The Financial Classroom Canada

Hey everyone!

Sorry for MIA all summer, but we are back! Tim, Eric, and Will were all busy during the summer and had to take a break. It's good to be back recording once again.

In this episode we caught up on each other's summer and how each other is doing overall.

We touched on the current economic environment in the world and why markets have been dropping recently. A few things we noted were the reduction in fed balance sheets via QT, as well tight macro conditions due to interest rate being so high.

It was good to be back! Let us know if there is anything you want to hear about and if you would like to come on the show feel free to email us at financialclassroom@gmail.com

• What is it?

• Government Savings account in which you can put money away for you and/or a partner, to save for the purchase of your first home.

• Who is it available to?

• This is available to anyone in which hasn’t personally owned or has a common-law/spouse who’s owned a primary residence within the past 4 years

• Why would someone use it?

• This is beneficial to someone who is looking to save money for first home and not having the trouble of looking elsewhere of how and where to store the savings.

• How much can one contribute?

• An individual is allowed to contribute $8,000 per year, to a maximum of $40,000 for a lifetime. Lifetime means that you can only ever save up to $40k in this to buy your first time, you cannot go higher than this.

• Tax Tip: Is good for those looking for a way to also deduct their taxable income but also have to pay $0 in taxes once you withdraw, saving you $$

• Grocery Rebate

• What is it?

• A sum of money given to you by the federal government to help assist with the cost of groceries. It is solely based on income, which the threshold is $X or 

• Who is it available to?

• Anyone within the GST credit area, meaning, if you receive the GST credit, you'll be eligible to receive this rebate.

• How much will you receive?

• An average family of four with two children would receive $467, while a single Canadian would be eligible for $234 in rebates 

• Federal Student Loan interest eliminated April 1

• So, don’t worry about having to deduct this on your return anymore/ SK YOU STILL NEED TO

• Rental and dental benefits weren’t used much

• Federal income tax brackets indexed by 6.3%

• Payday loans 

• Increase student loan interest limit

• New Carbon Tax April 1

After grocery and other rebates

• Why we should file tax returns

• If you don’t you can’t take advantage of any of the credits/rebates mentioned

On this episode of The Financial Classroom, our special guest is Tim’s brother Michael. Michael self-describes himself as having become a 6-figure millennial by accident. However, he goes on to clarify that he achieved this feat by keeping expectations realistic about the lifestyle he can afford. Listen in as Michael talks about:

• How he paid off his student loans, and went on to pursue additional schooling debt-free
• The importance of knowing where you’re money is going
• Eating sustainably as a cost-saving measure
• Buying kids stuff off VarageSale and other online marketplaces
• Making the little things count

If you are a 6-Figure Millennial or want to come on as a guest, feel free to reach out to us at finacialclassroom@gmail.com or find us on Instagram or Facebook.

In this episode, Will, Tim and Eric decided to do something a little bit different and took a deep dive into the payday loan industry. While the hope is that listeners will never have to take out payday loans, the information provided in this episode may prove useful in conversations with friends and family members who may be considering payday loans as an option. Additionally, the information that was discovered around the predatory practices of the payday loan industry proved to be eye-opening and a little bit disturbing. Some of the topics included in this episode include:

• The one and only positive upside that they can find about payday loans
• Protections in place to protect borrowers
• Criminal interest rates in Canada
• Interest rates and fees charged by payday loan companies
• Alternatives to payday loans
• A brief introduction to instalment loans

If you are a 6-Figure Millennial or want to come on as a guest, feel free to reach out to us at finacialclassroom@gmail.com or find us on Instagram or Facebook.

This is the episode where we say goodbye to Jules as her life is getting busier and busier and needed to take time off to focus on her family and work! We are so proud of her for becoming a great Mortgage broker and being such a wonderful mom to her two kids. Best of luck Jules and thanks for being apart of the Financial Classroom Canada this past year and a half.

With that said, this episode we interviewed Will and his wife Jess on their financial journey! Will is the last host to not have shared his 6 figure journey yet, and it was a blast getting to know his story and how he got to where he is today financially.

They talked about:

- The mistakes they made in finance;

- How Jess went from having a maxed out credit card to now fully understanding her finances;

- Will's understanding of investing and how it was important to take advantage of compounding early in his life;

- Their net worth;

- What they plan to do 10-15 years down the road; 

- What strategies they have implemented to get to where they are today;

- Their financial mistakes;

- And much more! 

If you are a 6 figure millennial or someone who have is passionate about finance and wants to come on, feel free to reach out to us on email at financialclassroom@gmail.com or on facebook or instagram  

It’s the week of Black Friday, which means that Christmas is slowly creeping up on us. While Christmas is a great opportunity to celebrate and spend time with loved ones, it can also be quite expensive. This year particularly, with inflation running rampant, it has become increasingly necessary to ensure that the holidays don’t run us dry. In this episode, Will and Tim discuss some ways to save money and keep spending under control during the holidays. Topics include:

-  When to shop sales and other cost-saving tips

-  Budgeting around the holidays

-  Managing social expectations

-  Tim’s distaste for gift exchanges

If you are a 6 Figure Millennial or wanting to come on as a guest, feel free to reach out to us at finacialclassroom@gmail.com or find us on Instagram or Facebook.

Death is not an easy subject to talk about, but it is also something that ABSOLUTLEY SHOULD be talked about – from an estate planning perspective, at least.  In this episode, Will and Tim talk about this topic with Mark Stefan, a successful wealth planner who has been in the industry for 38 years. Mark breaks down this uncomfortable subject, explaining everything from how an estate plan should be part of a larger financial plan to the various components of an estate plan.

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Throughout our discussion, Mark navigated several complex questions, with simple, easy-to-understand explanations that will (hopefully) leave you feeling motivated and empowered to begin working on your own estate plan. Some of these questions include:

• Who should have a will?
• What is a power of attorney and an executor?
• Are DIY wills worth the savings?
• What taxes apply to your estate?
• What is probate?
• Is it worth it to try to minimize probate?
• What mistakes are people making with their estate planning?

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If you’re a 6-figure millennial or if you have a specific topic you would like to discuss on the podcast, we would love to talk to you! Reach out to us at financialclassroom@gmail.com or find us on FB/Instagram.

In today's 6-Figure Millennial episode, we talk with Darcy from "We Want Guac" blog. Darcy's journey has brought her from the humble beginnings of living in a shared attic apartment with no heat or AC after graduation. Fast forward, and she has managed to amass a $270k net worth at 28 years old. Listen as Darcy talks about several aspects of this journey, such as:

- Her mindset on living in the attic, and how she navigated this living situation

- How Darcy began investing and what resources she used to learn how to invest

- Darcy's mindset when the March 2020 market crash hit

- How building a nest egg can give you leverage in your work situation

- How much money you need to invest before 30 years old to (theoretically) be able to retire

Darcy also spoke about her blog and how she is using it as a tool to reach Gen Z to develop their careers, build their income, and gain investing knowledge early on in life. Spoiler alert! One of these tools may or may not include writing a rap song that is....shall we say "FIRE"? And we may or may not have featured a clip of this song in the episode.

If you’re a 6-figure millennial, we would love to talk to you! Reach out to us at financialclassroom@gmail.com or find us on FB/Instagram. Please also reach out to Darcy through any of the following socials:

Blog: https://www.wewantguac.com/start-here/

IG: @wewantguac_blog

Twitter: @WeWantGuac

"We Want Guac" Song: https://www.wewantguac.com/music/

In today’s episode, we have Ruthy and Ryan, two spcial guests from Calgary who decided to take a 2-year break from their jobs and travel with their kids all the way across the world to help people. So many wish they had the guts and financial stability to pull this off, but few do. Take a listen, and hear what Ruthy and Ryan had to say about:

• How Ryan and Ruthy made the decision to pack up and leave
• How paying off debt frees you up to make big life decisions
• Cultural differences in how people think about money
• Lessons Ruthy and Ryan have learned along the way
• Ryan’s disdain for fish, and how that is working out for him while living on a boat

If financial coaching interests you, definitely reach out to Ruthy at:

FB: Financial Coach Ruthy

IG @financialcoachruthy

Blog/Website: https://www.financialresuscitationwithruthy.com

Or check out Mercy Ships at:

Mercy Ships Canada: https://mercyships.ca/en/

Episode 53! 

Today we talked to Zijin from Calgary. An engineer but also someone who loves to learn and during covid he decided to learn about cryptocurrency! Since Jules TIm and WIll aren't well versed in the crypto world we decided to have Zijin come on to talk about the basics of cryptocurrency. In this episode we were able to touch on: 

What is crypto? 

How does Crypto work?

Why is there value associated with crypto?

What are some good things to look for in a crypto to invest in?

Where can I invest in crypto?

Where can I spend crypto?

Is crypto here to stay? Why or why not? 

Among other things! 

If you are someone who is interested in cryptocurrency, check this episode out! As well if you are wanting to come on the show feel free to reach out to us at financialclassroom@gmail.com 

Episode 52 | First Home Purchase & Tax Update

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Buying a home is one of the most imporant life decisions you will ever make. However, for many, it is a scary journey because if is full of unknowns. Will and Tim just bought their first homes, so the team decied to unpack the process of buying a home.

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As an added bonus, the first time home tax benefits from the April federal budget are also discussed, so you can have a good idea of some additional supports that will be available to you with the purchase of your first home.

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Tune in and learn about:

-The steps to buying a home

-How to get pre-approved for a mortgage and what documents you need

-Credit scores and how they tie in with mortgages

-Property inspection: Valuable or waste of money?

-Calculating net worth after purchasing your first home

-Federal first home savings account and how it is projected to work

-First time home buyers’ tax credit

Epsiode 51! Today we spoke to Shannon Konsmo a CPA from Whitecourt, Alberta. Shannon was a wealth of knowledge and we really enjoyed talking to her and learning about the ins and outs of taxes. In this episode we talked about: What is the difference between sole Proprietorship vs incorporated companies? When people should incorporate as a business and why it is and isn’t a good idea to do it when starting a business. What are some little tricks business owners can do to save money on their income, and the difference between paying yourself in dividends vs having a salary as well the benefits for each one. We talked about the most common mistakes people make when it comes to tax season and things people most commonly forget to claim. If you are looking for an accountant or someone to help you with taxes check out Shannon at: Whitecourtcpa.com and if you are someone who has an interesting financial topic to share feel free to email us at Financialclassroom@gmail.com or find us on FB or Instagram.

Mindset. realestate. Wholesaling. Entrepreneurship. Today we had on Brendan Skilton-Douglas the man behind nofluffwholesaling.ca and ashtonfisher.ca  From tree climber to realestate wholesaler we had the pleasure to sit down with Brendan to talk about how mindset is so important to help you get out of debt, and understanding how a mindset shift can change your financial future. He started his company Ashton Fisher in real estate and went from working for the government to starting his own real estate company. Many people dream of quitting their 9-5 and starting up their own company but not many people actually go for it. What does it take to go all in? What kind of mindset does an entrepreneur need to have to take that step? Who are you and does your career give you identity? What are your core values and are you living in alignment with them? 

A few other things we touched on: 

- Rent to own "No risk will kill you slowly, too much risk will kill you"  

- Say you like yourself - mindset  

- How finances relate to values  

- Psychology of finance

- How to step out of your comfort zone and change your mindset.

Todays conversation was so much fun, we hope you enjoy it as much as we did!  Please like comment and share this podcast episode.

Episode 46

Do you want to have someone else pay your mortgage for you? Of course you do, especially in today’s increasingly expensive housing environment. Jase and Sarah came on the podcast today to discuss how they have made this their reality, and how you can follow suit.

In this episode, Jules, Tim, Jase and Sarah discuss what house hacking is, how they began their house hacking journey, and how you can use it as a powerful wealth building tool.

They go on to provide valuable insights into what kinds of renovation work ANYBODY can do, and which renovation work should be left to the professionals. They also discuss how to find the best tenants, the concept of short-term sacrifice for long-term benefits, and their upcoming endeavours into real estate investment partnerships.

If you want to learn more, Jase would love for you to find him on Facebook under “Jase Matthew” and ask him whatever questions you may have.

Happy 2022 everyone! 

We love it when listeners reach out and want to come on the show! 

Today we have the pleasure of chatting with Heather and Kurtis from Sherwood Park, AB.


At the age of 30 (Kurtis) and 29 (Erinn) their net worth hit $100,000 and now only 4 years later they have reach a net worth of $350,000 and a mortgage that is almost paid off! 

Kurtis works as a hydrovac operator and Heather is a marketing coordinator with a combined household income of $175,000.



How did they do it? What are their secrets? 


If you have been listening long enough, you will start seeing that there are no secrets. 

Most of our guests are figuring things out as they go. 

They spend less than they make and invest the rest! 

Erinn and Kurtis are on the cusp of learning about self managing their investments and the FI community.

Listen as we learn about their journey and hear about the wonderful motivational trick that Erinn's grandparents used on her to help her get through college! 

If you would like to come on the show feel free to message/email us at financialclassroom@gmail.com or find us on instagram or on FB! 

Epsiode 41!, Today we spoke to Jordan from Moose Jaw, Saskatchewan! Jordan talked about how him and his wife have built up an impressive net worth at an early age in life. Jordan and his wife are living the FIRE lifestyle without even realizing what FIRE is! AMAZING. Jordan talked about how he wishes to give away the first 10k once they are mortgage free. Him and his wife are working hard to pay off their mortgage early and have done an incredible job doing so. They are on pace to be mortgage free within the next few years and they aren't even 30 years old yet! 

If you are a 6 figure millennial or have an interesting story to share with us, feel free to reach out to us at financialclassroom@gmail.com or find us on Facebook and Instagram.

Dave Ramsey’s baby steps have been followed by thousands if not millions of people and have helped so many get their finances back on track.
 But do we at the Financial Classroom agree with all the steps?
 Today we take a deep dive into each baby step and discuss what we think is sound advice and what, if anything, we would change.
 We talk about the pros and cons of Ramsey's ideas and explain our own beliefs about his ideas. What do you think of the baby steps? Do you live by them or have you changed any to fit your own view of fiscal responsibility? 

Dave Ramsey is all about no debt, which is great, but, after speaking to many 6 figure millennials and learning from the FIRE Community, we believe that there are times when credit cards or investing instead of paying off 1 - 2% interest loans can actually beneficial. 

Personal finance is just that - personal. There is no right or wrong way to approach personal finance and we believe that you can win in various ways. So unlike Dave's be-all end-all strategy, we believe that there are numerous ways to become financially successful. 

If you're a 6 Figure Millennial or want to come on the show feel free to email us at financialclassroom@gmail.com or find us at Financial Classroom on Instagram and Facebook.  

Leo and Charlotte King  From $100k at 27 years old, 5 years later Leo and Charlotte now have a net worth of $700,000! 


One of their biggest realizations 20 months ago was that financial independence is achievable for regular everyday people. 
 

20 months ago, when their first son was born, they realized they didn’t want to live the 9-5 for the rest of their lives. They started reading books, listening to podcasts, and joined Facebook groups related to financial independence. That education shaped their decisions and propelled them to where they are today. 

If your in the Calgary area you can visit Leo and Charlottes gym at Kings Fitness @kings.fitness You can also follow their financial journey on IG @ourFIjourney

If you yourself are a 6 Figure Millennial and would like to join the show to share you're story, feel free to give us a shoutout and we will try and get you on! 

Email us at financialclassroom@gmail.com or find us at financial classroom on FB or on Instagram

Saving for a House and Other Large Purchases

Today Will, Tim and Jules sat down to chat about down payments and saving up for big purchases. 

Where to start? How much do I need to start? What if I haven’t saved up a down payment yet?

Jules explains some down payment hacks to get you into a house if you haven’t saved up yet. Using the tax rebate on your RRSP and a cash-back mortgage.

Jules also told her story that when she bought her house, her parents had actually had 5% down payment saved up for her and her and her husband. They bought a fixer upper and were able to build sweat equity that way.

Will tells his own personal plan of how he is saving to put down more than 20% for his future house and how he plans of being mortgage free by age 40.

Tim plans on continuing to save and invest in his TFSA to expand that TFSA room and one day he will use that money as his down payment.

We then start talking about putting money away - Compound interest is the 8th wonder of the world.

We can never get that time back. Invest now. Seriously guys, this is the secret to wealth. Invest now. Start saving for a big ticket item that you might not even know you want now but if you start saving now, you will have the money for whatever you decided you want to buy (or not buy) in your future.

If you are in Canada and have any mortgage questions please reach out to Jules @mortgageclassroom.

If you are in need of a financial coach or would like some guidance on budgeting and investing, contact Will @moneywisemarriage Thank you again for listening! If you found this episode helpful please share it with your friends and family!

RCMP - Everything You Need to Know About Your Pension

Do you have a pension and have no idea what to do with it or what it all entails? We had the utmost privilege in sitting down with Miro Svoboda with Harbour Front Wealth to chat about public servant pensions. We zeroed in on the RCMP pension, but this information applies to employees with CRA, Federal Government, Border Service etc. that have the same type of pension. So if that’s you or you know someone who works for the above mentioned, send them the link to listen in!

Have you ever wondered what your options are with your pension? Can you retire early and take the payout? Should you? Should you take the annuity or immediate annuity? Do you even know what any of this means? If this episode pertains to you, make sure you take notes! You can also contact Miro if you have any questions. He is very knowledgeable and most importantly, he’s easy to talk with. We want to thank all the RCMP in Canada for doing what you do to protect us. Let us know what you think of this episode. We really hope it is beneficial to you.

Today we had the pleasure of chatting with Jenna who is a financial educator in the Edmonton area. She is passionate about educating others on the power of money, and getting on the right financial path.   

Here is a breakdown of the podcast: 

11:45 save 10%/month 

12:40 - lifestyle inflation- get in the habit of doing it so as your income increases your savings do too. 

15:30 - what to do with the savings (RRSP, TFSA, etc) 

16:30 - emergency fund goal amount  

17:50 - everyones needs are unique and there is no set amount or target for age 

29:10 - spending $27/day equals to $10,000/ year!!! 

30:30 - spending accountability partner 

32:00 - actionable tips to save  

We interview guests all the time who share their financial stories. If you’re looking for more financial real life stories, we post episodes every Wednesday.
If YOU have a story you would like to share with us please email us at financialclassroom@gmail.com  It would also help us out a lot if you subscribe and leave a review on our various podcast platforms!

Episode 29 

At 26 years old, Nathan and his wife Carolyn have paid off their mortgage and have a net worth of $325,000! 

Nathan talks about growing up as a very lazy child, running from chores and work to later changing his mindset. 

He started his own company early in life and reached $100k at the age of 22.  

They are now on their way to reaching financial independence! 

Nathan and his wife are also mortgage free!! Which is incredible to hear at such a young age.  

Nathan shows us that with hard work and some determination, anyone can be successful. 

Will also shares some life changing news with us - you will have to listen to find out what it is!

We interview guests all the time who share their financial stories. If you’re looking for more financial real life stories, we post episodes every Wednesday.

If YOU have a story you would like to share with us please email us at financialclassroom@gmail.com  It would also help us out a lot if you subscribe and leave a review on our various podcast platforms!