Handling Inheritance and Humour in Marketing

Darryl [00:00:00]:
Put the kids to bed and get the earmuffs on because shit's about to get freaky.

René [00:00:05]:
Way worse than usual.

Darryl [00:00:06]:
Oh, yeah? Well, I discovered I have a kink or a fetish or whatever you want to call it.

René [00:00:11]:
You have? Listen, I've known you for a long time. You have more than one?

Darryl [00:00:15]:
Well, this one. Have you ever seen the movie 'Crash'? That David Cronenberg 1996 movie with James Spader and Holly Hunter and Roseanna Arquette?

René [00:00:22]:
Oh, my God. Like, vaguely remember.

Darryl [00:00:24]:
Okay, well, if you haven't seen it, basically there's this underground cult of people who use car crashes as an aphrodisiac.

René [00:00:31]:
Nice.

Darryl [00:00:31]:
But hold on, because my kink is definitely not that hardcore. I don't want to crash cars and get all freaky. And I can't believe I'm revealing this. Okay, so here it is. So when I'm driving my car and I pull up beside someone at a stoplight, or if I'm driving behind somebody or beside them, whatever. And that person is on their cell phone and they're texting or they're on Instagram or TikTok or whatever. And that's when I start to fantasize and I start thinking about getting out of my car, slowly going over to theirs, and they roll down their window and they look up at me. And then passionately I grab their cell phone and I shove it right up their ass. And then I yell, get the fuck off your cell phone and drive your car.

Darryl [00:01:15]:
I know it's a weird fetish.

René [00:01:16]:
So that's not a kink. That's road rage.

Darryl [00:01:20]:
This is Taming the Hustle...

René [00:01:21]:
Oh, my God. Or Something of the Sorts

René [00:01:46]:
I'm definitely with you on that one, man.

Darryl [00:01:48]:
It drives me crazy. I can't stand it.

René [00:01:50]:
Awe, me too! I often want to, like, roll my window down and, like, start screaming at them, but I know it's not the right thing to do.

Darryl [00:01:57]:
Listen, today we are going to have a little fun. Literally.

René [00:02:01]:
Hey, we always have fun on this program, dude.

Darryl [00:02:03]:
Yes, definitely. But today I want to talk about the role humor plays in marketing.

René [00:02:08]:
Well, hey, honestly, dude, that's the best part of you and I spending time together, is that creative process of marketing that we've integrated so much humor in our, you know, our radio ads and.

Darryl [00:02:20]:
Our media preference through the years.

René [00:02:22]:
It's impactful, and I'm sure you're going to tell us all about it, but it's also a lot of fun.

Darryl [00:02:26]:
Oh, for sure. And I know people out there who think they don't have a sense of humor, and they're always serious. This seems like a very tough challenge for them.

René [00:02:34]:
Those are the ones with cell phones up their asses.

Darryl [00:02:37]:
That's it.

René [00:02:38]:
They need to make some changes. Lighten up, man.

Darryl [00:02:43]:
They're a little heavy. Cause they got the cell phone up their ass. They're about two pounds heavier.

René [00:02:47]:
Well, the size of cell phones now. They're like tablets, I guess.

Darryl [00:02:51]:
True. So listen, as we laugh about this. Humor plays an incredibly powerful tool in marketing, whether it's like this podcast where we're joking around.

René [00:03:00]:
You know what? Let's remind people of our first episode. Like, we know what the fuck we're talking about, but we're purposely, like, humorous and throwing F-Bombs to make it interesting, because can you imagine talking about marketing and financial planning on a very monotone, serious note, like, holy moly. It'd be.

Darryl [00:03:16]:
We get messages all the time from people saying how much they love that were real and that we joke around and that there's some substance as well as some entertainment.

René [00:03:25]:
And the banter. Listen, if there was no humor in this podcast, I wouldn't listen to myself.

Darryl [00:03:30]:
Yeah, same. Yeah.

René [00:03:32]:
I would unfollow.

Darryl [00:03:33]:
I can pretty much guarantee you wouldn't listen to me talk for this long.

René [00:03:38]:
No, I put those little, like, spy detective earbuds in my ears. When you're around for too long. You've never known this. But I put that shit in. I'm listening to Eminem and stuff. I just nod. When I see your lips moving, I just nod. I can't take this anymore.

René [00:03:55]:
Oh, God. Long live humor.

Darryl [00:03:58]:
Yeah, well, humor grabs attention. Right? And creates. What kind of. What I just mentioned was those memorable moments, and it builds a connection with your audience. And I'm talking to small business owners out there. I'm talking to large corporations and everyone in between. And in the world where consumers are bombarded with ads and messages every day, humor can really make you stand out. And that's the goal, right, is to be remembered.

René [00:04:21]:
Darryl, I just thought of, like, the perfect scenario of everyday life is you're at a function, and you and I have been to these types of dinner events. Everyone gravitates around, like. Cause you're all having cocktails and you're all kind of standing in a group socializing, and there's multiple groups in the crowd. You know, there's 300 people in the room. Everyone gravitates around that crowd of people that are laughing and just cheering on and busting a gut like no one wants to be with the duds that just sit there and stare at each other. No humor in conversation is necessary. And that's.

René [00:04:56]:
You're talking about how it attracts people. It does. In every walk of life, in every situation. Why not marketing?

Darryl [00:05:03]:
Well, exactly. So let's talk about why humor works.

René [00:05:06]:
Why, Darryl?

Darryl [00:05:07]:
So humor engages people emotionally, right. And when people are emotionally engaged, they're more likely to remember your message. And there has been many studies on this. And advertisements that use humor are more likely to be shared, which obviously increases your reach organically. Plus, humor creates that positive association with your brand. If you get people laughing, they feel good, and they associate that good feeling with your product or service. And if you take that a step further, let's bring the old humanizing factor into the mix, because nothing can humanize you or your brand more than some good laughs.

René [00:05:39]:
What's humanizing?

Darryl [00:05:42]:
I've never talked about it before, and it shows that there's real people behind these businesses that don't take themselves too seriously. And this relatability can build trust and loyalty with your audience. So I guess what I'm saying is that by adding that level of humor to your marketing, it makes your brand more approachable and more likable.

René [00:06:00]:
Well, take us, for example. Darryl.

Darryl [00:06:01]:
Yeah. Everyone hated you before I came along.

René [00:06:06]:
They still do, except now they laugh at me. They hate me and laugh at me. It's great. It's like a false sense of self confidence for me. But right from the beginning, we took that approach of humor. Right. But I've never once felt that people coming into our office take me less seriously about my professionalism and my knowledge and my expertise just because I show the humorous side of me.

Darryl [00:06:35]:
Right, exactly. If anything, like I said, the humanizing factor, it makes you more real. They know you're good at your business stuff, but they've never seen the real René. And now that they get a taste of it, they're like, oh, he's just like me.

René [00:06:46]:
And relatable too.

Darryl [00:06:47]:
Yeah, 100%.

René [00:06:48]:
So one of the humorous parts is outside of my marketing because I don't own a vehicle. So when I need to go somewhere, I need to bum the truck off my wife. But when I go to the grocery store, I ride my little town bike like Mary Poppins. Sometimes I'm in skinny jeans and a preppy shirt.

Darryl [00:07:04]:
You're like Emily in Paris.

René [00:07:07]:
So many times, I've felt like PeeWee Herman driving through town. I've got a bottle of wine in my little basket with, like, a celery stalk and all sorts of produce. So I got a nice, healthy meal and a bottle of wine. And of course, like, when you drive through a little community, you're driving whether your window's rolled up or down, you're driving too fast to actually talk, but you, like, wave to everybody.

Darryl [00:07:29]:
Oh, yeah.

René [00:07:30]:
When you're on a Mary Poppins bike, it's like, oh, hey, Darryl. Nice day, isn't it? Like, hey, have a great weekend. Happy Father's Day. Everybody's looking at me like I got two heads.

Darryl [00:07:42]:
It's like the beginning of every family movie.

René [00:07:45]:
I'm doing good by the environment, and I'm staying physically active by pedaling my way to the grocery store and back.

Darryl [00:07:52]:
Yeah.

René [00:07:52]:
And getting some fresh air. And, hey, and it's cost effective. I'm saving myself boatloads of money. So.

Darryl [00:07:58]:
Yeah, and you're putting smiles on people's faces.

René [00:08:00]:
And I'm making people laugh. Hence the topic today.

Darryl [00:08:04]:
Have a good weekend René! Can you fucking believe he's on a Mary Poppins bike. Jesus Christ. So let's get into the how of this. So before you start crafting humorous content, it is so important to understand your audience. What do they find funny?

René [00:08:20]:
Right.

Darryl [00:08:21]:
Because humor is subjective and we know this. And what's hilarious to me might be offensive to you or confusing to another person.

René [00:08:27]:
Look at how many stand up comedians are under the microscope. For one thing, they said, and it's humor. It's just humor. They mean nothing by it.

Darryl [00:08:35]:
Well, exactly.

René [00:08:35]:
When it's your business and you're trying to market it properly, I agree. You need to know your audience.

Darryl [00:08:40]:
Yeah. So you need to do some research and dig into your social media followers, what's on their pages. What type of customers do you have?

René [00:08:47]:
No, you need to hire Hepburn Productions to do your research.

Darryl [00:08:51]:
I know, but not everybody can do that out of the gate. And I get it. But you need to check those boxes. Right. And I'm going to go even a step further. What's their age? What's their gender? Because things that I find funny, my wife certainly doesn't.

René [00:09:04]:
I would say 90% of what I think is funny, Meghan does not laugh.

Darryl [00:09:11]:
You need to gauge that type of humor in your audience. Right. And figure out what they actually appreciate. And this understanding will help you tailor your content, and that'll actually make a huge impact. The next thing I want to touch on is authenticity. And you and I talk about this all the time.

René [00:09:26]:
Yes.

Darryl [00:09:27]:
And you mentioned the whole stand up comedian. And it's no different with a stand up comedian or you putting humor into your business. Forced jokes or humor that never lands. That shit will not align with your brand's voice.

René [00:09:39]:
Right.

Darryl [00:09:39]:
And I guarantee you it'll come off as insincere or just plain old awkward. I've stood up on that stage doing standup when I was in college, and I did Yuk Yuks. I had people laughing. I went to a small dinky club the next night, did the same routine, and it was crickets. And it's so awkward.

René [00:09:57]:
I was there, and I spent my entire college fund to pay these people not to laugh, just to fuck with your self confidence.

Darryl [00:10:03]:
It worked a lot. So you got to stick to a style of humor that feels natural to your brand. Right. If your brand is known as being quirky and playful, go for it. But if you're typically more serious, the lighthearted approach will definitely be better. And this goes for every single business. We have a client who's a funeral home and out of the gate. We did a funny ad with them.

Darryl [00:10:26]:
They were changing over companies, like, merging into one company, and we did what sounded like a movie trailer. The funeral home was a little cautious at first. They're like, I don't know, man. And I'm like, trust me on this. Like, we've done our research, and the comments that we got.

René [00:10:41]:
I saw the work that you did on that, dude. It was fucking amazing.

Darryl [00:10:44]:
Thanks. And, like, one of the first comments, someone actually said, they're like, I would have never expected a funeral home to have a sense of humor. And the people working at the funeral home always were saying, people just think we're like the funeral director in the cartoons. You know this.

René [00:10:58]:
The grim reaper.

Darryl [00:10:58]:
Yeah, the grim reaper type thing. And so we took that out of the mix. It's like we let them become human to the world. Like, some of the best humor comes from everyday situations, and we all know this. And those everyday situations have to relate to your audience. So think about common challenges or funny moments in your industry that people will recognize. If you're way out in left field again, that authenticity disappears because people are like, what the hell are they talking about?

René [00:11:22]:
Sometimes just funny catchphrases that really catch.

Darryl [00:11:25]:
Exactly. Like, me memes or funny images or videos. Those are highly shareable and can quickly capture attention on social media.

René [00:11:31]:
One of the towing companies that we had here in our area, their tagline was, we won't want an arm and a leg. Just your toes.

Darryl [00:11:38]:
Exactly.

René [00:11:39]:
So they were promoting that. They weren't expensive.

Darryl [00:11:42]:
Well, that's the thing. Memorable. Right? How long ago was that? Roughly.

René [00:11:45]:
At least ten years.

Darryl [00:11:46]:
And you still remember it? Right? But you don't remember the other towing companies who just had those straight ads give us a call?

René [00:11:52]:
No. So, genius.

Darryl [00:11:53]:
Well, and that's the thing. You have to keep it lighthearted and inoffensive, obviously, and avoid controversial topics. Like, I know I said, much like a stand up comedian, but you don't want to push that envelope.

René [00:12:04]:
Oh, my God. No kidding.

Darryl [00:12:05]:
You don't want to be misunderstood. Well, we've had this discussion where it's like, we'll write something and maybe there's something going on in the town that you've messaged us back and said, hey, any other day this would work. However, there was an incident in the town, blah, blah, and we got a pivot. Right. The goal is to make people laugh and feel good about your brand, not alienate them or upset them.

René [00:12:25]:
Yeah, no humorous radio ads about murders these days, okay? Too many going on.

Darryl [00:12:32]:
But your ads are killing it. Listen, if you remember one thing from today, let it be this. Not every joke is going to land perfectly, and that's okay. Experiment with different types of humor. Pay attention to what resonates with your audience. And if you see one style or one type of media that's working, run with it. Use your analytics. Track the engagement, the feedback, and then refine your approach.

Darryl [00:12:58]:
And I'm telling you right now that this shit is a game changer for a marketing strategy.

René [00:13:03]:
Yeah, or just hire Hepburn Productions.

Darryl [00:13:05]:
I guess that, too. Okay, that's it. Just be funny. Um, I think it's only appropriate to play a funny ad right now.

René [00:13:11]:
Bring it on, bitches.

Darryl [00:13:13]:
We'll be right back.

Darryl [00:13:29]:
Actually, after what I just preached, I think it would have been even funnier if I played, like, a serious ad.

René [00:13:35]:
Yeah.

Darryl [00:13:36]:
Have you ever lost a loved one in these difficult times? Ensuring your family's financial future? It's more important than ever.

René [00:13:42]:
But that would have been humor, though.

Darryl [00:13:44]:
Exactly.

René [00:13:45]:
And that's a good point. You know, the last point I want to make on your topic today is, like, there's nothing better than humor to lighten up a serious type of business. Right?

Darryl [00:13:54]:
Yeah.

René [00:13:54]:
Like, humor takes away stress, I find. Right. So, for sure if you lighten up the load a little bit, sometimes it makes you a little bit more approached.

Darryl [00:14:01]:
Laughing and masturbation are two of the best stress relievers on the planet. Yeah, well, listen, let's talk about something funnier. Inheritance and people dying.

René [00:14:13]:
Yeah, you had to suggest that topic right after yours. Ding dong.

Darryl [00:14:18]:
Let me put out some sombre music for your topic..

René [00:14:23]:
I want to talk about how to handle an inheritance. I mean, that is such a vague topic. We could talk about it for an hour, but I just have a couple of points that I want to get the wheels turning just a little bit. And there are a couple of pieces of information that are pretty important to know. And this is one of the situations where I highly recommend that you seek advice, especially if it's any amount of money.

Darryl [00:14:45]:
I've seen people inherit a lot of money, and within a short amount of time, it's all gone. I have a friend who's going to inherit millions. And of course, I've said hashtag #callRene. You got to get the wheels in motion and start early. Just, you know, just put the bug in your financial planner's ear to say, all this money is coming down because you know it's coming and you don't want to lose it or waste it. And he doesn't even know, like, when all money comes, how does that all work?

René [00:15:12]:
Yeah, well, that's one of my points that you kind of stole from me there, so I'll go back to that in just a second.

Darryl [00:15:16]:
I'm sorry.

René [00:15:16]:
Don't do that to me.

Darryl [00:15:17]:
Okay, I'm sorry. Still in a funny mood.

René [00:15:21]:
Yeah. Well, let's keep it light hearted, because even though it's a very serious topic, there's no reason why we can't laugh through this whole episode today. I'm kind of feeling it. I'm hip to your groove.

Darryl [00:15:30]:
Yeah. Yeah.

René [00:15:31]:
The most common question that I get is, am I going to be taxed on this?

Darryl [00:15:36]:
Yeah.

René [00:15:37]:
Inheritances are not taxed to the beneficiaries.

Darryl [00:15:40]:
Okay.

René [00:15:40]:
It's that simple. The estate, however, could be responsible for a boatload of taxes. Right. So whoever's winding up the estate should seek advice. Make sure that you get everything done properly from, you know, an estate wind up perspective, from a tax perspective, that all of that's been handled. Okay. But once the estate has been handled and the estate trustees make the decision to distribute the proceeds of estate.

Darryl [00:16:04]:
Yeah.

René [00:16:04]:
The inheritance that you receive from your loved one or whoever long lost uncle.

Darryl [00:16:09]:
Yeah.

René [00:16:09]:
Is not taxed to you as the recipient.

Darryl [00:16:12]:
Okay.

René [00:16:12]:
That simple. Most commonly asked question. Simplest answer ever.

Darryl [00:16:15]:
Nice.

René [00:16:15]:
One thing to keep in mind, though, I think we've chatted about this in other conversations, but if you receive large sums of money in a RSP or a RIF account. Okay, so let's say I'm your dad, because I'm. I'm older than you, so I'll be your father today.

Darryl [00:16:27]:
K. Daddy.

René [00:16:28]:
Oh, that was creepy.

Darryl [00:16:29]:
It was creepy. Let's never do that again. How about you just be my uncle?

René [00:16:32]:
That's the type of humor you don't throw into your marketing.

Darryl [00:16:35]:
See? Exactly. Yeah. There's a prime example.

René [00:16:39]:
There's a faux pas. Okay, daddy, I got goosebumps. So I'm your father and I accumulated a million dollars in RRSPs and I just retired and I converted that to a RIF and I'm taking a RIF payment and I die of a massive heart attack.

Darryl [00:16:56]:
Yeah, I'm sad.

René [00:16:58]:
I named you as beneficiary. I don't have a spouse. Luckily for you, you're the only child.

Darryl [00:17:03]:
Yes.

René [00:17:03]:
You lost your only father. You have no family left. So lucky for you, you get the million bucks.

Darryl [00:17:11]:
I'm so sad.

René [00:17:12]:
What you should be aware is that you're going to receive the full million dollars because the government won't deduct any taxes. They're just going to give it to you and it's not taxed to you. But your father's estate, me, is responsible for the taxes. Right. So on a million bucks, let's say there's 500,000 taxes owing. You have to be mindful that the estate is going to be responsible for those taxes and that's not going to go away. The CRA is going to make somebody pay for it.

Darryl [00:17:35]:
So if I spend that million. And the estate owes 500,000 and that money's gone.

René [00:17:40]:
Yeah. And you know what? We need to have a more in depth conversation on that. If you're going to take on the role as the executor of an estate, we need to talk about that because there's some really important points there. But just very briefly, is that you're receiving it tax free. It doesn't mean that that asset is not taxable. It's same as a cottage, right?

Darryl [00:17:58]:
Yeah.

René [00:17:58]:
Let's say you receive a $500,000 cottage as inheritance. You're receiving it for 500,000, and that will be your adjusted cost base. That's what you're receiving it for, is a fair market value. But if the person giving it to you only paid 100,000, there's going to be a capital gains tax there, unless it's designated as their principal resident. But, you know, cottage, likely not. Okay, so you've received the money and it's tax free. You're keeping in mind that, you know that RRSP or that RIF would be taxable to the estate. And that might not be your problem, but it's something that you should know.

René [00:18:27]:
And then for me, as a fiduciary duty to protect my clients, the most important thing for me is to let my client know to not commingle the funds. Right. Because we're in a society where divorce rate is more than 50% now. I think we're at, like, 54% divorce rate. So if you receive my million bucks, if you keep it separate, it will not become part of the matrimonial asset if you divorce Erin. So you get to keep the full million bucks, plus whatever it's turned into.

Darryl [00:18:55]:
Huh. Hear that, Erin?

René [00:18:57]:
But if you commingle it, even for a second. Right. What I mean by commingling is you and Erin have a joint account.

Darryl [00:19:02]:
Yeah. Okay.

René [00:19:03]:
My estate trustee, who's winding up my estate, gives you a million dollar check. And you deposit that check in the joint account. But then you turn around and you put it in an investment that's just in your name.

Darryl [00:19:13]:
Too late.

René [00:19:13]:
It has now gone through a joint bank account, and that is now a commingled asset. Right. So be very mindful that you're going to open a separate account that's just in Darryl Boulley's name. You're going to deposit all of the proceeds. So if you're receiving money from different investment companies, you're receiving money from a lawyer from the proceeds and sale the proceeds of sale of the cottage. Like all of those checks coming to Darryl Boulley from the inheritance should go into that bank account and not be commingled.

Darryl [00:19:39]:
Gotcha.

René [00:19:40]:
To protect you. That leads me to my next point is, how do you deal with the proceeds? What do you do with it to kind of make it work to your advantage immediately and long term? Well, what if it makes sense to, say, pay off your mortgage. Cause your interest rate is high. The mortgage is in both your names. You have to make a conscious decision to say, I'm willing to risk. You know that 250,000 of the million is going to be commingled with Erin because I'm paying our family home off. Right? Unless you had some sort of written agreement with a lawyer that said, I'm gifting to our relationship. 250,000.

René [00:20:14]:
So if we divorce, you're going to give me 250,000 back or whatever, 125,000. Half of it. So those are things that you should be really aware and really mindful of. So the bulk of the large inheritances that we're seeing in recent years are the baby boomers, where their parents are passing away. Their parents lived through the second world war, and they are fearful of another sort of bad day. So they've really hoarded money and built empires. So let's say you're 65 years old and you've been with your spouse for 40, and you're like, ah, you know, I'm fine topping up my wife's TFSA because the chances of us getting divorced at this point, you know, I love her to death, and we've been together for 40 years. Not likely.

René [00:20:55]:
But for the younger generation, you know, you got a 30 year old, and there's still a lot of risk out there. You have to really be mindful, am I going to take the proceeds of this? And then, okay, top up my husband's TFSA, and I'm going to maximize his RSP because he's in a higher tax bracket than me. You know, in terms of financial planning, that becomes a little bit more complicated because you have to take on that risk that you're going to lose half.

Darryl [00:21:17]:
Oh for sure.

René [00:21:18]:
So in many situations, we just keep the whole asset completely separate, just in case. Makes sense.

Darryl [00:21:23]:
Yeah, makes sense. It's scary, though. I won't lie. I feel like, yeah, it's so easy to make a mistake.

René [00:21:29]:
And it's funny that people don't see the risk often. They're like, I'm not worried about that. I'm like, are you fucking serious? 54% chance you're gonna get divorced, and you're gonna lose half of the million bucks. Like, what the fuck is wrong with you?

Darryl [00:21:40]:
Exactly.

René [00:21:40]:
But it happens. So, also, like, it's kind of weird for me because often, like, let's say you're inheriting a million bucks. What are you gonna do when you come see me to talk about it? You're gonna bring Erin?

Darryl [00:21:50]:
Yeah. Yeah.

René [00:21:50]:
It's a couple of decisions. So then, like, I have to find a way to tell you this before you come in, which I do. It's like, okay, Darryl, shoot me a quick text. Okay, I want to have a chat before this meeting or whatever. I wouldn't even say before the meeting, because then you're going to say to Erin, oh, René wants to talk to me before the meeting.

Darryl [00:22:07]:
Yeah, exactly.

René [00:22:07]:
What did René want to talk about? Nothing.

Darryl [00:22:10]:
I wanted to talk about marketing humor.

René [00:22:13]:
Yeah, it was important we talk about it before the meeting about the inheritance. How am I talking to you and giving you financial advice? I'm your dad and I'm dead. And that's where the money came from.

Darryl [00:22:23]:
I know. It's crazy.

René [00:22:24]:
I'm confused.

Darryl [00:22:25]:
I've never seen a certified financial ghost planner. Yeah, but here we are.

René [00:22:31]:
I would be like, Darryl, this is my hard earned money. Don't fuck it up.

Darryl [00:22:35]:
Yeah, I'm pretty sure you're gonna haunt me. You haunt me for the rest of my life.

René [00:22:39]:
Yeah, and that's how most estates ghosts would, I think. Their beneficiaries.

Darryl [00:22:44]:
I'd be at the checkout, and you'd be tapping me on the shoulder. That's what you're buying with my money.

René [00:22:49]:
Oh, my God. If you buy a Kia with my money, I kill you. I will cut the brakes. You will no longer have a kink about cell phones up asses. All right. So then next is, okay, we start the planning process is we're going to say, how do we best put this money to work? Because this is a game changer for sure. Well, do we invest it or do we pay off debt is one thing, too, right? But then we have to be mindful. Are we co mingling the inheritance money or are we not? So then that becomes tricky as well.

René [00:23:19]:
But often the answer is, if you're putting aside the risk of divorce and losing half of your inheritance is okay, well, you know, if the interest is very high on your debt, maybe we should consider doing that instead of investing it. Yeah, but the problem lies there. And this is what we often see, and you may not think of this is that all of a sudden, you receive a million bucks and you pay all your debt off, and all of a sudden, you have mega cash flow.

Darryl [00:23:43]:
Yeah.

René [00:23:43]:
If you're servicing $5,000 a month of debt and all of a sudden, you have no debt, you get used to living off of $5,000 a month more because you're spending more money, and then all of a sudden, you don't have enough money to retire because you've done a shitty job at it. Even though you think you're doing the right thing by getting rid of your debt, you're getting accustomed to a more lavish lifestyle, which is going to make it very difficult to replace in retirement.

Darryl [00:24:07]:
Yeah.

René [00:24:07]:
Things to consider.

Darryl [00:24:08]:
Yeah, no, for sure.

René [00:24:09]:
And then lastly is your point at the beginning is not pissing it away.

Darryl [00:24:14]:
Yeah.

René [00:24:14]:
This is so common in young adults. My clients are often like, okay, how do I put it in my will that I don't want my kid to have access to this all at once? Right. So then we have to get creative with the lawyers. And because, you know, not many estates are large enough to create the trust and to have to have trust tax returns filed every year. Like, you don't do that with a $500,000 estate or even a million dollar estate. It's just too expensive. Yeah, but how many times have I seen. I'm going to side with the women on this one.

René [00:24:44]:
Women typically are way more responsible with these types of decisions.

Darryl [00:24:48]:
Oh, for sure.

René [00:24:49]:
Even at a younger age. Some of them fuck it up because I've seen that, too. But mostly young men will go out. They're going to buy that hundred thousand dollars pickup truck.

Darryl [00:24:59]:
Yeah.

René [00:24:59]:
They got a brand new sled in the back, and they got a trailer hauling a boat or whatever, like. And $250,000 today is gone at the blink of an eye. Right. But I know that realistically, you probably wouldn't set the full 250 away because eventually, like, say, you receive money at 20, you'll probably pay for your education. You may want a down payment on a house, or you're going to use it to start a business or whatever. Like, there's going to be costs along the way. Right. But just hypothetically, if you took the 250,000 and you said, I'm just going to keep living the way I'm living right now, and instead of taking this as newfound money to just blow it all on something that's going to depreciate over the next five years, and I'll have fuck all to show for it.

René [00:25:42]:
If you invest that at even 6% return. So you take like, a balance type investment.

Darryl [00:25:47]:
Yeah.

René [00:25:47]:
You invest it for the next 40 years until you're 60. Okay. You would have $2.6 million in investments.

Darryl [00:25:56]:
That's crazy.

René [00:25:57]:
Course, ignoring taxes. Yeah, right. But even if the tax consequences mean that you're going to have a $2 million portfolio, that is a boatload more than 250,000, and that could potentially fund your entire retirement.

Darryl [00:26:09]:
Exactly.

René [00:26:09]:
You know, we can't look at all scenarios because, like I said, realistically, you'd have a purchase of a home, you'd have a start of a business, you'd have education, you'd have, you know, raising a family, all of that stuff.

Darryl [00:26:19]:
Yeah, yeah.

René [00:26:19]:
But needless to say, if you invest it properly and you put this money to work instead of buying that hundred thousand dollars truck, it will literally change your life. A pickup truck in a skidoo will not change your life. It'll give you a little bit of joy for a couple years, but before you know it, you'll have nothing to show for it.

Darryl [00:26:37]:
And when you're 60, that fancy pickup truck, that snowmobile, that stripper that you're going to put through college, they'll all still be there. You can still enjoy those at age 60. If anything, it's going to be better at age 60. You're going to appreciate those things more.

René [00:26:51]:
Well, and again, getting back to your lifestyle is that if you don't spend it, you don't get accustomed to living higher off the hog. And you invest this properly and you put this money to work, you could have a really, really significant impact in the quality of your life. Like, imagine having no financial stress ever for the rest of your life.

Darryl [00:27:08]:
Sign me up.

René [00:27:09]:
Yeah. Like, I'd even docusign that shit. I was like, right now.

Darryl [00:27:14]:
Yeah.

René [00:27:16]:
So that's it. We can't get into any more detail than that, because we can get off little tangents and different scenarios, and we can talk about, you know, the taxation of winding up in an estate.

Darryl [00:27:35]:
It's important to call your CFP.

René [00:27:35]:
100% . So, recap. Don't commingle if there's a risk of divorce, because that can be held separate and excluded from the marital assets.

Darryl [00:27:35]:
Yeah.

René [00:27:36]:
And the inheritance itself is tax free. And third, and lastly, don't fuck it up. Don't piss it away. The last thing I want for someone is to use an inheritance as a story. Right. Because really, if you piss it away with a truck and a sled, yeah, you're going to be 60 saying, I inherited 250,000 once, and I blew it on a truck and a sled, instead of sitting somewhere in Costa Rica when you're 60 saying, yeah, thank you, dad, because I put that to work and you changed my life, and I appreciate you for that.

Darryl [00:28:07]:
Exactly. So again, don't be stupid.

René [00:28:09]:
I'm going to haunt you with my inheritance there.

Darryl [00:28:12]:
We'll be right back.

Darryl [00:28:26]:
So before we call it a day, I want to chat about a topic that many of us have probably thought about but might not have put into words, and that's the disappearance of common sense in today's world. But seriously, like, how many times have you found yourself shaking your head at decisions other people make or their actions and wonder what happened to common sense?

Darryl [00:28:54]:
Every day!

Darryl [00:28:54]:
Yeah, it's like common sense is taking a backseat.

René [00:28:54]:
Every fucking day. Like, I was out running with my daughter yesterday and all of the people that are driving took. Because we, you know, we don't have running paths here. We run the highway. Yeah, there's not a ton of traffic and there's not huge shoulders because it's just. It's Northern Ontario. People are driving towards us and there's no oncoming traffic for them. They could easily move over towards the center lane.

René [00:29:20]:
No, instead they fucking drive right past us at 110 and nearly clipping elbows with their mirrors. It's like no common sense. None. It's like it's gone.

Darryl [00:29:32]:
Well, that's the thing I feel like in. When I think about common sense, I think to myself, it's straightforward. It's a blend of life experiences, critical thinking and practical knowledge. And it's that whole book, smart versus street smarts and when and how to use them.

René [00:29:46]:
Common sense is just common sense.

Darryl [00:29:47]:
So why does it feel like in our day and age that it's disappearing?

René [00:29:52]:
I don't know. Is it upbringing? Because I know my parents spent a lot of time teaching me common sense. My mom is an intellect and my father has the street smarts. And we kind of got the best of both worlds when we were brought up.

Darryl [00:30:03]:
Yeah, well, and I have this conversation with my wife all the time because she's a teacher. And I say this all the time when we start talking about our kids school and something that happens, I'll often say I'm like, for a bunch of people with some book smarts are known to be some of the smartest people. You guys are pretty fucking dumb when it comes to street smarts.

René [00:30:21]:
Yeah, and like, legit street smarts is like when you're driving down the road and you got these teenage kids that feel so entitled that they're. It's not a crosswalk. It's nothing. It's in the middle of the street and they don't. And they're dragging their feet and they don't move like you're gonna drive around them. Common sense is get the fuck out of the way.

Darryl [00:30:39]:
It's like I have the right away. They think they know the law. I have the right of way. You're gonna go to jail if you run me over. Well, guess what? If I run you over, you're dead.

René [00:30:49]:
Maybe what's lacking is critical thinking. Maybe the way that we're raising children today. They lack critical thinking.

Darryl [00:30:55]:
Is it due to the rise of technology and social media? Is that playing a big role in this?

René [00:31:01]:
We should crack the code on this bad boy and solve this.

Darryl [00:31:03]:
I would like to. Can you imagine if we solved common sense in the world? Yeah, that's like a Nobel Prize right there.

René [00:31:10]:
Some of the people we run into would be a hell of a lot wealthier if they had common sense. 21% visas, making minimum payment all the time so they could add more to their cash flow by buying another sled or dirt bike for their kid. Or common sense tells me, spend less money, pay off your debt.

Darryl [00:31:28]:
Yeah. So we're never going to fix this. But I do think there are ways to deal with it. And by that I mean like, yes, your own common sense and the common sense of other people. For me, it's all about what I call the pause and reflect. And I find it simple yet effective. And what I mean by that is when I'm in the moment again, whether it's me or I'm dealing with some stupidity of a person or a situation, I literally pause and take a moment before making a comment or decision, right? And that brief pause allows common sense to catch up with what's happening and it allows me to make the right decision. And again, whether that's dealing with somebody else or just my own comments sense, there are moments where I'm like, I'm ready to make a quick decision.

Darryl [00:32:10]:
And then I pause for a moment and I think about it. I'm like, oh, no, that doesn't make any sense. And then you got to move forward with the right decision. Right?

René [00:32:18]:
Is that your little inner voice?

Darryl [00:32:20]:
Exactly. Yeah, the little devil on my shoulders. Like, this is the right thing to do. The little angel's like, you dumb fuck.

René [00:32:28]:
"Common sense refers to the basic ability to perceive, understand, and judge things, which is shared by nearly all people without the need for specialized knowledge." See, common sense is common sense.

Darryl [00:32:39]:
That can't be right. It said all people. I don't believe it. Shared by all people.

René [00:32:45]:
It encompasses all knowledge and judgments that are generally accepted and understood by a large group of people regardless of their background. It means that we all have the ability to have common sense. It doesn't mean we all do.

Darryl [00:32:57]:
Well, and that's a great point. It's like common sense is often a lack of understanding of a different viewpoint or experiences. And I think when I'm sitting at that light and I'm ready to shove the cell phone up, some guy's ass. His life experiences are different from mine. And so, you know, whether he's educated or not, he might be educated in different things than I am or lack thereof. And it's like we take that situation and that viewpoint differently. When I'm ready to yell at somebody or I give them a look, like, why are you on your cell phone while driving? Some people will give me a look and be like, I'm looking up directions, idiot.

René [00:33:31]:
Yeah. Yeah. Well, I often try to put myself in someone else's shoes because I just don't get it. Yeah, I like to think I'm pretty patient. I have a lot of patience with.

Darryl [00:33:39]:
Most people except for me. But yeah, you're right, you do.

René [00:33:43]:
One thing that really gets me riled up is those idiots that stay in the left lane when they're not driving fast and they're holding up all of the traffic.

Darryl [00:33:53]:
Yeah. Like if you're on the 401 and the speed limit's 100, everyone's doing 120 in the left lane except for the one guy doing 85.

René [00:34:00]:
My logical thinking is like. Like either slow down and get behind and just follow the guy you're going the same speed or speed up and go past them if you're going to go faster, but don't stay next and hold everybody up. Like, to me, that is the epitome of common sense, right?

Darryl [00:34:16]:
Yeah, exactly.

René [00:34:17]:
But then I'm like, what could this moron be possibly thinking that this is okay?

Darryl [00:34:24]:
Yeah.

René [00:34:26]:
Does he not have common sense or does he have a stupid rationale behind it thinking, oh, you know, I'm going to pass them eventually or I'm just going to stay in this lane because I'm a nervous driver and I don't want to go in and out of lanes. Like, to me, that is no common sense. And that's. It's. It's insane. But, yeah. How do you teach someone common sense? I don't know. Like, I don't know that you can't.

Darryl [00:34:47]:
That's the thing.

René [00:34:48]:
It's got to be part of your upbringing somehow. Like, I don't know. Maybe we need to find some sort of psychologist.

Darryl [00:34:52]:
And I feel like most of our lifestyle topics, we say we need to find a psychologist.. Now I'm starting to think we're the problem.

René [00:35:01]:
Yeah, well. Well, it's great because we're bringing up subjects that really get us thinking. We don't have a clear answer for this, but it's obviously a problem. Like, yeah, I agree. There is less common sense in the world. Today than there was two decades ago.

Darryl [00:35:15]:
Oh, for sure. But I think it's important that we listen to others and consider their insights in that. I'm not gonna say gonna fix it. Yeah, well, I know it sounds blah blah, but we can make a more balanced and sensible decision. Right? You know, when you have different viewpoints than other people, if you just leave sleeping dogs lie and ignore their viewpoint, and you think yours is common sense and you walk away with that, that's not helping the problem.

René [00:35:41]:
Hey, listen, it's not my problem that you don't have common sense. Just saying. Maybe the problem is, is that if I acted without common sense as a kid, I would get a slap in the back of the head.

Darryl [00:35:52]:
Exactly.

René [00:35:53]:
Come on, you idiot. That doesn't make sense. And no one's getting slapped in the back of the head anymore.

Darryl [00:35:59]:
So, listen, remember, common sense might seem like it's in short supply, but I think with a little mindfulness and effort, we can bring a little bit more of it into our daily lives. So I guess what I'm saying is, René, get your head out of your ass sometimes.

René [00:36:14]:
Well, right now it's full of cell phones, so.

Darryl [00:36:18]:
Sorry about that.

René [00:36:19]:
No room for my head.

Darryl [00:36:21]:
Listen, that's it for us today. Follow us on Instagram, follow us on Spotify, Apple Podcasts, wherever you listen to us and share with your friends, let them know about this podcast because we think it's pretty good.

René [00:36:33]:
Please practice common sense.

Darryl [00:36:35]:
Yes.

René [00:36:35]:
It's more important than you think.

Darryl [00:36:37]:
All right, we'll see you guys next time.

René [00:36:39]:
Ciao.