Millennial Money Canada

Summary In this episode, the hosts discuss various strategies for income splitting, focusing on tax efficiency for business owners. They explore the implications of salary versus dividends, the use of capital dividends, and the importance of understanding attribution rules. The conversation emphasizes the need for holistic financial planning and the potential benefits of utilizing tools like RRSPs and RESPs for effective income splitting.   Topics Covered in this Episode 00:00 Introduction to the New Format 02:21 The Importance of Holistic Tax Planning 04:39 Income Splitting Strategies 11:34 Tax Risks in Income Splitting 17:21 Exploring Tax-Efficient Dividend Strategies 20:15 Balancing Immediate Costs and Future Growth 21:22 The Importance of Long-Term Financial Planning 22:44 Salary vs. Dividend: Making the Right Choice 24:36 Understanding Tax Implications for Business Owners 26:42 The Role of Income Splitting in Financial Strategy 30:12 Basic vs. Advanced Income Splitting Strategies 31:14 Utilizing RESPs for Tax-Efficient Income Splitting 32:40 Creative Strategies for Spousal RRSPs 38:57 Navigating Attribution Rules in Income Splitting 41:10 Understanding Anti-Avoidance Rules in Tax Strategies   Co-Pilot Tax Website: https://copilottax.ca/ Canadian Tax Guy: https://x.com/canadataxguy?lang=en   Millen Wealth Advisors Website: https://www.mwadvisors.ca/ Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster   Follow us on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/   Keywords Income splitting, tax efficiency, salary vs dividends, capital dividends, attribution rules, financial planning, tax strategies, Canadian tax, RRSP, RESP

Summary In this episode, the hosts discuss the partnership between Copilot Tax and Millen Wealth Advisors, focusing on how this collaboration will enhance client services. They delve into the complexities of real estate investments, including tax considerations when buying, renting, and selling properties. The conversation highlights the importance of financial planning, the implications of depreciation, and the legal aspects of property ownership. The hosts emphasize the need for a cohesive approach among financial advisors to provide clients with comprehensive guidance.   Topics Covered in this Episode 00:00 Introduction and Partnership Announcement 02:53 Exploring Real Estate Tax Considerations 06:02 Buying Real Estate: Key Tax Issues 09:01 Understanding Rental Properties and Tax Implications 12:10 The Importance of Financial Planning in Real Estate 14:57 Depreciation: Benefits and Risks 17:56 Legal and Liability Considerations in Real Estate 20:58 Structuring Real Estate Investments: Personal vs Corporate 24:11 Final Thoughts and Key Takeaways   Co-Pilot Tax Website: https://copilottax.ca/   Millen Wealth Advisors Website: https://www.mwadvisors.ca/ Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster Follow us on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/   Keywords Real estate, tax considerations, financial planning, depreciation, rental properties, investment strategies, partnership, liability, home buyers, tax advice

Summary In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with Amanda Doucette, a tax lawyer specializing in estate and succession planning. They discuss Amanda's journey into tax law, the importance of continuous learning, and the complexities of tax strategies for business owners. Amanda emphasizes the need for financial awareness, the common mistakes made in tax planning, and the role of family trusts in estate planning. The conversation also touches on the importance of advocacy in tax law and the need for effective communication in family dynamics regarding financial matters.   Topics Covered in this Episode 00:00 The Journey to Tax Law 04:40 Evolving Clientele and Complexities 07:40 The Importance of Continuous Learning 10:52 Approaches to Tax Law 13:42 The Motivation Behind the Tax Check Podcast 16:42 Common Mistakes of Business Owners 19:30 Understanding Financial Numbers 22:50 Transitioning from Sole Proprietorship to Corporation 25:39 The Role of Advisors in Business Growth 28:43 Planning for Future Success 31:47 Estate Planning and Succession Strategies 34:15 Navigating Estate Planning and Tax Changes 38:59 Understanding Family Trusts and Their Implications 46:28 Flexibility in Estate Planning: Balancing Goals and Tax 52:45 Common Pitfalls in Estate Planning Strategies 55:06 Advocacy in Tax Law: Empowering Clients and Communities   Amanda Doucette Website: https://www.shtb-law.com/lawyers/amanda-s-a-doucette LinkedIn: https://www.linkedin.com/in/amandasadoucette/ Instagram: https://www.instagram.com/tax.chick/?hl=en Podcast: https://thetaxchickpodcast.transistor.fm/   Millen Wealth Advisors Visit our Website: https://www.mwadvisors.ca/ Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster   Follow Sam and Guillaume on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/   Keywords Tax law, estate planning, succession planning, financial literacy, tax advocacy, business strategies, family trusts, tax mistakes, financial awareness, corporate structures

Summary In this episode, Guillaume Girard and Sam Lichtman discuss the four most common mistakes made by business owners, focusing on the implications of salary versus dividends, the importance of notional accounts, and the benefits of leveraging the lifetime capital gains exemption. They also explore investment strategies for business owners to optimize their financial growth and tax efficiency.   Topics Covered in this Episode 00:00 Introduction to Business Owner Mistakes 11:15 Understanding Salary vs. Dividend Payments 25:18 Utilizing Notional Accounts for Tax Efficiency 31:08 Tax Implications of Foreign Income 36:42 Understanding the Capital Dividend Account 43:39 Lifetime Capital Gains Exemption Explained 55:45 Common Investment Mistakes in Corporations   Work with Millen Wealth Advisors Book an intro meeting: https://www.mwadvisors.ca/ Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/   Follow Sam and Guillaume on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/   Keywords business mistakes, salary vs dividend, notional accounts, lifetime capital gains exemption, investment strategies, financial planning, corporate structure, tax efficiency, retirement planning, wealth management

Summary In this episode of the Millennial Money Canada podcast, host Guillaume Girard interviews Graham Bergsma, a seasoned expert in the insurance industry. They discuss Graham's journey from playing NCAA lacrosse to becoming a successful insurance consultant. The conversation delves into the importance of understanding client needs, the role of financial planning, and the nuances of whole life insurance. Graham emphasizes the significance of bridging the gap between numbers and client values, and how insurance can serve as a tool for financial flexibility and control. They also explore tax liabilities, estate planning, and the evolving landscape of insurance fund management.   Topics Covered in this Episode 00:00 Graham's Journey: From Lacrosse to Wealth Management 08:37 The Importance of Coaching in Financial Services 15:03 Understanding Client Goals and Financial Planning 19:57 Diving into Whole Life Insurance 33:39 Evaluating Growth in Permanent Policies 40:17 Understanding Policy Design and Market Dynamics 44:33 Innovations in Insurance Fund Management 49:08 The Role of Insurance in Wealth Management 53:59 Maximizing Cash Value in Insurance Policies 01:00:16 Tax Planning and Estate Management Strategies 01:06:10 The Importance of Control in Financial Planning   G3 Wealth Strategies & Consulting Website: GBL: https://g3-wealth.com/ Graham on LinkedIn: https://www.linkedin.com/in/grahambergsma/   Work with Millen Wealth Advisors Book an intro meeting: https://www.mwadvisors.ca/ Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/   Follow Sam and Guillaume on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/   Keywords Insurance, financial planning, whole life insurance, financial literacy, client needs, estate planning, tax liabilities, cash value, investment strategies, wealth management

Summary In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard, Sam Lichtman and guest Tatenda Mawoyo delve into the intricacies of Retirement Compensation Arrangements (RCA). They explore the mechanics of RCA, who benefits from it, and its use cases, particularly in severance packages for high-income earners and professional athletes. The discussion also covers tax implications, investment strategies, and how RCA compares to other retirement plans. Additionally, they address the costs associated with setting up and maintaining an RCA, the scrutiny from the CRA, and legal precedents that impact its implementation. The episode concludes with final thoughts on RCA as a tool for effective wealth management.   Topics Covered in this Episode: 00:00 Introduction to RCA and Its Importance 03:08 Understanding Retirement Compensation Arrangements (RCA) 07:15 Who Benefits from an RCA? 11:45 Tax Implications and Benefits of RCA for Athletes 14:50 How RCA Works: Contributions and Refunds 18:44 Evaluating RCA for Business Owners 21:02 RCA vs. Holding Company: Trade-offs 23:56 RCA at Death: Beneficiaries and Tax Efficiency 26:33 Ongoing Contributions to RCA 31:11 RCA and IPP: Working in Tandem 33:59 Investment Options within RCA 34:11 Understanding RCA and Life Insurance Integration 41:15 Decumulation Strategies for RCA 48:45 Tax Implications and Compliance for RCA 53:19 CRA Scrutiny on High-Income Athletes and Executives GBL Inc. Website: GBL: https://gblinc.ca/about/ Tatenda M. LinkedIn: https://www.linkedin.com/in/tatenda-mawoyo-42ba5543/ Work with Millen Wealth Advisors Book an intro meeting: https://www.mwadvisors.ca/ Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/ Follow Sam and Guillaume on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/   Keywords Retirement Compensation Arrangement, RCA, tax benefits, retirement planning, high-income earners, severance packages, investment strategies, CRA scrutiny, wealth management, financial planning

In this episode, Sam takes a deep dive into cyber threats and discusses how prevalent they have become in today's world. Sam talks with Brennen Schmidt, a cybersecurity consultant who specializes in identifying and protecting corporate digital assets. Find Brennen Online LinkedIn: https://www.linkedin.com/in/brennenschmidt/ Instagram: https://www.instagram.com/brenzens/ Work with Millen Wealth Advisors Book an intro meeting: https://www.mwadvisors.ca/ Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/ Follow Sam and Guillaume on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Summary In this episode, Dr. Moira Somers discusses the psychology of money, emphasizing the importance of understanding financial behavior and decision-making. She highlights the role of financial advisors in fostering effective client relationships and the need to overcome procrastination and impulsivity in financial decisions. The conversation explores the significance of building effective financial systems, the emotional aspects of financial choices, and the importance of communication between clients and advisors. Additionally, the episode touches on generational perspectives on wealth, the need for meaning beyond money, and the future of financial advisory in a changing landscape.   Topics Covered in this Episode: 00:00 Introduction to Moira Somers 06:02 Transitioning to Financial Psychology 07:45 Understanding Habit Change in Finance 12:51 The Role of Catastrophic Events in Financial Change 14:44 The Importance of Systems in Financial Planning 16:12 The Advisor-Client Partnership 20:46 Encouragement and Client Relationships 24:31 Common Mistakes Advisors Make 30:59 Effective Communication in Financial Advisory 32:30 Organizational Challenges in Financial Management 34:44 The Evolution of Financial Planning 35:41 The Personal Side of Money 39:44 Cognitive Biases and Decision-Making 41:00 The Future of Financial Advisory 42:02 The Illusion of Superiority in Financial Decisions 47:00 Aligning Wealth with Values 54:16 Finding Meaning Beyond Wealth   Work with Dr. Somers Website: https://moneymindandmeaning.com/ Blackwood Family Enterprise Services: https://www.blackwoodfes.com/ Work with Millen Wealth Advisors Book an intro meeting: https://www.mwadvisors.ca/ Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/ Follow Sam and Guillaume on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/ Keywords Psychology of money, financial behavior, financial advisors, client relationships, procrastination, financial systems, communication, wealth management, emotional decisions, generational wealth

Summary In this episode of the Millennial Money Canada podcast, host Guillaume Girard shares his personal journey from a scarcity mindset to an abundant mindset regarding money. He discusses his achievements in sports and fitness, the importance of mindset in financial planning, and the lessons learned from his experiences in the workforce and entrepreneurship. The conversation emphasizes the significance of having a plan, living in the present, and understanding that money is a tool for achieving a fulfilling life rather than the ultimate goal.   Topics Covered in this Episode: 00:00 Introduction to the Journey 14:55 From Scarcity to Abundance Mindset 25:08 Childhood Influences on Money Mindset 26:03 From Humble Beginnings to Financial Awareness 28:32 The Importance of Budgeting and Financial Education 33:14 Transitioning to Professional Life and Money Mindset 37:17 Finding Balance: Work, Money, and Happiness 43:56 Redefining Wealth: Beyond Financial Success   🤝 Work with Millen Wealth Advisors Book a Financial Review Meeting: https://www.mwadvisors.ca/financial-advice   🔗 Connect & Follow Us for Insights Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Guillaume’s Instagram Personal: https://www.instagram.com/guillaumegirard20/ Guillaume’s Instragram Business:https://www.instagram.com/financialplannergui/ Guillaume’s LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/ Keywords mindset, financial planning, abundance, personal growth, wealth, life lessons, financial independence, business, happiness, legacy

Summary In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with Tatenda Mawoyo about Individual Pension Plans (IPPs) and their benefits for incorporated business owners. They discuss the intricacies of setting up an IPP, who should consider one, the tax advantages, and the legal protections associated with these plans. Tatenda shares his journey from Zimbabwe to Canada and his experience at GBL, a firm specializing in actuarial services for business owners. The conversation also covers the importance of financial planning and collaboration with financial advisors to maximize retirement savings.   Topics Covered in this Episode: 00:00 Tatenda Mawoyo's Journey from Zimbabwe to Canada 05:10 Career Development and Transition at GBL 07:29 Understanding GBL's Mission and Services 10:18 Exploring Individual Pension Plans (IPP) 13:02 Who Should Consider an Individual Pension Plan? 15:51 The Mechanics of IPP Contributions 18:38 Tax and Legal Benefits of IPPs 21:11 Transitioning from RSP to IPP 23:48 Setting Up an Individual Pension Plan 30:32 Understanding Individual Pension Plans (IPPs) and Their Benefits 36:22 Contribution Mechanics and Strategies for IPPs 43:01 Investment Strategies for Maximizing IPP Contributions 49:51 Administrative Requirements and Considerations for IPPs 57:27 Options for IPP Assets at Retirement 58:49 Final Thoughts on Exploring IPPs for Business Owners   🤝 Work with Millen Wealth Advisors Book a Financial Review Meeting: https://www.mwadvisors.ca/financial-advice   🔗 Connect & Follow Us for Insights Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast   Keywords Individual Pension Plans, Retirement Savings, Tax Benefits, Financial Planning, Business Owners, Actuarial Services, GBL, IPP Setup, Investment Strategies, Retirement Planning

In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with family lawyer Chantal Cattermole about her journey into family law, the emotional and financial challenges clients face, and the importance of proactive planning for families and business owners. They discuss the role of prenups, generational perspectives on financial planning, and the divorce process, including the four buckets of divorce: division of property, spousal support, parenting time, and child support. Chantal emphasizes the need for open communication in relationships and the potential for graceful separations.   Topics Covered in this Episode: 00:00 Chantal's Journey to Family Law 05:26 Understanding Client Needs and Roles 08:10 Navigating Emotional and Financial Challenges 11:08 Proactive Planning for Relationships 13:43 Prenups and Legal Considerations 19:35 Generational Perspectives on Prenups 22:32 Drafting Effective Prenups 25:18 Revisiting Agreements Over Time 27:08 Business Ownership and Asset Protection 29:18 Divorce After Long-Term Marriage 29:56 Understanding Long-Term Relationship Breakups 33:26 The Divorce Process Explained 40:46 Navigating the Four Buckets of Divorce 51:41 Divorcing Gracefully: A New Perspective   Work with Cozen O'Connor Website: https://www.cozen.com/ Work with Millen Wealth Advisors Book an intro meeting: https://www.mwadvisors.ca/ Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/ Follow Sam and Guillaume on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/ Sam LinkedIn: https://www.linkedin.com/in/sam-lichtman/   Keywords Family law, divorce, financial planning, prenups, emotional support, asset division, mediation, spousal support, generational perspectives, proactive planning

In this episode of the Millennial Money podcast, Sam Lichtman speaks with Jason Watt about the complexities of finding a financial advisor, the importance of trust, and the challenges faced by underrepresented demographics in accessing financial advice. They discuss the advice gap in Canada, the role of social media in connecting clients with advisors, and the ethical considerations in financial planning. The conversation also covers the questions clients should ask potential advisors and the nuances of fiduciary standards in Canada. Jason Watt and Sam Lichtman delve into the complexities of fiduciary obligations in financial planning, contrasting the suitability standard with fiduciary standards. They discuss the importance of client education, identifying red flags in financial advisory practices, and the value of personalized financial planning. The conversation also touches on the evolving role of financial advisors in a landscape increasingly dominated by low-cost investment options, emphasizing the need for advisors to provide value beyond mere investment selection.   Takeaways Trust is essential in the financial advisory relationship. The advice gap exists for underrepresented demographics. Clients should ask about an advisor's process and experience. Cookie-cutter approaches to financial advice are problematic. Fiduciary standards are not universally applied in Canada. Behavioral coaching is a key value of financial advisors. Avoiding big mistakes is a primary goal of financial planning. The financial planning process should align with client values. Advisors should be transparent about conflicts of interest.   Work with Millen Wealth Advisors Book an intro meeting: https://www.mwadvisors.ca/ Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/   Follow Sam and Guillaume on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/ Sam LinkedIn: https://www.linkedin.com/in/sam-lichtman/   Keywords Financial advice, financial advisor, trust, advice gap, fiduciary, ethical standards, client relationships, behavioral coaching, financial planning, underrepresented demographics  

Summary In this episode, Guillaume invited Kyle Welsh from MyHSA to discuss the transformation of health benefits through technology, the growth and scalability of MyHSA, and the competitive landscape of health spending accounts. He highlights the unique offerings of MyHSA, including health spending accounts and wellness spending accounts, and explains how these solutions cater to business owners and employees. The discussion also covers the importance of company culture, the guidelines for setting up health spending accounts, and the eligible expenses under these plans. Kyle emphasizes the flexibility of wellness spending accounts and flex plans, as well as the custom solutions available for larger enterprises. He concludes with insights into future innovations at MyHSA and the importance of working with advisors to implement these solutions.   Topics Covered in this Episode: 00:00 Introduction to My HSA 03:56 Growth and Transformation of My HSA 07:10 Technology and User Experience 09:37 Funding Models and Differentiation 12:21 Health Spending Accounts for Business Owners 15:05 Eligible Expenses and Benefits 17:41 Wellness Spending Accounts for Employees 26:49 Creative Employee Benefits for Retention 28:57 Understanding Health and Wellness Spending Accounts 31:15 The Flexibility of My Flex Plan 32:55 Cost Considerations for Spending Accounts 37:50 Custom Solutions for Growing Enterprises 39:10 Exploring MySO: Administrative Services Only 44:59 Future Innovations at MyHSA   MyHSA Website: https://www.getmyhsa.com/   🤝 Work with Millen Wealth Advisors Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice   🔗 Connect & Follow Us for Insights Website: https://www.mwadvisors.ca/ Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast   Keywords Health benefits, MyHSA, health spending accounts, wellness spending accounts, employee benefits, technology in healthcare, corporate wellness, financial planning, Canadian health benefits, advisor solutions

Summary In this episode, Guillaume Girard and Sam Lichtman discuss the financial habits of wealthy millennials, focusing on how they achieve their first million and the strategies they employ to maintain and grow their wealth. The conversation covers three common paths to wealth, including entrepreneurship, real estate, and stock compensation. They also delve into the importance of risk management, seeking professional advice, developing good money habits, prioritizing health, and continuously striving for new goals.   Topics Covered in this Episode: 00:00 Introduction to Wealth Building for Millennials 09:25 Three Paths to the First Million 20:45 Real Estate: A Controversial Wealth Strategy 28:37 Stock Compensation: A Modern Wealth Builder 31:49 Maintaining and Growing Wealth After Reaching a Million 34:38 The Power of Passive Income and Growth 35:41 The Importance of Professional Financial Advice 36:59 Tax Planning: A Key to Financial Success 39:33 Strategies for Real Estate Investors 44:11 Developing Good Money Habits 50:38 The Correlation Between Health and Wealth 01:01:32 Pursuing the Next Milestone   🤝 Work with Millen Wealth Advisors Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice   🔗 Connect & Follow Us for Insights Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast   Keywords Wealthy millennials, money habits, financial planning, investment strategies, wealth management, personal finance, financial literacy, entrepreneurship, real estate, stock compensation

Summary In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman speak with John Bromley from Charitable Impact about the journey of creating a platform that facilitates charitable giving. They discuss the importance of donor-advised funds, the various types of donations, and the tax benefits associated with charitable giving. John shares insights on encouraging the next generation to be charitable through concepts like the charitable allowance and emphasizes the mindset around giving as a crucial aspect of philanthropy. The conversation highlights the tools available for donors and the impact of Charitable Impact in the Canadian charitable landscape.   Topics Covered in this Episode: 00:00 The Accidental Entrepreneur 07:01 The Birth of Charitable Impact 11:37 Understanding Donor-Advised Funds 19:10 Navigating Charitable Giving Options 20:59 Types of Assets for Donation 27:55 Facilitating Charitable Donations 30:01 The Power of Charitable Giving 32:29 Understanding Donor-Advised Funds 36:45 Introducing Charitable Allowance for Kids 43:34 Accessibility in Charitable Giving 46:57 Mindset Shift Towards Philanthropy   🎗️Charitable Impact Website: https://www.charitableimpact.com/who-we-are IG: https://www.instagram.com/wearecharitable/   🤝 Work with Millen Wealth Advisors Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice   🔗 Connect & Follow Us for Insights Website: https://www.mwadvisors.ca/ Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast   Keywords Charitable giving, donor-advised funds, financial literacy, philanthropy, Charitable Impact, tax benefits, charitable allowance, impact investing, generosity, social responsibility

Summary In this Millennial Money Canada podcast episode, Guillaume delves into Millen Wealth's investment philosophy, emphasizing the importance of aligning investment strategies with individual goals. He shares his personal journey into finance, discusses the significance of risk management, and contrasts institutional and retail portfolio management. The episode also covers key investment theories, including the modern portfolio theory, capital asset pricing model, and efficient market hypothesis, while advocating for adopting index and factor investing to build generational wealth.   Topics Covered in this Episode: 00:00 Introduction to Millen Wealth’s Investment Philosophy 02:27 Guillaume's Personal Journey in Finance 04:52 Understanding Investment Approaches: Passive vs Active 07:06 The Impact of the 2008 Financial Crisis on Personal Finance 09:31 Early Investment Experiences and Lessons Learned 12:16 Transitioning from Retail to Institutional Investing 14:50 The Role of Institutional vs Retail Portfolio Managers 17:49 Skepticism Towards Retail Portfolio Management 20:03 The Importance of Evidence-Based Investing 21:35 Foundational Theories of Investment: Modern Portfolio Theory 26:25 Understanding Modern Portfolio Theory 30:37 Exploring the Capital Asset Pricing Model 33:54 The Efficient Market Hypothesis Explained 40:48 Diving into Factor Investing 47:37 The Shift Towards Passive Investing   🤝 Work with Millen Wealth Advisors Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice   🔗 Connect & Follow Us for Insights Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Instagram: https://www.instagram.com/financialplannergui/ Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/   Keywords Investment philosophy, financial planning, index funds, factor investing, risk management, portfolio management, modern portfolio theory, capital asset pricing model, efficient market hypothesis, Fama-French model

Summary In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman delve into the complexities of life insurance, discussing the various types of insurance products available, the importance of understanding individual needs, and the different approaches to determining how much insurance one might require. They explore scenarios based on life stages, from young adults to retirees, emphasizing the need for personalized financial planning and the distinction between term and permanent life insurance. The conversation highlights the significance of objective advice and the potential pitfalls of insurance as an investment substitute.   Topics Covered in this Episode: 00:00 Introduction to Insurance Needs 10:49 Understanding Life Insurance Products 18:35 Term vs Permanent Life Insurance 23:26 Understanding Cash Value in Permanent Life Insurance 28:07 The Nuances of Universal Life Insurance 32:41 Evaluating the Need for Permanent Insurance 35:57 Analyzing Life Insurance Needs: The Frameworks 47:15 Scenario Analysis: Life Insurance Needs at Different Life Stages 53:06 Understanding Insurance Needs for Families 56:49 Insurance Needs for Stay-at-Home Parents vs. Working Parents 01:02:31 Insurance Considerations in Retirement Planning 01:08:32 The Role of Insurance in Tax Planning and Estate Management 🤝 Work with Millen Wealth Advisors Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice 🔗 Connect & Follow Us for Insights Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Instagram: https://www.instagram.com/financialplannergui/ Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/ Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Keywords Life insurance, financial planning, term insurance, permanent insurance, insurance needs analysis, retirement planning, financial literacy, insurance products, wealth management, family protection

Summary In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman discuss the various options available for company pension plans when leaving an employer or entering retirement. They explore the differences between defined benefit and defined contribution plans, the process of commuting a pension, and strategies for managing LIRA and RRSPs. The conversation also covers tax planning, the pension income credit, and the potential to unlock LIRA for home purchases. Additionally, they delve into income-splitting strategies and withdrawal plans to optimize tax efficiency in retirement. Chapters 00:00 Introduction to Pension Options 02:41 Understanding Defined Contribution Plans 05:38 Exploring Defined Benefit Plans 08:11 Commuting a Defined Benefit Pension 10:51 Tax Implications of Commuting 13:31 Strategies for Managing LIRA in Retirement 16:31 Income Splitting and Tax Planning 18:27 Converting LIRA and RRSP for Withdrawals 27:41 Understanding LIF and RIF Withdrawal Rules 30:05 Strategic Planning for Retirement Income 34:06 Tax Implications of Retirement Withdrawals 38:28 Pension Income Credit and Its Benefits 41:11 Exploring Copycat Annuities 44:09 Unlocking LIRA for Home Purchases 47:40 Pension Income Splitting Strategies 51:22 Withdrawal Plan Options at Retirement 🤝 Work with Millen Wealth Advisors Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice 🔗 Connect & Follow Us for Insights Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Instagram: https://www.instagram.com/financialplannergui/ Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/ Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Keywords Pension plans, retirement, defined benefit, defined contribution, LIRA, RRSP, tax planning, income splitting, pension income credit, home buyers plan

Summary In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman engage with David Edey, a seasoned financial planner and author, to discuss the critical role of an executor in estate planning. They explore the responsibilities and challenges faced by executors, the importance of communication within families regarding estate matters, and the emotional aspects of grief that executors must navigate. David emphasizes the need for proactive conversations about wills and estates to prevent family disputes and ensure a smooth transition of assets. He also highlights the significance of organization and preparation in leaving a meaningful legacy for loved ones.   Chapters 00:00 Understanding the Role of an Executor 04:15 The Importance of Communication in Estate Planning 06:39 Navigating Family Dynamics and Expectations 09:24 Grief and Its Impact on Executors 12:25 Executor Compensation and Professional Services 15:13 Preparing for the Inevitable: Organizing Your Estate 18:11 Digital Assets and Their Management 20:44 The Executor's First Steps After a Death 23:15 Coping with Grief and Supporting Others 26:25 Final Thoughts on Estate Planning and Executor Responsibilities 32:20 Navigating Grief and Support 38:16 The Role of Executors in Estate Settlement 44:30 Family Dynamics and Estate Disputes 48:12 Initiating Conversations About Estate Planning 53:43 Leaving a Legacy: The Importance of Organization   💡David Edey Website: https://www.davidedey.com/ David’s Book: https://www.davidedey.com/executorhelpbook.html Free Resources: https://www.davidedey.com/resources.html   🤝 Work with Millen Wealth Advisors Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice 🔗 Connect & Follow Us for Insights Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Instagram: https://www.instagram.com/financialplannergui/ Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/ Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Keywords Executor, estate planning, family communication, grief, legacy, financial planning, estate settlement, executor responsibilities, family disputes, estate management

Summary In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman discuss essential concepts for successful investing, the implications of recent political changes in Canada, and the importance of financial planning. They explore the challenges of predicting market movements, the benefits of index and factor investing, and the role of financial planners in helping clients achieve their financial goals. The conversation emphasizes the need for discipline in investing and the importance of understanding market dynamics to improve investment outcomes. Chapters 00:00 Introduction to Financial Planning and Political Landscape 11:21 Understanding Market Success: Key Concepts for Investors 35:16 The Psychology of Total Market Investing 38:02 Asset Class Returns and Market Performance 40:33 The Limitations of Index Funds 44:39 Finding the Middle Ground: Active vs Passive Investing 48:01 Understanding Market Factors and Their Impact 50:40 The Role of Discipline in Investment Strategies 52:35 Exploring Investment Options: Index vs Factor vs Socially Responsible 56:22 The Importance of International Diversification 01:01:30 Navigating Hot Tips and Market Trends 01:03:14 The Importance of Discipline in Investing 01:04:51 Understanding Market Downturns 01:11:50 When to Invest: Timing the Market 01:16:57 The Role of Financial Planners 🤝 Work with Millen Wealth Advisors Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice 🔗 Connect & Follow Us for Insights Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Instagram: https://www.instagram.com/financialplannergui/ Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/ Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/ Link to slide deck https://www.canva.com/design/DAGW3nW1E0Y/uN-vOfWKqZX8TzdbZJ4mdA/view?utm_content=DAGW3nW1E0Y&utm_campaign=designshare&utm_medium=link2&utm_source=uniquelinks&utlId=h42f6f4a6fe   Keywords Financial planning, investment strategies, market dynamics, wealth management, capital gains tax, index funds, factor investing, financial literacy, investment performance, tax implications