The Wealthy Barber Podcast

Our guest this episode is Ben Felix—Chief Investment Officer at PWL Capital and co-host of “The Rational Reminder” 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 Canada’s top financial educators.   Show Notes: 00:00:00 – Intro & Disclaimer 00:00:55 – Intro to Ben Felix 00:04:25 – Ben’s New Hair 00:05:50 – Why Is It So Difficult to Beat the Market? 00:08:02 – Why It's Hard for Active Managers to Consistently Outperform 00:11:42 – “Buy the Haystack” (Passive Investing) 00:13:55 – The Market is Forward Looking 00:17:45 – Why Dave & Ben Don't Listen to Market Forecasts 00:21:46 – Dave's Only Market-Timing Story (Gone Wrong) 00:25:22 – Performance Gaps for Individual vs. Fund Performance 00:29:55 – Lump Sum vs. Dollar-Cost Averaging 00:35:18 – Everyone's Risk Tolerance is Different 00:36:56 – Countries With High Economic Growth ≠ High Stock Returns 00:41:35 – Beware of High Growth Industries & Thematic ETFs 00:46:00 – The Difference Between Investment Planning & Financial Planning 00:51:20 – How Can Everyday Canadians Get Good Financial Advice? 00:55:44 – Trust is Key in Financial Planning 00:57:26 – Why a 2% Mutual Fund Fee Is So Costly 00:59:11 – Canadian Banks 01:01:19 – Keep it Simple! Complexity Underperforms 01:04:09 – Venture Capital 01:05:42 – Can the US Market Continue to Outperform? 01:13:36 – Robo-Advisors 01:17:44 – Would Ben Ever Be a Landlord? 01:20:00 – CPP – Four Reasons Why You Should Wait to Take It 01:26:11 – Conclusion

Our guest this episode is Jessica Moorhouse—a Canadian personal finance creator, host of the “More Money Podcast,” and soon-to-be-published author of the book “Everything but Money: The Hidden Barriers Between You and Financial Freedom.” 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. Don’t miss this engaging discussion with Jessica Moorhouse.   Show Notes 00:00 – Introduction 00:56 – Jessica's Background 03:21 – How Jessica's Podcast Started 05:51 – Jessica's Upcoming Book 11:43 – Bad Money Habits We Learn From Our Parents 15:34 – Money and Shame 17:18 – How to Take Control of Your Relationship with Money 19:07 – Status Quo Bias 22:15 – Anyone Can Learn to be Good With Money 24:33 – Overconfidence Bias in Young Men 27:02 – Women and Investing 29:02 – Emotions and Investing 31:51 – Index Investing & Fintech 33:51 – Focus on What You Can Control and Don't Give Up Hope 38:10 – Living in Toronto 40:37 – The Best Financial Educators Are Truly Trying to Help 43:55 – Happiness and Financial Planning 46:39 – COVID 49:18 – Where to Get Jessica’s Book

Our guest this episode is Rob Carrick—one 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. ------- The Wealthy Barber Podcast is Canada’s go-to source for approachable, entertaining, and free financial education. Hosted by none other than David Chilton—former Dragon on CBC’s ”Dragons’ Den” and the best-selling author of ”The Wealthy Barber” and ”The Wealthy Barber Returns”—this 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. ------- Show Notes: (00:00:00) – Introduction (00:03:30) – It's More Expensive to Have Kids Today (00:06:01) – Pressure to Spend (00:07:24) – Crazy What People Spend on Cars (00:09:24) – Spending & Lines of Credit (00:12:27) – What Dave is Seeing From People's Spending Summaries (00:13:47) – It’s Financially Difficult to be Single (00:15:12) – Costs Are Rising for Seniors (00:19:06) – More Parents Are Helping Their Kids Financially (00:22:09) – People Need Help with Retirement Planning (00:27:05) – Fee-Only Financial Planning (00:31:19) – Divorce Rates Going Down (00:32:18) – People Are Having Fewer Kids (00:33:13) – Boomers Had It Easier (00:36:18) – Pensions Are Making a Comeback (00:38:18) – Counting on Inheritances (00:39:05) – Some Young People Are Giving Up (00:40:16) – Anyone Can Manage Their Money Well (00:41:24)  – Is Personal Finance Harder Today? (00:42:17) – Pets Are More Expensive Than You Expect (00:44:30) – You Have to Make Spending Tradeoffs (00:46:16) – You Feel Better When You’re On Top of Your Finances (00:48:44) – Debit vs. Credit Cards (00:50:54) – Should Couples Manage Their Money Together? (00:54:01) – FHSAs (00:55:08) – TFSAs (00:58:11) – The Problem with the Bank-Branch System in Canada (01:00:23) – FHSAs Are a No-Brainer (01:03:39)  – Why Hasn’t Canada Embraced Passive Investing Like the US? (01:05:38) – The Wrong Way to Use ETFs (01:08:26) – Men vs. Women Investing (01:12:19) – Why Don’t Canadians Use Mortgage Brokers? (01:14:08) – RRSPs are Still Great (01:16:48) – Conclusion

Our guest this episode is Robin Taub—a financial educator focused on helping parents teach their kids to be responsible, independent and money-smart for life through her award winning book “The Wisest Investment” 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. —---- The Wealthy Barber Podcast is Canada’s go-to source for approachable, entertaining, and free financial education. Hosted by none other than David Chilton—former Dragon on CBC’s ”Dragons’ Den” and the best-selling author of ”The Wealthy Barber” and ”The Wealthy Barber Returns”—this 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. —---- 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