In this discussion, Rob Carrick, a renowned personal finance expert from The Globe and Mail, shares insights from over three decades of experience. He highlights the growing financial support from parents to adult children and the impact of social media on spending habits. The conversation touches on the challenges of rising costs for families and seniors, the need for mindful retirement planning, and the benefits of First Home Savings Accounts. Carrick's perspective adds depth to the evolving landscape of Canadian personal finance.
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Increased Parenting Costs
Rob Carrick observes that parenting costs have drastically increased.
Specialized camps, continent-wide sports tournaments, and tutoring contribute to the expenses.
question_answer ANECDOTE
Car Spending Confusion
Both Dave Chilton and Rob Carrick express confusion over high car spending.
Despite being a self-proclaimed "car guy", Dave is puzzled by the prevalence of expensive German cars.
insights INSIGHT
Car Loans Hinder Savings
High car payments hinder saving, especially with a mortgage.
Young people prioritize expensive trucks, impacting financial stability.
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In 'The Wealthy Barber', David Chilton provides straightforward and accessible advice on managing personal finances. The book uses a fictional story to illustrate key financial concepts, making it easy for readers to understand and apply the principles to their own lives. It covers topics such as budgeting, investing, and long-term financial planning.
The Wealthy Barber
David Chilton
In 'The Wealthy Barber', David Chilton provides straightforward and accessible advice on managing personal finances. The book uses a fictional story to illustrate key financial concepts, making it easy for readers to understand and apply the principles to their own lives. It covers topics such as budgeting, investing, and long-term financial planning.
Our guest this episode is Rob Carrick—one of the most well-known personal-finance experts in the country through his 30+ years as a financial writer and columnist for The Globe and Mail.
In this episode Dave and Rob discuss how personal finance in Canada has changed over the last 35 years including how more parents are helping their adult-age children financially, how social media is increasing the pressure to spend, why FHSAs are the ultimate no-brainer and much, much more.
You'll enjoy this discussion with Rob Carrick.
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The Wealthy Barber Podcast is Canada’s go-to source for approachable, entertaining, and free financial education. Hosted by none other than David Chilton—former Dragon on CBC’s ”Dragons’ Den” and the best-selling author of ”The Wealthy Barber” and ”The Wealthy Barber Returns”—this podcast is here to help Canadians manage their money better. Much better.
Find all episodes and more Canadian personal finance content at https://thewealthybarber.com.
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Show Notes:
(00:00:00) – Introduction
(00:03:30) – It's More Expensive to Have Kids Today
(00:06:01) – Pressure to Spend
(00:07:24) – Crazy What People Spend on Cars
(00:09:24) – Spending & Lines of Credit
(00:12:27) – What Dave is Seeing From People's Spending Summaries
(00:13:47) – It’s Financially Difficult to be Single
(00:15:12) – Costs Are Rising for Seniors
(00:19:06) – More Parents Are Helping Their Kids Financially
(00:22:09) – People Need Help with Retirement Planning
(00:27:05) – Fee-Only Financial Planning
(00:31:19) – Divorce Rates Going Down
(00:32:18) – People Are Having Fewer Kids
(00:33:13) – Boomers Had It Easier
(00:36:18) – Pensions Are Making a Comeback
(00:38:18) – Counting on Inheritances
(00:39:05) – Some Young People Are Giving Up
(00:40:16) – Anyone Can Manage Their Money Well
(00:41:24) – Is Personal Finance Harder Today?
(00:42:17) – Pets Are More Expensive Than You Expect
(00:44:30) – You Have to Make Spending Tradeoffs
(00:46:16) – You Feel Better When You’re On Top of Your Finances
(00:48:44) – Debit vs. Credit Cards
(00:50:54) – Should Couples Manage Their Money Together?
(00:54:01) – FHSAs
(00:55:08) – TFSAs
(00:58:11) – The Problem with the Bank-Branch System in Canada
(01:00:23) – FHSAs Are a No-Brainer
(01:03:39) – Why Hasn’t Canada Embraced Passive Investing Like the US?
(01:05:38) – The Wrong Way to Use ETFs
(01:08:26) – Men vs. Women Investing
(01:12:19) – Why Don’t Canadians Use Mortgage Brokers?
(01:14:08) – RRSPs are Still Great
(01:16:48) – Conclusion
The Wealthy Barber Podcast 