Episoder
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Welcome to the very first âOffice Hoursâ episode of The Wealthy Barber Podcast where Canadians call in with real financial questions and Dave Chilton offers guidance through his signature mix of wisdom, wit and practical advice.
From coast to coast, listeners asked about everything from budgeting for big home repairs to whether âPay Yourself Firstâ applies to before- or after-tax income to investing tips for those who got a later start and much, much more. No jargon, no fluffâjust honest, helpful education from one of Canadaâs most trusted voices in personal finance.
Donât miss this candid, fast-paced and surprisingly fun Q&A session. Got a question of your own? Submit it through our websiteâs contact form or DM us on social media and you might be featured in the next âOffice Hoursâ episode!
FILMED: April 1, 2025
Show Notes
(00:00) Intro & Disclaimer
(00:48) Best Investments for the Short-Term?
(03:18) Which Index Funds to Pick as a Passive Investor?
(06:47) Advice if You Started Investing Later in Life?
(11:13) Is âPay Yourself Firstâ Before or After Tax?
(14:26) How to Budget for Major Home Expenses?
(16:56) What Should You Look For in a Financial Advisor?
(19:58) Lump Sum vs. Dollar-Cost Averaging
(23:51) Is the 4% Rule Still Valid Today?
(28:51) Send Us Your Questions!
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Our guest this episode is Winnipeg Jets star Mark Scheifele! Mark was given a copy of âThe Wealthy Barberâ early in his career and it still influences the way he manages his finances today.
In this 15ish minute episode, Dave and Mark chat about Markâs experience playing the NHL, what he likes to spend his money on, his approach to investing and, most importantly, Markâs role on Daveâs fantasy hockey team.
Enjoy this quick episode with NHL star Mark Scheifele!
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Mark Scheifele
(01:26) âMark and the Winnipeg Jets' Great Year
(04:01) âDave's Fantasy Hockey Team
(04:41) âWhen Mark First Read "The Wealthy Barberâ
(06:00) âWhat Does Mark Like to Spend Money On?
(07:10) âThe Parallels Between Hockey and Golf
(09:45) âHow Exciting Would it Be to Win the Stanley Cup in Winnipeg?
(10:25) âMark's Investing Approach
(11:59) âPlaying and Living in Winnipeg
(13:04) Conclusion
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Mangler du episoder?
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In our very first 15ish-minute episode, we cover a big question: TFSAs or RRSPs? To help answer it, weâve got Mark McGrathâAssociate Portfolio Manager at PWL Capital and co-host of the âRational Reminderâ podcastâwhoâs spent plenty of time looking at all of the pros and cons.
In this podcast, Mark and Dave break down key points including why RRSPs get a bad rap (but shouldnât), how RRSP withdrawals can actually be tax-efficient and why a TFSAâs flexibility isnât always an advantage. All that, and more, in a fast-paced, insight-packed episode.
Donât miss this oneâ20 minutes could save you thousands in retirement savings!
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Mark McGrath
(02:27) TFSAs vs. RRSPs
(05:19) Comparing Tax on TFSAs vs. RRSPs
(09:09) âWhy RRSP Withdrawals Can Often Be At a Lower Tax Rate
(14:53) âWhat if The Government Raises Taxes in the Future?
(17:31) âHow the Canada Child Benefit (CCB) Changes the Math
(18:40) âTFSAs Are More FlexibleâA Double-Edged Sword
(20:47) Conclusion
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Our guest this episode is Robb Engenâcreator of the Canadian personal finance blog âBoomer & Echoâ and advice-only financial planner based in Lethbridge, AB.
In this podcast, Dave and Robb discuss navigating retirement and the world of advice-only financial planningâwhat it is, why itâs not as common in Canada and Robbâs unconventional career path in finance. Much of the conversation has Robb sharing his expertise on retirement planning, covering everything from when to take your CPP to safe withdrawal rates to planning for big expenses and much more.
Whether youâre nearing retirement or just curious about fee-only financial planning, this episode is packed with insights you wonât want to miss!
Show Notes
(00:00:00) Intro & Disclaimer
(00:00:55) Intro to Robb Engen
(00:06:39) What is Advice-Only Financial Planning
(00:12:26) âWhat Type of Clients Are Best for Advice-Only Planning
(00:17:09) âWhy Isn't Advice-Only Planning More Popular in Canada
(00:19:17) Upsizing in Retirement
(00:21:04) âWhen Should You Take Your CPP?
(00:25:11) Spending in Retirement
(00:29:29) âââAll-in-One ETFs
(00:30:56) Robo-Advisors Turning Into Speculative Investment Platforms
(00:35:01) âSafe Withdrawal Rates in Retirement
(00:37:47) âPlanning for Large One-Time Expenses in Retirement
(00:42:57) âGiving Kids Money for a Down Payment
(00:44:02) âHousing Prices Are Unfair For The Younger Generation
(00:45:49) Postnups
(00:46:55) âOptions for Accessing Your Home Equity in Retirement
(00:50:43) âGiving Money Away if You Have Enough for Retirement
(00:53:58) Life Insurance
(00:55:43) Grandparents Helping to Fund RESPs
(00:57:28) Robbâs Big Three Takeaways
(00:59:51) âYou Just Retired⊠Now What?
(01:02:40) âDave's Dad's "Solution" to Financial Planning
(01:03:46) Die With Zero
(01:04:48) Conclusion
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Our guest this episode is none other than Arlene Dickinsonâfamed businesswoman, investor, author and the longest-serving Dragon on CBCâs "Dragonsâ Den."
In this episode, Dave and Arlene reminisce about their time on "Dragonsâ Den" together and chat about everything from Arleneâs early career struggles to the potential US tariffs to the current economic climate for Canadian entrepreneurs and much, much more.
Donât miss this fantastic episode!
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Arlene Dickenson
(02:46) Dragonsâ Den
(04:26) âHandling Online Criticism
(08:21) Arleneâs Early Career Struggles
(16:13) How Did Arlene Become a Dragon?
(19:46) Reflecting on the Impact of Dragonsâ Den
(22:14) âTwo Lessons Arlene Taught Dave
(24:24) âThe Time Arlene Accidentally Got Drunk on Dragons' Den
(25:53) The Current Economic Climate for Canadian Entrepreneurs
(30:03) Potential US Tariffs
(33:48) Younger Canadians Are Frustrated
(36:08) Taxes & Government Spending in Canada
(37:56) âHow Do We Build Up the Canadian Entrepreneur Ecosystem?
(42:46) The Impact of AI
(47:12) âArlene's Closing Message for the Audience
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Weâre joined this episode by Dan BortolottiâPortfolio Manager at PWL Capital, creator of the hugely popular âCanadian Couch Potatoâ blog, author of âReboot Your Portfolio: 9 Steps to Successful Investing with ETFsâ and co-host of the âRational Reminderâ podcast.
In this episode, Dan and Dave dive deep into index investing, covering everything from active vs. passive investing styles to tips for DIY investors, asset allocation strategies, the pros and cons of all-in-one ETFs in Canada and much more. Thereâs a lot to unpack, but Dan and Dave make it all easy to understand.
This episode is a must-listen for anyone serious about DIY investingâtune in now!
Show Notes
(00:00:00) Intro & Disclaimer
(00:00:55) Intro to Dan Bortolotti
(00:02:04) The Origins of the âCanadian Couch Potatoâ
(00:06:56) What is an Index Fund
(00:08:52) Why Don't Most Active Managers Outperform the Market?
(00:15:12) How Dave's Dad Can Beat Professional Money Managers
(00:16:57) Group Retirement Plans
(00:19:25) Mutual Fund Underperformance
(00:22:42) Should People Speculate with 5-10% of Their Portfolio?
(00:26:31) The Financial-Planning-First Model
(00:33:42) How to Construct An Index-Fund Portfolio
(00:35:52) Risk Tolerance and Asset Allocation
(00:42:50) When Stocks & Bonds Both Went Down
(00:44:56) What Goes Into a Financial Plan?
(00:46:34) Get Life Insurance!
(00:47:59) There is No "Optimal" Financial Plan
(00:49:52) When to Take CPP
(00:51:21) The Risks of Helping Kids/Grandkids with Down Payments
(00:53:52) All-in-One ETFs
(00:58:16) Withholding Taxes on US Stocks
(01:02:27) Online Investment Platform Recommendations
(01:04:26) Conclusion
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Our guest this episode is Ron Butlerâa 30-year veteran of the mortgage industry and owner of Butler Mortgage. Some of you may recognize Ron from his social media rants or his âAngry Mortgage Podcastâ where he uses colourful language and profanity to express his opinions (and share his wisdom!) on the world of real estate and mortgages.
In this episode, Dave and Ron discuss all things real estate including the pros/cons of using a mortgage broker, where they think interest rates are headed, whether people should use fixed- or variable-rate mortgages and much, much more.
Enjoy this entertaining and insightful episode.
Show Notes
00:00 â Intro & Disclaimer
00:57 â Intro to Ron Butler
03:20 â Pros/Cons of Using a Mortgage Broker
05:29 â Canada vs. USA Use of Mortgage Brokers
08:19 â âWhere Ron Thinks Interest Rates Are Headed
09:47 â âDivergence Between Haves vs. Have-Not
11:48 â Fixed vs. Variable Mortgage Rates
13:54 â Parents Helping with Down Payments
18:02 â âThe Financialization of Housing
20:07 â Where Are Housing Prices Headed?
25:51 â The Small-Condo Market
30:09 â 30-Year Amortizations
32:10 â High Transaction Costs in Real Estate
34:46 â Renovations
39:37 â Big vs. Small Homes
43:23 â High Housing Costs Causing People to Leave Canada
46:10 â âThe Housing-Affordability Crisis
51:42 â Rapid-Fire Questions
57:16 â An F-Bomb-Filled Ron Rant
59:03 â Conclusion
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Our guest this episode is Richard Coffinâbetter known to many as "The Plain Bagel." Richard is a CFA and CFP professional working as a Portfolio Manager in Ottawa. He has nearly 1 million subscribers on his YouTube channel where he creates entertaining and educational videos on finance, investing and economics.
In this episode, Dave and Richard discuss the rise of "Finfluencers" in todayâs social-media-driven world and explore the fascinating landscape of behavioural finance. They cover everything from the origins of âThe Plain Bagel,â to the pros and cons of getting financial advice online, to the biases that affect us all and much, much more.
Enjoy this fantastic episode featuring two of Canadaâs top financial educators.
Show Notes
00:00:00 â Intro & Disclaimer
00:00:55 â Intro to Richard Coffin
00:03:28 â Origin of âThe Plain Bagelâ
00:08:13 â Richardâs Work & Educational Background
00:12:13 â The Rise of Finfluencers
00:16:34 â ââThe Laws Around Giving Financial Advice Online
00:20:14 â âHow to Evaluate Online Financial Advice
00:21:24 â Trusting Finfluencers More than Wall Street
00:25:20 â The âBeginnerâ Finfluencer
00:28:58 â Investing Courses
00:38:42 â Trustworthy Canadian Finfluencers
00:44:41 â Itâs Easy to Fake Wealth Online
00:47:57 â âYouTubers Being Paid to Promote Stocks
00:55:27 â Behavioural Finance & Loss Aversion
01:02:56 â Confirmation Bias
01:06:35 â âThe Skills Behind Creating Content People Enjoy Watching
01:08:46 â Recency Bias
01:13:41 â Framing Bias
01:19:02 â Conclusion
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Our guest this episode is Barry Choi, the ultimate expert on all things credit card points and loyalty programs in Canada. You may also know him from his frequent TV appearances or his personal finance website www.moneywehave.com.
In this episode Dave asks Barry everything Canadians need to know about credit card points and loyalty programs including which programs offer the most lucrative sign-up bonuses, tips for how to maximize the value of your points, which card is best for travel and much, much more.
This is a highly informative episode and youâll be sure to take away a few valuable tips by listening.
Show Notes
00:00 â Intro & Disclaimer
00:56 â Intro to Barry Choi
03:02 â Loyalty Programs and Data
06:35 â Learn a Few Programs Inside Out
08:51 â Transferring Points to Increase Value
10:47 â Credit Card Points as an Employee Benefit
12:04 â Tips to Maximize Points
14:39 â How to Optimize Points for Travel
17:12 â Which Credit Card is Right for You
18:56 â Sign-Up Bonuses
22:16 â Daveâs Reservations About Credit Cards
25:32 â High-Income Canadians with Credit-Card Balances
28:01 â Barryâs Spending
30:02 â When Barry Took His Family to Hong Kong
34:09 â American Express
37:37 â Dave Doesn't Use Airport Lounges
38:26 â Non-Point Benefits
41:20 â The Lifecycle of a Fintech Company
42:25 â Consumerism & Stuff
45:49 â Donating Loyalty Points
46:58 â Fraud with Loyalty Points
48:37 â Conclusion
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Our guest this episode is Ben FelixâChief Investment Officer at PWL Capital and co-host of âThe Rational Reminderâ podcast. You might also know him from his popular YouTube channel where he creates meticulously researched videos on investing, financial decision-making and living a good life (although you may not recognize his stunning new hairstyle!).
In this episode Dave and Ben dive deeply into the world of investing. They cover everything from active versus passive styles to why CPP is a one-of-a-kind asset to why people underperform so badly in mutual funds and much, much more.
This is a must-listen episode featuring two of Canadaâs top financial educators.
Show Notes:
00:00:00 â Intro & Disclaimer
00:00:55 â Intro to Ben Felix
00:04:25 â Benâs New Hair
00:05:50 â Why Is It So Difficult to Beat the Market?
00:08:02 â Why It's Hard for Active Managers to Consistently Outperform
00:11:42 â âBuy the Haystackâ (Passive Investing)
00:13:55 â The Market is Forward Looking
00:17:45 â Why Dave & Ben Don't Listen to Market Forecasts
00:21:46 â Dave's Only Market-Timing Story (Gone Wrong)
00:25:22 â Performance Gaps for Individual vs. Fund Performance
00:29:55 â Lump Sum vs. Dollar-Cost Averaging
00:35:18 â Everyone's Risk Tolerance is Different
00:36:56 â Countries With High Economic Growth â High Stock Returns
00:41:35 â Beware of High Growth Industries & Thematic ETFs
00:46:00 â The Difference Between Investment Planning & Financial Planning
00:51:20 â How Can Everyday Canadians Get Good Financial Advice?
00:55:44 â Trust is Key in Financial Planning
00:57:26 â Why a 2% Mutual Fund Fee Is So Costly
00:59:11 â Canadian Banks
01:01:19 â Keep it Simple! Complexity Underperforms
01:04:09 â Venture Capital
01:05:42 â Can the US Market Continue to Outperform?
01:13:36 â Robo-Advisors
01:17:44 â Would Ben Ever Be a Landlord?
01:20:00 â CPP â Four Reasons Why You Should Wait to Take It
01:26:11 â Conclusion
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Our guest this episode is Jessica Moorhouseâa Canadian personal finance creator, host of the âMore Money Podcast,â and soon-to-be-published author of the book âEverything but Money: The Hidden Barriers Between You and Financial Freedom.â
In this episode Dave and Jessica discuss how our emotions and past experiences affect our relationship with money including bad financial habits people learn from their parents, biases that get in our way, why the financial industry benefits from making it seem more complicated than it is and much, much more.
Donât miss this engaging discussion with Jessica Moorhouse.
Show Notes00:00 â Introduction00:56 â Jessica's Background03:21 â How Jessica's Podcast Started05:51 â Jessica's Upcoming Book11:43 â Bad Money Habits We Learn From Our Parents15:34 â Money and Shame17:18 â How to Take Control of Your Relationship with Money19:07 â Status Quo Bias22:15 â Anyone Can Learn to be Good With Money24:33 â Overconfidence Bias in Young Men27:02 â Women and Investing29:02 â Emotions and Investing31:51 â Index Investing & Fintech33:51 â Focus on What You Can Control and Don't Give Up Hope38:10 â Living in Toronto40:37 â The Best Financial Educators Are Truly Trying to Help43:55 â Happiness and Financial Planning46:39 â COVID49:18 â Where to Get Jessicaâs Book
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Our guest this episode is Rob Carrickâone of the most well-known personal-finance experts in the country through his 30+ years as a financial writer and columnist for The Globe and Mail.
In this episode Dave and Rob discuss how personal finance in Canada has changed over the last 35 years including how more parents are helping their adult-age children financially, how social media is increasing the pressure to spend, why FHSAs are the ultimate no-brainer and much, much more.
You'll enjoy this discussion with Rob Carrick.
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The Wealthy Barber Podcast is Canadaâs go-to source for approachable, entertaining, and free financial education. Hosted by none other than David Chiltonâformer Dragon on CBCâs âDragonsâ Denâ and the best-selling author of âThe Wealthy Barberâ and âThe Wealthy Barber Returnsââthis podcast is here to help Canadians manage their money better. Much better.
Find all episodes and more Canadian personal finance content at https://thewealthybarber.com.
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Show Notes:(00:00:00) â Introduction(00:03:30) â It's More Expensive to Have Kids Today(00:06:01) â Pressure to Spend(00:07:24) â Crazy What People Spend on Cars(00:09:24) â Spending & Lines of Credit(00:12:27) â What Dave is Seeing From People's Spending Summaries(00:13:47) â Itâs Financially Difficult to be Single(00:15:12) â Costs Are Rising for Seniors(00:19:06) â More Parents Are Helping Their Kids Financially(00:22:09) â People Need Help with Retirement Planning(00:27:05) â Fee-Only Financial Planning(00:31:19) â Divorce Rates Going Down(00:32:18) â People Are Having Fewer Kids(00:33:13) â Boomers Had It Easier(00:36:18) â Pensions Are Making a Comeback(00:38:18) â Counting on Inheritances(00:39:05) â Some Young People Are Giving Up(00:40:16) â Anyone Can Manage Their Money Well(00:41:24) â Is Personal Finance Harder Today?(00:42:17) â Pets Are More Expensive Than You Expect(00:44:30) â You Have to Make Spending Tradeoffs(00:46:16) â You Feel Better When Youâre On Top of Your Finances(00:48:44) â Debit vs. Credit Cards(00:50:54) â Should Couples Manage Their Money Together?(00:54:01) â FHSAs(00:55:08) â TFSAs(00:58:11) â The Problem with the Bank-Branch System in Canada(01:00:23) â FHSAs Are a No-Brainer(01:03:39) â Why Hasnât Canada Embraced Passive Investing Like the US?(01:05:38) â The Wrong Way to Use ETFs(01:08:26) â Men vs. Women Investing(01:12:19) â Why Donât Canadians Use Mortgage Brokers?(01:14:08) â RRSPs are Still Great(01:16:48) â Conclusion
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Our guest this episode is Robin Taubâa financial educator focused on helping parents teach their kids to be responsible, independent and money-smart for life through her award winning book âThe Wisest Investmentâ and public speaking engagements.
In this episode we discuss all things parents should know when teaching their kids about money, from allowances, to piggy banks, to how much kids should save, and much more. You'll enjoy this discussion with Robin Taub.
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The Wealthy Barber Podcast is Canadaâs go-to source for approachable, entertaining, and free financial education. Hosted by none other than David Chiltonâformer Dragon on CBCâs âDragonsâ Denâ and the best-selling author of âThe Wealthy Barberâ and âThe Wealthy Barber Returnsââthis podcast is here to help Canadians manage their money better. Much better.
Find all episodes and more Canadian personal finance content at https://thewealthybarber.com.
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Show Notes:
(00:00:00) Introduction
(00:01:11) How Do You Teach Kids About Money?
(00:07:38) Allowances
(00:11:41) Robin's Book & Framework
(00:15:52) Teaching Kids About Investing
(00:18:55) People Are Having Fewer Kids
(00:20:00) Young People More Affected by Inflation
(00:22:42) Piggy Banks
(00:24:04) Spending in the Digital Era
(00:26:01) "Cooling-Off" Periods
(00:27:25) How Much Kids Should Save
(00:28:59) Grandparents More Financially Involved Now
(00:31:58) Biggest Money Mistakes Parents Make
(00:35:08) Money Stress is the Worst Stress
(00:37:14) The Importance of Sharing
(00:41:09) Dave & Robin's Kids
(00:45:01) Other Resources for Parents
(00:47:08) Conclusion
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Welcome to the inaugural episode of The Wealthy Barber Podcast!
Our first guest is Preet Banerjeeâone of the top financial educators in Canada, having been a regular for years on CBC's The National, renowned speaker and author of the bestselling book, âStop Overthinking Your Money.â Recently, Preet completed a doctorate with his research focusing on the value of financial advice to Canadian households and how to improve the outcomes for the mass market.
In this episode, we discuss what Preet learned from his research and all things Canadian personal finance, from RRSPs versus TFSAs, to active versus passive investing, to whether investing in Canadian rental real estate still makes sense, to who has the better hair and much, much more. You'll enjoy this discussion with Preet Banerjee, a great communicator and a truly great guy.
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The Wealthy Barber Podcast is Canadaâs go-to source for approachable, entertaining, and free financial education. Hosted by none other than David Chiltonâformer Dragon on CBCâs âDragonsâ Denâ and the best-selling author of âThe Wealthy Barberâ and âThe Wealthy Barber Returnsââthis podcast is here to help Canadians manage their money better. Much better.
Find all episodes and more Canadian personal finance content at https://thewealthybarber.com.
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Show Notes:
(00:00:00) Introduction
(00:01:59) Preetâs Research
(00:06:16) Biggest Problem Young Canadians Face Today
(00:10:32) RRSP vs. TFSA
(00:13:06) FHSAs
(00:14:38) Active vs. Passive
(00:20:40) Men vs. Women Investing
(00:23:52) Inflation
(00:29:14) Who has better hair?
(00:29:47) Giving Advice to the Masses
(00:32:36) Group RRSP Matching
(00:34:58) Investing in Rental Real Estate in Canada
(00:37:41) Getting Help From Parents
(00:40:19) Emergency Funds
(00:43:08) Has the Pendulum Swung Too Far
(00:45:23) Other Personal Finance Creators
(00:48:02) An Experience That Changed Preetâs Perspective on Life
(00:51:35) Conclusion
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The Wealthy Barber is back! Dave Chilton has spent over 35 years demystifying personal finance, offering understandable, unbiased, and actionable advice that has empowered millions of Canadians to achieve their financial goals. Now, heâs bringing that same wisdom to your favourite podcasting platforms, with regular episodes designed to make personal finance simple, relatable, and yes, even entertaining.
