Wali...thanks for posting this one. I too made more wealth in Canada not in UAE...as your guest said..mindset really matters. Pl share your email address. 👍
I couldn't control my spending in Dubai so I was paycheck to paycheck. But I learned financial management after moving canada. So now Canada rich, Dubai poor???
Imagine if you learned money management in Dubai. You’d hit your FI number 4X earlier. It’s about mindful living, spending and investing. Agnostic of location. The mindset shift is what enabled your transition. Not just the geography/ surroundings I’m assuming?
@@taimuraziz3135 Thanks for your comments, could you please elaborate on the word educate yourself financially. everyone say and not guiding on how and what to be educated on. Appreciate a brief of the meaning and RUclips links for useful practical case study videos. Thanks in advance.
It's not about changing country. it all depends upon your type of work, your abilities, and how smart you are.. when you reach your satisfaction level, then you'll be able Evaluate life. Whatever you do wherever you go, just don't run for money or follow people only, follow your dreams, and always look for peace, which gives you true happiness..
75k aed is approx 20k usd which is approx 240k usd / . 881k aed a year . In sfo USA a good software salary is approx 200k usd . Using PPP purchasing power parity , 200k usd in USA needs approx 470k /aed a year. And this person was earning double that at 881 k , and says he was living pay check to pay check , so the maths is not adding up = this person was living a ridiculous showing off the Jones’s life , he wasn’t managing his cash properly.
@hasantahir3926 tl dr, he didn't manage his money well when in Dubai and got cought up with "keeping up with Jones'" mentality. He fixed this after moving to Canada. And now preaching Dubai is bad Canada is good.
I must say that a lot of us living in dubai can relate to what you guys discussed in this session - thoroughly enlightened after hearing you guys - keep posting
As an Indian, it’s so great to hear Wali and Behroz , both of them extremely smart and honest to share their experiences with world🙏 I have lived and worked largely in India with above avg salaries and an year in Dubai and can vouch that each and every thing stated by Behroz ( & supplemented by Wali) is gold.
To be honest this video has got nothing to do with living in Dubai, Toronto or New York. The whole point of this video was that I educated myself financially and I started making money. Nothing to do with where you're living. I came to Dubai with 700 dhirhams in my pocket. Today I make 150k per year passively. With Pakistani passport. It's about the mindset not the geography.
Thanks for your comments, could you please elaborate on the word educate yourself financially. everyone say and not guiding on how and what to be educated on. Appreciate a brief of the meaning and RUclips links for useful practical case study videos. Thanks in advance.
@@indianindian5936 start with Rich Dad Poor Dad and the cashflow quadrant he explains in his book. Don't watch his videos. Just read this book. It'll give you a good headstart.
Absolutely! A shift in mindset is key. Dubai has immense potential for those who think with an investment-first approach. Adopting the 50/30/20 rule-allocating for needs, investments, and savings-can truly set the foundation for financial growth.
I see this as highly subjective. Yes, the lure is real. But only if you are extremely diverted from your main goal. You need to be sure of what you wish to achieve. It's not always about monetary wealth.
True, knowing yourself and your experiences that shaped you is most important when looking at financial decisions. The psychology of money is great book in this regard .
Make a podcast about Saudi Arabia, where i saw most peaceful and relaxed people. They have accumulated required wealth, property back home, easy living, etc. Better than Dubai, but not much awareness about it
Excellent presentation. I Guess among the 3 best podcast I have listen to in last few years. Thanks a lot for being so open and transparent. God bless, Jeete Roho from Toronto
I’m a financial advisor in canada. This guy r missing a few points regarding resp, the max u get from govt grants 7200$ they don’t give more than that…
Some good insights in this video. Regarding the RESP grant by govt of Canada.. government will match your contributions by 20%, up to a maximum of $500. So, you’ll need to contribute $2,500 a year to get the full grant of $500 each year. The lifetime CESG amount that can be received by one beneficiary is $7,200.
Hi @Wali Khan, thanks for hosting this channel. I salute you for your perseverance. Regarding this particular topic about building wealth as well as compounding in general. It is my opinion that there is a major disconnect between financial literacy and sharia law. It’s about changing mindsets by addressing halal/haram issues within Muslim society. Compound multiplier’s are traditionally interest based. Secondly it’s an “appetite for risk” in reference to you can be a great employee but for personal finance it is the fear of the known (misinformed) that prevents one from investing etc. This is a long discussion that cannot be illustrated here via a comment. But I hope you get my gist!😊
If you know Wali from these videos, he won't, and shouldn't, comment on these religious views. They are highly subjective and this channel is broader than a certain religious group
This podcast was an absolute treat to watch. Wali thank you for inviting such a knowledgeable guest. Please do another podcast with Behroz where he could share his perspective about his life in USA as compared to living in Canada, and did he ever think about moving back to Canada or Dubai in the long run? Also if there are any insights he can provide on moving to USA while leaving the real estate assets active in Canada (any pros n cons from tax perspective?). Cheers!
@Bahroz, the same tax conditions apply here in the UK. I’m working at an accounting firm after a long break to raise my young family. Some of your tips are very useful and definitely apply to my situation. Fortunately, I’m not someone easily influenced by others’ spending habits, though that might be due to my age and culture here in London. Tax saving rules and almost similar in the uk even deferred tax of pension. Capital gain in very high but best to buy bigger residential house instead of opt for buying to let property.in terms of investing in stocks market I’m little bit apprehensive about it and always heard from teachers etc never invest in that. Please guide about it .
Before jumping to conclusions one should first build financial common sense and understanding of savings and target. Dubai is not responsible for your greedy nature
75K AED lets be realistic y'all he was the divisional CFO not everyone reaches that title & most importantly he completed his MBA in 2006 I was in grade 5 or 4 at that time so if you're offered 25K AED that is still a decent amount after 4 5 years of experience. Yes P&G might have a higher salary band after a decade at one mnc you might reach that score as-well. A more realistic comparison would be; how much was he making at P&G Karachi:)
There is no logic in Dubai salary 75k per month (which is not believable in this case)and insecurities, worry for Nissan Patrol purchase sorry total B.S Dubai is comparative new modern city with epitome of luxury which everyone is comparing with well established big countries like US, Canada n Australia
A shift in mindset is key. Dubai has immense potential for those who think with an investment-first approach. Adopting the 50/30/20 rule-allocating for needs, investments, and savings-can truly set the foundation for financial growth.
@WaliKhan, this episode is incredibly misleading. The guest claims to have earned AED 75,000/month in Dubai yet lived paycheck to paycheck, blaming it on Dubai rather than acknowledging poor financial management. If someone can't manage their finances with that kind of income, the location isn't the problem l, they are. On top of that, dismissing real estate as a bad investment is laughable. Real estate has consistently been a wealth-building tool globally, including Dubai, where property investment can generate significant returns if done wisely. You have a responsibility as a host to bring on guests who actually understand financial management and can offer real value to your audience. Otherwise, you're just amplifying baseless opinions. I suggest a future episode featuring someone who has successfully navigated Dubai's financial opportunities to give listeners a balanced perspective.
If you are not happy with 75k in UAE , well you cant be happy anywhere with any amount given... nothing said can justify this utter nonsense. You can have a well off life with half the money this guy was earning.
when you withdraw money from your RRSP, the entire withdrawal amount, including both your original contributions and any investment growth, is taxed as ordinary income at your current marginal tax rate.
With stocks things can change anytime and picking good stock is work in its own, second right kind of property with give u 5 to 7 percent return, property specially in ontario is less volatile, if u use leverage u r making more than 10percent and because your leverage amount is more so it can give u 30 to 50 percent
Asak Wali bhai. I’m a single mum of 3, aged 43 in Khi. In 2 yrs: my gold up by 2x My 3 properties in Bahria Karachi depreciated considerably. My spare car’s value up by 1.5 x I’m considering selling off the properties & spare car & buying gold Your 2 cents please.
While I disagree with some of the comments and logic, most of it is true being smart with personal finance in North America you can save a lot of money For US residents The RRSA equivalent is 401K or 403B The TSFA equivalent is IRA/Roth ITA The RESP equivalent is 529 savings plan
I would like to add- in Canada, RRSP is to be converted to RRIF at age of 71. There is a min. Withdrawal without tax penalty. This amount will be added to your regular in income. Please add this info
Great insights, but you cannot offset business losses from your personal income tax. They are seperate entities. CRA will eventually audit accounts and we have to pay back taxes with penalites.
@@bahroz I guess you mean sole proprietorship. If registered as a sole proprietor, can you put those expenses/losses in your personal income? Pls confirm.
Seems bit confusion. Please clarify. In Canada, you cannot directly offset employment (salary) income with expenses from a sole proprietorship. Canada’s tax system separates employment income from business or other income, so you can only deduct expenses against the income earned within that category, not against income from employment
Bro in canada corporate tax is only 12 percent and there are legal ways to show losses with in corporation…. So it makes sense to do buisness in canada
While being a high-earning employee can bring a sense of success and achievement, it’s challenging to reach true wealth unless you’re in a top-tier C-suite position at a major global organization. As income increases, so do expenses, and even if you save a portion, it often doesn’t translate into substantial wealth accumulation. For instance, saving 30-35k AED per month might add up to around 300-400k AED annually. However, even a moderately successful entrepreneur or small business owner has the potential to generate much more than that, with the added advantage of building an asset and equity in their business. In the long term, entrepreneurship often provides a more scalable path to significant wealth.
@@muhsinalbanna5248 100% - this is the reason me and Bahroz are on agreement and started our RUclips journey. It’s never been easy to start a scalable business than with all the platforms that are available.
Can you please make a short video on. 1. What are the ways of transfer money from Pakistan to Canada for newcomers. 2. What are the best saving accounts with best profit rates in Canada for newcomers.
With stocks things can change anytime and picking good stock is work in its own, second right kind of property with give u 5 to 7 percent return, property specially in ontario is less volatile, if u use leverage u r making more than 10percent and because your leverage amount is more so it can give u 30 to 50 percent… and it not right that ull make return on property in 10 years specially lately properties have doubled in 4 years
No one is saying to pick stocks. Recommendations are to pick ETF, and forget about it. It will give better returns (passively) compared to real real estate being active and risky in long term. Moreover CAD depreciation impact will be there. For leverage - you are on point, but it’s a double edged sword. It can go either way.
@ yes if u r not using leverage than stocks but by using leverage real estate will beat etfs hands down,, yes real estate is active but not so active that it will take all your time… second rental yield in real estate is between 5 to 7 percent yes if u take out property taxes and maintained may be around 4 percent and other thing is ontario real estate has never been down over long period l, its very stable, we have made even 100 percent a year flipping properties over past 5 years yes it was hyper active market but u can use 20 to 30 percent or more on a regular market and best thing is your renters r paying down your mortgage which is not coming out of your pocket… thats why leverage works nicely with real estate, things u cant do with etfs or stocks…
@ you can do leverage in stocks too :-) But I don’t want to go that route. For real estate - one bad cycle is required for anyone who is over leveraged. And we have examples. So pros and cons are there.
@ wali khan my back ground is in finance and im a certified financial planner and I run a financial planning firm, stock leverage is highly risky aka margin, number 2 it’s easy to get a leverage on a down payment of 10 to 20 percent and banks eaisly lend that, I do both and recommend diversifying as stocks are more liquid but the biggest wealth accumulator for me has been real estate and there are so much more u can do with real estate which u cant with stocks… anyways I don’t wanna turn this into stocks vs real estate they all have their place and every ones situation and dynamics r different plus also ontario real estate is very different than Dubai real estate etc etc. if u have your numbers right and the rents is covering your mortgage than u will not get in trouble even through bad cycle u can hold on but I always recommend taking advantage of every financial tool just to diversify and also depends upon your personality, circumstances, priorities there’s no rights and wrongs here…. If u want to compare i can come on live and we can do this face to face will be easier to explain rather than texting… i also own a lot of agricultural land around 500 acres again it depends on what u r doing and how u set up your operation it also builds solid diversification
@@universalhub3.065 I mentioned before too - IPOs are inherently risky and a successful IPO in any case will not get you the amount of stocks that you are eyeing for. So if you are really into the company, you can buy the scrolls even after IPO.
summary: don't get fascinate by others. Even you are earning well, keep in your limits and focus more on investing (even signal penny) rather than spending on luxuries and teach your kids value of saving /investment as well.
One element is missing from your video brothers. I don't see the importance of the real compounding and exponential effect by putting your "Islam" first before anything. Hence, whilst doing investments, are you really making your investments as compliant to the Do's and Don't of Islam? Is it really ethical investment? If not, then you might get short term gains, but there will not be any Barakah in your life or wealth, NOR you will face your Lord with your head high. Please consider. Quality versus Quantity.
Dubai mei 2cr inr annually with zero tax,you are unable to save,so you move to Canada to earn same amount of money and save 4times money in 5years what's the logic,for same lifestyle you will end up spending more in canada, in canada you read all tax laws and how to save money and in dubai you earning 2cr annually didn't know anything about how to save money.lesson learnt: country change karna is not the solution, solution is how to save money, budget, financial planning,ask your parents they will guide best maintain expense sheet with expenses of 1000diram be tracked, Hire accountant,CA,CPA for 10,000rs and will guide A-Z,
I listened to this Pod cast, i really could not figure out what this person wants to explain. Dubai is a different domain, and Canada is different, and the US is the mixture of both countries. The real reason People move out of UAE is the Passport and stauts change in their life and their children life. No matter what amount of money you are earning here in UAE you are empty pockets at the end of day and it applies to job oriented person. But i have seen business owners here and they enjoy money and leverages here but they put efforts to grow their businesses. Understanding Taxation and financial management is totally different from the earning Money. If this is the Funda only educated people would be rich in the world but i have seen many uneducated People earning hell lots of Money.
AED75K a month is not unbelievable in Dubai although only a minority of the top managers may be drawing that much. However, I can't wrap my head around the fact that Behroz still lived paycheck to paycheck with that kind of money. I know people living OK in AED10K a month. There is a lot financial management that needs to be done to make the most of your wealth, and I can tell you that 75K gives you a lot of room to do that. Also, I believe that whenever Muslims give financial advice, halal investment advice would be a default, right?
Same, I met Elizabeth stark last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Elizabeth stark
Please stop giving negative thumbnails about Dubai or UAE....Pakistanis are not being given visas now for making such negative vlogs. DH 75,000 and he couldnt survive...unbelievable....the salary range he has quoted comes under the excellent bracket....he cud have lived their like a lord....wonder how much truth is in what he is saying.
So you were crap woth money on dubai when I were making tax free money then you learn how not to be crap woth money and move to a country and give 50% of your money to the government.. reat work..its nothing to do with dubai,its to do woth discipline with money..I've lived in dubai for 20 years and have made generational wealth here..
Hardly one percent of Pakistani expatriates get a salary of DHS 78000 per month!! In Dubai and he is referring Baba Bhule Shah _Come on Ghar wapas AAJ AO tumhain Kuch nahee kaha jagahe ga!! instead of being depressed and lonely in USA ,!!
Talking about finance with a guy who doesnt have control over his finanace and bought a car because his manager bought it. This itself is a disaster. Wali bhai, please have better financial advisors come in. I watched the whole podcast to figure out that behroz is money poor. He can rant all he wants but man has zero self control. If someone can't live in 75K AED, they need a therapist, not a fianncial advisor.
Also, for the Birthday parties, I've lived in Canada and UAE both and in a pretty decent income bracket - Fact of the matter is that kids won't like a lot of things. However, what's the point of being a parent in that case? I swear there are so many issues with Behroz. I don't want to sound rude but this is a clear case of bad parenting!
Learning 1. Have good , smart, rich , financially responsible friends / people you associate with Learning 2. Don’t have kids unless you have a trust fund of $1m per child. :)
Lesson 3- have a tax advisor Lesson 4 - KNOW the fucking market and how to invest. INVEST in the highest yield possible knowing your risk appetite. All things I already do. Good generic advice, love to see it.
Lesson 5 - work in a high paying job. Aim for $2000+ for Pakistani based jobs. (P&G, Unilever, some banks , some software houses etc pay higher than this - aim to become elite ASAP. )
Thanks be to Allah, Allah Almighty has also blessed us a lot, but the kind of talk you guys are talking about, doesn't it show that your family background is very weak. You are ruining the lives of young people. People don't talk about their struggle for their career. These minicars and so-and-so are so careful. Don't ruin people in this way. You don't ruin your family background. If you are, you are what you are Do better yourself for children, don't play with people's lives by talking such nonsense
Dubai does not have basic road transport system accessible in all areas, dubai does not hai drainage system and dubai is over crowded and unplanned city
Mr. Wali - I live in the Bay Area and your guest isn't making the right comparison when it comes to stocks vs real estate - He's missing the angle of leverage and the capped property tax rates especially in CA - Furthermore, a diversified portfolio should consist of stocks + real estate - Your guest did a very superficial analysis.
your content is just parroting info from dave ramsey and ramit sethi - The business class/rich-life is just what ramit sethi preaches... come-up with something original..
Sheer nonsense - Your guest will get folks in trouble with IRS - reporting losses on consecutive years for a side-business/LLC bring IRS attention and an audit .. bahi mujhe bula loh show pe.. yeh bewaqoof sab ko marwaey ga!
📌 Enroll into the live cohort: walikhan.my.canva.site
Wali...thanks for posting this one. I too made more wealth in Canada not in UAE...as your guest said..mindset really matters. Pl share your email address. 👍
Give zakat and sadka... it will bring baraka in your wealth and will grow with the help of Allah
🤦🏽♂️
😂
True ❤
Thanks for your magical advise. May Allah swt bless you with alot of londis👙
100 % true
I couldn't control my spending in Dubai so I was paycheck to paycheck. But I learned financial management after moving canada. So now Canada rich, Dubai poor???
Truth bomb
Imagine if you learned money management in Dubai. You’d hit your FI number 4X earlier.
It’s about mindful living, spending and investing. Agnostic of location.
The mindset shift is what enabled your transition. Not just the geography/ surroundings I’m assuming?
@taimuraziz3135 That's the point of my comment.
Well said
@@taimuraziz3135 Thanks for your comments, could you please elaborate on the word educate yourself financially. everyone say and not guiding on how and what to be educated on. Appreciate a brief of the meaning and RUclips links for useful practical case study videos. Thanks in advance.
It's not about changing country. it all depends upon your type of work, your abilities, and how smart you are.. when you reach your satisfaction level, then you'll be able
Evaluate life. Whatever you do wherever you go, just don't run for money or follow people only, follow your dreams, and always look for peace, which gives you true happiness..
75k aed is approx 20k usd which is approx 240k usd / . 881k aed a year . In sfo USA a good software salary is approx 200k usd . Using PPP purchasing power parity , 200k usd in USA needs approx 470k /aed a year. And this person was earning double that at 881 k , and says he was living pay check to pay check , so the maths is not adding up = this person was living a ridiculous showing off the Jones’s life , he wasn’t managing his cash properly.
@sep11guy or maybe a significant chunk was school allowances, etc? Like 20K per kid? He mentioned all inclusive.
@hasantahir3926 tl dr, he didn't manage his money well when in Dubai and got cought up with "keeping up with Jones'" mentality. He fixed this after moving to Canada. And now preaching Dubai is bad Canada is good.
Or he wasnt earning 880k AED per year and just lying
I must say that a lot of us living in dubai can relate to what you guys discussed in this session - thoroughly enlightened after hearing you guys - keep posting
As an Indian, it’s so great to hear Wali and Behroz , both of them extremely smart and honest to share their experiences with world🙏
I have lived and worked largely in India with above avg salaries and an year in Dubai and can vouch that each and every thing stated by Behroz ( & supplemented by Wali) is gold.
To be honest this video has got nothing to do with living in Dubai, Toronto or New York. The whole point of this video was that I educated myself financially and I started making money. Nothing to do with where you're living. I came to Dubai with 700 dhirhams in my pocket. Today I make 150k per year passively. With Pakistani passport. It's about the mindset not the geography.
Thanks for your comments, could you please elaborate on the word educate yourself financially. everyone say and not guiding on how and what to be educated on. Appreciate a brief of the meaning and RUclips links for useful practical case study videos. Thanks in advance.
@@indianindian5936 start with Rich Dad Poor Dad and the cashflow quadrant he explains in his book. Don't watch his videos. Just read this book. It'll give you a good headstart.
Absolutely! A shift in mindset is key. Dubai has immense potential for those who think with an investment-first approach. Adopting the 50/30/20 rule-allocating for needs, investments, and savings-can truly set the foundation for financial growth.
Thanks for guiding us
23:11 we are listening… Quite transparent and knowledgeable podcast ❤
I see this as highly subjective. Yes, the lure is real. But only if you are extremely diverted from your main goal. You need to be sure of what you wish to achieve. It's not always about monetary wealth.
True, knowing yourself and your experiences that shaped you is most important when looking at financial decisions. The psychology of money is great book in this regard .
Make a podcast about Saudi Arabia, where i saw most peaceful and relaxed people. They have accumulated required wealth, property back home, easy living, etc. Better than Dubai, but not much awareness about it
Excellent presentation. I Guess among the 3 best podcast I have listen to in last few years. Thanks a lot for being so open and transparent. God bless, Jeete Roho from Toronto
I’m a financial advisor in canada. This guy r missing a few points regarding resp, the max u get from govt grants 7200$ they don’t give more than that…
I don’t think he put a number to RESP.
@@WaliKhan_2kyes govt won’t give more than 7200 life time per kid
Some good insights in this video. Regarding the RESP grant by govt of Canada.. government will match your contributions by 20%, up to a maximum of $500. So, you’ll need to contribute $2,500 a year to get the full grant of $500 each year. The lifetime CESG amount that can be received by one beneficiary is $7,200.
I totally disagree with Mr. Behroz. Its your lifestyle and you can control everything without being carried away from others.
Hi @Wali Khan, thanks for hosting this channel. I salute you for your perseverance. Regarding this particular topic about building wealth as well as compounding in general. It is my opinion that there is a major disconnect between financial literacy and sharia law. It’s about changing mindsets by addressing halal/haram issues within Muslim society. Compound multiplier’s are traditionally interest based. Secondly it’s an “appetite for risk” in reference to you can be a great employee but for personal finance it is the fear of the known (misinformed) that prevents one from investing etc. This is a long discussion that cannot be illustrated here via a comment. But I hope you get my gist!😊
If you know Wali from these videos, he won't, and shouldn't, comment on these religious views. They are highly subjective and this channel is broader than a certain religious group
This podcast was an absolute treat to watch. Wali thank you for inviting such a knowledgeable guest. Please do another podcast with Behroz where he could share his perspective about his life in USA as compared to living in Canada, and did he ever think about moving back to Canada or Dubai in the long run? Also if there are any insights he can provide on moving to USA while leaving the real estate assets active in Canada (any pros n cons from tax perspective?).
Cheers!
I always love watching you guys.
@Bahroz, the same tax conditions apply here in the UK. I’m working at an accounting firm after a long break to raise my young family. Some of your tips are very useful and definitely apply to my situation. Fortunately, I’m not someone easily influenced by others’ spending habits, though that might be due to my age and culture here in London. Tax saving rules and almost similar in the uk even deferred tax of pension. Capital gain in very high but best to buy bigger residential house instead of opt for buying to let property.in terms of investing in stocks market I’m little bit apprehensive about it and always heard from teachers etc never invest in that. Please guide about it .
Thanks… you’ll do great.. once you know thy self
Farid, you can use ISA in UK which gives up to 20k tax free investment option
@@ziaanwar12 is there any SHARIA Compliant option available ??
Before jumping to conclusions one should first build financial common sense and understanding of savings and target. Dubai is not responsible for your greedy nature
Excellent video.... we want more videos like it. Amazing
I’m sorry to say , if 75k AED was not enough I dont know what else will. Maybe he didnt know how to save
Yes that is what he mentioned .
How about investing in 4th kalima & getting a return of 1 million which will never finish/lose
75K AED lets be realistic y'all he was the divisional CFO not everyone reaches that title & most importantly he completed his MBA in 2006 I was in grade 5 or 4 at that time so if you're offered 25K AED that is still a decent amount after 4 5 years of experience. Yes P&G might have a higher salary band after a decade at one mnc you might reach that score as-well. A more realistic comparison would be; how much was he making at P&G Karachi:)
There is no logic in Dubai salary 75k per month (which is not believable in this case)and insecurities, worry for Nissan Patrol purchase sorry total B.S
Dubai is comparative new modern city with epitome of luxury which everyone is comparing with well established big countries like US, Canada n Australia
A shift in mindset is key. Dubai has immense potential for those who think with an investment-first approach. Adopting the 50/30/20 rule-allocating for needs, investments, and savings-can truly set the foundation for financial growth.
@WaliKhan, this episode is incredibly misleading. The guest claims to have earned AED 75,000/month in Dubai yet lived paycheck to paycheck, blaming it on Dubai rather than acknowledging poor financial management. If someone can't manage their finances with that kind of income, the location isn't the problem l, they are.
On top of that, dismissing real estate as a bad investment is laughable. Real estate has consistently been a wealth-building tool globally, including Dubai, where property investment can generate significant returns if done wisely.
You have a responsibility as a host to bring on guests who actually understand financial management and can offer real value to your audience. Otherwise, you're just amplifying baseless opinions. I suggest a future episode featuring someone who has successfully navigated Dubai's financial opportunities to give listeners a balanced perspective.
So Wonderful podcast with behroz bhaiI learnt a lot keep it up wali bhai 👍
If you are not happy with 75k in UAE , well you cant be happy anywhere with any amount given... nothing said can justify this utter nonsense. You can have a well off life with half the money this guy was earning.
when you withdraw money from your RRSP, the entire withdrawal amount, including both your original contributions and any investment growth, is taxed as ordinary income at your current marginal tax rate.
Do we have a tutorial to understand mutual funds and how to get started
With stocks things can change anytime and picking good stock is work in its own, second right kind of property with give u 5 to 7 percent return, property specially in ontario is less volatile, if u use leverage u r making more than 10percent and because your leverage amount is more so it can give u 30 to 50 percent
Right sir I am belguim country same people living in safe money 😊😊😊
Good one 👍 earning more wealth in Canada than Dubai is very much possible but not for everyone. Individual mindset really matters there 😊
Asak Wali bhai. I’m a single mum of 3, aged 43 in Khi.
In 2 yrs:
my gold up by 2x
My 3 properties in Bahria Karachi depreciated considerably.
My spare car’s value up by 1.5 x
I’m considering selling off the properties & spare car & buying gold
Your 2 cents please.
While I disagree with some of the comments and logic, most of it is true being smart with personal finance in North America you can save a lot of money
For US residents
The RRSA equivalent is 401K or 403B
The TSFA equivalent is IRA/Roth ITA
The RESP equivalent is 529 savings plan
I would like to add- in Canada, RRSP is to be converted to RRIF at age of 71. There is a min. Withdrawal without tax penalty. This amount will be added to your regular in income.
Please add this info
Great insights, but you cannot offset business losses from your personal income tax. They are seperate entities. CRA will eventually audit accounts and we have to pay back taxes with penalites.
You can… I have consulted tax accountant on it.. as long as it’s “sole proprietorship” you can
@@bahroz I guess you mean sole proprietorship. If registered as a sole proprietor, can you put those expenses/losses in your personal income? Pls confirm.
@ yes a had a typo
Would you be willing to share your tax consultants details? Would like to work with him.
Seems bit confusion. Please clarify. In Canada, you cannot directly offset employment (salary) income with expenses from a sole proprietorship. Canada’s tax system separates employment income from business or other income, so you can only deduct expenses against the income earned within that category, not against income from employment
at 75K AED, living pay check to pay check, not sure what were you doing.. then you go on blaming Dubai for it. huh
If one goes after luxury, then even 100k AED is less.
Bro in canada corporate tax is only 12 percent and there are legal ways to show losses with in corporation…. So it makes sense to do buisness in canada
While being a high-earning employee can bring a sense of success and achievement, it’s challenging to reach true wealth unless you’re in a top-tier C-suite position at a major global organization. As income increases, so do expenses, and even if you save a portion, it often doesn’t translate into substantial wealth accumulation. For instance, saving 30-35k AED per month might add up to around 300-400k AED annually. However, even a moderately successful entrepreneur or small business owner has the potential to generate much more than that, with the added advantage of building an asset and equity in their business. In the long term, entrepreneurship often provides a more scalable path to significant wealth.
@@muhsinalbanna5248 100% - this is the reason me and Bahroz are on agreement and started our RUclips journey. It’s never been easy to start a scalable business than with all the platforms that are available.
Can you please make a short video on.
1. What are the ways of transfer money from Pakistan to Canada for newcomers.
2. What are the best saving accounts with best profit rates in Canada for newcomers.
Your guests fatawa on real estate investment is totally wrong; particularly in US. I am happy to discuss the benefits
I think in ETF SIP is the main points.by the way good podcast
Is it re-uploaded?
With stocks things can change anytime and picking good stock is work in its own, second right kind of property with give u 5 to 7 percent return, property specially in ontario is less volatile, if u use leverage u r making more than 10percent and because your leverage amount is more so it can give u 30 to 50 percent… and it not right that ull make return on property in 10 years specially lately properties have doubled in 4 years
No one is saying to pick stocks. Recommendations are to pick ETF, and forget about it.
It will give better returns (passively) compared to real real estate being active and risky in long term.
Moreover CAD depreciation impact will be there.
For leverage - you are on point, but it’s a double edged sword. It can go either way.
@ yes if u r not using leverage than stocks but by using leverage real estate will beat etfs hands down,, yes real estate is active but not so active that it will take all your time… second rental yield in real estate is between 5 to 7 percent yes if u take out property taxes and maintained may be around 4 percent and other thing is ontario real estate has never been down over long period l, its very stable, we have made even 100 percent a year flipping properties over past 5 years yes it was hyper active market but u can use 20 to 30 percent or more on a regular market and best thing is your renters r paying down your mortgage which is not coming out of your pocket… thats why leverage works nicely with real estate, things u cant do with etfs or stocks…
@ you can do leverage in stocks too :-)
But I don’t want to go that route.
For real estate - one bad cycle is required for anyone who is over leveraged. And we have examples.
So pros and cons are there.
@ wali khan my back ground is in finance and im a certified financial planner and I run a financial planning firm, stock leverage is highly risky aka margin, number 2 it’s easy to get a leverage on a down payment of 10 to 20 percent and banks eaisly lend that, I do both and recommend diversifying as stocks are more liquid but the biggest wealth accumulator for me has been real estate and there are so much more u can do with real estate which u cant with stocks… anyways I don’t wanna turn this into stocks vs real estate they all have their place and every ones situation and dynamics r different plus also ontario real estate is very different than Dubai real estate etc etc. if u have your numbers right and the rents is covering your mortgage than u will not get in trouble even through bad cycle u can hold on but I always recommend taking advantage of every financial tool just to diversify and also depends upon your personality, circumstances, priorities there’s no rights and wrongs here…. If u want to compare i can come on live and we can do this face to face will be easier to explain rather than texting… i also own a lot of agricultural land around 500 acres again it depends on what u r doing and how u set up your operation it also builds solid diversification
They have to save in Canada because they don't earn a lot. This guy probably wasn't educated enough to save when he was in Dubai.
75K AED per month, I think the problem isn't Dubai. You need to look in the mirror 🍭
Wali bhai Is lulu ipo worthy to invest? Please reply
@@universalhub3.065 I mentioned before too - IPOs are inherently risky and a successful IPO in any case will not get you the amount of stocks that you are eyeing for. So if you are really into the company, you can buy the scrolls even after IPO.
someone who earns 70+k in Dubai and gives advice on savings and investments is a big joke.
Please mention complete name of the guest
How can we learn finance.
@@shaistamanzoor1069 have u thought about enrolling in the course?
@@shaistamanzoor1069 📒 Course 2: Building Sustainable Wealth In GCC & Beyond.
walikhan.graphy.com/courses/Smart-Investing-For-the-GCC-Expats-676a57826d6f302874717f0a
summary: don't get fascinate by others. Even you are earning well, keep in your limits and focus more on investing (even signal penny) rather than spending on luxuries and teach your kids value of saving /investment as well.
One element is missing from your video brothers. I don't see the importance of the real compounding and exponential effect by putting your "Islam" first before anything. Hence, whilst doing investments, are you really making your investments as compliant to the Do's and Don't of Islam? Is it really ethical investment?
If not, then you might get short term gains, but there will not be any Barakah in your life or wealth, NOR you will face your Lord with your head high. Please consider. Quality versus Quantity.
Dubai mei 2cr inr annually with zero tax,you are unable to save,so you move to Canada to earn same amount of money and save 4times money in 5years what's the logic,for same lifestyle you will end up spending more in canada, in canada you read all tax laws and how to save money and in dubai you earning 2cr annually didn't know anything about how to save money.lesson learnt: country change karna is not the solution, solution is how to save money, budget, financial planning,ask your parents they will guide best maintain expense sheet with expenses of 1000diram be tracked, Hire accountant,CA,CPA for 10,000rs and will guide A-Z,
Totally waste of time by listening to this. Not true and misleading
I listened to this Pod cast, i really could not figure out what this person wants to explain.
Dubai is a different domain, and Canada is different, and the US is the mixture of both countries.
The real reason People move out of UAE is the Passport and stauts change in their life and their children life.
No matter what amount of money you are earning here in UAE you are empty pockets at the end of day and it applies to job oriented person.
But i have seen business owners here and they enjoy money and leverages here but they put efforts to grow their businesses.
Understanding Taxation and financial management is totally different from the earning Money.
If this is the Funda only educated people would be rich in the world but i have seen many uneducated People earning hell lots of Money.
AED75K a month is not unbelievable in Dubai although only a minority of the top managers may be drawing that much. However, I can't wrap my head around the fact that Behroz still lived paycheck to paycheck with that kind of money. I know people living OK in AED10K a month. There is a lot financial management that needs to be done to make the most of your wealth, and I can tell you that 75K gives you a lot of room to do that.
Also, I believe that whenever Muslims give financial advice, halal investment advice would be a default, right?
Great you are
Muslims specially not really like financial planning maybe due to emotional pressure n all but it's needed the most.
Thank you Lord Jesus for the gift of life and blessings to me and my family $14,120.47 weekly profit Our lord Jesus have lifted up my Life!!!🙏❤️❤️
I'm 37 and have been looking for ways to be successful, please how??
Sure, the investment-advisor that guides me is..
Elizabeth stark
Same, I met Elizabeth stark last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Elizabeth stark
Her services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!
Please stop giving negative thumbnails about Dubai or UAE....Pakistanis are not being given visas now for making such negative vlogs. DH 75,000 and he couldnt survive...unbelievable....the salary range he has quoted comes under the excellent bracket....he cud have lived their like a lord....wonder how much truth is in what he is saying.
lol
He doesn't have basic sense. He is just a big mouth.
He is making up stories to impress the audience.
Great podcast @WaliKhan_2k and amazing honest insights from @bahroz. Thank you for spreading the knowledge!
Now because of Canada economy u wil be living in a tent 😂
And i am stuck in wrong and the most important decision of my life.
70k AED salary and he left Dubai to canada to US 😂 your podcast is like kamlash dunh dunh
مستقبل میں روبوٹ اور لالچی لوگ ہی کام کریں گے ۔لوگ اگر اتنے پیسوں میں بھی مطمئن نہی تو یہ دنیا آگے والی نسلوں کے لئے باقی نہی رہے گی
i like to watch your podcasts but they are too long. there is a lot which isn't directly related.
Basically talking about side income
Hi! U should take my interview, I started my career in Dubai. From zero to multi millionaire
So you were crap woth money on dubai when I were making tax free money then you learn how not to be crap woth money and move to a country and give 50% of your money to the government.. reat work..its nothing to do with dubai,its to do woth discipline with money..I've lived in dubai for 20 years and have made generational wealth here..
Which company is paying 75k a month? Introduce me to them please.
His father company...! 🤪🤣
😂😂😂😂😂😂😂😂😂… omg .. i can’t.. breath😂😂😂
Hardly one percent of Pakistani expatriates get a salary of DHS 78000 per month!! In Dubai and he is referring Baba Bhule Shah _Come on Ghar wapas AAJ AO tumhain Kuch nahee kaha jagahe ga!! instead of being depressed and lonely in USA ,!!
1% might be a stretch. Maybe 0.01%.
@@aziztajtaj355 why not be in top 1% - or best, if we can work on something on side if 9-5 is not providing what we are looking for.
19:32
Because of you guys Pakistani not getting visa UAE is amazing country
@@allydxblife6476 lol
Talking about finance with a guy who doesnt have control over his finanace and bought a car because his manager bought it. This itself is a disaster. Wali bhai, please have better financial advisors come in. I watched the whole podcast to figure out that behroz is money poor. He can rant all he wants but man has zero self control. If someone can't live in 75K AED, they need a therapist, not a fianncial advisor.
Also, for the Birthday parties, I've lived in Canada and UAE both and in a pretty decent income bracket - Fact of the matter is that kids won't like a lot of things. However, what's the point of being a parent in that case? I swear there are so many issues with Behroz. I don't want to sound rude but this is a clear case of bad parenting!
Learning 1. Have good , smart, rich , financially responsible friends / people you associate with
Learning 2. Don’t have kids unless you have a trust fund of $1m per child. :)
Lesson 3- have a tax advisor
Lesson 4 - KNOW the fucking market and how to invest. INVEST in the highest yield possible knowing your risk appetite.
All things I already do. Good generic advice, love to see it.
Lesson 5 - work in a high paying job. Aim for $2000+ for Pakistani based jobs. (P&G, Unilever, some banks , some software houses etc pay higher than this - aim to become elite ASAP. )
Is he mad
Why ? What makes you say that?
@rafiqueroshan I mean 72k is tooooo much
@@anassohail7347 too much? So?
Thanks be to Allah, Allah Almighty has also blessed us a lot, but the kind of talk you guys are talking about, doesn't it show that your family background is very weak. You are ruining the lives of young people. People don't talk about their struggle for their career. These minicars and so-and-so are so careful. Don't ruin people in this way. You don't ruin your family background. If you are, you are what you are Do better yourself for children, don't play with people's lives by talking such nonsense
lol, such a long text without the message to be conveyed!
Har jagah ki waelth dekh li hai. Sab dekh lia hai isne. Wah wah wah. Such a bullshit
Dubai does not have basic road transport system accessible in all areas, dubai does not hai drainage system and dubai is over crowded and unplanned city
Dubai is nothing Infront of Canada and USA.
Also why is it assumed for good that S&P 500 would return 10% in perpetuity?
Dubai spoilt due to 0% tax
Canada Taught discipline due to heavy taxation.😂
Bhai sab found logic in ill logical circumstances🎉
Mr. Wali - I live in the Bay Area and your guest isn't making the right comparison when it comes to stocks vs real estate - He's missing the angle of leverage and the capped property tax rates especially in CA - Furthermore, a diversified portfolio should consist of stocks + real estate - Your guest did a very superficial analysis.
Interest is Haram therefore so many people stay away from compounding concept .
Jesus Christ is Not God but a Messenger of God sent only to the people of Israel for that period and that time
your content is just parroting info from dave ramsey and ramit sethi - The business class/rich-life is just what ramit sethi preaches... come-up with something original..
Sheer nonsense - Your guest will get folks in trouble with IRS - reporting losses on consecutive years for a side-business/LLC bring IRS attention and an audit .. bahi mujhe bula loh show pe.. yeh bewaqoof sab ko marwaey ga!