Episode 357 – AMA #6
The Rational Reminder Podcast
Understanding Financial Constraints and Planning
This chapter explores the limitations faced by private banks in creating bad debt and the repercussions it has on their financial health. It emphasizes the importance of personal financial planning, particularly for young investors, who often make common mistakes such as underinvesting and taking undue risks. The conversation also highlights the evolution of investment advisory services, focusing on the need for personalized planning, the challenges of service delivery, and practical tips for managing finances effectively.
Cameron joins Ben for his first AMA as we bring you the sixth edition of our Listener Questions and Investing Lessons mini-series. Diving right in, Ben and Cameron share their stance on the multi-host format of the Rational Reminder podcast before walking us through the new PWL Retirement Planning Tool. Then, we unpack our venture with OneDigital, recent changes at PWL Capital, how we make each episode of this show, and how we allocate our time across podcast and business responsibilities. We also examine our protocol regarding guests, why Cameron and Ben would never gamble with their own money, how the human condition prevents the full comprehension of investing as a principle, and smart money moves to make under current market conditions. To end, we discuss the effects of a capital gains tax increase, common mistakes to avoid in managing personal finances, programs and technologies for financial advisors, and the After Show, which ends with an important discussion on testicular cancer.
Key Points From This Episode:
(0:00:00) How Ben and Cameron feel about the multi-host format of this podcast.
(0:01:12) The new PWL Retirement Planning Tool, developed by Braden Warwick.
(0:03:13) Joining OneDigital and other PWL changes from the past four months.
(0:09:05) Behind the scenes: Making a Rational Reminder podcast episode.
(0:12:38) Allocating time for research, preparation, creating content, and business.
(0:17:27) How guests inform our approach to research and preparation.
(0:19:29) The reasons why we’re not risk-averse but have no appetite for gambling.
(0:24:26) Why investing has been largely solved, except for the human aspect.
(0:30:13) The most “rational” investing practices under current market conditions.
(0:34:25) How to approach a capital gains tax increase, and why banks do what they do.
(0:38:03) The most costly mistakes when it comes to managing personal finances.
(0:40:12) Why we don't offer advice-only planning for DIY investors.
(0:44:07) Financial app tips and tricks and programs and technologies to be aware of.
(0:48:23) The After Show: Alternate personalities, noise filtering, and testicular cancer.
Links From Today’s Episode:
Meet with PWL Capital — https://calendly.com/d/3vm-t2j-h3p
Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/
Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/
Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder
Rational Reminder on YouTube — https://www.youtube.com/channel/
Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/
Benjamin on X — https://x.com/benjaminwfelix
Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/
Cameron Passmore — https://pwlcapital.com/our-team/
Cameron on X — https://x.com/CameronPassmore
Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/
Braden Warwick on LinkedIn — https://www.linkedin.com/in/braden-warwick-a40b48a3
PWL Capital Retirement Planning Tool — https://research-tools.pwlcapital.com/research/retirement
OneDigital — https://www.onedigital.com/
Episode 341: PWL's Next Chapter — https://rationalreminder.ca/podcast/341
Episode 355: Do Index Funds Incur Adverse Selection Costs? — https://rationalreminder.ca/podcast/355
Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200
Episode 100: Prof. Kenneth French: Expect the Unexpected — https://rationalreminder.ca/podcast/100
Episode 93: Cliff Asness from AQR: The Impact of Stories, Behaviour and Risk — https://rationalreminder.ca/podcast/93
Episode 270: What Happened to All the Billionaires? with Victor Haghani and James White — https://rationalreminder.ca/podcast/270
Episode 11: Robb Engen: Simple vs. Complex — https://rationalreminder.ca/podcast/11
Episode 203: S*** (Misguided) Financial Advisors Say — https://rationalreminder.ca/podcast/203
The Money Scope Podcast — https://moneyscope.ca/
Financial Advisor Success Ep 433: When You 10X Your Advisory Firm to over $20M of Revenue…And Want to 10X Again, with Cameron Passmore — https://www.kitces.com/blog/cameron-passmore-pwl-capital-10x-revenue-growth-advisory-firm/
The Podcast Consultant — https://thepodcastconsultant.com/
The Long View — https://www.morningstar.com/podcasts/the-long-view
Eli Beracha on LinkedIn — https://www.linkedin.com/in/eli-beracha-b8082250/
CIBC Mutual Funds — https://www.cibc.com/en/personal-banking/investments/mutual-funds.html
Microsoft Excel — https://www.microsoft.com/microsoft-365/excel
Python — https://www.python.org/
Monte Carlo — https://www.montecarlodata.com/
ChatGPT — https://chatgpt.com/
Papers From Today’s Episode:
‘The Arithmetic of Active Management’ — https://www.jstor.org/stable/4479386
‘Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case’ — https://www.jstor.org/stable/1926560
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