Mortgage Break: An Immigrant’s Guide to Building Wealth in Canada

By Akeem Adebisi

This book attempts to answer my wife’s first question about our mortgage, “How expensive is our mortgage”. Attempts to answer the question took us on a journey along the dangerous road of financial security and led us to questioning whether everything we know about money and our Canadian dream was actually true. For example, of all Canadian seniors, only about 2% were senior immigrants who landed in Canada 1 to 10 years before the 2016 Census, and another 2% landed in the 11 to 20 years before the 2016 Census.
Why is it that 24% of those 2% who landed 1 to 10 years prior to the Census and 26% of those 2% who landed 11 to 20 years prior to the Census were in low income 20 years later?
Along the way this book has evolved into a financial planning playbook for immigrants. We used the methods in this book to grow our wealth and lay the foundation of building sustainable wealth for our family. Now, as we look back at our remarkable journey and how our Mortgage Brake has put us back on a pedestal of reaching financial freedom earlier than we anticipated, we think it will be selfish of us to not share the same idea with other Canadians. My wife and I are both excited to share this knowledge with those who are interested in taking their lives back and with people in the immigrant community whom I believe are in dire need of methods to redeem the time they have lost trying to make it in Canada’s Corporate Cassinos.

• Language: English
• Publisher: iUniverse
• Release date: Apr 23, 2024
• ISBN: 9781663250711

Akeem Adebisi

AKEEM ADEBISI is the creator of AjoPro - A community digital pool of funds that boosts spending power through targeted savings. Allowing people in the immigrant’s community to create a personal finance goal called milestones and meet those goals with the help of friends, family, and community members. He is the author of two previous two self-published books including one masterpiece best seller, Fat Lizards of the Deserts, and the recipient of several awards. He now lives in Winnipeg, the capital city of Manitoba, with his wife, Bunmi. They have two adorable young children, Maxwell, and Adelaide.

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MORTGAGE BREAK

An Immigrant’s Guide to

Building Wealth in Canada

Akeem Adebisi

MORTGAGE BREAK

AN IMMIGRANT’S GUIDE TO BUILDING WEALTH IN CANADA

Copyright © 2024 Akeem Adebisi.

All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the author except in the case of brief quotations embodied in critical articles and reviews.

iUniverse

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Bloomington, IN 47403

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Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

Any people depicted in stock imagery provided by Getty Images are models, and such images are being used for illustrative purposes only.

Certain stock imagery © Getty Images.

ISBN: 978-1-6632-5072-8 (sc)

ISBN: 978-1-6632-5073-5 (hc)

ISBN: 978-1-6632-5071-1 (e)

Library of Congress Control Number: 2023902424

iUniverse rev. date: 04/04/2024

Disclaimer:

This information does not constitute tax, financial, investment, or legal advice. Although based on our personal experience and data obtained from sources believed to be reliable, the author does not represent that the information is accurate or complete. Therefore, readers should not rely on this information for making financial decisions. All opinions expressed are subject to change without notice, and past performance may differ from what is presented in this book. The author disclaims any responsibility for actions taken or not taken by readers based on the information provided or opinions expressed in this book. Individuals should always conduct their own research, due diligence, and seek professional advice from tax, financial, investment, and legal experts before making investment decisions. The information in this book is of a general nature and may not be suitable for individual circumstances.

Dedication:

To Olubunmi, my life’s partner and jewel of inestimable price, and to our children, Maxwell and Adelaide, whose light makes our lives brighter: May your lights never dim.

CONTENTS

Acknowledgements

Foreword

Preface

Book Reviews

Introduction

Chapter 1 Mortgage Break Rule 1: Understand Your Mortgage

Chapter 2 Mortgage Break Rule 2: Find the Right Mortgage Deal

Chapter 3 Mortgage Break Rule 3: Pay 20 Percent Down

Chapter 4 Mortgage Break Rule 4: The 25:65:5 Rule

Chapter 5 Mortgage Break Rule 5: Stop Paying Mortgage

Chapter 6 Insurance and Mortgage Break

Chapter 7 Mortgage Break and Financial Intelligence

Chapter 8 Investing with Mortgage Break

Chapter 9 Retirement Planning with Mortgage Break

Chapter 10 Creating Your Wealth Account with Mortgage Break

Afterword

ACKNOWLEDGEMENTS

During my entrepreneurship journey in Winnipeg, I have been incredibly fortunate to cross paths with some exceptional individuals who have left a profound impact on my life and the creation of this book. Their support, guidance, and friendship have been instrumental in shaping both my personal growth and the contents of Mortgage Break: An Immigrant’s Guide to Building Wealth in Canada.

To my esteemed mentors—Akin Opoola, Pastor Freddy Adekayode, Adegboyega Aiku, Biyi Oladunni, Abiodun Oke, Martins Onwuanimkwu, and Karan K. Sharma—your wisdom and encouragement have been invaluable. Each of you has provided unique insights and challenged me to think beyond boundaries, and for that, I am truly grateful.

To my partners and friends at Rakoomi Inc.—Temitope Otubusen, Darrel Penner, Pastor Daniel Adewumi, Adeniyi Seidu, Olubunmi Aregbesola, and Abiola Razaq – our collaborative spirit and unwavering camaraderie have been a driving force behind the creation of this book.

I extend my heartfelt appreciation to Adekunle Ajisebutu, founder of One Meat Shop, and Temitope Elemeje, founder of Chess Kings Car Rentals Inc., for your unwavering belief in my vision and your continual support.

To all the readers who embark on this journey with me, I express my deepest gratitude. Your interest in Mortgage Break and your commitment to building wealth and empowerment in Canada are the pillars that drive me to share my experiences and insights.

Finally, to my wife and two children, Maxwell and Adelaide, your unwavering love and understanding have been the foundation upon which I built my dreams. Your presence is a constant source of inspiration, and I dedicate this book to you.

Thank you all for being an integral part of my journey. Your contributions have made this book a reality, and I hope it serves as a beacon of empowerment and positive change for all who read it.

FOREWORD

In Akeem Adebisi’s Mortgage Break, readers are treated to a comprehensive and invaluable resource that transcends barriers of race, color, and background, providing essential financial literacy for anyone navigating the credit economy. Particularly noteworthy is its relevance for immigrants of African descent, offering guidance to those transitioning from cash-based economies to credit-driven ones.

At the heart of the book lies a treasure trove of strategies aimed at overcoming the financial hurdles of purchasing a first home. Adebisi eloquently presents the golden formula of 25:65:5, a strategic blueprint that empowers readers to navigate the complexities of home financing with confidence and precision.

Moreover, Mortgage Break doesn’t stop at mere homeownership advice. It delves into the astute utilization of home equity and explores diverse investment options, laying the groundwork for a life of financial freedom and security. Adebisi’s insights are not only enlightening but also actionable, providing readers with the tools they need to make informed financial decisions.

One of the book’s most innovative features is the introduction of a novel product called AjoPro. This ingenious solution offers a myriad of benefits, from saving up for a 20% down payment to making lump sum payments on the mortgage. AjoPro represents a revolutionary approach to financial management, further solidifying Mortgage Break as a one-stop destination for all things related to financial literacy.

In summary, Mortgage Break is a gem of a book that deserves a place on the shelf of anyone striving for financial empowerment and homeownership. Adebisi’s expertise shines through in every chapter, offering readers a roadmap to success in the credit economy. Whether you’re a first-time homebuyer or a seasoned investor, this book is an indispensable guide on your journey to financial well-being.

Olufemi Oshinowo.

Pastor in Charge of Area

RCCG DSP Family

PREFACE

This book began with a simple question from my wife, Olubunmi: How expensive is our mortgage? Little did we know that this innocent inquiry would take us on a transformative journey, unraveling the complexities of financial security and challenging our perceptions of the Canadian dream. As immigrants seeking a better life in our new adopted country, we soon realized that our path to success was filled with unexpected twists and turns.

Arriving in Winnipeg in 2015, full of hope and determination, we quickly observed the economic realities faced by those who came before us. We sought answers, immersed ourselves in learning, and explored various opportunities to build a better life. We ventured into network marketing, attended seminars on the Canadian economy, and experimented with different avenues of personal development.

Our pursuit of prosperity led us to the realms of Saladmaster and Enagic International Inc —endeavors that may not have yielded the expected financial gains, but granted us invaluable skills and insights, shaping our entrepreneurial spirits.

In 2016, my journey took a new turn when I joined Kore Wireless, where I later served as a supervisor for production support development until May 2022. This role allowed me to foster self-organizing teams, support individual engineers, and align our collective performance with broader corporate objectives. Yet, in my professional trajectory, I faced familiar challenges shared by many immigrants—adaptation and cultural fitness. The struggle to fit into a new work environment mirrored the challenges of acculturation faced by newcomers in Canada. As qualified immigrants, we often found ourselves falling behind despite our expertise and experience.

While some immigrants focus on laying the foundation for their children’s success, I became