The Wealthy Barber Podcast

Leanne Kaufman, President and CEO of RBC Royal Trust and a lawyer specializing in estate planning, shares invaluable insights. She emphasizes why every Canadian needs a will and the real costs involved in securing one. The conversation delves into the qualities of an ideal executor and the pros and cons of choosing family members versus corporate executors. Leanne also highlights the significance of a ‘When I Die’ binder to ease the process for loved ones and discusses the complexities surrounding joint ownership and trusts.

In this engaging discussion, Andrew Hallam, bestselling author and personal-finance educator, shares his unexpected path into finance sparked by a millionaire mechanic. He advocates for low-cost index investing and emphasizes global diversification as keys to wealth building. Andrew contrasts robo-advisors with all-in-one ETFs, revealing the pros and cons of each. He also explores his nomadic lifestyle and introduces concepts from his book, Balance, highlighting the importance of health, relationships, and purpose in a fulfilling life.

SPECIAL EPISODE: To commemorate the launch of the fully updated “The Wealthy Barber,” we’re doing a very special episode this week where Dave is the guest on his own podcast! We brought back fan favourite and financial-educator extraordinaire, Preet Banerjee, to host the conversation and turn the tables on Dave. Together, they dive into the stories behind “The Wealthy Barber” — from why Dave first wrote the book and how it was tested, to his early days shipping copies with his mom and the moment he realized his life was about to change forever. They also touch on his time on “Dragons’ Den,” the pressure (and fun) of updating the book for a new generation, the behind-the-scenes team that helped make it happen, and even a few lighter topics — like Dave’s love of A&W, black nibs and eating every meal out. It’s a funny, nostalgic and inspiring look at one of Canada’s most beloved financial voices and the incredible journey behind one of the bestselling books in Canadian history.   Show Notes (00:00) Intro & Disclaimer (00:55) A Special Episode (03:23) Why Dave Wrote the Original “The Wealthy Barber” (06:11) How Important Testing is For Dave’s Books (10:32) Dave’s Goal Was to Sell 10,000 Copies  (12:31) Dave’s Life in 1989 (14:15) Dave and His Mom Fulfilled Orders at First (17:49) When Dave Realized His Life Was Going to Change Forever (20:52) Becoming a Reluctant Publishing Consultant (24:16) Dragons’ Den (30:16) The Pressure of Updating “The Wealthy Barber” (33:19) Preet’s Review of the New Book (35:57) The Team Behind The Wealthy Barber Podcast and Socials (39:30) Who is The Wealthy Barber’s Barber? (40:25) Benefitting From Having Kids in the Book’s Target Market  (41:38) Dave Eats Every Meal Out  (45:36) Dave’s Love of A&W and Black Nibs (47:11) A Day in the Life of The Wealthy Barber (48:27) Who is the Updated “The Wealthy Barber” For? (51:55) Conclusion

In this discussion, Jason Pereira, a financial planner with over 20 years of experience, critiques Canada's financial advisory landscape. He highlights how young advisors are pioneering innovative models to better serve clients. Topics include the often superficial planning offered by large firms, the importance of term insurance, and the emotional complexities of estate planning. Jason also delves into underinsurance among young families and shares insights on using AI in financial advice as a powerful tool, not a replacement.

Dave Chilton, the author of The Wealthy Barber, shares timeless financial wisdom and updates from his bestselling book. He discusses advice that remains relevant today and reveals insights into future projects aimed at younger readers and immigrants. Chilton explains the balance between investing and paying off debt, emphasizing the importance of understanding individual financial situations. He also highlights common spending leaks and shares lessons from his time on Dragon's Den, unearthing the essence of success beyond mere wealth.

In this conversation, Jason Heath, a leading fee-only financial planner in Canada, tackles essential aspects of personal finance. He discusses the pros and cons of different savings accounts, like RRSPs and TFSAs, and sheds light on reverse mortgages and annuities as retirement tools. Jason emphasizes the importance of deferring CPP/OAS for better income and cautions against trusting finfluencers. He also addresses estate planning pitfalls and the necessity of prioritizing financial goals while balancing saving with enjoying life. A must-listen for anyone planning their financial future!

In this enlightening discussion, Steve Saretsky, a top 1% realtor and insightful analyst from Vancouver, dives deep into the tumultuous landscape of the Canadian real estate market. He discusses the dramatic collapse of the condo market and the rising risk for developers and lenders alike. Steve explores why many sellers are still hesitant to adjust their expectations, addresses the growing affordability crisis for buyers, and analyzes the impact of immigration on housing demand. His candid insights reveal which markets still hold value and the enduring desire for detached homes among Canadians.

Joyee Yang, a Canadian 'finfluencer' with over 300,000 followers, shares her inspiring journey from facing financial challenges to becoming a trusted voice in investing. She discusses the appeal of all-in-one ETFs versus individual stocks and emphasizes the importance of financial literacy for younger generations. Joyee highlights how platforms like Blossom foster community among novice investors, making learning about finance engaging and interactive. Her relatable approach demystifies the world of investing, empowering beginners to take confident steps in their financial journey.

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.