November 20 2023

Climbing the Ladder to Financial Independence: Developing a System, Not Just a Goal

Dear WealthViser Community,


Greetings from the WealthViser Private Wealth team! In this week's newsletter, we're excited to share an insightful illustration that captures the essence of our philosophy: "Develop a system, not a goal."

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This illustration beautifully symbolizes the journey toward financial independence. Two individuals, each climbing their own ladder, represent the unique paths we take to achieve our financial objectives. But what sets this image apart is the emphasis on the process rather than the destination.


In the world of financial wealth management and planning, it's easy to become fixated on the end goal—whether it's buying a home, funding education, or retiring comfortably. However, true financial independence is a result of consistently following a well-designed system.


Here are a few key takeaways from this powerful visual:


1. Focus on the Process: Instead of fixating solely on the end result, consider the steps and strategies you are implementing along the way. Building wealth is a journey, and the habits and systems you develop play a crucial role in reaching your destination.


2. Consistency is Key: Just like climbing a ladder requires consistent effort, financial success is often the outcome of disciplined, regular actions. Regularly reviewing and adjusting your financial plan ensures that you stay on the right path.


3. Personalized Approaches: Each person's financial journey is unique. The ladders in the illustration represent the customized plans we create for our clients, recognizing their individual goals, risk tolerance, and time horizons.


At WealthViser Private Wealth, we believe in empowering our clients to develop systems that align with their financial aspirations. Whether you're looking to build wealth, plan for retirement, or navigate complex financial markets, our team is here to guide you at every step.


Remember, it's not just about reaching the top of the ladder; it's about enjoying the climb.


Wishing you a week filled with financial clarity and success!


Best regards,

Franco Caligiuri

Last Week in the Markets: November 13th – 17th, 2023

What happened last Week?


Our grid, below, shows mostly green for the past week of trading.  Major North American equity indexes jumped-up, led by the TSX at more than 2½ percent.  The laggard was the Dow that still rose almost 2% for the week.  The Canadian dollar and gold both moved upward as the price of oil and bond yields fell.


Equities reacted most directly to positive inflation news, which supports more dovish monetary policy announcements scheduled by the Bank of Canada and Federal Reserve, December 6th and 13th, respectively:

  • U.S. consumer inflation was little changed in the month of October after increasing 0.4% in September.  Over the past twelve months the all-items Consumer Price Index (CPI) increased 3.2%, down from September’s year-over-year inflation of 3.7%.  The rise in the price of shelter was offset by the decline in the price of gasoline.  The Federal Reserve’s pause on interest rate increases appears to be well reasoned at this time.  U.S. equity indexes rose 1½ to 2½ percent and the TSX jumped 1.6% on the day that the CPI was released.  BLS release  CNBC article  CNBC 2
  • StatsCan released Canadian inflation data for industrial products and raw materials prices.  The Industrial Product Price Index (IPPI) fell 1.0% in October and is 2.7% lower on a year-over-year basis.  Raw Materials declined by 2.5% last month, and 0.8% since October 2022.  The drop suggests that existing monetary policy is achieving some of its desired effects.   StatsCan IPP release

Lastly, the U.S. Congress was able to pass new spending legislation, signed by President Biden, that avoided a government closure.  This round had been driven by a 45-day stop-gap bill approved at the end of September.  The current bill buys more time, but also splits some of the spending, which may drive additional political game-play when it expires early next year.  AP article  CNN article



What’s ahead for this week and beyond?


In Canada, Consumer Price Index (CPI) data for October and retail sales for September will be the highlights of week’s economic releases.  New housing price index and the federal government’s budget balance are scheduled to be reported.


In the U.S., the Thanksgiving holiday will shorten and lighten the coming week as markets will be closed on Thursday, and traditionally light trading volume are expected for Friday.  Existing home sales, and durable goods orders will be released during the quieter than usual week.


Globally, consumer confidence across the Eurozone, along with producer prices and Gross Domestic Product for Germany, and the U.K.’s house price index, and consumer confidence will be announced.

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