Happy Sunday, Reader

I want to kick things off today with a quick story about the power of stepping completely out of your comfort zone.

Earlier this week, I played in the Bitcoin Open golf tournament. I actually signed up as a solo player and did not know a single soul who was going to be there. I only found out about the event because I subscribe to a newsletter written by a guy I saw speak at a real estate conference a while back.

Showing up to a networking event completely solo can be intimidating, but here is exactly why you do it:

While I was getting ready, I bumped into an old friend I haven't spoken to in four years, we originally met down at the BTC Miami conference back in 2022. In a crazy stroke of luck, it turned out he was actually placed in my foursome for the day.

But the golf was only half the story.

Part of the event included a massive 100-person poker tournament. For someone who plays poker maybe once or twice a year, sitting down at that table had my heart rate up a bit. But I held my own, ground it out, and actually made it all the way to the final table.

I ended up being the 4th last person eliminated. I was exactly one spot shy of winning a real prize, which stings a bit, but I did take home a consolation whiskey decanter (which I will promptly donate or regift to a friend; I am much more of a beer guy).

The absolute best part of the day wasn't the cards, though. While seated at the table, I struck up a conversation with the guy next to me. It turns out he works at a major financial firm, one that I’m already a huge fan of. But here is the crazy part: he used to be a Physiotherapist. He transitioned over to the finance side, and because he completely understands both the clinical trenches and the financial world, we hit it off immediately. Because of his unique knowledge bridging those two worlds, there may be an avenue for a really exciting partnership and collaboration between FFP and his firm in the future. Stay tuned for that.

The momentum carried right into Wednesday when I headed into the city for the BMO ETF Creator Insights Forum and Bell Ringing event.

I say it often, but it is incredibly important to step out of the clinic and surround yourself with people who are playing the game at a high level. I had an amazing time learning from industry leaders and hanging out with some of the best financial creators in the country.

A massive shoutout to

• ​Jessica Moorhouse,
• ​Azia To,
• ​Braden Dennis,
• ​Brandon Beavis,
• ​Adrian Bar,
• ​Joyee Yang,
• ​Shay Huang,
• ​BD​
• ​Zac Hartley,
• ​Michelle Robertson, and
• ​Josh Reyes for the great conversations and insights.

🏠 A Quick Real Estate Update

Before we dive into the math today, a quick real estate teaser. The tenants at one of my rental properties (from another property- the ones from the property earlier this year are great :)) just gave their notice and will be moving out at the end of July. I’ll be heading over there tomorrow (Monday) to do a walkthrough, and I plan to document the entire turnover process. I’ll share the good, the bad, and the exact numbers with you all over the next few weeks so you can see exactly what goes into managing a rental property.

Now, let's talk about the biggest question I get from clinicians.

The "Magic" Retirement Number Myth

I was reading an Investopedia article this week outlining the typical couple's cost of retirement across the US, and it immediately reminded me of a major panic point for a lot of Canadian healthcare professionals.

There is a widespread belief that you need a massive "magic number" to retire comfortably. Recently, a BMO survey revealed that on average, Canadians think they need to save a staggering $1.7 million to fund their golden years. Seeing headlines like that is enough to make any burned-out clinician feel like they have fallen hopelessly behind.

Here is the truth: that number is highly personal, and fixating on an arbitrary $1.7 million target can be incredibly discouraging and mathematically flawed.

Let's break down the actual math so you can find your number and stop guessing.

The 4% Rule & The "Multiply by 25" Shortcut

If you want to estimate the total savings you'll need, many financial professionals use the 4% rule. This rule assumes you can safely withdraw 4% of your invested retirement savings annually over a 30-year period without running out of money.

A simple way to work this math backward is the "Multiply by 25" rule. You take your expected annual out-of-pocket expenses and multiply that by 25.

But here is the crucial step people miss: you don't need your portfolio to cover all of your expenses. You have to factor in guaranteed government income.

A Canadian Clinician's Example: Let's say you and your partner want to spend $80,000 a year in retirement to live comfortably. (For context, the average Canadian retiree spends between $65,000 and $75,000 per year).

1. Calculate Guaranteed Income: Let's conservatively estimate that you both receive a combined $25,000 annually from CPP and OAS.
2. Find Your Shortfall: $80,000 (total lifestyle expenses) - $25,000 (government benefits) = $55,000. This is the amount you actually need your investment portfolio to generate each year.
3. The Multiply by 25 Rule: $55,000 x 25 = $1.375 million.

Suddenly, that intimidating $1.7 million average shrinks. And if you downsize your home, live in a more affordable area, or work a casual part-time shift you enjoy, your required nest egg drops even further.

There is a direct parallel here between calculating your wealth and sitting at that poker table. You do not need a finance degree to win the wealth-building game. You do not need to be a spreadsheet warrior to reach a point where you treat patients because you want to, not because you have to.

You just need to step out of your comfort zone, learn the basic rules of the game, and get comfortable playing the hand you are dealt.

If you're ready to find your actual number without the anxiety, Click here to use my free Freedom Number Calculator.

Enjoy the rest of your Sunday.

​@financiallyfulfilledpro and Certified Financial Counsellor CFC™

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