A Canadian personal finance podcast that aims to give you real talk about exactly that: Money. Personal finance is rife with jargon, with seemingly impossible advice (don’t ever buy a latte; avocado toast is the reason you’re broke) from people who just don’t get it. They aren’t Millennials -- trying to get ahead against impossibly high home prices and seemingly insurmountable debt -- but we are. We may not be experts, we may not have all the answers, but we get it. And we’re here to give you the real talk on all things money.
KB | 7 Things worth knowing about Balance Transfer Credit Cards
What is a balance transfer? How do balance transfers work? The role of balance transfer offers. Remember, balance transfer offers are only available for a limited time. New purchases on a balance transfer card are subject to a higher rate. So, Is a balance transfer worth it? How does a balance transfer affect your credit score? We wrap it up with what you should look for when choosing a balance transfer card.
Find the best balance transfer credit cards here: https://www.ratehub.ca/credit-cards/balance-transfer
On life and its insurance w Lorne Marr
Lorne Marr (founder of https://www.lsminsurance.ca) is a life insurance expert with nearly 30 years of experience and earning a number of sales and service awards along the way, including one from the prestigious MoneySense Magazine. He founded LSM Insurance in 1998 and quickly grew it into one of Canada’s leading life insurance brokerages. He is also a Certified Financial Planner. Ratehub's director of insurance, Matt Hands, and I spoke with him about his entrepreneurial journey, life insurance myths and misconceptions, practicing gratitude, and MUD coffee.
For more information about life insurance visit https://www.ratehub.ca/insurance/life
[0:00 - 1:17] Intro
[1:17 - 1:18] Money Mistake or Makeup - Lawncare, Tesla, and delegation
[5:54 - 10:06] Why did you get into the life insurance industry?
[10:07 - 14:15] What was it like launching LSM insurance?
[14:16 - 16:20] Would you recommend becoming a life insurance broker as a career?
[16:21 - 17:50] Did you have a lot of doubters when you were starting out saying you shouldn't be doing this?
[17:51 - 19:36] What is Mud Coffee?
[19:37 - 22:44] Lorne's morning routine
[22:45 - 24:45] Life Insurance Myths and Misconceptions
[24:50 - 25:50] Is term life more popular than whole life insurance?
[25:51 - 27:29] How much life insurance do you need?
[27:30 - 29:20] When do you need life insurance?
[29:21 - 30:41] Is life insurance income or asset protection?
[30:42 - 32:16] Are Canadians underinsured with disability and critical illness insurance?
[32:17 - 33:30] Should you use life insurance as an investment vehicle?
[33:31 - 34:40] Should you max out TFSA and RRSP before using life insurance as a tax shelter?
[34:41 - 37:00] CASE STUDY: a young couple, two kids, mortgage, average income - what kind of life insurance policy do they need?
[37:01 - 38:20] Using life insurance stacking to ensure the best protection
[38:21 - 41:10] Do life insurance brokers make money with permanent life insurance policies?
[41:11 - 43:52] Do life insurance brokers still have a place in the tech-fuelled insurance era?
[43:53 - 46:31] Why did you decide to sell LSM to HUB financial?
[46:32 - 1:00:00] RAPID FIRE QUESTIONS
[1:00:01 - 1:00:56] OUTRO
Can I afford a million dollar home?
$1 million used to be enough money to set you up for life, but those days are long gone.
In this Knowledge Bank episode, we take a look at the factors that’ll determine if you can afford the average mortgage on a 1 million dollar home.
We cover what a million dollars looks like in today's economy and what your down payment needs to be. We go over why CMHC won't help you and discuss your debt service ratios - both gross debt service ratio and total debt service ratio (don't worry, they'll all make sense) and ultimately - whether or not you should max out your affordability.
Can you afford a million-dollar home? Let's find out.
You can find the blog here: https://www.ratehub.ca/blog/can-i-afford-a-million-dollar-home/
David Trahair - Procrastinating your way into retirement
David Trahair has written several books on personal finance. He’s a speaker, a personal finance trainer, and a chartered account with over 18 years of experience handing out free knowledge and budgeting templates on his website (https://www.trahair.com). His most recent release is The Procrastinator’s Guide to Retirement - How to retire in 10 years or less.
A huge shift in how to save for retirement is to track your expenses as a percentage of your income. We ask him about that, his book, and much more.
[0:00 - 1:47] Intro
[1:48 - 8:36 ] Money mistake or makeup - Amazon returns, the importance of psychology in your spending
[8:37 - 14:03] What’s the inspiration for the book? Why is it important for Canadians? Are we falling behind due to rising costs?
[14:04 - 20:32] ] Why is tracking your spending so important for retirement? How do you make it a habit?
[19:04 - 31:00] RRSP vs. TFSA vs. Mortgage - which one do we pay into first? How do we evaluate where to spend our money?
[31:01 - 34:27] Do we need an emergency fund? Or can we just use a line of credit? Emergency fund vs. line of credit - what are your thoughts?
[34:28 - 36:14] A quick primer on predicting interest rates
[36:15 - 42:33] Why is a fee-only financial advisor with a discount brokerage the investment style gaining in popularity?
[42:34 - 47:51] With ETFs, do we still need a financial advisor?
[47:52 - 53:51] How do we measure our stock performance? Is a robo-advisor enough?
[53:52 - 57:34] Should we still be investing in GICs?
[57:35 - 1:01:00] CPP and OAS aren’t enough to afford long-term care. Should we be taking more risky investments, cut spending, reduce expenses and cut our lives off to not live in squalor in retirement?
[1:01:01 - 1:06:48] RAPID FIRE QUESTIONS
What’s in your wallet? A book everyone should read? What was your first job and what did you learn from it? What is a commonly held belief about your industry or space that you passionately disagree with? If you had one tweet that everyone in the world would read, what would it say? What’s your number (to retire, how much you need?) Where can people find you if they have more questions?
[1:06:49 - 1:07:39] OUTRO
KB|How much car can you afford?
There's a rule of thumb to know how much you can afford. It's the 20/4/10 ratio – a standard set of 3 rules to help make your car-buying decisions easier. How much should you put down on a car? How long should you finance a car? And how much of your salary should go towards buying a car.
Read the blog for more: https://www.ratehub.ca/blog/how-much-car-can-you-afford/
How to file your own taxes with Wealthsimple Tax Expert
Wealthsimple tax expert, Caroline Corbeil and Ratehub.ca's VP of finance and Operations, Jen Pollock, quickly answer your top tax questions to put you at ease and set you up to file your own taxes online. We promise it’s much easier than you think. We’re going to eliminate whatever fears you may have about filing income tax in Canada.
For more info, visit https://www.ratehub.ca
[0:00 - 1:24] INTRO
[1:25 - 4:30] Money mistakes special edition - Tax mistakes made by tax experts (and Tyler’s tax mistake)
[4:31 - 4:55] When are taxes due in Canada?
[4:56 - 5:17] Are due dates different if you’re self-employed.
[5:18 - 5:44] Can I file my own tax returns?
[5:45 - 5:55] How long does it take for me to file my own tax return?
[5:56 - 6:11] How long will it take CRA to process my return?
[6:12 - 6:49] What happens if I don’t file my tax return?
[6:50 - 7:29] How does the CRA know if I have income or owe taxes?
[7:30 - 7:50] If the CRA knows my information, does it automatically populate if I file my taxes online?
[7:51 - 8:52] How do I know how much taxes I have to pay? Is there an easy way to guess how much taxes I have to pay?
[8:53 - 9:33] How do marginal tax rates work? Is all my money taxed at a higher rate?
[9:34 - 11:57] Filing taxes in 2021 for the 2020 tax year are very different. What changes do we need to consider with working from home? What if you own or rent your home?
[11:58 - 13:01] What about people who were laid off? What about the people that applied for CERB?
[13:02 - 14:27] Is there anything people should be thinking about if they’ve been self-employed this year? Like side hustles? Driving for Uber? How do I report self-employment income?
[14:28 - 15:33] What are standard tax credits? What can I claim? Medical expenses? Charitable deductions? How do those tax credits and deductions work?
[15:34 - 16:19] Are there any tax credits that aren’t well known? Anything new this year?
[16:20 - 17:01] Any other ways to reduce the taxes you owe? How do RRSP deductions work?
[17:02 - 18:14] Could I deduct household expenses in future years?
[18:15 - 18:51] What about provincial differences? Will I mess that up?
[18:52 - 19:26] Are there changes to the capital gains tax? Can you tell us what capital gains tax is and how it works?
[19:27 - 19:59] WIll capital gains tax change? Will they increase taxes on principal residences?
[20:00 - 22:14] What about if I rent out my basement? What are the tax implications of renting out my basement to a tenant?
[22:15 - 22:26] What about if I Airbnb my apartment?
[22:27 - 23:59] Can married couples file taxes separately in Canada? Can we share deductions and tax credits?
[24:00 - 29:06] Rapid Fire Questions - What’s in your wallet? A book everyone should read? What was your first job and what did you learn from it? What is a commonly held belief about your industry you passionately disagree with? If you had one tweet that everyone in the world would read, what would it say? What’s your number to retire? Where can people find you if they have more questions?