The Wealthy Barber Podcast

Dive into a lively Q&A session where listeners tackle all things finance! Explore strategies for budgeting major home repairs and whether to prioritize before- or after-tax income in your savings. Get insights on investing tips for those starting late, and discover the significance of selecting the right financial advisor. The discussion even covers the enduring validity of the 4% rule and highlights smart investment choices like index funds. It's all about practical advice delivered with humor and clarity.

Join NHL star Mark Scheifele, a two-time All-Star with the Winnipeg Jets, as he shares how early exposure to 'The Wealthy Barber' shaped his financial mindset. Discover his unique approach to investing and what he prioritizes in his spending. Mark also delves into the excitement of potentially winning the Stanley Cup with Winnipeg and compares the thrill of hockey to golf. Plus, find out his thoughts on maintaining a modest lifestyle while managing the pressures of professional sports!

In this lively discussion, Mark McGrath, an Associate Portfolio Manager at PWL Capital and co-host of the Rational Reminder podcast, breaks down the debate between TFSAs and RRSPs. He reveals why RRSPs often get a bad reputation despite their benefits, including tax-efficient withdrawals. Mark also tackles the implications of government tax changes and how the Canada Child Benefit affects your savings strategy. With insights on the flexibility of TFSAs being a double-edged sword, listeners gain valuable financial wisdom in just 15 minutes!

Robb Engen, creator of the Boomer & Echo blog and an advice-only financial planner, shares his insights on planning for retirement. He discusses the advantages of delaying Canada Pension Plan payments and strategies for safe withdrawal rates. Robb highlights the importance of holistic financial planning, addressing how to support children buying homes while ensuring your own retirement security. He also delves into the impact of high-risk trading behaviors in younger generations and offers practical advice for navigating large expenses in retirement.

Arlene Dickinson, a renowned businesswoman and longest-serving Dragon on CBC’s Dragons’ Den, shares her journey from early career struggles to becoming an influential entrepreneur. She discusses the mixed blessings of fame, handling online criticism, and the vital lessons learned in business. Arlene sheds light on the current economic climate for Canadian entrepreneurs, the challenges posed by potential US tariffs, and the urgent need for reforms. She also delves into the impact of AI and how we can cultivate a progressive entrepreneurial ecosystem.

Dan Bortolotti, a Portfolio Manager at PWL Capital and author of 'Reboot Your Portfolio', shares his insights on index investing and ETFs. He discusses why most active managers struggle to outperform the market and highlights the benefits of passive investing. The conversation covers essential topics like asset allocation, the importance of a solid financial plan, and tips for DIY investors. Bortolotti also explores the intricacies of all-in-one ETFs versus individual sector options, offering practical advice for smarter investing.

Ron Butler, a 30-year mortgage veteran and owner of Butler Mortgage, shares his colorful insights on the housing market. He breaks down the advantages of mortgage brokers versus banks and predicts the future of interest rates. The discussion dives into the harsh realities of the housing-affordability crisis, emphasizing the growing divide between homeowners and those struggling to enter the market. Ron also addresses generational shifts in financial attitudes and the rising reliance on parental support for down payments.

Our guest this episode is Richard Coffin—better known to many as "The Plain Bagel." Richard is a CFA and CFP professional working as a Portfolio Manager in Ottawa. He has nearly 1 million subscribers on his YouTube channel where he creates entertaining and educational videos on finance, investing and economics. In this episode, Dave and Richard discuss the rise of "Finfluencers" in today’s social-media-driven world and explore the fascinating landscape of behavioural finance. They cover everything from the origins of “The Plain Bagel,” to the pros and cons of getting financial advice online, to the biases that affect us all and much, much more.  Enjoy this fantastic episode featuring two of Canada’s top financial educators. Show Notes 00:00:00 – Intro & Disclaimer 00:00:55 – Intro to Richard Coffin 00:03:28 – Origin of “The Plain Bagel” 00:08:13 – Richard’s Work & Educational Background 00:12:13 – The Rise of Finfluencers 00:16:34 –   The Laws Around Giving Financial Advice Online 00:20:14 –  How to Evaluate Online Financial Advice 00:21:24 – Trusting Finfluencers More than Wall Street 00:25:20 – The “Beginner” Finfluencer 00:28:58 – Investing Courses 00:38:42 – Trustworthy Canadian Finfluencers 00:44:41 – It’s Easy to Fake Wealth Online 00:47:57 –  YouTubers Being Paid to Promote Stocks 00:55:27 – Behavioural Finance & Loss Aversion 01:02:56 – Confirmation Bias 01:06:35 –  The Skills Behind Creating Content People Enjoy Watching 01:08:46 – Recency Bias 01:13:41 – Framing Bias 01:19:02 – Conclusion

Barry Choi, a renowned expert on credit card points and loyalty programs in Canada, shares his insights gained from TV appearances and his website, www.moneywehave.com. He discusses how to maximize credit card points for travel and personal purchases, revealing the most lucrative sign-up bonuses. Barry emphasizes the importance of selecting the right credit card based on spending habits while cautioning against overspending. He also addresses the risks of loyalty point fraud and reflects on meaningful travel experiences, highlighting the value of relationships over material possessions.

Ben Felix, Chief Investment Officer at PWL Capital and co-host of The Rational Reminder podcast, dives into the complexities of investing. He discusses the challenges of beating the market and why active managers often underperform. The power of passive investing and the risks of thematic ETFs are explored, along with the importance of understanding individual risk tolerance. Personal finance planning versus investment planning is also highlighted, emphasizing the need for informed decision-making and expert advice in an evolving financial landscape.