Cover image of Because Money Podcast
(0)
Business

Because Money Podcast

Updated 2 days ago

Business
Read more

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

Read more

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

iTunes Ratings

0 Ratings
Average Ratings
0
0
0
0
0

iTunes Ratings

0 Ratings
Average Ratings
0
0
0
0
0

The Best Episodes of:

Cover image of Because Money Podcast

Because Money Podcast

Updated 2 days ago

Read more

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

Rank #1: S5 Ep10 | In A World Where Rules of Thumb Rule the Day

Podcast cover
Read more
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 for
15:08 - Sandi breaks down how she figures out when you're going to die
18:12 - Chris talks budgeting rules of thumb
24:11 - Rules of thumb vs customized advise
32:24 - Global warming and looking out for 'future us'
38:23 - Does working with rules of thumb make finances seem more possible
45:00 - Is getting it wrong catastrophic?

Apr 03 2019

53mins

Play

Rank #2: S5 Ep9 | How We Plan

Podcast cover
Read more
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 goals
8:40 - Why Sandi is resisting setting personal goals
15:05 - Who are you when you're not working (and why that matters in retirement)
25:40 - Income goals and whether they work...or not
36:00 - The metrics that matter (spoiler... 'matter' is subjective')
43:40 - What we're working on for 2019

Mar 20 2019

47mins

Play

Rank #3: S5 Ep8 | Death And Taxes... Well, Just Taxes

Podcast cover
Read more
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 stupid
17:04 - Chris talks about the tax disasters in his past
23:19 - John talks about what has surprised him in the tax world
37:40 - The misconceptions around deductions
45:05 - Some thoughts for people who don't file their taxes

Feb 21 2019

56mins

Play

Rank #4: S5 Ep7 | Retiring On A Low Income With John Stapleton

Podcast cover
Read more
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 $60,000
12:10 - The issue of clawbacks (rawr)
18:30 - Is the problem a lack of advocacy or a lack of political will
22:40 - Could Basic Income help?
40:08 - The difference between tax credits and tax deductions

Feb 06 2019

47mins

Play

Rank #5: S5 Ep6 | Couple Money: Owen & Susan

Podcast cover
Read more
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 meeting
12:10 - 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?

Jan 23 2019

39mins

Play

Rank #6: S5 Ep5 | Does Everyone Need Financial Advice

Podcast cover
Read more
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.

Jan 09 2019

39mins

Play

Rank #7: S5 Ep4 | Ethical Investing With Tim Nash

Podcast cover
Read more
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 portfolio
6:46 - How Tim does what he does
15:15 - What's new in the SRI space?
21:20 - Ethical investing, for-profit prisons and the CPP
24:40 - 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?

Dec 12 2018

43mins

Play

Rank #8: S5 Ep3 | Affording Ethics

Podcast cover
Read more
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 & nudges
9:55 - Plastic straws vs A/C and low-stakes vs high stakes and virality
11:25 - When you feel like you can afford to make ethical choices
17:00 - Money is a thing that happens to people
25:00 - 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 at
36:30 - When approaching from averages makes sense

Nov 28 2018

40mins

Play

Rank #9: S5 Ep2 | Planning To Get Sick

Podcast cover
Read more
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

Nov 15 2018

26mins

Play

Rank #10: S4 Ep13 | The One Where Kate Is Making Space for Conversation

Podcast cover
Read more
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 vulnerability
19:40 - Why you don’t need to know all the things to help people
23:41 - 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-fans
32:50 - How Kate has connected social media coaching with personal finance
38:08 - 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

Apr 18 2018

1hr 2mins

Play

Rank #11: S4 Ep12 | The One Where RESPs are Between 3 and 24 percent complicated

Podcast cover
Read more
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 Plan
5:28 - RESPs Basics and Terminology
14:09 - Why Scholarship Trust Funds are the absolute worst
20:02 - 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?

Apr 04 2018

57mins

Play

Rank #12: S4 Ep11 | The One Where We Plan to Plan for Emergencies

Podcast cover
Read more
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 good

3:23 When you’re preparing for an emergency that arrives too soon
4:46 What Sandi did automatically when Seth’s boss stopped paying him
9:26 What constitutes and emergency, anyway?
17:11 The most stressful life events
18:46 Giving yourself permission to respond however you can
33:23 The rules are great until they’re not
36:10 What John did automatically when Kelly got sick
43:06 Playing the stress-test game on your lifestyle
44:06 What a prepared family looks like and how increasing flexibility & practicing what you’ll do creates emergency superstars

Mar 21 2018

47mins

Play

Rank #13: S4 Ep10 | The One Where We Talk About Our Aging Parents

Podcast cover
Read more
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 money
11:36 - 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 feelings
26:20 - Using technology as an excuse to start the conversation
29:33 - Sandi figures out something huge
38:04 - We make resolutions … and Sandi cries

Mar 08 2018

43mins

Play

Rank #14: S4 Ep9 | The One Where Insurance is Important But the Industry Sucks

Podcast cover
Read more
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 insurance
18:54 - Horror story #1 - Why you have to understand your policy
26:40 - 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 insurance
52:38 - Is long term disability insurance taxable? … it depends

Feb 20 2018

55mins

Play

Rank #15: S4 Ep8 | The One Where Shannon Lee Simmons is Amazing

Podcast cover
Read more
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 money
10:13 - How to tell your friends you don’t want to spend $80 on dinner
14:24 - The words that matter in finance - safe and happy
20:40 - How to build habits of self reflection
32:15 - Curing the problem of financial struggle… instead of just treating it
35:10 - Professional vulnerability… how to be an expert while baring your soul.
42:31 - Letting go of past mistakes

Feb 07 2018

47mins

Play

Rank #16: S4 Ep6 | The One Where There’s a Difference Between Expecting and *Expecting* an Inheritance

Podcast cover
Read more
None of us are ready to imagine a future without our parents in it. Full stop, fingers crossed, wood knocked, etc, etc. We’d all prefer to have our parents around until we die, thankyouverymuch, with no inheritance to speak of because they spent every last red cent on living long, healthy lives.

But - since this is the darkest timeline and our parents won’t be around forever - should we be accounting for their money in our financial plans? Is it silly to pretend that there will be nothing (unless there really will be nothing)?

In this episode, we’re talking inheritances: who expects one, who doesn’t, whether we should incorporate them into our financial plans today, and the difference is between expecting an inheritance and expecting an inheritance.
6:58: Should we be considering our parents money when doing retirement planning?
8:56: Can factoring in your parents money get you kicked out of the will
12:11: What assets are necessary for my parents to use in their later life?
13:53: Considering the family cottage
19:33: What’s reasonable to expect?
22:04: What if talking about it makes it worse?
24:54: What’s the consequence TODAY of you counting on or not counting on your parents money?
29:58: John says side hustle… everybody drink
32:12: Does the conversation change when your parents get older?
37:16: What to do first? Start talking…
38:21: Apples to Apples - aging parents edition

Nov 22 2017

40mins

Play

Rank #17: S4 Ep5 | The One Where Robo-Advisors Haven’t Saved the World Yet

Podcast cover
Read more
You might remember from our episode on robo-advisors in Season Three that Sandi and John have spent abnormal amounts of time thinking about robo-advisors, to the point where they built a calculator to compare all of the ones available in Canada.

Well, they’ve sold the calculator (to our Season 2 host, Kyle and his partner in crime Justin), and in this episode we talk about what the robos have done right in the last three years and what they can still improve on.

Time Stamps:

5:28 - What are robo advisors doing wrong
9:10 - Why ‘time on device’ is not a great metric
13:19 - Is it a robo advisor’s job to educate their users?
20:03 - A rant against being ‘better than nothing'
23: 53 - Do robo advisor’s really provide advice?
28:58 - How do we want to see robos grow in the future?
32:31 - Debunking the idea of ‘transparent fees’ with robo advisors
39:53 - The responsibilities of an industry that bills themselves as a disruptor
47:55 - Portfolio complexity leads to fee complexity

Nov 08 2017

1hr 6mins

Play

Rank #18: S4 Ep 1 - Why talking about money is an absolute game changer

Podcast cover
Read more
It’s Season FOUR of Because Money, can you believe it? Even more surprising: all three of us were in the same room together to record this episode, and the world didn’t explode (because of us...that we know of...so far)

This season is all about conversations...real ones. We’re going to have some guests, we’re going to do some deep dives into concepts, but through it all, it’s going to be real. We won’t always tie things up in a nice tidy bow (have we ever?), so you’re going to have a front-row seat to hear (or watch, up to you) how an opera singer, a financial planner, and a scientist think about all things money.

3:18 - Chris talks about submarines
5:15 - Sandi explains why she always does things the hard way
8:26 - the whole point of Season 4
10:18 - The first mention of Star Trek (but not the last)
13:10 - John explains why humans are not robots
15: 21 - Why there’s value in every kind of conversation
17:38 - How to play “Would you rather” Finance edition
31:40 - The difference between goals and direction

Sep 13 2017

38mins

Play

Rank #19: S3 Ep14 - Season Finale with Preet Banerjee

Podcast cover
Read more
It's the last episode of Season Three, and because we don't want to see you fall victim to the summer slide, we're talking to Preet Banerjee about enough interesting stuff to keep you thinking until Season Four drops this fall, like:

0.33 - Why are there so many mutual funds?
1.36 - Preet explains everything (including why there are so many coffee shops on the same corner)
7.06 - Does investor literacy affect prices?
8.52 - Do advisors or investors drive poor investing decisions?
10.56 - Is ‘financial advising’ a real profession?
14.00 - How do you measure the value of financial advice?
21.10 - Can you measure ‘qualitative’ results?
23.00 - What’s the difference between Phenomenon and Data?
26.00 - Financial literacy… what is it good for?
31.00 - Decision fatigue - chocolate cake or fruit?
42.24 - Cash flow management - the foundation of it all

For full show notes please visit: https://becausemoney.ca/s3-ep14-season-finale-with-preet-banerjee/

May 17 2017

48mins

Play

Rank #20: S3 Ep13 - Chris and John Talk Rent vs. Buy

Podcast cover
Read more
Chris knows all the buttons to push to get John, our resident housing bear, to pull out his rent vs. buy calculator:

1:37 - How should we start thinking about real estate
6:30 - Is renting just a phase of life
10:24 - Is there an equation for rent vs buy
15:33 - What is ‘pride of ownership’ worth?
19:25 - How to live in a housing bubble
24:24 - Rent vs Buy when you’re not living in Toronto or Vancouver
27:25 - John breaks down the rent vs buy math
33:07 - Is a house a tool for forced savings?
38:21 - The social pressure to own a home as a Canadian
43:51 - How does longterm renting work?
54:18 - Defining Step Zero

For full show notes please visit: http://www.becausemoney.ca/s3-ep-13-chris-and-john-talk-rent-vs-buy

Apr 12 2017

56mins

Play