The Wealthy Barber Podcast

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.

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.