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Build Wealth Canada Podcast

As one of Canada's youngest retirees at the age of 32, and after becoming mortgage-free at 29, Kornel interviews the top financial experts in Canada to help you optimize your investments, reduce your taxes, and help you accelerate your journey towards financial independence and early retirement. He also shares his own experiences and lessons learned in investing and as an early retiree and member of the FIRE (Financial Independence, Retire Early) movement to help you optimize your finances, specifically here in Canada.

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What Can You Get? COVID-19 Government Benefits and Major Mortgage Changes

There’s been a lot of new programs and initiatives put in place by the Canadian government due to COVID-19 to help you financially. In this episode, I’m going to take you through what’s out there so that you can make sure you don’t miss out on some free money or benefits that can really help you during this difficult time. I’ve actually gone through everything that I could get my hands on at the Canada Revenue Agency site, so this is all coming right from the source, and this episode’s intention is to save you a lot of time by helping you quickly learn what’s out there, whether you’re eligible, and help you make an efficient decision on which benefits to apply for, and which ones to make sure you receive. The 2nd part of this episode is going to focus on mortgages, the drastic changes in the interest rate that we’ve seen (which can of course heavily impact your mortgage payments and decisions), what’s happening right now as far as the real estate market is concerned, if you can take advantage of these lower interest rates by renewing your mortgage. We’re also going to cover the subject of deferring your mortgage payments, if for example you’ve lost your job and fear that you may not be able to pay your mortgage while we are all in lockdown due to COVID-19. Links & Resources Covered Chat with Sean for free to get your mortgage questions answered by entering your email at buildwealthcanada.ca/sean Check out Sean’s best-selling book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians. New Tool: Get Your Credit Score Checked for Free A big thanks to Borrowell for sponsoring the show and for building such a great free tool that we can use to check our credit score. It has saved me a lot of time when I want to quickly check the status of my credit score (for example, to ensure there has been no fraud or identity theft on my accounts).  You also obviously want to make sure your score is as high as possible for any mortgages or other loans that you end up applying for (to ensure you get the lowest rate and get approved).  Even if you aren’t looking for a loan, I encourage you to at least pull your report for free to help ensure that there are no unauthorized transactions on your accounts. As a best practice, you should be doing this kind of check at least annually.  Thanks again Borrowell for building a tool where we Canadians can finally get access to this data quickly and for free. Resources from the Episode: Top Tools and Resources for Financial Independence (for Canadians): All the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.  Canada’s Top ETFs Guide & Top High-Interest Savings Account: In the guide, I go over what I personally invest in, why I invest in it. The investments that I talk about ​are literally where we have almost our entire net worth (apart from our house), and is what we are primarily living off right now in our early retirement. At the very least you’ll learn about some great ETFs to consider for your portfolio, and if you are new to ETFs, it’ll give you a nice list of some top ETFs to consider from the thousands that are out there.  The guide is available for free to any listeners that that use my special link to sign up for a free savings account with the bank that I personally use, EQ bank.  The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada (they are currently offering 2% which is more than double what the major banks are offering). It’s also free to sign up and keep an account with them, so you’re not paying a monthly fee like you do with many of the other banks out there. You also get unlimited transactions, unlimited Interac e-transfers, and can take out your money at any time if you need it, and there are no minimum balances. Because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money.  To get the free high-interest account and the free guide on the top ETFs in Canada, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I’ll send you the full comprehensive guide for free.  Don't miss future episodes, giveaways, and free in-depth guides by signing up for free to the Build Wealth Canada Newsletter

1hr 6mins

16 Apr 2020

Rank #1

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Market Declines: How to Deal With, and Coronavirus Impact

A lot has been happening with the significant stock market declines and coronavirus, so I’ve been getting lots of questions such as: How am I adapting our portfolio and investment strategy to these declines? Should we be buying into the market at these low prices or selling? Should we be waiting out for the market bottom and then buying? What are the other experts that I listen to and trust saying? With this episode, the goal is to answer these top questions for you. Now, of course, the health and the safety of your family is more important than the temporary performance of an investments portfolio, so that should be the priority. But since I’m not a doctor or medical expert, it doesn’t make sense for me to try to give you medical advice. So instead, let’s focus on what I do actually have expertise and experience in and shine some light on the investment and financial planning side of things. Enjoy the episode. New Tool: Get Your Credit Score Checked for Free A big thanks to Borrowell for sponsoring the show and for building such a great free tool that we can use to check our credit score. It has saved me a lot of time when I want to quickly check the status of my credit score (for example, to ensure there has been no fraud or identity theft on my accounts).  You also obviously want to make sure your score is as high as possible for any mortgages or other loans that you end up applying for (to ensure you get the lowest rate and get approved).  Even if you aren’t looking for a loan, I encourage you to at least pull your report for free to help ensure that there are no unauthorized transactions on your accounts. As a best practice, you should be doing this kind of check at least annually.  Thanks again Borrowell for building a tool where we Canadians can finally get access to this data quickly and for free. Resources from the Episode: Top Tools and Resources for Financial Independence (for Canadians): All the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.  Canada’s Top ETFs Guide & Top High-Interest Savings Account: In the guide, I go over what I personally invest in, why I invest in it. The investments that I talk about ​are literally where we have almost our entire net worth (apart from our house), and is what we are primarily living off right now in our early retirement. At the very least you’ll learn about some great ETFs to consider for your portfolio, and if you are new to ETFs, it’ll give you a nice list of some top ETFs to consider from the thousands that are out there.  The guide is available for free to any listeners that that use my special link to sign up for a free savings account with the bank that I personally use, EQ bank.  The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada (they are currently offering 2% which is more than double what the major banks are offering). It’s also free to sign up and keep an account with them, so you’re not paying a monthly fee like you do with many of the other banks out there. You also get unlimited transactions, unlimited Interac e-transfers, and can take out your money at any time if you need it, and there are no minimum balances. Because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money.  To get the free high-interest account and the free guide on the top ETFs in Canada, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I’ll send you the full comprehensive guide for free. 

31mins

18 Mar 2020

Rank #2

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Our Early Retirement Story (and Lessons Learned from Achieving It)

I recently realized that I haven’t really provided an update on our early retirement story and more importantly, the lessons learned from it so far. Therefore my goal for this episode is to share with you what we did wrong and what I think we did right, that allowed us to achieve financial independence by the time I was 32. Please don’t interpret this episode as some sort of showing off, bragging, or an ego boost. I absolutely hate arrogance and hubris (it’s actually ones of my biggest pet peeves). Instead, the whole idea behind this episode is to give you some actionable insights based on our failures and successes over the years, so that you can hopefully learn from our experiences, apply them to your own financial independence, retire early journey and hopefully cut down the time that it takes you to get there. That’s it. New Tool: Get Your Credit Score Checked for Free A big thanks to Borrowell for sponsoring the show and for building such a great free tool that we can use to check our credit score. It has saved me a lot of time when I want to quickly check the status of my credit score (for example, to ensure there has been no fraud or identity theft on my accounts).  You also obviously want to make sure your score is as high as possible for any mortgages or other loans that you end up applying for (to ensure you get the lowest rate and get approved).  Even if you aren’t looking for a loan, I encourage you to at least pull your report for free to help ensure that there are no unauthorized transactions on your accounts. As a best practice, you should be doing this kind of check at least annually.  Thanks again Borrowell for building a tool where we Canadians can finally get access to this data quickly and for free. Other Resources: Top Tools and Resources for Financial Independence (for Canadians): All the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.  Canada’s Top ETFs Guide & Top High-Interest Savings Account: In the guide, I go over what I personally invest in and why I invest in it. The investments that I talk about ​are literally where we have almost our entire net worth (apart from our house), and is what we are primarily living off right now in our early retirement. At the very least you’ll learn about some great ETFs to consider for your portfolio, and if you are new to ETFs, it’ll give you a nice list of some top ETFs to consider from the thousands that are out there.  The guide is available for free to any listeners that that use this link to sign up for a free savings account with the bank that I personally use, EQ bank.  The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada (they are currently offering 2.45% which is more than double what the major banks are offering). It’s also free to sign up and keep an account with them, so you’re not paying a monthly fee like you do with many of the other banks out there. You also get unlimited transactions, unlimited Interac e-transfers, and can take out your money at any time if you need it, and there are no minimum balances. Because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money.  To get the free high-interest account and the free guide on the top ETFs in Canada, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I’ll send you the full comprehensive guide for free. 

29mins

11 Feb 2020

Rank #3

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What’s the best type of loan for you? (and how to get the lowest rate)

In this episode, we cover the types of debt tools available to us Canadians, and how to get the lowest rate on them. In other words, what debt options do we have in our Canadian toolbox that we can potentially use, and what are the pros and cons of each? My goal for you is that by the end of this episode, you'll know what your options are in Canada so that if you ever do need a loan, you know exactly what's available to you, which types of loans have the lowest and highest rates, and which ones are the easiest and hardest to qualify for.  And Sure, we've all heard of mortgage and credit cards, but what other types of loans are out there that we could potentially use? Today's Expert: To help me answer these questions, our guest for this episode is Scott Satov. He’s a CA, a CFA, and the founder of LoansCanada.ca which was Canada's first and today’s largest online loan search and comparison platform.  So I figured, if we want to know what types of loans are available to us Canadians, then why not get the first and largest Canadian loan search and comparison provider to help us with this since it’s clearly their job day in and day out to know what’s out there. Links and Resources: You can do your loan comparison shopping over at Scott's company: LoansCanada.ca. They also have a lot of educational resources on the site so you can definitely learn a lot there, even if you aren't looking to immediately take out a loan. The top personal finance and investing tools guide mentioned on the episode can be received for free by signing up on the main page over at buildwealthcanada.ca. The how to invest videos mentioned during the show can be found at buildwealthcanada.ca/invest. Questions Covered: While ideally, we as Canadians want to have no debt, the reality is that most Canadians don't have enough money on-the-side to just buy a car or house with cash, or to fund some expensive unforeseen emergency (whether it's an expensive home repair, something medical that you have no coverage for, or something else). We've all heard of mortgages, but what are the other tools available to us, and can you cover the pros and cons of each along with which ones are the least expensive options here in Canada? What are the different things that are within our control that we can do, to get the lowest rates on loans? Most don't have the cash to buy a new or used car outright, so what have you found to be the best practices for getting the best loan for a new vs used car? Ex. Going through dealer vs the bank vs sites like yours that can pull the rates from different providers. If you need money for an important expense, have you found home equity lines of credit (HELOC) to be the least expensive way to raise the funds required? If someone isn't a homeowner and can't get a HELOC, what type of loan is the least expensive? How do you go about getting a loan and securing it against your car for example (or some other asset) so that it becomes a secured loan giving you the lowest rates? What are the most effective ways of building your credit score? If you have an average credit score, is it worth the effort to try to improve it? In other words, how large are the savings you can get if you do actually work on your credit score and improve it? What are your thoughts on debt consolidation? When should somebody consider it vs not?  What are your top strategies for getting out of debt? Especially for those that are struggling or feeling the pressure from the loans that they already have outstanding. If you liked the episode sign up for free to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools.

1hr 7mins

21 May 2020

Rank #4

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Are you saving enough for retirement? (and other top questions)

Today we’re going to cover some of the top financial questions asked by Canadians, including the number one question, “Am I saving enough for retirement?”. The way we came up with these questions, is that as you may know, the fee-for-service financial planner that I use is John Kalos, and on my site, I have a page where you can sign up for a free 30-minute consultation with him.  And so, lots of the listeners of the show have met with John for free to get their questions answered and he then took the ones that were being asked most often, and we decided to do this episode on them so that everyone can benefit from them.  The top question was definitely “Am I saving enough for retirement?”, but he also addressed other top questions like “What investments should I be buying for each account (RRSP vs TFSA vs taxable accounts), and how much should I be buying of each?”. Enjoy the episode, and definitely feel free to ask him your own questions one-on-one over at buildwealthcanada.ca/john. When you sign up through that page, I’ve also set it up so that you’ll be automatically emailed a guide that I made on the top questions to ask your financial planner.  This can help you whether you’re looking for a new financial planner, or to test out your existing financial planner to make sure that there is no conflict-of-interest and that they really are as competent as they claim to be.  This is something that he’s making available on an ongoing basis so even if you are listening to this episode years from now, you can still go there to get some of your top questions answered, privately, and for free. Enjoy the episode. New Tool: Get Your Credit Score Checked for Free A big thanks to Borrowell for sponsoring the show and for building such a great free tool that we can use to check our credit score. It has saved me a lot of time when I want to quickly check the status of my credit score (for example, to ensure there has been no fraud or identity theft on my accounts).  You also obviously want to make sure your score is as high as possible for any mortgages or other loans that you end up applying for (to ensure you get the lowest rate and get approved).  Even if you aren’t looking for a loan, I encourage you to at least pull your report for free to help ensure that there are no unauthorized transactions on your accounts. As a best practice, you should be doing this kind of check at least annually.  Thanks again Borrowell for building a tool where we Canadians can finally get access to this data quickly and for free. Other Resources: Top Tools and Resources for Financial Independence (for Canadians): All the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.  Canada’s Top ETFs Guide & Top High-Interest Savings Account: In the guide, I go over what I personally invest in and why I invest in it. The investments that I talk about ​are literally where we have almost our entire net worth (apart from our house), and is what we are primarily living off right now in our early retirement. At the very least you’ll learn about some great ETFs to consider for your portfolio, and if you are new to ETFs, it’ll give you a nice list of some top ETFs to consider from the thousands that are out there.  The guide is available for free to any listeners that that use this link to sign up for a free savings account with the bank that I personally use, EQ bank.  The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada (they are currently offering 2.3% which is more than double what the major banks are offering). It’s also free to sign up and keep an account with them, so you’re not paying a monthly fee like you do with many of the other banks out there. You also get unlimited transactions, unlimited Interac e-transfers, and can take out your money at any time if you need it, and there are no minimum balances. Because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money.  To get the free high-interest account and the free guide on the top ETFs in Canada, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I’ll send you the full comprehensive guide for free. 

1hr 12mins

9 Jan 2020

Rank #5

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How to Live Off Your Investments and Stress Test Your Portfolio

In this episode, we talk about how we can set our investments up so that we can live off them in retirement (whether it’s a traditional retirement or early retirement). We also cover the important subject of how to stress-test our investment portfolio so that we can help ensure that we don’t run out of money in our retirement. You can also use these tools to see (approximately) if you actually have enough to retire now (or to see how much more you need). New Tool: Get Your Credit Score Checked for Free A big thanks to Borrowell for sponsoring the show and for building such a great free tool that we can use to check our credit score. It has saved me a lot of time when I want to quickly check the status of my credit score (for example, to ensure there has been no fraud or identity theft in my accounts).  You also obviously want to make sure your score is as high as possible for any mortgages or other loans that you end up applying for (to ensure you get the lowest rate and get approved).  Even if you aren't looking for a loan, I ecourage you to at least pull your report for free to help ensure that there are no unauthorized transactions on your accounts. As a best practice, you should be doing this kind of check at least annually.  Thanks again Borrowell for building a tool where we Canadians can finally get access to this data quickly and for free.  Other Resources from the Episode: Top Tools and Resources for Financial Independence (for Canadians): All the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.  Canada’s Top ETFs Guide & Top High-Interest Savings Account: In the guide, I go over what I personally invest in and why I invest in it. The investments that I talk about ​are literally where we have almost our entire net worth (apart from our house), and is what we are primarily living off right now in our early retirement. At the very least you’ll learn about some great ETFs to consider for your portfolio, and if you are new to ETFs, it’ll give you a nice list of some top ETFs to consider from the thousands that are out there.  The guide is available for free to any listeners that that use this link to sign up for a free savings account with the bank that I personally use, EQ bank.  The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada (they are currently offering 2.3% which is more than double what the major banks are offering). It’s also free to sign up and keep an account with them, so you’re not paying a monthly fee like you do with many of the other banks out there. You also get unlimited transactions, unlimited Interac e-transfers, and can take out your money at any time if you need it, and there are no minimum balances. Because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money.  To get the free high-interest account and the free guide on the top ETFs in Canada, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I’ll send you the full comprehensive guide for free.  Roger's Amazing Educational Resources: Roger's Rock Retirement Club (applicable to Canadians) Roger's Main Site: Retirement Answer Man Roger's Podcast: Retirement Answer Man Podcast Free Monte Carlo Simulation Tools: To help ensure that you have enough to retire, we talked a lot about Monte Carlo analysis. Below are three tools that I use where you can run Monte Carlo simulations for free: cfiresim.com firecalc.com portfoliovisualizer.com Questions Covered: Let’s say you created a comprehensive financial plan with a client. You give them the green light to retire and they do so. A year later, we run into a 2008 scenario, or a large stock market decline. When you do your annual/semi-annual review with the client, what’s the process that you go through to determine if they are still okay, or if they need to make some adjustments? I’ve noticed that you’re a heavy user of Monte Carlo simulations to stress-test whether someone has enough to retire. For somebody that hasn’t heard of this before, can you explain what it is? There are free tools out there like Firecalc.com and cfiresim.com that let people run their own Monte Carlo simulations to see if they have enough to retire. Do you have any advice when using tools such as these? For example, are there any common mistakes that you see people do when using them? I noticed that not all financial planners and financial planning software do Monte Carlo stress-tests like do. The most common alternative that I’ve seen, is that in the financial planning software, the financial planner just enters what rates of return they expect the client to receive for the different years when doing the retirement projections. When using this alternate method, how should listeners of the show ensure that their financial planners are stress-testing their retirement projections to ensure that they still have enough to retire, even if they hit a major recession shortly after retirement? (i.e. They get hit by a bad sequence of returns) After listening to your podcast for years, I got the sense that you are a fan of the bucket strategy. Can you explain what it is, and can you talk about the default bucket strategy that you like to start with, and then how do you adjust it depending on the client? Do you subtract dividends/interest from that “annual expenses” figure when determining how much cash/fixed income to have? Do you have some sort of rule/process when it comes to refilling the buckets. For example: “If X happens in the markets then I’m selling off equities to generate cash to live from. If Y happens then I use a cash cushion or the bond portion and I refill it when markets are up by a certain percent”? How would your bucket strategy differ when dealing with a traditional retiree (ex. Age 65), vs an early retiree (ex. Age 30s or 40s) Do you have a preferred way(s) of helping clients deal with sequence risk? (please define it too for those that are new to this)  When you’re working with clients and strategizing on what should be in the fixed income/safe portion of their portfolio, how do you determine how much they should put into bonds vs a high-interest savings account vs GICs (GICs are the US version of CDs)? Are there certain rules or processes that you like to follow to determine this? A lot of the listeners of this show are do-it-yourself investors, and you’ve built a really great on-line community of do-it-yourself retirees as part of your Rock Retirement Club. Can you tell us more about the Rock Retirement Club, as well as a bit more about your podcast and where we can learn more from you?

1hr 42mins

3 Dec 2019

Rank #6

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Insider Look At Top 7 Insurance Tricks That Keep You Overpaying

Today we have insurance industry insider, Laura McKay on the show, who reveals some of the top tricks and tactics used in the insurance industry, to keep us overpaying.  She covers what to look out for, and what we can actually do on our end to make sure that we get the best rates possible, and aren't overpaying for insurance that we may not even need.  Laura used to work as an actuary, and is now the Co-founder and President of PolicyMe, which is a great tool for Canadians that you can use for free to see how much insurance you actually need. It also tells you if you are overpaying for insurance, or if you are underinsured and taking on a lot of unnecessary risk in case something was to happen to you. I also really like how it lets you comparison shop different insurance providers without having to fill out countless insurance forms for each individual insurance company that you want a quote from.  Enjoy the episode. You'll learn a lot of actionable insider information that can potentially save you thousands of dollars long-term. Resources from the Episode: PolicyMe's free tool to find out how much insurance you need and find out if you are overpaying or are underinsured. The tool also lets you easily comparison shop between different insurance providers to ensure you get the lowest rate. Top Tools and Resources for Financial Independence (for Canadians): All the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.  Canada’s Top ETFs Guide & Top High-Interest Savings Account: In the guide, I go over what I personally invest in and why I invest in it. The investments that I talk about ​are literally where we have almost our entire net worth (apart from our house), and is what we are primarily living off right now in our early retirement. At the very least you’ll learn about some great ETFs to consider for your portfolio, and if you are new to ETFs, it’ll give you a nice list of some top ETFs to consider from the thousands that are out there.  The guide is available for free to any listeners that that use this link to sign up for a free savings account with the bank that I personally use, EQ bank.  The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada (they are currently offering 2.3% which is more than double what the major banks are offering). It’s also free to sign up and keep an account with them, so you’re not paying a monthly fee like you do with many of the other banks out there. You also get unlimited transactions, unlimited Interac e-transfers, and can take out your money at any time if you need it, and there are no minimum balances. Because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money.  To get the free high-interest account and the free guide on the top ETFs in Canada, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I’ll send you the full comprehensive guide for free.  Questions Covered: Can you tell us a bit about your story and experience as an insider in the insurance industry, and what caused you to leave that standard insurance career path? One of the most common tricks that I’ve seen insurance providers use over the years, is making it sound like everybody needs life insurance, no matter what. What I found different about you guys, is that you actually do a great job explaining why not everyone needs insurance. Can you take us through what kind of person or family would need life insurance, and when they wouldn’t? Also, when can we get rid of life insurance so we can save some extra money every month? Another trick that I’ve heard about is companies telling young people to get life insurance even if they don’t really need it yet, because the younger you are, the lower your rates will be.  This can sound appealing as it’s a way to lock-in those low rates for decades. Can you talk about this strategy and is it worth it? For example, would someone be better off just taking the money that they would be paying to insurance, and instead investing it in their TFSA, RRSP, or paying off debt? One of the types of insurance that I see people get talked into is permanent life insurance. But, out of all the personal finance experts that I’ve talked to, I have yet to hear anybody recommend it (unless they sell it, in which case they do suggest it because they get paid a commission from it). Can you talk about permanent life insurance vs term insurance, what each of them are, along with the pros and cons of each one. One of the arguments that I’ve heard for permanent life insurance is that it invests some of the money that you pay them, and that money is able to grow tax-free. This sounds appealing as it starts to sound a little bit like a TFSA. How is this different though, than investing in a TFSA? When investing through a permanent life insurance policy, how do the fees and rates-of-return compare to instead doing index investing using low-cost ETFs or using a robo-advisor? One of the tricks that I’ve noticed you bring up on your site is how many insurance providers us the “x times income” rule. Can you explain what that is, and how you can end up paying for more insurance than you need if you let a provider use this rule? Obviously there are a lot of things that we can’t control that impact how much we pay for insurance, like our age. But, what are the things that we can control that can lower our rates? Under what conditions would someone’s premium change? For example, if somebody develops a heart problem after the person has already become insured. Would it be adjusted based on this new information? Should you disclose such things to your insurance company if it happened after the policy is already in effect? Another common trick I see, is companies not telling us when we no longer need that higher coverage. This makes sense of course as the larger our coverage, the more money they make from us. In what cases should we actually lower our coverage, and what’s the best process for doing so? (i.e. Kids out of the house, no more mortgage, No debts, other?) If you are a couple, what are the pros and cons of buying one joint policy vs buying two individual policies? Can you tell us a bit more about your tool and what you factor in when making those recommendations on how much we actually need? When you pull the rates from the different providers, how many different providers do you actually pull the prices from? 

1hr 14mins

30 Oct 2019

Rank #7

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Buying a House, a Rental or Flipping Houses

Today we have Meghan Chomut on the show who is a financial planner specializing in real estate for both your primary residence and rental properties. She has also personally done property flipping before so I thought it would be great to have her on the show to teach us some lessons and best practices that we can apply to both our primary residence (whether we are an existing or aspiring homeowner), as well as learn more about what to consider and look out for when deciding to invest in a rental property, or flip houses. I’m a former rental property owner and former landlord as well so we both share some of our lessons learned and give a realistic preview of real estate investing so that you can better decide whether it’s the right fit for you. Resources from the Episode: Top Tools and Resources for Financial Independence (for Canadians): All the top tools and sites that I've personally used to help us achieve financial independence in our early 30s. They're also what we use now to optimize and manage our finances, and ensure that we're paying the lowest fees while getting solid returns on our investments.  Have a mortgage question? Looking for the top mortgages in Canada? Get a free call with our mortgage expert Sean Cooper (you'll also get a free guide on what to look out for when choosing a mortgage). Canada's Top ETFs Guide & Top High-Interest Savings Account: In the guide, I go over what I personally invest in, why I invest in it. The investments that I talk about ​are literally where we have almost our entire net worth (apart from our house), and is what we are primarily living off right now in our early retirement. At the very least you'll learn about some great ETFs to consider for your portfolio, and if you are new to ETFs, it'll give you a nice list of some top ETFs to consider from the thousands that are out there.  The guide available for free to any listeners that that use my special link to sign up for a free savings account with the bank that I personally use, EQ bank.  The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada (they are currently offering 2.3% which is more than double what the major banks are offering). It’s also free to sign up and keep an account with them, so you’re not paying a monthly fee like you do with many of the other banks out there. You also get unlimited transactions, unlimited Interac e-transfers, and can take out your money at any time if you need it, and there are no minimum balances. Because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money.  To get the free high-interest account and the free guide on the top ETFs in Canada, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I’ll send you the full comprehensive guide for free.  Meghan Chomut's Site: A big thanks to Meghan for coming on the show. You can reach out to her and learn more about her over at www.meghanchomut.com. Questions Covered: When deciding to purchase a property whether for personal use or as an investment property, what components should we be factoring in that are critical when crunching the numbers? How should we do be doing the math on the mortgage amount to take? (instead of taking the top amount our mortgage specialist or bank says that we can afford) What are things that Canadians often forget to calculate? (on both home and investments properties that they are considering) When saving for a downpayment, where do you suggest Canadians keep that money (ex. High-interest savings account, GIC, and ETF, etc.) You’ve actually flipped a house before. Can you tell us about that experience, what did you learn, and what are the pros and cons of this approach to making money? What are the top mistakes Canadians make when it comes to flipping homes? To help reduce the chance of unexpected surprises when purchasing a home or investment property, what type of due diligence do you recommend Canadians do? How is the due diligence required different between a rental property vs a home that you actually live in? Many Canadians view the home that they live in as an investment. Is this the right way to think about it? What are your thoughts between going with a fixed vs variable mortgage and what analysis do you do to determine the right one?

1hr 12mins

21 Aug 2019

Rank #8

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Canada's Youngest Retirees - How They Did It: Kristy Shen and Bryce Leung

Today we have Kristy and Bryce on the show who are Canada's youngest retirees. Kristy retired at 31 while Bryce was 32, and today I pick their brains on how they pulled it off, how they invest, and how they structured their investment portfolio to ensure that they never run out of money. Kristy and Bryce also just launched a book on how they retired early, and in it they share a repeatable step-by-step plan on how anybody can retire early. It's a very practical book, ​I ​really enjoyed it, and wish it was around when I started my FIRE (financial independence, retire early) journey.  The​ir​ book is called Quit like a Millionaire and I have some copies to give away to you as well. If you want to sign up for free to be entered into the giveaway, just click here and enter your name and email so I know how to reach you if you win. Questions Asked: Tell us your story and how were you able to retire in your early 30s? Tell us about your book. What's it about, who is it for, and how do we Canadians benefit from reading it?  What analysis did you guys do to determine if you have enough to retire and won't run out of money? Let's talk about the Trinity Study/4% rule. First, for anybody that hasn’t heard of it yet, can you explain what it is? What was your thought process around the 4% rule right before you quit your jobs to give you the courage to do so? (i.e. There are certain caveats, objections, etc. How did you deal with them mentally?) Now that you’ve been retired for several years, have your thoughts on the 4% rule changed in any way? I recall you guys writing about how you also use the FireCalc or FireSim calculators (which I’m also a big fan of). Can you explain to the listeners what those are and how you used them? These tools let you adjust certain variables. Are there any adjustments that you made that you think would be useful for Canadians to know about when they run their own calculations? (to get more realistic/accurate results) In your retirement, you use what you call “The Yield Shield” strategy. Can you explain what that is to everyone?   I got the impression that a lot of the others in the FIRE community who have pulled off an early retirement don’t focus on the yield the way that you guys do. The most common strategy seems to be to not focus on yield, and instead just withdraw 3.5-4% of their portfolio per year, by selling off investments when needed, as that’s what the Trinity Study proved to be sustainable (If I'm not mistaken, I believe Jim Collins, MMM and Justin do it this way for example).  What made you decide to create this Yield Shield strategy instead of just going for the simpler 3.5-4% withdraw rate and not worrying about the yield? To pull off the Yield Shield, you guys chose to invest in a few ETFs that aren’t as commonly talked about in the FIRE community. I’d love to get your take on why you chose those specific ETF and their weights: Let’s start with REITs. Why was your reasoning for adding these into your portfolio (5% weight)? What made you choose the ETF: XRE to get this coverage? What made you decide to add a Canadian Preferred Shares ETF into your portfolio (20% weight)? What made you choose the ETF: CPD to get this coverage? What about choosing corporate bonds (10% weight) with XCB? Lastly, what made you choose the Canadian Select Dividend (5% weight) with XDV? How did you change your portfolio from pre-retirement to retirement (if at all)? When did you start making that transition? (i.e. The day you retired, a year before, etc.)  Let's say we had a 40% downturn, something like another 2008. What would you do in that situation? Would you still withdraw some of your principal because the 4% rule factors that in? (Your yield would also likely decrease in this scenario so how would you address that?) What changes would you make (if any) within your investments? Your blog Millennial Revolution is easily one of my favorite blogs. How is your book different than the blog, where can everyone go to pick it up, and where can we all learn more from you guys? Links and Resources Mentioned: Quit Like a Millionaire Book Link Book Giveaway Top ETF Guide for Canadians (sign up for free at buildwealthcanada.ca/eq and send any email from EQ to bonus@buildwealthcanada.ca) Michael Kitces and Mad Fientist Podcast Episode on 4% Rule Our Favourite Retirement Calculators: FireCalc FireSIM Yield Shield Article

1hr 39mins

16 Jul 2019

Rank #9

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How to Automate Your Investing (without the giant fees)

A common problem that holds some Canadians back from paying the lowest possible fees in investing by becoming a DIY (do-it-yourself) investor, is that it does take a bit of learning and practice. Also since we’re not taught this in school, it can be intimidating. Even those that aren't intimidated by it can at times become annoyed with all the manual administrative work that is required when it comes to being a DIY investor (myself included). For example, whether you're a new or an experienced investor, you still have to go through the hassle of individually buying the ETFs on the exchange, doing the calculations to make sure you buy the right quantities, and rebalancing your portfolio periodically so that you don’t accidentally end up taking on too much risk. You also have to keep tracking and checking when your dividends came in so that you can quickly invest them to maximize the compound growth in your portfolio. This is why I’m really excited to have Brendan Lee Young from Passiv on the show along with Stephen Graham from Questrade, as they have teamed up to automate these time consuming and sometimes intimidating elements when it comes to managing and optimizing your own investment portfolio. I’ve been using the tool very heavily myself, have integrated my wife and I’s entire investment portfolio with it, and I encourage you to try it for free as it will save you a ton of time (just like it has for me). You can grab your free account over at buildwealthcanada.ca/passiv. I am absolutely hooked on using it, and it's great to see this kind of innovation taking place in Canada. If you liked the episode sign up for free to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools.

53mins

6 May 2019

Rank #10

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Part 2: The Only 4 Ways to Invest and Their Pros and Cons

This is part 2 of our episode on the only 4 ways to invest, where we discuss the pros and cons of each method, so that you can make an informed decision on the investing type that is best for you. Ultimately, this decision on which of the 4 ways you pick has an enormous impact on your net worth and how early you can retire, as it can easily save and earn you an extra tens of thousands of dollars long term, and even hundreds of thousands of dollars for many investors through reduced fees, proper financial advice, and tax optimization. In case you missed part 1, you can listen to it by going to buildwealthcanada.ca/50 Now after the last episode launched, we had a lot of listeners sign up for the free 30 min consultation with our expert financial planning guest John Kalos. One of the links that I had on the site to book the free appointment with John wasn’t working, but that has now been fixed, so if you had any trouble signing up for the free call with John, then definitely try again by going to buildwealthcanada.ca/john. And if you haven’t booked a call yet, then definitely feel free to do so as there’s no obligation, it’s free, and it’s a great way to get some of your financial planning and investing questions answered by someone that has spent decades in this industry, and isn’t trying to sell you some high fee mutual funds or investment product, just because they get a commission or bonus out of it. John doesn’t sell any investments, so he’s a great way to get custom advice specific to your situation, from someone that doesn’t have that conflict of interest from also trying to sell you something. So that link again to book a free 30 min call with John is buildwealthcanada.ca/john, and when you sign up you’ll also get my PDF guide on 'How to Find the Right Financial Advisor in Canada', and the top questions to ask them. Of course, don't miss future episodes, giveaways, and free in-depth guides by signing up for free to the Build Wealth Canada newsletter over at buildwealthcanada.ca. And lastly, don’t forget to claim your free 1-year digital subscription to Canadian MoneySaver Magazine (Canada’s largest personal finance and investing magazine). The magazine features Canada’s top experts on personal finance and investing, and is a great place to learn best practices, and stay up to date on changes that will impact your investments and financial situation for years to come, specifically here in Canada. To get that, all you have to do is open up a free savings account with my favourite bank (and the bank that I personally use, EQ bank). The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada. In fact, over all the years that I’ve been with them, I’ve seen them consistently be almost double the interest rate compared to other online banks, and well over double the interest rate compared to the major brick and mortar banks that we have here in Canada.   Plus it’s free to sign up and keep an account with them, so you’re not paying a monthly fee as you do with many of the other banks out there. As a bonus you also get 5 free Interac e-transfers every month! So because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money. To get the free account and a 1 year free subscription to Canadian MoneySaver magazine, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I’ll send you a coupon code that gets you a free one year subscription to the magazine. Enjoy, thanks for supporting the show, and now let’s get into the episode.

45mins

11 Dec 2018

Rank #11

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The Only 4 Ways to Invest & Their Pros and Cons

Today we’re going to cover the 4 ways that you can invest. Now why is this important? Well first, the benefit you gain from knowing this will differ depending on whether you’re an investor just getting started, or someone that’s already been investing for a while. If you’re a new investor, then it’s critical to know the pros and cons of the options available to you, so that you can make the best decision that’s right for you. In other words, you really want to look at the menu before deciding, as your decision can mean the difference between retiring early, and paying hundreds of thousands of dollars in unnecessary fees over your lifetime. If you’re a seasoned investor, then it’s still good to know what the options are as maybe the option that you selected when you first started investing is no longer the best option for you. You don’t know what you don’t know, and you definitely want to understand the pros and cons of each option so that you can evaluate which one is a better fit based on the level of service you want, how much time you want to spend keeping your portfolio optimized, and how passive you actually want your investing to be. My expert guest today is John Kalos who is a fee for service financial planner, which means he isn't one of those advisors that are really just there to sell you investments so they can earn their bonus or commission. He actually doesn't get compensated to sell any investment products so his advice is totally unbiased and he is instead focused exclusively on providing quality financial planning to Canadians. John has been in this industry for over 25 years, and his lack of bias and general concern for the financial well-being of Canadians has made him one of the few financial planners that I actually trust and go to whenever I want an unbiased 2nd opinion or some analysis done on my investments and financial plan. If you do have some questions for John or if you'd like to discuss potentially having him take a look at your financial situation, just like he did with my family, then you can sign up for a free consultation with him by going to buildwealthcanada.ca/john. It's totally free, and there's no obligation or anything like that. Get 1 Year Free to Canadian MoneySaver Magazine: I also have a special bonus for you where for free, you can receive a 1-year free digital subscription to Canadian MoneySaver Magazine (Canada’s largest personal finance and investing magazine). The magazine features Canada’s top experts on personal finance and investing, is a great place to learn best practices and stay up to date on changes that will impact your investments and financial situation for years to come, specifically here in Canada. To get that, all you have to do is open up a free savings account with my favourite bank (and the bank that I personally use, EQ bank). Now the reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada. In fact, in all the years that I’ve been with them, I haven’t been able to find a higher interest rate anywhere. Plus it’s free to sign up and keep an account with them, so you’re not paying a monthly fee like you do with many of the other banks out there, and you get 5 free Interac e-transfers every month as a bonus. So because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money. To get the free account and a 1 year free subscription to Canadian MoneySaver magazine, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I’ll send you a coupon code that gets you a free one year subscription to the magazine. Enjoy, thanks for supporting the show!

49mins

25 Nov 2018

Rank #12

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Dividend vs Growth Investing, Rising Interest Rates, Withdrawing From Your Portfolio

Today, we’re going to tackle the debate of whether you should focus on growth vs dividends when it comes to your investing. Dividends are of course very popular. Everybody likes having that passive cashflow show up in their accounts, but are we limiting our net worth if we focus too much on dividends, as opposed to choosing a more balanced and growth-oriented portfolio? In this episode, we’ll also talk about how to best withdraw money from your investment portfolio, and how to decide if you should be withdrawing from your equities, your bonds, or your cash cushion instead. We also talk about changing interest rates, and the impact that you can expect them to have on your portfolio, as well as some tips on what to choose for the bond portion of your portfolio. For this episode, I'm excited to have Ed Rempel back on the show, who is one of the top financial planners that I go to whenever I have questions or need a second opinion about my investments, financial planning or on how to minimize my taxes. He's been a Certified Financial Planner (CFP®) Professional for over 22 years, and he’s been a professional accountant for over 33 years with a CPA and CMA designation. Personally, I found that when I ask him questions, his decades of experience as BOTH a financial planner AND a professional accountant really helps me feel secure that he has all the bases covered, as he has a holistic view from both of those worlds due to all that experience. He’s also written nearly 1,000 financial plans for Canadians over that time so he's truly as experienced as it gets in this field, and he has extensive knowledge on some of the higher-level investment strategies out there.

1hr 11mins

18 Jul 2018

Rank #13

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How to Invest in Dividend Paying Stocks in Canada

Today I’m excited to have Mark Seed on the show, who runs the popular Canadian blog, My Own Advisor. On the blog, Mark documents his journey and lessons learned as he invests towards achieving an early retirement, and works on growing his portfolio to 1 million dollars. What’s very interesting about Mark, is that he is a hybrid investor meaning he doesn’t just invest in one particular way (for example, he doesn’t just buy the index with ETFs). Instead, he uses ETFs to hold US and international companies, but when it comes to the Canadian portion of his portfolio, he holds individual stocks of strong dividend paying companies instead of just holding a single ETF that captures all the major companies in Canada. This is a bit of a different strategy than what I’ve been doing, so I thought it would be great to have Mark on the show to broaden our view by seeing how others invest, learn why he invests in that way (the pros and the cons), and see if maybe it’s a good fit for the way you invest. Links and Resources Covered Top Tools and Resources for Financial Independence (for Canadians): Sign up anywhere on www.BuildWealthCanada.ca for a free guide on all the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.  Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest Questions Asked During the Interview: What made you decide to be a hybrid investor instead of just sticking with index investing or just dividend investing? What is your process you take for selecting which dividend paying companies to buy? Once you’ve done your due diligence on the company, what analysis do you do to determine whether now is the right time to buy? For example, how do you decide whether a company is currently overvalued or undervalued? How do you deal with the risk that you are investing in individual companies? As opposed to hundreds or thousands of companies through an ETF. For example, let’s say you’re holding CIBC. How do you deal with the worry that something might happen at that particular company and it could potentially never recover back to its previous stock price? (ex. Nortel, Blackberry) What made you choose to buy individual dividend paying companies vs buying something like the aristocrat ETF? Once you choose to retire, how do you plan on changing your asset allocation, if at all? (i.e. Going from an asset accumulation stage, to an asset decumulation phase). What if you retired early? What if you did a traditional retirement where CPP, OAS, and your pensions kick-in right away (or almost right away). If you did a much earlier retirement where CPP and OAS don’t kick-in yet, would you move all or most of your investments to stable Canadian dividend payers partially due to the dividend tax credit? Speaking of asset allocation, what are your thoughts about using bonds as part of your portfolio, especially in retirement? Many Canadians are feeling reluctant to use them due to their low returns, and are expecting their prices to drop due to their fear of rising interest rates here in Canada. What’s your take on this? A common criticism against the Canadian index is that we as Canada are too concentrated in just a few sectors (i.e. energy, financials, materials). I imagine you run into the same challenge with Canadian dividend investing. Do you do anything to offset this in your portfolio? Have you come across any good solutions? Do you have any other advice for dividend focused investors? (or investors in general) Tell us more about My Own Advisor and what’s the best way to hear more from you?

44mins

1 Nov 2017

Rank #14

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Real Estate Investing & Buying Your First Home

Today we’re going to take a deep dive into the world of real estate, and we’re going to approach it from 2 sides: First, we’ll talk about real estate as an investment (i.e. If you’ve ever thought about investing in a property and renting it out). Now if you’ve listened to past episodes of the show, then you know that it can actually be really hard to get the numbers to work when buying a home and trying to rent it out as an investment. Today’s expert, however, is going to share some strategies with us that she uses to actually successfully invest, and make the numbers work, despite the high prices of real estate that we’ve been seeing. Next, we’ll shift focus and talk about the different home buying tips, and expensive mistakes that you can avoid when buying a home for yourself. Even if you’ve bought a home in the past, I still recommend that you tune-in as the real estate market has likely changed since you last bought a home. Join me in welcoming today’s guest, Limor Markman, as she shares the latest money saving tips and ways to protect yourself, whether you’re buying a home for personal use, or as an investment. Links and Resources Top Tools and Resources for Financial Independence (for Canadians): Sign up anywhere on www.BuildWealthCanada.ca for a free guide on all the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.  Have a mortgage question? Ask our own in-house expert, Sean Cooper over at www.BuildWealthCanada.ca/sean Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest

1hr 25mins

25 Sep 2017

Rank #15

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Should You Invest with a Robo Advisor in Canada?

In this episode, we talk about what a robo advisor is, and how it can be a lot less expensive than the traditional approach of investing in high-fee, actively managed mutual funds. I find robo advisors to be the easiest way to invest in Canada, but this does result in higher fees than if you were to just buy the investments yourself (which is actually really easy).  I personally just buy the investments myself to get the lowest fees and pay the least tax possible (You can see exactly how I do it over at www.BuildWealthCanada.ca/invest.) With that said, I realize not everybody wants to learn how to actually be a passive investor and get the lowest possible fees, and so robo advisors can be a good option if you value simplicity of fees.  Links and Resources Top Tools and Resources for Financial Independence (for Canadians): Sign up anywhere on www.BuildWealthCanada.ca for a free guide on all the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.  Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest Questions Covered: 1. For those just getting started in investing, can you explain what a robo advisor service is, and especially why we as Canadians should care? 2. When you build investment portfolios for Canadians, why are ETFs such a core part of your portfolios? (perhaps explain what an ETF is first for all the listeners just getting started with this) 3. Nest Wealth mentions that you manage the money based on proven investing principles and Nobel Prize-winning theories. Can you elaborate on the Nobel Prize-winning theories component? 4. One thing I noticed on your Nest Wealth site, is that you actually list all the ETFs you buy (which is nice, I really like that transparency), but if I’m just a regular Canadian, why don’t I just buy the ETFs myself through a discount brokerage (especially since some discount brokerages let me buy ETFs for free) and then save on the fees that Nest Wealth charges? 5. Anybody following the financial services industry knows that there are a LOT of robo advisor services out in Canada. What sets Nest Wealth apart from all the rest? 5.a. One of the things that really intrigued me when I first heard of you guys is that you have a flat fee model. For those not familiar, can you explain what that is and why it’s actually a pretty big deal? 5.b. You mention that your portfolios are “custom built” unlike your competitors. Can you elaborate how this works and why it’s so important? 6. I imagine that a big concern Canadians have is that with all these robo advisor companies out there, it’s totally conceivable that not all of them will survive long term. Because of this, it wouldn’t surprise me if some Canadians are holding back from investing because they are afraid of losing all their money if something was to ever happen. Can you speak to this concern? 7. What customer support do you offer? Ex. If somebody has questions while going through the automated portfolio building process? What about after all is set up? 8. One of the other things that intrigued me was that on your site you mention that as a client you get your own portfolio manager that you can speak with, text or call. What types of things is a Portfolio Manager ideally suited to help you with? And what types of question are beyond the scope of a Portfolio Manager like this? (I’m trying to gauge what kind of other professionals you need on your team apart from Nest Wealth). 10. I went through Nest Wealth and had it build a portfolio for me. I noticed that there were different goals that you can select, and I assume Nest Wealth will optimize your portfolio, depending on your goal correct? How does Nest Wealth change what portfolio it recommends depending on whether somebody is savings for retirement vs is already retired and now needs the income instead of growth? What about if they’re saving for something like a down payment on a home or post-secondary education for their child? What’s the strategy behind those types of portfolios? 11. I noticed Nest Wealth will build your portfolio based on your questions, but it won’t actually tell you whether you will be able to actually retire by an age you specify, and whether your income in retirement is sustainable. Is that because that is an area where you actually need a financial planner to do a more in-depth, 1-on-1 personalized analysis with you? 12. How is the MER absorbed? Is that covered by the monthly fee? What about other fees? 13. To close things off, who is Nest Wealth not for? ex. Those with credit card debt? 13. Who is Nest Wealth ideally for? What type of person benefits most from what your service?

1hr 24mins

11 Jul 2017

Rank #16

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Early Retirement: How Much Do You Need to Retire?

Today we have Susan Daley on the show and we’re going to talk all about early retirement, such us how to pull it off, what to look out for, and some of the most common mistakes that Canadians make when trying to plan this out. Susan is an Associate Portfolio Manager at PWL Capital in Waterloo, where she provides financial planning and investment management services to a wide range of clients. She’s also an Honours BBA graduate from Wilfrid Laurier University, which is actually where I graduated from too, so it’s always fun to chat with a fellow grad about best practices when it comes to financial planning and investing. Links and Resources Top Tools and Resources for Financial Independence (for Canadians): Sign up anywhere on www.BuildWealthCanada.ca for a free guide on all the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments. Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest You can reach out to Susan at sdaley@pwlcapital.com and she's at www.pwlcapital.com/waterloo Questions Covered: For somebody that is saving money for a large purchase like a house, wedding, a car, etc., where do you suggest they keep their money to let it grow safely? What to consider when deciding between RRSP vs TFSA vs non-registered?  What if you’re planning to retire or semi-retire early (ex. 30s or 40s where it’s still a long time before government benefits come in). Does that change anything in terms of what accounts you put the funds in?  Is there any time that you would use a non-registered account before using an RRSP and TFSA? How to determine if you’ve saved enough to retire early?  Once you hit that number, what changes do you make to your portfolio since now you’re focused on sustainability instead of growth (changes in terms of asset allocation, and the investment products you choose). Would the answer be different if the person is in their 60s and about to receive government benefits vs if they are retired much earlier (ex. 40s)? What cash cushion do you recommend for those in retirement and semi-retirement? Some advisors recommend real return bonds for those in retirement. What are your thoughts?  How to decide what accounts to take money from in retirement? (RRSP vs TFSA vs non-registered)

57mins

8 Jun 2017

Rank #17

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Should You Consolidate Your Debt?

Today I wanted to cover the subject of debt consolidation. What is it? Should you do it? and if so, then what are the options available to you? Links and Resources Top Tools and Resources for Financial Independence (for Canadians): Sign up anywhere on www.BuildWealthCanada.ca for a free guide on all the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments. Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest Questions Covered What does it mean to consolidate your credit, and in what circumstances should somebody consider doing this? A common argument against credit consolidation services is that they don’t solve the underlying issue. In other words, somebody might consolidate their debt which frees up space on their credit cards or line of credit, and then they just end up taking on more debt since they haven’t changed their lifestyle and habits to live a debt free life. How can someone prevent this from happening to them? Since you deal with a lot of individuals that have gotten into significant debt and are struggling to get out, what are the most common mistakes that you see people make that get them in this situation in the first place? What are you thoughts on the use of emergency funds? Some experts suggest keeping it in cash, while others suggest having a line of credit for emergencies and using any available cash to pay off the debt. Where do you stand on this debate? After paying off any high interest debt, what are your recommendations on paying off student loans and the mortgage vs investing the money for retirement? For somebody that wants to see if consolidating their credit is right for them, what is the process that they get taken through with you from beginning to end?

53mins

26 Apr 2016

Rank #18

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Dividend Investing: Is it Right for You?

Questions Covered For those Canadians new to this type of investing style, can you explain what dividend investing is? When should someone consider doing dividend investing? (i.e. Is there a particular life stage when it’s most appropriate?) Is there a type of person that is most suited for this type of investing? (ex. time commitment, personality, etc.) What are the pros and cons of this investing style vs something like index investing, mutual fund investing, or stock picking for growth? The idea of investing to “live off the dividends” sounds very tempting to Canadians. How realistic is this? What is actually needed to pull this off? What are some of the top mistakes Canadians make when investing in Dividends? (ex. Chasing yield) At 5i one of the things I noticed you do, is that you have sections of the site dedicated specifically for dividend investors, and I noticed that in there you recommend primarily Canadian companies. Can you explain why that is? (i.e. preferential tax treatment, anything else?) Peter said (in a previous interview) that at 5i you like companies that have a growing dividend. If somebody is researching a company themselves, how can they check if a company is growing its dividend? What are some good resources for somebody that is considering, or wants to learn how to do dividend investing? I know you guys offer a lot of help on this to 5i subscribers so feel free to talk about some of the resources that you have available for investors too. Links and Resources You can get a free 1 month trial of 5i Research by going to www.BuildWealthCanada.ca/trial. As a "thank you" for trying it out and checking out their research, you'll also receive a free 1 year subscription to Canadian MoneySaver Magazine (Canada's largest personal finance and investing magazine). Top Tools and Resources for Financial Independence (for Canadians): Sign up anywhere on www.BuildWealthCanada.ca for a free guide on all the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments. Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest

58mins

8 Apr 2016

Rank #19

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Part 2 – Lessons Learned from Investing $1 Billion (Stock vs ETF vs Mutual Fund Investing)

This is part 2 of the interview with Peter. If you missed part 1, it's the episode right before this one. Episode Description: Today I’m thrilled to have Peter Hodson on the show who is the owner of 5i Research, the Canadian MoneySaver Magazine, and in his investment career, has managed over $1-billion dollars in assets. I’ve always wanted to have Peter on the show to pick his brain about investing best practices here in Canada, and see what he learned over his decades of professional investing. Peter and his team have also been generous in providing Build Wealth Canada listeners with a special offer where you can get your investment questions answered, and learn more investment best practices by getting a free trial membership over at www.buildwealthcanada.ca/trial. As a "thank you" for taking a look at their research, you'll also receive a free 1 year digital subscription to Canadian MoneySaver magazine (Canada's largest personal finance magazine).  Links and Resources Free 1 month trial plus free 1 year subscription to Canadian MoneySaver Magazine: www.buildwealthcanada.ca/trial Top Tools and Resources for Financial Independence (for Canadians): Sign up anywhere on www.BuildWealthCanada.ca for a free guide on all the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments. Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest Questions Covered: Can you start by telling us your background, and your story from your days on Bay Street, to now running 5i Research and owning Canadian MoneySaver magazine? In Canada it seems that investors fall into one of 5 main categories. They either: Buy mutual funds Buy indexes Buy individual stocks for growth Buy individual stocks for dividends Buy a combination of the above. Can you walk us through these options and how do we decide what type of investing is right for us? Before we dive into more detail and talk about 5i, what are some key investing lessons that you’ve learned over the years that we can apply to our own investing lives? Let’s talk about 5i Research. For those Canadians that haven’t heard of 5i, can you tell us more about what it is that you do, and how is 5i different? You have a model portfolio for growth, and another for income on 5i. Can you explain the difference between the two and how do we know which one to follow based on our situation? How do we choose between a growth vs a balanced portfolio? How have these portfolios been performing compared to the index? Why don’t I just invest in indexes instead of following the 5i portfolio? Is it just because of the potential for higher returns or are there some other advantages or disadvantages? (ex. greater diversification among different industries) What if I don’t want to be researching and analyzing individual companies. Is 5i still a good fit for me? (i.e. can I just model your portfolio and not do anything else other than re-balance?). Or, do I need to be actively researching the companies you suggest after your initial recommendation to ensure that they are still a good fit? Is your portfolio just for Canadian companies? If so, what sort of asset allocation do you suggest outside of Canada for diversification purposes? Would you recommend using the 5i portfolio completely for the Canadian portion of our portfolio, and then use ETFs for international exposure? ETFs that model a broad market index can now be purchased for free from certain discount brokerages here in Canada. If we are to follow the 5i portfolio, then we now have to deal with paying transaction costs every time that we purchase a stock. If somebody would like to invest a set percentage of their salary every month, what’s the step-by-step process that they should take to do it most efficiently and to minimize fees while still being diversified (which is hard to do if you’re only buying one company or two at a time)? Would this workflow/strategy change depending  on how much someone has to invest every month? What if we have a lump sum to invest? Should I use my TFSA or RRSP for the 5i portfolio? What about using an unregistered account? Should I ever be using that instead? (i.e. preferential tax treatment on dividends). Does this vary based on whether I follow your income portfolio vs your growth portfolio? Your portfolio has done really well. What if we’re concerned that we’ve missed the boat and are now buying these companies when their prices are already at their peak (especially for those companies that have done really well)? What are your thoughts on asset allocation between stocks and bonds? Do you recommend bonds? If not, what do you suggest? You assign a letter grade to the stocks in your portfolio too. Is that more if we aren’t following your portfolio and are just picking and choosing stocks? For our ETF portion of the portfolio, what are your thoughts on more targeted ETFs like small cap ETFs vs just going for the broad market index? The more targeted ones can have higher fees so is it worth it since now your return has to try to offset those?

31mins

16 Aug 2015

Rank #20