Explore FI Canada is a round table discussion podcast that seeks to highlight the regional differences that impact our path to Financial Independence.
Explore FI Canada is a round table discussion podcast that seeks to highlight the regional differences that impact our path to Financial Independence.
023: These Books Are on FIRE!
On today’s episode, Chrissy, Money Mechanic and Ryan discuss their favourite personal finance and FIRE books. These top picks are sure to grow your knowledge and speed your path to FI!
Click to view transcript
Thanks to EQ Bank for sponsoring this episode of Explore FI Canada. The EQ Bank Savings Plus Account reimagines banking by offering an everyday 2.45% interest rate, plus the flexibility of a checking account, along with unlimited transactions, no everyday banking fees, no minimum balances and fast, cheap and fully transparent international money transfers and more—all from one account. Visit exploreficanada.ca/eqbank to learn more.
IntroHello and welcome to Explore FI Canada podcast. Join us as we sit with other Canadians at the round table… to discuss and sometimes argue about financial independence in Canada!
Money Mechanic 0:48
Hello, everybody welcome to Explore FI Canada. Thanks for listening. We are here today to discuss some of the books that we really enjoy that are part of the journeys to financial independence and perhaps your retire early type person. So, without further ado, the usual suspects are here, Money Mechanic from Victoria and from Ontario, our good friend Ryan.
Money Mechanic 1:13
Good to have you here and from just across the water in Vancouver, my other good friend Chrissy.
Hello, how’s everyone doing today?
Money Mechanic 1:23
Alright, so we decided we’ve we’ve all been voracious readers of content in this space. And let’s not kid ourselves. There is a ridiculous amount of literature out there and you can bury yourself in a million personal finance books, but the thing is, some of them speak to us more than others.
Money Mechanic 1:41 And I think really today we’re just going to talk about a couple of books each that we’ve read recently that maybe spoke to us and helped us on our FI journey. So one of the books I really wanted to start with was The Value of Simple, but I’m not going to.
Oh! Why not?
The plot thickens.
Money Mechanic 2:01
John Robertson wrote that book and I think it’s super valuable for people that are just starting off in personal finance and getting their accounts set up and things like that. But I chose not to go with that book because I just read a couple books that spoke to me in my path to FI that are a bit different.
Money Mechanic 2:23 They are a little bit of the beginning. They’re a little bit of the psychology there. There’s a lot wrapped up in this and I think with the literature that’s out there, you need to find beyond just the pure numbers. So the first book I’m going to talk about is an old one. It’s from 1997. It’s Rich Dad, Poor Dad by Robert Kiyosaki.
Money Mechanic 2:43
It took me till two months ago to read this book. And I really wish 20 year old Money Mechanic had read this book. And it’s not because I would have been able to understand reply that back then it just would have made giving me the inspiration to, to work towards FI a lot sooner than I did.
Money Mechanic 3:07
The thing I liked about this book the most, is that he really doesn’t go into a lot of numbers. I think a lot of us in this space are too focused on the numbers. He talks about having assets and liabilities. The book’s more about understanding what business is about. Yeah, one of the main themes is financial intelligence.
Money Mechanic 3:29
And if you’re asking yourself what financial intelligence is, it’s the all encompassing part of what our journey to FI or financial independence is. Your intelligence, about money, about your spending, about your assets, about your liabilities, all these things are really important.
Money Mechanic 3:47
And it’s been sa
022: FI School Lesson 1 | FI 101
FI School’s in session again! In this episode, Ryan and Chrissy give an overview of FI: what it is, what it isn’t, and why you might want to consider pursuing it. We’ll also discuss our whys of FI and bust a few FI myths (one of Chrissy’s favourite things to do!) Listen in to get the 101 on FI!
A note to our listeners: while we’ve enjoyed the extra interaction from a weekly release schedule, we’ll be returning to bi-weekly releases after this episode. At the end of the show, we recorded a special epilogue to explain the whys behind this decision and what that means for you as a listener.
Special thanks to friend of the show, Shaidah Karim, for help with the show notes!
Click to view transcript
Chrissy 0:00 Thanks to EQ Bank for sponsoring this episode of Explore FI Canada. The EQ Bank Savings Plus Account reimagines banking by offering an everyday 2.45% interest rate, plus the flexibility of a checking account, along with unlimited transactions, no everyday banking fees, no minimum balances and fast, cheap and fully transparent international money transfers and more—all from one account. Visit exploreficanada.ca/eqbank to learn more.
Hi, everyone, and welcome to the podcast. If this is your first time listening, this is a bi-weekly show where we discuss FI in Canada, where FI stands for financial independence. FI by its very definition is the act of saving enough money and investment accounts where you’ll earn enough passive income generated from these investments that you can cover your yearly expenses so much so that you no longer need your full time job to sustain your everyday spending.
The two most popular options for investing: in the stock market through index ETFs, or in the rental real estate market by becoming a landlord. We’ll cover these options and the math behind them in future installments of FI School. But for today, we’re going through the basic philosophy of FI and why we’re taking this journey.
My name is Ryan Myricks, and I’m one of the three co hosts of this podcast of course, still on the path to FI. My two co-hosts are Chrissy Kay, who will be teaching FI school as well and you’ll hear from in a second, and the Money Mechanic, who won’t be joining us in the classroom. But he’s going to be recording interviews with Canadians who have achieved FI or are still on the path to FI.
If you choose to subscribe to our channel, you’ll see those pop up in your feed as well. Together, all three of us believe the financial optimization strategy that is FI will not only help your personal finances but will also benefit your other lifestyle choices and other aspects of your life to such as happiness, relationships, and building healthy habits. If any of this sounds interesting to you stick around because you’re about to get the 101 on financial independence.
Ryan 2:03 Welcome everybody to Explore FI Canada podcast, the future of personal finance in Canada. My name is Ryan Myricks. I’m from Kitchener, Ontario and the author behind canadianfire.ca. Joining me from Vancouver, BC is Chrissy, my co host and the author behind eatsleepbreathefi.com. Hey, Chrissy.
Hi, Ryan, how are you doing?
I am all fired up. How about you?
I am too. I’m ready to go.
Ryan 2:31 Awesome. Awesome. So today we’re covering the very first lesson of FI School: FI 101.
Yes, we are. This is the intro to FI and we are going to give you a general overview of FI. That is: what it is, what it isn’t and why you might want to consider pursuing it.
Let’s get started by explaining some basic terms of what FI is and why somebody should pursue it.
Sure. So, everyone’s definition is a little different. But I think there are a few points
021: Online Meetup | Getting Your Spouse on Board With FIRE
Listen in as Ryan, Archie, Kyle, and Ali discuss how they got their spouses on board with FIRE. Learn what NOT to do, and how the FIRE Persuasion Checklist can help you have a successful FIRE conversation with your spouse!
Special thanks to friend of the show, Shaidah Karim, for her help with the show notes. Thank you, Shaidah!
Archie from Toronto, ON (Episode 8) Kyle from Orillia, ONAli from Edmonton, AB
What do you think of the Mr. Money Mustache homepage? Does it look at all like a financial blog? Ryan first heard the concept of a ‘Dream Date’ from Talaat McNeely on the Maple Money Show and ChooseFI.
The FIRE Persuasion Checklist
Match your spouse’s personality with a particular niche in the FIRE movement and send them a few links showcasing the lifestyle change. There is no shortage of blogs covering FIRE, pick the one you think they will jive with!Find a babysitter (if applicable) and headout on your Dream Date!Develop a conversation for your spouse outside of your relationship. This is where the community comes in! Perhaps you’re not explaining things right or maybe they just need a second, third and fourth opinion! Have them join a Facebook group such as ChooseFI Canada or bring them to a meetup—or go all out and throw them straight into the FIRE like Archie did!At your discretion, introduce the mainstream philosophy and technical practices that you want to adopt to make FIRE a realistic goal in your relationship and family.
Did Kyle ever hold a ChooseFI Meetup or a screening of Playing With FIRE? Ask him in the comments below!
Click to view episode transcript
Hey guys, before we begin, I just wanted to give a quick warning. I really apologise. But the audio quality of this podcast today is not the greatest.
Unfortunately, we had a few technical issues rolling into the podcast, and they kind of stuck around.
Ryan 0:13 So unfortunately, it’s not going to be the best that you’ve ever heard. But I think this is a really key conversation to have. And I think it’s a really important episode to listen to. So I hope you’ll put up with it sorry in advance, and I hope you enjoy the show.
Intro 0:34 Welcome, everybody to Explore FI Canada Podcast—the future of personal finance in Canada.
My name is Ryan Myricks, and I’ll be hosting online meetups where we get to hear from you the listener talking about all things financial independence in Canada.
It’s not just voicemails or emails, you literally get to say exactly what’s on your mind and it will be released onto Explore FI Canada but remember, with great power comes great responsibility. So we do have a few ground rules.
Number one, we’re in the business of breaking only one taboo today talking about money. As such, please do not bring up sex, politics or religion nobody wants to know.
Number two, please refrain from swearing or being a jerk. All criticism of each other or other Canadians or content creators should be constructive. It is very unhelpful to call somebody stupid and leave it at that explain your frustration, so everybody else can learn.
Three, please only use the first names of anybody you mention. We want to keep everybody anonymous for the very obvious reason that we are talking about money. It’s okay to use the full name of content creators such as Ben Felix or Paula Pant.
Four, and finally the last rule (it’s just for me). I’m going to keep this entire meetup unedited unless somebody breaks a rule. There’s no point in recording a meetup if I start to chop it up and paint a picture that makes me or the podcast look good. So my promise to you, the listener, is an authentic recording as-is.
A couple of disclaimers. All o
020: Mortgage vs. Investing | Maria from Handful of Thoughts
In this episode of Explore FI Canada, Ryan and Chrissy debate the merits of paying down your mortgage vs. investing. Our guest, Maria from Handful of Thoughts, is an experienced homeowner and real estate investor from Edmonton.
We pick her brain, hear about her journey to FI, and learn how she bought nine rental properties in four years!
Click to view episode transcript
IntroWelcome, everybody to Explore FI Canada podcast—the future of personal finance in Canada.
My name is Ryan Myricks. I’m from Kitchener, Ontario and the author behind canadianfire.ca and the co-host of this little podcast, joining me from Vancouver BC is my co host and blogger at eatsleepbreathefi.com Chrissy Kay. Hey Chrissy.
ChrissyHi, everyone. How are you doing Ryan?
RyanI am fantastic and you?
Ryan Sweet. Sweet. Chrissy, you and I are both admins of ChooseFI local groups up here in Canada and we see a certain type of debate spring up all the time. In fact, if you look anywhere on the internet, you see this debate raging on the question that sparks at all is always, should I pay down my mortgage first? Or should I invest in the stock market?
Which really boils down to, at least in my opinion, should I reduce my debt load or go with the math? Do I sacrifice potential market returns for the guaranteed return of paying off my mortgage? This question is so famous that is talked about on major fire platforms all the time, like Mr. Money Mustache, or ChooseFI. Everybody has an opinion and I’m pretty sure the Money Mechanic’s rescue dogs even have weighed in from time to time, Chrissy, you’ve noticed this too?
Chrissy Oh, for sure. It’s an age old debate, whether it’s in the US or in Canada. It’s a constant ongoing battle for people and for some of us, it’s not so hard to make that decision for example for me, but others have struggled with this because you really can’t go wrong. Either way, it’s not really a right or wrong decision. It’s what makes the most sense for you. And so our guest today, Maria, with at the blog handfulofthoughts.com will be talking to us about this. So I’ll just say hello to you first Maria, how are you?
MariaI’m good. How are you guys?
ChrissyWe received a lovely email from you a while back and I thought I’d just read it out to intro you and get us started. So you said to us:
“Loving what you’re doing. It’s great to have a Canadian focused FI podcast to listen to. I’ve binged from the beginning and look forward to new content. My goal is to one day be a guest on your podcast. I paid off my mortgage in under five years through various hacks. I know paying off a mortgage may not be the best investment decision but it was the right one for our family. Please keep up the great content. The interaction between the three of you makes it easy to listen to. Definitely a new podcast I will be recommending to all my friends.”
So thank you for sending such a great email. And thanks for exploring FI with us today.
MariaOh, no problems. I’m super excited to be here. And thanks for all the content you guys are producing. It’s so nice to have Canadian, you know, specific content. There’s not a lot out there, but it’s coming. It’s definitely getting more popular.
RyanWell, thank you so much. It’s when you sent that email. I’m pretty sure immediately I sent back do you have a headset? I didn’t have to say really anything else it was I really want to talk to you because someone willing to put in just a little bit of effort and talk about paying off mortgage and I knew that this is a financial independence hurdle for everybody. Almost nearly every single person who owns a home has to deal with this question. And so I’m really excited to be able to talk to you about it today.
019: Community Feedback 2
Join us as we give an update on the show and share feedback from the Explore FI Canada community. We’ll be reading out and replying to your reviews, messages and comments—so listen in to see if you got a shout-out!
Click to view: Explore FI Canada Episode 19 transcript
Ryan: Welcome guys to Explore FI Canada. I’m your host, Ryan Myricks. I’m from Kitchener, Ontario. And joining me is Chrissy from Vancouver, BC. Hey-oh.
Chrissy: Hi, Ryan, how are you doing?
Ryan: I am fantastic. And joining us from Victoria BC is the Money Mechanic. Hey, buddy.
Money Mechanic: Hey, nice to be back on the show with all three of us. Seems like it’s been a while.
Ryan: I know. I know. We had to do the last community episode without you. So I’m glad that you can round off the trio here.
Money Mechanic: Yeah, well, I’m kind of glad that time of year’s passed and we can get back to business.
Ryan: Yeah, it also helps that you’re Coast FIRE right? Oh, am I supposed to say that?
Money Mechanic : Yeah, stay at home dog dad for a little while.
Ryan: So guys we’re talking directly to our loyal fans today, the listeners who’ve been with us from the very beginning, or the new ones that have hopped along the way because they’ve just found an FI podcast in Canada.
We want to read a bunch of feedback that we’ve gotten, the good and the bad. We do read everything that we get so we do just want to give a bit of a shout out to the listeners that are, you know, hoping to hear maybe their own reply or or just their own comments being aired, right?
I think it’s important for people to have that kind of outreach and to be able to get that type of feedback. And we’re also gonna reply to a bunch of the criticism we’ve gotten, you know, sometimes the people who write us nasty things and then hide their email and a different domain name, and we can’t respond to them. Okay, maybe we will respond to those people, I don’t know.
But we also have an important announcement to make concerning third party advertisers. And we want to be completely transparent with everybody about how the show is going to make money and become sustainable as it grows. And, guys, I think we should just launch right into that because I think that’s, that’s quite a topic.
Money Mechanic: Yeah, I think it’s important everybody knows what page we’re on and the reason why and, and that we’re behind what we’re advertising.
Ryan: It’s actually really important to us that you know what kind of ads we’re going to place on the podcast, on the website or what have you, we just want people to know that we do take it very seriously. This is not a whoever shows us money and then we just all fight to grab it at the same time.
Money Mechanic: Exactly.
Chrissy: Yeah, not at all.
Money Mechanic: Yeah, I think one of the things that’s really important to me is that the item being advertised has some value for our listeners. I don’t mind if it’s, if it’s something specifically that we use within the FI space in Canada, then I think it adds value.
But I definitely don’t want to come across as somebody that we’re monetizing just for the sake of monetizing. I mean there is some underlying costs to all of us for running the show. And we do enjoy it, love it and bringing the content to Canadians, and be nice to have our web hosting paid for that’s kind of where we’re going to start with I think.
Chrissy: And additionally, we would like to eventually pour money back into the podcast in order to further grow it, whether it be for outsourcing some of the work that we do or to improve our equipment or get better hosting.
Whatever it may be we we would like to continue to grow and expand so that we can reach more Canadians with our message.
018: The Physician Path to FI | Dr. FIREfly
In this episode, Money Mechanic and Chrissy interview Dr. FIREfly, a Canadian trainee doctor. We discuss Canadian student loans, lifestyle creep, and much more. It’s a revealing look into the life of a young doctor and how pursuing FI has influenced her career and life choices.
When she found there wasn’t a medical trainee perspective on FI, Dr. FIREfly decided to start her blog in November 2018.
Canadian vs. American student loans
Her impression is that the student loan burden is lower in Canada, maybe in the low six-figures. She doesn’t even think it needs to be that high for most students.Chrissy thinks that’s encouraging, given the news about the dentist who ran up $1,000,000 in student loans.Dr. FIREfly paid back $50,702 of her $109,846 in student loans in 23 months!
Lifestyle creep and doctors
Like most of us, Dr. FIREfly went a little too hardcore when she discovered the FIRE movement!Finding FIRE helped her to prevent the lifestyle creep that typically befalls most doctors (who are notorious for being horrible with their money).Money Mechanic quips that doctors, as medical students, get so good at delayed gratification by spending so long in school… but once they finish, they can’t wait to spend their money!Dr. FIREfly mentions the ways that a young doctor might be influenced to spend more (e.g. they see their more-established peers buying nice cars).
Why of FI
Dr. FIREfly would like to move into systems improvement in the medical system.It may not be compensated work, so it would help to have a good financial base.It’s tough to see healthcare providers in their 70s who wanted to retire years ago, but still can’t afford to.As a patient, it makes a huge difference when your nurse or physician wants to be there and cares about you and their work.She wants to be that kind of doctor; it’s the kind that most people would want.
FI vs FIRE
When she discovered FIRE, she was into full FIRE (RE included).She finds her work very meaningful, so isn’t so sure about the RE part now.Doctors are very type-A and driven, so there can be a lot of guilt and a sense of duty when considering retirement.
Burnout and having no regrets
It’s a very real issue in the medical community and one that’s talked about more often now.She tries to talk about how FI can help; mostly with peers or medical students.FI also gives you the freedom to choose a life of no regrets.
Healthcare costs later in life
Dr. FIREfly wrote an article about caring for ourselves and/or our parents or children if we needed to pay for uncovered medical costs.Despite the excellent coverage we have in Canada, there’s a lot that’s not covered.It’s important to consider these costs and to plan for them so affordability doesn’t get in the way of accessing the best care for us or our loved ones.
Team FI or Team FIRE?She started on Team FIRE, but now is Team FI.DIY anything?She’s not very hands-on, but she meal preps and cooks at home so that she doesn’t have to buy lunch out.Tim Hortons order?She loves to order their Iced Capp Chocolate Milk.
Dr. FIREfly.comThe dentist who ran up $1,000,000 in student loans. In the Beginning (Dr. FIREfly outlines her early years and student loan payoff.)Millionaire Teacher by Andrew HallamHemorrhage in Your Pocket? Stem the Tide! (Dr. FIREfly outlines her early years and student loan payoff.) FIRE Considerations – Health and Help (Dr. FIREfly’s article about healthcare costs as we and our parents age.) The RRSP Secret by Greg Habstritt
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Customer ReviewsSee All
Love the new signature question about travel!
I love the new signature question about Canadian travel! Great idea!
Love the Canadian content
This podcast is super easy to listen to and full of Canadian specific information. The hosts are very relatable.
My hope & wish....
Wish there was this information & movement when I was young. Though retired, I still enjoy listening to your podcast & promoting it to young people I know. Keep to the great work!