Welcome to the Millennial Money Canada Podcast.
A podcast to elevate your financial literacy so that you can live well, build wealth, give generously, and leave a legacy that you are proud of.
We are your hosts, Guillaume Girard and Sam Lichtman, Financial Planners at Millen Wealth Advisors.
Millen Wealth Advisors offers portfolio management solutions through Portfolio Strategies Corporation, which is regulated by the Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund (CIPF). Millen Wealth Advisors offers insurance solutions through PPI Solutions.
Visit our website at https://www.mwadvisors.ca/ to learn more about how we can assist you.
Disclaimer: This is not intended as investment advice. All investment, insurance, and financial planning conversations are meant as general information only and should not be considered personal advice. Always seek professional advice.
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Ep.005: Tax Changes Everyone Needs to Know in Canada
Episode 5
Thursday, December 19, 2024 • Duration 01:02:08
Summary
In this episode of the Millennial Money Canada podcast, host Guillaume Girard and co-host Sam Lichtman engage with tax expert Mohammed Al-khooly to discuss tax planning strategies for 2025. They explore Mohammed's journey from working in large accounting firms to starting his own tax advisory firm, emphasizing the importance of proactive tax planning. The conversation covers various topics including income splitting, tax risk tolerance, the implications of shareholder loans, and the recent changes in capital gains tax. They also discuss the role of social media in client acquisition and the importance of understanding clients' emotional responses to financial decisions.
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📚Connect on Twitter: https://x.com/CanadaTaxGuy
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Tax planning, Canadian tax, financial literacy, income splitting, tax risk tolerance, shareholder loans, capital gains, CPP, financial planning, social media marketing
Ep.004: Financial Planners Debate: TFSA vs RRSP
Episode 4
Thursday, December 12, 2024 • Duration 56:59
Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman delve into the intricacies of Registered Retirement Savings Plans (RSPs) and Tax-Free Savings Accounts (TFSAs). They discuss the importance of understanding these financial tools, especially in the context of generational wealth planning. The conversation covers the tax implications of RSP contributions, how to maximize contributions, and the impact of pension adjustments on RSP limits. The hosts also address common misconceptions about RSP withdrawals and the overall benefits of these savings vehicles for retirement planning. In this conversation, Sam Lichtman and Guillaume Girard delve into the intricacies of RRSPs and TFSAs, discussing their tax implications, withdrawal strategies, and the benefits of spousal RRSPs. They explore the advantages and disadvantages of each account type, emphasizing the importance of strategic planning for retirement. The discussion also touches on common mistakes investors make with TFSAs and comparing investing in corporations versus registered accounts. Overall, the episode provides valuable insights into effective financial planning and investment strategies for Canadians.
Chapters
00:00 Introduction to RSP vs TFSA
02:42 Generational Wealth Planning
05:48 Understanding RSPs
08:07 Tax Implications of RSP Contributions
10:34 Maximizing RSP Contributions
13:12 Calculating RSP Contribution Limits
16:30 Pension Adjustments and RSPs
19:18 Withdrawing from RSPs and Taxation
29:15 Understanding RRSP Contributions and Tax Implications
32:57 Withdrawal Options from RRSP Before Retirement
35:19 Eligibility and Strategies for RRSP Withdrawals
38:11 Exploring Spousal RRSPs and Their Benefits
Ep.003: Navigating the Mortgage Landscape in Canada with Matthew Shantz
Episode 3
Thursday, December 5, 2024 • Duration 01:17:06
Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman welcome mortgage broker Matthew Shantz to discuss the current mortgage landscape in Canada. They explore various topics, including the importance of financial literacy, the impact of interest rates on the housing market, and strategies for self-employed individuals seeking mortgages. Matthew shares insights on reverse mortgages and the benefits of multi-generational living, emphasizing the need for proactive financial planning. The conversation highlights the importance of understanding mortgage insurance and preparing for upcoming mortgage renewals, providing listeners with valuable information to navigate their financial futures.
🎥 Content of this video
00:00 Introduction to Millennial Money Canada Podcast
03:26 Business Growth Strategies and Client Engagement
08:08 Podcasting Journey and Personal Development
08:50 Introduction and Meeting Sam
10:43 Building a Successful Team
13:51 Recent Changes in the Mortgage Space
19:07 Understanding Mortgage Regulations and Market Dynamics
24:17 Interest Rates and Their Impact
30:56 The Mortgage Renewal Cliff
36:25 Tactics of Major Players in the Mortgage Market
44:53 Navigating Renewal Options
47:21 Understanding Self-Employed Income
55:15 Exploring Reverse Mortgages
01:07:36 Innovative Housing Solutions for Retirement
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Ep.002: Millennial Housing Crisis - Is a home worth it?
Episode 2
Thursday, November 28, 2024 • Duration 52:29
Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman discuss the evolving landscape of financial planning and real estate investment from the perspective of millennials.
They share insights on their business journey with Millen Wealth Advisors, the challenges millennials face in the current real estate market, and the importance of financial literacy. The conversation highlights the disparity between income growth and rising real estate prices and the necessity for millennials to adapt their wealth-building strategies. In this conversation, Guillaume Girard and Sam Lichtman explore the complexities of homeownership versus renting, emphasizing both financial and non-financial aspects.
They discuss the true costs associated with owning a home, the value of real estate, and the potential for wealth building through different asset classes. The conversation also highlights various tools available for first-time homebuyers in Canada, ultimately encouraging listeners to consider their personal preferences and financial situations when making housing decisions.
Chapters
00:00 Introduction to Millennial Money Canada Podcast
01:00 Business Overview of Millen Wealth Advisors
10:14 The Evolution of Financial Planning
17:55 Transitioning to Real Estate Discussion
18:23 Traditional Views on Real Estate
20:43 Current Real Estate Market Analysis
24:55 Income Disparity and Real Estate Affordability
27:43 Personal Perspectives on Real Estate Investment
28:12 The Non-Financial Aspects of Homeownership
31:08 Understanding Real Estate Value: Land vs. Building
34:36 The True Costs of Homeownership
Ep.001: Creating a Millennial Finance Firm
Episode 1
Wednesday, November 20, 2024 • Duration 51:20
Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman introduce their mission to elevate financial literacy among millennials. They discuss the importance of authenticity in financial planning, the unique challenges faced by millennials, and the customized approach to financial planning that they advocate. The hosts also share their personal journeys into finance, highlighting the lessons learned along the way and the value of empowering listeners with actionable insights. In this conversation, Sam Lichtman shares his journey from struggling with financial literacy and credit card debt to becoming a financial advisor dedicated to helping others avoid similar pitfalls. He discusses the importance of financial education, the impact of social media in reaching millennials, and the significance of building authentic connections through content. The conversation also touches on personal fitness goals and the broader implications of improving financial literacy in society.
Chapters
00:00 Introduction to Millennial Money Canada Podcast
02:05 Mission and Purpose of the Podcast
05:57 Understanding Financial Planning
10:03 The Show Format and Expectations
14:56 Personal Journeys in Finance
27:32 Navigating Financial Literacy and Debt Stress
30:23 The Journey to Financial Advising
33:18 Harnessing the Power of Short-Form Content
39:31 Building Authentic Connections Through Content
43:34 The Broader Impact of Financial Literacy
44:46 Personal Fitness Goals and Growth
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Ep.017: A Supercharged RRSP for Business Owners (Individual Pension Plan)
Episode 17
Thursday, March 20, 2025 • Duration 01:01:06
Summary
In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with Tatenda Mawoyo about Individual Pension Plans (IPPs) and their benefits for incorporated business owners. They discuss the intricacies of setting up an IPP, who should consider one, the tax advantages, and the legal protections associated with these plans. Tatenda shares his journey from Zimbabwe to Canada and his experience at GBL, a firm specializing in actuarial services for business owners. The conversation also covers the importance of financial planning and collaboration with financial advisors to maximize retirement savings.
Topics Covered in this Episode:
00:00 Tatenda Mawoyo's Journey from Zimbabwe to Canada
05:10 Career Development and Transition at GBL
07:29 Understanding GBL's Mission and Services
10:18 Exploring Individual Pension Plans (IPP)
13:02 Who Should Consider an Individual Pension Plan?
15:51 The Mechanics of IPP Contributions
18:38 Tax and Legal Benefits of IPPs
21:11 Transitioning from RSP to IPP
23:48 Setting Up an Individual Pension Plan
30:32 Understanding Individual Pension Plans (IPPs) and Their Benefits
36:22 Contribution Mechanics and Strategies for IPPs
43:01 Investment Strategies for Maximizing IPP Contributions
49:51 Administrative Requirements and Considerations for IPPs
57:27 Options for IPP Assets at Retirement
58:49 Final Thoughts on Exploring IPPs for Business Owners
Ep.016: Navigating Marriage & Divorce as a Business Owner with Family Lawyer Chantal Cattermole
Episode 16
Thursday, March 13, 2025 • Duration 56:06
In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with family lawyer Chantal Cattermole about her journey into family law, the emotional and financial challenges clients face, and the importance of proactive planning for families and business owners. They discuss the role of prenups, generational perspectives on financial planning, and the divorce process, including the four buckets of divorce: division of property, spousal support, parenting time, and child support. Chantal emphasizes the need for open communication in relationships and the potential for graceful separations.
Topics Covered in this Episode:
00:00 Chantal's Journey to Family Law
05:26 Understanding Client Needs and Roles
08:10 Navigating Emotional and Financial Challenges
Ep.007: Passive vs Active - What’s the Best Investment Choice?
Episode 7
Thursday, January 9, 2025 • Duration 01:21:00
Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman discuss essential concepts for successful investing, the implications of recent political changes in Canada, and the importance of financial planning. They explore the challenges of predicting market movements, the benefits of index and factor investing, and the role of financial planners in helping clients achieve their financial goals. The conversation emphasizes the need for discipline in investing and the importance of understanding market dynamics to improve investment outcomes.
Chapters
00:00 Introduction to Financial Planning and Political Landscape
11:21 Understanding Market Success: Key Concepts for Investors
35:16 The Psychology of Total Market Investing
38:02 Asset Class Returns and Market Performance
40:33 The Limitations of Index Funds
44:39 Finding the Middle Ground: Active vs Passive Investing
48:01 Understanding Market Factors and Their Impact
50:40 The Role of Discipline in Investment Strategies
52:35 Exploring Investment Options: Index vs Factor vs Socially Responsible
56:22 The Importance of International Diversification
01:01:30 Navigating Hot Tips and Market Trends
01:03:14 The Importance of Discipline in Investing
01:04:51 Understanding Market Downturns
01:11:50 When to Invest: Timing the Market
01:16:57 The Role of Financial Planners
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Ep.006: Crush Your 2025 Goals (Your Blueprint for Success)
Episode 6
Friday, January 3, 2025 • Duration 01:08:16
Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman discuss practical goal setting for 2025, emphasizing the importance of a structured approach using the SMART model. They explore personal and professional goals, health and fitness aspirations, and the significance of accountability and celebrating milestones. The conversation highlights practical strategies for achieving financial and personal success, encouraging listeners to reflect on their goals and enjoy the journey towards achieving them.
An evidence-based model to accomplish your goals in 2025:
1. Set SMART Goals (Specific, Measurable, Achievable, Relevant, Time-bound)
2. Break Goals into Smaller Milestones
3. Create a System for Daily Progress
4. Measure Progress Regularly
5. Stay Accountable
6. Develop Resilience
7. Celebrate Wins
8. Reflect and Refine
Chapters
00:00 Introduction to Goal Setting for 2025
06:48 The Importance of Goal Setting
13:55 Implementing the SMART Model
20:09 Personal Health and Fitness Goals for 2025
30:01 Understanding the SMART Model in Depth
34:21 Strategies for Saving and Income Growth
36:13 The Importance of Realistic Goal Setting
38:02 Building Consistency and Discipline
38:54 Enjoying the Journey Towards Goals
40:26 Creating Systems for Daily Progress
42:39 Identifying with Your Goals and Values
43:56 Measuring Progress Regularly
47:41 The Role of Accountability in Achieving Goals
51:36 Developing Resilience in the Face of Challenges
55:55 Celebrating Wins and Reflecting on Progress
Ep.015: How to Find a Financial Advisor in Canada with Jason Watt
Episode 15
Thursday, March 6, 2025 • Duration 57:07
In this episode of the Millennial Money podcast, Sam Lichtman speaks with Jason Watt about the complexities of finding a financial advisor, the importance of trust, and the challenges faced by underrepresented demographics in accessing financial advice.
They discuss the advice gap in Canada, the role of social media in connecting clients with advisors, and the ethical considerations in financial planning. The conversation also covers the questions clients should ask potential advisors and the nuances of fiduciary standards in Canada.
Jason Watt and Sam Lichtman delve into the complexities of fiduciary obligations in financial planning, contrasting the suitability standard with fiduciary standards. They discuss the importance of client education, identifying red flags in financial advisory practices, and the value of personalized financial planning.
The conversation also touches on the evolving role of financial advisors in a landscape increasingly dominated by low-cost investment options, emphasizing the need for advisors to provide value beyond mere investment selection.
Takeaways
Trust is essential in the financial advisory relationship.
The advice gap exists for underrepresented demographics.
Clients should ask about an advisor's process and experience.
Cookie-cutter approaches to financial advice are problematic.
Fiduciary standards are not universally applied in Canada.
Behavioral coaching is a key value of financial advisors.
Avoiding big mistakes is a primary goal of financial planning.
The financial planning process should align with client values.
Advisors should be transparent about conflicts of interest.
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