Well, instead of ignoring it, now's the time to put a plan in place to deal with

it.

I have fallen in love with spending summaries and I did not give them enough attention in book one.

I admit that.

In fact, I think it was a paragraph and a couple of the people in the barbershop kind of went, I'm not going to do that.

So I got that wrong because in the real world, I've come to realize there's very few things that people benefit more from than doing a spending summary.

Is there a difference between a spending summary and a budget? Huge.

question for you is, okay, so what is the message of hope? Is it as simple as what you've already said that, look, you just got to grind your expenses down, have a couple of extra bucks and start saving that first buck? Is that the first $20 that's the key to all this or is there something more to

Have you been thinking a long time about updating it? Was there a moment where you said, man, it's time now?

Yeah, a lot of things came together.

I did a very short video before I started doing some online content on FHSAs, the first home savings account.

I was so frustrated with how few young Canadians who could be taking advantage of them were taking advantage of them.

I saw the response to that and that got me a little interested.

But also my kids are in the target demographic.

They're in their 30s.

What's the biggest mistake that investors make?

So what are some tips that you could help the younger generation where they, you know, they, I guess they can still enjoy themselves, but at the same time save for, for the future so that striking that balance?

balance?Well, you know, I think one of the reasons the updated version of the book has gone over well is because there was some true empathy in there from me through the characters for how challenging it is on the cost of living front.

And a lot of boomers are a little bit out of touch with that.

They'll say, "It's always been difficult.

We scrape by, and young kids travel too much now." And, you know, there's some truth to that.

Young people do travel way more than we did at that time.

But the bottom line is home prices have risen two to three times as fast as incomes over the last 30 years.

Oh, yeah.

Right

... point in time." And I thought, "I, I like this a lot." And I started thinking, if I ever write, I would do something along these lines.

And really, it pushed me into thinking I could write a book, I could use my own tone, my own voice, and end up, uh, going well.

It's funny, I reached out to Andrew years after when The Wealthy Barber came out, and I explained to him, he took the call, I got his number from the publisher, that I'd written a book called The Wealthy Barber.

Here's why I'd gone that route.

He was my hero.

He was the guy who got me on this path.

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How do you see AI affecting the economy in the future?

You know, I'm worried.

I think it'll give a big productivity boost and we need that in Canada in particular where we've been struggling on that front.

But I'm not sure that the benefits will be evenly distributed.

And so I think we could see that gap between the rich and the not so rich already too big, expand even more.

Also, concentration of power.

Another problem we're having in society will be even worsened by this, especially with the tech giants and so on and so forth.

All right, so what are some of the best and worst investments you've made on the show?

If someone was just starting out today, maybe they're 25 or so, a, a little debt, a s- a small income, what's the simplest, smartest steps they can take right now in your mind to invest in the future?

future?Well, two things.

One is if you have a little debt, especially if it's high interest debt, you still wanna pay it off.

I mean, there's no better return.

Let's say your credit card's charging you 21%, you're not gonna earn 21% long-term in any investment that I know of.

And not only that, it's an after-tax rate of return, it's guaranteed, it reduces stress, it builds up cashflow.

And I think it really gets people on a happier level.

What message would you wanna say to them in regards to late-stage investing and financial peace of mind? What can they do?

How do you get past that? How do you get past the

numbers? The toughest part of writing the book was the housing affordability challenges and how they're draining a lot of people's savings, even when they get in the marketplace.

Because owning a home is so expensive, not just the mortgage.

Property taxes keep going up at greater than a CPI level.

so does maintenance, so does insurance, et cetera.

It's more and more difficult to save the 10% and 15%.

I mean, it's sad, but one of the most important pieces of advice in personal finance is choose your parents wisely.

Could they invest it? Should they pay down debt? What's the recommendation there?