Financial freedom is what we all want. We talk to people about their finances all the time and most people just want to know that their money is there, and they can live their life the way they want, but very few Canadians actually get there. Why? Most Canadians are not financially secure because of sub-optimal investments and focusing on the wrong risk. In my latest podcast episode I’m going to show you how to outperform all these methods: How to easily outperform financial advisors, robo-advis...
Feb 15, 2024•36 min•Season 2Ep. 12
When you’re planning for your future you need to have a sound investment strategy, that gives you confidence that you’ll eventually have the retirement that you’ll want. The best way to understand this is with a hockey analogy. Would it be more effective for me to go on the ice and stickhandle and shoot, or for me to pick an NHL superstar to play for me? I learned that it is much more effective to study & hire the top investment managers, than to try to be one. The stock market is much more ...
Feb 13, 2024•4 min•Season 2Ep. 11
Do you feel financially secure? What would it take for you to build a huge nest egg to become financially secure? Conventional wisdom says it’s mostly about investing better. It suggests you should focus on getting a higher return or lower fees. My experience, though, is surprisingly completely different. I have seen the full finances of thousands of people. The ones focused on investing usually had small portfolios. I call these people “performance maniacs”. Typical portfolios I have seen are u...
Feb 06, 2024•4 min•Season 2Ep. 10
The RRSP Gross-up Strategy is a relatively simple concept that can help you contribute 40-70% more to your RRSP, without using any more of your cash. Do this every year and you can retire with 40-70% higher income for life! The last podcast was quite detailed, while this episode is a quick and concise overview of the strategy. In my latest podcast episode you’ll learn: The 3 tax refund options. What is the RRSP Gross-up Strategy? What you need to know before you start this strategy (facts & ...
Feb 01, 2024•26 min•Season 2Ep. 9
Wouldn’t it be great if you could save a lot more for your future without affecting your day-to-day cash flow? One of the main things you learn from your retirement plan is that you need a lot more to retire comfortably than you may have thought. But with all the day-to-day expenses, it can be difficult to find the money to contribute as much as you would like to your RRSP. The RRSP gross-up strategy is a simple strategy that can be a game-changer for you. It can enable you to easily contribute ...
Jan 30, 2024•26 min•Season 2Ep. 8
Are you a parent? If yes - you’re probably paying a lot more tax. Parents are often in higher tax brackets than non parents. This means your planning must be diligently looked at, as it can affect your RRSPs, deductions, and more. I’ve talked about this topic before on my blog, but this is the updated version. In my latest podcast episode you’ll learn: Why are effective tax rates higher for parents? Does the higher tax bracket for parents really start at only $17,000? How does the Canada Child B...
Jan 25, 2024•14 min•Season 2Ep. 7
If you’re investing in equities, you may be using various investment data software like Morningstar. The problem? Investment data often gets misused. This is because you may be looking at short-term stats and ratings from only the last 1-5 years. It takes a lot of effort looking at investment stats, but most people who do this incorrectly, don’t get good returns. In my latest podcast episode, you’ll learn how to look at long-term data and how to use investment data effectively. Why do good inves...
Jan 23, 2024•39 min•Season 2Ep. 6
5 Steps for You to Become Wealthy One of the really cool things about my job is that I get to meet a lot of wealthy people. I get to see what kind of people they are and what their life is like. What I find really rewarding though is to take people whose lives are struggling or just regular income earners and put them on a path to become wealthy. In my latest podcast episode I’m going to answer the most common questions I get about creating wealth, and how YOU can become wealthy. You’ll learn: W...
Jan 18, 2024•22 min•Season 2Ep. 5
Is your mortgage tax-deductible? The Smith Manoeuvre is an elegant strategy to invest for your retirement without using your cash flow. You borrow against your home to invest for your retirement. It converts your mortgage over time into a tax deductible credit line. The Smith Manoeuvre is very effective as part of your retirement plan. It typically doubles your retirement portfolio. To do it the right way, there are three key points: You should not take monthly income from the investments. You n...
Jan 16, 2024•5 min•Season 2Ep. 4
You have probably seen many articles Tax-Free Savings Account (TFSA) vs. Registered Retirement Savings Plan (RRSP). Here is the real answer specifically for you from a tax expert. Deciding on the right one is an important part of your financial plan. Your personal Financial Plan should include the income per year you will need after you retire to have the retirement lifestyle you want - and the amount you will need to contribute to TFSA or RRSP per year to achieve it. In my latest podcast episod...
Jan 09, 2024•4 min•Season 2Ep. 3
Dividend investing is a brain fart! The entire concept is your brain playing tricks on you. I know that thousands of people like dividend investing. In fact there are hundreds of blogs dedicated to it. Dividend investing may sound like a solid and steady way to invest. But it’s a brain fart! In my latest podcast episode you’ll learn: Why is dividend investing a brain fart? Why a dividend = selling shares. Why a reinvested dividend = No dividend. Why dividends are not new money. Fact check: Logic...
Jan 04, 2024•23 min•Season 2Ep. 2
What's important about money to you? Understanding how you feel about money is the first step in an effective financial plan to create the life you want. Money impacts so many aspects of your life. How you handle it, save it, and spend it can say a lot about you. There are some common themes in how people feel about money, and what it means to them in both their everyday life and in regards to their long-term goals. Some people associate money with security or peace of mind, while others think a...
Jan 02, 2024•3 min•Season 2Ep. 1
As we look forward to the holidays and 2024, one thing I know for sure is: "The World is Getting Better All the Time". Every generation of young people thinks the world is getting worse, but the world is dramatically better in every important way than 100 years ago. For example, 170,000 people are lifted out of extreme poverty every day for the last couple decades. On average globally, humans have better technology, are richer and live better lives all the time. I believe we should go into 2024 ...
Dec 21, 2023•5 min•Season 1Ep. 65
You probably think credit card interest is pretty high. It can be far higher than you think! If you or your kids ever do not pay your credit card balances in full by the due date, this is the video to watch. Credit card debt is the single most common place where Canadians get stuck, which can create havoc with your finances (and future). In my latest podcast episode you’ll learn: What is the small print “Gotcha” in credit card interest? Why credit card effective interest rates can be astronomica...
Dec 19, 2023•20 min•Season 1Ep. 64
Can You Be Confident in the Stock Market? There are two schools of thought on this question. The stock market is a decent investment, but it’s a gamble that may or may not make money for you. The stock market is a reliable long term investment that should be the core of your future financial planning. Most investors are scared of suffering a major loss, so they invest conservatively for lower risk & lower returns. Are conservative investments more reliable than the stock market? If you inves...
Dec 12, 2023•3 min•Season 1Ep. 63
You should open up an FHSA Account this year! This is for you if you don’t own a home now or in the last four years and are age 18 - 71. You get contribution room starting the year you open your FHSA, but if you wait until next year you lose that room. The deadline is December 31. An FHSA Account is the # 1 way to save for a home down payment if you buy within the next 15 years. You get a tax deduction for contributions, and withdraw tax free to buy your home and you don’t have to repay it. More...
Dec 07, 2023•2 min•Season 1Ep. 62
Financial freedom. It’s what we all really want. The question is: how do we get there? One key component to achieving financial freedom is creating a retirement plan. Building the nest egg you need doesn’t happen on its own. Most people only save enough to get 20-30% of the investments they need for the retirement lifestyle they envision. Creating your retirement plan can be fun. It makes you wealthier. It’s not about your money – it’s about your life. This article is one of the Must Read posts ...
Dec 05, 2023•4 min•Season 1Ep. 61
How much do you need to be financially independent? That is just one of the many questions posed by Kornel Szrejber of Build Wealth Canada. He recently interviewed me for his podcast, where I go into depth about financial planning practices I use with my clients, as well as complex tax questions. Listen to the podcast episode to learn: How much you need to be financially independent and retiring with the lifestyle you want, along with the process to figure this out. Sustainable withdrawal strate...
Nov 28, 2023•54 min•Season 1Ep. 60
Invest a Lump Sum or Bit-by-Bit. Which Is Smarter? You have a lump sum of cash and you’re trying to figure out how to invest it. The stock market seems pretty turbulent at the moment, so you may be wondering if you should invest your lump sum all at once or bit-by-bit. Maybe you got a big bonus, a lump sum from Smith Manoeuvre, or a large amount of money to invest. What to do? In my latest podcast episode, you’ll learn the pros and cons of both strategies, so you can decide what’s right for you....
Nov 21, 2023•24 min•Season 1Ep. 59
I’ve talked with thousands of Canadians that will not have the life they want because their advisor gave them bad advice. Why do they stick with their advisor? I’ve heard it over and over again. They say: “because he’s a nice guy”. The advice here is, you need a competent advisor & real advice, not a nice advisor. A competent advisor might be really great to work with too, but this is the type of advice you need, so you should beware of who you trust with your finances. In my latest podcast ...
Nov 17, 2023•24 min•Season 1Ep. 58
How can you get above index returns? Index funds and ETFs deliver below index returns. With global equities, their returns are typically 0.5 or 1% below the index. So how can you beat the index? In my latest podcast episode I offer two paths to achieving above index returns. You’ll also learn about: How to identify All Star Fund Managers who beat the index based on skill. How most people pick funds vs the skilful way to do it. The best way to identify the skill of a fund manager. Why Ed’s skill ...
Nov 14, 2023•4 min•Season 1Ep. 57
Optimism is the Only Realism. You’ll learn why in my latest podcast episode. I feel compelled to talk about optimism for two reasons: 1/ Optimism is absolutely necessary for financial success – effective investing and financial planning. You need to feel you will be better off in the future you are building and you need to be confident in your investments long-term. 2/ Many young people are pessimistic today. They believe the world is in decline because of issues like climate change, and that th...
Nov 07, 2023•12 min•Season 1Ep. 56
Can you fund your retirement from your corporation? That’s the question I answer in my latest podcast episode specifically for business owners, where I go in-depth into tax planning & efficient investment strategies when owning a corporation. It may seem complicated (if you’re talking to your accountant), but this podcast episode breaks down basic and advanced principles, to make it easy for you to effectively use your corporation as part of your retirement plan. Listen to find out: Why you ...
Oct 31, 2023•32 min•Season 1Ep. 55
Many people who work with us to figure out their retirement plan, have created a financial plan before. You can get a financial plan from a bank, online methods, financial advisor or fee-only financial planner, but often these financial plans fail. They do not give you the life you want. In my latest podcast episode, I outline what is wrong with most financial plans, how we create retirement plans with our clients, and exactly what you need to be confident in your future. Listen to find out: How...
Oct 24, 2023•47 min•Season 1Ep. 54
You want to retire soon. What is the best way to set up your retirement income to give you the maximum income that will reliably last the rest of your life? Many financial planners have come up with 5 rules of thumb when it comes to retiring. They appear to be common sense and are usually accepted without question. However, are they really good advice? In my latest podcast episode, you’ll find out: The 5 rules of “conventional wisdom”. Advice typically given to seniors. Ed’s analysis of these ru...
Oct 17, 2023•6 min•Season 1Ep. 53
The Canadian Financial Summit is the #1 personal finance event of the year. And we’re only one week away! Once again I’ll be one of the speakers this year with three talks, and I’ll be joined by over 35 other Canadian personal finance and investing experts such as Rob Carrick from the Globe and Mail, Ellen Roseman former Toronto Star columnist, and Jonathan Chevreau from MoneySense & Financial Independence Hub. As a listener of the Unconventional Wisdom podcast, you can get your FREE passes ...
Oct 13, 2023•5 min•Season 1Ep. 52
Right now everyone is talking about the economy… Interest rate hikes. High inflation. Out-of-control government spending. Decline in global trade. Possible looming recession. So what do you do if you have money in the stock market? In my latest podcast episode, you’ll learn why the economy is not relevant to investing, and how it might be the best time to invest in stocks. Listen to find out: The actual correlation between the economy and stock market. The stock market vs. GDP by country. Why th...
Oct 10, 2023•17 min•Season 1Ep. 51
Financial Planning is not about the money itself. It is about what the money will do in your life. A plan is not a bunch of numbers – it is about your life. Our clients find that our planning meetings are actually fun. For example, we ask clients: “What’s important about money to you?” The #1 & #2 answers we get are security and freedom. They want to know there will always be enough income for their family, for emergencies, or for things important to their lifestyle. Or they want to know the...
Oct 03, 2023•3 min•Season 1Ep. 50
In my latest podcast episode, I give you insight into what I advise my clients and why I declare the death of bonds as an investment. It’s time for most investors to stop investing in bonds. Including balanced funds. Here are just some of the topics I cover: Recommended investment strategies for high-yield returns. Why you can’t retire comfortably with a balanced portfolio. The attitude of successful investors. How the investment industry looks at the stock market. Conventional wrong beliefs abo...
Sep 26, 2023•26 min•Season 1Ep. 49
Dividend investors, would you like to make higher returns, pay less tax & simplify your life? Would you like to receive dividends of any amount you want from your non-registered investments, and pay less tax than on ordinary dividends? You can easily do this with a little planning and proper understanding of investments. Self-made dividends are a simple concept with profound benefits. Dividend investing has been very popular recently, but self-made dividends are better than ordinary dividend...
Sep 19, 2023•4 min•Season 1Ep. 48
