Economic data from around the world and fresh insights into the thinking of U.S. Federal Reserve officials drove the narrative this week.

Starting south of the border, Fed policy minutes released Wednesday from its April meeting showed officials want to start discussing a plan to reduce the bank’s massive bond-buying program at a future meeting. That briefly jolted stocks as investors are on edge regarding the bank’s plan to tighten policy measures and the potential jump forward in the timing of an interest rate increase. In Canada, annual consumer prices accelerated to 3.4% in April from 2.2% in March according to Statistics Canada Wednesday. That was the fastest rate in a decade, outpacing estimates and fueling concern Canada may be entering a period of persistent inflation. Turning to China, the economic expansion continued in April with industrial output, retail sales and fixed-asset investment growing. Despite the recent growth, data suggests China’s expansion may have plateaued as each print failed to meet expectations. China’s unemployment rate now stands at 5.1%. The U.K. also released unemployment numbers this week showing its rate fell to 4.8% in Q1. The number of people with jobs is now just 1.4% lower than pre-pandemic. Also in the U.K., it officially reopened Monday giving 65 million people their first taste of freedom after a 4-month lockdown. France, Spain, Portugal and the Netherlands have eased restrictions in recent weeks. In related news, the European Union took steps Wednesday to open all borders in the bloc to vaccinated tourists. The move, if approved by EU nations’ leaders, means North Americans and others who are vaccinated may travel there this summer. In Asia, Japan’s economy shrank in Q1 by an annualized 5.1% after growing in the latter half of 2020. The government-declared state of emergency from January through March in areas including Tokyo and Osaka is leading many to believe the first-quarter downturn is an interruption in the country’s recovery.

Read more

source https://richarddri.ca/fomc-meeting-minutes-show-fed-will-revisit-its-policies-soon/

Ryan Martin, founding partner of Aura LLP, joins me on the podcast this week. Once a full-time gigging and session musician and singer/songwriter, Ryan is now an experienced lawyer practising in real estate, corporate/commercial and estates, where he represents businesses of all sizes, from the purchasing and selling of some of the largest franchises in Canada, to start-ups in the retail technology and construction sectors.  In his real estate practice, his clients range from first-time homebuyers to clients with large-scale real estate investment portfolios in both Canada and abroad, and he is one of a handful of Ontario lawyers who specialise in co-ownership real estate law.

In today’s interview, Ryan describes his professional journey, shares details about his firm, including how he grows business and the budgets they have for marketing, and offers his advice to other lawyers thinking of opening their own firm. He also shares what has surprised him the most throughout his journey, details his savings and investments, and concludes with his definition of financial independence as well as his plans to achieve it.

Listen to the Podcast – Download the Transcript

Highlights:

• As a musician, Ryan’s interest in contracts led him to attend law school after which he practiced criminal law before settling on real estate law, and eventually partnering with an old friend to create Aura LLP.
• They do a lot of blogging and a lot of online content to educate and attract business.
• His advice to lawyers thinking of opening their own firm is to ensure that they have the right people and that their timing is right.
• Ryan and his wife currently invest in RESPs and RRSPs, and are looking to invest in real estate.
• Financial independence, for Ryan, is the ability to make decisions without having to think too much about what the financial implications will be.

Quotes:

“It was a diverse path for me. I think a lot of lawyers wouldn’t tell you that they were musicians first, never thought they wanted to be lawyers, and then all of a sudden stepped into the role of becoming a lawyer.”

“A big way in which we grow business is we build relationships, we try to make sure that we foster those relationships.”

“I think people at the end of the day want to feel like the person they’re talking to they’ve seen before, they’ve built a relationship with over the course of having watched videos or interacted with the content, whatever it happens to be, whether it be a podcast or a video.”

“I think that the hope with the law firm is that we can get it to a point where it is stable enough that I can be, as a partner and as a founding partner in this business, somebody who’s not so involved in running a file on a day to day.”

Follow us on social:

Listen to more podcasts by Richard Dri:

Enjoying a Long Career and Still Growing with Corporate Immigration Law Expert Joel Guberman

Finding Success Through Building a Collective Legacy with Mohamad Fakih

The Business of Esport and Gaming with Evan Kubes

source https://richarddri.ca/from-rock-star-to-founding-partner-with-ryan-martin/

My blog has been a vehicle to teach readers the importance of financial planning and investment management.

This week, I have a favour to ask…

When I started my practice almost 30 years ago, I had a dual mission which still guides me:

1. Help clients make better financial planning decisions by deliberately addressing all financial planning topics, such retirement planning, tax minimization strategies, risk analyses, estate consideration and many other personal goals.
2. Prudently maximize the investment returns of every dollar we are asked to manage.

Trust me when I say it has not always been an easy job! But I love the challenge and, even more, the relationships with my clients.

Today, I’m very happy to report that almost 100% of our clients have a financial plan that addresses their financial goals and is updated at regular intervals.

In addition, we remain current with all financial planning topics and offer recommendations as developments occur.

For example, we recently asked clients to name a designated beneficiary for their TFSAs and back-up beneficiaries for their RRSPs. This allows funds to be transferred, on death of the account owner, to the named beneficiary without probate fees.

This suggestion could save clients as much as 1.5% of the value of the assets passed to the next generation (i.e. a TFSA of $100,000 could have a probate fee of $1,500).

It’s in my nature to not rest until every single client and family has a realistic plan for achieving all of their financial goals.

Regarding my second mission, I’m very proud of the long-term investment performance of my proprietary Canadian dividend growth model.

As of May 4, 2021, the investment model that serves as the foundation of many investment plans had a 10-year compounded annual rate of return of 12.7% versus its benchmark, the S&P/TSX, which had an equivalent return of 6.4% (as per Morningstar/CPMS).

In other words, $100,000 invested in May 2011 in the Richard Dri Canadian Dividend Growth model would now be worth $324,732 versus $185,958 in the S&P/TSX index (before fees, taxes and dividends reinvested).

Did the strategy underperform at times?

It sure did… But clients who followed all the buy/sells and stayed invested were very well rewarded.

Last, I would also like to mention the incredible team that has been assembled over the years.

Lora Shapiro and Ashley Land share the responsibility of conducting client reviews on a regular basis and offering pertinent recommendations. You could not find a more professional and dedicated duo.

Grace Gomes handles all client administration, such as new account applications, address changes, tax slips, and so on.

And I would be remiss if I did not mention the great support that clients receive from Scotia Wealth Management and Scotiabank. This includes assistance with wills, lines of credits, mortgages and basic banking services.

In summary, we have helped clients like you make better financial decisions, and so I feel comfortable in asking you for a personal favour.

Can you kindly introduce us to your friends and family members who could benefit from our services?

Maybe it’s a friend who manages their own money but doesn’t have a financial plan and isn’t sure whether they have enough to retire or if they are maximizing tax-deferred investments such as RRSPs, TFSAs, RESPs and so on.

Maybe it’s a colleague who has complained about the lack of contact from their advisor.

Maybe it’s a neighbour who is newly widowed or divorced and needs guidance with the numerous financial decisions.

Maybe it’s a relative who has complained about the investment returns of their portfolio.

Maybe it a co-worker who’s nearing retirement or facing involuntary retirement and has pension questions.

If you know someone who might fit the above criteria, I kindly ask for an introduction.

How?

Simply send me and your contact an introductory email. I will follow up with a phone call and, together, we will decide if they are a good fit for our services.

If one of your referrals becomes a client, I will make you two promises:

1. They will receive the same level of service you receive. Trust me when I say, “We will not embarrass you.”
2. We ensure that all personal and financial information obtained during our meetings will be kept completely confidential.

As always, it an honour to be your financial advisors. We would humbled if you introduced us to your friends or family members who might need our service.

The process of finding a financial advisor can be overwhelming. It is our job to make that process simpler and easier.

Dri Financial Group’s proprietary Wealth Navigator Process is designed with you in mind.

Its structured framework helps you make an informed decision and feel confident in our team and management practices before we get started.

We offer you a range of services from creating bespoke financial plans and providing investment advice to helping you take advantage of our investment models. If you would like more information on the Wealth Navigator Process or our team, call me any time at 416.355.6370 or email me at richard.dri@scotiawealth.com.
—

Beyond helping you manage your finances, we take pride in motivating, educating and helping you expand your financial literacy. We are here to answer any questions you have and to help you feel in control of your financial destiny.

If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

• Subscribe to our ​Never Retire Newsletter
• Contact us to ​order a complimentary e-book
• Check-out our latest ​Wealth Navigator P​odcast
• Follow me on ​LinkedIn

source https://richarddri.ca/a-letter-from-financial-advisor-richard-dri/

Joining me on the podcast today is Joel Guberman, Senior Immigration Counsel at CILF-Caruso, Guberman, Appleby. For over 35 years, Joel has been practicing in the field of immigration law, advising his clients on immigration issues related to conducting business across international borders, including applications for visas and work-permits. He also advises on matters such as North American free trade, treaty investors and treaty traders, and other issues related to worldwide skilled worker immigration.

In our conversation today, Joel describes how his career in immigration law got started, the biggest challenges he feels Canadian business owners face when selling to the US market, immigration process solutions for these businesses, and Canadian visas for Americans. He also delves into the intricacies involved in obtaining green cards and resident status in the US, the moves that he has made throughout his career, the biggest challenges in the legal profession today, and what has surprised him the most over the years in his work.  Joel finishes up by detailing his saving pattern, his highly articulate definition of financial independence, and what the future holds for him.

Listen to the Podcast – Download the Transcript

Highlights:

• Joel started his Canadian immigration career doing U.S. immigration, and he still does a lot of U.S. immigration from everywhere in the world, but Canada in particular.
• Despite its success, Joel didn’t enjoy the amount of bureaucracy in his day within a large firm, so he left to create his own boutique (but not small) firm of three partners, 10 lawyers, and about 20 staff.
• Joel’s main role in his firm is to do the strategic thinking for the immigration work.
• For Joel, financial independence is not just the savings, but it’s also the ability to earn income, which still maintains interest for him.
• His plans for the future include growing his business, playing with his grandchildren, and possibly doing more public speaking and teaching.

Quotes:

“There are lots of solutions for Canadian businesses within the Free Trade Agreement and even outside the Free Trade Agreement.”

“Tax people in the United States cannot understand the Canada tax and Canada to U.S. tax situation as well as Canadians who are licensed on both sides of the border.”

“Cybersecurity is the biggest thing that we have to deal with right now, without a question.”

“I think that’s a key to financial independence. Love what you’re doing, not necessarily your employment, but love your retirement, love where you are in the world, and that’s independence.”

Follow us on social:

Listen to more podcasts by Richard Dri:

Finding Success Through Building a Collective Legacy with Mohamad Fakih

The Business of Esport and Gaming with Evan Kubes

Disrupting the Real Estate Industry with Robert Price

source https://richarddri.ca/enjoying-a-long-career-and-still-growing-with-corporate-immigration-law-expert-joel-guberman/

Wall Street indexes closed lower Monday as inflation fears drove investors away from technology-heavy growth stocks in favour of cyclicals, which stand to benefit most as the economy reopens. The TSX was also in the red, losing 111 points, with technology and cannabis stocks taking the biggest hit. By Monday’s close, the Nasdaq was down 350, while S&P and Dow shed 44 and 35, respectively.

The technology selloff spread to other sectors Tuesday as concerns about inflation mounted, dragging U.S. indexes down for a second consecutive day this week. The Dow shed nearly 475 points as investors pulled back bets on many of the financials, industrials and energy stocks, while the TSX dropped 88 points, with both energy and real estate losing more than 1%.

The losses were even steeper Wednesday as the Dow and S&P registered their deepest three-day declines in nearly seven months, after a sharp uptick in consumer prices heightened worries that interest rates could be set to climb faster than anticipated. According to U.S. Labor Department data released Wednesday, the consumer-price index jumped 4.2% in April from a year before, the most in any 12-month period since 2008. The news sent U.S. Treasury yields up by 7 basis points to 1.693%, the largest one-day yield gain since March. The materials sector was hit especially hard, as gold prices fell in response to a surging U.S. dollar.

Read more

source https://richarddri.ca/n-a-markets-decline-as-inflation-fears-mount/

I’m sure you already love Canada for so many reasons. Maple syrup and poutine. Cape Breton coastlines and Rocky Mountain peaks. Beavers and deep-fried beaver tails. Hockey and ringette. Good people and stable government.

But some of us may also have a bit of envy for our American neighbours, and one reason might be financial. As a Canadian investor, it’s been excruciating to watch Canadian stocks consistently underperform our American counterparts.

As a result, many Canadians have reduced their Canadian positions and transferred funds to their US stocks.

And I want to talk about why this isn’t necessarily a good idea.

Can you blame Canadians for this decision? Not one bit. No more than for being Leafs fans…

As of March 31, 2021, the S&P/TSX recorded an annual compound return of 6.14% vs. the S&P 500’s equivalent return of 16.48%.

To add salt to the wound, over the same 10-year period, the Canadian dollar declined in value (against the USD), creating a currency gain for Canadian investors holding US stocks.

According to a Scotiabank Equity Research paper dated March 22 2021, the underperformance of Canadian equities may be coming to an end.

It’s time to show our neighbours that, in addition to the best butter tarts on the continent, we also have what it takes to make investors “happy.”

Here are five reasons Scotiabank analysts feel it’s time to overweight Canadian stocks.

1. High exposure to global growth

As readers of this blog, you have heard me repeat the “pillars of growth” existing around the world:

• Excess liquidity (check your “fat” savings accounts)
• Huge monetary and fiscal support (check out the Federal Liberal’s projected budget deficits)
• Lockdowns abating (hopefully very soon)
• Vaccinations accelerating (many of the eligible and the eager have had at least one shot)

Consensus is calling for the US GDP to grow by 5.6% in 2021 (5.3% for Canada) and 4% (also 4% for Canada) in 2022. Growth in the US bodes very well for the TSX, which generates just shy of 60% of its sales outside of Canada (between 2017 and 2019). In comparison, the S&P’s foreign sales account for just over 40%.

So as the world economy expands, the TSX should benefit more than the US.

2. Relative earnings per share (EPS) momentum shifting in Canada’s favour

Remember, over the long term, it’s the company’s earnings that drive stock prices up or down. If earnings increase, stock prices usually follow (and vice versa).

During the last decade, the earnings of US companies grew at a faster clip than Canadian companies and led US stocks to advance at a faster pace.

However, recently the earnings momentum of Canadian companies has been rising faster than their US peers. The reversal is driven mainly by the acceleration in commodity prices (see recent gas prices).

If commodity prices continue to trend higher (as expected by the Scotiabank analyst), the TSX should outperform the S&P returns.

3. You want to own the sectors found in Canada

Remember, Financials account for 32% of the TSX index, so if the Financials are healthy, so is the TSX.

The Scotia analyst expects bank earnings to experience a strong bounce because of GDP growth, intense real estate/mortgage activity, rising interest rates, and strong capital markets (i.e. mergers and acquisitions, IPOs and secondary issues).

The icing on the cake is the potential for banks reversing their credit losses.

In 2020, the banks increased loan losses in anticipation of major losses due to the pandemic. But in reality, bankruptcies dropped by 30% and banks did not experience the projected credit losses.

Better than expected loan losses should allow the banks to reverse some of the credit provisions and increase earnings in 2021 and 2022.

And with some luck, later in 2021, the authorities (OSFI) may allow the banks to increase their dividends from their current juicy levels (3.5%-4.5%). And you know how much I love dividend increases.

In addition to the Financial, the TSX has a 24% weighting to energy and material stocks.

And guess what?

If the Biden administration carries out its promise to spend $2T on infrastructure and clean energy, it will boost the demand for all commodities. And in Canada, we are blessed with commodities, such as lumber, copper, oil and gas.

So, if the banks and the energy stocks do well, the TSX should outperform the US in the coming years.

4. Buy the TSX when it’s cheap

At the moment, the forward price to earnings ratio of the TSX is 16.3 times vs. the S&P 500 21.3 times. That’s a discount of 23%, and it’s rarely been that cheap.

So there’s ample room for mean conversion over the coming years.

5. Investors are beginning to notice Canada… again

Over the last several years, Canadian and foreign investors have fled the Canadian stock markets. A reduction in demand for Canadian stocks contributed to the TSX’s underperformance.

Recently, for the reasons mentioned above, we have noticed an increased domestic and foreign demand for Canadian stocks. The analyst believes that increased demand will lead to higher Canadian stock prices.

If you find yourself envying the 10-year returns of the US markets, I want you to remember what Dorothy said to her dog in The Wizard of Oz:

“Toto, I have a feeling we’re not in Kansas anymore.”

If it’s been awhile since you’ve seen the movie, please allow me to interpret. We’re in a different place now, and Canada’s underperformance against our US cousins may be ending.

Don’t abandon your Canadian stocks just when the tide could be turning in Canada’s favour.

If your portfolio underrepresents Canada, please give me a call and we can discuss the opportunities available in the Canadian market.

Never Retire Profile

David Foster

“I believe that everyone gets three rounds in their life,” says musician, songwriter, composer, arranger, producer, and recording artist David Foster. “For me, two are completed and I’m on to Round Three. I think you have to change it up every round. My mantra is retreat and attack in another direction, which I’ve done twice. Now I’m going to do it again.” A member of the Order of Canada and the Order of British Columbia, Foster has won 16 Grammy Awards and written songs for artists such as Mariah Carey, Barbra Streisand, Chicago, Celine Dion, Earth, Wind & Fire, Natalie Cole, Whitney Houston, Michael Bublé, and many more. He may be best known for some of his movie soundtracks (The Bodyguard, Urban Cowboy, St. Elmo’s Fire) or, most recently, for being profiled in the 2019 documentary film, Off The Record. Or perhaps he’ll be best known for his next tour or next album, as he is a big fan of the Never Retire philosophy.

The process of finding a financial advisor can be overwhelming. It is our job to make that process simpler and easier.

Dri Financial Group’s proprietary Wealth Navigator Process is designed with you in mind.

Its structured framework helps you make an informed decision and feel confident in our team and management practices before we get started.

We offer you a range of services from creating bespoke financial plans and providing investment advice to helping you take advantage of our investment models. If you would like more information on the Wealth Navigator Process or our team, call me any time at 416.355.6370 or email me at richard.dri@scotiawealth.com.
—

Beyond helping you manage your finances, we take pride in motivating, educating and helping you expand your financial literacy. We are here to answer any questions you have and to help you feel in control of your financial destiny.

If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

• Subscribe to our ​Never Retire Newsletter
• Contact us to ​order a complimentary e-book
• Check-out our latest ​Wealth Navigator P​odcast
• Follow me on ​LinkedIn

source https://richarddri.ca/5-reasons-to-invest-in-the-canadian-stock-market-right-now/

It was an auspicious start to the week Monday with the Nasdaq setting its first record since February, as investors looked ahead to a busy week of earnings reports from some of tech’s biggest names.

By Monday’s close, the Nasdaq climbed 122 points, the S&P added 7, and the TSX rose 68. The Dow, however, dropped slightly, surrendering 62. The loonie also had a strong showing Monday, hitting its highest level in six weeks against the greenback (80.39 cents US).

North American markets, however, were essentially flat on Tuesday, registering nominal losses or gains. The S&P 500 ended the day in the red (just slightly) for the first time in three sessions, while the Nasdaq dropped 48 points. As of Tuesday, about a third of S&P 500 companies had reported earnings, with roughly 88% topping analysts’ expectations. U.S. indexes were all in the red Wednesday despite the Federal Reserve’s pledge to maintain its loose monetary policy for the foreseeable future. The TSX, however, bucked the trend, ending with a strong 182-point gain, buoyed by surging Shopify shares and rising oil prices. The loonie rose against the greenback again on Wednesday — at one point climbing above 81 cents US — as Canadian investors cheered domestic retail sales data.

Read more

source https://richarddri.ca/market-optimism-growing-as-u-s-recovery-gains-steam/

My thoroughly fascinating guest today is Mohamad Fakih, CEO of Paramount Fine Foods.  Originally from Lebanon, Mohamad eventually made his way to Canada with very little money, and has gone on to create a highly successful empire and legacy through his commitment to putting people first.

In addition to his current CEO role, he is the Chairman of Fakih Foundation, the Voice of UNHCR Canada, an award winning entrepreneur, and above all, a passionate and well respected philanthropist and activist.

In this dynamic interview, Mohamad goes on to explain what Halal food is, details the investments he makes, and offers his advice for business owners and those considering becoming entrepreneurs. Our conversation concludes with Mohamad sharing his definition of financial independence, and making a passionate plea to others to contribute to a better collective legacy for our children.

Listen to the podcast · Download transcript

Highlights:

• Mohamad came to Canada with just $1500 and has gone on to build a successful empire through a strong work ethic, a commitment to help others, and, above all, by investing in people.
• He believes that if he takes care of his people, they will take care of the customers, and that putting people first is not only the right thing to do, it’s profitable as well.
• Paramount has recently diversified by launching three other brands, and has continued to grow during the pandemic.
• Mohamad’s main investments are giving back to the community.
• He believes that financial independence must include social corporate responsibility.

Quotes:

“I went to that place, and this is all where my relation with the food industry started by buying a kilo of baklava for my family.”

“Bottom line here, having a diverse team, coming from a lot of places around the world, again it’s not something that makes your company look better, it’s actually something that makes your company more profitable. It gives you opportunity to expand more.”

“I actually have a true belief that your money will not be less by giving. I actually believe their money will multiply by giving others, and I have proved it.”

“People will never know how much is in our bank account, but people remember always what we’ve done to others.”

Follow us on social:

Listen to more podcasts by Richard Dri:

The Business of Esport and Gaming with Evan Kubes

Disrupting the Real Estate Industry with Robert Price

From Lawyer to Drug Discovery Entrepreneur with Christina Barbato

source https://richarddri.ca/finding-success-through-building-a-collective-legacy-with-mohamad-fakih/

For many, a cottage is more than just a vacation destination; it’s a second home to escape the hectic city, create lasting memories from one generation to another, enjoy a peaceful retirement or all the above.

The lifestyle changes and travel restrictions brought on by the COVID-19 pandemic have accelerated the plans of many and purchasing a cottage is now on many people’s radar. This surge in interest and demand has led to a dramatic rise in cottage prices. If you’re considering purchasing a cottage, it’s worth exploring your financing options before you start making purchase offers.

Here are some options to consider:

1) Obtain a conventional mortgage

Similar to your primary residence, you may be able to obtain a mortgage designed specifically for a cottage. The amount you can borrow will depend on the type of cottage you purchase and whether it’s classified as a “Type A” or “Type B” property.

“Type A” cottages are categorized as secondary homes that can be used as primary residences. This type of cottage is suitable for year-round access, with a permanent heat source and running water. Type A cottages require a minimum 5% down payment, fixed and variable terms with eligibility to refinance once equity has built up.

A “Type B” cottage is treated as a vacation home and is built for seasonal access, with no permanent heat source. Mortgages for Type B cottages require a minimum 10% down payment, also with fixed and variable terms, and generally has no refinance option.

2) Use equity from your home

A common technique to finance a cottage is to access the built-up equity of your primary home. By using this equity, you can fund the down payment or the entire purchase of the cottage. Depending on how things are currently structured with your existing home and your available equity, you may not need to go through the refinancing process.

Instead, you may have the option of setting up the newly borrowed funds as a Home Equity Line of Credit (HELOC) or mortgage. This can also result in a lower interest rate as secondary property financing often has a higher interest since the property is not “owner-occupied” year-round.

3) Liquidate investments/savings

If you have adequate funds in an investment account or savings account, you can choose to liquidate those investments and ask your financial institution to issue a bank draft/certified cheque for the required amount. While this option may appear to be the simplest, you should carefully consider any potential tax consequences.

If the available funds are held in an investment account, there is the potential that liquidating the investments will trigger a deemed disposition. That means you will need to report the transaction on your tax return and pay any applicable taxes.

If you are looking to finance your cottage purchase (Option 1 or 2), consider the impact of liquidating the investment, purchasing the cottage, and then borrowing funds to reinvest back in your portfolio. If structured properly, the interest paid on the borrowed funds can potentially be tax deductible.

To learn more about the different options available for financing a cottage, call our office today.

Beyond helping you manage your finances, we take pride in motivating, educating and helping you expand your financial literacy. We are here to answer any questions you have and to help you feel in control of your financial destiny.

If you are ready to dive deeper into your financial literacy journey, we have a wide range of free tools and educational resources available.

• Subscribe to our ​Never Retire Newsletter
• Contact us to ​order a complimentary e-book
• Check-out our latest ​Wealth Navigator P​odcast
• Follow me on ​LinkedIn

source https://richarddri.ca/financing-your-cottage-or-vacation-home/

Joining me on the podcast this week is Evan Kubes, President of Rumble Gaming and co-founder of MKM Group. Heading Canada’s first, and one of the world’s most influential, law firms dedicated to esports and content creators, Evan is considered a thought leader in the industry, and he is often featured in publications like Bloomberg, Yahoo Finance, and Global News. Evan’s innovative work has also led to him being recognized as a top influencer manager and esports agent by Business Insider.

In today’s episode, Evan shares his journey to his current position, explains esports, gaming and the role that firms such as his play in the field, and reveals how his firm connects with clients. He also discusses how Rumble makes money, offers his advice for others wanting to get involved in the esports scene, details how he invests and protects his income, and finishes off by providing his definition of financial independence and how to achieve it.

The Business of Esports and Gaming with Evan Kubes

Download the full transcript here

Highlights:

• Evan entered into his current business when he discovered that there were few law firms working in the esports and gaming space globally, and none in Canada at all.

• Evan’s law firm does the legal work and the Rumble agency does the marketing, the content creation, and the consulting for businesses.

• Due to the ‘gatekept’ nature of esports and gaming, Evan networked for about three months before launching their firm.

• For his investments outside of esports businesses, Evan relies on a financial advisor.

• Evan’s two key approaches to achieving financial independence are living below your means and investing smartly.

Quotes:

“Within a few months we were able to scale very, very quickly, to the point that we were representing over 150 esports teams, players, creators, influencers, game developers and just ancillary entities across the ecosystem.”

“We were helping to professionalize the industry and build that supporting infrastructure that was lacking. So as a result, it was really easy to grab a significant market share and do good work for our clients.”

“We actually got connected with an individual by the name of Leonard Asper, who some people may know, he was formerly the CEO of Canwest Global.”

“Every time I invest in one of these, I assume it’s gone right away, which obviously is a nice luxury to have, but I am investing very small amounts.”

“Financial independence for me is really the ability for me to go to a Starbucks at 9:00 AM, sit there all day with a coffee and read a book, and not have to check an email.”

Follow us on social:

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Listen to more podcasts by Richard Dri:

Disrupting the Real Estate Industry with Robert Price

From Lawyer to Drug Discovery Entrepreneur with Christina Barbato

Guiding Growth in Business and Life with Jayson Schwarz

source https://richarddri.ca/the-business-of-esports-and-gaming-with-evan-kubes/