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Protecting Your Peace: Financial Stability and Your Mental Health

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Protecting Your Peace: Financial Stability and Your Mental Health

Navigating the complexities of modern-day finances can feel like treading through an ever-changing maze, where the rising cost of living looms over our lives like an ominous cloud. 

As North Americans, we are no strangers to the weight of financial stress, which seems to grow heavier with each passing year. 

At BG Wealth Group, we understand that this burden extends far beyond our bank accounts and reaches into our mental well-being. We empathize with the sleepless nights and the anxiety that go hand in hand with monetary worries. That’s why we’re dedicated to providing more than just financial consultations; we offer personalized solutions that aim to alleviate the pressure and make the journey toward financial stability seamless for all our future Investment Partners.

A recent report released by FP Canada revealed that Canadians are increasingly stressed about their financial situations, with money being the primary source of stress for 40 percent of respondents. This financial stress has far-reaching implications, affecting economic well-being and mental health.

Cost of Living

The 2023 Financial Stress Index highlighted that financial stress has been a recurring issue for Canadians for six consecutive years. This year’s results are particularly concerning due to elevated inflation, which has driven up the costs of essential goods and services such as gas and groceries. Rising living costs and stagnant incomes have created a challenging financial landscape for many Canadians, leading to sleepless nights and mental health challenges like anxiety and depression.

Our team at BG Wealth Group understands the importance of addressing the root causes of financial stress to foster overall well-being. Financial stability and mental health are intrinsically connected, and our mission is to support our Investment Partners in achieving both. Our personalized approach to financial planning and investment solutions alleviates financial stress by empowering our clients to make well-informed decisions tailored to their unique circumstances.

Financial Guidance

The FP Canada survey found that nearly half of Canadians reported having less disposable income than the previous year, indicating the pressing need for effective financial planning. 

At BG Wealth Group, our team of experienced Associates [we never use Advisors as we need the regulatory license to) works closely with each client, understanding their goals, aspirations, and concerns to develop personalized financial strategies. Whether saving for retirement, purchasing a home, or planning for significant life events, we offer tailored solutions to help our clients navigate the complexities of their financial journey.

The survey also revealed that younger generations, mainly those aged 18-34, are likelier to feel the financial pinch. Concerns about saving for major purchases and retirement are prominent among this age group. 

Recognizing the unique challenges different demographics face, our team at BG Wealth Group takes a proactive approach to addressing the financial stress experienced by less financially experienced individuals. Through personalized consultations, we guide intelligent investment decisions, financial literacy, and long-term planning to secure a more stable financial future for the next generation.

Let Us Help You

At BG Wealth Group, we are committed to supporting you in your pursuit of financial stability and mental well-being. Our 1-1 wealth-building consultations ensure clients receive personalized attention, tailored advice, and a comprehensive financial roadmap. 

By taking a holistic approach to wealth management, we believe we can help ease financial stress, reduce anxiety, and empower our clients to achieve their financial goals confidently.

You protect your peace. Let us protect your wealth. 

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950-956 2nd Ave. Street East, Owen Sound, ON

Owen Sound

261-281 9th Street East, Owen Sound, ON

Value
Purchase Price
$1,055,000
Rents upon acquisition
$127,000
Fully rented
$235,290
Fully rented Building Value
$2,256,000
5-year ROI annualized
15.99%

The Story
261-281 9th Street East is a mixed-use (commercial/residential) building located in the heart of the downtown River District of Owen Sound. The building consists of 9 residential units (7-1 bedrooms, 1-2 bedroom & 1 studio apartment) and six commercial units. BG Wealth Properties purchased the building in March 2019 for $1,055,000 and immediately started employing its value-add model by renovating units and attracting high-quality tenants at attractive rental rates.

At the time of acquisition, one-bedroom residential units were renting anywhere from $550-$800 per month, and the two-bedroom unit was renting for $700/month. Through our value-add program, BG dramatically improved the condition of these units while successfully increasing rents on one-bedroom units to $1,300 per month, and $1,400 per month for the two-bedroom unit.

Similarly, commercial tenants were paying anywhere from $8.50-$10.00 per square foot at the time of acquisition (inclusive of taxes, maintenance, and insurance). Within the first 6 months, BG successfully started renovating commercial units and had new tenants sign long term leases at an average rate of $14.00 per square foot + $4.00/foot TMI (taxes, maintenance, and insurance) – for a total average rate of $18.00 per square foot.

Fully rented, the building carries a value of $2.2 Million based on rents we have achieved through our value-add business model.

This property still has more upside potential.

image of a road

Owen Sound

950-956 2nd Ave. Street East, Owen Sound, ON

Value
Purchase Price
$555,000
Rents upon acquisition
$28,800
Fully rented
$187,692
Fully rented Building Value
$1,600,000
5-year ROI annualized
17.38%

The Story
950-956 2nd Avenue East is a mixed-use (commercial/residential) building located in the heart of downtown’s River District of Owen Sound. The building consists of 6 residential units (2-2 bedrooms, 3-1 bedroom & 1 studio apartment) and two commercial units. BG Wealth Properties purchased the building in March 2019 for $555,000. The five upstairs vacant residential units were gutted with no tenants, while the downstairs had a high-end spa and a furniture store as commercial tenants.

In March 2021, BG Wealth Group partnered with an institutional lender and secured funding to renovate all residential units. In addition, given the shortage of high-end vacation rentals in the City of Owen Sound, BG has converted all six units to short-term vacation rentals, which will launch at the end of 2021.

In June 2021, BGWP attracted an up-and-coming Flame ‘N Bricks pizzeria franchise located in the commercial space beside the high-end spa. The culmination of high-end vacation rentals on the upper level, a spa and a pizzeria on the lower level will make this building one of the most attractive buildings in the downtown River District.

BG received a post-renovation appraisal of $1.3 Million on the building – more than 2X the original purchase price. Fully rented, the building carries a value of $1.6 Million based on typical short-term rental rates of the area.