Episodes
Thursday Aug 29, 2019
97 - Bridget Casey
Thursday Aug 29, 2019
Thursday Aug 29, 2019
Bridget Casey wants us all to get rich together.
The good news is that Bridget already did most of the work for you. All you have to do is follow her instructions.
You don’t have to spend years studying the stock market and get an MBA in finance. She already did that so you don’t have to.
Bridget took all of her personal finance skills and education and spent countless hours crafting online courses for you.
Her stand-out course is called the Six-Figure Stock Portfolio. She created this course because there’s nothing like it online right now and as you heard in the intro clip, her students are doing very well.
Bridget started her website Money After Graduation in 2012 and today she has over 3,000 visitors per day.
Bridget also makes personal finance videos on YouTube where she has over 6,500 subscribers and over 500,000 views of her videos.
Bridget joined me from Edmonton, Alberta to share her personal finance story.
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Thursday Aug 22, 2019
96 - Erin Lowry
Thursday Aug 22, 2019
Thursday Aug 22, 2019
Erin Lowry wants you to know that words have power, especially when it comes to your money.
Saving and investing are not the same thing. For example, if someone is saving for retirement, they might not even be aware that they are actually investing their money. Very few people put their retirement money in a savings account. It’s much more likely that if you have your retirement money invested in an index fund, or some kind of portfolio of stocks and bonds that are subject to risk and growth.
But if we keep using the word “save” when we talk about retirement, we miss the opportunity to learn about our investments. If we say “invest” for retirement, you might be triggered to ask “What’s my money invested in?”
You might be thinking, Beau, everyone knows the difference between saving and investing, and people know where their retirement money is invested. Unfortunately, that’s just not true. I read yesterday that 40% of Canadians keep their TFSA contributions in a simple savings account.
Why are Canadians doing this? Well, it’s in the name. TFSA stands for Tax-Free Savings Account. The Canadian government called it a savings account. But it’s not a savings account. It’s a tax shelter. Where the RRSP, or Registered Retirement Savings Plan, was created to save you taxes now, only for you to pay them later when you withdraw money in retirement, the TFSA allows you to take after-tax money you already have and protect it from ever being taxed again.
So the TFSA is not for savings, because savings might grow, if you’re lucky, at 1% per year. You can afford the taxes on 1%. What you want in your TFSA is your highest growth investments. If you have $10,000 in Canadian bank stocks, for example, and you say they are part of your TFSA, and then grow by 10% this year, you pay no tax on that 10%. Not this year or any year after that. That $10,000 could grow to $100,000 and you never pay any tax.
So should this program created to shelter your investment growth from future taxes be called a Tax-Free Savings Account? Absolutely not. It’s a terrible name and it’s confusing Canadians.
Words have power.
Like the words "broke" and "poor" are not the same thing.
This is something that Erin and I discuss in the episode, as she has now written two books: the first one is called Broke Millennial and the most recent one is Broke Millennial Takes on Investing. And there’s a third book in the series coming soon, which we also discuss in the episode.
Erin joined me from New York City to share her personal finance story.
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97 - Bridget Casey
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Thursday Aug 15, 2019
95 - Bettina Schneider
Thursday Aug 15, 2019
Thursday Aug 15, 2019
Bettina Schneider wants you to understand the impact your values, histories and life experiences have on your financial decision-making processes.
Bettina has a PhD in Native American Studies and is currently Associate Professor and Associate Vice President Academic at First Nations University of Canada.
Bettina spends a lot of her time contemplating the following questions:
How can we increase Indigenous people's access to culturally relevant financial education resources?
How can we reframe the way we talk about financial literacy and personal finance in order to make it more accessible to a wider audience?
Bettina believes that financial literacy resources do not always speak to the varied values and experiences of their audience and would like to see more of those resources explore how people's "money culture" impacts the way they relate to money.
Bettina joined me from Regina, Saskatchewan to share her personal finance story
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Thursday Aug 08, 2019
94 - Joe Saul-Sehy
Thursday Aug 08, 2019
Thursday Aug 08, 2019
Joe Saul-Sehy wants you to learn about money, but he doesn’t want you to think you’re learning anything.
Joe is the creator and co-host of The Stacking Benjamins Show, one of the top personal finance podcasts in North America. Joe also co-hosts a new podcast called Money in the Morning.
The running joke on Stacking Benjamins is that you won’t learn anything about money by listening to the show, and if you do learn something, you should keep it to yourself.
Joe figured out a way to make personal finance fun and entertaining, and somehow got over 130,000 people to subscribe to the Stacking Benjamins podcast along the way.
But Joe’s history with money is not all sunshine and roses. He’s made his share of money mistakes over the years and that’s what makes him so effective as a host of a personal finance podcast.
I’m very happy to have Joe on the show and I’m flattered that he has invited me to be on the infamous Stacking Benjamins roundtable coming up on a Friday sometime in the next few months.
Joe joined me from Detroit, Michigan to share his personal finance story.
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Thursday Aug 01, 2019
93 - Darryl Brown
Thursday Aug 01, 2019
Thursday Aug 01, 2019
Darryl Brown wants you to stop complaining about bad financial advice and do something about it.
If you walk into a bank, give them money, don’t ask questions and do zero research on investing, then you’ve pretty much given up your right to complain if you’re not happy with the results.
Instead of complaining about things, let’s be proactive. This is your money. It’s important. You work hard for it. So why not spend a bit of time on it.
Yes, I’ve said this a lot. I know it’s hard to do the work yourself. It takes time and a personal interest in investing. So it might make more sense for you to pay someone a fee to help you figure it all out.
And this is where a lot of people get confused. They think that walking into a bank or going to a company that sells financial products is the best way to invest their money in a way that achieves their financial goals. They don’t charge upfront fees so that sounds great to most people.
But as I’ve said many times, if a financial services company doesn’t have the product that is best for your goals, they are not going to tell you to go somewhere else. They are never going to make money if they send business away.
If you walk into a Mazda dealer and you start talking about how much Ford means to you and you love Ford products and it becomes really obvious to them that you are going to have a significantly better life if you buy a Ford, they will NEVER say, “I don’t think a Mazda is the right car for you.” As a salesperson, that is possibly the worst thing you can do for your career. They will instead try their best to change your mind and fit your desires into their available range of products.
Darryl started his company You & Yours Financial so that he could provide truly unbiased advice. He is not at all interested in forcing you into a box so that you fit the financial product he sells. He doesn’t sell financial products at all. A quick glance at Darryl’s Twitter feed and you can see that he has no patience for the financial BS that’s out there.
Darryl is only interested in providing you with a completely unbiased opinion and an investment solution that is truly right for you.
Darryl joined me in the studio in Hamilton to share his personal finance story.
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Click here to become a patron of The Personal Finance Show via Patreon
To register for my next available personal finance webinar click here.