Enriched Academy is one of the leading personal financial education providers in Canada, and they offer online courses, personal coaching, and live events. There have been over 100,000 users of Enriched Academy, and they have had their online course partnered with over 46 different Canadian companies, organizations and school boards. If you’re looking for Enriched Academy reviews of the Wealth Mastery Course, you’ve come to the right place.
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encriched Academy Review
Back then the Enriched Academy course was offered on DVD, now it is accessible completely online.
Enriched Academy was initially designed to each young people in Canada how to earn money, how to save money, and how to invest money towards income producing assets like equities and real estate to achieve financial freedom.
The founders are already financially independent, but they created Enriched Academy to help educate people in Canada of all ages about their personal finances.
Why is educating Canadians about personal finance important?
I know the Canadian personal finance sphere is a small bubble (echo chamber) and many Canadians actually don’t know that much about personal finance.
For example, did you know that only 2 out of 10 people that Enriched Academy polled knew what the acronyms TFSA and RRSP stand for?
In addition, they found that only 23% of Canadians use an RRSP. If that’s any indication of the need for personal finance education in Canada I don’t know what is!
Who Are the Co-Founders of Enriched Academy?
The co-founders of Enriched Academy are Jay Seabrook and Kevin Cochran. They created Enriched Academy after speaking to thousands of high schools about personal finance (they did this for free to develop and improve their sales skills).
Jay Seabrook, along with Kevin Cochran, cofounded Dominion Lending Centres, the largest mortgage brokerage in Canada by market share and sold for multi-millions. He is the Chief Operating Officer of Enriched Academy. He partnered with Kevin Cochran (they both worked at Richard Robbins International) to create Enriched Academy.
He seems down to earth, has a self deprecating sense of humour in the videos, and initially dabbled in real estate by buying a house, renting out the main floor and living upstairs (in the Wealth Mastery Course you’ll get a tour of his initial real estate venture).
Kevin Cochran is one of the key people that you will see in the Encriched Academy videos, he is FUNNY and a very engaging speaker. At 20, he was $20,000 in credit card debt and working as a mechanic. He hit $1 million net worth at age 30 and hit $10 million net worth at age 40.
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How Much Does Enriched Academy Cost?
Is Enriched Academy Wealth Mastery Course worth it? It is many many hours of video, includes workbooks, and a dashboard full of calculators.
I will answer this question at the end of this Enriched Academy review.
How much does Enriched Academy cost? The Enriched Academy Wealth Mastery Course price is $597.
Enriched Academy is not free, though it might be free if you complete the program through an employer or through school and they pay for your course for you.
For me, going through the videos took over 6 hours (of course done over multiple days and weeks). They were very entertaining and engaging and to be honest I looked forward to watching the next video!
Enriched Academy Training Review
The Enriched Academy Wealth Mastery Course is comprised of 12 mini-courses. It has been viewed over 1,000,000 times, and has over 60 video lessons and over 150 quiz questions.
The topics are:
- Money myths
- Understanding credit
- Where are you today?
- Beginners stock market investing system
- Advanced stock market investing system
- TFSA vs RRSP
- Investment properties
- Retirement planning
- The industry of financial advice
- Career mastery
- Leveraging equity
- Private lending
There is an Enriched Academy workbook that enhances the videos and the quizzes.
At the end you get an Enriched Academy Certificate commemorating the completion of your personal finance Canada transformation.
Basics of Canadian Personal Finance
In the Wealth Mastery Course, you learn about basic and more advanced topics of Canadian personal finance.
Here are some valuable lessons that I want to take note of, from the Wealth Mastery Course.
One of the most important lessons is that income isn’t that important when you can’t keep what you earn.
Enriched Academy gave an example of how Albertans have the highest income but also the highest household debt.
In terms of personal finance basics, the videos review all the details of a credit card statement and why it’s so important to pay your balance right away (and not have a balance).
Another topic looks at leasing vs buying a car and which one would be more advantageous.
Kevin Cochran said he could buy a fancy car but why would he do that when it would smell like “throw up and gold fish crackers”.
In terms of more advanced personal finance topics, they go over the beginners and advanced stock market course. They talk about the evils of DSC (Deferred Sales Charges) from mutual funds and why you should avoid them.
I really liked the Career Mastery section and I found it quite inspiring. Some of the quotes that I really liked, and really ‘sunk in’ were “failure is the path to success” and that “small actions over time produce big results”.
Consistency and discipline really are key to success.
Enriched Academy Course Add-Ons
After you complete the Enriched Academy course, you can sign up for one-on-one coaching as well if you want to further advance your personal finance power-up.
There are a number of services and products offered by Enriched Academy other than the Wealth Mastery Course. Some of these are:
- Financial Freedom Coaching
- Wealth Certainty Coaching
- Debt Elimination Course
- Enriched Start Course (geared towards teens and young adults)
- Enriched Academy Bootcamp (a live event)
Here is more information about the Enriched Academy Coaching.
Their head coach Alanna Abramsky saved $20,000 (on $50,000 net income) to travel for 6 months around the world- these people know how to make your goals happen.
Wealth Mastery Course Pros
Enriched Academy reviews are not complete without a pros and cons evaluation.
Here are some pros from the Wealth Master course that I identified.
First of all, Kevin Cochran is hilarious and as I mentioned multiple times already, a great speaker.
You can see some examples of him speaking here.
I really liked that Enriched Academy interviewed a bunch of different personal finance experts, including Melissa Leong (she’s on TV!).
They even had Stephen Harper. I know he’s not very popular, but I was quite blown away by his humility and the thoughtful comments he had to share in the video about the importance of personal responsibility and being a servant leader.
There was lots of female representation within the Enriched Academy course (it wasn’t just like a course full of 95% men talking about personal finance and a token female).
Some of the well known speakers in the videos include:
- Jim Treliving (Boston Pizza Chairman and he’s on Dragons Den)
- Bruce Croxon (Round 13, he’s on Dragons Den)
- Kelly Keehn
- Ellen Roseman
- Chantal Chapman (founder of WTFinances)
- Sean Cooper (well known for paying off his mortgage before age 30)
- Stephen Harper (you know him)
They also had a young man named Tyson George (maybe he is still a teenager I’m not sure… he looks young in the video) who bought his first investment property at age 15! Yes, fifteen. And he owns several investment properties today (I think it was over 100 units??). This would be very inspiring for a teenager or young adult to see, I think.
I liked that they interviewed people in the Vancouver area (it was obviously in the summer when it was sunny because the rest of the year it is rainy), and it was fun seeing Vancouver landmarks. I also feel that the process of interviewing and asking people’s opinions is a very good way for teenagers or young adults to learn.. I suppose a form of social proof?
I learned a lot of “Canadian personal finance” tidbits that I did not know about before. Did you know that the TFSA was almost going to be called the Lifetime Income Savings Account (LISA) instead of the Tax Free Savings Account (TFSA)?
Wealth Mastery Course Cons
Enriched Academy reviews downsides are as follows.
There is a quiz that you have to complete after you complete each module in the course. The quizzes are fairly straightforward.
There is also a pre-test quiz and a post-test quiz for the entire Wealth Mastery Program. I didn’t find the questions for the pre-test and post-test to be very good questions testing your knowledge of Canadian personal finance, though.
Another downside is that some of the recommendations regarding real estate, I didn’t agree with- they appealed to the real estate hungry Canadians out there and pretty much recommended to “buy what you can for 5%” down in regards to buying investment property.
Although interest rates are low right now, I personally would not feel comfortable with putting 5% down on an investment property.
Genymoney.ca Wealth Mastery Program Verdict
The Wealth Mastery Course has a similar approach to my eCourse or any other Canadian personal finance book– the basic tenets of personal finance are:
- Focus on saving (spend less than what you earn)
- Invest what you save (automatically)
- Dollar Cost Average to take the guesswork and market timing out of it and focus on index investing
- Regularly rebalance to your targeted asset allocation
- Avoid Keeping Up with the Joneses
That being said, the Wealth Mastery course delivery is 1000% better than my free eCourse and I must say I really enjoyed the video content that this course provided.
I think this is worth the money even though it is over $500, especially if you are buying it for a young adult or teenager in your life, as a high school graduation present or something.
A young person in their 20’s (or even teens) having this knowledge is going to reap much much more than the cost of this course solely because of compounding money invested in the stock market over time.
If this can influence the young adult/ teenager in your life (and I am going to say that it is probably quite difficult to influence a young adult or teenager in general, I am having trouble with my four year old already, haha) this will be life changing for them.
My Enriched Academy reviews are positive.
Before, it might not have been worth the money (when it was just DVDs and PDFs for you to download) but now it is full of video content, calculators, apps you can download. Enriched Academy revamped it, and it is very interactive.
Even though we all know “what” we should be doing with our money, taking action and actually following through with what we learned is much more difficult.
Execution of ideas and thoughts is what makes one successful.
Enriched Academy is offering a free financial assessment meeting for genymoney.ca readers.
You can click here for more information.
Have you done the Wealth Mastery Course from Enriched Academy?
Are your Enriched Academy reviews positive or negative?
GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.