The Wealthy Barber Podcast

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.

In this engaging conversation, Jessica Moorhouse, a Canadian personal finance expert and host of the More Money Podcast, shares insights on how emotions and childhood experiences shape our financial habits. She discusses the detrimental effects of biases, including status quo and overconfidence, particularly in young men. Jessica highlights the urgency for women to embrace investing and stresses the importance of focusing on what you can control financially. With her upcoming book, she aims to demystify financial freedom and encourage healthier money relationships.

In this discussion, Rob Carrick, a renowned personal finance expert from The Globe and Mail, shares insights from over three decades of experience. He highlights the growing financial support from parents to adult children and the impact of social media on spending habits. The conversation touches on the challenges of rising costs for families and seniors, the need for mindful retirement planning, and the benefits of First Home Savings Accounts. Carrick's perspective adds depth to the evolving landscape of Canadian personal finance.

Our guest this episode is Robin Taub—a financial educator focused on helping parents teach their kids to be responsible, independent and money-smart for life through her award winning book “The Wisest Investment” and public speaking engagements. In this episode we discuss all things parents should know when teaching their kids about money, from allowances, to piggy banks, to how much kids should save, and much more. You'll enjoy this discussion with Robin Taub. —---- The Wealthy Barber Podcast is Canada’s go-to source for approachable, entertaining, and free financial education. Hosted by none other than David Chilton—former Dragon on CBC’s ”Dragons’ Den” and the best-selling author of ”The Wealthy Barber” and ”The Wealthy Barber Returns”—this podcast is here to help Canadians manage their money better. Much better. Find all episodes and more Canadian personal finance content at https://thewealthybarber.com. —---- Show Notes: (00:00:00) Introduction (00:01:11) How Do You Teach Kids About Money? (00:07:38) Allowances (00:11:41) Robin's Book & Framework (00:15:52) Teaching Kids About Investing  (00:18:55) People Are Having Fewer Kids  (00:20:00) Young People More Affected by Inflation  (00:22:42) Piggy Banks  (00:24:04) Spending in the Digital Era  (00:26:01) "Cooling-Off" Periods (00:27:25) How Much Kids Should Save (00:28:59) Grandparents More Financially Involved Now  (00:31:58) Biggest Money Mistakes Parents Make (00:35:08) Money Stress is the Worst Stress (00:37:14) The Importance of Sharing (00:41:09) Dave & Robin's Kids  (00:45:01) Other Resources for Parents (00:47:08) Conclusion