How to Manage Higher Prices at the Grocery Store, with Bob Lai
The MapleMoney Show
Grocery prices have been in the headlines lately, but it’s not a good news story. For various reasons, inflationary pressures are causing prices to rise for many household items, including the food in your fridge. Thankfully, there are ways you can fight back. Bob Lai is my guest this week. He and his wife are dividend investors who also know a thing or two about how to manage higher prices at the grocery store. Bob runs the personal finance blog Tawcan and has spent a lot of time researching changes in grocery prices for the past few years. He reveals which grocery store really does have the lowest prices, and shares some other ways you can lower your food bill. You can find the show notes for this episode at https://maplemoney.com/169 Do you prefer to invest in socially responsible companies? If so, our sponsor Wealthsimple will help you build a portfolio that focuses on low carbon, cleantech, human rights, and the environment. To get started with Socially Responsible Investing, head over to https://maplemoney.com/wealthsimple today!
Bob Lai (https://www.tawcan.com/) joins Beau at a conference in Washington, D.C. to share his personal finance story. (Recorded in-person on September 6th, 2019 before the pandemic. Published on April 11th, 2021.)
Has COVID-19 Killed the Fire Movement? with Bob Lai
The MapleMoney Show
In recent years, the FIRE movement, which stands for Financial Independence, Retire Early, has found popularity with millennials across Canada and the US. But this extreme version of early retirement requires a very high savings rate for an extended period of time, which begs the question: Has the COVID-19 pandemic derailed the retirement dreams of FIRE enthusiasts? To find out, I reached out to Bob Lai, a popular FIRE blogger based in Vancouver. Bob and his wife are planning to retire early within the next 10 years, so I was interested to get his perspective and find out how COVID-19 has affected their FIRE plans. You can find the show notes for this episode at https://maplemoney.com/118 Did you know that 57% of Canadian adults don’t have a will? Willful has made it more affordable, convenient, and easy for Canadians to create a legal will and Power of Attorney documents online from the comfort of home. In less than 20 minutes and for a fraction of the price of visiting a lawyer, you can gain peace of mind knowing you’ve put a plan in place to protect your children, pets and loved ones in the event of an emergency. Get started for free at https://maplemoney.com/willful and use promo code MAPLEMONEY to save 15%
Slow Travel, Geoarbitrage and Creative Frugality | Bob Lai
The FI Show
Today's episode features Bob Lai from Tawcan.Bob and his wife are both dual citizens living in Vancouver, Canada.He has a big passion for geo-arbitrage, slow travel, and dividend investing.Hear how he's reaching FI while traveling and having three weddings! (spoiler alert, only one bride)Listen, learn, and let us know what you think about this awesome episode!Episode SummaryBob's Background Bob’s family grew up in Taiwan with a farming background Money was never taboo and stuck with him Frugality was a big point of emphasis His dad retired in his early 40s Bob had a cousin who retired at 42 And then another cousin who hit FI and kept working Bob talks about the influence that had on himGeo-arbitrage Geoarbitrage is the act of moving somewhere to lower your cost of living Think San Francisco resident moving to Montana This can be within your own country or abroad It’s important to consider your earnings also dropping This typically works best if you’re not working or working remotely Some jobs like doctors actually get paid more in small cities With the pandemic, this is possible for many more workers who’ve gone remote Exchange rates can also be your friend Living 181+ days in another country can also help you avoid U.S. income taxes Citizenship is obviously a big hurdle in certain countries Some countries give residency based on wealth or homeownership Geo-arbitrage can save you 50% or moreSlow Travel Often we look at travel as short spurts (1 – 2 weeks at a time) This leads to trying to pack in as much as possible You end up so tired, you need a vacation when you get back Slow travel is the idea of spreading that over 3-6months This allows you to spread out costs of flights It also lets you book apartments vs hotel rooms Bob goes over how much more enjoyable it is and affordable He also talks about the benefits of having a home base when travelingThree weddings under $7000 Bob got married three times…. Remember that his wife was from Denmark This meant they both had families abroad His first wedding was mostly his family Bob’s wife made the cake and her dress! Of course, they used a coupon after the wedding to eat A month later they had a wedding with friends and her family They hired a friend who would go on to go to culinary school And their photographer was just starting out His wife actually altered her own wedding dress for the second wedding A year later they decided to do a wedding actually in Denmark This time it was at a small-town school and his picture did photographs Bob even took some of the photosRounding out the Episode Bob talks about how he could retire now if he wanted He's happy with his job currently Their home is also very valuable in the crazy Vancouver market But life is good and his kids have a friend groupKey Takeaways Slow down: Bob breaks down the power of slow travel which this show is a big fan of You have options: Don't think that just because you live or were born in a certain area that you have to stay there.Call to ActionLook at your next planned vacation or one you've done in the past, compare those numbers with the slow travel version of it. How much per day does a six day vacation compare to a six month?Join the CommunityWe’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] comIf you like what you hear, please leave a rating/review!The FI show on iTunesThe FI show on AndroidCheck out our PartnersExpress VPN is one of the leading virtual private network service providers in the industry. Before I learned about Express VPN,
84. Will Moving to Canada Fix My Finances? w/Bob Lai, Tom Drake, and Chrissy
Earn & Invest
In this episode we debate the financial differences between living in Canada and the US with Canadian Blogger/podcasters Tom Drake, Bob Lai, and Chrissy. The Answer may surprise you. Also a bonus segment with Jessica Garbarino.
The FIRE (Financial Independence Retire Early) Movement has exploded in the past year, gaining mainstream coverage, including a documentary, many new books, and a high profile debate with old school personal finance gurus. But even though the "FIRE is spreading," is it already dead? In this episode I go deep with one of my personal favorite FI bloggers, Bob Lai about his own journey, what the FIRE movement is missing, living a joyful life, and why happiness might not be the only logical pursuit. Check it out.
What FIRE (Financial Independence, Retire Early) Means for Canadians, with Bob Lai
The MapleMoney Show
Have you heard of FIRE yet? It's a movement to achieve Financial Independence so you can Retire Early. But does FIRE mean you need to make six figures or live in an RV? Bob Lai, from the site Tawcan, comes on the show to discuss what FIRE really means and how it applies to Canadians. You can find the show notes for this episode at https://maplemoney.com/boblai Are you ever unsure about how much room you have left for RRSP contributions? Our sponsor, Wealthsimple, has an RRSP tracker that takes into account your salary, adjusts for any raise you get, plus the contributions already made to your RRSP and employer plans. Find out more at https://maplemoney.com/wealthsimple
http://www.alainguillot.com/bob-lai/ Bob Lai is the host of the website Tawcan.com. He’s a personal blogger on a quest for happiness and financial independence. Bob Lai investment philosophy focuses on dividend & ETF investing, financial independence, early retirement, happiness, frugality, and finding the right personal balance between saving for the future and enjoying life today. Highlights from the interview Bob was fortunate because his parents started teaching him about investment since he was young. He started investing when he was in University. Graduated at the age of 24 with a degree in engineering. On 2011 he started devoting more time to investments. One of the early lessons Bob learned was to treat his credit card as if it was a debit card and never to miss a payment. Credit cards give an enormous amount of credit to young people to get them hooked on credit card debt. Some of those young people have little or no financial education and the easily fall prey of the credit card companies. Frugality is not being cheap, frugality is buying value. Don’t shy away from buying second-hand items. Don’t focus on getting the latest electronics. The main investment strategy is to buy stable dividend-paying stocks. In particular, bob like recognizable brand names, like the Canadian banks and the Canadian telecom companies. He owns some U.S. stocks and some international stocks, but there is tax withholding and currency transaction cost, so they are not prioritized. Bob likes to take advantage of the opportunities provided by the Canadian government in regards to his Tax-Free Savings Account and his Registered Retirement Savings plans. He likes to fill those accounts to the limit to earn money without paying taxes in his TFSA, and deferring the taxes until age 71 in his RRSP. We spoke about life as a blogger. A place where he gained early exposure was on the website Budgets Are Sexy, ran my friend J. Money. See the article here. See the previous interview with J. Money here. We spoke about Bob’s money coaching services. How to get drunk for the less amount of money. Wearing the same clothes for several days is a good way to save on clothing, on laundry and it’s a good way to pollute less the environment. Bob has a side business as a photographer.
141 Deconstructing FIRE (Financial Independence Retire Early) - Bob Lai, Blogger at Tawcan
More Money Podcast
Have you heard of the FIRE movement before? In this episode I chat with Bob Lai from Tawcan about what it means to be financially independent and how make an investment strategy to get there. Long description: For anyone who wanted a deep look into the FIRE movement, and to get the low down on how to become financially independent, this is an episode you are gonna love! I chat with Bob Lai, the blogger behind , about his plans to reach financial independence while being a single-income family with his wife and two kids. He even shares what his personal investment strategy looks like: a mixture of dividend paying stocks (a.k.a. blue-chip stocks), index ETFs, and a small percentage of growth stocks. Now, if you’re just getting started with your investment journey, before getting into DIY investing like Bob, a good place to start is by investing in index mutual funds, like the portfolios that offers. It’s actually what I started investing with, as they track the index and charge way lower MERs than the big banks. Financial Independence vs. Financial Freedom Most people use these two terms interchangeably, I’ve even been guilty of it. But talking to Bob, I learned that they actually mean to very different things. Financial independence is when your passive income exceeds your expenses. Many people believe the magic number is to have 25 times your living expenses saved up through savings and investments. Or if you’re more conservative, 33 times your living expenses. Financial freedom on the other hand is a relatively loose term, but generally speaking mean that you’ve accumulated so much wealth that you don’t even have to worry about or rely on your passive income. Happiness vs. Joy Another concept we talked about was the difference between happiness and joy, and balancing the two. You see, happiness is externally driven and has an expiry date. For instance, when you get a raise or buy something you’ve been saving up for. Both of those things would make you happy, for a time, and then it would dissipate. Joy is internally driven, and is the feeling of being at peace. It’s also less fleeting than happiness, and usually comes about from fulfilling experiences and being around your loved ones. A big part of the FIRE movement is about focusing on joy instead of happiness. Also, joy doesn’t cost as much as happiness (if we’re talking about happiness through buying goods), so the more you focus on joy, the more money you’ll be able to save to reach your goal of financial independence. Stocks that Pay Dividends vs. Stocks that Don’t Not all stocks are the same. Some pay dividends, some don’t. The companies that don’t pay dividends (ie. Facebook) are the ones that are still in a growth stage. Instead of paying dividends to their shareholders, they reinvest their profits to continue to grow the company. Companies that do pay dividends are companies that are already so big (Proctor & Gamble, Johnson & Johnson), that they don’t need to reinvest all of the profits for further growth, so they share their profits with their shareholders (also making those shares more lucrative to potential stock buyers). Bob’s Top Blog Posts You’ll Want to Read Learn More About Bob Lai (Tawcan) For full episode show notes, visit https://jessicamoorhouse.com/141
Special Episode - Live from Fincon with Desirae Odjick (Half Banked), Bob Lai (Tawcan) & Andrew Daniels (Family Money Plan)
More Money Podcast
At FinCon 2017, I had the pleasure of sitting down with my three of my favourite Canadian personal finance bloggers: Desirae Odjick from Half Banked, Andrew Daniel from Family Money Plan and Bob Lai from Tawcan. This episode was recorded live on the last day of the conference, and has us chatting about their experience at the conference and what takeaways they'll be leaving with, their thoughts on blogging and everything in between.