It's Personal Finance Canada

The key to retire early is to just give up… working… everyday. This week we confront a new study which shows the changing face of retirement expectations in Millennials. The classic forced march to 65 is out and a new face of retirement is emerging where people are looking to better enjoy their lives. Despite inflation, and high interest costs, and low job prospects, and unstable stock markets and no where to live; Millennials sure are an optimistic bunch.

Don’t you know DIY is the way to go with everything in life, goodbye plumbers, accountants, lawyers, and doctors, wait why am I suddenly sick, being sued, getting audited and wet? This week take you through the wild west of financial advisors and help you understand everything about pricing, designation types, services offered, specializations for planners and more. Find out from Christine what to look for in a Certified Financial Planner and how they can help you fulfill your financial goals.

Of course I’ve filled and paid my taxes, I did that over a year ago. This week we cover some helpful hints for this year’s tax filing season, and to make sure you don’t forget to file! Changes to RRSP Home Buyer’s Plan, CERB repayment deductions, indexation adjustments and more thrilling line items to help you take stock of the past year and what you’ve accomplished,  

If I had nickel for every time someone told me about a myth that keeps me away from more nickels, I could retire. This week we evaluate “Smoke and Mirrors: Financial Myths that Will Ruin Your Retirement Dreams” by David Trahair. Has this Canadian accountant figured out the five myths which holds us back from financial success or are we just being nickeled and dimed by outdated advice?

At least when the robots take over I won’t have to pick my own stocks anymore. This week we go over fresh research from Ray Dalio and see if the current tech sector is in a bubble that is about to burst or is simply overvalued. What is the state of the Magnificent 7 ( or AAAMMNT for short), what could be the true impact of AI and are we all just getting worked up about nothing?

The government giveth, and the government taketh away. This week we catch you up on several changes the federal government has unleashed in 2024. Changes that’ll put more or less money in your pocket, or realistically give you more so they can take even more back. Get ready for repriced carbon tax, new dental care options, increased TFSA limits and more.

I have altered the meaning of RRSP, pray I do not alter it any further. This week Cam makes up a new acrostic about RRSP’s, Christine goes over advice from a trusty accountant, and we give our 4 factors to determine if you should make an RRSP contribution. So, dig out your trusty 2023 T1 General tax form and follow along.

Today is about loss, heartbreak and the idea that it won’t happen to me. Part of life is about adapting to things we wish didn’t happen and how to best prepare for the unthinkable.

Make work not profit, oh that’s where I went wrong. This week we conclude our two-part series on small business and talk about how to build a realistic business plan that enhances profitability. Find out how your personal finance habits can make or break your company, and profitability, and sanity. Plus some tips from Mike Michalowicz’s book “Profit First” to help you make sure you remember to pay yourself in all of this.

The best way to not get laid off, is to be your own boss… I hope. This week we talk about one of the best ways to take control of your personal finances, starting a small business. Is it right for you, can you handle being a “jack of all trades,” and can you master the art of systemization? Find out what it really takes to make things work and the pro’s and con’s of being your own boss.

This week we talk about how different stages in your life impact how you use RRSPs and TFSAs. What is strategy could be best for each age group, what will help you net the most returns and what is some of the fine print that most people don’t notice.

A new year, a new me, a new series of mistakes to make. This week we help you start the year off right with some of our favorite personal finance tips that we think will help you in 2024. Everything from market timing, to adjusting your finances for wanted & unwanted life changes and finding low cost ways to reduce stress.

Step:1 evaluate all of your 2023 financial decisions, Step: 2 drink coco and watch Christmas rom-com’s, Step: 3 gaze into the void, Step 4: repeat step 1. This week we go over 14 different tips you help you close out 2023 and get ready for another exciting year (can we please just have one boring year). Everything from budgeting, insurance, debt management and goal setting we help you get off on the right foot for 2024, or maybe the left foot, which ever works.

Home is where the debt is. This week talk about the new First Home Savings Account (FHSA) and how your can maximize your ability to overpay for a house. We also talk about how your can combine this with other tax advantaged savings options to build up a deposit of over $163,000 per person.

Some of you may suffer, but it's a sacrifice I am willing to make. This week Cam gives his debriefing on a recent event he attended headlined by Bank of Canada Senior Deputy Governor Carolyn Rogers and how you apparently need to do a better job at fixing the economy. We talk about Canada’s continued high interest rates, lagging productivity, decreased standard of living, who to blame for it all and finally if it’s even worth trying at all anymore.

Anyone have any spare change, I need to adjust my perception of reality. This week we go deeper into the concept of challenging our core beliefs about ourselves and how that impacts our finances and more importantly our overall health. Is change as easy as it sounds and what is the cost of refusing to?

People keep saying that money is simple, and I took that personally. This week we get deep with “Simple Money: No Nonsense Guide to Personal Finance” by Tim Maurer and find out how to make understanding finances more personal and real to our own lives. Learn how to figure out what success really looks like to you and how to challenge your inherited and ingrained views on money.

A proclamation has been sent forth from Ottawa, “don’t forget to drink more Ovaltine!” This week we break down the freshly released Survey of Household Spending report from StatsCan to see where all of our money has been going. Find out how far apart average expenses are from average income and what the data tells us about how people are able to budget effectively.

This week we welcome IPFC listener Michelle D. whose journey started by listening to podcasts and discovering how to live with intention. A concept that took her and her family on a journey that lead to the repayment of $301,000 of mortgage debt in less than five years. Michelle talks about how they changed spending habits, sold things they didn’t need, put their savings towards the debt (minus RRSP’s and emergency fund), used just one car and planned errands strategically to save on gas.  Most importantly her changed mindset lead to a feeling of control over her life and more satisfaction, even living with less.

So it turns out the best way to help people without money is actually to just give them money. This week we talk with Claire Williams co-founder of “Foundations for Social Change” and Dr. Jiaying Zhao Associate Professor in the Department of Psychology and the Institute for Resources, Environment and Sustainability at UBC, two of the co-authors of the landmark study “Unconditional Cash Transfers Reduce Homelessness.” Find out how people normally stigmatized for their homelessness used a one-time gift of $7,500 to better their lives in a way which goes against the preconceived narrative.

Now always never forget to don’t do what Donny Don’t does! This week we open up and show you how we got things wrong… in the past, and how you can avoid those same money mistakes today. Plus, don’t miss out on the lightning round where we rapid fire more ways to help you avoid wasting money.

Yes, yes, asking is the first step to understanding, but spending is the first step to a new Lego Venator-class Star Destroyer. This week we explore some of the key questions people should be asking themselves about not only their finances but their daily habits and purpose in life, wow that got deep quick. Everything from income, spending, savings, investing and protection is talked about and how we can overcome the dreadmill, I mean treadmill of debt and not accomplishing our goals in life.

We come into the world with nothing and we leave with everything, wait that’s not right. This week we talk about the book “Die with Zero: Getting All You Can From Your Money” by Bill Perkins and find out what he has against his kids. Find out how Bill’s philosophy of decumulation and making the most of a certain portion of your life can help people kick their bucket after it's been empty.

Now to revolutionize your finances first get out your 401k documents *throws book*. This week we tackle the biggest frustration among Canadians who read personal finance books, the dreaded use of the American tax system and we give you a cheat sheet to help apply those ideas to your life. Is an IRA an Individual Retirement Account or a Individual Retirement Arrangement, we don’t know! Plus a host of other tips to help you redeem those books you bought but can’t apply.

And with a wave of my wand I shall make all my financial problems disappear, “klaatu barada nikto!” This week we open the mystic tomb known as “Money Magic: An Economist’s Secrets to More Money, Less Risk, and a Better Life” by Laurence Kotlikoff and see how this master of the financial arts can teach us about crafting our lives into the best financial outcome possible.

*IPFC is not responsible for listeners spontaneously transforming into frogs or anything else unnatural by listening to this episode.

This week we get personal and Christine shares about a health issue in her life that forever changed the way we look at money, priorities, finances and our planning process. It’s introspective and a bit dark, and not our usual light and fluffy personal finance centric type of episode.

"I’m sorry Dave I’m afraid I can’t invest in that." This week we peer into the S&P 500 and see how its core sectors have performed so far in 2023. Is there a true boom in the market happening or has HAL 9000 and his shiny new AI buddies distracted everyone from what is really happening in the American stock market.

It’s a mad, mad, mad, mad stock market! This week we seek out the fabled “W” of the current Canadian stock market and find out what sectors are actually bringing about the best returns on the TSX. Which surprising companies have been the year to date winners and which have crashed and burned, the answer may (or may not) surprise you.

The first rule of confirmation bias club is we don’t talk about confirmation bias club. This week we dig through Grant Sabatier’s book “Financial Freedom: A proven path to all the money you will ever need.” Find out how a burrito craving changed his view on finances and what parts of his philosophy we think can help you get your own tasty burrito, or financial freedom, we won’t judge.

When your financial calculator tells you to “use reasonable figures” you know your in for a wild ride. This week we tackle part two of our look into the Financial Independence Retire Early (FIRE) movement and go beyond just the core concepts and actually put their math to the test. Is the promised 4% rate of return formula your golden ticket or does it turn to rust in when you need it the most.

Where there’s smoke there’s FIRE! This week we dig deeper into the FIRE movement and see how much of it is actually burning logs and how much of it is just cheap kindling. Can you sustain a retirement, what does it cost you in your everyday life? Plus we talk about what we actually really like about the movement in part one of this two week investigation.

It’s time to spin the wheel of retirement fortune and see what we get from the government, bonus points for landing on 70! This week it’s everything you’ve ever wanted to know about CPP and the new changes to OAS. Find out when it could be best to start collecting, how its funded and what the future holds for these 2 staples of government assistance.

The call is coming from inside the house, and it’s asking when to expect payment of my loans! This week we talk with Blair Mantin president of Sands & Associates and go over everything you ever wanted, or didn’t realize that you needed to know about consumer proposals and bankruptcy in Canada. Learn new tips and tricks to help you even before you get into debt trouble and how to best deal with those mounting debts before it’s too late.

For the price of a coffee a day you can become a millionaire… maybe. This week we dig into David Bach’s bestseller “The Latte Factor” and see if its core financial concepts are more foam than cream. Can small daily investments really revolutionize your retirement and how does the math really work in today’s market?

What do all personal finance experts have in common? If you guessed a numbered step by step guide you’re correct! This week Christine joins the dark side of personal finance expertise and lays out her own road map, checklist, whatever we’re calling it, to help you master the basics of not only your budget but your entire personal finance journey.

50, 30, 20 hut hut hut. This week we tackle the growing trend of set it and forget it percentage based budgets and how many of these American creations are leading Canadians astray. Find out whether these good ideas are based in reality and are actually feasible for the average Canadian.

The most important part of investing is timing, or so we are led to believe. This week we talk about how to manage your time in the stock market and how emotions lead you off the cliff of destitution. Learning the cycles of the market and when to best get in, get out, or stay put is the true key to success.