11. Intergenerational wealth transfer, the changing landscape of financial advice, and its perceived value amongst the younger generation with Preet Banerjee
in your PODcket
Welcome to the in your PODcket podcast, brought to you by Choice Asset Groups and Mackie Real Estate. Preet Banerjee is a fixture in the Canadian financial landscape, being featured in media as well as earning a sterling reputation amongst his peers. Preet applies a wealth of knowledge gained in the field as an advisor in years past, as well as a keynote speaker, author, entrepreneur, and aspiring doctoral of business administration candidate. We discuss the dynamics of how financial advice was engaged amongst the parental generation, how that advice has changed with the financial landscape, the impending intergenerational wealth transfer, and the different types of advice available to Canadians, and who might be better suited for each type. ------------------ Be a part of the pod: firstname.lastname@example.org Website: www.inyourpodcket.com #yeahbut: www.inyourpodcket.com/yeah-but Social: @inyourpodcket ------------------ Choice website: www.choicegroups.ca Follow on social: @choicegroups ------------------ Mackie website: www.mackierealestate.ca Follow on social: @mackie_real_estate ------------------ Connect with Preet: @preetbanerjee ------------------ Music: https://www.purple-planet.com
Financial Literacy For The Next Generation with Preet Banerjee | E050
Financial Planning For Canadian Business Owners
In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award–winning financial planner, university lecturer, and writer, interviews Preet Banerjee, a Canadian financial guru who coaches the children of the affluent on how to deal with their money!Episode Highlights:1:49 – Preet Banerjee introduces himself and what he does.3:29 – What is the common motivation of the families that reach out to Preet for his financial workshop?5:25 – Jason and Preet discuss the wide range of characteristics amongst the children of the wealthy.6:28 – Preet breaks down what his workshops look like from the inside.10:35 – Jason and Preet discuss intergenerational family wealth.13:41 – How does Preet teach individual families to determine their best course of action?17:27 – Is there a difference in children’s ability to understand financial concepts based on when the family made their money?19:54 – What information is and isn’t sticking with Preet’s students?22:46 – Jason and Preet discuss the importance of financial advisors providing service to the next generation.24:03 – What are the key areas that Preet focuses on in his classes?25:39 – Preet and Jason discuss Hollywood’s influence on the tensions that surround money.28:50 – What are the first pieces of advice that Preet gives to his students?3 Key PointsPreet holds workshops for the children of Canada’s wealthy, aging from 18–24, in which he teaches them the basics of financial literacy, the emotional aspects of their situation, and how to think about money.The Shirtsleeves to Shirtsleeves in 3 Generations dilemma says that one generation amasses the wealth, the next one wastes it, and the final generation has nothing. Also, it’s more of a warning than a truth.Many of the preconceptions and tensions surrounding the wealthy come from pop culture, such as pressure to spend money on certain things and how to accept partners into the family.Tweetable Quotes:“Family lawyers and estate lawyers have the best and most tragic stories because they get involved into all the craziness and crazy family dynamics.” – Jason Pereira“A lot of people who came up with nothing want their kids never to suffer that...they realize that the reason they are successful was the struggle.” – Jason Pereira“To say that there’s any one path that works for everyone is naive...A much more gauged process is required to figure out what these individual families need.” – Preet Banerjee“There is a certain expectation being in certain circles how much you spend on things. So, we talk about how they feel about those competing tensions.” – Preet Banerjee Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInWoodgate.com – SponsorFintechImpact.co – Website for Fintech Impactjasonpereira.ca – Jason Pereira’s WebsitePreetbanerjee.com – Preet Banerjee’s WebsiteTranscript See acast.com/privacy for privacy and opt-out information.
Ep. 019 GameStop, Preet Banerjee, Willful, & Finances after COVID
Mind and Money
Corey Butler and Shawn Todd jump into the biggest news surrounding GameStop in the news, Preet breaks down what a squeeze looks like, the credit cycle, interest rates, Willful & why you really need to get your will done, and how how to bolster your finances post COVID-19. Preet always makes finance sound so easy - a great listen. Connect with Corey, Shawn, and Ecivda Financial on Instagram, FB, LinkedIn, YouTube & Twitter.
239 Financial Relief for Canadians - Preet Banerjee, Personal Finance Commentator & Author of "Stop Over-Thinking Your Money"
More Money Podcast
Many Canadians are feeling the financial effects of the pandemic and as a response the federal government as launched several financial relief programs to help out. To explain what the different programs are and how eligibility works, I’ve got personal finance expert and author finally back on the show! If you’re a longtime listener of the Mo’ Money Podcast, then you’ll remember that Preet was one of my first ever guests on in which he talked about his book , and made sure I got life insurance and a will after our recording (it works because I did!). For full episode show notes, visit https://jessicamoorhouse.com/239
Summary:In this 77th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Preet Banerjee, Founder of MoneyGaps, a platform that helps advisors provide financial planning advice and quantify it for their clients. Preet shares his desire to serve more income bracket levels, how MoneyGaps operates and the benefits of the service. Episode Highlights: ● 01:01: – Preet Banerjee defines MoneyGaps. ● 02:37: – What is the history of MoneyGaps? ● 03:57: – What did the research for MoneyGaps consist of? ● 06:51: – Preet and Jason discuss the academic and value propositions side of financial planning. ● 13:18: – MoneyGaps is not going to replace the sophisticated cash flow analysis of complex software. ● 16:38: – Preet discusses product price compression over time. ● 20:03: – MoneyGaps is looking to make financial advice available for those that have very little. ● 24:04: – MoneyGaps allows you to be able to pre-populate a number of professionals that you would normally work with. ● 26:40: – How does the MoneyGaps experience work for advisors working with clients? ● 34:41: – If Preet had one wish about something he could change in the industry or in his company, what would it be? ● 37:29: – What has been the biggest challenge that Preet’s company has had? ● 39:08: – What makes Preet the most excited every day? 3 Key Points 1. Research for MoneyGaps included developing a framework for measuring the value of advice then using that to measure advice across multiple delivery channels. 2. MoneyGaps is working to provide a robust GIS calculator for free. 3. Preet is aiming to offer human-centric and digital-centric options for providing more financial advisement for more markets of underserved people. Tweetable Quotes: ● “Not everybody wants a thick financial plan. But they don’t want nothing.” – Preet Banerjee ● “Contemporary financial advice has evolved constantly and always will, and it had evolved to the point from securities to portfolio to wealth management and now to integrating behavioral economics.” – Preet Banerjee ● “With the explosion in indexing and ETFs and access to information, we’ve seen pricing pressures on the product side. On the advice side, we haven’t seen as much innovation.” – Preet Banerjee Resources Mentioned: ● Facebook – Jason Pereira’s ● LinkedIn – Jason Pereira’s ● FintechImpact.co – Website ● Preet Banerjee – Linkedin●preetbanerjee.com See acast.com/privacy for privacy and opt-out information.
Preet Banerjee—blogger, author, media darling, aficionado of fine whisky, and doctoral candidate—joins us to discuss his research on the financial industry in Canada and his outlook for the future of investing. Dan tries to keep it together while rebutting a “study” showing active funds outperform index funds. Finally, we consider whether REITs are a substitute for buying a rental property. For complete show notes on Mind Your Money Gaps with Preet Banerjee visit canadiancouchpotato.com/podcast/.
Five Simple Personal Finance Rules with Preet Banerjee
The MoneySaver Podcast
In episode 20 of the MoneySaver Podcast, Ellen Roseman chats with Preet Banerjee, media personality, speaker, author and podcaster about his five personal finance tips that he lays out in his book "Stop Over Thinking Your Money" as well as renting vs. buying, his former career as an advisor and "MoneyGaps." Questions Asked: 1:07 Tell us a little about your former career as a financial advisor and how you ended up where you are today. 5:14 I remember you did a book about RRSPs. 9:10 Tell us a little bit about MoneyGaps. 19:43 How would I find an advisor who is using MoneyGaps? 22:14 You wrote a book in 2014 called “Stop Over Thinking Your Money.” Could you describe your 5 simple personal finance rules in “Stop Over Thinking Your Money"? Disaster proof your life, spend less than you earn, aggressively pay down high interest debt, read the fine print and delayed consumption. 33:26 One of your top videos is about buying a house vs renting where you come down on the renting side. Do you still feel that way? 36:33 You’ve given our listeners many great tips. Do you have any others?
Preet Banerjee is a financial consultant and the host of the Mostly Money Podcast, where he shares financial advice in a relaxed setting. He is an author, columnist, and speaker on the topic of finance, appearing in publications such as The Globe and Mail. He was named as one of Canada’s Top 10 Financial Visionaries by Advisor.ca in 2011, the former host of Million Dollar Neighbourhood on The Oprah Winfrey Network, as well as a financial panelist on CBC’s The National with Peter Mansbridge. Preet is pursuing a doctorate at Henley in the UK and has a unique background that includes training as a neuroscientist and a brief history as an aspiring race car driver. Preet joins me today to share how you can get your finances on the right track. He describes the differences between financial product sales and financial planning advice and stresses the importance of estate and digital estate planning, which has become more crucial in modern times. He also shares some fantastic advice on why you shouldn't purchase depreciating assets with borrowed money. “A lot of people don't realize that their single biggest asset is their ability to earn an income for the rest of their lives.” - Preet Banerjee Today on I’m A Millionaire...So, Now What?: Preet’s unique background and the opportunity that introduced him to the world of finance. The topics discussed on the Mostly Money podcast and his YouTube channel. The differences between financial planning advisors and financial product sales. The importance of digital asset estate planning. The financial complications of cohabiting and estate planning. Why you shouldn’t buy depreciating goods with borrowed money. The distinction between depreciating and appreciating assets. Preet Banerjee’s Fun Frank Advice for Self-Made Millionaires & Wealthy Families: If your subscriptions and expenses are automatic and you don’t see them, then they can really add up. You should sit down once a year and list out your regularly occurring expenses and see which ones you can eliminate or reduce. Connect with Preet Banerjee: Preet Banerjee’s website MoneyGaps Mostly Money Podcast Preet Banerjee on Facebook Preet Banerjee on LinkedIn Preet Banerjee on Twitter Preet Banerjee on Instagram Preet Banerjee on YouTube Preet Banerjee on TED TALK Protect Yourself. Protect Your Family. Protect Your Assets Protecting yourself, your family, and your assets are all essential elements of your roadmap to real riches as well as building and strategizing your financial plans. If you’re ready to build your roadmap to riches and learn how to protect yourself, your family, and your assets, join us this spring for our Estate Planning Sessions with RBC Wealth Management. Topic: Your Power of Attorney: Quite Possibly the Most Important Person You Will Ever Hire Date: Wednesday, April 24, 2019 Time: 2pm - 4pm Topic: Your Executor: What You Need to Know Before You Hire Yours Date: Wednesday, May 22, 2019 Time: 2pm - 4pm Topic: Essential Family Conversations: Protecting Yourself and Your Wishes Date: Wednesday, June 12, 2019 Time: 2pm - 4pm Location details will be provided when you RSVP to the event(s). To RSVP, email Colleen at email@example.com Get Ready for Fun Networking & Fundraising! Kick off your high-heels ladies, lace up your golf shoes, and get ready for an exciting, fun way to network with your business peers while raising money for a worthy cause. Join me, Colleen O’Connell-Campbell and Shelley True on September 5, 2019 for the all-women’s golf tournament, FORE-Play for Charity - the annual event supporting The Royal Ottawa Foundation for Mental Health. The FORE-Play for Charity event features fun ways to network with other Ottawa-based business leaders such as Open Mic, Cocktail Hour, the Red Carpet event, and a unique Makeup and Beauty Bar as well as a Gala Dinner. So if you’re ready to lace up your golf shoes and tee off to support The Royal Ottawa Foundation for Mental Health, visit www.truedotdesign.com/foreplay to register today - or, become a sponsor to show the community you’re serious about mental health. Be sure to subscribe to our newsletter and follow FORE-Play for Charity on Facebook so you never miss an update on this important event. Registration opens on April 1, 2019 Subscribe to the I’m A Millionaire, So Now What Podcast! Thanks for joining us for this episode of I'm A Millionaire, So Now What Podcast - the show bringing you inspirational stories, practical strategies, and fun, frank advice for self-made millionaires and wealthy families. If you enjoyed this episode, please subscribe to the show on iTunes and leave a positive review. Don’t forget to share your favorite episodes with other wealthy families and self-made millionaires on social media!
EP077 The Five Simple Rules of Financial Success with Preet Banerjee
Young Money with Tracey Bissett
Preet Banerjee is the author of the personal finance books Stop Over-Thinking Your Money!: The Five Simple Rules of Financial Success and RRSPs: The Definitive Guide to Registered Retirement Savings Plans. He is a personal finance commentator, keynote speaker, and consultant. He trained as a neuroscientist and was a race car driver, before becoming a stockbroker and an index fund wholesaler. Additionally, he is a TED Talk speaker and a contributing author for The Globe and Mail. He also hosted the popular show Million Dollar Neighborhood on the Oprah Winfrey Network. Preet joins me today to share his five simple rules to financial success and what inspired him to write his book, Stop Over-Thinking Your Money!: The Five Simple Rules of Financial Success. He reveals the impact that your emotions can have on your financial decisions and explains why it’s vital to ‘disaster-proof’ your life. He also reveals how making little changes to your saving habits can have a massive effect, debunks some of the most common misconceptions about personal finance, and explains why it’s better to earn interest instead of paying it. “If you don’t spend less than you earn, then there is no surplus at the end of the day. Then you can’t save for retirement, pay for disability and life insurance, or build up that emergency fund.” - Preet Banerjee This Week on Young Money: Preet’s diverse background and what brought him to personal finance. How momentum and curiosity have contributed to Preet’s career path. A story demonstrating the things Preet wished he knew when he was younger. The role that emotions play in managing finances and debt. The inspiration behind writing his book, Stop Over-Thinking Your Money!: The Five Simple Rules of Financial Success. The five simple rules of financial success. What it means to ‘disaster-proof’ your life and why it is vital. Preet’s TED TALK and why it's better to earn interest instead of paying it. Why investing isn’t one of the five simple rules of financial success. The biggest misconceptions of personal finance. How to get the Get Your Money Degree course for free. Preet Banerjee’s 5 Rules for Personal Finance Success: Disaster-proof your life. Spend less than you earn. Aggressively pay down high-interest debt. Read the fine print. Delay consumption. Resources Mentioned: EP025 True Cost of Car Ownership EP029 Buying vs. Leasing a Car EP039 Bitcoin and Other Cryptocurrencies Demystified with Alan Wunsche EP044 Dangers of Payday Loans EP059 What is insurance and Why do I Need it with Deborah Williams EP069 How to be Financially Resilient with Jackie Porter Connect with Preet Banerjee: Preet Banerjee website Your Money Degree Preet Banerjee on Facebook Preet Banerjee on LinkedIn Preet Banerjee on Twitter Preet Banerjee on Instagram Preet Banerjee on YouTube Preet Banerjee on TED TALK Rate, Share & Inspire Other Young Millionaires-in-the-Making Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Visit our website to learn how easy it is to leave a review on iTunes. Don’t forget to share your favorite episodes on social media! Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our Linkedin Company Page, or by visiting our website.
It's the last episode of Season Three, and because we don't want to see you fall victim to the summer slide, we're talking to Preet Banerjee about enough interesting stuff to keep you thinking until Season Four drops this fall, like:0.33 - Why are there so many mutual funds? 1.36 - Preet explains everything (including why there are so many coffee shops on the same corner)7.06 - Does investor literacy affect prices?8.52 - Do advisors or investors drive poor investing decisions?10.56 - Is ‘financial advising’ a real profession? 14.00 - How do you measure the value of financial advice? 21.10 - Can you measure ‘qualitative’ results? 23.00 - What’s the difference between Phenomenon and Data?26.00 - Financial literacy… what is it good for? 31.00 - Decision fatigue - chocolate cake or fruit?42.24 - Cash flow management - the foundation of it allFor full show notes please visit: https://becausemoney.ca/s3-ep14-season-finale-with-preet-banerjee/