The Wealthy Barber Podcast

Jamie Golombek, Managing Director of Tax & Estate Planning at CIBC, shares invaluable insights into navigating tax and estate planning in Canada. He emphasizes that aiming for a large tax refund might not be ideal and discusses the advantages of employer-matched savings. Jamie highlights the benefits of the First Home Savings Account (FHSA) and strategic charitable giving, including donating appreciated securities. He also underscores the importance of having a will and maintaining a net worth statement to avoid common estate planning pitfalls.

Aaron Hector, Founding Partner of TIER Wealth and President of the Institute of Advanced Financial Planners, shares his expertise in personal finance. He discusses clever methods to optimize RESP withdrawals and the benefits of gifting tax deductions to help kids buy homes. The conversation also covers essential topics like when to defer RRSP contributions, the necessity of a will for every Canadian, and the key differences between beneficiaries and successor holders. Packed with actionable advice, this discussion aims to enhance financial literacy and estate planning strategies.

Our guest this episode is Brian Scudamore—founder and CEO of O2E Brands, the parent company of 1-800-GOT-JUNK, the world’s largest junk removal business. Brian started the company at just 18 years old after dropping out of high school, and has since built it into a $700 million empire.  Along the way, he’s expanded into other home service brands like WOW 1 DAY PAINTING and Shack Shine, and today is also a Dragon on CBC’s “Dragons’ Den.” In this conversation, Brian joins Dave to share the story behind his entrepreneurial journey—from naming the company after a phone number to franchising it internationally to turning “ordinary” home services into premium, trusted brands. They dive into the lessons Brian learned while building the business, why he believes anyone can be an entrepreneur and how his grandfather’s advice on kindness continues to shape his leadership style.  Whether you’re a budding entrepreneur or just curious how a scrappy Canadian startup turned into a household name, this episode is packed with insights and inspiration.   Show Notes (00:00) Intro & Disclaimer (00:57) Intro to Brian Scuadmore (02:47) How Brian’s Grandparents Taught Him to Treat People Kindly (04:23) 1-800-GOT-JUNK Today (08:10) Brian’s New Brands (09:26) Business Differences in Canada vs. the U.S. (11:23) How Brian Started 1-800-GOT-JUNK (13:54) Naming the Business a Phone Number (15:32) Keys to Success in Home Services (19:23) Successes and Failures of Growing Internationally  (20:56) The Franchise Model (23:54) Premium Pricing in the Service Industry (26:55) Finding $400k in the Floorboards (28:13) Business Formation in Canada (30:31) Starting New Home Service Brands (37:54) Dragons’ Den (41:54) Anyone Can Be an Entrepreneur  (42:45) The Future of Brian’s Businesses (44:39) The Impact of Dragons’ Den (47:52) Conclusion

Ben Rabidoux, the founder of Edge Realty Analytics, dives deep into Canada’s real estate landscape. He discusses the impending condo market crash and the factors driving the hyper-cyclical nature of this sector. Ben addresses rental market vacancy rates and the influence of HELOCs amid rising interest rates. He also scrutinizes Canada’s leniency towards white-collar crime through the lens of his experience catching a major fraud. With insights on immigration and affordability, this conversation is essential for anyone concerned about Canada’s housing future.

In this conversation, financial expert Adam Bornn, Founder of Parallel Wealth, shares his deep insights on Canadian retirement planning. He introduces the "Go-Go, Slow-Go, and No-Go" phases of retirement, emphasizing the necessity of having a financial plan. Listeners learn about RRSP meltdowns, tax strategies, and whether it's really essential to have a million dollars saved. Adam also discusses the benefits of delaying CPP, reverse mortgages, and the overlooked importance of generational wealth.

Amanda Lang, a seasoned Canadian business journalist and host of Taking Stock, shares her insights on Canada's economy. She highlights pressing issues like productivity struggles and the housing crisis, alongside a discussion on the potential changes to capital gains tax. Lang also delves into the transformative impact of artificial intelligence on recent job markets and entrepreneurship, articulating the risks and opportunities it presents for future generations. Her perspectives provide a thought-provoking look at Canada’s economic landscape.

Bruce Sellery, CEO of Credit Canada and author of "Moolala," discusses the alarming debt crisis in Canada. He shares insights on how personal experiences, such as divorce and rising living costs, can dramatically impact financial health. Bruce emphasizes the importance of understanding credit scores and offers practical advice for managing debt. With a background in journalism, he explores the emotional connections to money, highlighting the need for empathetic financial education to empower individuals in reclaiming their financial lives.

Jim Chuong, known as "The Lazy Canadian Investor," shares his journey to investing stardom with over a million followers online. He dives into real estate and why leveraging can be effective, while discussing the pros and cons of U.S.-only investing versus global diversification. Jim presents a critique of cryptocurrency as speculative and emphasizes a simple, low-stress approach to finance. He also reflects on his motivation for creating content, aiming to educate and simplify investing for everyday Canadians.

Kelley Keehn, a best-selling author and personal finance expert, dives into the pressing issues surrounding debt and overspending. She discusses the psychological traps that lead to financial strain and offers practical strategies to break free from debt. The conversation highlights the subtle pressures to spend and the importance of mindful purchasing. Kelley also sheds light on the rising threat of financial fraud, urging listeners to stay vigilant and informed. Her insights empower Canadians to foster healthier relationships with money.

Our guest this episode is the legendary Canadian comedian Gerry Dee! You know him as the creator and star of “Mr. D” and the host of “Family Feud Canada”—but did you know “The Wealthy Barber” is one of the five books he’s ever read? In this 15ish minute episode, Gerry sits down with Dave to talk about the lessons he learned during his early career as a teacher, his leap into stand-up comedy, his big break with “Mr. D” and how all of those experiences shaped how he thinks about money. Tune in for laughs, insights and a fun dose of nostalgia!    Show Notes (00:00) Intro & Disclaimer (00:55) Intro to Gerry Dee (02:14) Gerry’s Early Life (04:20) Gerry’s Career as a Comedian & Entrepreneur (07:56) Lessons Learned From Gerry’s Athletic Background (12:16) When Gerry’s Career Took Off (13:43) The Story of Mr. D (14:33) Gerry’s Investing Approach (17:41) The Best Investment Gerry Ever Made (18:17)  Does Gerry Follow The Wealthy Barber Principles? (20:08) Conclusion