Our guest this episode is Shannon Lee Simmons — Certified Financial Planner®, Chartered Investment Manager®, bestselling author, media personality and founder of the New School of Finance™. Shannon is widely recognized as a trailblazer in Canada’s fee-only financial planning movement and her latest book is “Making Bank,” a financial guide for teens.
In this conversation, Dave and Shannon explore what real-world financial planning looks like for everyday Canadians. They dive into fee-only and modular financial planning, budgeting in real life, turning advice into action and how rising housing prices, down payments and “financial dysmorphia” are reshaping how Canadians think about money.
Whether you’re just getting started with your finances or feeling squeezed by today’s economic realities, this episode is full of perspective, practical advice and much-needed hope.
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Shannon Lee Simmons
(02:22) Leaving Bay Street to Serve Everyday Canadians
(04:10) The Barter Babes Project
(08:01) Writing “Making Bank” for Teenagers
(11:59) What is Fee-Only Financial Planning?
(14:06) Modular Financial Planning for Real Life
(15:30) The Importance of Knowing How Much Money is Coming In and Going Out
(18:49) Who Typically Seeks Fee-Only Financial Planning?
(20:19) Turning Financial Advice Into Action
(22:26) Why Fee-Only Financial Planners Are Starting to Specialize
(25:58) Software vs. Spreadsheets
(26:55) Scaling a Fee-Only Practice
(28:43) Housing Prices are Squeezing Canada’s Middle Class
(32:15) More People Are Risking Their Own Retirement to Help Their Adult Children Financially
(34:33) Down Payments Squeeze All Other Savings
(36:20) Financial Dysmorphia and “Normal” Spending
(38:50) Hope is Your Biggest Asset
(41:23) Real Estate Prices and Divorce
(43:03) Some Young People Are Still Doing Well Financially
(44:19) Retirement Planning is a Different Beast
(49:43) Reasons for Optimism and Hope
