The Wealthy Barber Podcast

Our guest this episode is Shaun Maslyk — a practicing Certified Financial Planner® and Certified Financial Behavior Specialist® who blends financial planning with positive psychology to help people understand their money stories and flourish beyond their finances. Shaun holds a master’s degree in positive psychology from the University of East London, where his research focused on the relationship between money, behaviour change and human happiness. In this conversation, Dave and Shaun explore what the research really says about money and happiness — from whether happier people make better financial decisions to why more money doesn’t always lead to more joy. They unpack concepts like hedonic adaptation, the “arrival fallacy” of wealth and the unconscious money scripts that quietly shape our spending, saving and relationships. Shaun also challenges the idea that financial success is purely about optimization, making the case for peace of mind, values-based decisions and “sailing to the right island” in life. If you’ve ever wondered whether you’re chasing the wrong financial goals — or how to make money decisions that actually improve your well-being — this episode is full of thought-provoking insights and practical takeaways.   Show Notes (00:00) Intro & Disclaimer (00:55) Intro to Shaun Maslyk (03:39) Do Happier People Make Better Money Decisions? (05:25) Research on Money, Happiness & Hedonic Adaptation (11:45) The Arrival Fallacy of Wealth (13:22) Money Stories & Unconscious Scripts (16:17) How Money Scripts Affect Relationships (20:51) Peace of Mind vs. Mathematical Optimization (24:42) Do Walkers Have Better Financial Behaviour? (26:57) Spending Summaries (28:44) Make Sure You’re Sailing to the Right Island (31:51) The Three Questions That Clarify Money Decisions (35:43) Spending on Experiences vs. Possessions (39:55) Too Much Luxury Can Reduce Joy (41:02) What Would You Do If You Only Had 24 Hours to Live? (43:10) Conclusion

Our guest this episode is Aravind Sithamparapillai, a financial planner at Ironwood Wealth Management Group. Earlier this year, Aravind earned his CFP® designation with the highest exam score in the country, placing him at the top of the CFP® Exam President’s List, and was also selected for FP Canada’s Emerging Leader’s Award. In this conversation, Dave and Aravind walk through what great financial planning actually looks like in practice. They discuss the “financial quarterback” model, Aravind's four-step process for investing and why assessing true risk tolerance goes far beyond a simple questionnaire. Aravind explains how biology and financial stress affect investor behaviour, why unusually high returns are unlikely to last forever and how personal preferences should factor into a well-designed plan. The episode also dives into estate and tax planning topics that are often overlooked—from common estate planning mistakes and the risks of joint accounts to when RRSPs should be left to an estate, how taxes work at death and traps grandparents can fall into with RESPs. The conversation wraps up with a practical comparison of TFSAs vs. RRSPs, a discussion on alternative investments and Aravind’s personal story about discovering The Wealthy Barber. Whether you’re building your first financial plan or refining an existing one, this episode is packed with clear, thoughtful insights from one of Canada’s brightest young planners.    Show Notes (00:00) Intro and Disclaimer (00:55) Intro to Aravind Sithamparapillai (04:47) ​​The Financial “Quarterback” Model (10:32) The Four-Step Investing Process (14:38) How Do You Assess True Risk Tolerance? (16:47) A Financial Planner’s Role in Changing Risk Tolerance (19:04) Biology and Financial Stress (21:38) 20% Returns (Probably) Won’t Go On Forever (23:30) Personal Preferences & Maximizing Return (25:05) Common Estate Planning Mistakes (26:50) Reasons Why RRSPs Should Be Left to the Estate (31:47) The Risks of Using Joint Accounts to Avoid Probate (34:44) The Benefits of Leaving a Letter of Direction with Your Will (36:43) What Happens Tax-Wise When You Die? (38:26) The RESP Trap for Grandparents (45:00) TFSA vs. RRSP (49:09) The Risks of Alternative Investments (56:13) Aravind’s Personal Story About The Wealthy Barber (58:45) Conclusion

Our guest this episode is Daniel Foch, a Canadian real estate broker, co-host of “The Canadian Real Estate Investor” podcast and Chief Real Estate Officer at Valery.ca. Daniel creates widely-followed content at the intersection of data, news and insights for the Canadian housing market. In this conversation, Dave and Daniel tackle the big questions facing the real estate market today. They discuss the Ontario government’s move to take over RECO, whether realtors should be able to represent both sides of a deal, and the evolving role of municipalities, development charges and zoning in housing affordability. Daniel shares his perspective on where the market goes from here, why most Canadians still want a detached home and what it will take to make those homes more affordable. The conversation ranges far beyond prices, touching on the challenges of an aging population, mortgage stress tests and why older generations are staying “overhoused.” There’s also a fascinating discussion about the impact of AI, First Nations’ land claims and the rise in Powers of Sale. If you’re interested in the state of Canadian real estate — from policy to affordability to where things might be headed — this episode is full of insights you won’t want to miss.   Show Notes (00:00) Intro & Disclaimer (00:55) Intro to Daniel Foch (05:06) Ontario Government Taking Over RECO (07:57) Should Realtors Be Able to Represent Both Sides of a Deal? (10:36) Housing Affordability and the Role of Government (16:30) Should Municipalities Lower Their Development Charges? (18:00) Where Does the Real Estate Market Go From Here? (20:56) Most Canadians Still Want a Detached Home (23:15) Owning vs. Renting (26:25) How Do We Make Detached Homes More Affordable? (28:40) Older Generations Are Overhoused But Not Downsizing (34:07) Mortgage Stress Tests (38:42) Daniel Thinks Municipal Governments Could Go Away (40:13) The Potential Impact of AI on Societies (41:54) First Nations’ Land Claims in Canada   (44:31) Bill 60 (46:47) Valery AI (50:15) Increasing Powers of Sale (54:57) Conclusion

Our guest this episode is Morgan Housel, international bestselling author of “The Psychology of Money,” “Same as Ever” and his newest book, “The Art of Spending Money.” In this conversation, Dave and Morgan explore the timeless principles that shape how we think about money, happiness and decision-making. Morgan shares the story behind writing “The Psychology of Money,” why earning more didn’t change his life as much as he expected and why he believes money is “the greatest show on Earth.” They dig into core ideas like why firsthand experiences are more persuasive than data, why “no one’s crazy” and how comfort (not speed) is often the real goal in personal finance. The discussion also covers the emotional side of money — from spending mistakes and regrets to what Morgan actually enjoys spending on — along with big-picture themes like luck, independence, volatility and how to think in terms of what’s reasonable rather than purely rational. If you’re fascinated by human behaviour, personal finance or simply want to make better decisions with your money, this episode is packed with thoughtful insights and memorable lessons from one of today’s most influential financial thinkers.    Show Notes (00:00) Intro & Disclaimer (00:55) Intro to Morgan Housel (03:01) The Story of Writing “The Psychology of Money” (07:37) How Making More Money Changed Morgan’s Life (Spoiler: Not Much) (09:56) Why Morgan Calls Money "The Greatest Show on Earth" (11:25) Nothing is More Persuasive Than What You’ve Experienced Firsthand (13:42) “No One’s Crazy” (17:16) You Can Either Make the Train Twice as Fast or Twice as Comfortable (19:33) Was There Pressure Writing a Follow-Up Book? (21:26) Nobody is Paying as Much Attention to You as You Are (23:32) Volatility is the Price of Admission in Investing (26:05) Buying Independence vs. Buying Expensive Things (29:12) Spending Mistakes vs. Regrets (32:17) What Does Morgan Like to Spend Money On?  (35:08) The Role of Luck in Our Lives (40:33) Reasonable vs. Rational in Personal Finance (43:21) The Most Overrated Financial Advice  (44:48) Conclusion

Our guest this week is John Y. Campbell — a globally respected Harvard economist and one of the most influential voices in academic financial economics. Over his career, John has published more than 100 academic papers spanning fixed-income markets, equity valuation, portfolio theory and household finance.   John’s newest book, “Fixed: Why Personal Finance Is Broken and How to Make It Work for Everyone,” makes a compelling case that the financial system — while vital — is failing ordinary people. Between unnecessary complexity, steep fees, confusing products and poor incentives, most households are left navigating a system that isn’t built with their best interests in mind. John draws on decades of research to explain what’s gone wrong and how better product design, smarter regulation and clearer advice could dramatically improve financial outcomes. In this episode, Dave and John explore how the system can be fixed — from mandatory universal retirement accounts to simpler, standardized financial products, to improving disclosures on credit cards. They also discuss the pitfalls of active mutual funds, the challenges of financial advice models, the role of technology in impulse spending and the rise of gambling and meme-stock behaviour. It’s a wide-ranging and accessible conversation with one of the world’s top financial thinkers. If you care about personal finance, financial policy or simply understanding why the system feels so confusing this episode is a must-listen.   Show Notes (00:00) Intro & Disclaimer (00:55) Intro to John Campbell and His Book “Fixed” (05:14) How Should the Financial Industry be Fixed? (09:30) Mandatory Universal Retirement Accounts (12:52) Active Mutual Funds Have Costly Fees  (15:48) The Different Models for Financial Advice (18:37) How Standardized Financial Products Could Help (21:07) Life Insurance and Complexity (24:57) Two Thoughts on Debt (26:21) Technology and Impulse Spending (29:24) Gambling & Meme Stocks (31:19) Policy Ideas to Fix the Financial System (36:21) How Disclosures on Credit Cards Could Be Improved (38:33) Conclusion