TD Just Warned: Canada's Top Talent Is Leaving | Tom & Nick Karadza

Ajouté : 2026-05-26

[00:00:06]your life, your term show.

[00:00:08]>> Um, that TD report that you sent me, I don't know if we were going to start right there. By the way, I had people last week talk to me about the RRSP comments that we were talking about how RRSPs like this.

[00:00:16]>> Yeah, I had a couple people reach out to me >> honeypot of thing and I started doing the math on it just just for my own curiosity. But it does get complex because you got tax brackets, you got marginal tax rates, you have our average tax rates you got to figure out. You have to figure out, you know, somebody's income. Is it staying the same? The amount they're contributing, what they would do with the money if they didn't put it in the R.

[00:00:35]>> Yeah, there's a lot to And then when you're doing something like that and you're you're basing it over questions that span whatever 30, 40 years, you know, there's a lot of >> And then yeah, then what do you do? You invest in the exact same thing that you would invest in if you're not in an RRSP outside the RSP. So, I guess the bottom line on it to me is that I don't want I I have a you know, >> the bottom line is you think tax I don't speak for you, but I think you think taxes are going to be higher now than they're going to be. You're going to need more money than you think because prices will be up and you don't want the government to control your money because they're holding they're going to hold tax when you try to take the money.

[00:01:14]>> And I think if you boil all Yes. And Exactly. And I think if you boil it down, it's just I like my personal freedom to the point that I don't want someone else telling me what I can do with my money.

[00:01:23]>> Well, it's one reason I never did an R our ESP for the kids, which I mean some people like tell me I'm crazy. They're like, are are you kidding me? The government will give you free money like if you contribute I forget the numbers now, but whatever. It's like if you contribute 2500 bucks, we give you 500 for >> We actually did one for a little bit and then it's, >> you know, but but then again, it's it's I I just when I looked at it and >> it bothered me, too. Well, I'm like, you know, it it's they have these rules in place afterwards for these specific programs and these types of schools and like, well, I'm like, you know what, based on that return that they get and you know, the the extra money, I'm like, I don't feel like that's a huge incentive to give up that control if I'm going to do other things for the kids, you know, for for school, if I'm saving for that stuff. So, I never ended up doing it.

[00:02:09]>> Agreed. I think both of us just don't want to be told what to do from anyone.

[00:02:12]It's part of the reason I quit my job and went out on my own and started this kind of stuff with you. I just didn't want any, you know what, anytime, look, I was in the corporate world and someone if I asked I'll just remember having this thought that if I was in the corporate world and I asked for two weeks vacation that I couldn't get because I wanted to go see my kids do something and if the threat back was going to be, well, you can have them, but you know those juicy accounts that you've been selling into, we're going to reassign them to someone who's much more committed to the company. I mean, that's just like the end for me. I I can't I couldn't even bear thinking that. Like, those games just I hate it. Like, >> well, and for me, any any additional like I just want to remove myself from as much government and bank regulation as possible. So, the more I have to be intertwined into their webs, I just don't want it.

[00:02:59]>> So, with those types of of products, I'm just less interested in it. So, forget about it.

[00:03:05]>> Okay. Speaking of the banks, I was going to try talk about this TD report that you found.

[00:03:09]>> No, I didn't find it. Someone sent it to me actually. There was it's a guy from the gym that actually sent it to me that we we kind of banter back and forth um >> almost every morning about the state of the economy and the state of Canada.

[00:03:20]It's actually quite entertaining for the other people in the gym. I think either entertaining or they avoid us altogether.

[00:03:25]>> It's called Canada silent brain drain.

[00:03:28]>> Yeah. I thought it was interesting because so TDI did this report and I guess the first chart that kind of caught my eyes it just looked the high it said the higher educated the Canadian immigrants are the higher the chance that they will be moving out of the country which is kind of interesting because you can see that the the numbers from like no formal education you're actually putting that >> I put it up and I took a little chunk of some of the summary that was technical.

[00:03:53]>> Oh okay. Okay. So this this chart here do you have this chart chart one? can go to the report. Hold on, I'll stop.

[00:03:59]>> So, so yeah. Well, it says no formal education, secondary or less, some post-secary, bachelors, masters, uh, sorry, bachelor's is one, then masters of some graduate, and then doctorate.

[00:04:08]And the more educated they are, the higher the chances that they leave Canada. So, Canada does a good job at like we do a good job at educating people, but then they a number of these people leave and it seems like the more educated they are, the um higher the chances they leave. And what TD is saying is like, you know, no one's really talking about this is and it's >> a staging ground.

[00:04:30]>> Yeah, we're basically a staging staging ground. Yeah, there's that chart. So, so TD is talking about that and they basically said that uh it's a lot uh you you have the summary, but a lot of it has to do with regulations in place here and the way the tax structure is set up here. And that's why people when they have options, so typically you would think let you know I'll make an assumption here, but let's say that the the more educated they are, the higher the likelihood is they're earning higher income, >> right? We can like if you have a doctorate, you know, it's likely you're going to earn some sort of higher income or a masters.

[00:05:05]>> So, and and the people with those that education or or those those higher incomes, they have more options available to them than to exit if they want to. and and you know through this report TD is saying well yeah like once they figure out the game here and how it's played and what taxes and regulations are in place they're like forget it I'm out and they leave and and the number is pretty crazy like if you look at the doctorate number in in it says in 15 years here it says about 27% of the immigrants that come here for education they leave they leave the country 27% that's not a small number you know after 25 years is 34% but 15 years isn't that long after like if you finish people at 25 by the time you're 40 are gone. So it's it's pretty it's it's pretty decent numbers. I mean even after 5 years it's it's 10% of them are out.

[00:05:56]And listen to this point. Canada's demotivating personal taxes. Listen to the sentence in the report. The top marginal tax rate in Canada are marginal tax rates in Canada are above 50% in Ontario which is 53.53, Quebec 53.3, and BC 53.5 with Alberta coming in just slightly below at 48%. Meanwhile, even the highest tax jurisdictions of California and New York City, which is one of the several municipalities with a local income tax and and the top marginal tax rate sits lower at 50.3% and 52% respectively in high growth Florida and Texas, state income taxes don't exist, meaning individuals only pay the highest federal income tax rate at 37%.

[00:06:36]No wonder everyone's going to Texas and Florida.

[00:06:38]>> Let's just think. If so, if you're educated here and you can be uh like a highle nurse here and someone comes calling from Texas and says, "How about we pay you double and your tax rate's going to be lower?"

[00:06:50]>> Well, how does Canada retain that?

[00:06:51]>> But not even okay, let's say they don't even say pay you double, right? Let's say they just let's say they pay you similar and but you're making all of a sudden you're making US dollars. So globally your income then goes further because you're making US dollars. You're paying a lower tax rate. So call it 15%.

[00:07:08]Right. But that doesn't take into into account carbon tax and sales tax and all this other BS that we're we we get hammered with. And then um and then cost of living because in a lot of those areas, if you're going to work down there, your income is going to go a lot further just just for the cost of housing alone because you don't have to buy a house for a million dollars. You can buy a house a decent house for maybe $400,000.

[00:07:30]>> You know, like you see you see a lot of them online. They don't have a lot of them down there. They don't have basements. So they look bigger on the outside. this much the living space maybe is similar or maybe even smaller overall but nice finished homes nice subdivision >> it might have sunshine >> so yeah >> so I have the sun is it is June and starting now >> but Saturday it rained for more hours than out of the 24 hours I think it rained on Saturday >> for 24 hours >> 24 hours yeah and then listen to this I mean there is a some you know I mean definitely we're on Canada a little bit I think part of the reason this >> is on okay we're we're explaining part that's Also, I think the part of the reason that we're doing it is Canada's so great. Like the people and the country itself has so much potential. So, it just is a little frustrating. But look at this. Canada's general government revenue sources. I have it up from the TD report.

[00:08:18]Individual income tax is the biggest uh revenue source for the Canadian government at 36.7%.

[00:08:24]Second is corporate, which is 13.2.

[00:08:27]And then you have a mishmash of other stuff. Sales and excise taxes are 21%.

[00:08:34]But individual income taxes are the main source of revenue for the government. So like you're working hard, you're going to work every day and the the individual employees are paying the vast majority of taxes to this government. Corporate taxes are half.

[00:08:49]>> Yeah. Okay. Yes. But but okay, get this.

[00:08:52]This is even more insightful because you compare it against the other chart cuz the chart next to it says here's the G7 numbers excluding Canada. So if you look at the G7, I guess the average of the G7 excluding Canada, the amount of revenue those governments take in from individual income tax is 29%. With with Canada, once you put Canada in there, it bumps it all the way up to 37.

[00:09:16]>> Oh, sorry. Canada's is 37. Sorry, but the average of the G G7 is 29. So we're above the G7. And then look at this.

[00:09:22]>> It's 20% less. 20% >> less.

[00:09:26]>> Oh, yeah. Yeah. From 36 down to 29.

[00:09:28]Yeah. Yeah. Yeah. Gotcha. And then same then the corporate income tax is less in other in in the G7's 10 versus 13. So it doesn't make it enticing for companies to come here and then open up here and retain the Canadian talent that we're training because we're not attracting the companies either. So there's a bigger problem here where they make up the difference is actually social security contributions from the G7 average is 24% and in Canada it's only 15%. because our um I I mean I have to look further into this, but I think it's because of how poorly our our pension plans run.

[00:10:00]>> Oh my gosh, our pension plans should just invest in index funds. Every time I read about pension plan investments, they do worse than the freaking uh like an index fund. Like get rid of everybody there. Just put the the money in in the index fund. But I got I got to tell you something on this particular chart is that >> everyone will say, "Well, guys, like we're paying more taxes because we get free healthcare." And I just want to take a step back. We're not getting free healthcare. Stop using that language. We are getting health care that we all pay for through our tax through our taxes.

[00:10:27]It's not free. And the government does a piss poor job of allocating things. So, I'm not saying that the American system, for example, is better because it seems like they pay a crazy amount for medical stuff and the insurance industry down there. I don't know how that works.

[00:10:40]That's a whole crazy. Yeah. You hear all these Yeah. You hear the stories about like if you're paying through insurance, it's like 10,000 and if you're paying privately auditorious. Not trying to say the American system is any better, but at the same time, we can't point to that and say, "Well, the American system's so bad, so whatever we have is worth it."

[00:10:57]No, it's still crap. We're paying all these taxes and we're getting a shitty product in the medical system.

[00:11:02]>> Completely inefficient.

[00:11:03]>> Like, it's a I know somebody who was recently in the hospital. They were in the hallway overnight. The hallway. They were given a blanket. They couldn't get a room. They were in the hallway overnight. This is in the country of Canada. That's the health care system that we have, you know, like they couldn't be seen by a doctor. They had to stay in the hospital. They were put in a hallway. And that's the that's a regular in the greater Toronto area.

[00:11:24]This isn't like a one-off.

[00:11:25]>> Yeah. It's the problem with public institutions. I mean, let's be honest, like they're just run completely inefficiently, you know, and this is this isn't we're not talking about the uh the end workers there like the doctors and nurses and stuff. Those are the ones I think holding it together, >> you And then I've seen I mean we have uh >> there's some students we know that recent graduates looking for nursing jobs that uh we were talking to and none of them can find get nursing jobs at these hospitals. I'm like this is crazy like we we are in dire need of nurses. I thought they would be bending over backwards to try to get some of these nurses in there and god knows what kind of you know the reasons why but I and I I I don't don't know but it's just it's surprising to me that we can't get you know recent graduates who want to get into the nursing industry. Well, every time I talk to somebody who's a nurse, they say that like the the the funding for their hours is just always like voted down or something. Like if they need overtime hours in some of the critical care units or they need more staff, if somebody doesn't show up and someone else needs to cover, they don't have enough like funds to pay the overtime hours for some of this coverage. Like it seemed these are in critical care units. And I'm speaking a little bit out of my ass here because I don't have like actual data. This is just what I'm hearing, but I've heard it enough times and it feels like this is an issue. If I just keep hearing the same theme over and over, like where is the funding for our hospitals?

[00:12:40]>> How do you increase the population and not e increase the healthcare at the same percentage growth rate? It doesn't make any sense.

[00:12:47]>> Like I don't >> stop using logic, right?

[00:12:49]>> I just don't get it.

[00:12:49]>> But anyway, so this this report and it's not meant to be like, you know, a on Canada report or we're not meant to have a on Canada on Canada. But but it's just like hey look when the hard numbers are there >> it's just like hey we have to pay attention to these hard numbers. So Canada is this amazing place and people want to come here then they come here and we educate them and we give them good education and we give them a skill set >> and then then well then because of the way our our we're set up financially like just our the infrastructure from a a financial point of view um both on the corporate and personal side >> it's harder for them to see as as much opportunity here as elsewhere. So they leave.

[00:13:29]>> That's that's really what it is. And it's not even that they leave to go to the states. It doesn't even say some of this says >> well and that's fair too. I don't think anybody knows where to go right now in the world. Like I don't you know I keep we keep talking about Florida and Texas because of the tax rates but I don't think anybody who's really looking around the world right now can identify any one place and say I am going to set up a family there for the next 20 or 30 years.

[00:13:49]>> This is the this is the utopia.

[00:13:51]>> Everyone's kind of looking around like everybody >> even the people that have left to other places even include Florida and Texas.

[00:13:57]They're like yeah >> I'll go try it out. It doesn't seem like this is the place I want to be forever, you know, but you know, people are trying things. So, anyways, the numbers are behind it now. It's apparent to see this go anywhere. You know, I don't I didn't see that it get got much attention at all. Um I didn't see anyone even sharing this type of stuff uh online or anything. So, if I didn't get sent to me, I wouldn't even seen it.

[00:14:18]>> There's something else.

[00:14:18]>> Thanks, Rob. By the way, >> there's uh something else that came up on the weekend. Um, it seems to me that it it's being reported now that uh in 2027, Australia's capital gain taxes are going to change and it's going to be 47%.

[00:14:35]So apparently in July 2027, Australia's capital gain tax rate is going to be 47%. I just want to repeat this. You work for your money. You pay your income taxes. any money that you save, which is very difficult, let's face it, in Canada or Australia, that you then go and invest, if you are smart enough to make a great investment and make a profit in a house or an equity of some sort, you are then going to give pretty much half to the government if you made a gain.

[00:15:09]So, you paid all these income taxes. You managed to survive and actually save some money and then you managed with your s with your meager savings to grow it. They're going to take half of it.

[00:15:20]Yeah. They've had a discount. It looks like they've had a 50% discount. And then what they're doing now though is they're going to um they're going to adjust your tax rate based on the inflation. So, you're get they're saying you're getting taxed only on your real capital gain rather than the nominal value. But they're going to use some, you know, some >> BS. I don't think they should be taxing any capital gains and any increase in whether they have seems blasphemous.

[00:15:48]>> Well, the minimum tax rate is going to be 30%. It says >> anyway, whenever you see stuff like happening in Australia and other parts of the world that Canada is kind of similar to, it just makes me question going back to our RSP chat earlier. It's like, hm, if it's happening there and taxes are increasing, I wonder if taxes are going to increase here. Well, look, we Well, look, the Liberals tried to like right before Trudeau left that was announced in their budget was an increase to capital gains. So, they've already kind of done it once here and backed off. We've seen it happen in other countries in Europe. They've they've floated this idea um increased capital gains or uh taxing um unrealized gains, right? So, that's a whole other thing. So, they they floated those. So, you're seeing these things floated and they back off. Typically, when you look at those types of scenarios, when they float those ideas and back off once or twice, eventually they end up putting them in place, right? Because it's a honeypot. That's what that's what they're looking at. And and they can do it without um you know, upsetting a large percentage of the population because less a smaller percentage of the population actually owns assets. So, they can still get voted in which is their primary thing.

[00:16:54]But they what they don't look at is just like what New York's going through now, you know, when when Madam Donnie is looking at, hey, we're going to tax all these people and because they have these assets and we're going to tax them more, but then these people leave. So like it it applies to the majority of New Yorkers say, okay, that's a great idea because it's not going to impact me. So let's fill this person in. But the problem is the people that have those assets that have that wealth, they're paying the majority of the tax revenue in the city. They have the jobs in the city. So like when Ken Griffin came out recently, said, "Well, you know what?

[00:17:22]Maybe I just take all those jobs that I have in those thousands of jobs that I have in >> billions of dollars of investment.

[00:17:27]>> Yeah. And just leave. Well, then what does that do to the financial structure of the city, right? No one's >> And I guess they don't care because if the if the mayor there in New York then gets the people who would vote against him out of the city and then he just goes to the state and to the feds and says, "Hey, I need money. I'm broke."

[00:17:43]Because I think the state recently gave him like three or four billion. Yeah.

[00:17:46]Four billion.

[00:17:47]>> Four billion dollars to b quote unquote bal he balanced his budget. I'm saying quote unquote because he balanced the budget with money that the state gave him.

[00:17:54]>> And where did the state get their money?

[00:17:55]>> I'm sure they printed it from the >> Well, they got No, they got it from the I think they got it from the feds. They printed I know. You just roll it all the way back. Gets printed into existence.

[00:18:04]>> And but you do So then he gets rid of the people who would vote against him.

[00:18:08]He gets the money anyway. So this is where when you have communists in power, they kind of don't mind what they're doing. You drive out the people who are going to vote against you and you get the money anyway. But if it's a win-win for him, really.

[00:18:20]>> Yeah. And if it rolls up that way, right, so it's from the feds to the state to to the city, >> then there's some like Americans in Wyoming that some of their to their tax dollars >> paying for New York >> are paying for mom's policies in New York City. Like just so >> it doesn't really make sense, right?

[00:18:36]>> Remember I have this one for you. Um this guy posted this on X and he says, "Well, simple settled Visa card transactions in USDC." So that's the US dollar stable coin. the first Canadian financial institution to do it. Um, the stable coin headline misses the real story. Settlement that took a day collapsed to minutes because they went around the existing rails, not through them. Banks won't catch this with more compliance hires because they're going around. What he's suggesting there is they're going around the system. So, a couple things on this because this is like fascinating to me is first of all, is Wealth Simple actually becoming like a new bank in Canada?

[00:19:13]>> Well, it's coming. They are one.

[00:19:14]>> Yeah. So, like it's really incredible.

[00:19:16]Like I haven't seen a new bank kind of emerge.

[00:19:17]>> They've done a good job because they keep releasing new things. So >> yeah, like that product that they offered with that's like Canadian dollars and US dollars out of the same account.

[00:19:25]>> Seems that way. Yeah, that was last week they made that announcement. Yeah.

[00:19:27]>> Yeah. Like I don't I haven't looked into it. I don't know how that's going to work, but it looks interesting to me.

[00:19:32]>> Yeah, for sure.

[00:19:33]>> Um and then they settled in US dollar stable coins. And this is where I think about a year ago or two years ago, I said Canadian banks are screwed and they don't see it. Like wealth simple, and I mean Canadian banks, I guess not well simple. I'm talking about the exist existing banks. They don't see all these changes happening and the tech infrastructure that they have because they're still running like mainframe computers in there. I don't know how they're going to adapt to these new companies. This is exactly what I was expecting to start seeing happen that are going to use the new technology and they're going to settle Visa card transactions with USDC. So, a US dollar stable coin. They don't have to go through the old system at all.

[00:20:09]>> This is Yeah, I agree. The banks don't see the I don't know who in the executive suites at the Canadian banks is paying attention to this.

[00:20:17]>> I don't even care. I'm sure some are. I think some are, but you can see the establishment at the top would say, "Hey, we're making all this money." Like they they're publishing their earnings and they're making all this money. They don't see it. But it's going to hit them hard.

[00:20:27]>> I I don't even know if they don't see it. Let's give them the benefit of the doubt that they do see it. But like you said, their tech stack is so outdated, >> antiquated, >> that they can't to implement this into that tech stack is just really difficult. So, this is why we talked about stable coins and I think people might have looked some people might look us like we were crazy. It was a breakout session, but uh that was last year because we just >> you did that breakout session at the year like your term.

[00:20:50]>> Yeah. Because these new financial rails, we're trying to explain to everyone what what we're going to see. Here's where this gets really interesting because when I was putting that together, this was something I never thought about.

[00:20:59]Right now, whenever you transfer these funds, so call it the Visa funds, right?

[00:21:02]Those those go to those used to well well they still do but in this case they don't if you use the stable coins the old rails had them going and sitting at a bank for a while right even if it's a few days and during that time just think of how like those funds and the interest and then the other thing I thought about was payroll >> because we when we pay payroll here the payroll gets removed from our bank accounts on Tuesday and then it gets deposited to everyone else on Friday so they have that much time to and just think payroll across the country all these different banks sit and they earn interest on all this money and then when you don't if you don't have to use that anymore these settlement rails all of a sudden all that disappears >> right which is actually well it's better for the the >> that a hard one to get rid of because payroll time they'll just force you through the old banks but yes I I know I >> well I just mean the whole the whole way any transfer you remove these intermediaries and then you don't need that interest being paid and you don't need however that interest whoever wherever that's coming from and and you know diminishing the value of the dollar and people get their their settlement right away. It's no different than we >> Canadian banks have been sitting on top of the economy just sucking from every angle mortgages fees like it's just been a racket that they've had like a complete racket. So these new financial rails and I'll tell anyone when once you use these new financial rails and um it's it's awesome because and people will tell me they're like well no it's like interact transfer. I'm like okay yes kind of except the biggest difference is there's no intermediary. I can send something from me to whoever immediately >> and no one's going to say no or hold >> I don't have to go through the interact.

[00:22:39]They don't have to go through.

[00:22:40]>> Everybody who's used it has had to call the bank at some point saying, "Why have you held my interact transfer? Please release it."

[00:22:46]>> Yeah. There's all this, you know, and and and that's why it's just it changes it changes things so dramatically. And then especially if you have to send money to overseas or cross borders or something, it's it's awesome. So then when you go back when you use it and then you have to go back to these old rails, you're just like, "What is this?"

[00:23:02]It's so antiquated.

[00:23:04]>> So antiquated.

[00:23:05]>> But the the biggest difference is too, >> but seeing well simple. Like I don't I know nothing about them. Kudos to them.

[00:23:10]They're like steamrolling into Canada pretty cool here.

[00:23:13]>> Yeah. And the biggest difference >> this is a Canadian company. Well, simple.

[00:23:16]>> I'm pretty sure. Yeah.

[00:23:16]>> Wow.

[00:23:17]>> The the the other biggest difference what people can't get their heads around with this this type of thing sometimes is they're not used to owning their assets that they see on their screen themselves. So typically if someone looks at some sort of investment portfolio or checkings account, they're looking at it and thinking like, well, that's in the bank. versus when you have some of these assets, stable coins or bitcoin or anything else and you >> physical gold in your hand.

[00:23:42]>> You sure it's well it's the same thing but then because when you're holding the physical gold just like gold just like when you have the stable coins in your digital wallet yourself that's you owning it. You don't need the bank's permission. You don't need the bank's technology. You don't need that. And that gives you the freedom and flexibility to do things.

[00:23:58]>> Well, and now as adoption grows then you can do more and more stuff globally with this stuff. So it gets interesting. You can take some.

[00:24:06]>> You were using the banks as a ledger before. Whereas if you use physical gold, it's like you're using mother nature as the ledger because you're using this commodity, this thing as gold. And you're like, I have this 1 ounce of gold, Nick, I'm going to pay you this 1 ounce of gold. And mother nature has been the ledger because mother nature creates this limited amount of gold. So you know that the ledger, the amount of gold in the whole system isn't increasing at some astronomical amount. So like it's kind of this like natural ledger. Bitcoin is a digital ledger. Bitcoin is now doing the same thing at a much more to me secure, accurate kind of long-term open, permissionless, and it's doing it in the digital form.

[00:24:40]>> For sure. And that gold, if you think about that gold, you could take that gold pretty much anywhere in the world and find someone that's willing to trade you in whatever local currency for that gold, >> right? I think it's anywhere. is I I I don't know if I told you this before.

[00:24:56]When I landed in Amsterdam last summer, um I had some cash I had some euros on me and you know me, I was wearing my fanny pack. You know how much when you listen when you travel, fanny packs are the thing like as a dad.

[00:25:09]>> Yeah. As a brother, as a brother, >> you need a fanny pack. Like a fanny pack is like when you're traveling, it's perfect. Everything's right there.

[00:25:15]>> As a brother, I advised Tom not to share that information. I had a I had some euros on me because I was carrying cash for some euros and I went through customs and a dog ran right up to me.

[00:25:24]>> I smelt your fanny pack.

[00:25:25]>> Smelt the fanny pack. And I asked the officer like, "Why the hell is this guy wearing this?"

[00:25:30]I assumed it was a drug dog. I'm like, "Listen, I don't have any drugs." And they're like, "No, it's a currency dog.

[00:25:35]Do you have any currency in your fanny pack?" And I'm like, "No, I do." And they asked me the amount. It's a small amount. And uh they're like, "Okay, you're, you know, you're good to go."

[00:25:44]And I'm like, "Holy shit." And I'm just sharing that because of like you're talking about gold and the freedom of movement. Like you would think cash sometimes is like you can carry that around easily, but they have currency dogs. So I guess they're sniffing for anyone moving large amounts of currency through the airport.

[00:25:56]>> Yeah. Makes sense.

[00:25:57]>> Wild. Is that not wild?

[00:25:59]>> It really is wild.

[00:26:00]>> Yeah.

[00:26:00]>> Yeah. Cash is.

[00:26:01]>> And then I forgot that I had lied to them about the amount that I had cuz it was a small amount, but I had more in my backpack that I thought was in my backpack, but it was also in my fanny pack. Oh my gosh. It still wasn't.

[00:26:11]The total amount still wasn't a big deal. Oh, there's got to be even a different name than a fanny pack for it.

[00:26:16]>> Well, whatever it is, brilliant. When you're traveling, like listen, in your fanny pack, you can keep a battery pack.

[00:26:22]You can >> Stop saying fanny pack. Damn it.

[00:26:23]>> You can creep a you can creep you can keep a US uh B c USB cable in there. US uh US What is the USBC?

[00:26:32]>> How about How about a charger?

[00:26:33]>> A charger. You can charger a cable. You can keep some cash if you need it. You can keep some gum if you need it in there. You can keep like a couple keys.

[00:26:42]You can keep like all the important documents. Like it's all handy. Why would you not travel with one? Hey, I have this for you here. Next, I just want to show you this. I'll put it up on the screen. And for anyone listening that can't see it, um it's taking a second. This says, "Someone built an OpenClaw agent that sells pool installations on autopilot. The OpenClaw agent finds 500 to$1.2 million homes without pools. It renders a pool in their backyard and mails them a before and after postcard." That's awesome. The AI agent that I guess is scouring Google images or something and looking at all the houses that don't have pools >> and then creating the postcards that is sent out to these addresses with before and after images pitching a pool sale.

[00:27:27]>> Yeah, it's awesome.

[00:27:28]>> That's just I mean how long until it gets the phone number somewhere depending on the privacy laws that that starts calling you just starts calling them. I mean but but like realistically that can happen today.

[00:27:37]>> It can happen today. you might be getting a call right now. The the uh these agents that came out in January really changed my thinking on where the economies have headed because you know for years we were saying the main influence influential factors of economic growth would be population growth, productivity and capital or debt growth, right? That's kind of like the three influential factors on a country's GDP. And population I always thought as humans until January of this year. So I'm like okay well population is decreasing across the west. Demographics are kind of going down. productivity is pulling prices of everything down. So that's deflationary. So they're going to have to make up for this and a lot of debt growth, the third factor. But when you kind of rewind things now a little bit to January and you see agents are entering the economy and they're likely going to transact not just with humans, but these agents are going to transact with each other.

[00:28:26]>> The population number that we were using just as humans now kind of has to sort of increase this human plus agent population count. So like you're hearing a bunch of people start talking about it this way. It's like the total count of economic players in an economy now isn't just limited to humans. And in fact, we might be the slower, less intelligent, maybe less profitable ones. These ones that are going to transact on the when agents start transacting to another human or directly between each other, you using USDC or Bitcoin or these things. I mean, things just get wild.

[00:29:02]The next 10 years might be like what Elon said where the GDP 10xes from here.

[00:29:06]Like this is wild.

[00:29:09]>> Yeah. Yeah. It's super interesting because the GDP can 10x but the GDP per human >> Sure. would >> Yeah. Yeah. It still doesn't mean you don't want to own assets and protect yourself.

[00:29:18]>> Well, no. I'm just I just trying to play it out because then the GDP per human is is then substantially less >> depending on the market share depending on how much the humans like it's just Yeah. I just how much the humans capture of that whole GP number I think it is going to be less >> it could be more as the GDP goes but you'd think so much of >> it could be nomally nominally more maybe like it'll be nominally more but the real purchasing power that you have as all these new dollars are printed into existence and created out of thin air like I'm not sure if the dollar the purchasing power per human is really going to go up over the next 10 years.

[00:29:54]The argument, the argument against this stuff right now is that it's all a little bit of it's overblown and it's not really going to have the impact on the job market that some people are saying. And um if it the impact that it does have will be muted because of the new jobs that is created for people then to interact with these agents and they have to control them and stuff.

[00:30:21]>> Yeah. No, there's >> that's the counter argument to it.

[00:30:23]>> Yeah. But there's still a lot of people in the middle. Like there's a lot of people on the ground doing trades and there's a lot of people at the top maybe pulling the strings of some of these software developments, but there's a lot of middle in companies who are literally doing counting and recording and administrative type work.

[00:30:39]>> Well, look at retail. Like look at checkouts.

[00:30:41]>> Yeah. Like >> how many people did you need before versus how many do you need now?

[00:30:44]>> Shoppers. If you go to the checkout, you can barely find a human anymore.

[00:30:48]>> There's there's almost never someone at the checkout. If you need somebody, if you need a human, it's like you're kind of interrupting them, it feels like, and they don't really know what they're doing at the checkout anymore. It's like it's just kind of like a disaster. But yeah, you can see these roles kind of going and then never mind like some of the roles that I'm saying maybe are protected. Do you see that robot that they ran for like uh they were going to run it for eight hours as a record that was sorting packages like these packages?

[00:31:09]>> We talked about it last week, didn't it?

[00:31:11]It ran for seven days.

[00:31:13]>> So they were going to try and go eight hours. One robot could recharge itself.

[00:31:17]So, it backed up and a new robot came in to replace it. The whole thing ran now for 7 days. I don't know if they finally stopped it. They were going to try and do eight hours. It ran for 7 days sorting random packages.

[00:31:28]>> That gets crazy for manufacturing.

[00:31:29]>> 24/7.

[00:31:30]>> Yeah.

[00:31:30]>> It's just insane. So, like a lot of these kind of human jobs that I think are going to be protected. I mean, you and I went to the Amazon factory warehouse up in Bmpton.

[00:31:39]>> That was so cool.

[00:31:40]>> And like how many humans were there? We saw the robots that went under all the shelving and lifted the shelving and brought it to the humans who would like pick the final pick and put it in the bins and there were humans then packaging it. But there was >> that was a long time ago because that was before co because they stopped doing that at CO. So that was years ago something like that and it was cool then I'd imagine even more >> even less humans now.

[00:32:04]>> Um I wanted to share this one with you.

[00:32:07]>> Look at this one. It's coming up on the screen here.

[00:32:11]some some guys I guess in Bulgaria. It says two Bulgarians just killed the streaming industry. It's called Streo Plus Torantino. You get 4K content from Netflix, Disney Plus, Hulu, and HBO Max combined for free.

[00:32:25]>> And they go on I tried to let it reminded me of Napster back in the day, but I guess they made some decentralized thing where no central server exists, so it's hard to shut down. and it goes and I guess to the different torancets out on the internet torrent and shares it. It's like >> how are these streaming services going to protect themselves? Like maybe this one doesn't work well or maybe it takes off. Who knows? But how are all these digital content streaming services going to protect themselves? Like and this is where I say that tech is undefeated.

[00:32:56]Like Napster got shut down in the late 90s and Napster was freaking amazing because you just sat in front of >> but it got shut down because it wasn't decentralized at that time.

[00:33:04]centralized servers, >> centralized servers. And then kind of Apple came on with this iTunes and it kind of provided an alternative central thing which was convenient for people because then the iPhone like 10 years after an app store really got shut down, the iPhone came out. Everyone started using the iPhone. It was like, "Oh, this is my phone. I'll just get my music here." And it was very convenient. But now with these things that's fully decentralized and people not wanting as much central control over things in their lives, like I don't know how they're going to shut some of this stuff down. And this is where I think government just come down hard on like your internet usage where the government's going to say, "Hey, Nick, like we need to know the services that you're using." I mean, Canada's trying to pass that thing where it can like spy on our messages without any court orders or whatever. B bills.

[00:33:47]>> Yeah. B it was a C-22. Is that what it is?

[00:33:50]>> But yeah, and even the tech company like Apple like a lot of the tech companies have come out already and said this is like pure overreach from from >> Yeah. The US tech companies are telling Canada. Yeah. Yeah. Yeah. Yeah. Yeah.

[00:34:00]So, I just figure it's they've been trying to pass something like that for so long. I figured now that they forced their majority, they're going to they're just going to they're just going to pump it through. And and what's you know what's the crazy thing about that is that, you know, they always it's always positioned for everyone's benefit, for everyone's safety, for all this kind of BS. But who's to say? Like everyone that's listening to this, you got to realize the question to ask. I think when you're looking at a a bill like this that is going to kind of really limit what what can be said and done online is like who's the ultimate say on what is true and what is not? And that's where things get really squirly because just in recent history there's been many many things major issues that have come out where the government is saying here's the truth and that was not accurate and it was not the truth. So how the hell can you trust them now to say oh yeah okay let's give them all this power and just let them determine what people can say. That's the biggest load of BS. That's probably something that I don't know in my life that's that's a that's a pretty big nail in the coffin for me to get the hell out of here. I got to be honest.

[00:35:07]>> It's interesting. Yeah. But where are you going to go?

[00:35:09]>> Well, some place that doesn't have that for now and that might change. But then, you know, then you hop around.

[00:35:13]>> Yeah. So, El Salvador basically. I mean, they're doing the right thing. El Salvador is the place. But like, let's face it, they're doing the right thing.

[00:35:19]>> Maybe a hut in the jungle. We know some other people.

[00:35:21]>> A drone is still going to find a little drone will still find you. I will have a little drone track you down.

[00:35:26]>> We know someone else in like a Central American jungle somewhere. Maybe I can build a treehouse next to him and I'll >> if it wasn't for little drone if it wasn't for little drones that'll still track you down and spy on you know where you can hide. But uh it was something I was going to say. It's interesting that you brought up like who's going to say the truth because I really think the next the the framework to look at the economy in the next 10 years is not population growth, productivity, and capital or debt growth like we've been talking about. It's it's a combination of energy intelligence and proof. And here's what I mean. These are going to be the very important factors that drive the economy. Who controls energy to drive all the data centers to drive all the tech that is being driven. Who's going to control the intelligence? Like are you going to have access to the best AIs? Is it going to be some companies?

[00:36:11]Is it going to be governments that release it? And proof of what is true.

[00:36:16]Who is going to decide what is the truth? Are you going to use the Bitcoin blockchain and immutable blockchain to decide and register some information of some sort and some capacity through that to dictate what the truth is? But the so going forward of these three factors, what can you own that will be a combination of energy or just energy, intelligence, and proof?

[00:36:42]And to me, that's going to allow you to survive and thrive through the next 10 years. And it's why we talk about Bitcoin as much as we talk about it because I feel like it plays in all of those areas. Anyway, we can talk about that another day, but more and more people when you brought it up, I've had like three people over the last few days talk about like what is the truth? Is your bank account balance the truth?

[00:37:04]Like, do you really fully have access to your RRSP balance or do you not? Do you really fully have access to the money in your checking account when you want to transfer it to like the country that you're moving to or do you not have access? Is so is that number truth or is it not true?

[00:37:17]>> You're not allowed to transfer to that country because they're bad.

[00:37:19]>> Sure. And so like this whole angle of proof and proving of what is true in your life and in the world. It's becoming more and more relevant in the economy and it's because technology is changing the way it is like and governments are acting the way they're acting. Nobody really knows what it is anymore. But here I have this next thing I want to I want to share with you here.

[00:37:36]I'm going to put it up on the screen.

[00:37:37]Sorry. Give me a second. Give me a second. Share.

[00:37:42]Here we go. It's this from um somebody tweeted this from Jordy Visser talking on a podcast. But what he what he mentions here is really kind of interesting. Sorry, I'm going to have to read it because it's small on here. He's basically saying every time Jensen Yang gives an interview, he takes the YouTube transcript and he drops it into a folder on his computer. And then he gets Claude to go through not only the one he dropped in his computer, but all of of uh all his past ones and then asks Claude, "Hey, what is he talking about?

[00:38:13]What themes are he talking about? And can you identify seven beggar, you know, equity investments that would would would uh would correspond with what he's talking about. So like whatever he's saying over the last little while, can you tell me what I should invest in based on what he's saying? And I'm like, that's the kind of intelligence you used to go to uh for the main investment banks. You would in ask investment bankers, hey, what are you guys seeing in the landscape? I have some excessive funds. I would like to invest them. and you would pay a bunch and it would take weeks for them to get back.

[00:38:44]>> You would get weeks for a response. They would take a huge fee to do that. Now, and this is the positive side of everything we've been talking about now with this sort of intelligence available to all of us. You and Elon Musk and uh the Google guys, Jen Sen, they're all talking about this stuff. Um and you can get the transcripts and they're talking about it daily. You're getting VCs out of California um talking about this stuff. Mark Andre's always on podcast.

[00:39:10]He was just on Joe Rogan. You can take all these transcripts, drop it in Claude and ask Claude to do some analysis and tell you where to invest your money. I don't know where you would get the most current information like that before, but now through podcasting we can and then use the intelligence like we have now to analyze that information and tell you what the trends are and where to invest in the next 10 years. Like it's pretty exciting.

[00:39:31]>> 100%. Well, like if you we thought you you know if everyone thought they had access to a lot of information before when when the internet came out. So just think of like pre- internet and post internet for anyone that's old enough to understand what the world was like then and how easily accessible so much is to everyone now and that was you know you had to just go and look it up or you had to go and actually do things. Now this stuff is just really handed to you and you have to decide some people don't believe in the accuracy as much as you know and I would say like if you've used it in the past I would say go use the most updated models now and see what the accuracy is cuz it's it's a very >> 5.5 is is crazy. But, you know, I talked to some people that use chat GBT, you know, they they haven't used it in six, eight months because it's like, ah, it just wasn't that great before, but I'm like, man, if you're using it now, like, it's very different, you know, and and remember, just like it was 6 months ago, that was the worst it was ever going to be. Today is the worst it's ever going to be. So, it's just getting better and it's like it's it's it's nuts. So the the what we have access to now.

[00:40:30]>> Well, look what Gemini was able to tell us when we uploaded all the Rockstar member of the month stories for the last decade and then the intelligence that it's giving us about our own clients that we really weren't aware of. Like we didn't know how many clients of ours had done the house hacking method where they moved into a property themselves on one level and then rented out the other level of the property. So we thought that was happening, but we didn't realize how much that was happening. And then some of those rockstar clients going on to use that property to spring them into buying another home which became their primary place of residence and they kept that first home as a rental property. Like it's a big strategy and I know we've been talking about it more and more. I think at one point we're going to do like a a session on on this exact topic because it seems to be coming up more and more for both investors and people who are looking to get out of condos into homes or a first-time buyer who's looking to get into a home. So, uh, the intelligence that we're getting back from our from Gemini on our own data is like it's basically telling us stuff we didn't know about ourselves. And having said that, cuz Nick, we're going to wrap here in a second. I want to mention that we have a VIP dinner coming up. So, this is something we do with a subset of the Rockstar Inner Circle membership where we go out and close down a restaurant and we all get together for the evening.

[00:41:39]we kind of have some laughs, have a few drinks, and if you want to hang out with a group of people that are doing this stuff, you can reach out to members at rockstarbrokerage.com and and learn about all the different membership levels that we have. But that's something that we're doing and we're introducing something new for VIPs as well. We're going to do a your life, your terms freedom kind of blueprint or freedom framework. We're just deciding on this. We used to do an AI workshop.

[00:42:03]We're going to kind of redo that a little bit and do some AI stuff, but we're also going to be talking about all the other aspects that you need to live your life on your terms. Geographic freedom, financial freedom, you need a network that is going to support you through the next few years. You need a mindset that's going to be set for the next few years. You need to take care of your health. So, we have like these 10 points that we're going to go through that we're going to introduce to everyone. It's going to be kind of fun and we're going to do that on on a monthly basis here at Rockstar. It's part of the Rockstar Inner Circle membership. So, if you are listening to this and you want more information about what we're doing, email. It'll be Amelia probably responding to you at [email protected] and we'll share that information with you.

[00:42:40]>> Yeah. And that dinner is where these types of conversations are had cuz it's interesting to see what other people are up to. Whether or not you ever decide to go down that path or not, cuz maybe someone's moving to Panama and that's their thing, you know, and you don't want to move >> and maybe you don't move to Panama, but understanding why they're moving to Panama, how they did it, how they got status there, what the >> who were the professionals they used.

[00:43:00]Yeah. All that just understanding that and is is valuable and then having that type of relationship in your pocket. So if something changes and maybe you don't even want to move to Panama, you want to move to Costa Rica and then but that's talk to them about their experience for Panama to then you know so then plan your move or or not move but just to see what's going on in the world. we've we've seen from the feedback is that these conversations aren't readily had and they're they're being had by more people, but they're almost like some people don't want to have them on the out in the open and they don't want to >> Well, if you're in your job, in your corporate world, you don't want to talk about this. You might feel threatened that like the people don't believe you're there, don't believe you're committed to the company. So, like I get it.

[00:43:41]>> Totally. Yeah. Yeah. Yeah. It's not even just it's not even just leaving. Maybe it's restructuring your your assets or um it's there's conversations. Do >> you sell it? Do you sell it?

[00:43:49]>> What about family trust? How are your family how do you bring family trusts into now preserve your assets that you have in Canada and for future generations in Canada? It's not about it doesn't have to be about leaving. That's for sure. So, there's all sorts of stuff that's happening with without that. We were just talking about that TD report.

[00:44:06]That's why it kind of came up today. So, but uh yeah, so it' be cool if anyone out there wants to join us, but that's yeah, that's coming up next week, I think. Right.

[00:44:13]>> Yeah, that's next week. So, yeah, if you're interested in that or other things that we're doing here, email members rockstarbrokerage.com. That's it for this week.