The Energy Professional’s Financial Playbook – Episode 1 (of 3) Building Wealth in a Cyclical Industry

So the first thing I want to talk about is how Alberta is different.

So one thing I've always appreciated about the province of Alberta and its people is is its optimism.

And I can say that because I grew up in Saskatchewan.

People here believe in building things.

They believe in building companies, their careers, their communities.

It's a very entrepreneurial culture.

I believe more wealth has been created in Alberta than any other province in the last few years.

People move here because they believe tomorrow can be better than today.

And that's a wonderful mindset.

But optimism has a downside.

During boom times, it's easy to believe that good times will simply continue.

Just look at the S&P 500 right now.

If you looked at it today, it's always going to go up.

It's just not the way it works.

So if you've only worked in Alberta for the last few years, you might think six-figure salaries are normal.

You might think bonuses always arrive every March.

You might think promotions happen every couple of years or that your employer will always be hiring.

But anyone who's been here for 20 or 30 years knows that that's not how the industry works.

We've lived through incredible highs and we've lived through some incredibly difficult lows.

There was a day a few years back where the price of oil actually was negative.

On that day, you would have to pay somebody to take your oil.

So the people who thrive financially aren't necessarily the people who earned the biggest salaries.

They're the people who respected the cycle.

Every Albertan has a story.

And one of the things I love about living in Calgary is that everyone seems to have an oil and gas story.