I was just reviewing some great, simple rules to follow to enjoy and use money well. These are rules shared by Brian Buffini. I follow these rules to the best of my ability.
I have found that Brian Buffini is a great coach. What makes a great coach? In my view, it is someone who has been there and is now sharing ideas and methods to be able to replicate the success that they have had.
Brian is someone who started out poor and broke and quickly realized that broke is a state of your bank account and can be temporary. Poor is a state of mind and one needs to change that with education.
So here are some ideas to secure your financial future:
Understand yourself and understand that you are not alone. Over 80% of people avoid thinking and talking about money. They are afraid of managing money and afraid to look at where they stand because they don’t have a plan and are afraid of losing their money. Trust me – it ends up being much scarier not to look.
People worship money. They spend a lot on lottery tickets – and the odds are so much better betting on yourself.
Change how you feel about yourself. Your status is who you are, not what you have. So that takes some internal work. But trust me, it feels great to nurture yourself in the right way. Fill the hole with good thinking, not money. Feel good about yourself.
Secrecy – embarrassment and shame. You have made mistakes. Your biggest mistake is thinking that you are alone. People in the Financial Services industry say that you would be surprised at how many people avoid looking at their financial situation and taking the reins. You are definitely not alone! And not embracing your finances creates conflict with your partner, if you have one.
Confusion. How much advice is out there? And how many sources are credible. You have to think of what the net worth of the person who is providing advice happens to be. Are they just making money from writing the book, or do they have a healthy and thriving net worth?
Follow a high performance mindset – Knowledge is power and ignorance is bankruptcy.
Money is a tool to be respected. It is just a tool, but you need to know how to take care of it, and how to use it.
You need to have a grounded identity. Money cannot buy character.
Clarity and alignment – what do you want money to do for you and is it aligned with your values? How are you spending your time and what do you believe. Take the time to figure this out, so you don’t end up in the wrong destination.
You need a path to follow. Run on the right track.
STRATEGIES FOR STABILITY
Defensive and Offensive
Defensive:
Working home budget to pay down debt, will, automatic savings and one month reserve.
Offensive:
Invest in yourself, build equity in your home, establish your retirement fund.
The former stability strategy stays in place for the rest of your life, no matter how wealthy you become. It is your platform for stability and security.
STRATEGIES FOR SUCCESS
Defensive and Offensive
Defensive:
Go from reducing your consumer debt, to having no consumer debt, automatic savings, and three to six months reserve. Fully fund your retirement fund.
Learn to live on 70% of what you make, save 10%, give 10%, invest 10%.
Offensive:
Get to 50% equity in your home at least.
Increase your revenue. Figure out how to make more money. Promotion at work, a side gig, real estate investments, (67% of millionaires made their money investing in real estate), stocks and bonds.
STRATEGIES FOR SIGNIFICANCE (Giving back)
Defensive and Offensive
Defensive:
All real estate holdings paid off. Your real estate is safe from repossession if it is paid for.
Establish a trust.
Have passive income to support you until you are 100 years old.
Offensive:
Give money and time to charities and causes that you are passionate about. Time first, money second.
If you own a business, set it up so that it is true legacy.
I think Brian Buffini has some great, tried and true ideas. What do you think?
A good accountant can help you set this up. Please let us know if you need a referral to an accountant.
There are a few things that contribute to flooding in Muskoka, which we mostly experience along the Muskoka River Watershed – one of four watersheds in Muskoka. This watershed includes the Muskoka River, Moon River, Lake Muskoka, Lake Rosseau, and Lake Joseph, among others.
Duke’s (Duke boats) in Port Carling, Muskoka, ON. April 21, 2023.
Building location
The first major factor is where we’ve built cottages and homes. Many of the builds in the areas that experience the most flooding in Muskoka (Muskoka River, Lake Muskoka, and Moon River) are built on floodplains. In fact, builders on Lake Muskoka have started to build with that in mind… and not just by raising docks and boathouses! I saw a post made by Corbin Patten Designs on Instagram recently where they had included a raised section in a boathouse to keep a beer fridge safe during future floods.
If you don’t know what a floodplain is, it’s an area adjacent to a river or other watercourse that is susceptible to flooding. Floodplains are typically low-lying and flat, making them ideal for the slow accumulation of water during periods of high precipitation or snow melt. While these areas provide important ecological functions like natural flood control, water purification, and habitat for fish and wildlife, unwittingly building on a floodplain can be disastrous. Ensure that you are checking floodplain maps before you build or buy!
Flooding in Muskoka can be caused by a variety of environmental factors, including the amount of snow pack here and in Algonquin, the speed of thaw, and the level of precipitation. The Muskoka River watershed has its headwaters in Algonquin, and the amount of snowpack there significantly affects flooding here. When there is an above average amount of snow pack in Algonquin, it can lead to a larger volume of water entering Muskoka’s waterways during the spring thaw. The speed of thaw is also crucial in determining the severity of flooding in Muskoka. If temperatures rise too quickly, the snow and ice can melt too rapidly, overwhelming the local waterways and causing flooding. Finally, the amount of precipitation during the spring months can also contribute to flooding, as heavy rains can cause rivers and lakes to overflow their banks. All of these factors must be taken into account when predicting and preparing for potential flooding events in Muskoka.
Limitations to MNRF control
Okay, and here’s a reason that not many people seem to know… the dams along the Muskoka River Watershed are NOT flood control structures! The MNRF can draw down water to prepare for potential flooding, but beyond a certain point there’s nothing they can do to stop it. Here’s an excerpt from the 2019 Ontario Flood Report:
“It must be emphasised that dams in central Ontario, including those in the Muskoka River watershed, are not flood control structures. Flood control structures require a large lake or reservoir and associated drawdown capacity to store or hold back flood waters. Analyses have confirmed that lakes in the Muskoka River watershed that are regulated by dams have a limited capacity to drawdown water to affect flooding, and during periods of large volume rapid runoff, the available drawdown capacity is insufficient to reduce peak flood water levels. In this sense, the greater the magnitude of the flood event, the less ability the MNRF has on affecting or mitigating flooding through operation of its dams. Once the dams are fully open, the MNRF does not have the ability to increase the rate of flow, as it is then based on the amount of water in the system and the natural rate of flow and elevation as it moves through the wide-open dam sluice ways.“
There’s also a limit to how much they can draw down the water levels which has nothing to do with the dams, and more to do with the creatures we share Muskoka’s waterways with. Drawing down water levels can have a significant impact on lake trout spawning. Lake trout are a cold-water fish species that require specific water temperature and oxygen levels to successfully spawn.
In many cases, lake trout will spawn in shallower water nearer to the shoreline than their usual habitat. However, if water levels are drawn down too quickly or too far, the shallow spawning beds may become exposed to the air, causing the eggs to dry out and die. Additionally, sudden changes in water levels can cause currents and turbulence that can dislodge the eggs from the spawning beds, reducing the chances of successful hatching and survival. As such, water managers must carefully consider the impact of drawing down water levels on lake trout spawning and take steps to mitigate any negative effects.
A flooded dock next to Patterson-Kaye Resort on Lake Muskoka in Bracebridge, Muskoka, ON. April 21, 2023.
So, what can we do about flooding in Muskoka?
Well, here’s what the Ministry of Natural Resources and Forestry can do:
Muskoka River Water Management Plan (MRWMP)
The MNRF is responsible for managing the water resources in Muskoka and has developed a comprehensive water management plan to mitigate the impact of flooding events and protect the local ecosystem.
The plan includes a range of measures, such as monitoring water levels and flows, managing dams and water control structures, and providing timely warnings to communities in the event of flooding. You can check out the full Water Management Plan here.
The MNRF also works with other government agencies, local municipalities, and community groups to develop and implement best practices for managing water resources in the region. These practices include promoting the use of permeable surfaces to reduce runoff, and restoring wetlands to provide natural flood control. Overall, the MNRF’s water management plan aims to balance the needs of the local ecosystem with the social and economic benefits of water use in the region.
And as for us?
Be prepared
Expect flooding if you cottage or live in certain areas – in particular the Muskoka River, Lake Muskoka, and Moon River, or on any floodplain. Prepare your property, dock, and boathouse when you close your cottage in the winter. Sign up for our newsletter – you’ll be reminded when the time comes, and you’ll be shown exactly how to close your cottage and prepare for potential spring flooding. I’ll be sure to add an additional post about bracing for a flood before the spring 2024 flood season in Muskoka.
Use a local real estate agent
Not only do we know what areas flood (and see it firsthand), we’ll make sure to review floodplain maps as part of our due diligence – something that a Toronto real estate agent wouldn’t necessarily think to do. I would not be the first person you would ask about problematic condo buildings in the city or the areas of Toronto with the best walkability, and they should not be your trusted source for information about Muskoka.
Continue monitoring the situation when the water level begins to decline
The first sign of receding water levels is not the time to stop monitoring the situation.
First of all, high levels of precipitation, additional snowpack melting and adding water to the watershed, and dams flows being reduced to relieve flooding further down the watershed can all cause the levels to start rising again.
But here’s the bit everyone seems to forget – let’s say the water level was high enough that your boat is floating around in your boathouse. I’m sure you’ve secured it carefully, and removed anything that could damage it. But what happens when the water level drops? You need to make sure the boat makes it back into the slip. Not only can you damage your boat and the boathouse, but how would you ever move it again if it ends up out of the water? A jetski could be put back in the water with help from a few friends… good luck doing that with a boat!
You also need to watch the water levels if you’ve tied your boat off somewhere higher up in the boathouse. Obviously you can’t just make the ropes long enough to compensate, because you don’t want your boat smashing around in there. But what happens if you’ve tied it normally and the water level goes down beyond the length of rope you’ve used? I’ll tell you what – damage! Time to practice your sailing knots. We’ll teach you in our flood coverage if the water level starts to get high enough.
Stay up-to-date
You can check current flood information (warnings and watches by area) from the Government of Ontario here.
We posted daily flood update stories on our Instagram this year, with up-to-date photos and location information, plus alerts about flood warnings, updates from the township, real time water level graphs from multiple water bodies in Muskoka, and other relevant info. We also stopped by a number of cottages to check on them for their owners. Follow us on instagram here to be kept up-to-date about flooding in Muskoka next time around.
Muskoka is a unique, highly sought after and magical place. There are many different kinds of buyers and sellers here. Some merely want a little piece of paradise to escape and camp out in the woods. Others want a mansion on one of the ‘Big Three’, or one of the 2200+ lakes in the district.
And the rest of us are somewhere in between. Waterfront or not, permanent residence or not, we all appreciate being surrounded by water and granite and pine and to do a little swimming, boating, hiking and star gazing.
The privilege can be costly, especially since the pandemic.
Overall prices are up year over year, and have gone up a median value of about $350,000 for waterfront properties since the beginning of 2020.
There were 499 new listings in July and 377 sales. The average DOM (days on market from listing to sale) is 14. Last year the average DOM for July was 23. July 2019 24. July 2018 was 30. We are seeing a trend here.
In terms of dollar volume:
There were 44 sales in Muskoka Lakes. 37 were waterfront and 7 non waterfront. The total dollar volume was $95,220,518.
There were 57 sales in Huntsville. 19 were waterfront and 38 non waterfront. The total dollar volume was $41,870,436.
There were 31 sales in Bracebridge. 10 were waterfront and 21 non waterfront. The total dollar volume was $21,252,027.00.
There were 29 sales in Gravenhurst. 7 were waterfront and 22 non waterfront. The total dollar volume was $19,314,650.00.
There is only a 2.5 month supply of residential properties available currently. The definition of supply refers to the number of months it would take for the current inventory of homes or cottages on the market to sell. Historically, six months of supply is associated with a balanced market between buyers and sellers and a lower level of months’ supply is considered a seller’s market and therefore they can expect to sell faster at a better price. In any market a substantially overpriced property will linger. The key to proper pricing is listing at a reasonable price and encouraging competition. Buyers will only compete when a property is appealing both in terms of features and price.
The trend has been toward less inventory for the last few years – with the exception of a small spike this year due to sellers wanting to cash in on this crazy market.
We do not see the ‘bubble’ bursting. We do not think that there is a bubble. It is a case of supply and demand. And those demanding having a lot of liquidity right now, due to many months of not spending in restaurants, on travel, services like spas, house cleaners, clothing, commuting etc. Interest rates remain low. Cottage buyers for the most part have not been negatively impacted financially by the pandemic.
Inventory has been relatively low for the past several years and we can see why when we look at the relatively low total number of cottages versus the potential buying pool. The Golden Horseshoe has a population of over 7.8 million. Say you considered just one percent of that number – that is 78,000 people in the market for a cottage. And that doesn’t count international buyers or buyers in the rest of Canada.
Some buyers are interested in purchasing to rent their places out. There is a lot of money to be made, but buyers should beware. For those who are perking up their ears, these purchases tighten off an already limited supply. Carefully vet your renters. Property damage is a real risk, as is annoying the neighbours with loud and boisterous behaviour. Enough of that, and the townships may decide to ban rentals.
I’ve been loving hobby photography lately, but I’d never thought to capture a lightning storm before. As a child I remember being told that lightning came up through the ground (which is only partially true), so I was surprised to check my pics and see the horizontal lightning bolts.
Horizontal lightning bolt over Lake Muskoka in Port Carling, ON.
First: a short explanation of how lightning works, then I’ll explain what I learned about my horizontal lightning strikes!
Lightning is all about the charges – nature always wants to find equilibrium. It’s a natural static discharge where different areas of the atmosphere equalize in charge. Think of it like when you get a static shock from something – it’s the same process taking place.
The most common type of lightning is cloud-to-ground (CG). Generally CG is negatively charged. This channel of negative charge, called a stepped leader, is invisible to the human eye. When it approaches the ground, positively-charged “streamers” reach up to meet it – which explains the “lightning comes from the ground” misconception! These streamers tend to travel up through tall objects like trees, and when they reach the oppositely-charged leader electric current begins flowing – which is why you’re supposed to avoid standing near trees or tall objects during storms.
Cloud-to-ground lightning via lightningmaster.com
Occasionally, an exceptional amount of positive charge builds up in the upper levels of the cloud. This too must be balanced out, and since the lightning has a longer way to travel it is much more powerful. Usually these bolts travel vertically to the ground, but because of the high difference in electrical potential they can also travel horizontally before going to the ground. This means that these positive cloud-to-ground lightning bolts can strike from a blue sky many miles away from the storm – a “bolt from the blue.” Since positive lightning has higher peak currents and longer continuing currents, it is capable of heating surfaces to higher levels… which also makes it the type of lightning most likely to start a forest fire.
Positive cloud-to-ground lightning, via the Washington Post
So anyway, onto our horizontal lightning strikes! The explanation for these bright horizontal strikes is actually pretty simple – differently-charged areas in the atmosphere are simply seeking equilibrium, this time it happens to be two clouds with opposing charges (cloud-to-cloud lightning). As we learned earlier, clouds can be either negatively or positively charged, and nature always seeks equilibrium.
Cloud-to-cloud lightning over Lake Muskoka in Port Carling, ON
Here’s an opportunity to have your own Muskoka cottage on such a large level, Lake Muskoka waterfront property, and for much less than you would expect.
Sought after Walker’s Point locale with over 600 feet of frontage, ready for your designer’s dream. Over 2 acres of level land with a south exposure and views straight out on quiet Shanty Bay. A Muskoka cottage with a property this large and level can take on many appearances, subject only to your imagination; from a quiet private sanctuary to a sprawling family compound with lots of activities and guests.
Existing 2 bedroom year round cottage to enjoy, update or expand while you envision your dream build. Build onto the existing structure or start from scratch using this large footprint. Possible 2 storey boathouse subject to development approval. This property has excellent potential, with easy year round access, to be a great 4 season home or cottage.
Beautiful woodburning fireplace
Cottage
Cottage driveway
Cottage lakeside
View of cottage from Lake Muskoka
View past dock out to lake
Long views out to Lake Muskoka
Cottage Deck
Cottage side entrance
Large, level 2 acre property
30 ft. living room
Kitchen
Dining Room
Bathroom
2nd Bedroom
Huge Family room
For more information follow this link. For a private tour, please use the contact form to the left. We would be delighted to show you this really nice Lake Muskoka property.
We are almost there – part of the way through March. Lots of snow, ice and cold, but things will look very different in just a few weeks. Here from the Muskoka Lakes Association is the March NewsBites.
Courtesy of the Muskoka Lakes Association
Welcome to March 2015 NewsBites
The MLA is pleased to inform our members that we will be presenting the MLA’s 2014 Water Quality Initiative Report to Bracebridge, Sequin, Gravenhurst, and Township of Muskoka Lakes councillors over the next two months. Water Quality Director Andrew Watson presented our Continue reading Muskoka Lakes Association March NewsBites→
We have a waterfront listing in Port Carling – on Mirror Lake at the top of Lake Muskoka. This cottage in Muskoka property comes with a 3 bedroom home, a small cottage, and a waterfront building with 3, 1 Bedroom rental units and long-term tenants.
3 bedroom home circa 1916
The property features a lovely historic home in downtown Port Carling, on Mirror Lake. This home was built in 1916 and pulled across Mirror Lake in the winter of 1928 – well that’s the story as we heard it. But, here’s a fascinating update on the history of the house thanks to a book given to us by our friend Ian Turnbull of Port Carling.
The old Heart’s Content was built around 1916 at Indian point. In early spring, around 1928 it was put onto two scows, using horses and the high water to help. Cribwork on the scows kept it level at the old elevation; the scows were borrowed from one of the lumber companies, and Alan Dixon was in charge of the operation. One scow sprang a leak, and since there was no electrical power at the point, it had to be hand pumped all night. Art Duke and others took turns keeping the pump going.
The next day they set off across the river, but about halfway across Mirror Lake, the steering mechanism on the Vedette broke, and she had to be taken up to Port for repairs. The wind blew the skows and house down to Arcadia point. The center timber caught on trees along the river bank and pulled out – fortunately, the two outside timbers stayed secure and the house remained level.
A second time, the men attach the scows to the Vedette, and pulled their cargo close to its new site on the eastern shore. But because the boat could not tow it from the front, the lines had to be untied while the Vedette manoeuvered to the stern to push it in.
Again, the house got away, the wind blowing it ashore at Schreibers’. By the time it was securely tied at the proper place on the shore, daylight was gone. There was electricity on this side, but it was not very reliable then, so the electric pump was left running overnight.
The next morning, Heart’s Content was moved ashore, and lowered – one crib timber at a time – onto its site at the bottom of Silver Creek Hill.
Here it remained the home of Arthur and ‘Did’ Duke (nee Elizabeth McCulley) and their sons Thomas and Reay until 1948, when the couples retirement home was built. The sign still identifies that home, now the residence of Rev. Tom Duke and his wife Charlotte.
Tom’s main memory of the house moving is the disappointment he felt that having to go to school, and missed the excitement of the move.
Photo of Heart’s Content on scows with cribwork and the Vendette.
Walk from the property to restaurants, shopping, locks, museum. Three bedrooms, two full baths provide plenty of room.
Cottage and 3 unit apartment building.
Three unit apartment at the water allows for extra income. Each unit has one bedroom, one bath. Cabin and storage shed round out the picture. Views are lovely, and this popular location just makes it all the more appealing. Let us know when you’d like to come and see it.
View of docks and out into Mirror Lake.
You’ll find more details in the listing here, and I just added a virtual tour below.
The Muskoka Lakes Association just sent the following update which includes a detailed report from the Ministry of Natural Resources.
Specific current levels are indicated for the following lakes: Tea Lake, Kawagama Lake, Lake of Bays, Wood Lake, Fox Lake, Mary Lake, Lake Rosseau, Lake Joseph, Lake Muskoka, Go Home Lake, Perry Lake, Doe Lake, Bernard Lake, Cecebe Lake, Ahmic Lake, Forest Lake, Dollars Lake, Crane Lake, Otter Lake and Oastler Lake.
Plus the current status of the river flows for the Big East, North Muskoka, South Muskoka, Oxtongue, Black, North Magnetawan, South Magnetawan, Magnetawan, Moon River, Musquash River and the Shawanaga River.
Here’s the message from the MLA and the linked .pdf below it.
To: steve@cottageinmuskoka.ca:
As promised, the MLA continues to monitor water levels throughout our catchment area.
The attached freshet update, issued yesterday afternoon, details current watershed conditions throughout Muskoka/Parry Sound.
We encourage you to review the attached document, which provides significant detail, and to take action to protect property if your residence is located in one of the affected areas.
Did you know that Gravenhurst Bay in Lake Muskoka is 4 to 5 times cleaner than it was 1970?
Did you know that everyone alive in the 70’s had toxic levels of lead in their blood?
Did you know that Muskoka has only half as many acid lakes as it once did?
Well, how about this then: if it wasn’t for the life in lakes, we would all be blind, deaf , stupid and dead.
To be blunt; we would all be blind, deaf , stupid and dead if it wasn’t for the life in lakes.
From the Muskoka Watershed Council Lecture Series I have just finished editing and have just posted this video on the Muskoka Watershed Council’s YouTube page.
Dr. Norman Yan, an extremely engaging speaker, revisits some past environmental successes, what we have learned and the steps we need to take to solve today’s environmental problems.
Learn how the reduction of phosphorus resulted in a clean up in Gravenhurst Bay while the International Joint Commission was still debating whether its carbon or phosphorus that spikes algal growth? This local Muskoka cleanup helped convince the world that phosphorus is the cause of cultural eutrophication. This phenomena is of increasing concern as population grows and the climate heats up; after all, we learned from this lecture, that algae really love heat.
Current photo of lake in China where people swim in an algal bloom.
Revisit the change to unleaded gas which got the toxic levels of lead out of our blood. Dr. Yan also discusses the many benefits of the ban on DDT, as well as the immediate benefits of the recent Ontario ban of cosmetic pesticides and herbicides. Also be sure not to miss houses disappearing from view as the Sudbury environment improves over 40 years!
