that is something most people avoid, they would rather have instant gratification of perceived visual wealth than to wait a decade or three to have real wealth.
You do not see the wealthy extolling their wealth on social media either they avoid those societal cancers and practice stealth wealth.

#140 Dharma Bum on 03.21.21 at 9:35 am

#23 Ponzius Pilatus

My kids go to college, but if they had decided to become electrician or plumbers, that would be fine with me.
Being a Mensch is the most important thing for me.
————————————————————————-

And if any of them actually did become a plumber or an electrician, they’d be a mensch with a wrench!

Win – Win!

#141 Dharma Bum on 03.21.21 at 10:18 am

#104 Rogerhomeinspector

Sadly, most of this stuff too will be ripped out and replaced in 10 years when a new trend takes hold or new owners have different tastes. This, after someone spent $75-100k on a kitchen reno 10 years earlier.
————————————————————————-

I spent 30 years or so in the panel products and cabinet hardware distribution business.

The manipulation of the consumer mind into following trends and fads is what keeps the companies (manufacturers and distributors) in the black, decade after decade.

I purchased and sold plastic laminates (Formica), solid surface (Corian like product), Quartz, melamine panels (the crap that 99% of kitchen cabinets are slapped together with), cabinet doors, hinges, drawer slide systems, handles, and other decorative kitchen products.

In the later years, the major manufacturers of decorative materials (laminate, melamine, thermofoil, etc.) would come out with “new product launches” every 6 months! There wasn’t even enough time to let the previous introductions get absorbed into the market.

The push for consumers to trash the old and replace with new and newer stuff with increasing frequency and consistency has been mind bogglingly relentless.

Quebec was our biggest market. They liked their stuff shiny and new. Ontario, not so much.

At home, my kitchen is 30 years old. It has gone out of and back into style 3 or 4 times. Everything still works.

Oh, and Wolf and Subzero are definitely the way to go!

#142 ya, no. on 03.21.21 at 10:18 am

the 1% are really great sure, they are great at operating under a system of capitalism which only survives due to labor exploitation of the most vulnerable… the top 1% and the capital of which they own also do a great job at contributing to our planets environmental concerns “top 10% of income earners are responsible for between 25 and 43% of environmental impact” (Wiedmann et al.)… so ya, I’m hungry…

#143 Love_The_Cottage on 03.21.21 at 10:27 am

#133 under the radar on 03.21.21 at 5:25 am

About Net worth…deduct 40% from your rrsp…
_________
This is an important point. A lot of people don’t consider the difference between money in a TFSA or non-registered account vs RRSP. 40% seems high, the goal is take money out at a lower tax rate than when it went it. I’m using 10% in my spreadsheet so I don’t forget about the taxes.

#144 crowdedelevatorfartz on 03.21.21 at 10:36 am

@#134 km
“Meanwhile a few years back he was in line at Vij’s….”

+++++

Perhaps they thought he said “Doug Ford….

What is “Vij’s” ?
Or is it so famous we should all know it?

#145 crowdedelevatorfartz on 03.21.21 at 10:45 am

@#142 Dharma
“At home, my kitchen is 30 years old. It has gone out of and back into style 3 or 4 times. Everything still works.”

++++

I have one friend who’s wife insists on gutting the kitchen at least every 7-10 years. Then , of course, the kitchen doesnt match anything else so the dining room, living room, bathrooms, bedrooms all receive new paint, carpet, appliances, cabinets, hardwood, etc etc etc. $10’s of thousands. Endless.
Cheaper than a divorce I suppose.

Then there are the friends or co workers that finally decide to sell after 20-30 years and spend thousands “fixing” stuff ie upgrading the kitchen, bathrooms etc. Only to have the new owner rip it all out.

#146 Dr V on 03.21.21 at 11:06 am

139 millmech – yes for sure. Sis worked at local CU and said you could never guess who had the biggest accounts based on outward appearance.

#147 Keith on 03.21.21 at 11:29 am

@ #144 crowdedelevatorfartz

Vij’s is Vancouver’s most famous Indian restaurant half owned by Vikram Vij, who had a short stint on Dragon’s Den.

https://en.wikipedia.org/wiki/Vikram_Vij

#148 IHCTD9 on 03.21.21 at 11:30 am

The pic today is obviously of a young Motörhead fan waiting to get into the concert.

https://www.youtube.com/watch?v=Wh3t49NsWBA

#149 Doug in London on 03.21.21 at 11:31 am

@Dharma Bum, post #141:
Interesting comment. Day after day, month after month, and year after year I hear all this bellyaching about how people are squeezed by higher and higher prices for housing, higher taxes and higher other expenses and incomes not keeping up, yet a lot of people have this seemingly limitless supply of money for such luxuries. If I just took on a mortgage of 500 grand or more I would be on a world class cost saving program. That would include no expensive renovations, cheap used furniture, and driving a small econo car with a puny engine of 1600 cc or less. Things can’t be that bad out there.

#150 Tonya on 03.21.21 at 11:40 am

Just wanted to say “thank you” Doug. Your blog was refreshing, uplifting and an excellent reminder of what one can do to “stay focused”.

#151 Planetgoofy on 03.21.21 at 11:42 am

Thx Doug,
What people dont get creating wealth is a mind set.
Ive had a number of people come to me for biz advice because they are having difficulty…I waisted my time because their state of mind and how they manage never changes. They keep doing the same things.
This hit of inflation has increased one property i have in one year by 1.6mil alone. You just can save like that.
Problem is my next project costs are way up so my yield will be lower.
The good news is its just a matter of time that rights itself to a better return. Cold storage mini storage rv storage cash cow
Cheers

#152 crowdedelevatorfartz on 03.21.21 at 11:59 am

@#147 Keith
“Vij’s is Vancouver’s most famous Indian restaurant…”

+++
Ri–i-i-i-i-i-i-ght.

I’m sure if I ask 100 people tomorrow all over the Lower Brainland what “Vij’s restaurant” is…..99 of them will stare at me blankly and shrug their shoulders.

Another “famous” restaurant ( insert “overpriced” here) that I will never stand in a line for, or , set foot in and could care less.

Pretentious Lower brainlanders and their “must experience” restaurants are a dime a dozen…. and in a few years most are busted and gone.

I remember the lineups for the “must eat” “JapaDog hotdog stands in Downtown Vancouver a few years back….

People lining up for Hotdogs cooked on a downtown sidewalk with afternoon rush hour buses belching diesel fumes mere inches away.
The “cook” ( does a hotdog vendor earn the moniker “chef”?) has no place to go to the bathroom or wash their hands.

The tiny, obligatory garbage can next to the food stained sidewalk is always filled to overflowing.

The customers drop their napkins, condiments, garbage seconds after finishing their “meal” everywhere within 50 feet of the Jap-a-dog stand as the crows battled for the scraps…

Utter filth and people lined up for it….?

No accounting for Lower Brainlanders capacity to be sheeple in a line because they read or heard from someone who told someone “its totally awesome!”

#153 Planetgoofy on 03.21.21 at 11:59 am

PS sorry but you can hand a pile of cash to these socialistic fools and they would piss it down the drain so fast it will make your head spin.
I know a few. Good luck with their plan.
“Envy is one of the Seven deadly sins in Roman Catholicism. In the Book of Genesis envy is said to be the motivation behind Cain murdering his brother, Abel, as Cain envied Abel because God favored Abel’s sacrifice over Cain’s. Envy is among the things that comes from the heart, defiling a person.”

#154 Stone on 03.21.21 at 12:06 pm

#142 ya, no. on 03.21.21 at 10:18 am
the 1% are really great sure, they are great at operating under a system of capitalism which only survives due to labor exploitation of the most vulnerable… the top 1% and the capital of which they own also do a great job at contributing to our planets environmental concerns “top 10% of income earners are responsible for between 25 and 43% of environmental impact” (Wiedmann et al.)… so ya, I’m hungry…

———

You have it upside down. The wealthy don’t spend their money on crap. Their focus is more on experiences.

It’s the wannabe fools who want to look “rich” who are poor that are the problem.

#155 Sail Away on 03.21.21 at 12:07 pm

For Ponzie:

Crack Austrian troops in an historic battle… well, against themselves protecting alcohol, but hey:

https://allthatsinteresting.com/battle-of-karansebes

#156 Damifino on 03.21.21 at 12:17 pm

#137 Another Deckchair

The only ones making firm money are the contractors – smart people.
———————————–

When the next gold rush comes, don’t go prospecting.

Sell shovels.

#157 Sail Away on 03.21.21 at 12:24 pm

#120 The second coming! on 03.20.21 at 8:53 pm

I tried reading the Bible years ago but found it to be as as useless and incoherent as a TurnerNation post on this blog. A whole lot of nothing about nothing. In other words….a complete waste of time.

———–

There are two sides to every story. Your comprehension is entirely your side.

I find the Bible fascinating in its descriptions of morals, daily life and customs, and also the near identical way of thinking as now: kids are disrespectful, don’t question God (currently climate change), we are important as The Chosen, etc.

#158 Damifino on 03.21.21 at 12:26 pm

I wonder if Jody Wilson-Reybould saw the PM make his most hypocritical statement to date…

“I can certainly say that in Canada, we are a country of an independent justice system that values transparency as part of the process in terms of ensuring that justice is fair and done properly.”

#159 PiL on 03.21.21 at 12:42 pm

I’m adaptable and I like my new role
I’m getting better and better
I have a new goal
I’m changing my ways where money applies
This is not a love song…..

#160 ts on 03.21.21 at 12:46 pm

Great post, Doug. I would also add to the list:

hard work
sacrifice (time with family, friends, etc.)
ingenuity
education (upgrade skills if necessary)

#161 EAT THE RICH on 03.21.21 at 12:46 pm

EAT THE RICH

CRUNCH THEIR BONES

SPIT OUT THEIR PRIVILEGE

MAKE CANADA A FAIRER, BETTER COUNTRY

#162 millmech on 03.21.21 at 1:02 pm

#99CEF
I am of the same opinion on climate change, I just do not understand why we are not moving people from coastal cities since the melting glaciers are going to raise ocean levels by up to 100 feet.
I do not know why the world governments are not moving the populations inland to avoid this, they all agree climate change is unstoppable so why are they allowing the continuous development and migration of people into places that will surely be under water within a generation.(look up where all the climate experts live we should be following their science based proven location to live)
Is our Government negligent since they have the science and know this to be true
We should be lobbying the Government with every breathe to move away from the ocean, we do not let people build on flood plains, so why are we letting this happen here.
Also as an investor I would highly recommend shorting any insurance company dumb enough to provide coverage to any person/place/thing within that 100 foot ocean rise area since if they can not see the coming science based catastrophe they must be idiots(deniers)

#163 Planetgoofy on 03.21.21 at 1:35 pm

#161 EAT THE RICH on 03.21.21 at 12:46 pm
—————————————–
I assume your poor with that comment? lol
How many hours a month do you work?
Not many I would guess. Me owe about 350….for 30 years.
There’s the difference. Its called work ethic.
Get off your ass.

#164 David on 03.21.21 at 3:23 pm

#161 EAT THE RICH on 03.21.21 at 12:46 pm
—————————————–
I assume your poor with that comment? lol
How many hours a month do you work?
Not many I would guess. Me owe about 350….for 30 years.
There’s the difference. Its called work ethic.
Get off your ass.

———————

Check out comment 142. But I see where 161 is coming from. I also see your perspective.

Full Time City employee for 5 years. 28 years old. Salary range has been/will be $60,000 – $120,000. Currently at $86,000.

Living really comfortably, renting, investing, no interest in a house at these prices. TFSA is at $100,000. $15,000 other. No debt.

The people commenting on this blog are very similar and I tend to be open minded and listen to my friends with different opinions. And yes, a lot of rich people are self starters but take advantage of others and don’t take care of this planet.

Ex: Grocery stores. They are essential workers but not paid much.

We’re all humans and some are born smarter than others or not born into a hard situation (single parent). I feel like minimum wage should be more around $17-$20/hr.

Not a great life but not a crap life. You could have an apartment, food, internet/tv, bus pass, health coverage, save for retirement, have cash for clothes and some
fun with family and friends.

All I’m asking is that you see both sides and I don’t know how to fix this but there is an issue at hand. I couldn’t live a life making $12/hr and that’s being single and no kids.

Wrote this quick. Didn’t check for spelling and grammar on my little phone.

#165 David on 03.21.21 at 3:32 pm

154 Stone

I’m talking about the people making 50+ million. The actual 1% on this planet.

I’m not talking about the person making $800,000/year.

#166 DoesntMatter on 03.21.21 at 4:50 pm

You are associating Trump with success. You have no idea how wrong you are.

#167 David Greene on 03.21.21 at 6:37 pm

Sorry, but:

1. This is old news and;

2. Not terribly convincing. Why? Because it really only offers correlation, not causation. There’s nothing that proves to me that these things are not done by the reach because, for example, they are the only ones who can afford to do them, at least in the proportions listed.

#168 David Greene on 03.21.21 at 6:38 pm

Oops! I meant “rich” not “reach”. Only my spelling was a “reach”.

#169 Planetgoofy on 03.21.21 at 9:04 pm

#164 David on 03.21.21 at 3:23 pm
——————————–
Thanks David.
The fix is alot less gov and and bueacacy.
Ive been to 3rd word countries to help. They wished they lived here.
Our forefathers would be disgusted in the minfdset of some of these people. The rich have always been around. Just do some reaseach. Without brillant inovated people this race would never get anywhere. They provide jobs…pay alot of taxes. If anyone one wants to bitch about rich that pollute. Head to China. OMG most have no clue. Your being carbon taxed to death by T2 and it wouldnt even move the dial if we shut the county down. Stuff i see is mind boggling I wish I knew less. Ignorance is bliss.
Sorry small phone no time to spell check.

#170 Al on 03.22.21 at 12:15 am

I know you can do better Doug.

#171 Geoffrey on 03.22.21 at 8:30 am

Excellent article. Very thought provoking. A very valuable lesson to learn from all the points you mentioned. Keep up the good work.