John joined Brian Gribben Insurance Planning after spending 6 years as a mortgage agent providing customized mortgages based on the unique needs of his clients. John’s financial experience dates back several decades managing a national sales force.

In just 3 years in the business, John achieved the “Elite Member level of the President’s Club”. This level was awarded to only 15 out of 2,000 advisors across 5 provinces in Canada for their performance in 2017.

His core values throughout his career are based on honesty, integrity, and responsibility toward the people he serves. In his role, he helps people achieve their financial dreams through a well- structured and strategic financial plan.

I ask John questions on having a financial plan, estate planning, life insurance, having a will, household budget, his role, and some practical tips on how to manage our finances.

Why is having a financial plan important and what is your role in doing that?

Without a financial plan, it’s like flying an airplane, without radar or the instrument panel to give you direction and your destination.  You can’t depend on hope to get the result and the outcome you expect. A financial plan must be strategic and will evolve as you go through the different stages of one’s life.  A plan is fluid and will be able to respond to all life events without affecting your lifestyle.  My role is to help people develop a sound strategic financial plan and guide them through it.

Let’s talk about estate planning. Why is it important?

Estate planning is important to ensure you have taken care of all your financial responsibilities that will be carried out when you are no longer in this world.   It will ensure that whatever wealth you have accumulated over your lifetime, is distributed properly according to your will and with minimal tax implications. If not done properly the government will be dealing with the estate.

Why is having life insurance important?

Life insurance protects your family and the lifestyle your family has been accustomed to during your living years.  Without it, you expose your family to either utilize the assets you have accumulated, or if limited assets are available, their lifestyle will dramatically change.  It provides tax-free money to your family and/or beneficiaries upon your death.

There is however a big difference between term insurance and permanent insurance such as Whole Life or Universal Life.  Both serve a purpose but permanent life creates a more favorable outcome late in life.  Term insurance becomes so expensive later in life that most people can no longer afford it and they cancel it leaving all the deposits with the insurer.  The other potential outcome is you might outlive the insurance and once you have reached 80, Term insurance is not available and again all your deposits, stay with the insurer.

What is your opinion on having a will? 

Not really for me to comment, but you want to make sure you have one to ensure your assets are handled according to your wishes.  It is part and parcel of your estate planning.

What is your view on having a monthly household budget?

Definitely a good option to understand where your money is being spent relative to the income you bring in.  It helps you manage your expenses and allocate it according to your goals.

Give me three practical tips on how to manage our finances?

Manage your debt!  If you have bad debt, work at making it a good debt, and if you have a good debt work at making it better.  Always ensure you save 10 to 15% of your gross income annually.  Ideally, plan to have an emergency fund in the event of a job loss, up to 6 months of income would be a good emergency fund.  You should also protect your deposits in the different financial vehicles you might use.  Disability Insurance, such as an income replacement, is a great idea.  Critical Illness should also be considered.  The waiver of premium in a life policy is a good idea to have and it is relatively inexpensive.

What is your role as a financial advisor with BGIP?

I’m a self-employed person who works with BGIP (Brian Gribben Insurance Planning) to provide clients with the best possible financial services through the development of a strategic financial plan.  We use a very unique process to help clients increase their income in retirement and identify where they are letting money get away from them, unknowingly.  There are about 24 of us in Canada that use this process.

If someone does not have any savings how should they start?

Putting money aside in a TFSA would be a great start.  At the moment, if someone has never contributed to a TFSA they have $63,500 contribution room to invest.  You can start as small as $50/week for example and continue to do this for 40 years at an annual interest rate of 5% would produce $329,783.  The miracle of compounded interest can create significant wealth.

You talk a lot about keeping your money, walk me through this?

Basically, while you are working you want to make sure your money is well managed and used for the right things in life.  Saving money is one thing, investing it is another.  In many cases we save money but it is really not working for us now and for the future.  Properly invested may mean the difference between a comfortable retirement versus a challenging retirement.  Make sure you have a plan for your money and how it will help you and your family today and in the future.

I say to people once they retire, they will have a new job title;  Asset Manager.  You will have the responsibility to manage your assets in retirement as long as you have planned for it during your working years.  In our life, we have a lot of information on the internet, books, magazines, etc. telling us to save money but very few talk about how to enjoy that money in retirement.  Too many people are eager to pay off their mortgage and will make incremental payments to their financial institution, which a lender will be more than happy to receive.  That money given to the lender in excess of what the lender is expecting is not working in your favor.  Paying your house quickly doesn’t increase the value of your house.  That money could have been used to enhance your financial wealth and ensure you get the benefits from it and not the lender.  This is called “Lost Opportunity Cost”, meaning the extra money given to the lender could have generated interest for you.

Give me some advice on being a great husband, father, and managing household finances?

Your life should be built around these 4 principles: Faith, Family, Fitness, and Finance. In that specific order and when this is done accordingly you will have achieved some well-deserved Freedom.  As a husband, my faith and trust in God are key.  Without Him, life would be different for my wife and me and consequently our family.  God has entrusted us with His money, and we need to be good stewards of that money.  I always think of the parable of the Talents in Mathew 25.  As a father and grandfather now, I need to make sure our kids and grandkids consider different factors before making a significant financial decision.

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Meira Dholakia is a go-getter and a super achiever. I admire her focus, strength, and determination. We talk about her journey after university.

International Women’s Day (IWD) is celebrated on March 8^th every year. It is an important day for women’s rights. On February 28, 1909, the Socialist Party of America organized a Women’s Day in New York City. In 1910 at the International Socialist Woman’s Conference, German delegates Paula Thiede, Kate Duncker, and Clara Zetkin suggested a ‘special Women’s Day’ be organized. In 1917, women gained suffrage in Russia and March 8 became a national holiday. Women’s Day was celebrated only in communist and socialist countries. In 1967, the feminist movement adopted it. In 1977, the United Nations began celebrating it.

Four Columns is all about inspiring and empowering women to live a balanced life. To celebrate Women’s Day, I am interviewing various women, from different backgrounds.

Meira Dholakia, a pleasure to have you on board. Do tell me something important about you?

I was born in Dubai and raised in Richmond Hill, Ontario. I studied International Business with a major in Accounting at the Schulich School of Business at York University.  I represented York University on the Track & Field team. I am about to obtain the CPA designation, having recently passed the final CPA exam. I am currently working as an Auditor at Deloitte and work part-time as a Group Fitness Instructor at Movati Athletic in Richmond Hill. Fitness has always been one of my passions.  After retiring as a track athlete, I obtained the Personal Training Specialist certification to keep fitness as part of my lifestyle and those around me.

Meira, you are cool, an athlete and an accountant.  An exciting combination. Talk to me about your passion for accounting?

I have always loved math as a child. After taking the accounting course for the first time in high school, I realized that this is a career, where I could use my math and analytical skills. In university, I learned that there is much more to accounting than simply numbers. I learned that it is not always black and white and that professional judgment is what makes it more exciting. The fascinating part about accounting is the story that you can tell, by simply reading a company’s financial statements.

Walk me through your life experience. What did you learn from these experiences and how has it changed you?

I’ve learned that if you love something enough, you will always make time for it – as I have for sports, Track & Field, and fitness today.  I have had the opportunity to teach street kids in India, Math, and English. I was amazed that they could teach me about how lucky I was to live in such a great country with innumerable opportunities.

This experience reminds me to be thankful for everything I have. My exposure to the Far East when I studied one semester in Singapore, was amazing. I learned about different cultures and food, and adaptability in any environment. I documented this experience through a blog, capturing important moments that were read by many.

Who are the Millennials? What do they want? What do they want to change in present-day society?

Millennials want to change society’s old ways of chasing money. Millennials want to make a difference in the world and feel like they are making a direct positive impact. We want to help our environment and benefit society while making money – that’s why there is an increased awareness of corporate social responsibility for businesses.

What should employers know about you and treat you at work?

Employers should know flexibility is important. The more flexibility I am provided, the happier I will be. I am fortunate that Deloitte allows me to pursue my passion for fitness outside of work as it provides me with the perfect balance of mental and physical challenges. My work environment has been supportive in my endeavors, which places me among the lucky few; and I am thankful for that.

What are some of the social and other causes that you are passionate about, which the past generations missed out on?

I am passionate about health and wellness. ​Our society is becoming increasingly competitive as the generations progress. With this increased competitiveness, we overlook the importance of our health and well-being – whether it be exercising, eating healthy, or making time to do the things that make us happy. As a certified personal trainer, I am passionate about improving the mental and physical health of others through the power of exercise.

What do food, faith, family, and finance mean to Millennials?

Family and faith are extremely important. I find that most Millennials forget about the importance of family and family time. I enjoy eating home-cooked meals at the table with my family and spending time with them because I know that they are always there for me no matter what – this should not be taken for granted. Managing finances is also very important, which many Millennials lack. I’m happy that financial literacy is now being introduced in the Ontario school curriculum for students. Through Deloitte’s Impact Day I taught elementary school kids ‘Financial Literacy’, in partnership with Junior Achievement.

What do on fleek, dipset, bae mean in Millennial speak?

On fleek = perfect, dipset = to leave, bae = someone you love (ex. girlfriend/boyfriend).

All right, Meira, you tell me accountants are not boring. I get it. Let’s see if accountants have a sense of humor. Tell me a joke?

Why do we tell actors to “break a leg”? Because every play has a cast.

What should Gen X and Baby Boomers know about the Millennials?

Millennials are a very misunderstood generation. We are not lazy, as seems to be depicted, and neither are we self-absorbed. We are a generation that cares about their planet earth, social causes, well being of people, and are more efficient and innovative. We believe we can make the world a better place.

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