The Canadian Money Roadmap

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. Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 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!Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 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 completedWant a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 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 optimizationWant a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 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 Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

It is so easy to spend countless hours learning about something without taking any action on it and financial topics are no exception.  But the best way to learn something is to put down the books, podcasts and social media and just try it for yourself.  So in this episode, I provide ideas for things that you can do TODAY to improve your financial situation.  Not earth shattering, ground breaking things with lots of complexity but simple, approachable and practical steps you can take now and expand on in the future.If you're a complete beginner or further along in your investing journey there's something for you here.Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

I receive lots of emails from listeners asking questions but I rarely receive emails from 17 year olds trying to get a jump on their investing knowledge before turning 18! This episode goes over some of the amazing questions I received from a person completely new to investing and I hope it is valuable to anyone else getting started on their investing journey. Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

In this episode I lay out a simple 3 account strategy for managing your cash.  It doesn't get much simpler than this! This approach will make sure you have cash set aside for monthly expenses, future expenses and emergencies.Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

Ever wondered how the cryptic language of finance can be decoded, specifically for Canadians? Looking to navigate the maze of tax-related terms and financial jargon? This episode will aid you in your quest.   It's time to make finance less intimidating and more accessible. Join us as we break down the financial language barrier.Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

I received a few questions after my last TFSA episode so I thought I would answer them for you here:1. How do you invest in stocks in a TFSA?2. What are the factors to consider between TFSA and RRSP for high income earners?3. What happens to your TFSA after you die?4. Can you get your TFSA contribution room back if you make a withdrawal?Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet