Build Wealth Canada Podcast - Personal Finance Mas

Build Wealth Canada Podcast - Personal Finance Mas

Canada

Investing and Personal Finance for Canadians

Episodes

Investing Returns: What Can You Expect?  

In this episode, I've pulled together the newest numbers of what you can expect from your investments. These are based on historical returns using several different highly reputable sources that I personally use and trust.

In other words, this isn't some subjective opinion of what one person thinks you'll get on your investments. Instead, it's actual data, studies, and reports that reputable sources in the industry have put together, and is what I personally use.

The full audio and text version of the episode is down below, and that's also where you can download the latest numbers directly from the sources.

I've also created a summary where you can see the ranges of possible investment returns based on the different sources (which use different times frames and assumptions).

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

The Investing Guide is Ready
But before we get into that, I have a big announcement to make and that is that the investing guide is finally ready!

If you've been listening to the show for a while then you know that one of the questions that I get asked most often by listeners of the show, is:

How to actually gets started in investing here in Canada
For those Canadians who have already been investing, the question that inevitably comes up is how to transition to low-cost investments like ETFs, to eliminate these ridiculously high fees that you are likely paying in your mutual funds and other investment products.

Often this happens to Canadians who started investing in mutual funds years ago through their bank, and then as the years go by you start hearing about how Canada has some of the highest mutual fund fees in the world, you notice that the returns you get end up being much lower than what your index investing friends are getting because of these fees, and you learn how these fees will eventually end up costing you hundreds of thousands of dollars over your investing lifetime.

Due to all this, you eventually see the light and decide to switch over to doing index investing yourself which is actually really easy once you know how.

Now the problem up until now has been that while there are definitely some great books and blog posts out there, there isn't really an in-depth, step-by-step video guide that shows you how to actually do everything from beginning to end.

And so after constantly being asked by listeners of the show about how to properly invest, I decided to create the first video training course, made specifically for Canadians where you actually get to look over my shoulder, and see exactly how to actually invest every month. You'll see exactly where I go, where to click, and how to avoid the most common and critical investing mistakes made by Canadians.

On top of that, you get full access to all the tools and resources that I personally use when I invest every month so you don't have to do any complicated math or build your own spreadsheets as I've built and automated all the complicated parts for you.

You also get unlimited support directly from me in case you have any questions, and you get an entire 2 months to try out the entire guide risk-free.

You can check the out guide by clicking here: Investing Guide. The guide is actually temporarily discounted right now too so you can lock in the discount before the price goes up now, and you have an entire 2 months to check out the entire course risk-free. I'm sure you'll love it.
Investment Returns You Can Expect
Below is the summary of the different investment return ranges that I've compiled from the different source. You can also see the full reports and book from these sources at the links below:

Sources:

PWL Great Expectations

Global Asset Allocation: A Survey of the World's Top Asset Allocat...

How to Withdraw from RRSP and TFSA in Retirement (tax efficiently)  

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

You can book a free 30 minute consultation with Sandi Here.

View another interview with Sandi and learn more about her Here.
Introduction
When it comes to the Build Wealth Canada show, there are 2 questions that I get asked more than any other.

The first is how to actually buy ETFs, so how to actually be an index investor, what tools to use, which ETFs are great ones to consider, and how to actually do it step-by-step. So that's why I built the course to basically answer this question.

Now the 2nd question that I get most often is from Canadians who are either in their 50 or 60s, are about to retire (or will be retiring in 10 years or less) and are looking learn how to do it properly.

So how do you withdraw from your portfolio properly to pay as little tax as possible? What are some best practices and things to look out for so that you don’t run out of money during your retirement?

Obviously when it comes to retirement planning like this, things gets really complicated, and the risks are ridiculously high since you're basically at a life stage where you’re going to start spending the money that you've been saving and investing throughout your whole life.

So, the stakes are really high. We're dealing with a lot of real money here, and the terrifying thing is that there are no do-overs.

In other words, if you mess this up, you can't just hit the rewind button, get all your money back and try again. Because of this, it's extremely important to get this right as the worse case scenario is basically you running out of money during retirement.

Also if you do run out of money, then going back to the workforce may not be an option due to the physical and/or mental health that you may be in at that time. Employers might also have a preference to hiring someone younger that they can pay less money for, and groom to stay with the company long term (unlike you since you’ll be back in retirement at the first possible opportunity).

Also with all the development in medical technology, now more than ever we are faced with the new challenge of living too long and outliving our money. This makes having a good financial plan that you review with a professional periodically even more important to ensure that you are living the type of lifestyle that you want in retirement, while minimizing the risks of running out of money.

Now I'm not trying to instill fear or anything like that, but I say all this just to help anybody out there realize that this is critically important, doing it wrong can be catastrophic to you and your partner’s life, and so you have to take accountability and responsibility for your financial situation, and not just hope that everything will turn out okay.

So with that said, I'm of the opinion that since the stakes at this stage of life are so high, you need a customized financial plan specific to your particular situations. This is definitely one of those times where you can't just read a blog post about the top 10 retirement tips and assume that you're all set, and that some "general" guidance is good enough for you as well.

You simply can't do this because the stakes are too high (i.e. you running out of money in retirement), and there are too many variables in your life that can change the plan drastically.

For example:

The assets and liabilities you have
The income sources you'll have in retirement
The dependents you'll have
Your health
Your goals and ambitions for retirement
Inflation and market returns that you've endured in your lifetime
The emergency fund you have
The lifestyle you want in retirement
Family dynamics like marriages, deaths and inheritances

Should You Consolidate Your Debt?  

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

If you’re looking for the link to the free consultation from Jeff and his team, you can get it here: BuildWealthCanada.ca/debt

Today I wanted to cover the subject of debt consolidation. What is it? Should you do it? and if so, then what are the options available to you?

But before we get into that I just wanted to give a shout out to one of the show’s sponsors which is Canadian MoneySaver Magazine. As a Build Wealth Canada listener you have access to a promo code that you can use to get a discount on the magazine, plus get free access to a recent paid webinar hosted by 31 year investing industry veteran Peter Hodson where he shares some of the lessons learned from investing in the past year, and what to watch out for this year. You can get the discount and the free video presentation over at buildwealthcanada.ca/magazine

Alright so let's get into talking about debt consolidation. The idea behind debt consolidation is that if you have different debts at different interest rates, then what you can do is turn all those loans into just a single low interest loan.

The advantage of this, is that from a cost savings perspective, you could actually save money on interest since if for example you have a balance on a few credit cards, instead of paying 18% interest on each one of them, you can instead get one loan at a much lower interest rate, and use that money to pay off all those credit cards.

When you do this you’ve in a way converted the credit card debt, (since each credit card is basically a loan) and turned it into a single loan that is at a lower interest rate.

This money savings component can be nice, plus it lets you pay off your loan faster since any money you save from the lower interest payments can be used to pay down the debt quicker.

You can also do this with more than just credit card balances too such as car loans, and other loans you may have arranged in the past.

The other neat advantage is that now you no longer have to waste time managing multiple loans and/or credit cards. From an administrative perspective it’s just easier to deal with one loan instead of multiple smaller loans.

For example, every loan or credit card has a statement that looks different, they might have different minimum payments, they might have different rules and terms that you have to follow, and each has their own fine print.

If you consolidate, you can actually save yourself time as you're just dealing with one loan, and you only have to learn and understand the one loan instead of a whole collection of them.

Now there are different ways that you can consolidate your debt. For example, you can do it yourself by for example getting a home equity line of credit which is also known as a HELOC.

When you use a HELOC to execute the debt consolidation technique, you basically take out a loan that is secured against your house, and use that money to pay off the high interest debt like credit cards.

Now of course if you mess this up and can’t repay the loan, the bank can foreclose on your house so obviously this is something that you have to be aware of.

Still, this is one way that you can consolidate your credit and the reason that it works is that the interest rate you get on a home equity line of credit (HELOC) will generally be a lot lower than what you’re paying on your credit cards and so the math makes sense.

Now of course there are a few cons and dangers of doing this.

The main con of doing this (which I already briefly brought up earlier), is that let’s say you execute this strategy but instead of paying off the debt, you keep racking up more and more debt.

Eventually you max out your home equity line of credit (HELOC) and perhaps start taking on ...

Dividend Investing: Is it Right for You?  

If you’re looking for the free gift from 5i Research, you can get it here: Free 1 Month Trial

Audio Version:

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

If you’re looking for the free gift from 5i Research, you can get it here: Free 1 Month Trial

You can download the slides for free Here.

I’ve been getting a ton of requests for an episode that talks about dividend investing in Canada, so a big thanks goes out to all the listeners who reached out and made the request by either leaving a review on iTunes, or signing up to the free Build Wealth Canada newsletter and asking me in the comments section after signing up.

So based on your requests, today I’m excited to have Ryan Modesto on the show who is the dividend expert and Managing Partner over at 5i Research. If you recognize the name, it might be because you saw him on TV over on the Business News Network (BNN), or you might have read one of his many articles or analysis as Ryan literally analyzes Canadian companies every day to find the best ones to invest in, especially if you are a dividend focused investor.

Now if you’re new to dividend investing then don’t worry, we’re going to start off at the basics, build a good foundation, and then move our way over to some more advanced questions once you’ve got a good handle on things.   

Ryan has also been generous in providing Build Wealth Canada listeners with a special offer where you can get your investing and dividend questions answered by him, and learn other dividend investing best practices by getting a free trial membership over at 5i research.
Questions Covered

For those Canadians new to this type of investing style, can you explain what dividend investing is?
When should someone consider doing dividend investing? (i.e. Is there a particular life stage when it's most appropriate?)
Is there a type of person that is most suited for this type of investing? (ex. time commitment, personality, etc.)
What are the pros and cons of this investing style vs something like index investing, mutual fund investing, or stock picking for growth?
The idea of investing to "live off the dividends" sounds very tempting to Canadians. How realistic is this? What is actually needed to pull this off?
What are some of the top mistakes Canadians make when investing in Dividends? (ex. Chasing yield)
At 5i one of the things I noticed you do, is that you have sections of the site dedicated specifically for dividend investors, and I noticed that in there you recommend primarily Canadian companies. Can you explain why that is? (i.e. preferential tax treatment, anything else?)
Peter said (in a previous interview)  that at 5i you like companies that have a growing dividend. If somebody is researching a company themselves, how can they check if a company is growing its dividend?
What are some good resources for somebody that is considering, or wants to learn how to do dividend investing?
I know you guys offer a lot of help on this to 5i subscribers so feel free to talk about some of the resources that you have available for investors too.
Can you tell us more about the free trial and question that you offer to Build Wealth Canada listeners, and where can listeners learn more from you?

Questions and Answers Summary
Please treat the answers below as a review/summary, but don't just read the bullet points below. It's important that you watch or listen to the entire interview to ensure that you interpret the summary points below correctly (i.e. In the right context).

Question 1:
For those Canadians new to this type of investing style, can you explain what dividend investing is?

Answer: 

A Dividend is:

A distribution paid by the company to the shareholders

How I Lost $16,128 by Not Getting Started in Investing Earlier  

Episode Links:

Canadian MoneySaver Magazine: Discount & Bonus

How to Invest in ETFs in Canada (Your Complete Guide to Index Investing)

Audio Version of Episode:

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Article Version of Episode:

One of the biggest things that held me back from getting started in investing earlier was my definition of "risk", and from associating "investing" with picking stocks.

I remember growing up and hearing about companies going bankrupt, and hearing from friends and acquaintances about the money they lost by buying shares of a company after hearing about a hot stock tip.

Others that I talked to would buy cheap penny stocks hoping that their value would skyrocket, only to have the company fail and be worth next to nothing now.

We see and hear such stories all throughout our lives whether we're in high school, university, college, or out in the work force.

Looking back at these experiences, it doesn't surprise me that my initial perceptions of investing in stocks was seen as extremely risky.

Now here's the part that prevented me from getting started in investing earlier, which in turn resulted in me missing out on earning an extra $16,128. The mistake I made, was my definition  of "risk".

Sounds weird right?  But hear me out:

Based on the experiences I just mentioned which involved seeing people lose money picking stocks, I began to perceive investing in stocks as having only two potential outcomes:

You either "hit the jackpot" by investing in some stock that ends up making you loads of money (ex. Blackberry in the early days), or the investment doesn't work out and you lose most or all of your money.

In other words, I mistakenly defined "risk" as the probability that I could lose all my money. When looking at it this way, I started being extremely conservative with my money.

I was afraid to invest in stocks at all, and the only thing that I felt safe "investing" in was using my disposable income to pay down the mortgage quicker. I thought, "Why would I put my money in something where I can lose it all, when I can instead just pay down my mortgage which essentially  guarantees me a small rate of return".

Aside: I should point out too that this decision happened when I was fresh out of university and amidst the 2008 financial crises, which for a beginner and uneducated investor was a very scary time to start investing in the markets. It's hard to have confidence and see the drop in markets as a buying opportunity when you don't fully understand what is going on, and all you hear is noise about how others have lost money by solidifying their losses when they panicked and decided to sell off their investment right after the drop.

Now don't get me wrong, choosing to pay down your mortgage instead of investing isn't necessarily a bad decision. It really depends on a multitude of factors, and the correct answer can be completely different from one person to another.

But the bottom line is that I shouldn't have automatically just assumed that any sort of stock investing has a decent chance of me loosing all my money and therefore the only somewhat "safe" thing to do is pay off the mortgage quicker.

What I know now through a ridiculous amount of research over the years, is that there is actually a middle ground.

What is that middle-ground?

The answer is index investing (and for all the readers who are already a little versed on this subject, what I am specifically referring to and what I actually personally do and teach others to do is broad market index investing by buying low cost ETFs). If you don't know what that is yet then don't worry, we'll go into that later.

If you're just starting out in learning about investments then this definitely...

Is Your Financial Advisor Ripping You Off?  

The audio version of this article is also available to you here:

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Links Mentioned in the Episode:
Free 1 Month Trial from 5i Research

How to Invest in ETFs Guide

Article:

One of the best pieces of advice that I received growing up was that whenever you receive advice from someone, first ask yourself "Does that person have something to gain from giving me that advice?".

Asking myself this one question has helped me avoid dozens of mistakes over the years such as picking the wrong financial advisor, taking on too big of a mortgage, buying the wrong house, and many others.

One of the most financially catastrophic decisions you can make, is not asking yourself this question when it comes to choosing your financial advisor.

The reason for this is especially true in Canada, where we have some of the highest mutual fund fees in the world. Making the wrong decision here can literally cost you hundreds of thousands of dollars over your lifetime (and no, I am not exaggerating).

Yikes! So it's definitely worth your time to be skeptical and not automatically trusting when deciding which advisor you pick, and whether you buy the investments they recommend.

In Canada, there are a lot of great financial advisors, but also many sharks. This is why you shouldn't just walk into your local branch just because you already bank with them, and accept whatever financial advisor happens to be available at that time.

It also goes without saying that you also shouldn’t invest in whatever they tell you to invest in without first giving it some serious thought and analysis. Whether you live a comfortable retirement or one at the poverty level can easily be impacted by this one decision so choose carefully, and don’t base this decision on "convenience".

Aside: I’m going to use the term “financial planner” and “financial advisor” interchangeably in this article since most people don’t actually know the difference and are more familiar with the term “financial advisor”. Many people also say “financial advisor” when they really mean “financial planner”, so for the purposes of this article, I’m referring to the person you go to when you want to invest such as in your RRSP, TFSA, or if you want some sort of financial advice about what to do with your money.
Financial Advisors in Canada
The sad reality in Canada is that many people who call themselves "Financial Advisors" are actually commissioned sales people.  "Financial Advisor" sounds like a type of consultant. Someone that is there to advise me and has my best interests at heart (just like if you were to hire a consultant to help you with something in your job).

However when someone is paid a commission or bonus when they get you to invest in something, then they now automatically have a financial incentive to recommend investments to you that will make them the most money.

This is like going to a car dealership and asking the salesperson whether you should get the deluxe model with the heated seats.  I'd be willing to bet that if they get a higher commission to sell you the more expensive car, then 99% of them will say "Yes, you should get the more expensive model”.

I have nothing against people who receive commission but just realize that it's human nature for us to recommend things when we have a financial incentive to do so.

Also realize that such a financial incentive is VERY hard for a lot of people to resist, as ultimately who doesn’t want to earn more money?

There’s also the fear or getting fired, or missing out on a promotion since if their job is to get you to buy the investments that are the most profitable for the company, and they instead end up recommending something that is perfect for you but makes the co...

How to Make a Full Time Income Freelancing from Home (10 Year Pro Shares Top Tips)  

My guest today is Miranda Marquit who is basically at the top of the heap when it comes to being a freelance writer and professional blogger. She is the author of her book called Confessions of a Professional Blogger, and has basically achieved what many freelancers just starting off are hoping to achieve.

I thought it would be great to get her on the show to give some advice to aspiring freelancers and bloggers. Miranda is also very honest, so it's really great to hear someone tell it like it is, instead of hearing some fairy-tale advice that does coincide with reality.

Miranda also talks about the importance of having a website to build your brand (whether you're a freelancer or someone who is trying to have their own business).

You can check out my free step-by-step video course on how to build your own website here: Buildwealthcanada.ca/build or if you want to learn what is involved in started a side-business in Canada you can learn it all here: BuildWealthCanada.ca/business.

Enjoy the show and the guides!

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Links and Resources Covered
Miranda's Book: Confessions of a Professional Blogger

Free Video Course: How to Start a Side Business in Canada

Free Video Course: How to Build a Website from for your Freelancing Practice and/or Side-Business

Miranda's Sites:

mirandamarquit.com
plantingmoneyseeds.com

The post How to Make a Full Time Income Freelancing from Home (10 Year Pro Shares Top Tips) appeared first on Build Wealth Canada Personal Finance Blog.

Dragon’s Den Winner Shares Top Tips on Having Your Own Business On-the-Side  

Today I have Dragon’s Den winner Lee Renshaw on the show, and we’re going to talk all about tips and strategies that you can implement if you want to start your own business on-the-side here in Canada.

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Now one of the things I noticed based on the emails I received from listeners of the show, is that a lot of Build Wealth Canada listeners would actually like to start their own business on-the-side here in Canada but aren’t exactly sure how to do it and how to set it all up since a lot of the information out there is specifically for the US, and there isn’t a good step-by-step guide out there specifically for Canadians.

So because of this, I decided to built a free step-by-step video guide for you about everything you need to know about setting up your own side business here in Canada. You can check out the full video guide over at BuildWealthCanada.ca/business.

In addition to that, it’s obviously a good idea to have your own website for your new business on-the-side, so I’ve created a 2nd free video guide showing you step-by-step on how you can easily build your own website whether you’re looking to start a blog, provide a service, or sell a product.

What’s also neat is that in the guide, I’m actually building a real-life website for a real business, and I recorded step-by-step how I do it so that you can follow along, and build your own website.

I’m sure you’ll love it, it’s totally free, and the link to that guide is BuildWealthCanada.ca/site

I look forward to hearing what you think!

Kornel
Link's & Resources Covered
Lee's Site: www.risegear.com/

How to Start a Side Business in Canada Video Guide: Buildwealthcanada.ca/business

How to Build Your Website Video Guide: Buildwealthcanada.ca/site
Question's Covered

Tell us your story and how did you end up dominating Dragons' Den?
Let's fast forward. What kind of an impact did being on Dragons' Den have? How is your business doing now?
For those wanting to have a business-on-the-side, or eventually their own full-time business, what are some tips you have for them when they're just getting started.
What specifically did you have to do to start your own business here in Canada?
What are some top mistakes you made, and how would you have done things differently knowing what you know now?
What are your key success factors that got you to where you are today?
When it comes to marketing and promoting your business, what is working well for you now? (marketing channels, specific tactics, etc.)
If you had to start over completely from scratch where your business didn't exist, and all you had was $500 saved up, where would you invest your time and money to start your business
Where can we learn more about you and Rise Gear?

If you enjoyed the episode, please take a moment to leave an honest review and rating on iTunes by clicking the “View in iTunes” button at this link.

If you have any tips, suggestions or comments, please be sure to leave a comment in the section below. I read all responses and look forward to hearing from you.

Also if you liked the episode please share it using the social media buttons and sign up for free below to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools here in Canada!

I looking forward to hearing from you.

Kornel

The post Dragon’s Den Winner Shares Top Tips on Having Your Own Business On-the-Side appeared first on

How to Avoid Money Problems with Friends, Family & Co-workers  

Today I have author Valerie Rind on the show and we’re going to talk all about how to avoid getting into difficult financial situations when it comes to friends and family.

Valerie has interviewed a ton of people who have actually gone through these types of problems in their lives, and is going to share with us how we can avoid some of these catastrophic financial issues that can creep up when we’re dealing with friends, family and co-workers.
Giveaway
Valerie is also giving away 2 digital copies of her book to Build Wealth Canada listeners where she shares these stories and lessons. Her books is called Gold Diggers and Deadbeat Dads, and to win just send me a question that you’d like answered on a future episode or a guest that you’d like to have on the show and you’ll automatically be entered for the prize. You can reach me directly at kornel@buildwealthcanada.ca.

Alright, now let’s get into the show.
Listen, Watch, or Download the Episode:

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Links and Resources Covered:
Valerie's Book: 

Gold Diggers and Deadbeat Dads: True Stories of Friends, Family, and Financial Ruin

Velerie's Site:

valerierind.com

If you enjoyed the episode, please take a moment to leave an honest review and rating on iTunes by clicking the “View in iTunes” button at this link.

If you have any tips, suggestions or comments, please be sure to leave a comment in the section below. I read all responses and look forward to hearing from you.

Also if you liked the episode please share it using the social media buttons and sign up for free below to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools here in Canada!

I looking forward to hearing from you.

Kornel

The post How to Avoid Money Problems with Friends, Family & Co-workers appeared first on Build Wealth Canada Personal Finance Blog.

Part 2 – Lessons Learned from Investing $1 Billion (Stock vs ETF vs Mutual Fund Investing)  

Below is part 2 of the interview with Peter. You can get part 1, as well as all the show notes and the free gift from Peter here.

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

The post Part 2 – Lessons Learned from Investing $1 Billion (Stock vs ETF vs Mutual Fund Investing) appeared first on Build Wealth Canada Personal Finance Blog.

Lessons Learned from Investing $1 Billion (Stock vs ETF vs Mutual Fund Investing)  

If you're looking for the free gift from 5i Research, you can get it here: Free 1 Month Trial

Hey it’s Kornel and welcome to the Build Wealth Canada Show.

Before we start the show I just wanted to give a big “thank you” to all the listeners out there and for everyone that has left a rating for this podcast over at iTunes.

The podcast has now been showing up in the “What’s Hot” section constantly here in Canada and it’s all because you’ve been listening to the episodes and leaving a review so thank you so much for all your support and feedback.

Of course if you haven’t left a review yet I would greatly appreciate as it really helps get great experts on the show.

Now, on to the interview:

Today I’m thrilled to have Peter Hodson on the show who is the owner of 5i Research, the Canadian MoneySaver Magazine, and in his investment career, has managed over $1-billion dollars in assets.

How cool is that!

I’ve always wanted to have Peter on the show to pick his brain about investing best practices here in Canada, and see what he learned over his decades of professional investing.

Peter and his team have also been generous in providing Build Wealth Canada listeners with a special offer where you can get your investment questions answered, and learn more investment best practices by getting a free trial membership over at 5iResearch.ca.

You can get the free trial for 5i Research here.

Now let’s get into the interview:
Stream or Download Here:
Part 1:

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Part 2:

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Links & Resources Covered:
5i Research Gift: Free 1 Month Trial

5i Research

Canadian MoneySaver Magazine
Questions Covered:

Can you start by telling us your background, and your story from your days on Bay Street, to now running 5i Research and owning Canadian MoneySaver magazine?

In Canada it seems that investors fall into one of 5 main categories. They either:

Buy mutual funds
Buy indexes
Buy individual stocks for growth
Buy individual stocks for dividends
Buy a combination of the above.

Can you walk us through these options and how do we decide what type of investing is right for us?

Before we dive into more detail and talk about 5i, what are some key investing lessons that you've learned over the years that we can apply to our own investing lives?

Let's talk about 5i Research. For those Canadians that haven't heard of 5i, can you tell us more about what it is that you do, and how is 5i different?

You have a model portfolio for growth, and another for income on 5i. Can you explain the difference between the two and how do we know which one to follow based on our situation?

How do we choose between a growth vs a balanced portfolio?
How have these portfolios been performing compared to the index?
Why don't I just invest in indexes instead of following the 5i portfolio? Is it just because of the potential for higher returns or are there some other advantages or disadvantages? (ex. greater diversification among different industries)

What if I don't want to be researching and analyzing individual companies. Is 5i still a good fit for me? (i.e. can I just model your portfolio and not do anything else other than re-balance?). Or, do I need to be actively researching the companies you suggest after your initial recommendation to ensure that they are still a good fit?
Is your portfolio just for Canadian companies? If so, what sort of asset allocation do you suggest outside of Canada for diversification purposes?

How to Achieve Debt Freedom with Alan Steinborn  

Hey it’s Kornel and welcome to the Build Wealth Canada Show.

Today’s guest is Alan Steinborn who is an expert in helping others get out of debt.

If you’re new to the subject of getting out of debt, one of the most popular and influential books on the subject is called “Your Money or Your Life”.

The book gives some great strategies on getting out of debt, and actually has a step by step system that you can follow to help you achieve debt freedom.

What made the book really intriguing for me, is that it was written by a guy who retired at the age of 31.

Now anybody that is able to be financially independent by that young of an age is someone that I think anybody can learn from (whether we’re in debt or not), so I was definitely intrigued to learn the system that he used to achieve this goal.

Now one issue that some readers have with the book is that the book is based on strategies that the author did around 1970. Obviously a lot has changed since then. For example, interest rates are a lot lower now so we can’t just put the money away in something safe like a GIC and expect a good return.

Also, housing prices have been going up here in Canada since then, and thanks to the internet, we have a lot of other ways that we can invest. For example, it’s now a lot easier to become an index investor which is what I do, by simply buying the entire market through ETFs.

So obviously a lot has changed since then, and while many of the strategies taught in the book are timeless, what Alan did is he took those best practices, and modernized them for this day and age. He also built a community online so that others on the debt freedom journey can help each other.

Alright, so let’s get into the interview and learn some debt freedom best practices from Alan:

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Links and Resources:
Alan's Real Money Site and Community

Book: Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence
Questions Covered:

You're very involved in helping others get out of debt. Can you tell us a little bit more about yourself, and how you started helping others in this area?
Getting out of debt has a very large psychological component. What are some of the psychological barriers that you found keep people in debt?
Can you tell us more about the methodology that you follow in your life and your program to help others get out of debt?
You have a program and community that works together to help each other get out of debt using this methodology. Can you tell us more about how this can help?

In Closing:
If you enjoyed the episode, please take a moment to leave an honest review and rating on iTunes by clicking the “View in iTunes” button at this link.

If you have any tips, suggestions or comments, please be sure to leave a comment in the section below. I read all responses and look forward to hearing from you.

Also if you liked the episode please share it using the social media buttons and sign up for free below to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools here in Canada!

I looking forward to hearing from you.

Kornel

The post How to Achieve Debt Freedom with Alan Steinborn appeared first on Build Wealth Canada Personal Finance Blog.

RRSP vs TFSA vs Mortgage – Where Should You Put your Money?  

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Today I'm really excited to have Rob Carrick on the show, who is the main Personal Finance Columnist at the Globe and Mail.

Rob is also the author of 5 personal finance books for Canadians, and all in all is easily one of the most respected and well known personal finance experts here in Canada.
Questions Covered:
Today we'll cover whether you should be putting your savings in an RRSP, a TFSA, or use it to pay down your mortgage quicker (if you have one).

The answer to this can vary depending on what phase of life you are in.

For example, are you:

Fresh out of school and just starting your career? Now that you'll have some savings, what should you do with them?
In your late 20s and 30s? You've been building your career for several years, are making a higher salary, and are now in a higher tax bracket too. You might even have kids at this point. Where should you be putting your savings now?
At the peak of your career? You're in your highest earning years, are in an even higher tax bracket, and perhaps you want to retire in a few years. Where should you be putting your savings in this case?

For all three phases, we also cover how your strategy can change, depending on whether you are looking to own a home or be a renter.

Last but not least, we cover:

Where you should be investing your money?
Where to keep your money safe if for example, you're saving for a downpayment on a house?
What should your priorities be when it comes to debt?
What asset allocation should you go with? (ex. stocks vs bonds mix)

Links & Resources Covered:
Rob at the Globe and Mail: http://www.theglobeandmail.com/authors/rob-carrick

Rob's Site: http://www.robcarrick.com/

Rob's Books:

Rob Carrick's Guide to What's Good, Bad and Downright Awful in Canadian Investments Today

How Not to Move Back in With Your Parents: The Young Person's Complete Guide to Financial Empowerment

How to Pay Less and Save More For Yourself: The Essential Consumer Guide to Canadian Banking and Investing
In Closing
If you enjoyed the episode, please take a moment to leave an honest review and rating on iTunes by clicking the “View in iTunes” button at this link.

If you have any tips, suggestions or comments, please be sure to leave a comment in the section below. I read all responses and look forward to hearing from you.

Also if you liked the episode please share it using the social media buttons and sign up for free below to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools here in Canada!

I looking forward to hearing from you.

Kornel

The post RRSP vs TFSA vs Mortgage – Where Should You Put your Money? appeared first on Build Wealth Canada Personal Finance Blog.

Part 2: The Student’s Guide to Personal Finance and Post-Secondary Education  

This is part 2 of the interview on The Student's Guide to Personal Finance and Post-Secondary Education. with Kyle Prevost.

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

If you missed part 1, you can download the episode for free by going to:
buildwealthcanada.ca/the-students-guide-to-personal-finance-and-post-secondary-education/

You can get all the show notes, links and resources there too.

Lastly just a quick reminder that the giveaway is still open for this week so be sure to enter for free at www.buildwealthcanada.ca/giveaways/book-giveaway-more-money-for-beer-and-textbooks.

If you have any tips, suggestions or comments, please be sure to leave a comment in the section below. I read all responses and look forward to hearing from you.

Also if you liked the episode please share it using the social media buttons and sign up for free below to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools here in Canada!

I looking forward to hearing from you.

Kornel

The post Part 2: The Student’s Guide to Personal Finance and Post-Secondary Education appeared first on Build Wealth Canada Personal Finance Blog.

The Student’s Guide to Personal Finance and Post-Secondary Education  

Part 1: 

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Part 2:

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Giveaway:
You can win a copy of Kyle’s book by signing up to enter the giveaway for free Here.
Episode Details:
Today we have arguably the #1 expert in Canada when it comes to personal finance for students. Whether it’s about saving money as a student, or setting yourself up for success with your post-secondary education, we cover it all in this in-depth two part series.

My guest Kyle Prevost is not only a teacher, but has also been featured in the Financial Post, The Globe and Mail, The Toronto, Star, MoneySense Magazine, and many many more.

He is also the co-author of the book “More Money for Beer and Textbooks” where he teaches students who are about to enter post-secondary education (and those already there) how to:

Make the right decisions so that you can have a successful career after graduating
Make your dollars stretch further while you are in school
Set yourself up for financial success both during school, and when you graduate

Kyle and I also talk about entrepreneurship, and how that can be a great option while you are in high-school, or post-secondary education as it will:

Really set you apart from your peers when you’re applying for co-op jobs and a jobs after graduation.
Earn you extra money that you can use to not get into student debt, and make you sound like a better candidate for many scholarships.
Give you the type of experience where a fellow student competing with you for a job down the road doesn’t even stand a chance.

To help you with this, I’m giving you access to my totally free, step-by-step video guide on how you can start your own business on-the-side here in Canada (which is really easy by the way). The guide also shows you how to build your very first website so that your business can be up and running in no time.

The entire guide is 100% free and you can check it all out here: www.buildwealthcanada.ca/business.

Last but not least, if you enjoyed the episode, please leave a review on iTunes and you will automatically be entered into a draw to win a free 30 minutes consultation with me, where you can ask me any personal finance or entrepreneurial questions you want, and I’ll also send you the best tips and guides that I can find to help you with your questions. You can review the podcast Here.
Questions Covered

Is getting a post-secondary education even worth it?
Let's each share a game changing tip for someone in high school or university that can really set them on the right path in terms of having a successful career.
Is university always the best option? How does college compare to university in Canada?
When I was in high school, it seemed like a giant percentage of the graduating class wanted to be teachers. Can you speak to that a little bit since you actually are a teacher? What are the job prospects like for somebody that wants to be a teacher?
What if someone wants to be an entrepreneur? Should you even go to college or university then?
In chapter one you do a great job comparing how much a post-secondary education can cost you in Canada depending on whether you go to university or college, and whether you decide to live at home or not during this time. Can you speak to this a little bit for those listeners who are trying to decide which option to take.
With student loans, what are your options? Are they a good deal? Can we just not pay them by declaring bankruptcy?
What can you expect to pay in interest for student loans?
Should students even bother applying for scholarships o...

Best Credit Cards in Canada (and how to use them)  

Listen Now:

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Today I'm excited to have one of the top personal finance bloggers in Canada on the show.

Tom Drake is the president of Drake Media Inc. and the owner and manager of dozens of personal finance sites, including his primary site: Canadian Finance Blog where you can learn more about the best credit cards in Canada, as well as other personal finance best practices.

He has been called the godfather of personal finance, and today I'm thrilled to have him on the show to talk all about the best practices when it comes to using credit cards, as well as the top credit cards that he recommends.
Questions Covered:

What are some best practices when it comes to credit card use?
Some credit cards have perks like extended warranty on purchases or travel insurance. How do you take advantage of these benefits? Is it a hassle to claim them?
Many credit cards are free while others have a fee but have better rewards. Is there an easy way of determining whether it's worth to get the paid option?
What if you can't pay off your entire balance at the end of the month? What are some options you'd recommend if you actually need to borrow some money (i.e. HELOC, secured loan, unsecured loan).
Your thoughts on saving for an emergency fund vs paying off credit card debt.
What are the advantages and disadvantages of having credit cards?
Should we be concerned about credit limit utilization? (ex. keeping credit limit utilization under 30%)
What are the top credit cards in Canada that you'd recommend?

Links & Resources Covered:
Best Canadian Credits Cards by Tom Drake: www.canadianfinanceblog.com/best-credit-cards/

Tom’s Top Sites:

Canadian Finance Blog

Balance Junkie

Personal Dividends

Stupid Cents

Great Partner Sites That Tom Runs:

Retire Happy

Planting Money Seeds

Out Of Your Rut

Live Rich, Live Well

You can also follow Tom on social media at:

Facebook

Google +

Twitter

Pinterest
In Closing
If you enjoyed the episode, please take a moment to leave an honest review and rating on iTunes by clicking the “View in iTunes” button at this link.

If you have any tips, suggestions or comments, please be sure to leave a comment in the section below. I read all responses and look forward to hearing from you.

Also if you liked the episode please share it using the social media buttons and sign up for free below to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools here in Canada!

I looking forward to hearing from you.

Kornel

The post Best Credit Cards in Canada (and how to use them) appeared first on Build Wealth Canada Personal Finance Blog.

Guide to Rockin’ Your RRSP  

Today I’m really excited to have Bruce Sellery on the show from MoneySense Magazine and Moolala.ca, to tell you all about how to save and invest for your retirement.

Bruce is a bestselling author, and you might have seen him on TV as he’s been on CTV, CNN, BNN, MSNBC, as well as the Lang & O’Leary Exchange with Kevin O’Leary from Dragon’s Den and Shark Tank.

He is also the author of the book “The Moolala Guide to Rockin’ your RRSP” which is a fantastic book that I’d recommend to everyone.

In it, he actually does a great job of inspiring you to take action when it comes to planning and saving for your retirement (which is great if you know this is something you should be doing but just aren’t feeling motivated to do it). He also provides a great step-by-step guide that you can actually implement to pull it all off.
Giveaway:
As is customary on the Build Wealth Canada Show, we do have another giveaway for you and all Build Wealth Canada listeners!

You can enter to win a copy of Bruce’s book by signing up for free down below:

Upon signing up you’ll be automatically entered into the giveaway, and you’ll get more expert interviews like the one with Bruce as they get released.

Plus you’ll receive a free guide on the “Top 5 Personal Finance and Productivity Tools” here in Canada.

If you’re already signed up, then you can still enter the contest by following Build Wealth Canada on Facebook (see the “like” button along the bar to your upper right), or by emailing me a question that you’d like answered on a future episode of the show (kornel@buildwealthcanada.ca).

Of course don’t forget to check out Bruce’s tips and articles on MoneySense.ca, and you can also learn more about Bruce on his site Moolala.ca.
Links & Resources Covered:
Bruce’s Latest Book: Moolala Guide to Rockin’ Your RRSP: Start Rockin’ in Five Easy Steps

Bruce First Book: Moolala: Why Smart People Do Dumb Things with Their Money - and What You Can Do About It

Bruce’s Articles at: www.Moneysense.ca

Bruce’s Site: www.Moolala.ca
Questions Covered
1. Why should Canadians even care about saving for retirement through their RRSPs and TFSAs?.

2. What are the top mistakes Canadians make when it comes to their RRSPs, and retirement planning in general?

3. Tell us about the 5 steps in your book that listeners can use to retire early.

4. For someone that is looking to buy their first home: They may want to save money for a down payment inside their RRSP since they can withdraw it when they're ready to buy using the Home Buyers Plan.

In this case, what should they put their money into? (i.e. bonds, bond ETFs, GICs?) Especially considering interest rates are low and Canadians are worried about getting hurt on bonds if rates go up.

GIC rates are very low too so it doesn't seem very appealing for most.

What about those Canadians that are getting very close to retirement? Is the strategy different for them?

In other words, what are the best safe options in the current low interest rate environment?

5. RRSP loans: What are they and when is it a good option?

6. How to factor in inflation when doing retirement planning calculations? (i.e. Would you just use the anticipated rate of return and subtract out inflation? Or use some other method?)

7. Is there a way to be able to take some of your spouse's RRSP contribution room if you're in a higher tax bracket?

8. Your thoughts on using annuities for retirement? (please define annuities first)

9. Your thoughts on using broad market index funds or ETFs vs buying smaller indexes like small cap stocks or different bond ETFs?
In Closing
If you enjoyed the episode, please take a moment to leave an honest review and rating on iTunes by clicking the “View in iTunes” button at this link.

If you have any tips, suggestions or comments,

How to Retire Early (Part 2)  

This is part 2 of the interview on How to Retire Early, with MoneySense Senior Editor Julie Cazzin.

In Part 1 we covered the beginner level questions. In part 2, we take it up a notch and get into the more intermediate and advanced level questions.

If you missed part 1, you can download the episode for free by going to:
www.buildwealthcanada.ca/how-to-retire-early-part-1/

You can get all the show notes, links and resources there too.

Lastly just a quick reminder that we have another giveaway and it is still open for a couple more days!

The first book you could win is the MoneySense Guide to Buying and Selling a Home.

The 2nd book is “Findependence Day” by Jonathan Chevreau which is all about how to achieve financial independence here in Canada.

To enter the giveaway you have 2 options:

Option 1: Send me an email asking a question that you'd like answered on a future episode of the show.

The easiest way to do this is to enter your email down below so that you get emailed when new expert interviews come out. Upon signing up you'll get an automatic email from me so just reply to that email and ask me your question.

One you do that you'll be automatically entered into the draw.

Here’s the signup form to enter the giveaway:

Option 2: Now if you can't think of a question or maybe you participated in last week's giveaway and already submitted all the questions that you had to me, then you can still enter the giveaway.

First, go to MoneySense.ca and check them out. They have some amazing articles on there, I read them all the time, and it's definitely a great source of personal finance information for Canadians.

Once you've done that, follow Build Wealth Canada on one of the social media channels here:

Facebook: Build Wealth Canada

Twitter: BuildWealthCA

Once you do that you will automatically be entered into the giveaway, and I'll also have a way to get in touch with you if you've won!

Alright that's it! Either send me a question through email, or check out MoneySense.ca and Follow Build Wealth Canada on social media to be automatically entered to win.

I look forward to hearing from you and enjoy the interview!

A quick favour: If you did enjoy the interview, I'd greatly appreciate it if you went to iTunes or Stitcher to subscribe for free to the podcast so that you automatically get all the latest episodes.

Also if you could give this podcast a rating on iTunes I would greatly appreciate it too.

Subscriptions and ratings have a huge impact on securing the best guests so it definitely benefits you as well (and of course I greatly appreciate it too).

Alright that's it. Have a great week, and I'll see you next week with a new expert interview.

I hope you subscribe and leave a review on iTunes and don't forget to check out MoneySense.ca.

All the best,

Kornel

The post How to Retire Early (Part 2) appeared first on Build Wealth Canada Personal Finance Blog.

How to Retire Early (Part 1)  

Today I am REALLY excited to have none other than Julie Cazzin on the show, who is going to tell us all about how we can retire early.

This is part 1 of the interview, and you can find part 2 here.

Julie has also arranged for a giveaway to all Build Wealth Canada listeners so definitely keep reading for more details on that!

A bit about Julie: Julie is a national award winning business and personal finance journalist. She is a founding member and Senior Editor at MoneySense which as you may know is the largest personal finance magazine in all of Canada.

While she consistently writes some of the most popular columns for MoneySense, she's also written for Readers Digest, Canadian Business, Maclean’s, and many others.

Julie has also appeared as a television guest on CityTV, Rogers and CTV as well as several radio shows throughout the years, speaking on a wide range of personal finance topics.

Last but not least, she is also an instructor at Ryerson University for business journalism.

On top of all that, I can personally say that in the past I've learned more from Julie after chatting with her for 15 minutes, than I have from reading some entire books; so you are DEFINITELY in for a treat.

Now about the giveaway: Julie is giving away two books!

The first is the MoneySense Guide to Buying and Selling a Home.

The 2nd book is “Findependence Day” by Jonathan Chevreau (who is also from MoneySense), and that book is all about how to achieve financial independence here in Canada.

To enter the giveaway you have 2 options:

Option 1: Send me an email asking a question that you'd like answered on a future episode of the show.

The easiest way to do this is to enter your email down below so that you get emailed when new expert interviews come out. Upon signing up you'll get an automatic email from me so just reply to that email and ask me your question.

One you do that you'll be automatically entered into the draw.

Here’s the signup form to enter the giveaway:

Option 2: Now if you can't think of a question or maybe you participated in last week's giveaway and already submitted all the questions that you had to me, then you can still enter the giveaway.

First, go to MoneySense.ca and check them out. They have some amazing articles on there, I read them all the time, and it's definitely a great source of personal finance information for Canadians.

Once you've done that, follow Build Wealth Canada on one of the social media channels here:

Facebook: Build Wealth Canada

Twitter: BuildWealthCA

Once you do that you will automatically be entered into the giveaway, and I'll also have a way to get in touch with you if you've won!

Alright that's it! Either send me a question through email, or check out MoneySense.ca and Follow Build Wealth Canada on social media to be automatically entered to win.

I look forward to hearing from you and enjoy the interview!

All the best,

Kornel
Links and Resources Covered:
MoneySense Magazine

Julie's Articles on MoneySense

Findependence Day by Jonathan Chevreau
Questions Covered:
Once you’ve signed up, check out the questions that we covered during the episode:

What are some top tips you can give to Canadians that want to retire early?

How can we figure out if we have enough to retire early?

What are some top mistakes someone can make if they want to retire early?

What are some top mistakes someone can do if they are already retired? (whether it was early retirement or not)

While saving for an early retirement, would you recommend index investing by purchasing broad market ETFs or funds, or do you recommend a different strategy? (ex. dividend investing)

While saving for an early retirement, would your asset allocation be different compared to someone that is p...

How to Invest in Canada (Part 2)  

This is part 2 of the interview on How to Invest in Canada, with author and investor Dr. John Robertson.

In Part 1 we covered the beginner to intermediate level questions. These were perfect for those just getting started on their investing journey.

In part 2, we take it up a notch and get into the more advanced level questions.

If you missed part 1, you can download the episode for free by going to:
buildwealthcanada.ca/how-to-invest-in-canada-part-1.

You can get all the show notes, links and resources there too.

Lastly just a quick reminder that the free giveaway is still open!

To be entered into the draw to receive one of the copies of John's book for free, just sign up for the free newsletter Here (you'll be emailed when new expert interviews like this come out).

When you sign up you'll get an instant email from me plus a free gift. Just reply to that email and tell me what you'd like covered on a future episode of the show.

Once you do that I'll automatically enter you into the draw.

That's all for now. Don’t forget to sign up and enjoy the interview!

A quick favour: If you did enjoy the interview, I'd greatly appreciate it if you went to iTunes or Stitcher to subscribe for free to the podcast so that you automatically get all the latest episodes.

Also if you could give this podcast a rating on iTunes I would greatly appreciate it too.

Subscriptions and ratings have a huge impact on securing the best guests so it definitely benefits you as well (and of course I greatly appreciate it too).

Alright that's it. Have a great week, and I'll see you next week with a new expert interview.

I hope you subscribe and leave a review on iTunes!

All the best,

Kornel

The post How to Invest in Canada (Part 2) appeared first on Build Wealth Canada Personal Finance Blog.

0:00/0:00
Video player is in betaClose