How Most People Build Their Finances Backward and The Simple Fix with Michael Santonato

Navigating Money in Motion: How to Make Smarter Financial Decisions During Major Life Transitions

When significant life events trigger financial changes, making thoughtful decisions is crucial. This episode explores what "money in motion" really means, why these moments are often stressful, and how to approach them with a clear, strategic game plan—reducing mistakes and safeguarding your future. Key Topics Covered * What constitutes "money in motion" and real-life examples (inheritance, job change, divorce, business sale, retirement) * Why emotions and pressure increase the risk of costly mistakes * The importance of purpose-driven money management over chasing returns * Practical steps: pause, organize, understand tax implications, protect liquidity, review your full plan, and make informed decisions * Breaking money into buckets: short-term, medium-term, and long-term strategies * How a financial advisor adds value during significant transitions * Recognizing the emotional side of money decisions—grief, fear, excitement—and how to manage it * Common pitfalls to avoid when money moves Timestamps 00:00 - Introduction: Why Money in Motion Matters 02:26 - Defining Money in Motion and Examples 04:24 - Major Life Events Triggering Money Movement 06:33 - Why These Moments Are Tricky 07:01 - Emotional Challenges and Decision Paralysis 08:30 - The Importance of Slow, Purposeful Action 09:26 - Handling Divorce and Business Sale Decisions 11:25 - Transitioning to Retirement Planning 12:50 - The Biggest Mistake: Reacting Without Purpose 14:20 - Buckets Strategy: Safety, Growth, Income 16:05 - First Steps When Money Moves: Pause and Organize 17:32 - Understanding Tax and Protecting Liquidity 19:20 - How to Align Your Money with Your Goals 20:55 - Practical Examples of Money in Motion 22:09 - Emotional Impact and Managing Stress 23:37 - Role of a Financial Planner in These Moments 25:04 - What Not to Do During Money Transitions 26:34 - The Role of Advice and Coordination 28:03 - Connecting Money Moves to Hockey and Life Metaphors 29:25 - Key Questions to Ask Before Acting 30:27 - Normalizing Uncertainty and Asking for Help 31:22 - What a First Meeting with a Financial Planner Looks Like 32:51 - Important Documents to Gather 33:47 - Rising Complexity and the Need for Coordinated Planning 35:06 - Summary: Slow Play, Clear Purpose, Smart Moves

How Most People Build Their Finances Backward and The Simple Fix with Michael Santonato

Discover how to construct a solid financial foundation with expert advice from Michael Santanato, a financial educator and wealth strategist. Learn the step-by-step approach to managing income, protecting assets, eliminating debt, and planning for your dreams, all rooted in the metaphor of building a house.  Main Topics: * The correct order of financial planning: income, protection, debt elimination, investments, goals * Why most people build their financial house upside down or backwards * The importance of income protection, including disability and critical illness insurance * Strategies for debt reduction — good debt versus bad debt * Maximizing government grants, tax benefits, and investment vehicles * The mindset differences between the wealthy and the middle class regarding money * How ultra-high-net-worth individuals approach risk, advisors, and financial planning * Practical steps and accountability in creating a sustainable financial plan Timestamps:  00:00 - Introduction to building your financial house the right way  01:39 - The importance of protecting income through insurance  02:09 - The dangers of accumulating high-interest debt  02:39 - Investing and savings: money working harder than you do  03:51 - The mistake of building the house top-down: dreams before protection  04:33 - Practical steps to increase income and manage cash flow  06:14 - Real-life case study: helping clients manage expenses and reduce waste  07:14 - The necessity of income protection for unforeseen events  09:13 - Significance of disability, critical illness, and life insurance  10:15 - Overlooking disability insurance risks for self-employed and higher earners  11:18 - The importance of ensuring benefits are in place before potential gaps  12:29 - Risks of insufficient insurance in real-life scenarios  13:48 - The proactive approach: set and forget insurance plans  14:03 - Eliminating debt as a crucial next step after protection  15:09 - The dangers of high-interest debt and mortgage considerations  16:07 - Good debt vs. bad debt, leveraging equity, and investment strategies  17:13 - The value of maximizing savings and investment plans  18:29 - Strategies for balancing debt repayment with savings  19:29 - Building retirement and education savings plans  20:53 - The wealthy’s approach to taxes, protection, and investment  21:52 - The importance of building wealth in a structured, disciplined way  22:37 - How building the house correctly leads goals and dreams to manifest naturally  23:19 - The mindset of living in the now while working towards future dreams  24:36 - The significance of having trusted advisors for wealth maximization  26:42 - Differences in mindset and strategy between the wealthy and middle class  28:00 - The importance of eliminating risk and leveraging networks and advice  30:23 - The value of paying for specialized advice and managing value over price  33:15 - The difference in attitude towards fees between middle class and wealthy  34:52 - The importance of valuing advice that builds wealth and security  36:20 - The concept of price versus value and the good, fast, cheap triangle  38:15 - Michael’s new book: "How to Become Financially Indestructible" — a comprehensive guide  39:18 - Final thoughts: Education first, professional help second, building wealth intelligently

Behind the Scenes of Junior Hockey Ownership and Valuation with Cary Kaplan

Explore the nuances of buying, selling, and valuing junior hockey teams through the insights of industry expert Cary Kaplan. Whether you're passionate about hockey or interested in sports investments, this episode uncovers what it truly means to own a sports team. IN THIS EPISODE: * Cary Kaplan's background in sports marketing and team management since 1995 * The landscape of junior hockey in Canada and how it has evolved * How teams are valued — beyond profits — driven by scarcity and passion * Common reasons owners sell their teams, including family and passion-driven decisions * The typical costs and current market values for junior hockey teams * The role of ownership passion versus financial motives in team transactions * How teams continue to increase in value due to demand, not profitability * The process and discretion behind buying and selling teams * Advice for prospective buyers: financial considerations and passion as primary drivers * The broadening scope of sports organizations Cary works with, including non-traditional sports TIMESTAMPS: 00:00 - Introduction to Cary Kaplan and his expertise in sports management 01:08 - Cary's journey from playing sports to sports marketing leadership 02:10 - How Cosmos Sports was founded and its role in Canadian sports 02:53 - The landscape of junior hockey and educational pathways for players 03:48 - The importance of education alongside sports ambitions 04:33 - The spectrum of junior hockey levels and leagues in Canada and the US 05:57 - Key services provided to hockey teams (fan experience, sponsorship, ownership transitions) 07:06 - Valuing sports teams: scarcity and passion outweigh profitability 07:53 - Ownership turnover and passion-driven reasons for selling teams 09:39 - The current market value range for junior hockey teams 10:47 - How to buy a team: discreet process and the role of brokers like Cosmos Sports 13:02 - Diversity of sports organizations Cary works with, from hockey to archery 14:39 - Financing and the importance of having sufficient funds before buying 15:22 - The misconception of teams as profit centers; passion and community are key 16:36 - The impact of demand on team valuation and future prospects 17:47 - The appeal of owning junior teams rooted in passion, community, and love for the sport 19:10 - Final advice for those interested in entering sports ownership

The Surprising Cost of Youth Hockey and What Every Parent Needs to Know, with Kaydee Duhamel

Discover how Kaydee Duhamel managed her family's hockey journey while navigating the financial challenges that came with the sport. This episode shares personal insights on budgeting, balancing parenting and coaching, and long-term financial planning—all grounded in hockey’s realities. Main Topics Covered: * Kaydee's journey from childhood hockey to coaching her kids * The financial rollercoaster of youth hockey: budgeting, borrowing, and paying down debt * Effective strategies for hockey-related expenses and long-term financial planning * Lessons learned about maximizing joy and reducing stress in youth sports In this episode: * Kaydee shares her early start in figure skating and transition into competitive hockey * The experience of playing in boys' hockey and later coaching her children's teams * How she managed her household on a single income while supporting her kids’ hockey pursuits * Practical tips on budgeting for hockey, including spreadsheet use and expense management * Her strategy for paying down hockey-related debt and building a retirement nest egg * Cherished memories from her kids' championship games * Advice for parents new to youth hockey about planning and enjoying the ride Timestamps: 00:00 - Introduction: Balancing hockey, family, and finances 00:31 - Kaydee's early hockey journey and transition from figure skating 01:33 - Competing at AAA and transitioning into coaching 02:17 - Continuing to play adult mixed and rec league hockey 03:11 - Coaching her kids and handling parent-player dynamics 03:52 - Her kids' experiences and their varied personalities 05:41 - Managing hockey costs on a single income house 08:56 - Navigating financial chaos and budgeting strategies 10:01 - The high costs of tournaments, travel, and equipment 11:01 - Living within limits and making sacrifices 12:20 - Creating and sticking to a budget with spreadsheets 13:02 - Managing credit card debt effectively 14:04 - The importance of frequent budget review 15:03 - Strategies for paying off high-interest debt 17:28 - How her financial outlook has improved post-hockey 18:33 - Future goals: retirement savings, coaching, and family plans 19:56 - Advice for parents: start budgeting early and seek resources 20:42 - Lessons from money mistakes, credit card reliance 23:13 - Cherish the journey and find joy in youth sports Thank you for joining us on this episode of The Financial Power Play. I'm excited to continue bringing you stories, insights, and strategies to help you build a financial future as strong as your passion for hockey. If you enjoyed this episode, please subscribe, share it with your hockey crew, and leave a review. Book your consultation at UptownWealthManagement.com [http://UptownWealthManagement.com] ⁠ Connect with Brett:⁠ LinkedIn⁠: https://www.linkedin.com/in/brettcranson [https://www.linkedin.com/in/brettcranson] Facebook: https://www.facebook.com/uptownwealthmanagement⁠ [https://www.facebook.com/uptownwealthmanagement⁠] Instagram: https://www.instagram.com/buildingwealthwithbrett/⁠ [https://www.instagram.com/buildingwealthwithbrett/⁠] TikTok https://www.tiktok.com/@buildingwealthwithbrett [https://www.tiktok.com/@buildingwealthwithbrett]

Why Buying a House Makes You Poor

The podcast discusses the principles of building wealth and achieving financial freedom, emphasizing the importance of avoiding debt, living below one's means, and investing the surplus. It also explores the topics of crypto, buying a house, financial independence, and practical steps for financial security. Takeaways * Avoid debt that traps you * Live on less than you earn * Invest in surplus and let time do its job Chapters * 00:00 Building Wealth and Financial Freedom * 06:03 Debt Management and Investing Surplus * 13:27 Financial Independence and Compounding