Brendan Lee Young, CEO and co-founder of Passiv, and I chat about starting up the company, building a better product, enabling users to level up their finances, the future of wealth management and more!

Sign up or learn more about Passiv below using my referral code:

https://passiv.com?ref=MKDDJUNASG

Key Takeaways

  • Passiv is like your own personalized robo advisor. It helps you manage your portfolio and maintain your target allocation. It calculates the trades you need based on the target allocation you set up, and users are able to buy with one click
  • It all started when co-founder Brendan Wood was following the Canadian Couch Potato method of ETF investing, and was tired of cumbersome Excel spreadsheets to rebalance his portfolio. When the two Brendan’s met, they discovered they both had the same problem and turns out many other people do too, so they built out Passiv to solve this problem
  • Getting quality user feedback is the key to building out a viable product

Listen Now!

 

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Ever wonder what a financial advisor does? Well, you’re in luck. This week’s episode is a Q&A with Rob Anderson who is a Canadian financial advisor. We chat about what financial advisors do, different types of advisors, different fee models, how they can help you, who can benefit from having a financial advisor, and more.

Key Takeaways

  • A financial advisor doesn’t just invest money for you. There are so many things they do, from tax planning, estate planning, cash flow management, investment management, and risk management (insurance)
  • Look for the CFP (Certified Financial Planner) designation, as it is the most widely recognized financial planning designation in Canada
  • A good financial advisor can help refer you to other professionals that can help you with different aspects of your financial life
  • Financial advisors get paid in different ways – sometimes they are fee-based, and would take a percentage of assets under management, and some are fee-only which means they charge per hour or charge per plan. There is also commission-based which means the advisor will get paid from the insurance or fund company for the products they sell to you.
    • Look for fee-only advisors who will charge you per financial plan or hourly
  • “The right advice at the right time can be very powerful and is worth paying for”  
  • Everyone can benefit from a financial advisor at some point in their life – when you’re starting out and getting organized
    • Different life stages would be a good time to meet with an advisor, whether it’s starting a new job, starting a business, starting a family, approaching retirement, planning for retirement
  • A financial advisor can be a good neutral party to encourage couples to be more engaged in their finances, managing people and emotions
  • Once a year is a good starting point to meet with your advisor, but you can do more depending on your situation and the level of involvement you’d like to have
  • How to find a financial advisor that’s right for you? Ask your friends or family for a referral, you can look online and see reviews, you should also consider their age – find someone who can relate to you and be there during your different life stages
  • A good financial advisor can be a great tool to achieve your financial goals

Rob’s Links

Instagram – Beaver Finance

Instagram – RTA Talks

Twitter

Youtube

Listen Now!

 

Sign up and get $10 to trade on Wealthsimple Trade

Sign up for no-fee banking with Tangerine or EQ using my referral code!

Tangerine – new accounts get 2.5% interest (first 5 months), use my Orange key: 40411403S1

EQ Bank – all accounts get 1.25% interest, TFSAs get 2.3% interest!

Thanks so much for tuning in!

Bev, creator of Bacon and Heels, and I talk about setting financial goals. We break it down from determining what your values are, to setting SMART goals, to breaking a daunting task into bite-sized pieces, to celebrating your wins.

Key Takeaways

  • Financial goals can be different things to different people. Examples include savings targets, spending targets, and investing targets
  • Make sure you’re accountable to yourself by having a spending plan or budget
  • When you achieve and get closer to your financial goals, you will feel great and encourage you to set more goals and achieve them
  • Set a goal at any day – it doesn’t need to be a new year’s resolution
  • Bev likes to see her financial goal daily. She has a post-it note on her mirror that has her goal written out on it. Make it your phone or desktop background. Put it in a physical place where you can see it
  • Set SMART goals – Specific, Measurable, Achievable, Relevant, and Timely
  • Talk about it with your close friends or loved ones, and you can hold each other accountable to your financial goals
  • Celebrate your wins! Each time you hit a milestone in your goal, make sure you acknowledge yourself and your discipline!

Bev’s Links

https://www.baconheels.com/

Instagram

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Sign up and get $10 to trade on Wealthsimple Trade

Sign up for no-fee banking with Tangerine or EQ using my referral code!

Tangerine – new accounts get 2.5% interest (first 5 months), use my Orange key: 40411403S1

EQ Bank – all accounts get 1.25% interest, TFSAs get 2.3% interest!

Thanks so much for tuning in!

Personal finance coach Michael Kim and I chat about common mistakes that new investors make, and how to avoid them. We also chat about Mike’s investing journey, as well as his relationship with money and why he started his coaching business. 

Key Takeaways

  • Passive vs Active Investing: passive is buying and holding with the goal of matching the market. Active is characteristically more trading activity (i.e. buying and selling frequently) with the aim of beating the market\
  • Mike uses a passive investing strategy because there is the least amount of room for error and he believes it is the best use of his time TIME
  • The four mistakes new investors make are:
  1. Not investing for a purpose. You should invest to achieve your financial goals. Answering that question will help you decide what to invest in
  2. Not having a strategy. Do you know what you are going to do if a recession occurs/lose your job/get closer to your financial goals? Definitely have a plan in place so that you know what to do in every single one of these scenarios.
  3. Investing without a foundation – it’s important to understand the basics of investing, and understand what you are investing in, such as different asset classes, what a TFSA is, what an RRSP is, etc.  
  4. Thinking investing will solve all your problems because you need a lot of money to generate a significant return. There are other areas to focus your time on to potentially make more money (i.e. start a side hustle), then you will have a larger nest egg to invest and be able to generate larger returns on investment

Tips/Tricks:
Investing is not hard, it’s as simple as going to a website on Amazon and clicking buy
To start investing, you don’t start with investing.
First look at your financial goals, your current financial situation, and your budget and emergency fund
Once you’ve done the groundwork, you’ll know what to invest in

Mike’s Links

http://lifeplanting.com/

Instagram

Listen Now!

Sign up and get $10 to trade on Wealthsimple Trade

Sign up for no-fee banking with Tangerine or EQ using my referral code!

Tangerine – new accounts get 2.5% interest (first 5 months), use my Orange key: 40411403S1

EQ Bank – all accounts get 1.25% interest, TFSAs get 2.3% interest!

Thanks so much for tuning in!