Summary:
In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Peter Merrick, Financial Expert that has been in the industry a very long time and is the author of the book The King of Main Street. His book discusses business owners at different stages of life and the value of mentorship between them. Peter Merrick talks about life beyond working on and at your own business.
Episode Highlights:
● 01:09 – Peter Merrick has been in the financial service industry since 1991.
● 01:48 – Peter discusses his book The King of Main Street and why it is important to business owners.
● 03:45 – What was the catalyst for writing this book?
● 14:40 – Jason and Peter discuss the increasing retirement age and the life expectancy age increasing.
● 16:53 – What are the best practices for moving into retirement age?
● 19:29 – Why is divorce with retired couples increasing?
● 25:00 – Why shouldn’t you have kids if you want to be super wealthy?
● 27:33 – Usually after three generations a family’s inherited money is gone.
● 32:04: – How should you address the second half of your life’s story?
● 39:45: – Jason talks about advanced life planning.
● 41:19: – We need much more mentorship in our society.
● 45:14: – Focus on your legacy and address what you are doing to make that happen.
3 Key Points
1. Peter Merrick has written three textbooks and 800 published articles.
2. A true mentor is aware of recognizing the person that needs help and to know what we know, and they can see beyond their physical existence and cares about the future. 3. By 2030 it is being predicted that there will be 1.5 billion people over the age of 65.
Tweetable Quotes:
● “I don’t call it The King of Bay Street or The King of Wall Street. It is the average person. It is the millionaire next door. The person who has an idea, gets the capital, organizes it and makes it happen.” – Peter Merrick
● “There is a saying, the difference between the eater and the eaten is time.” – Peter Merrick
● “There is no ransom you can pay to God. So, it is really about the relationships you have and what you have given.” – Peter Merrick
Resources Mentioned:
● Facebook – Jason Pereira’s
● LinkedIn – Jason Pereira’s
● FintechImpact.co – Website
● jasonpereira.ca – Website
● Linkedin – Peter Merrick’s
● Thekingofmainstreet.com–The King of Main St. book
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