Today Gloria is joined by her friend Ivan who is a Registered Nurse. We chat about a variety of personal finance topics. The main goal of this podcast is to normalize conversations about money, and hope that this sparks similar conversations with your friends and family. We’ll go over different types of pensions, life insurance, how to negotiate prices when buying big ticket items, his career path and some investing lessons learned.
- Shop around the get the best deal. Don’t be afraid to negotiate the price down for big-ticket items, like furniture. For example, ask for the floor model. Each Brick is its own franchise with its own bargaining room, so be sure to visit different locations and see what kind of deals you can get.
- Price match to ensure you’re getting the best deal! For groceries in Ontario, you can price match at FreshCo, Real Canadian Superstore, No Frills and Giant Tiger. Other places that do price matching are: Canadian Tire, Staples, Best Buy, and Home Hardware. Here’s a list of places where you’re able to price match .
- Be patient with your shopping list! Go back to the stores frequently (or check back on the website) to see if the items you want are on sale.
- Life insurance premiums increase as you get older, so if you plan on having a family then it’s a good idea to purchase it sooner rather than later. Again – shop around for this.
- Pay attention to the kind of pension you receive and make sure you participate!
- A defined contribution (DC) pension is one where the retirement payout is not known, what is defined is the amount of money that you put in.
- A defined benefit (DB) pension is one that guarantees you a certain amount when you retire, so you’re able to plan ahead better with the knowledge of what you will receive when you retire.
- Nowadays, defined benefit pensions are hard to come by in the private sector but is still common in the public sector.
- The difference is that with a defined benefit, the amount you receive in retirement is known, whereas with defined contribution it is not known – that all depends on how to investment performs over time.
Check out Gwai Jai on Youtube
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 1.5% interest, TFSAs get 2.3% interest!
Thanks so much for tuning in!