エピソード
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Book a call with Paul: https://calendly.com/westendwealthplanning/introcall?preview_source=et_card&month=2024-10
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Avoiding costly financial mistakes is key to building lasting wealth and reaching your goals.
Are you making the most of tax planning, protecting yourself against lifestyle inflation, or staying disciplined with your investments?
In this episode of Retirement Straight Talk, Paul & William delve into the nine critical financial missteps that can disrupt your financial journey—and how to sidestep them.
We explore real-life scenarios and proven strategies, helping you avoid common pitfalls like market timing and emotional investing while setting yourself up for long-term success.
We discuss:
The hidden dangers of market timing and missing key investment daysHow effective tax planning can significantly grow your wealthThe impact of lifestyle inflation and how to keep your spending in checkReal-world examples showing the power of consistency in investingThe importance of having the right insurance to protect your financial planWe share practical strategies and real-life scenarios to help you sidestep these mistakes, setting you up for a more secure financial future.
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Connect with William on LinkedIn:
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Book a call with Paul: https://calendly.com/westendwealthplanning/introcall?preview_source=et_card&month=2024-10
Book a call with William: https://calendly.com/westendwealth/introcall?back=1
Paul and William dive into the effects of the recent interest rate cuts on your financial lives.
We explore how lower rates impact fixed income investments and what that means for retirees relying on stable income streams. We also discuss whether interest rate cuts influence stock and bond prices, and the potential shifts in the real estate market you should watch for.
Throughout the episode, we break down these complex topics to help you better understand the influence of rate cuts on your investments and financial planning and more.
Connect With Paul & William:
Connect with William on LinkedIn:
/ williambarreca
Connect with Paul on LinkedIn:
/ paulbarreca
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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エピソードを見逃しましたか？
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Book a call with Paul: https://calendly.com/westendwealthplanning/introcall?preview_source=et_card&month=2024-09
Book a call with William: https://calendly.com/westendwealth/introcall
Paul and William discuss what everyone should consider before buying a vacation home.
This includes the purpose of the purchase, understanding the full costs involved, and weighing the costs of buying vs. renting.
The conversation also touches on the tax implications of purchasing properties and the importance of considering estate planning and different ownership structures.
Connect With Paul & William:
Connect with William on LinkedIn:
/ williambarreca
Connect with Paul on LinkedIn:
/ paulbarreca
Follow William on X:
/ willbarreca
The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Click here to book a call with Paul: https://calendly.com/westendwealthplanning/introcall?preview_source=et_card&month=2024-09
Click here to book a call with William: https://calendly.com/westendwealth/introcall
In this episode, we dive into one of the most critical yet often overlooked decisions in estate planning: choosing the right executor.
Selecting the wrong person for this role can lead to unnecessary delays, family conflict, and costly legal battles.
We’ll break down the essential qualities to look for in an executor, explore the common mistakes people make when choosing one, and provide practical tips to ensure your estate is handled smoothly and efficiently.
Whether you're updating your own estate plan or advising someone else, this episode will help you make a thoughtful, informed choice.
Connect With Paul & William:
Connect with William on LinkedIn:
/ williambarreca
Connect with Paul on LinkedIn:
/ paulbarreca
Follow William on X:
/ willbarreca
The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Click here to book a call with Paul: https://calendly.com/westendwealthplanning/introcall?preview_source=et_card&month=2024-09
Click here to book a call with William: https://calendly.com/westendwealth/introcall?month=2024-08
It's election season in the US.
How much of an impact does the president have on the stock market?
What has historically happened in the stock market during presidential election years?
Has the stock market performed better under Republican or Democrat presidents?
Paul & William discuss all these questions & dive into the data so that you can better understand how this election will impact your portfolio.
Connect With Paul & William:
Connect with William on LinkedIn:
/ williambarreca
Connect with Paul on LinkedIn:
/ paulbarreca
Follow William on X:
/ willbarreca
The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Click here to book a call with Paul: https://calendly.com/westendwealthplanning/introcall?preview_source=et_card&month=2024-07
Click here to book a call with William: https://calendly.com/westendwealth/introcall
According to a recent study, Canadian investors have allocated 50% of their stock portfolios to Canada.
This week, Paul & William discuss the concept of home bias and its implications for Canadian investors.
They compare the performance of Canadian investments to global ones and explore the risks and benefits associated with concentrating in Canadian stocks.
Key takeaways include:
- Diversifying investments globally can help to increase returns and lower volatility over long time periods
- The reasons for why a certain level of home bias is sensible for Canadian investors
Connect With Paul & William:
Connect with William on LinkedIn:
/ williambarreca
Connect with Paul on LinkedIn:
/ paulbarreca
Follow William on X:
/ willbarreca
The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Click here to book a call with Paul: https://calendly.com/westendwealthplanning/introcall?preview_source=et_card&month=2024-07
Click here to book a call with William: https://calendly.com/westendwealth/introcall
This week, Paul & William look at the different ways in which splitting income with your spouse can help save you big on taxes.
They explore various approaches applicable to different situations, including those for both business
owners and salaried employees, emphasizing the potential benefits and legal considerations of each strategy.
The key takeaways from this episode include:
Income splitting is an effective strategy for couples to reduce their overall tax burden by taking advantageof each spouse's differing income levels and tax rates.
The importance of understanding the rules and requirements for each strategy to ensure they areimplemented correctly and effectively, avoiding potential legal and tax penalties.
Connect With Paul & William:
Connect with William on LinkedIn:
/ williambarreca
Connect with Paul on LinkedIn:
/ paulbarreca
Follow William on X:
/ willbarreca
The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Click here to book a call with Paul: https://calendly.com/westendwealthplanning/introcall?preview_source=et_card&month=2024-07
Click here to book a call with William: https://calendly.com/westendwealth/introcall
This week, Paul & William discuss the importance of personal finance for children and the benefits of instilling good money habits from a young age.
After listening, you will better understand:
- Why early financial education is essential for creating lasting wealth and preventing future financial dependencies
- How practical experiences with money, such as managing a bank account and making informed purchase decisions, are key to learning financial responsibility
- Strengthening the habit of saving from a young age sets the groundwork for a financially secure adulthood.
- Introducing children to the concept of investing early on helps them understand the value of money and the importance of
growing their savings over time.
Connect With Paul & William:
Connect with William on LinkedIn:
/ williambarreca
Connect with Paul on LinkedIn:
/ paulbarreca
Follow William on X:
/ willbarreca
The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Proper financial planning is more than investment management.
This week, Paul & William review everything an advisor should be doing to provide full value to you
They tackle the essential elements of an effective financial plan, the misconceptions surrounding financial advisors' roles, and the real value advisors should bring to their clients.
Listeners will come away with better expectations of what to expect from an advisor and the different ways they can help to improve financial outcomes.
Connect With Paul & William:
Click here to book a call with Paul
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Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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This week, Paul and William delve into the most pressing question in
retirement planning: "How much is enough?"
They explore the complexities of financial planning, the psychological impact
of not knowing your financial future and practical strategies to ensure a comfortable retirement.
The episode is packed with insights on avoiding common pitfalls, understanding the importance of a dynamic plan, and balancing lifestyle desires against financial realities.
After listening, listeners will have a better understanding of:
- The psychological impact of not knowing your financial future
- Practical steps people can take, including establishing clear income goals and understanding the costs associated with their retirement lifestyle and goals
- The need for flexibility to accommodate life's unpredictability
- How market volatility can impact your retirement
Connect With Paul & William:
Click here to book a call with Paul
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Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Is the stock market a casino that's rigged against you?
Gambling and speculation have always existed in the stock market.
In some ways, the rise of the internet and the rapid exchange of information has made this more pervasive.
Understanding the difference between gambling and investing is one of the most important things you can do to improve your experience in the stock market
Key points discussed include:
- The long-term stock market is the exact opposite of a casino
- Human beings have a natural inclination to transact more, which tends to produce worse outcomes in investing
- How Canada's Pension Plan (CPP) & the world's largest hedge fund both show that the stock market is not rigged in favor of the rich
Connect With Paul & William:
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Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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This week, Paul & William explore some of the most common mistakes they see high-income earners make.
They also debunk common myths about what's required to build and maintain wealth.
Topics discussed include, but aren't limited to:
The right investment strategies for high-income and high-net-worth individualsBehavioural biasesHow to optimize the use of registered accountsLifestyle creepListeners will come away with a better understanding of building and maintaining wealth.
Connect With Paul & William:
Click here to book a call with Paul
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Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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The Canadian Federal government announced significant changes to capital gains taxes in its latest budget.
This week, Paul & William explain the changes in the budget and how it will affect Canadians.
Namely, these changes will affect you if:
You have significant non-registered investmentsYou have any corporately held investmentsYou own an investment propertyYou own a businessThese changes will significantly alter the financial plans of many Canadians.
Listeners will come away with a better understanding of the changes and actionable strategies to reduce their impact.
Connect With Paul & William:
Click here to book a call with Paul
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Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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This week, Paul is joined by special guest Dennis Serre, President & CEO of Serre Financial.
Dennis brings over 30 years of taxation planning experience to clients and financial advisors across the country. He began his career with the CRA, and he remains a leader in the industry by researching and providing unique tax alternatives to business owners and high-net-worth individuals.
Paul & Dennis discuss the use of family trusts for business owners and how they can be used to reduce taxation.
Topics discussed include, but aren't limited to:
The use of family trusts for tax deferralTax on Split Income (TOSI) rules and how family trusts can reduce their impactHow family trusts can be used to reduce taxation on sale of capital property such as real estateUsing a family trust to multiply the Lifetime Capital Gains ExemptionHow estate freezes can be used to pass a business onto the next generationConnect With Paul & William:
Click here to book a call with Paul
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Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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This week, Paul and William discuss common strategies individuals use to reduce or avoid paying taxes on their estates.
Through their discussion, Paul and William discuss the pros and cons of each strategy and what type of individuals are best suited for them.
At the end of this episode, you will have a better understanding of how different assets are taxed in the estate, and what strategies make sense to help you reduce what your estate will pay in taxes.
Topics discussed include, but are not limited to:
Joint ownership of real estate and investment accountsThe tax treatment of RRSPs, RRIFs and TFSAs in the estateThe pros and cons of Segregated FundsHow trusts can be used to minimize estate taxes, and who they're suitable forConnect With Paul & William:
Click here to book a call with Paul
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Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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This week, Paul & William reflect on their careers thus far. Drawing from their wealth of experience in wealth management and financial planning, they share 14 invaluable lessons they've learned that can empower listeners to take control of their financial futures.
Throughout the show, Paul & William share personal anecdotes and real-world examples that illustrate the impact of sound financial decision-making.
Topics discussed include:
How experiences shape your perception of riskIntelligence doesn't guarantee investment successThe benefits of being an optimistHow overthinking can be just as bad as not thinking at allAnd much more!Links From Today's Episode:
Ben Carlson "20 Lessons From 20 Years of Managing Money" https://awealthofcommonsense.com/2024/03/20-lessons-from-20-years-of-managing-money/
Connect With Paul & William:
Click here to book a call with Paul
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Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Is your financial planner truly providing value by focusing solely on investments?
This week, Paul & William discuss the misconception that the most important job of a financial planner is to pick investments.
While investment management is undoubtedly important, various aspects of financial planning often get overlooked. From comprehensive retirement planning to tax optimization strategies, estate planning, risk management, and even personal finance education, there's a myriad of areas where a skilled financial planner can substantially impact their clients' financial well-being.
They discuss the common pitfalls of fixating solely on investment discussions, such as neglecting crucial
aspects of financial planning that could greatly benefit clients in the long run.
Listeners will gain a deeper understanding of the diverse roles financial planners can play in their lives beyond simply picking stocks or mutual funds.
Connect With Paul & William:
Click here to book a call with Paul
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Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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This week, Paul & William examine 6 underappreciated risks of retirement that often get overlooked. While many focus on financial preparedness, there are several other crucial risks are frequently underestimated or ignored altogether.
Join us as we uncover 6 underappreciated risks that could significantly impact your retirement year, including:
Critical Financial Events: Unexpected expenses like healthcare can easily erode savings. Paul and William discuss strategies to mitigate against theseMarket Volatility: The stock market can be unpredictable, and retirees are not immune to its fluctuations. Discover effective investment strategies to mitigate the impact of market volatility on your retirement portfolio.Inflation Erosion: Understand how inflation can erode purchasing power over time, affecting retirees' ability to maintain their desired standard of living throughout their retirement years.Longevity Risk: Examine the challenges posed by longer life expectancies, including the potential for outliving retirement savings and the importance of planning for extended lifespans.Throughout the episode, Paul & William provide actionable advice and practical tips for navigating these underappreciated risks, empowering listeners to make informed decisions to safeguard their retirement. Whether you're approaching retirement or already enjoying your golden years, this episode is a must-listen for anyone concerned about securing their financial future.
Connect With Paul & William:
Click here to book a call with Paul
Click here to book a call with William
Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Whether you're a business owner, investor, or individual taxpayer, understanding how to minimize your tax liability is crucial for building and preserving wealth. Our conversation covers a spectrum of actionable insights, from commonly overlooked deductions to advanced tax planning techniques that can make a significant impact on your bottom line.
We kick off the episode by demystifying the fundamentals of tax reduction, exploring the key principles that serve as the foundation for any effective strategy. From there, we move into practical tips and tricks that you can implement right away to legally and ethically lower your tax burden.
Expect to gain valuable insights on:
1. Investment Opportunities: Uncover tax-efficient investment strategies that not only grow your wealth but also minimize the tax implications associated with capital gains, dividends, and more.
2. Retirement Planning: Learn how smart retirement planning can lead to tax advantages, with a focus on tax-advantaged retirement accounts and distribution strategies.
3. Estate Planning: Delve into the intersection of tax reduction and estate planning, ensuring that your assets are transferred efficiently while minimizing tax implications for your heirs.
By the end of this episode, you'll be equipped with a toolkit of practical tips and strategies to implement immediately, paving the way for a more tax-efficient financial future. Tune in and take control of your finances with our insightful discussion on mastering the art of tax reduction.
Connect With Paul & William:
Click here to book a call with Paul: https://calendly.com/westendwealthpla...
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https://calendly.com/westendwealth/in...
Connect with William on LinkedIn: https://www.linkedin.com/in/williambarreca/
Connect with Paul on LinkedIn: https://www.linkedin.com/in/paulbarreca/
Follow William on X: https://twitter.com/willbarreca
The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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Studies have shown that investors consistently underperform the investments they own.
Why does this happen?
It's because our brains have been hijacked by our biology. Human evolution started about 4-7 million years ago. Humans have spent more than 99% of their evolutionary history in the hunter-gatherer environment.
So many of our natural tendencies today are shaped by what was good for our ancestors.
This week, Paul & William discuss how many of these deeply engrained tendencies cause us to make poor investment decisions.
After listening, you will be better aware of your natural human biases and how to limit their effects to help you become a better investor.
Connect With Paul & William:
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Connect with Paul on Linkedin
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The views and opinions expressed in this podcast may not necessarily reflect those of IPC Securities Corporation. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Hosted on Acast. See acast.com/privacy for more information.
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