As I’m myself the kid of British immigrants, I’m naturally sympathetic to these courageous or determined sufficient to go away their houses to search out alternatives in North America. Which is one cause that over the previous yr, I’ve been corresponding with an fascinating blogger and former monetary advisor, Alain Guillot. He sometimes republishes his weblog posts on my web site Findependence Hub. His personal weblog is known as merely AlainGuillot.com.
Incomes, saving and spending in Canada: A information for brand new immigrants
The wealth paradox: why saving $100,000 is tough
Guillot writes a minimum of one weblog submit per week and has 600 subscribers on his YouTube channel. He lately wrote a brief e-book entitled The Wealth Paradox: Navigating Cash, Free will, and Success (self-published, 2024). Its subtitle explains extra: “How unconventional considering influences your monetary and private life.”
Guillot first received my consideration after I discovered that he emigrated to Canada from Colombia, a spot I as soon as visited. He felt he had little selection however to develop into an entrepreneur right here, though chapter 5 of his e-book is titled “Entrepreneurs are mentally unstable folks.” He wrote that the intention of the director of the film Wall Avenue was to point out the greed and ills of capitalism. Nonetheless, it “had the other impact: extra folks had been drawn in the direction of funding banking. In my chapter about entrepreneurs being mentally unstable folks, I had a little bit of the identical reverse-psychology intentions. I trash-talked the psychological state of entrepreneurs as a backhand praise and admiration for what they do.”
If that’s not unconventional sufficient for you, know that he’s an enormous believer in self-insurance (placing cash away for wet days), versus proudly owning speculative property like gold and crypto, and makes the case that the first $100,000 of wealth is the toughest to build up.
From facet hustles to monetary punditry
Initially Guillot tried varied facet hustles in Canada. He was a salsa and tango teacher, a photographer and an expert wedding ceremony witness. Really, he nonetheless dabbles in every of these. He wished to develop into a monetary advisor in Canada, however he felt he may solely do justice to purchasers by being a fee-for-service planner, and he discovered it was exhausting to make a enterprise case out of that mannequin. Subsequent he positioned himself as a private finance coach, however finally stopped as a result of he found “nobody desires to hear.”
Nonetheless, he’s personally obsessive about cash, so he’s making an attempt to make a exit of running a blog about private finance and releasing video podcasts about it.
In an prolonged electronic mail interview, Guillot says he left Colombia as a result of he wished to have extra alternatives. If you happen to’re lucky sufficient to be born in Canada or the USA, he says to depend your blessings: “I used to be tremendously influenced by films, the place I usually noticed common households proudly owning a home, having a automobile and having fun with their disposable earnings. They may go to eating places, have a couple of drinks in a cool bar and go on trip a minimum of yearly. For me, in Colombia, that was a fictional world. In my setting, folks had been all the time combating shortage and poverty.”
Intent on discovering a wealthier nation, he thought of Spain, England, Australia, the U.S. and Canada. He most well-liked North America, because it’s in the identical time zone as Colombia, making communication along with his household simpler. “Ultimately, I selected Canada over the U.S. as a result of I believed immigration to Canada can be simpler. I settled on Quebec, as a result of I used to be interested by studying French in addition to English.”
