The Canadian Money Roadmap

November is Financial Literacy Month in Canada and this week's episode is dedicated to that! We talk about the importance and benefits of financial literacy and then walk you through a quiz to see where you'd land on the literacy scale.If you need some help with getting rid of some of your financial "I Don't Know's", get started with my Financial Foundations Course at the links below:Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

November is Financial Literacy Month in Canada so this episode is a whirlwind tour through the big topics you need to know to master your money:1. Cash flow2. Budgeting3. Taxes4. Debt Management5. Insurance6. Investing7. Retirement Planning8. Estate PlanningRetirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

In this episode, I walk through a real case study from clients of mine where I’m helping them prepare to make a $187,000 TFSA contribution.I use this real life example to explain some of the key TFSA concepts:- Contribution room- What happens when a spouse dies?- Making a withdrawal- Over-contribution penalties- Re-contribution of withdrawalsWhile this situation is unique to the client, the steps taken along the way might be relevant for you and someone you know.Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

In this week's conversation with Jason Yee, we discuss all things related to the Canada Pension Plan (CPP).  Jason helps unravel the diverse types of CPP benefits, eligibility rules, and how to leverage CPP's unique features optimally. To make the concepts easier to understand, Jason created an animated video that explains the process of obtaining the maximum retirement pension from CPP. You can watch Jason's CPP Explainer Video HereLater in our discussion we talk about your decision on when to take CPP being a strategic choice. We take you through this crucial choice and the trade-off it brings between receiving it earlier for a smaller amount or waiting for a larger payout. Delving into CPP's two types of inflation adjustments, we explore how the pension maintains its purchasing power. We also briefly talk about recent changes with the Additional CPP and their potential benefits. Planning for retirement can often seem like venturing into the unknown. With Jason, we address this uncertainty by highlighting the importance of accurate CPP benefit estimation for effective retirement planning. Together, we navigate the four essential questions to ponder when considering your future spending. Additionally, we shine the spotlight on CPP sharing,  post-retirement benefits, and death benefits. Join us in this insightful journey as we demystify CPP and equip you with the knowledge to make the best decisions for your retirement future.Contact Jason at Finepoint SolutionsRetirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

This week, I jumped onto Reddit to find a few topics that are top of mind for many Canadians. Here are the headlines for the posts I discuss on the episode:1. So lost. Lost my high salary job. What do I do now??2. One bad financial decision. The stress is constant now. Not sure what to do3. Am I doing something wrong, or is this roboadviser not that good?4. With the enhanced CPP, you may not need to save much for retirementAs always, I will use these situations to give you ideas for how to prevent problems in your own financial life and provide some context for how to better understand the financial world around you.Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

Are you on the path of creating generational wealth, or perhaps in the throes of navigating a family business transition? If so, this episode holds keys to unlock some of your biggest challenges. I had the pleasure of hosting CFP® Professional and Wealth Advisor, Steve Willems, who expertly guides us through the journey of managing and transitioning generational wealth. Our conversation extends from the use of the three-circle model, designed to surmount communication challenges, to the intriguing case of 'missing billionaires'. Ever thought of how your children would handle the wealth they inherit? We dive into this fascinating topic, introducing the concept of 'starter funds' to initiate your children's journey into financial awareness without inducing apathy. Steve and I show the ways a proactive approach towards a life starter fund can make a world of difference for your child's perspective on wealth. Finally, we believe it's not just about passing on the wealth, but the values that accompany it. Our discussions take a deeper look at the importance of instilling financial and personal values in the younger generation, preparing them to handle wealth without feeling burdened. We stress the significance of having intentional, contextual discussions about money, hard work, and planning for the future. This episode is a goldmine of wisdom for anyone interested in generational wealth, family business transitions, and imparting children with financial values and communication skills. Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

How do perceptions, priorities, and goals shape retirement outlook for pre-retirees and retirees? And how does a written financial plan play into the picture? I am thrilled to dive into these intriguing questions with our special guest, Michelle Munro, Director of Tax and Retirement Research at Fidelity Investments. Michelle brings to our discussion fascinating insights from Fidelity's Retirement Report, shedding light on the significance of having a sound financial plan and how it is strongly associated with a positive retirement perspective. We also touch upon the range of activities that retirees look forward to, with travel taking the top spot.Canada's growing trend of immigration has undeniably influenced retirement savings and plans. We navigate through this complex landscape, examining how immigration and culture impact the savings goals of both Canadians  who were born here and Canadians who were born elsewhere. Interestingly, Canadians born in other countries show higher savings targets across the board, with an emphasis on multi-generational plans for their children and elderly parents. We also dissect the role of external factors like macroeconomic events on retirement goals and attitudes, alongside the differences for those with defined benefit plans, those employed, or self-employed.Have you ever wondered why working in retirement is a popular choice? We delve into this phenomenon, revealing that it's not just about the money. Staying active and  mentally engaged are key motivating factors. Stressing the importance of thorough financial planning, we discuss how many retirees are working to thrive rather than to survive. To wrap up, we discuss potential changes that could affect retirement, such as RIF minimums, and how the Fidelity Retirement Report can provide invaluable insight into retirement goals of Canadians. Join us for an episode packed with valuable insights and advice!Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

Get ready for an enlightening journey into the world of behavioral finance with our special guest, Dr. Daniel Crosby. Not only is he a psychologist, but he's also a recognized expert in behavioral finance and the author of the incredible book, "The Laws of Wealth". Through his insightful lens, we'll discuss the complexity of human behaviour when it comes to money, our misconceptions about wealth and happiness, and how we can build a rules based portfolio that lets our own laziness work in our favour.Lots of fun topics in this episode and a true pleasure to hear from Dr. Crosby who makes these topics easy to understand and applicable to every day life.**Note: The draw for a copy of The Laws of Wealth has been completedRetirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

In this episode, I review a few of the core ideas I share on this podcast about money.  Many of you are new listeners so I want to give you an overview of some themes that you'll continue to hear from me going forward.  I also realized that there are many more things I could have included here but I'll go over the following items this week:1. Simple > Complicated2. Systems are better than you at picking investments3. "Always on" diversification4. You control the factors that have the greatest effect on outcomes5. Financial planning is more important than portfolio optimizationRetirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

Is 'free money' too good to be true? Allow us to clarify the often misunderstood world of dividend investing with my guest, Mark McGrath, a financial planner and investment advisor at PWL Capital. We're here to debunk the myth that dividends are 'free money' and to provide an understanding of their distribution and impact on a company's share price.Mark clarifies the specifics of how dividends work but adds points of caution, advising against the trap of focusing on dividends and dividend yields alone, particularly when preparing for retirement. His expert perspective brings light to the often-quoted concept of yield on cost and the risks it poses through over-concentration.Finally, we delve into the all-important topic of diversification and the inherent risks of investing in dividend stocks. With Mark's guidance, we explore the concept of sequence of returns risk and its potential implications during turbulent market periods. So join us as we navigate the world of dividend investing in this episode filled with practical advice and insights.Follow Mark on Twitter/X Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet