Sourabh Deshpande

Helping professionals and entrepreneurs navigate complex financial decisions with confidence | Scotia Wealth Management

[Sourabh Deshpande @WealthAutonomy]

@Shawnquennevil4 @ronmortgageguy 53% of Canadians with a home have a mortgage. The rest are mortgage free...

[Sourabh Deshpande @WealthAutonomy]

@BoomerDivvies @beck_pete Are you buying diamond rings and $10k in hotels every month? If not, $6k sounds pretty normal.

[Sourabh Deshpande @WealthAutonomy]

@CafecitoFinance @DadisFIRE Both true and fair points. How many people retire at 50-55 if they haven’t already got a paid off home though? I have many clients that have retired at those ages, none that didn’t have a paid off home.

[Sourabh Deshpande @WealthAutonomy]

@HappyVibesMan @MPelletierCIO It’s actually kind a of a joke. These developers are buying a $1.5M fixer upper and building 4 plex’s on a 5000-6000sqft lot, selling each unit for $1.5M. And they were selling fast until 12-18 months ago.

[Sourabh Deshpande @WealthAutonomy]

@MrNQDC @126613LBSUB @Giannangeli_28 @DadisFIRE Claiming none of those are actual professions is kind of wild.

Bad apples can give any profession a bad name. That does not make it any less of a profession.

Whether you charge AUM fees, flat fees or commissions - you can be a good advisor, or a bad one.

[Sourabh Deshpande @WealthAutonomy]

@MrNQDC @126613LBSUB @Giannangeli_28 @DadisFIRE Bottom line: it’s never about the fees unless there’s no value being provided.

At the end of the day, if the client gets value, they will continue to pay with no issue.

I’ve never had a client complain about fees. Not one. And I’m in the mid-to-high range.

[Sourabh Deshpande @WealthAutonomy]

@MrNQDC @126613LBSUB @Giannangeli_28 @DadisFIRE Realtors charge a % of the value of the asset (often for very little actual value).

Mortgage brokers/lenders earn a % of the borrowed amount.

Business Brokers, M&A advisors.

Lawyers charge a % of settlement or judgement.

Recruiters/executive search firms.

Sports agents.

[Sourabh Deshpande @WealthAutonomy]

@UpperEchelonUS @mcuban Unless you have more successful businesses or more money than @mcuban, you just sound bitter..

You can disagree with someone without name calling them. 🤷‍♂️

Mark has probably accomplished more in his life in a few years than most people do in their entire life.

[Sourabh Deshpande @WealthAutonomy]

@CatLadyCapital It’s not popular because it’s just not right 🤷‍♂️

[Sourabh Deshpande @WealthAutonomy]

@AaronHectorCFP @willbarreca Hahahaha great analogy

[Sourabh Deshpande @WealthAutonomy]

@BagelJoInvestor @CanadaTaxGuy Exit tax?

[Sourabh Deshpande @WealthAutonomy]

@thesammenard @ronmortgageguy In many cases they did (ie. blanket approvals).

[Sourabh Deshpande @WealthAutonomy]

@AnujAggarwal44 Loooooool

[Sourabh Deshpande @WealthAutonomy]

@smaugizbored @MarkMcGrathCFP @benjaminfelix @altruafinancial Is that really true, though?
When you’re renting, the costs and struggles are just different.

You may have to move more often than you’d like, which has both direct and indirect costs.

Plus, not having 100% control over where you stay long term is a big negative IMO.

[Sourabh Deshpande @WealthAutonomy]

@KarachiAhab2 @Mschatnoir Who hurt you, buddy?
Grow up.

[Sourabh Deshpande @WealthAutonomy]

@jasonpereira @AaronHectorCFP @larryrot

[Sourabh Deshpande @WealthAutonomy]

@MarkMcGrathCFP @AaronHectorCFP @larryrot Lmaooooo

[Sourabh Deshpande @WealthAutonomy]

@humpty27 @indexnforgetit From which company? Would love to check it out

[Sourabh Deshpande @WealthAutonomy]

@AaronHectorCFP Agreed!

[Sourabh Deshpande @WealthAutonomy]

@AaronHectorCFP True if you claimed CCA. CRA (generally) allows late-filed 45(2) or 45(3) elections.. so if no CCA is claimed on a rental, can be disclosed later (may face penalties upto a maximum of $8,000).

Always best to do it at time of change of use. Otherwise may be deemed disposed.