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15 Reasons Why Gen-Y Will Be Poorer Than Their Parents

10/21/2013

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By: Stefan Aarnio
Freedomway.ca
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In North America, for the past 100 years, we’ve had an astounding progression of wealth. Every generation from 1900 has enjoyed a better life with more opportunity and more amenities than the last. Our grandparents (the war generation) who lived on the farm gave their children a better life by moving to the city. The children (the baby boomers) grew up and got manufacturing jobs, then the next generation grew up, went to university and got middle management or intellectual careers (Generation X) and today we are at the next step in the progression: Generation Y.

Unfortunately, where other generations had an “easier” time claiming a better life than their parents, I can see that Generation Y will be the first generation to be poorer than their parents.

The poorest person today in North America has far more amenities than a wealthy man 200 years ago ie: flushing toilets, heated water, refrigerators etc. Even in the poorest households in Canada, first world amenities are available. We live in a very wealthy time, but unfortunately, like musical chairs – the music cannot go on forever and eventually someone is left without a chair. In the game of inter-generational musical chairs, generation Y will be the generation “without a chair”.

I know first hand how difficult it is for Generation Y to fit into the ever-changing economy. I’m born in 1986, graduated from high school in 2004, university in 2008 and hit the job market later in the same year. I did everything conventionally ie: go to school, get good grades, get a degree, get a good job and instead of landing a promising career, I wound up with post grad depression and lay on the couch for months while trying to find something that matched my talents, skills and useless degree.

The sad part is, in 2004 after high school, I took a summer job painting houses for $10 per hour and I worked that summer job every year until I graduated university in 2008. In 2004, minimum wage was $6.50 per hour, so $10 per hour was a great deal. By the time I finished school in 2008, minimum wage had inflated to almost $10 per hour. My first job out of school was a dead end, telephone sales, straight commission, middle of the night job that earned $10 per hour even after hitting my sales targets and ranking in the top 5 sales people. I felt like I had sold out and was sold a fraud. I was better off skipping school and opening up a house painting business. I remember seeing that skilled painters could make around $30 per hour and I was now making $10.

Today in 2013, in Winnipeg, Manitoba where I live, minimum wage is now $10.45 and it will be increasing again next year – along with the price of every single commodity in the economy.

But forget my first hand experience, why is it that Generation Y will be poorer and have a more difficult life than their parents, the baby boomers?

Here are 15 reasons why:

1)    Faster changing job market

a.     Generation Y will statistically change jobs every 4 years. It is no longer feasible to get into a career or company and stay for life – the world is changing too rapidly and labor is always in flux. There is a high probability for Generation Y to learn and relearn skills many times throughout their lives and they will not be able to stay in one place very long.

2)    Highly skilled knowledge workers are needed and formal education does not offer young people what is required.

a.     We live in a primarily knowledge based economy today where the skills to survive are not readily available. For myself, I am an entrepreneur and the knowledge and skills required are unavailable from traditional education institutions like universities and colleges. Apprenticeships and internships are coming back so that young people can actually learn practical skills needed for a successful career. For the last 10,000 years, humanity has acquired skills through apprenticeships. Universities, as trade schools are a relatively new idea, and an idea that fails to deliver what it promises.

3)    Too many options

a.     Having no options can be a luxury, in today’s world, too many options is certainly a burden. Making a choice to commit to a career is more difficult nowadays because young people are bombarded with hundreds of options. In reality, we only need one path to become successful, but the illusion of too many options creates doubt and inaction.

4)    No mentors/parents

a.     Where the baby boomers enjoyed a nuclear family ie: Mom, Dad and a collection of brothers and sisters. Most of the Echo boomers or Gen-Y families are divorced. Many young people don’t have access to the guidance or mentorship that other generations had access too. In the old days, if your father was a blacksmith, you were a blacksmith and he mentored you. Today, you barely know your father, hardly see him and when you do see him, he has nothing valuable to say.

5)    Increasing inflation ie food/clothing/shelter

a.     The economy is inflating at a rapid pace. Items like food, clothing and shelter get increasingly expensive every year while wages stay the same. A rising minimum wage doesn’t help because when the bottom rises, so does everything else in relation to the bottom. Buying a house was once a necessity for the baby boomers and for the echo boomers it may become a luxury or impossibility.

6)    Increasing education costs and education fraud/deception

a.     Education is increasingly expensive year after year in both Canada and the United States. In Canada, we have a much easier time financing education, but sadly, many students leave school with a mortgage of student debt (minus the house). In contrast, our parents could finance education with a few months of work at a summer job at the end of the school year.

7)    Fewer workers are required

a.     Businesses require fewer and fewer workers to do the same tasks. Between my laptop and cell phone, I do not need to hire a secretary because the technology can handle the work of many people. Other technologies wipe out entire classes of workers like 1) ATM’s replacing bank tellers and 2) automated factories have mostly replaced human assembly lines ie: the decline of Detroit in the last 60 years.

8)    Manufacturing has moved overseas – global competition, not local

a.     Generation Y not only has to compete with the local boys and girls for jobs, they also have to compete with their peers in India, China and around the world. I can hire a graphic designer for $300 in Toronto, or get a similar product for $30 from Pakistan. Sadly, $30 goes a long way in Pakistan and the designer in Toronto can’t even make the rent on $300.

9)    Increasing household debt

a.     Not only does Generation Y have more debt through student loans, the entire household that they come from has more debt than ever. Low interest rates has made debt affordable and not only is Generation Y loaded with credit card debt, The boomers (their parents) have remortgaged their home with a Home Equity Line of credit, have multiple auto loans, and maxed out credit cards.

10) Parents who cannot retire and will become a burden

a.     We are sold a fantasy of retirement in North America that at age 55 (or 65) you will get to golf and lie on a beach all day. The reality is that the vast majority of baby boomers will never retire and shortly after the “kids” move out (generation Y), the “parents” (baby boomers) will be moving back in with the kids (to their small home or apartment that is unaffordable). However, this isn’t too terrible, around the world in Europe, Japan, China, India, and even North America 100 years ago, it was normal for inter generational families to live together. Unfortunately, the dream of the retirement that the “war” generation had is smashed forever for the sweeping majority.

11) The deception that 30 is the new 20, lost time

a.     Somehow, generation Y is one of the most “babied” generations in history. Adulthood is now pushed towards 30 because of overbearing parents and over sheltered kids. It also takes more resources and more time to do things that were once normal like 1) Moving out of Mom and Dad’s basement and 2) Starting a career that can provide a living. Losing an extra decade to school or “finding yourself” will severely affect your long-term wealth and ability to invest for your future. An extra 10 years for your money to grow can in theory allow you to have twice as much principle in the future.

12)  Less work ethic

a.     Along with an over sheltered generation Y is a poor work ethic. Generation Y is more interested in Facebook and Twitter than they are with putting in the time and getting ahead. Bill gates used to say “Your grandparents had a word for flipping burgers, they called it opportunity”. It amazes me to see how little interest there is in “getting your hands dirty” or “starting from the bottom”. Gen Y wants to be handed the corner office on a silver platter.

13)  More materialistic

a.     Because Mom and Dad were “keeping up with the Jonses”, their children, Generation Y, are much more materialistic than their parents were. Their parents had to slave away and save for years to afford the house in the suburbs and two brand new cars (purchased on credit). Without ever working to earn, young people want to keep up with the illusion of success and have financed their glamorous lifestyles on 1) student loans 2) credit cards or 3) hand outs from mom and dad. Sadly, all of the resources above will eventually run out and when they do, the over spending youngers will be hit harder than a heroin addict going cold turkey.

14)  The attitude that “we should have it better” than our parents, when in fact, we will have it worse.

a.     Many young people do not even try to enter the job market or start at the bottom and work their way up. They remain underemployed working at Starbucks while trying to become an actress, artist, musician, writer or some other esoteric dream without facing reality. The truth is, generation Y will have a much more difficult time growing up and raising a family than the boomers did and we will have to work much harder than our parents ever did to achieve the same lifestyle.

15) Technology changes the game every 5 years or less

a.     The last threat to Generation Y is that technology is changing every 5 years (or less). New jobs are being created and old jobs are being deleted just as fast. We can never predict which technologies are coming next and which industries will be forever changed or wiped out. Think of Blockbuster getting annihilated by Netflix or the traditional record labels becoming wiped out by Napster and online music. There are always young and hungry entrepreneurs looking to wipe out the dinosaur businesses of the past.

I don’t want to appear to be overly pessimistic in light of all of the facts above. There is more opportunity in the world than ever; new jobs, new markets, new technologies and new businesses can be created in record speed and magnitude. However, it will take a smarter, harder working, and more creative generation to capture such opportunities and that is what Generation Y must focus on becoming.

Thanks for reading,
Stefan Aarnio
Freedomway.ca
facebook.com/stefanaarnio
https://twitter.com/stefanaarnio
http://ca.linkedin.com/in/stefanaarnio

Get Stefan Aarnio's book "Money People Deal: The Fastest Way to Real Estate Wealth" at MoneyPeopleDeal.com!

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Are you living a life of convenience or  a life of choice?

4/1/2013

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By: Stefan Aarnio
Freedomway.ca
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Jim Rohn, an american entrepreneur, once said "If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much."

I always struggled with the idea of getting a job. Some people call their job a J-O-B which stands for Just, Over, Broke.

From age 17 to 24 I struggled every year with employment. When I was in university, every summer, I had to go out and "get a job" to pay for next year's tuition. Every year I would procrastinate, the idea of a job bored me, and I felt in my heart that I didn't want to work for someone else. Every summer was different, I worked at Tim Hortons, local restaurants, odd painting jobs, and even had a short taste of direct sales. Nothing felt good and every year as the summer would approach I felt myself feeling depressed.

In 2008 when I graduated from university with an Arts degree, the game was over. My parents and society both agreed that it was time to leave the fantasy world of school and join the "real world" and get a "real job".

I had made most of my money in university by teaching guitar lessons out of my mother's living room and had made a good little cash business out of it. I also played numerous music gigs throughout the city and had experienced the life of being self-employed. Now that I was done school it was time to "wake up", shut down my little business and join the real work force.

I followed the advice of my parents, society and the status quo and got a real job in telephone sales. I worked in the middle of the night, on straight commission and although I was one of the top performers in the office, I only made about $10 an hour selling on the phone. My life was completely upside down, I was making less money at my "real job" than I was making it my guitar teaching business, my quality of life was the lowest it had ever been, and I was isolated by working the graveyard shift.

After a few weeks of working my real job, I fell into a depression. Everything I had done was "right". I went to school, got a degree, and got a job, but I was living a miserable life and was making less money than I made in school doing things I enjoyed less.

What was wrong with me?

Looking back, I realize that I was living a life of convenience, not a life of choice. Everything that was in my life came to me by way of convenience. Nothing was consciously chosen by me and this was the source of my unhappiness.

They say there are only two sources of unhappiness in the world:

#1 is not getting what you want
#2 is getting it (not what you want)

When we get something we do not want, unhappiness ensues.

The downward spiral of unhappiness and dissatisfaction continued for years until I learned to take control of my own mind and use it towards endeavours of my choice.

As the great Napoleon Hill writes in his book "Think and Grow Rich":

Everyone comes to this world with the privilege of controlling the power of his mind and directing it to whatever ends he may choose.

At birth, everyone carries the equivalent of two sealed envelopes:

  1. The RICHES You May Enjoy If You Take Possession Of Your Mind & Direct It To The Ends Of Your Own Choice.
  2. The PENALTIES You Must Pay If You Neglect To Take Possession Of Your Mind & Direct It
In the contents of the first envelope named RICHES are the following blessings:
  • Health
  • Peace Of Mind
  • A Labor Of Love Of Your Own Choice
  • Freedom From Fear And Worry
  • Positive Mental Attitude
  • Material Riches Of Your Own Choice & Quantity
In the envelope labeled PENALTIES are the prices one must pay for neglecting to take control his/her own mind:
  • Ill Health
  • Fear & Worry
  • Indecision & Doubt
  • Frustration & Discouragement Throughout Life
  • Poverty & Want
  • The Evils of Envy, Greed, Jealousy, Anger, Hatred and Superstition


For many years I allowed others to take control of my mind and I drifted through life living a life of convenience with very few elements being of my own choosing. After I hit "the bottom" through depression, poor health, fear, doubt, worry and debt, I began to design the life that I wanted.

Today, I have made drastic changes and every aspect of my life has been chosen by me. Perhaps there are parts that are not 100% of my choosing, but every single aspect is improving steadily towards my vision and my ideals.

All of the improvements in my life came from having a concrete vision of what I desired. I began to write down my goals, my wants, and my vision. I began to reverse engineer and design the life that I wanted. I am very happy to enjoy the blessings that Napoleon Hill names above and be free of the penalties he warns against.

In your own life, ask yourself: Are you living a life of convenience or a life of choice? If you are living a life of convenience, begin to write a vision plan detailing every aspect of your ideal life. When your vision is put into words and written down, the subconscious brain will begin working towards the life of your dreams.

Thanks for reading,
By: Stefan Aarnio
Freedomway.ca
facebook.com/stefanaarnio
https://twitter.com/stefanaarnio
http://ca.linkedin.com/in/stefanaarnio

Get Stefan Aarnio's book "Money People Deal: The Fastest Way to Real Estate Wealth" at MoneyPeopleDeal.com!

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Why You Need to Sell $1,000 Hot Dogs and the Genius Behind It.

12/27/2012

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By: Stefan Aarnio
Freedomway.ca
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This morning I was having breakfast with a colleague of mine and we were trying to find ways to compliment each other's respective real estate businesses. Sometimes it can be difficult to find ways to compliment another person's business due to personal similarities or differences and we spent a considerable amount of time talking about our business philosophies and dreams.

My philosophy in business has predominately been: it is better to sell one $1,000 hot dog than sell one thousand $1 hot dogs. 

Selling one hot dog for $1,000 makes much more money, requires less effort and has a completely different clientele and resources required to sell one thousand $1 hot dogs. 

However, we don't often see any hot dog carts selling $1,000 hot dogs… Why?

Years ago on the Celebrity Apprentice, one of my business heros Gene Simmons sold a $5,000 hot dog to one of his friends for charity. The context of the sale was a battle between two teams of Celebrities to see who could raise the most money selling hot dogs for charity. The business models of the two teams varied greatly with one cart selling $5 hot dogs and the other cart selling $5,000 hot dogs. The results for the two teams was vastly different with the $5 hot dog making approximately $17,000 while the $5,000 hot dog made closer to $52,000.

All of the money was raised for charity and both teams were loaded with celebrities. Both teams did very well, but the huge difference in money raised was that one team was thinking bigger by asking for more dollars per hot dog.

Years ago when I was in the music industry, I wanted to find a way to do business in a bigger way. Naturally I got into real estate because in music I was selling hundreds of $1 "hot dogs" whereas in real estate I could sell a few $1,000 "hot dogs" and make a much better living. Real Estate in general when compared to a music business has much better margins, takes less time, less work and is much more sustainable because there is usually only one customer instead of 1000 for a similar profit.

After I had mentioned that I would rather sell one $1,000 hot dog, my friend replied that his philosophy has been to sell one thousand $1,000 hot dogs. He elaborated by saying that he was working on a multi-million dollar land subdivision deal where he would sell nearly 100 lots of land and metaphorically speaking sell one thousand $1,000 hot dogs. His thinking was clearly bigger than mine.

When we had met that morning, we were looking at a house that I was going to buy to flip. I had clearly illustrated my $1,000 hot dog thinking with my current business model of flipping houses one at a time. My colleague had a much greater plan to take the profits of my plan and multiply it by 100 with the same effort.

But what do the hot dogs mean?

There are two ways to build a business model. One is vertical and the other is horizontal. 

HORIZONTAL BUSINESS - $1 hot dogs x 1000

A horizontal business will have lots of customers with low transaction volumes. The business relies on having a high amount of customers and transactions to make a profit. This is the hot dog cart with $1 hot dogs.

VERTICAL BUSINESS - $1000 hot dog x 1

The other model is the vertical model. This model has less customers, but makes more money per customer. It relies on having a few great repeat customers who account for 80% or more of the business. This is the model I am building in my business today. This is the hot dog cart with the $1,000 hot dogs.

DIAGONAL BUSINESS - $1000 hot dog x 1000

There is a third model, and this model is the diagonal model that uses both vertical and horizontal strategies where we sell $1,000 hot dogs to 1000 customers. This model is much more advanced and requires the customer care of the vertical model with the systems and velocity of the horizontal model. If you can build a diagonal model, you will be rich - guaranteed. However, this model is the most difficult to create and few people know how to actually build a horizontal business model that works.

After examining the $1 hot dog cart and the $1,000 hot dog cart, which hot dog cart would you like to own? Which cart are you running in your current business? Is this where you want to be today? What is holding you back from building a diagonal business?

Thanks for reading,
By: Stefan Aarnio
Freedomway.ca
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Flying the Flag: Make A Statement

12/22/2012

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By: Stefan Aarnio
Freedomway.ca
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What would you do if you had all of the money in the world? What is money anyways?

One of my favourite quotes about money/success/business is by Donald Trump:

“I wasn’t satisfied earning a good living. I wanted to make a statement”

What I love about this quote is that the money doesn't matter, the deals don't matter, the success doesn't matter, the lifestyle doesn't matter... What matters is the statement that is made by the work. 

Great Artists make statements, for that is the purpose of Art. An artist produces art to make a statement, Donald Trump builds buildings to make a statement, in many ways Donald Trump is an artist.

Donald Trump certainly does not have to get out of bed in the morning and go to work to pay his mortgage or put food on the table. Necessities like food were never a concern for Trump. Life would be empty if he could not create through his work. A starving Artist is the same, he has no material possessions, money doesn't matter and his life is empty without creating through his work.

When you make a commitment to excellence and stand for something, others will be attracted to your message. In a roundabout way, making a statement is what branding is all about.

Today I was sitting in Starbucks with a couple potential Joint Venture Partners and we were interviewing potential contractors to flip houses with. After one candidate left I made the statement to my partners that the contractor was an old "has-been". After a few minutes of discussing the contractor's flaws, a man sitting at an adjacent who had been listening to us talk said to me "you have to have your own crews!"

I replied "I do have my own crew"

We started talking to the man and he said "you were really arrogant with that last contractor". We continued to talk to him and he said "you remind me of me when I was your age".

It turns out that the man who had been listening in on our interviews owns over 5500 rental units in Winnipeg and is one of the most successful investors in the city. We continued to chat for 30 minutes about the business of real estate and he invited myself and my partners to spend some time with him in the new year.

What is amazing about the experience was that if I had not made such a bold statement, we would not have been approached by the very successful investor at the adjacent table. The connection with one of the biggest investors in the city could be very important in the future and I would have never made the connection if I did not make a statement. If I had cold called this successful investor, he would not take my call. However, since he had observed me and saw what I stood for, he reached out to make the connection with me.

Like attracts like and birds of a feather flock together. Put up a flag, show people who you are and what you stand for and you will attract those who think like you do. People are magnets and we attract other people who are charged like us; this is why branding is so important.

Make a statement, make it strong, make it bold and stand by it.

If you don't stand for something, you'll fall for anything.

Thanks for reading,
By: Stefan Aarnio
Freedomway.ca
facebook.com/stefanaarnio
https://twitter.com/stefanaarnio
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Identity: Do not find yourself, Create yourself

12/12/2012

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By: Stefan Aarnio
Freedomway.ca
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“Life isn't about finding yourself. Life is about creating yourself.” 
― George Bernard Shaw

So many people spend their lives trying to "find" themselves. The sad thing is, often, there is nothing to find.

In my own life, I spent much of my late teens and early twenties trying to "find" my identity. I worked at different jobs, I dressed differently, tried different hair-styles, played in different music groups, and struggled to answer the question "what do I want to do with my life"?

Sometimes I felt like I was chasing the wind. After many years of chasing, I learned that there was nothing to chase in the first place.

Everyone at some point gets to experiment with identity. We try different things, we experiment, we find things that work and things that don't. Some of the most successful people in history have shifted their identities and morphed as the world changes with them.

Some people I admire for re-inventing themselves are: Madonna (who is still relevant after 25+ years in pop music which is like 1000 years in real life), Steve Jobs (a man who re-invented himself and his company, Apple, many times) and Johnny Cash (who went from mainstream into obscurity and back into the public's eye).

These people have all gone through the highs and lows of identity by becoming relevant, obscure and then relevant again. They all created identities that were true to themselves and re-created them when necessary.

We are all human "be-ings" and not human "do-ings".

I always find it interesting that people ask on a daily basis "what do you DO for a living?" what do you "DO" with your time? What do you want to "DO" with your life?

Doing implies actions, which is important for success, but I think that being is much more important because we are human BE-ings.

If we know who we want to "BE", then we can quickly find out what we want to "DO".

For myself, I have stopped asking myself the question of "what do I want to do"? and have switched to the question of "who do I want to be?"

Since changing this one question, my success rate has sky rocketed.

I keep a list of 25 people that I admire and want to "be". Of course, I don't want to directly copy these people in every aspect, but what I will do is copy the things that I like about them. These 25 people that I want to be are "targets" for myself that I can attempt to emulate.

What I find most exciting about the list of 25 people that I want to "be", is when I write the things that I like most about them, I can find the common traits that I admire most.

For example, some of the people on my list are:

BRAD LAMB - Expert retailer, sales genius, branding genius
DONALD TRUMP - Branding genius, luxury developer, luxury brand, luxury retailer, maverick, media genius.
RICHARD BRANSON - Conceptual thinker, Venture capitalist, extremely prolific, branding genius, media genius, knows how to get press, risk taker, maverick
STEVE JOBS - Artist, Icon, Rebel, challenged the status quo, came from nothing, has ultimate career comeback, more relevant after death, maser retailer.
JOHNNY CASH - Artist, Icon, Rebel, challenged the status quo, came from nothing, ultimate career comeback, more relevant after death.

My list of people I want to be includes: Real estate entrepreneurs, retailers, developers, inventors, musicians, artists, military generals, chefs, movie and fictional characters.

What is more important than the specific people on the list, are the traits that I associate with each one.

For example, most of the people on my list are: Artists, Iconic, rebellious, mavericks, prolific, branding geniuses, luxury, media stars and retailers.

If most of the people on my list have those traits, and I want to "be" them, then those are the traits that I must focus on and strive for in my own life and business.

After finding 25 people for your list and taking an inventory of the traits that you admire in each person, you can quickly find out what kind of identity you must create for yourself.

What I find interesting about the "list" is that there are many successful people that I can think of that didn't make the cut. These are people I study and admire, but they are not people that I would want to "be". 

For example: Robert Kiyosaki is someone I admire and have studied in great detail, but I do not wish to be Kiyosaki. He is a great teacher, but I don't want to be a teacher.

The more specific and detailed you become with this list, the more you will find your identity.

We can see ourselves only when we see our reflection in the mirror. The list of 25 people is our way of creating a mirror to see into ourselves. This mirror allows us to see what we are on the inside.

Once we can see who we want to become, we can begin the process of reverse engineering our identity so that we can become the person we were destined to be.

Thanks for reading,
Stefan Aarnio
Freedomway.ca
facebook.com/stefanaarnio
https://twitter.com/stefanaarnio
http://ca.linkedin.com/in/stefanaarnio

P.S: Please share this article if you found it helpful

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    Stefan Aarnio

    Stefan Aarnio is a Real Estate Investor, entrepreneur and artist based out of Winnipeg, Manitoba.His real estate website is Freedom Way Joint Ventures  His art can be seen at http://stefanaarnioart.com

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