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Because Money Podcast

Real conversations about money in Canada. For more information visit us at http://www.becausemoney.ca

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S5 Ep14 | Talking about Money by Yourself

How do you talk about money when you're by yourself? We didn't even know this was a question you could ask... but John does in a solo episode.Timestamps: 1:00 - How do you have the conversation alone 6:11 - The problem with the loudest voice in the conversation (the church of Bitcoin)11:49 - John talks about making pancakes

17mins

5 Jun 2019

Rank #1

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S5 Ep9 | How We Plan

Setting goals matters, both in our finances and in our general lives... but there's tons of ways to go through that process. We talk about personal goals, income goals and how we plan out our lives. Timestamps: 1:40 - Kate talks about how she sets goals8:40 - Why Sandi is resisting setting personal goals15:05 - Who are you when you're not working (and why that matters in retirement)25:40 - Income goals and whether they work...or not36:00 - The metrics that matter (spoiler... 'matter' is subjective')43:40 - What we're working on for 2019

47mins

20 Mar 2019

Rank #2

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S5 Ep6 | Couple Money: Owen & Susan

We dearly love to interrogate couples about how they negotiate money, and for this latest round we caught Owen and Sue just before they went on a date and forced them to tell us how they talk about money with each other. Well, we say "forced"...but it didn't take too much effort on our part, because it turns out that this married couple with young kids has their money communication strategy down cold. It's a beautiful thing to see, and we're excited to share it with you. Timestamps:5:30 - Owen and Sue's amazing, incredible, all powerful money meeting12:10 - What changed when they had kids?15:15 - Why Sue budgets in a Word Doc (and Owen DOES NOT)25:03 - What would Owen and Sue do with a surprise $3,000? 26:10 - How do they figure out what's 'fairsies'?32:50 - What's the advice you would give to other couples managing their money?

39mins

23 Jan 2019

Rank #3

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S5 Ep15 | Season Finale

Impostor syndrome, squishy soft skills and the importance of real hard data... we talk about why we think the bigger conversation around money is so important.Timestamps:1:00 - Why did Sandi start this thing in the first place? 3:14 - The value in non-actionable conversations17:05 - John talks about the dangers getting lost in the data (for people who have spreadsheets for brains)18:30 - Kate and Chris talk about imposter syndrome and how hard it is to be in a conversation when you feel like you don't know enough30:00 - Sandi talks about the importance of being seen

36mins

19 Jun 2019

Rank #4

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S5 Ep3 | Affording Ethics

Inspired by a conversation about shampoo, this one gets deep: what's our responsibility to make ethical choices if we can't afford them?4:30 - I feel like we should be paying more for things & nudges9:55 - Plastic straws vs A/C and low-stakes vs high stakes and virality11:25 - When you feel like you can afford to make ethical choices17:00 - Money is a thing that happens to people25:00 - Can I afford to enact change? When is enough?28:50 - My money is to create a barrier between me and work I don't feel safe at36:30 - When approaching from averages makes sense

40mins

28 Nov 2018

Rank #5

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S5 Ep11 | Money & Mental Health

Mental illness and money: both things that people don't talk about and both things that are really really important things to talk about. Timestamps:3:00 - Kate breaks down her last 6 months10:35 - At what point is the 'ideal job' a luxury you can't afford 15:05 - The things that help: setting the non-negotiables 26:20 - What are the right things to say to the people in our lives living with mental illness32:50 - You are allowed to be your whole self in all the places where you are

41mins

17 Apr 2019

Rank #6

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S5 Ep13 | Dangerous Defaults

John leads the charge on challenging some of the defaults we have in the financial world... and why they're sometimes complete phooey. Timestamps: 2:30 - John doesn't need to iron his shirts to feel like a grownup 9:00 - You don't have to buy a house for Aunt Jo 20:49 - What Kate thinks being an adult is 30:22 - How do you not fall into these defaults? 45:25 - There's a social cost to forging your own path

51mins

22 May 2019

Rank #7

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S5 Ep7 | Retiring On A Low Income With John Stapleton

It seems like retirement is the same for every one... but it's really not. John Stapleton joined us to talk about why retiring with low income is very different and requires a very different set of advice. Time stamps:8:50 - How the wrong advice can cost a low income earner up to $60,00012:10 - The issue of clawbacks (rawr)18:30 - Is the problem a lack of advocacy or a lack of political will22:40 - Could Basic Income help? 40:08 - The difference between tax credits and tax deductions

47mins

6 Feb 2019

Rank #8

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S4 Ep13 | The One Where Kate Is Making Space for Conversation

Hey, fellow money nerds: how do you talk to people who don’t know or don’t care quite as much as you do? Kate Smalley is our guest this week because A) as a maker and marketer with lots of financial services clients and a paraplanner at Spring, she’s really interested in how people talk about money and B) we really like her. You will too, trust us. 14:13 - The power of vulnerability19:40 - Why you don’t need to know all the things to help people23:41 - How do you start a money conversation with people who have no interest in talking about money?24:00 - How the personal finance world is kind of like a fandom, and can be inaccessible to non-fans32:50 - How Kate has connected social media coaching with personal finance38:08 - Does the work have to happy one-on-one? 44:39 - Should you tell your friends if they’re eating raw chicken? 58:55 - Chris rants so hard he gets a foot cramp

1hr 2mins

18 Apr 2018

Rank #9

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S5 Ep4 | Ethical Investing With Tim Nash

We're big fans of Tim Nash, and you will be too! Tim is the founder of Good Investing, an advice-only investment coaching practice that helps folks create low-fee, diversified portfolios around their ethical values. 4:30 - What's in an anarchist's portfolio6:46 - How Tim does what he does15:15 - What's new in the SRI space? 21:20 - Ethical investing, for-profit prisons and the CPP24:40 - The effect of SRI on the market (and the evil companies you love to hate)37:36 - What would Tim do if he won the lottery tomorrow?

43mins

12 Dec 2018

Rank #10

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S5 Ep5 | Does Everyone Need Financial Advice

Does everyone need the kind of comprehensive financial planning advice that Chris and Sandi offer their clients? We think not... and spend some time revisiting last season's finale about being the ones to encourage open conversations about money with people who (we bet you a thousand dollars) are just dying to talk about it without shame.

39mins

9 Jan 2019

Rank #11

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S5 Ep10 | In A World Where Rules of Thumb Rule the Day

The world of finances has so many 'rules of thumb'. Most of the time they're pretty useful, but in some cases they can be really dangerous. Timestamps:5:30 - John talks about what averages are actually good for15:08 - Sandi breaks down how she figures out when you're going to die18:12 - Chris talks budgeting rules of thumb 24:11 - Rules of thumb vs customized advise32:24 - Global warming and looking out for 'future us'38:23 - Does working with rules of thumb make finances seem more possible45:00 - Is getting it wrong catastrophic?

53mins

3 Apr 2019

Rank #12

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S5 Ep2 | Planning To Get Sick

Inspired by a conversation Chris had at a recent workshop, we explore whether there's a financially optimal way to handle illness and catastrophe if you're caught before you're fully prepared.2:29 - What can you actually do when crisis hits? 8:23 - Chris brings up Universial Basic Income 17:51 - What supports are available in a crisis? 22:00 - Sandi says something really smart about hindsight

26mins

15 Nov 2018

Rank #13

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S5 Ep12 | Breakups

Breakups suck and money doesn't make them any easier. We talk about how to talk about money in yet another situation where that's the last thing you want to talk about. Timestamps: 3:44 - The underlying conversation - What if we don't make it? 17:55 - You can't celebrate feelings and finance 18:35 - The difference in the definition of 'common law' 27:15 - What's the 'right' answer for mythical financially excellent adults? 37:02 - If communication is impossible... maybe it's time to bring in some help...

48mins

2 May 2019

Rank #14

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S5 Ep8 | Death And Taxes... Well, Just Taxes

The expectation is that we all understand taxes as soon as we start making income, but that's not what happens for most of us. We talk about weird tax stuff, our past mistakes and what we wish was different. Time Stamps:7:15 - It's your job to know, and we think that's stupid17:04 - Chris talks about the tax disasters in his past 23:19 - John talks about what has surprised him in the tax world37:40 - The misconceptions around deductions45:05 - Some thoughts for people who don't file their taxes

56mins

21 Feb 2019

Rank #15

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S4 Ep12 | The One Where RESPs are Between 3 and 24 percent complicated

We’ve been angling to get our friend MYD on the show for a long time. If you don’t remember, he’s the nice guy who offered to convert the show to audio and list it in all the podcast places before Season Three, Well, we still haven’t managed to get him on the show, but here’s the next best thing: we asked him what he wanted us to talk about, and he sent us a long list of questions to answer about RESPs. There are a few 101 questions, lots of 201 questions, and even a few 301 and graduate level ones. Thankfully, we got the list before we recorded the show!2:14 - Family Plan vs Individual Plan5:28 - RESPs Basics and Terminology14:09 - Why Scholarship Trust Funds are the absolute worst20:02 - For gifted children is there a lower age limit to RESP withdrawals? 22:02 - What happens if you want to open an RESP later in life? 26:00 - What’s the best way to set up an RESP for a child that isn’t related to you? 31:08 - What if there’s a falling out between the subscriber and beneficiary? 34:54 - What happens to an RESP if you die before the child is ready for the money? 41:30 - Where should I go to open an RESP? 51:33 - How should you change your asset allocation over the lifecycle of an RESP?

57mins

4 Apr 2018

Rank #16

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S4 Ep11 | The One Where We Plan to Plan for Emergencies

While smack-dab in the middle of an emergency is kind of the worst time to start preparing for one, for most of us it’s the upheaval and chaos of just such an event that opens our eyes to the value of marshalling our resources before the next one hits... In this episode we talk about practicing for an emergency (kind of like a fire drill), what happens when an emergency hits after you’ve started preparing for it but before you’ve finished, and speculate wildly about how many people view withdrawing from their emergency fund as an event almost as bad as the emergency itself.TL;DR emergency preparedness is good3:23 When you’re preparing for an emergency that arrives too soon4:46 What Sandi did automatically when Seth’s boss stopped paying him9:26 What constitutes and emergency, anyway? 17:11 The most stressful life events18:46 Giving yourself permission to respond however you can 33:23 The rules are great until they’re not36:10 What John did automatically when Kelly got sick43:06 Playing the stress-test game on your lifestyle44:06 What a prepared family looks like and how increasing flexibility & practicing what you’ll do creates emergency superstars

47mins

21 Mar 2018

Rank #17

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S4 Ep10 | The One Where We Talk About Our Aging Parents

Listen, somebody is going to cry over socks in this episode, just so you’re prepared. We’re talking about how to have the conversations we need to have to make sure our parents are safe and happy as they age, and in the course of a short thirtyish minutes have at least three Eureka! Moments about youthful hubris, parental wisdom, and socks. You don’t want to miss this one, but definitely bring tissues.4:56 - The gang gets real about talking to their parents about money11:36 - What are the important things for you to know about your parents money? 17:30 - What are the expectations around longterm care? 21:40 - Separating the money from the feelings26:20 - Using technology as an excuse to start the conversation29:33 - Sandi figures out something huge38:04 - We make resolutions … and Sandi cries

43mins

8 Mar 2018

Rank #18

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S4 Ep9 | The One Where Insurance is Important But the Industry Sucks

So...did Chris get disability insurance since episode 4, or did he write a letter to Aunt Beatrice? Do you want to know how long it took and what happened? US TOO! Plus,friend of the show Julia Chung, who you may remember from An American in Paris (Ontario) returns to drop some insider insurance knowledge on us, including who to call when you need to make a claim, the nasty shock that might be hiding in your group policy, and how to get over fEeLiNgS and just get insured already.7:25 - Debunking disability excuse #1 - “I could do my job with broken arms and broken legs”15:56 - Do you have short term disability insurance18:54 - Horror story #1 - Why you have to understand your policy26:40 - What’s a non-evidence limit (and why does it matter)? 29:15 - What does your spouse need to know about your insurance? 36:16 - Reframing why you should get disability insurance right now (and the story of how Chris did just that)43:26 - What happens to your employer disability insurance when you leave your job? 46:44 - A few thoughts on mortgage insurance52:38 - Is long term disability insurance taxable? … it depends

55mins

20 Feb 2018

Rank #19

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S4 Ep8 | The One Where Shannon Lee Simmons is Amazing

If you’ve never met Shannon Lee Simmons before, hold onto your hat, because there’s no one else like her. Founder of The New School of Finance, and author of the book Worry Free Money, Shannon joins Sandi and Chris to talk about how her family talked about money growing up, what the birds and the bees have to do with spending decisions, and why that Ikea Story had to open the book. You - for real - do not want to miss this. 2:15 - How did Shannon grow up talking about money10:13 - How to tell your friends you don’t want to spend $80 on dinner14:24 - The words that matter in finance - safe and happy20:40 - How to build habits of self reflection32:15 - Curing the problem of financial struggle… instead of just treating it35:10 - Professional vulnerability… how to be an expert while baring your soul. 42:31 - Letting go of past mistakes

47mins

7 Feb 2018

Rank #20