Build Wealth Canada Podcast

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). Links and Resources 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 Questions Covered: 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? In Canada it seems that investors fall into one of 5 main categories. They either: Buy mutual funds Buy indexes Buy individual stocks for growth Buy individual stocks for dividends 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? 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? 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? 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? How do we choose between a growth vs a balanced portfolio? How have these portfolios been performing compared to the index? 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) 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? Is your portfolio just for Canadian companies? If so, what sort of asset allocation do you suggest outside of Canada for diversification purposes? Would you recommend using the 5i portfolio completely for the Canadian portion of our portfolio, and then use ETFs for international exposure? 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)? Would this workflow/strategy change depending on how much someone has to invest every month? What if we have a lump sum to invest? 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? 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)? What are your thoughts on asset allocation between stocks and bonds? Do you recommend bonds? If not, what do you suggest? 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? 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?

Financial expert Alan Steinborn discusses achieving debt freedom, emphasizing the psychological barriers keeping people in debt. He shares his methodology and the importance of community support. The discussion covers strategies for building an emergency fund, prioritizing experiences over possessions, and the role of supportive communities in achieving financial independence.

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: Where you should be investing your money? Where to keep your money safe if for example, you're saving for a downpayment on a house? What should your priorities be when it comes to debt? What asset allocation should you go with? (ex. stocks vs bonds mix) Links & Resources Covered: 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: Make the right decisions so that you can have a successful career after graduating Make your dollars stretch further while you are in school Set yourself up for financial success both during school, and when you graduate 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. 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: Make the right decisions so that you can have a successful career after graduating Make your dollars stretch further while you are in school Set yourself up for financial success both during school, and when you graduate 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. 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. 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. Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest Tom's site: MapleMoney (formerly Canadian Finance Blog) Questions Covered: What are some best practices when it comes to credit card use? 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? 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? 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). Your thoughts on saving for an emergency fund vs paying off credit card debt. What are the advantages and disadvantages of having credit cards? Should we be concerned about credit limit utilization? (ex. keeping credit limit utilization under 30%) 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. 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. 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 Questions Covered 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?

Join Julie Cazzin, Senior Editor at MoneySense Magazine and a financial planning expert, as she dives into the intricacies of early retirement strategies. Learn top tips for retirement readiness, including the significance of saving two years' worth of expenses and thoughtful asset allocation. Julie cautions against common mistakes both before and after retirement. She also discusses the benefits of annuities for securing steady income and the transition from saving to enjoying life in retirement. A must-listen for aspiring early retirees!

In this discussion, Julie Cazzin, a national award-winning finance journalist and Senior Editor at MoneySense, shares valuable insights on retiring early. She explains top strategies for budgeting and expense tracking, alongside the importance of diversifying income through investments. Julie also challenges the traditional view of retirement, suggesting it should be a time to explore passions and purpose. Listeners learn about common pitfalls to avoid in early retirement planning and the significance of consulting professionals to enhance financial decisions.

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. 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. Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest John's Blog: Blessed by the Potato Questions Covered Tell us your story and what prompted you to write your book. What are the most common mistakes you see beginner investors make when they're just starting out? What about those in their 40-50s that have been investing for a while? 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? What is an "asset allocation" and how would you change the asset allocation for someone fresh out of school vs someone nearing retirement? You thoughts on investing in stocks versus bonds and on creating an all stock portfolio. 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. How are you investing now? If you could go back to when you made your first investment, what advice would you give yourself. Over the years in your investment journey, what's worked for you, and what hasn't worked so well? Was there ever a point that you didn't feel confident about what you're investing in, and the investment choices you made? 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) Thoughts on dividend investing vs broad market index investing. What is the 4% rule and what are your thoughts on it? Do you prefer a variation of it?