Why You Need A Growth Mindset

If there is one video you should watch of mine – it’s this one.

It is my underlying outlook on life and financial planning. This is the outlook that leads to financial success.

In my latest YouTube video, you’ll learn about the differences between a fear-based mindset and a growth mindset, and how wealthy people look at the world.

Watch it to find out:

  • Why you need a growth mindset.
  • How a growth mindset benefits you.
  • How fear-based people mess themselves up financially.
  • The risk of conservative investments in different retirement plans.
  • What people with a growth mindset do.
  • 7 key traits of people with a growth mindset.

I hope you enjoy it!


Planning With Ed


Ed Rempel has helped thousands of Canadians become financially secure. He is a fee-for-service financial planner, tax  accountant, expert in many tax & investment strategies, and a popular and passionate blogger.

Ed has a unique understanding of how to be successful financially based on extensive real-life experience, having written nearly 1,000 comprehensive personal financial plans.

The “Planning with Ed” experience is about your life, not just money. Your Financial Plan is the GPS for your life.

Get your plan! Become financially secure and free to live the life you want.


  1. Ed Rempel on August 16, 2022 at 12:02 AM

    Hi Paddy,

    I understand your comment exactly. It can be scary when your investments go down – especially after you retire. You are only withdrawing and not adding to your investments.

    However, risk tolerance is a learned skill. You may need coaching or education or experience to get it, but it is a highly valuable skill.

    There can be a huge advantage to you over the long run if you can remain 100% equities through your entire retirement.

    We also have experience with the exact scenario you mentioned. We have clients that saved up the target investments needed in their retirement plan to support their desired retirment lifestyle. They retired exactly as in their Financial Plan. Unfortunately for them, it was 2008. 6 months after they retired, their investments were down 40%.

    That is a worst-case scenario, since it happened immediately and 40% is essentially the largest declines that have happened in the stock market.

    We reviewed their Plan and just maintained the withdrawals in their retirement plan. They were withdrawing about 4%/year from their investments at retirement. Since their investments were down 40%, the same cash withdrawal was now 6.7% of their investments.

    After 2-3 years, their investments had fully recovered and everything was back to normal. Their withdrawl of the same dollar amount was back to 4%.

    We had this happen to a few clients. In most cases, we just continued the withdrawals in their Financial Plan, but didn’t increase by inflation for a couple years until their investments recovered. In a couple cases, we reduced their withdrawal between $100/month and $300/month for a couple years, and they brought the withdrawals back up again.

    That was the worst-case scenario that people dread, but it wasn’t really a problem.

    I have studied this in-depth with actual returns over the last 150 years with my study of the “4% Rule” (https://edrempel.com/reliably-maximize-retirement-income-4-rule-safe/ ). It clearly shows that the most reliable retirement income is with a portfolio between 70-100% equities. This is because retirement is long – 30 years or more.

    Investing 100% equities givest you the highest long-term retirement income as well as the most reliable long-term retirment income.

    You do need the risk tolerance to be able to stay invested during the inevitable downturns, though. If you will panic and sell after a large decline, then you need to accept some fixed income and a lower retirement lifestyle.

    A quality financial planner can help you learn to have a higher risk tolerance and also be their to support you when you need.


  2. Paddy Tsigane on August 15, 2022 at 7:58 PM

    Hi Ed, great video. Sums up many of the posts you’ve written over the years. I don’t know if I’ll be able to not hold cash when I retire at 60 in 6 years, but in the meantime I’m 100% equity invested and I’m strenghtening that growth minset. As you mentioned, holding cash is probably only a behavioural safety, but you can surely understand how scary it would be to have to withdraw when the market is down 40%.
    Thank you for sharing your experience and views.

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