One of my favourite types of interviews is when I get to interview someone who has hit their financial independence or retirement number early, and then picking their brain on how they got there, what worked well for them, what didn't, what mistakes they could have avoided, and learning what makes them feel happy and fulfilled both before and after hitting financial independence.

Well this time, I got to do this with one of the most famous personal finance experts in Canada, David Chilton, who, as you may know, was also one of the dragons on Dragon's Den.

Dave's bestselling book, The Wealthy Barber, was actually the first personal finance book that I ever read. I read it decades ago in high school, and in a way, it actually started me down this path of early financial independence.

Dave has recently released a massive update to the book, so we cover what has changed in personal finance and investing in Canada over the years, and what Canadians need to know about now when it comes to personal finance and investing in Canada. 

I'm incredibly grateful that Dave has chosen to spend so much of his time educating Canadians and trying to improve financial literacy here in Canada. You can definitely tell that he's not doing it for some massive financial gain, and is genuinely trying to help.

Let's get into the interview.

Today, we have a Canadian guest who has literally done over 400 interviews with different personal finance experts over the years, many of which were specifically for Canadians. Today, I pick his brain on the common conclusions, best practices, and recurring advice he's heard after interviewing so many personal finance experts.

My guest, Kyle Prevost, is also part of the FIRE (financial independence, retire early) movement and was able to hit his financial independence number at a very early age. I pick his brain on what safe withdrawal rate he has settled on and why, based on his extensive research, so that he doesn't run out of money in his early retirement and is able to live off his portfolio permanently.

I also ask him what has really moved the needle for him in terms of growing his net worth to reach financial independence so quickly, and what he does now to help ensure that he stays financially independent and doesn't have to go back to work, when we have the next major stock market crash.

Free tickets to the Canadian Financial Summit: 

https://buildwealthcanada.ca/summit

The Summit is from October 22-25 this year so be sure to grab your free tickets at the link above. You can also see all the speakers and talks at that link too.

1. After interviewing well over 400 personal finance experts over the years, what are some of the most impactful lessons or recurring pieces of advice that you've heard?
   
   
2. A few years ago, you created a retirement course where I remember my favourite section being your findings on the safe withdrawal rate - in other words, how much can we all withdraw from our investment portfolio to be able to live off it long-term? What are your current thoughts on a safe withdrawal rate, based on the research that you've seen, and have your views changed over time?
   
   
3. I know living abroad and travelling is something that you and your wife have done a lot of. When it comes to saving money on travel, can you give us 3 to 5 pieces of advice that you found really moved the needle for you when it comes to either not overpaying, or where you were able to really maximize the value that you received per dollar spent?
   
   
4. Now that you've hit FI years ago, do you still find earning more money to be a motivating factor for you? The last time you were on the show, you mentioned that it was as it lets you experience more when it comes to travel (among other things). Now that you've been FI for even longer, and since the markets have done so well over that time, do you find accumulating more money is still the motivator it once was? Or do you now get motivation and fulfillment from other things?
   
   
5. If both you and your wife were to stop generating any additional income through part-time work or side projects, how would you approach your cash position and asset allocation? Follow up: Since you are still generating some income as a household post FI, how does that change how much you keep in cash and how you structure your asset allocation? 
   
   
6. With the markets at all time highs again, there are definitely those that are getting nervous and worrying about a drop in the markets in the near future. What do you personally do to ensure you don't run out of money and are forced to return to 9-5 work if we were to have another 2008 scenario?
   
   
7. Over the decades, what factors have truly moved the needle for you in terms of net worth generation?
   
   
8. Tell us where we can hear more from you and about the Canadian Financial Summit.

With the end of the year arriving and the new year starting shortly, there are certain deadlines that you should be aware of every year, from an investment and tax optimization perspective.

There are also some elements to keep top of mind as the new year begins. These happen every year, so even if you are listening to this episode years from now, it will still be relevant to you, as these are things to think about and reevaluate every year.

Think of this episode as a checklist that you can use every year to help ensure that you aren't missing anything from an investment, tax, and government benefit optimization standpoint.

Enjoy the episode!

My ETF Guide: What I invest in and why (free)

My "How to Invest for Canadians Course"

What DIY Passive Investing Style is Optimum for You? (video presentation)

RESP Guide (Registered Education Savings Plan)

Asset Allocation ETFs

ZEQT - BMO All-Equity ETF

ZGRO - BMO Growth ETF

ZBAL - BMO Balanced ETF

Active vs. Passive Investing: Interview with S&P Dow Jones Indices (S&P 500) & How to Choose the Right ETFs

How to do Nobert's Gambit Guide

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.

• 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

On this episode, we cover some of the top financial mistakes Canadians make, as well as common misconceptions that may be holding you back in accelerating your investments and net worth.

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.
• The Canadian Financial Summit is available at CanadianFinancialSummit.com
• Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest

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. 

• 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

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?

Today I'm excited to have Sean Cooper on the show. There's a good chance that you've already heard of Sean whether it's on the radio, TV, or the internet as Sean is the guy that bought his first house when he was just 27 and paid off his mortgage at 30 in 3 years.

As you may know, my wife and I also paid off our mortgage early at the age of 28 and 29 (you can learn more about it by checking out past episodes of the show). But what makes Sean's story interesting, is that he did it in Toronto (which as we all know has some of the highest real estate prices in Canada), and he did it with a single income. That to me is really impressive, so it was fun to pick Sean's brain about how he did it, and the strategies he uses and recommends to save money and get out of debt.

UPDATE: Since publishing this episode, Sean has become the show's Resident Mortgage Expert. If you have a mortgage question, you can speak to Sean for free over at www.BuildWealthCanada.ca/sean

A bit more about Sean: He's an in-demand personal finance journalist, money coach and speaker. His articles have been featured in publications such as the Toronto Star, Globe and Mail, MoneySense and Tangerine's Forward Thinking blog.

He makes regular appearances on national radio and television shows to discuss personal finance, real estate and mortgages. He's also the author of the new book, Burn Your Mortgage, which helps anyone —from new buyers to experienced homeowners — pay down their mortgage sooner and live well while doing it.

• Get a free one-on-one meeting with Sean to get your mortgage and home buying questions answered at www.BuildWealthCanada.ca/sean
• 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

1. To start things off, tell us your story and the steps you took that got you mortgage free at such a young age.
2. Tell me about the moment when you realized that you need to write a book. What motivated you to write it in the first place?
3. With the house prices being where they are, and the frenzy that we seem to be experiencing in the real estate market right now, do you think it still makes sense for millennials to buy a home? (as opposed to renting for a lot less and investing their excess cash flows). Are there exceptions?
4. Are there some creative ways that you recommend Canadians (and millennials in particular) can get into the real estate market?
5. Tell me about the internal dialogue that you had in your head, with yourself, when deciding whether you should pay off your mortgage quicker or invest.
6. Now that you are debt free, are you also financially independent? Tell me your definition of financial independence.
7. If yes, how do you structure your investments, cash flows, etc.?
8. What are you doing with the cash flows that aren't going towards your mortgage anymore?
   -What are you investing in?
   -Your strategy. Reasoning?
   -How are you using registered accounts? Are you using non-registered too?
9. Have you considered doing a home equity line of credit (HELOC) on your property and using the proceeds to invest?
10. Are you thinking of buying more rental properties?
11. What's next for you?
12. To finish things off, tell us more about your book and what we can expect to learn from reading it.
13. Where can we follow you if we want to learn more?

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.

• 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

1. 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?
2. What to consider when deciding between RRSP vs TFSA vs non-registered? 
3. 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? 
4. Is there any time that you would use a non-registered account before using an RRSP and TFSA?
5. How to determine if you've saved enough to retire early? 
6. 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).
7. 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)?
8. What cash cushion do you recommend for those in retirement and semi-retirement?
9. Some advisors recommend real return bonds for those in retirement. What are your thoughts? 
10. How to decide what accounts to take money from in retirement? (RRSP vs TFSA vs non-registered)

In this episode, we're going to continue covering the subject of "How to Not Run Out of Money in Retirement", specifically for Canadians.

This is from a live webinar that I did for Canadian MoneySaver Magazine so in case you weren't able to make it, I wanted to provide you with as many tips as possible from that presentation in audio form.

If you missed part 1 of the series, it's the episode right before this one (episode 31).

• 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

Bonuses for Build Wealth Canada Listeners:

You are eligible to receive a free 1-year paid subscription to Canadian MoneySaver Magazine by signing up for the free 5i Trial at www.buildwealthcanada.ca/trial.

If you would like more information, just listen to the beginning of the episode or you can learn more about 5i Research below:

In case you're new to the show, 5i Research is Canada's only conflict-free investment research network. What that means is that as you know, there is a lot of conflict of interest in Canada when it comes to people telling you what to invest in.  

So let's say you go to your bank and ask to speak to a financial advisor because you want to invest some money. Well what many of them will do, is try to sell you their investment products like their mutual funds for example.

You'll get a well-rehearsed sales pitch, but what they don't tell you is how ridiculously high their fees are compared to just investing the money yourself using ETFs or stocks.

There's also a conflict of interest because they are incentivised (either through bonuses or getting a promotion at work) to sell you products that make the company the most money, but may not necessarily be the best fit for you and make you the most money.

So here's the thing, why would you ask someone what you should invest in when that person has a financial incentive to sell you what makes them the most money, as opposed to what makes you the most money so that you can, for example, retire early because you're not paying ridiculous fees on underperforming investments?

Where 5i Research comes in is that they actually have a team of analysts that do the research, and all the financial math and analysis for you on the best investments to own (whether it's the top stocks or the top ETFs in Canada), and whether you're a growth focused investor, or a dividend focused investor. What makes them stand out, is that they don't try to sell you any investments, so they're not getting some commission or fee on the back-end, and the result is you getting unbiased investment analysis and insights, where you never have to worry that they are recommending something just because they are getting some sort extra compensation on the back-end.

What's also neat, is that you can ask them questions, like if you're considering a particular stock or ETF. Or, maybe you have no clue what you should invest in, and in that case they can recommend some model portfolios for you depending on your risk tolerance, objectives, and whether you want to invest in ETFs, stocks, or both.

They actually already have over 54,000 answered quested in their database, so you can actually see what others are asking too about the stock or ETF that you're considering buying, and see the answers to those too.

Now as a listener of the Build Wealth Canada Show, you can actually get full access to everything for free for 1 month. In other words, you get full access to all the stock and ETF recommendations, all the model portfolios, as well as 5i's database of over 54,000 answered investing questions. I definitely encourage you to check it out as at the very least you'll learn a ton and it's all free anyway.

And if for some strange reason that's not enough, I've also arranged for Build Wealth Canada listeners to get two extra bonuses:

Bonus 1: The first, is that when you sign up for the free trial, you'll also get a 1 year, paid subscriptions to Canadian MoneySaver Magazine, absolutely free.

This is the exact same magazine that you see at Chapters and other stores all across Canada, and you get the entire subscription, for free, for an entire year, no strings attached.

Bonus 2: The 2nd bonus, is that you'll also get 1 question credit for free, on the 5i Research site. This means you can actually ask 5i's team of analysts your most pressing investment question and they'll answer it for you, using the knowledge and investment tools that you and I simply don't have access to.

So enjoy, it's all free, you'll learn an absolute ton, and you can get it all by going to www.BuildWealthCanada.ca/trial.

In Closing:

If you enjoyed the episode, please take a moment to leave an honest review and rating on iTunes by clicking the "View in iTunes" button at this link.

If you have any tips, suggestions or comments, please be sure to leave a comment in the section below. I read all responses and look forward to hearing from you.

Have a great week,

Kornel

How Much Do You Need to Retire? No matter what age you are, chances are you've asked yourself this critical question at some point.

The stakes are high, and there are no do-overs, so how can you best prepare yourself now to ensure that you have enough to live the lifestyle you want in retirement?

Join me as I dive into the best practices and key factors to consider when figuring this out for yourself.

Is there a magic retirement number that you should aim for with your investments?

What levers can you pull to retire early, and sustain that retirement long-term?  

Whether you're decades away from retirement or are getting close to that big day, join me to learn some of the key considerations to ensure that you have enough to retire.

• 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

Today we have a very special guest who has worked as an advisor for some of Canada's largest banks, giving him some great insider information on how we can all save money when dealing with the Banks.   

His name is John Kalos and he is an unbiased, non-commission, fee-for-service financial planner. John is the financial planner that I used before executing our early retirement, and he offers all Build Wealth Canada listeners a free 30-minute consultation so that you can get some of your financial questions answered too. You can sign up to speak with him for free over at www.BuildWealthCanada.ca/john

• You can get a free 30 minute call with John to get some of your questions answered by going to www.BuildWealthCanada.ca/john
• 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

When it comes to safe investments, what are the options we have as Canadians, and how can we get the best rates at the bank? (ex. if we're saving money for education, a downpayment, a car, etc.)

Do you then keep them within an RRSP or TFSA account at that bank? (ex. If you're saving for a downpayment)

When it comes to negotiating with the bank, in what areas do the banks tend to have some flexibility? How hard can you generally push them to get the discounts, and do you have any tips that can increase the chance of them agreeing? (ex. Showing comparable mortgage rates at other lenders).

Areas to discuss:

• • Mortgages

• • Lines of credit

• • Bank fees

• Investment products

Are there any marketing/sales traps to look out for? (ex. Being offered life insurance together with your mortgage)

You mention in your podcast that there is potential conflict of interest between banker/advisor and their clients. Can you elaborate on this and give us a few actual examples?

What does a financial planner do at a bank vs someone like a fee for service or fee-based financial planner?

What are the top ways you recommend to save money on your investments?

What do you recommend to your clients? (ETFs? Individual stocks? Focus on dividends,? growth? etc.)

In this episode, I've pulled together the newest numbers of what you can expect from your investments. These are based on historical returns using several different highly reputable sources that I personally use and trust.

In other words, this isn't some subjective opinion of what one person thinks you'll get on your investments. Instead, it's actual data, studies, and reports that reputable sources in the industry have put together, and is what I personally use.

I've also created a summary where you can see the ranges of possible investment returns based on the different sources (which use different times frames and assumptions). You can get all that by going to the episode's show notes over at www.BuildWealthCanada.ca/29

• The summary, graphs, and text version of this is available in the episode's page at www.BuildWealthCanada.ca/29
• 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

When it comes to the Build Wealth Canada show, there are 2 questions that I get asked more than any other.

The first is how to actually buy ETFs, so how to actually be an index investor, what tools to use, which ETFs are great ones to consider, and how to actually do it step-by-step. So that's why I built the course (to basically answer this question). If you're interested, you can check it out at www.BuildWealthCanada.ca/invest

Now the 2nd question that I get most often is from Canadians who are either in their 50 or 60s, are about to retire (or will be retiring in 10 years or less) and are looking learn how to do it properly.

So how do you withdraw from your portfolio properly to pay as little tax as possible? What are some best practices and things to look out for so that you don't run out of money during your retirement?

Obviously when it comes to retirement planning like this, things gets really complicated, and the risks are ridiculously high since you're basically at a life stage where you're going to start spending the money that you've been saving and investing throughout your whole life.

So, the stakes are really high. We're dealing with a lot of real money here, and the terrifying thing is that there are no do-overs.

In other words, if you mess this up, you can't just hit the rewind button, get all your money back and try again. Because of this, it's extremely important to get this right as the worse case scenario is basically you running out of money during retirement.

Also if you do run out of money, then going back to the workforce may not be an option due to the physical and/or mental health that you may be in at that time. Employers might also have a preference to hiring someone younger that they can pay less money for, and groom to stay with the company long term (unlike you since you'll be back in retirement at the first possible opportunity).

Also with all the development in medical technology, now more than ever we are faced with the new challenge of living too long and outliving our money. This makes having a good financial plan that you review with a professional periodically even more important to ensure that you are living the type of lifestyle that you want in retirement, while minimizing the risks of running out of money.

Now I'm not trying to instill fear or anything like that, but I say all this just to help anybody out there realize that this is critically important, doing it wrong can be catastrophic to you and your partner's life, and so you have to take accountability and responsibility for your financial situation, and not just hope that everything will turn out okay.

So with that said, I'm of the opinion that since the stakes at this stage of life are so high, you need a customized financial plan specific to your particular situations. This is definitely one of those times where you can't just read a blog post about the top 10 retirement tips and assume that you're all set, and that some "general" guidance is good enough for you as well.

You simply can't do this because the stakes are too high (i.e. you running out of money in retirement), and there are too many variables in your life that can change the plan drastically.

For example:

• The assets and liabilities you have
• The income sources you'll have in retirement
• The dependents you'll have
• Your health
• Your goals and ambitions for retirement
• Inflation and market returns that you've endured in your lifetime
• The emergency fund you have
• The lifestyle you want in retirement
• Family dynamics like marriages, deaths and inheritances
• Your risk tolerance
• and the list goes on and on.

To address and help you with this, I'd like to introduce you to Sandi Martin who is a professional fee-for-service financial planner here in Canada.

Sandi has been requested by listeners of the show, and in this interview I chat with Sandi about the top questions that I've been asked from Build Wealth Canada listeners, especially those in their 50s and 60s that are nearing or at retirement. So enjoy the interview, and thanks for submitting the questions.

Now just to give you a bit of a background, Sandi is an expert in helping Canadians answer questions specific to their situation such as:

Are you on track to retire? Did you miss something in your analysis?

Are you saving enough for retirement?

What's the best way to take out income from your portfolio to minimize taxes (based on all your assets and income sources)

How much do you need to save so that you can retire comfortably?

When can you retire? Can you fully retire or semi-retire now?

When should you choose to take your CPP and OAS?

What kind of lifestyle can you expect when you retire based on your current savings?

How can you help ensure that you don't run out of money in your retirement?

• 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

• Listener Question:
  "I would be interested in strategies for withdrawing accumulated assets from RRSPs and TFSAs. Is there an order of preference to save on taxes?"
• What if a Canadian earns income vs doesn't earn income during their retirement. How does that affect things?
• Can you talk about converting an RRSP to a RRIF. What is it? How does it work?
• What is "sequence of returns risk" and how can we protect ourselves from it?
• What is an RPP?
• What is a LIRA?
  • Converting to LIF (Life Income Fund): What is it? How does it apply to this?
  • What is a Locked-In Retirement Income Fund (LRIF)?
  • What is a Prescribed Registered Retirement Income Fund (PRRIF)?
• What about holding money in unregistered accounts. Can you define what that means and how does it apply to this?
• When it comes to pensions, what are "defined benefit plans" vs "defined contribution plans". How does this impact everything?
• What numbers do you like to use when forecasting returns for stocks and bonds? What are real vs nominal returns?
• Some Canadians consider purchasing annuities for their retirement. Can you define what these are and what are your thoughts on it?

Today, we tackle one of the most intricate financial puzzles faced by Canadians: transitioning from accumulating wealth for retirement to effectively managing it during the decumulation phase—when you're actually living off your investments.

In this episode, we'll explore why this shift can be so complex, even for seasoned savers and investors. You'll gain insights into balancing financial security with enjoying your retirement lifestyle and sustainably spending the wealth you've worked so hard to accumulate.

We'll also discuss both hands-on and passive approaches to managing retirement funds and share strategies to help maintain your financial stability while still enjoying life.

Whether you're nearing retirement or planning ahead, this episode offers valuable strategies for navigating the decumulation puzzle with confidence and peace of mind.

Joining me today is Eric Monteiro. Eric helps lead Canada's largest provider of workplace savings and retirement platforms, covering over 1.3 million Canadians and managing more than $125 billion in assets. He does this at Sun Life, where he has worked since 2016 as the Senior Vice-President of Group Retirement Services. Eric also serves on the Board of Directors for The Princess Margaret Cancer Foundation, one of the world's leading cancer research and care organizations.

And now, let's get into the interview.

1. Easily one of the most complicated financial puzzles that I've ever had to solve, was how to transition from the accumulation stage where we're just adding to our investments for retirement, to the decumulation stage where we are now living off our portfolio, and now have to worry about not running out of money. For those of us who haven't fully gone through this challenge yet, can you shed some light on why transitioning to this new stage in life is so much more complicated? and why should we all care about it now, even for those that are still in the accumulation stage?
   
   
2. When it comes to Canadians managing their finances while living off their portfolio, there are several different approaches available to them. Some are very hands-on, more time consuming, and can get very complex. They do however have the benefit of generally having low fees and potentially being very tax optimized if managed correctly.
   
   On the other end of the spectrum, we have very hands-off, passive solutions, but those tend to have larger fees associated with them (at least from what I've seen here in Canada).
   
   Can you take us through the different decumulation solutions or strategies available to us, as Canadians, and what are the pros and cons of each?
   
   
3. I'm a passive index investor, and I don't mind micromanaging the investments and withdrawals myself to save extra money on fees and taxes. But, one thing that I worry about and that I believe all Canadians should consider, is: Who is going to manage the decumulation for your aging parents? Especially if they are not as financially savvy, and when they eventually go through cognitive decline as they reach those later years. And, what happens if you die before your partner, or go through some form of cognitive decline yourself? How can you transition what you currently do, to a partner that maybe is not willing or able to micromanage your investments to the same degree as you? Can you speak to which options you have found to work best for Canadians in these situations?
   
   
4. One of the challenges that we all face, especially as we start to live off our portfolios, is how to balance the need for security where we don't run out of money in our retirement, while still enjoying the fruits of our labour, especially while we are still healthy. In other words, ensuring that not only do we not overspend, but also that we don't underspend and end up passing away with an enormous portfolio that we regret not fully utilizing.
   
   Do you have any practical strategies, tactics, or ways of thinking to help us find the balance so that we don't end up on either extreme end of this spectrum?
   
   
5. One solution that you mentioned earlier that could potentially be used to help automate and simplify our finances in the decumulation phase was the 'MyRetirement Income' product. This is something that's new, that I'm not too familiar with. Can you tell us more about it, how it works, and what are the fees associated with it?
   
   
6. Thanks so much Eric, I'm always on the lookout for what is available out there, particularly for solutions that I can maybe suggest to my parents, or that I can transition to my wife if something was to happen to me. Can you tell us where we can learn more, and are there any other educational resources that you can direct us to when it comes to helping solve that decumulation puzzle here in Canada?

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?

• 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

1. What does it mean to consolidate your credit, and in what circumstances should somebody consider doing this?
2. 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?
3. 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?
4. 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?
5. 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?
6. 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?

1. For those Canadians new to this type of investing style, can you explain what dividend investing is?
2. When should someone consider doing dividend investing? (i.e. Is there a particular life stage when it's most appropriate?)
3. Is there a type of person that is most suited for this type of investing? (ex. time commitment, personality, etc.)
4. What are the pros and cons of this investing style vs something like index investing, mutual fund investing, or stock picking for growth?
5. 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?
6. What are some of the top mistakes Canadians make when investing in Dividends? (ex. Chasing yield)
7. 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?)
8. 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?
9. What are some good resources for somebody that is considering, or wants to learn how to do dividend investing?
10. 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.

• 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

In this episode, I cover several mistakes and misconceptions that held me back from maximizing the growth of my investment portfolio.  

By sharing my mistakes and what held me back, I hope that it will help you avoid these same mistakes.

Fortunately, things still ended up great, although not perfect, and definitely not the most efficient in terms of net worth growth. These are the lessons about the money left on the table, and what I would tell my younger self.

• 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

This episode covers how to protect yourself from overpaying in hidden investment fees, and how to ensure that you are getting unbiased advice from your financial professionals. 

Did you know that there is a lot of conflict-of-interest that exists with many of the financial advisors here in Canada. We also have one of the highest investment fees in the world. 

While there are ways to bypass these fees, you need to know what to look for so that you can spot if your advisor is recommending a poor investment that is primarily designed to maximize their firm's profits, instead of growing your net worth.

Join me as we cover some of the most dangerous traps that exist for us Canadians in the investing and financial services industry.

• 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

My guest today is Miranda Marquit who is at the top of the heap when it comes to being a freelance writer and professional blogger. She is the author of her book called Confessions of a Professional Blogger, and has basically achieved what many freelancers just starting off are hoping to achieve.

I thought it would be great to get her on the show to give some advice to aspiring freelancers and bloggers. Miranda is also very honest, so it's really great to hear someone tell it like it is, instead of hearing some fairy-tale advice that doesn't coincide with reality.

Miranda also talks about the importance of having a website to build your brand (whether you're a freelancer or someone who is trying to have their own business).

You can check out my free step-by-step video course on how to build your own website here: Buildwealthcanada.ca/build or if you want to learn what is involved in started a side-business in Canada you can learn it all here: BuildWealthCanada.ca/business.

Miranda's Book: Confessions of a Professional Blogger

Free Video Course: How to Start a Side Business in Canada

Free Video Course: How to Build a Website from for your Freelancing Practice and/or Side-Business

Miranda's Sites:

• mirandamarquit.com
• plantingmoneyseeds.com

Today I have Dragon's Den winner Lee Renshaw on the show, and we're going to talk all about tips and strategies that you can implement if you want to start your own business on-the-side here in Canada.

One of the things I noticed based on the emails I received from listeners of the show, is that a lot of Build Wealth Canada listeners would actually like to start their own business on-the-side here in Canada but aren't exactly sure how to do it and how to set it all up since a lot of the information out there is specifically for the US, and there isn't a good step-by-step guide out there specifically for Canadians.

Because of this, I decided to built a free step-by-step video guide for you about everything you need to know about setting up your own side business here in Canada. You can check out the full video guide over at BuildWealthCanada.ca/business.

In addition to that, it's a good idea to have your own website for your new business on-the-side, so I've created a 2nd free video guide showing you step-by-step on how you can easily build your own website whether you're looking to start a blog, provide a service, or sell a product.

What's also neat is that in the guide, I'm actually building a real-life website for a real business, and I recorded step-by-step how I do it so that you can follow along, and build your own website.

I'm sure you'll love it, it's totally free, and the link to that guide is BuildWealthCanada.ca/site

• 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
• How to Start a Side Business in Canada Video Guide: Buildwealthcanada.ca/business
• How to Build Your Website Video Guide: Buildwealthcanada.ca/site
• Lee's Site: www.risegear.com/

1. Tell us your story and how did you end up dominating Dragons' Den?
2. Let's fast forward. What kind of an impact did being on Dragons' Den have? How is your business doing now?
3. For those wanting to have a business-on-the-side, or eventually their own full-time business, what are some tips you have for them when they're just getting started.
4. What specifically did you have to do to start your own business here in Canada?
5. What are some top mistakes you made, and how would you have done things differently knowing what you know now?
6. What are your key success factors that got you to where you are today?
7. When it comes to marketing and promoting your business, what is working well for you now? (marketing channels, specific tactics, etc.)
8. If you had to start over completely from scratch where your business didn't exist, and all you had was $500 saved up, where would you invest your time and money to start your business
9. Where can we learn more about you and Rise Gear?

Today I have author Valerie Rind on the show and we're going to talk all about how to avoid getting into difficult financial situations when it comes to friends and family.

Valerie has interviewed a ton of people who have actually gone through these types of problems in their lives, and is going to share with us how we can avoid some of these catastrophic financial issues that can creep up when we're dealing with friends, family and co-workers.

• 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
• Valerie's Book: Gold Diggers and Deadbeat Dads: True Stories of Friends, Family, and Financial Ruin
• Velerie's Site: valerierind.com

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). 

• 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

1. 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?

1. In Canada it seems that investors fall into one of 5 main categories. They either:
   1. Buy mutual funds
   2. Buy indexes
   3. Buy individual stocks for growth
   4. Buy individual stocks for dividends
   5. 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?

1. 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?

1. 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?

1. 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?

1. How do we choose between a growth vs a balanced portfolio?
2. How have these portfolios been performing compared to the index?
3. 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)

1. 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?
2. Is your portfolio just for Canadian companies? If so, what sort of asset allocation do you suggest outside of Canada for diversification purposes?
3. Would you recommend using the 5i portfolio completely for the Canadian portion of our portfolio, and then use ETFs for international exposure?
4. 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)?
5. Would this workflow/strategy change depending  on how much someone has to invest every month? What if we have a lump sum to invest?

1. 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?
2. 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)?

1. What are your thoughts on asset allocation between stocks and bonds? Do you recommend bonds? If not, what do you suggest?
2. 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?
3. 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?

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. He's also been called "The Warren Buffett of Canada" by the Globe and Mail.

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). 

• 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

1. 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?

1. In Canada it seems that investors fall into one of 5 main categories. They either:
   1. Buy mutual funds
   2. Buy indexes
   3. Buy individual stocks for growth
   4. Buy individual stocks for dividends
   5. 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?

1. 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?

1. 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?

1. 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?

1. How do we choose between a growth vs a balanced portfolio?
2. How have these portfolios been performing compared to the index?
3. 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)

1. 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?
2. Is your portfolio just for Canadian companies? If so, what sort of asset allocation do you suggest outside of Canada for diversification purposes?
3. Would you recommend using the 5i portfolio completely for the Canadian portion of our portfolio, and then use ETFs for international exposure?
4. 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)?
5. Would this workflow/strategy change depending  on how much someone has to invest every month? What if we have a lump sum to invest?

1. 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?
2. 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)?

1. What are your thoughts on asset allocation between stocks and bonds? Do you recommend bonds? If not, what do you suggest?
2. 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?
3. 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?

1. You're very involved in helping others get out of debt. Can you tell us a little bit more about yourself, and how you started helping others in this area?
2. Getting out of debt has a very large psychological component. What are some of the psychological barriers that you found keep people in debt?
3. Can you tell us more about the methodology that you follow in your life and your program to help others get out of debt?

• 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
• Book: Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence

On today's episode we have another Canadian guest, Kyle Prevost, who achieved financial independence at an early age (he was able to pull it off in his 30s). He's also done hundreds of financial talks and interviews over the years with both regular Canadians, and some of the most highly respected financial experts in both Canada and the US.

In this episode, we discuss what he's learned from these hundreds of discussions that he's had, especially when it comes to best practices and financial tactics that we can apply to our own lives.

He also shares advice on how he personally minimizes and thinks about fees in his own investment portfolio, and we also discuss his findings on CPP and OAS in Canada, which in case you're not familiar, are the two main income sources from the government that Canadians rely on in their retirement. Kyle has done a bunch of research and interviews on how viable the CPP and OAS is long-term, and if we can continue to expect to receive them in our older age, even if we're nowhere near that traditional retirement age of 65 yet.

We cover all this and more in the interview.

Also, free tickets to the Canadian Financial Summit:

Kyle and I have run the Canadian Financial Summit together for years in the past, this year I'm attending it as one of the speakers, and I have free tickets for you which you can get at buildwealthcanada.ca/summit.

In case you're new to the Summit, it's a fully online event for Canadians where you can stream all the educational talks. I'll be speaking at it again this year, this time about RRSPs, and I'll be there with 36 other Canadian personal finance and investing experts who will be sharing their expertise and best practices when it comes to investing, retirement, financial planning, ETFs, pensions, cash flow management once you hit your financial independence number, and much more.

It's happening really soon this month, October 23-26. I hope to see you there, and again you can get free tickets to the event by going to buildwealthcanada.ca/summit

I hope to see you there!

Kornel

Today I'm really excited to have Rob Carrick on the show, who is the main Personal Finance Columnist at the Globe and Mail.

Rob is also the author of five personal finance books for Canadians, and all in all is easily one of the most respected and well known personal finance experts here in Canada.

Today we'll cover whether you should be putting your savings in an RRSP, a TFSA, or use it to pay down your mortgage quicker (if you have one).

We also cover:

1. Where you should be investing your money?
2. Where to keep your money safe if for example, you're saving for a downpayment on a house?
3. What should your priorities be when it comes to debt?
4. What asset allocation should you go with? (ex. stocks vs bonds mix)

• 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
• Rob at the Globe and Mail: http://www.theglobeandmail.com/authors/rob-carrick
• Rob's Site: http://www.robcarrick.com/
• Rob's Books:
• Rob Carrick's Guide to What's Good, Bad and Downright Awful in Canadian Investments Today
• How Not to Move Back in With Your Parents: The Young Person's Complete Guide to Financial Empowerment
• How to Pay Less and Save More For Yourself: The Essential Consumer Guide to Canadian Banking and Investing

This is part 2 of the interview on The Student's Guide to Personal Finance and Post-Secondary Education with Kyle Prevost. If you missed part 1, it's the episode right before this one.

Today we have arguably the #1 expert in Canada when it comes to personal finance for students. Whether it's about saving money as a student, or setting yourself up for success with your post-secondary education, we cover it all in this in-depth two part series.

My guest Kyle Prevost is not only a teacher, but has also been featured in the Financial Post, The Globe and Mail, The Toronto, Star, MoneySense Magazine, and many many more.

He is also the co-author of the book "More Money for Beer and Textbooks" where he teaches students who are about to enter post-secondary education (and those already there) how to:

1. Make the right decisions so that you can have a successful career after graduating
2. Make your dollars stretch further while you are in school
3. Set yourself up for financial success both during school, and when you graduate

• 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
• Kyle's Book: More Money for Beer and Textbooks

Today we have arguably the #1 expert in Canada when it comes to personal finance for students. Whether it's about saving money as a student, or setting yourself up for success with your post-secondary education, we cover it all in this in-depth two part series.

My guest Kyle Prevost is not only a teacher, but has also been featured in the Financial Post, The Globe and Mail, The Toronto, Star, MoneySense Magazine, and many many more.

He is also the co-author of the book "More Money for Beer and Textbooks" where he teaches students who are about to enter post-secondary education (and those already there) how to:

1. Make the right decisions so that you can have a successful career after graduating
2. Make your dollars stretch further while you are in school
3. Set yourself up for financial success both during school, and when you graduate

• 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
• Kyle's Book: More Money for Beer and Textbooks

Today I'm excited to have one of the top personal finance bloggers in Canada on the show.

Tom Drake is the president of Drake Media Inc. and the owner and manager of dozens of personal finance sites, including his primary site: MapleMoney where you can learn more about the best credit cards in Canada, as well as other personal finance best practices.

He has been called the godfather of personal finance, and today I'm thrilled to have him on the show to talk all about the best practices when it comes to using credit cards, as well as the top credit cards that he recommends.

• 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
• Tom's site: MapleMoney (formerly Canadian Finance Blog)

1. What are some best practices when it comes to credit card use?
2. Some credit cards have perks like extended warranty on purchases or travel insurance. How do you take advantage of these benefits? Is it a hassle to claim them?
3. Many credit cards are free while others have a fee but have better rewards. Is there an easy way of determining whether it's worth to get the paid option?
4. What if you can't pay off your entire balance at the end of the month? What are some options you'd recommend if you actually need to borrow some money (i.e. HELOC, secured loan, unsecured loan).
5. Your thoughts on saving for an emergency fund vs paying off credit card debt.
6. What are the advantages and disadvantages of having credit cards?
7. Should we be concerned about credit limit utilization? (ex. keeping credit limit utilization under 30%)
8. What are the top credit cards in Canada that you'd recommend?

Today I'm really excited to have Bruce Sellery on the show from MoneySense Magazine and Moolala.ca, to tell you all about how to save and invest for your retirement.

Bruce is a bestselling author, and you might have seen him on TV as he's been on CTV, CNN, BNN, MSNBC, as well as the Lang & O'Leary Exchange with Kevin O'Leary from Dragon's Den and Shark Tank.

He is also the author of the book "The Moolala Guide to Rockin' your RRSP" which is a fantastic book that I'd recommend to everyone.

In it, he actually does a great job of inspiring you to take action when it comes to planning and saving for your retirement (which is great if you know this is something you should be doing but just aren't feeling motivated to do it). He also provides a great step-by-step guide that you can actually implement to pull it all off.

• 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
• Bruce's Latest Book: Moolala Guide to Rockin' Your RRSP: Start Rockin' in Five Easy Steps
• Bruce First Book: Moolala: Why Smart People Do Dumb Things with Their Money – and What You Can Do About It
• Bruce's Articles at: www.Moneysense.ca
• Bruce's Site: www.Moolala.ca

1. Why should Canadians even care about saving for retirement through their RRSPs and TFSAs?.

2. What are the top mistakes Canadians make when it comes to their RRSPs, and retirement planning in general?

3. Tell us about the 5 steps in your book that listeners can use to retire early.

4. For someone that is looking to buy their first home: They may want to save money for a down payment inside their RRSP since they can withdraw it when they're ready to buy using the Home Buyers Plan.

In this case, what should they put their money into? (i.e. bonds, bond ETFs, GICs?) Especially considering interest rates are low and Canadians are worried about getting hurt on bonds if rates go up.

GIC rates are very low too so it doesn't seem very appealing for most.

What about those Canadians that are getting very close to retirement? Is the strategy different for them?

In other words, what are the best safe options in the current low interest rate environment?

5. RRSP loans: What are they and when is it a good option?

6. How to factor in inflation when doing retirement planning calculations? (i.e. Would you just use the anticipated rate of return and subtract out inflation? Or use some other method?)

7. Is there a way to be able to take some of your spouse's RRSP contribution room if you're in a higher tax bracket?

8. Your thoughts on using annuities for retirement? (please define annuities first)

9. Your thoughts on using broad market index funds or ETFs vs buying smaller indexes like small cap stocks or different bond ETFs?

This is part 2 of the interview on How to Retire Early, with MoneySense Senior Editor Julie Cazzin.

In Part 1 we covered the beginner level questions. In part 2, we take it up a notch and get into the more intermediate and advanced level questions.

If you missed part 1, it's the episode right before this one.

• 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
• Julie's Articles on MoneySense

1. What are some top tips you can give to Canadians that want to retire early?

1. How can we figure out if we have enough to retire early?

1. What are some top mistakes someone can make if they want to retire early?

1. What are some top mistakes someone can do if they are already retired? (whether it was early retirement or not)

1. While saving for an early retirement, would you recommend index investing by purchasing broad market ETFs or funds, or do you recommend a different strategy? (ex. dividend investing)

1. While saving for an early retirement, would your asset allocation be different compared to someone that is planning on retiring early?

1. What are some of the unique challenges that we have to worry about if we are planning to retire early vs doing the more traditional retirement at age 65. (i.e. Impact of CPP, OAS, and pensions come to mind).

1. Once we manage to retire early, what suggestions can you make in terms of asset allocation?

1. Your thoughts on a safe withdraw rate?

1. How would you suggest using TFSA, RRSP, and unregistered accounts while saving?

1. How would you suggest using TFSA, RRSP, and unregistered accounts while retired early?
2. What are annuities and is it possible to purchase annuities here in Canada if we are a young retiree?

Today I am REALLY excited to have none other than Julie Cazzin on the show, who is going to tell us all about how we can retire early.

Julie is a national award winning business and personal finance journalist. She is a founding member and Senior Editor at MoneySense.

While she consistently writes some of the most popular columns for MoneySense, she's also written for Readers Digest, Canadian Business, Maclean's, and many others.

Julie has also appeared as a television guest on CityTV, Rogers and CTV as well as several radio shows throughout the years, speaking on a wide range of personal finance topics.

• 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
• Julie's Articles on MoneySense

1. What are some top tips you can give to Canadians that want to retire early?
2. How can we figure out if we have enough to retire early?
3. What are some top mistakes someone can make if they want to retire early?
4. What are some top mistakes someone can do if they are already retired? (whether it was early retirement or not)
5. While saving for an early retirement, would you recommend index investing by purchasing broad market ETFs or funds, or do you recommend a different strategy? (ex. dividend investing)
6. While saving for an early retirement, would your asset allocation be different compared to someone that is planning on retiring early?
7. What are some of the unique challenges that we have to worry about if we are planning to retire early vs doing the more traditional retirement at age 65. (i.e. Impact of CPP, OAS, and pensions come to mind).
8. Once we manage to retire early, what suggestions can you make in terms of asset allocation?
9. Your thoughts on a safe withdraw rate?
10. How would you suggest using TFSA, RRSP, and unregistered accounts while saving?
11. How would you suggest using TFSA, RRSP, and unregistered accounts while retired early?
12. What are annuities and is it possible to purchase annuities here in Canada if we are a young retiree?

This is part 2 of the interview on How to Invest in Canada, with author and investor Dr. John Robertson.

In Part 1 we covered the beginner to intermediate level questions. These were perfect for those just getting started on their investing journey.

In part 2, we take it up a notch and get into the more advanced level questions.

If you missed part 1, it's the episode right before this one.

• 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
• John's Blog: Blessed by the Potato

1. Tell us your story and what prompted you to write your book.

1. What are the most common mistakes you see beginner investors make when they're just starting out?

1. What about those in their 40-50s that have been investing for a while?

1. In your book, you make a really strong case for investing in broad market indexes. For our listeners who are just starting off in investing, can you tell them what this means, and why this is a good way to invest?

1. What is an "asset allocation" and how would you change the asset allocation for someone fresh out of school vs someone nearing retirement?

1. You thoughts on investing in stocks versus bonds and on creating an all stock portfolio.

1. In a low interest rate environment like we are in right now, what are your thoughts on investing in bonds? Especially considering rates are bound to go up eventually which would hurt the existing bond prices.

1. How are you investing now?

1. If you could go back to when you made your first investment, what advice would you give yourself.
2. Over the years in your investment journey, what's worked for you, and what hasn't worked so well?
3. Was there ever a point that you didn't feel confident about what you're investing in, and the investment choices you made?
4. Your thoughts on investing in other indexes like small cap companies instead of just broad market? (many argue that they generate higher returns at the cost of higher volatility)
5. Thoughts on dividend investing vs broad market index investing.
6. What is the 4% rule and what are your thoughts on it? Do you prefer a variation of it?

Today we are going to learn all about how to invest if you're living here in Canada.

For all our non-Canadian listeners, we're also going to cover best practices when it comes to investing so you can definitely start applying those too and get a lot out of the show.

To make this series beneficial to everyone, we're going to start with answering beginner level questions intended for those just starting out in their investing journey. As the interview goes on, we're going to progress into more advanced level questions.

This way if you are already investing you'll still get a LOT out of the show by learning some best practices, and how to optimize your portfolio and save money by eliminating unnecessary fees.

To help me with this, I'm very excited to have Dr. John Robertson on the show. John is a is a PhD scientist, a writer, investor, and he teaches newbie investors on how they can actually start investing.

• 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
• John's Blog: Blessed by the Potato

1. Tell us your story and what prompted you to write your book.
2. What are the most common mistakes you see beginner investors make when they're just starting out?
3. What about those in their 40-50s that have been investing for a while?
4. In your book, you make a really strong case for investing in broad market indexes. For our listeners who are just starting off in investing, can you tell them what this means, and why this is a good way to invest?
5. What is an "asset allocation" and how would you change the asset allocation for someone fresh out of school vs someone nearing retirement?
6. You thoughts on investing in stocks versus bonds and on creating an all stock portfolio.
7. In a low interest rate environment like we are in right now, what are your thoughts on investing in bonds? Especially considering rates are bound to go up eventually which would hurt the existing bond prices.
8. How are you investing now?
9. If you could go back to when you made your first investment, what advice would you give yourself.
10. Over the years in your investment journey, what's worked for you, and what hasn't worked so well?
11. Was there ever a point that you didn't feel confident about what you're investing in, and the investment choices you made?
12. Your thoughts on investing in other indexes like small cap companies instead of just broad market? (many argue that they generate higher returns at the cost of higher volatility)
13. Thoughts on dividend investing vs broad market index investing.
14. What is the 4% rule and what are your thoughts on it? Do you prefer a variation of it?

This is part 2 of the interview with Justin on how he retired at the age of 33.

In case you missed it, part 1 is the episode right before this one.

In the interview, we talk about everything from how Justin was able to retire at 33, to what he invests in, and we even cover other subjects like how to save money on vacations and how he manages his money so that he never has to work again.

Lastly, Justin gives us some great tips that you can start applying today to retire early.

• 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

• Justin has a great blog at RootofGood.com where he talks more about how he was able to retire early, and gives more details on the strategies he uses.

We all spend decades accumulating and growing our net worth, along with many hours of research and studying to optimize our investments and minimize our taxes as Canadians. But what if a single incident wipes all that out? or even just a large portion of it out? Wouldn't it be completely irrational to not eliminate that risk?

The best solution that I can think of for accomplishing this is insurance, so I thought it would be helpful to come up with a checklist that you can use of the different types of insurance available for us Canadians, so that you can go through it, one by one, and decide which types make sense for you, to protect your net worth.

After that, we do a minor pivot to talk about dental insurance and medical insurance for us Canadians. I have been spending an obscene amount on dental care with our two kids. It's super expensive, it stresses me out, and so I wanted to learn more about what the options are for us Canadians when it comes to dental coverage, along with getting medical coverage for things that aren't covered by the government, here in Canada.

To help me with this, I brought back one of our popular returning guests, Laura MacKay. Laura is the co-founder and COO of policyme.com, Canada's fastest-growing digital insurance company.

In 2021, she was named one of the Women of the Year by Bay Street Bull. She has a Bachelor of Mathematics from the University of Waterloo, and her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation.

Laura is also joined by her colleague Natalie Dupley, who comes from the not-for-profit sector. Natalie is now a licensed insurance advisor that works with Laura, and specializes in life, accident, and sickness insurance.

About Laura's Company: PolicyMe.com

Educational Guides from the Episode:

Types of Dental Insurance Plans in Canada

The Canadian Guide to Health Insurance Plans

What is Life Insurance: Meaning & Comprehensive Guide

1. To kick things off, can you take us through what insurance us Canadians typically need, so that we don't miss out on any critical coverage that we should have?

2. One type of coverage that I think isn't always thought about for us Canadians is health and dental insurance, particularly since we're used to having most of our medical expenses covered by the government. Can you take us through some common misconceptions about health and dental insurance, as well as who it would be most useful for?

3. When I think of cases where I need insurance, it's typically for very sudden and time sensitive events like a car crash, or dental procedure that I need done as soon as possible. But what about having insurance for things that are less sudden like therapy and mental health, or things like braces or corrective eye procedures like LASIK surgery? How does having private insurance work in those cases?

4. When it comes to this type of insurance, how do we determine if it's more financially sensible to pay-out-of-pocket for these healthcare costs vs purchasing a Health & Dental Insurance plan?

5. Before we continue with more educational questions, I wanted to give you a chance to speak about PolicyMe, what you do, and I realise that you also specialise in health and dental insurance so perhaps you could speak about that?

6. What are the key components to look for when evaluating this type of insurance?

7. When it comes to health and dental insurance plans, is this something that also covers you when travelling? Or would that be separate?

8. Of all the things covered under a Health & Dental plan, what areas of coverage do most Canadians prioritise or care about? and what are some areas of coverage that you think are underutilised (or that Canadians can stand to benefit from more)?

9. What are some of the most common questions that Canadians ask when it comes to health and dental insurance?

10. Can you tell us more about PolicyMe, how you differentiate yourselves, and what you offer?

Today I'm excited to have Justin on the show who actually retired at the age of 33!

This is a huge 2 part interview where we talk about everything from how he was able to retire at 33, to what he invests in, and we even cover other subjects like how to save money on vacations and how he manages his money so that he never has to work again.

Lastly, Justin gives us some great tips that you can start applying today to retire early.

• 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
• Justin has a great blog at RootofGood.com where he talks more about how he was able to retire early, and gives more details on the strategies he uses.

Questions Covered:

1. Tell us your story and how were you able to retire at 33?
2. How much do you need to make per year to retire?
3. What did you do during the 2008 crash? How did that affect you?
4. You bought a lot of equities during and after the crash, how did you know that it was the right time to buy?
5. What was your asset allocation like before retirement and after retirement?
6. How are you withdrawing your money during retirement so that you don't run out?
7. If you could go back to when you made your first investment, what advice would you give yourself?
8. Are you an index investor, a dividend investor, or do you use another strategy?
9. What would you do differently knowing what you know now?
10. You earned 11 scholarships when you were in school, do you have any tips for students looking to get scholarships?
11. On your blog you also talk about cost saving vacation strategies. Can you give us some tips on that?
12. Is there any other wisdom that you can share so we can all retire earlier?

Today I'm excited to have financial planning expert Carl Richards on the show. Carl has been in the financial planning industry for over 20 years, has a column in the New York Times, the Morningstar Advisor, and he's even been featured on Forbes.com and Oprah.com.

I thought it would be nice to pick his brain a little bit and pick-up some of that knowledge that he's gathered over the years. In the interview, Carl shares much of his 20 years of experience, and takes us through the  financial planning process that he does with his private clients.

• 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

• Carl has a new book called "The One-Page Financial Plan: A Simple Way to Be Smart About Your Money" and you can pick it up from Amazon Here.

Welcome to part 2 of the interview with Matt Inglot (owner of Freelance Transformation and Tilted Pixel).

If you missed part 1, it is the episode prior to this one. 

In this session, Matt covers some critical tips on how to succeed if you want to earn money-on-the-side with Freelancing. Specifically, we discuss:

• How to differentiate your freelancing business from the competition
• How to compete with cheap labour overseas offering similar work for less (think China, India, etc.)
• The 1 HUGE mistake that can cut your income in half
• How much to charge for your services
• How to use the power of "being local" to your advantage
• How to add value through responsiveness
• The advantages and disadvantages of freelancing versus "passive income" businesses
• How to find buyers for your service
• The power of networking and referrals
• The common freelancing mistakes to avoid

• FreelanceTransformation.com – Matt's company teaching the best practices in freelancing.

• Tilted Pixel (www.tiltedpixel.com) – Matt's professional web development company.

• 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

I'm really excited today as we have a very special Canadian entrepreneur on the show who is an expert on earning money-on-the-side with freelancing.

In this interview Matt will tell us:

• How he was able to pay for his university by freelancing on the side and how he turned his company into a high end web development company
• The top mistakes to avoid when freelancing
• How to structure your freelance business so that you can work anywhere in the world, setting your own hours
• What to do if you don't think you have any skills that you can freelance
• The number one mistake freelancers make when getting started
• The best steps to take when you're just starting out
• And much more.

• FreelanceTransformation.com – Matt's company teaching the best practices in freelancing.

• Tilted Pixel (www.tiltedpixel.com)– Matt's professional web development company.

• 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

This is the comprehensive guide to all the ongoing costs you need to know about before purchasing a home. This guide will help you prepare for and budget for all these ongoing expenses.

In the guide, I also give you some actual cost figures so that you at least have a ballpark figure on what the different items can cost.

• 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
• As mentioned in the episode, there is a fantastic guide written by Romana King from MoneySense that breaks down all the maintenance expenses that you're likely to incur in your home. You can view the full article here: Ultimate Home Maintenance Guide. This should give you a great idea of all the different items that you should maintain, which ones to maintain yourself, and which ones to save up for (such as a roof replacement, furnace replacement, etc.).

This is a comprehensive guide to all the costs you need to know about before purchasing a home. This guide will help ensure you don't get caught off guard by surprise expenses, or get tricked into paying any unnecessary extra fees.

• 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

• As mentioned in the episode, having a downpayment of less than 20% will require you to obtain mortgage insurance through the CMHC (the Canada Mortgage and Housing Corporation). The amount will vary depending on how small your downpayment is. You can get the current rates directly from the source here: CMHC Mortgage Insurance

  When getting your mortgage ready, you can also get the exact amounts that you'll need to pay by speaking with your potential mortgage provider or mortgage broker. Since publishing this episode, we now have a resident mortgage expert on the show. If you have mortgage questions, you can get them answered for free at www.buildwealthcanada.ca/sean

In this session, you'll learn everything you need to know before deciding to rent or buy a home. Nothing is left out as we dive into the financial and lifestyle factors that you need consider before making the big decision.

• 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.
• UPDATE: We now have a resident mortgage expert that can help you with your mortgage questions for free. You can book a free call at www.buildwealthcanada.ca/sean
• Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest

This is the audio version of an article that got published on us on how my wife and I became mortgage free just after I turned 29. In it, I share some practical tips that have helped my wife and I achieve debt freedom at such a young age and they're tips that you can start applying right away in your life too.

As this podcast and blog continues, I'm going to share more and more tips and guides to how we did it as well as some best practices from other experts but in the meantime, think of this as the first few steps that you can start applying immediately.

• 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

Welcome to the very first episode of the Build Wealth Canada Podcast!

This episode is all about what you'll get out of this podcast series and what you can expect in future episodes.

More specifically, the podcast series will focus on:

1. How to become debt free in the quickest time possible (and how I did it becoming mortgage free at 29).
2. How to master money management without spending hours entering receipts, cutting coupons, while still taking vacations, going out and enjoying life.
3. How to invest so you can retire early (or have the freedom to do what you want, when you want).
4. How to use your favorite hobby to make money on-the-side for guilt-free spending (restaurants, vacations, etc.), to pay-off debt, or save for an early retirement.

• 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

This interview will be a bit different as I was recently interviewed by Financial Journalist, Ellen Roseman from Canadian MoneySaver Magazine where she asked me some great questions, and so I thought it would be great to also publish that interview, here on the Build Wealth Canada Show.

In the interview, we cover what lessons for Canadians I have learned after doing close to two hundred interviews with financial experts, over the past 10 years.

My wife and I have also been either fully or semi-retired for the past 8 years, and so Ellen asked me if I have any advice for those who are also planning to retire in their 30s like us, or just retire early in general, and she asks what kind of financial changes or challenges were we surprised by that you should know about to help you with your own journey towards financial independence and early retirement.

Ellen has also been teaching investing at the University of Toronto for the past 20 years, so in the interview, she also shares some of her lessons learned over that time.

Enjoy the episode, and if you'd like to hear more interviews done by Ellen, you can check them out on the Canadian MoneySaver Podcast which you can find in your favourite podcast player.

Thanks for tuning in, and you can get all the show notes and free resources over at BuildWealthCanada.ca.

In this episode, I interview two professional financial planners to discover what are the most common questions that they receive when working with Canadians.

Our two guests are also going to cover what the most important and frequently occurring blind spots are that we Canadians tend to make in our own finances.

We also cover how to know if you are on-track to reach financial independence and retire early, or if you have enough to retire comfortably.

We cover all this and more, as we tackle the top questions that Canadians have, here in Canada.

Our guests today are Hannah McVean and Thuy Lam from Objective Financial Partners. They are both fee-for-service financial planners, are both Certified Financial Planners (CFP), and they and their firm don't sell any investments and instead focus on providing unbiased, conflict-free financial planning advice.

Hannah was actually a guest on our January episode with Jason Heath and that was our most popular episode this year. So, it's great to have her back, along with Thuy to get multiple perspectives on these most popular questions that Canadians have.

You can book a free introductory meeting with Hannah, Thuy and their team at buildwealthcanada.ca/plan. As a Build Wealth Canada listener, you'll get 10% off if you end up working with them. The discount is for a limited time, and you can sign up for free here. A big thanks to Hannah and Thuy for offering this to Build Wealth Canada listeners.

When we first hit our financial independence number 8 years ago, one of the financial planners that I asked to look at our numbers before my wife and I quit our full-time jobs was Ed Rempel. At the time, I asked Ed if he could do his own math and analysis on our numbers, to make sure that I didn't miscalculate something when I was doing it myself, and this way I could be certain that my wife and I could quit our jobs and live off our portfolio going forward.

Well, fast forward to today, it's been around 8 years since we quit our full-time jobs, and so I thought it would be helpful to have Ed back on the show and to once again use us as a case study on how one can live off their portfolio in a sustainable, stress free, and tax efficient way, here in Canada.

On this episode, you're going to learn what strategies and frameworks tend to work when it comes to living off your portfolio here in Canada.

You'll learn about a big mistake that I made which was actually causing me money anxiety even though our investment portfolio was going up in value. Ed helped me get through that, and it's a mistake that is actually totally avoidable, and a skill that you can start building and mastering today.

And, when it comes to a strategy for paying the least amount of tax in Canada, Ed takes us through two main strategies that you can choose depending on your situation so that you pay the least amount of tax throughout your lifetime.

We cover all this and much more in the interview.

Links, show notes and free resources are all available at BuildWealthCanada.ca.

Having your investments pay you large dividends or yield sounds great. It's truly passive income where money just shows up in your account without you having to do anything, and without you having to sell off any of your investments even when markets are down.

But what if you get too focused on maximizing dividends or yield in your portfolio? After all, there is no free lunch when it comes to investing. There are always tradeoffs, and it turns out that there are some pretty significant disadvantages for investors that just try to maximize their yield or dividends at all costs, and it can result in you actually getting a substantially lower "total return" over time, on your investments.

To help us learn what pitfalls to look out for when deciding on our investments, particularly when it comes to some of these very high yielding ETFs that you may be seeing recommended online, we have Chris Heakes.

Chris has over 14 years of experience in the investment industry. He's a CFA, has a Master of Finance from the University of Toronto, and is a Director and Portfolio Manager at BMO Global Asset Management.

Chris is going to take us through what we should look out for so that we don't fall for the yield trap.

We'll also cover hidden fees that you may be unknowingly paying on some ETF, along with some arguably deceptive advertising to look out for that you may have seen here in Canada when it comes to your investments.

Lots to learn in this interview with Chris, so let's jump right in.

You can see all the show notes, resources and links for this episode over at BuildWealthCanada.ca

A big thanks to RBC for sponsoring this episode.

We talk a lot about growing our net worth as Canadians, but what about actually protecting our assets from threats like fraud?

So, I thought we'd get some security experts on the show to teach us some best practices when it comes to protecting ourselves and our family, especially when it comes to our finances, here in Canada.

They are part of the security teams at the largest bank in Canada. They have entire teams devoted to security and invest a lot of time and money to ensure that they and their clients are following the best practices.

Today, you and I are going to learn what we can do as regular Canadians, to best protect ourselves.

Our first guest is Kevin Purkiss who is the Vice President of Fraud Management at RBC. He leads the team responsible for managing RBC's fraud capabilities, and helps protect the many thousands of Canadians that they serve.

Next, we have Kevin's colleague, Vice-President, Shekher Puri, who's going to take us through some additional best practices that you and I should be using, to enhance our security, especially when it comes to our finances.

And now let's jump in to learn what you and I should be doing to better protect ourselves.

RBC Disclaimer:
This content in this podcast is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.