Pearls of Wisdom

Q1 | March 2023

stack of old newspapers, pile of old newspapers

Topic: Pearls of Wisdom

James E. Houston CIM, FCSI

March 29, 2023

Image used with permission: iStock/hanohiki


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Pearls of Wisdom

Q1 | March 2023

Reading is one of the principal occupations in our profession. As we digest a wide range of material, interesting ideas and surprising facts – some serious and some light-hearted – rise to the surface. We attempt to share a few of those with you in this issue of Nexus Notes.

Wardrobe Worries

Vanessa Friedman, chief fashion critic of The New York Times, was once asked by a reader (whose husband has very few items of clothing and believes in minimalism), “How many pieces of clothing do I actually need?” That’s a loaded question! In an attempt to answer the unanswerable, Ms. Friedman offered three perspectives. 1) A survey from ClosetMaid, found that the average American woman owned about 103 pieces of clothing. 2) The Pareto principle would suggest that 20% of one’s wardrobe is worn 80% of the time, and 3) From the book Marie Kondo’s Kurashi at Home: How to Organize Your Space and Achieve Your Ideal Life, “Taking the time to assess and make sure each garment serves a purpose and sparks joy in your life is more important than focusing on the amount of what you have.” (New York Times, October 10, 2022)

Shower Thoughts

Turns out that some of a person’s most creative thoughts may come to them while in the shower. In fact, a 2019 study of 98 professional writers and 87 physicists found that ideas that came to them away from their jobs were just as creative and important as the ones they had at work. While some researchers have suggested that such “mind-wandering” has a disruptive negative effect on performance, the author of this study feels that “mind-wondering,” which is playful and curious, may actually be helpful. According to another study, most creative, spontaneous thoughts were reported during a moderately engaging activity rather than a boring one. (Washington Post, January 12, 2023)

Karma Anyone?

In January 2010, a pair of young sisters, (2 ½ years old and 5 years old) responded to a fund-raising drive in Sault Ste. Marie, Ontario, after a devastating earthquake in Haiti had killed thousands of people and left much of the country in ruins. When the local chapter of the Red Cross set up a donation table during a Greyhounds hockey game, the sisters donated the entire $61.38 that they had saved in their piggy bank. On January 7, 2023, 18-year-old Juliette Lamour (the older of the two sisters) won a $48-million lottery jackpot, making her the youngest winner of such an enormous payout. Incredibly, it was the first lottery ticket she had ever purchased. She stopped at a convenience store to buy some ice cream for a visit with her grandfather and when she called to ask him what flavour he wanted, he urged her to buy a ticket now that she was 18. Juliette works as a part-time pharmacist’s assistant in the Soo while she studies biology at Algoma University. The windfall won’t change her priorities. She will continue with her four-year program, with a goal to attend the Northern Ontario School of Medicine and come back to practice in Northern Ontario. After the win, she said, “Money doesn’t define you. It’s the work you do that will define you.” Wise indeed. (SooToday, February 5, 2023)

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CRM2
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With changing securities regulations coming into effect, investment firms are now required to provide individual investors with specific additional in

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Charitable Giving Made Easier

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Foundations & Endowments
Excerpt:
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The Case for Openness – An Open and Shut Case?

Topic:
Human Interest
Excerpt:
From time immemorial, mankind has been open. Open to new ideas, open to trade, and open to migration – the three critical ingredients for progress.

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Embracing the Golden Years: A Journey of Reflection and Wisdom

Topic:
Human Interest, Inside Nexus
Excerpt:
It was an otherwise slow mid-afternoon trading session on the “old” floor of the Toronto Stock Exchange at 234 Bay St. The dog days of summer had

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Say “No” to Absolute Safety

Topic:
Investments
Excerpt:
My colleague Harsh Narsinghani and I were recently discussing how many of our clients were unnerved by geopolitical and economic worries and how it

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“Work, Work, Work, Work, Work, Work”

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Pearls of Wisdom
Excerpt:
This has been a busy year. I’ve had lots happening on the home front (a wedding!) and lots going on at the office (too long to list!) Managing work

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Saving in my Professional Corporation – It’s a Great Idea!

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Tax Planning
Excerpt:
The ability for professionals in Canada to incorporate their practice has existed for some time. Doctors, dentists, lawyers, accountants, and other

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Dentists Get Their Financial Check-Up: Nexus attends the 2022 Ontario Dental Conference

Topic:
Wealth Planning
Excerpt:
In early May, we had the opportunity to attend the Ontario Dental Association’s (ODA) Annual Spring Meeting (ASM) in Toronto. Now in its 157th year,

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Charitable Giving Made Easier

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Foundations & Endowments
Excerpt:
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Worth 1,000 Words

Topic:
Human Interest
Excerpt:
A little humour makes the world a better place.

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Excerpt:
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Don’t Worry, Be Happy

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Investments
Excerpt:
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A Table for None, Please; Working From Home on the Rise

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Pearls of Wisdom
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A Nexus Feature on: First Home Savings Accounts (FHSA)

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Tax Planning
Excerpt:
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From The Editor: Planning for Long-Term Care

Topic:
Wealth Planning, Living to 100
Excerpt:
As part of our Living to 100 series, Nexus hosted a client event in June featuring guest speaker Karen Henderson, an expert in long-term care planning