The Financial Classroom Canada

In this episode, Eric and Tim discuss the ins and outs of a shared passion – budgeting. They see budgeting as more than a math calculation; they see it as aligning your values with your finances and a means to experiencing peace of mind. They also realize that there are a lot of challenges associated with budgeting, especially in getting started with your first budget. In this episode, Eric and Tim discuss the following topics:   -       Budgeting as a reflection of your values -       Budgeting as a life enhancer – not a restrictor -       Various budgeting methods -       Building an emergency fund -       Budgeting for variable income, such as commission or seasonal -       Evaluating your budget   If you have any feedback, have topics you would like us to discuss, or if you would like to come on the show, feel free to email us at financialclassroom@gmail.com Lending Tree Article: https://www.lendingtree.com/personal/budget-to-pay-off-debt/#:~:text=50%2F30%2F20%20budget&text=50%25%20of%20your%20income%20should,toward%20savings%20and%20debt%20repayment.

Hey everyone! Sorry for MIA all summer, but we are back! Tim, Eric, and Will were all busy during the summer and had to take a break. It's good to be back recording once again. In this episode we caught up on each other's summer and how each other is doing overall. We touched on the current economic environment in the world and why markets have been dropping recently. A few things we noted were the reduction in fed balance sheets via QT, as well tight macro conditions due to interest rate being so high. It was good to be back! Let us know if there is anything you want to hear about and if you would like to come on the show feel free to email us at financialclassroom@gmail.com

In this episode, we take a deeper dive into the newest member of The Financial Classroom Canada, Eric, and learn about his journey to becoming a 6-figure millenial. We interview Eric to discover the challenges he faced, changes he made, lessons learned, and how to avoid the temptation of "Keeping up with the Joneses". During our conversation, we discussed: - Eric's Current net worth, with discussion on asset allocation and the use of separate accounts - The mistakes made along the way - What debt was incurred - Managing Finances with his partner Natalie - Financial Goals for the future - And more! If you are a 6-figure millennial or someone who is passionate about finance and would like to come on the podcast, feel free to reach out to us at financialclassroom@gmail.com or on Facebook and Instagram.

In this episode, Miro Svoboda returns to discuss the most common questions that he has received from RCMP members about their pension plans. While this is an excellent episode for any member of the RCMP to listen to, it will also be extremely beneficial for anyone else who has a defined benefit pension. Some of the topics discussed include: How is a defined benefit pension calculated? What happens when someone leaves the RCMP because of disability? What benefit is available to the spouse and kids if the pension holder passes away? What happens to a defined benefit pension in the case of a divorce? What are the tax implications of withdrawing the cash value of the pension? What is the process of applying to receive either the cash value of the pension or the annuity? If you have any questions for Miro, please feel free to reach out to Miro and his team by email. And don’t forget to check out his YouTube channel for more excellent personal finance content. Email: msvoboda@harbourfrontwealth.com Youtube: Easy Retirement with Miro or https://www.youtube.com/@easyretirementwithmiro

We are back after a little break! In this episode on the Financial Classroom Canada, we talk about a few of the new changes that the Canadian Federal Government has introduced in 2023. We talk about: First Home Savings Account (FHSA) What is it? Government Savings account in which you can put money away for you and/or a partner, to save for the purchase of your first home. Who is it available to? This is available to anyone in which hasn’t personally owned or has a common-law/spouse who’s owned a primary residence within the past 4 years Why would someone use it? This is beneficial to someone who is looking to save money for first home and not having the trouble of looking elsewhere of how and where to store the savings. How much can one contribute? An individual is allowed to contribute $8,000 per year, to a maximum of $40,000 for a lifetime. Lifetime means that you can only ever save up to $40k in this to buy your first time, you cannot go higher than this. Tax Tip: Is good for those looking for a way to also deduct their taxable income but also have to pay $0 in taxes once you withdraw, saving you $$ Grocery Rebate What is it? A sum of money given to you by the federal government to help assist with the cost of groceries. It is solely based on income, which the threshold is $X or  Who is it available to? Anyone within the GST credit area, meaning, if you receive the GST credit, you'll be eligible to receive this rebate. How much will you receive? An average family of four with two children would receive $467, while a single Canadian would be eligible for $234 in rebates  Federal Student Loan interest eliminated April 1 So, don’t worry about having to deduct this on your return anymore/ SK YOU STILL NEED TO Rental and dental benefits weren’t used much Federal income tax brackets indexed by 6.3% Payday loans  Increase student loan interest limit New Carbon Tax April 1 After grocery and other rebates Why we should file tax returns If you don’t you can’t take advantage of any of the credits/rebates mentioned

On this episode of The Financial Classroom, our special guest is Tim’s brother Michael. Michael self-describes himself as having become a 6-figure millennial by accident. However, he goes on to clarify that he achieved this feat by keeping expectations realistic about the lifestyle he can afford. Listen in as Michael talks about: How he paid off his student loans, and went on to pursue additional schooling debt-free The importance of knowing where you’re money is going Eating sustainably as a cost-saving measure Buying kids stuff off VarageSale and other online marketplaces Making the little things count If you are a 6-Figure Millennial or want to come on as a guest, feel free to reach out to us at finacialclassroom@gmail.com or find us on Instagram or Facebook.

Episode 69 Today we got to talk to Miro Svoboda once again from Harbour Front Wealth. This time we talked about the current economic conditions and how the feds have influenced the market. We then dived into owning variable assists in order to protect yourself when parts of your portfolio is down, and navigating through this bear market. We also discussed how the traditional 60/40 portfolio last year didn’t work, as bond prices dropped a ton last year resulting in people in retirement panicking. Miro touched on how the rise in interest rate took a massive hit on the market as the feds tried to decrease demands. Lastly we discussed about private investing, how to diversify into private equities, private real estate and private fix income. Check out Miro's Youtube account: Easy Retirement with Miro.  You can also reach out to him via Email: msvoboda@harbourfrontwealth.com If you would also like to be a guest on our show, feel free to email us at financialclassroom@gmail.com or find us on Facebook and Instagram.

In this episode, Will, Tim and Eric decided to do something a little bit different and took a deep dive into the payday loan industry. While the hope is that listeners will never have to take out payday loans, the information provided in this episode may prove useful in conversations with friends and family members who may be considering payday loans as an option. Additionally, the information that was discovered around the predatory practices of the payday loan industry proved to be eye-opening and a little bit disturbing. Some of the topics included in this episode include: The one and only positive upside that they can find about payday loans Protections in place to protect borrowers Criminal interest rates in Canada Interest rates and fees charged by payday loan companies Alternatives to payday loans A brief introduction to instalment loans If you are a 6-Figure Millennial or want to come on as a guest, feel free to reach out to us at finacialclassroom@gmail.com or find us on Instagram or Facebook.

This is the episode where we say goodbye to Jules as her life is getting busier and busier and needed to take time off to focus on her family and work! We are so proud of her for becoming a great Mortgage broker and being such a wonderful mom to her two kids. Best of luck Jules and thanks for being apart of the Financial Classroom Canada this past year and a half. With that said, this episode we interviewed Will and his wife Jess on their financial journey! Will is the last host to not have shared his 6 figure journey yet, and it was a blast getting to know his story and how he got to where he is today financially. They talked about: - The mistakes they made in finance; - How Jess went from having a maxed out credit card to now fully understanding her finances; - Will's understanding of investing and how it was important to take advantage of compounding early in his life; - Their net worth; - What they plan to do 10-15 years down the road;  - What strategies they have implemented to get to where they are today; - Their financial mistakes; - And much more!  If you are a 6 figure millennial or someone who have is passionate about finance and wants to come on, feel free to reach out to us on email at financialclassroom@gmail.com or on facebook or instagram  

This episode was a blast from the past as one of our first guests returned to the podcast. Josh, who was featured as a 6-Figure Millennial on October 4, 2020 (before we numbered our 6-Figure Millennial episodes), now has his own blog, Money Making Habits. This blog is dedicated to helping people to wisely and successfully build a dividend growth portfolio. In today’s episode, we discussed Josh’s article, “10 Reasons Why We’re Dividend Growth Investors”. This article is an excellent read (link below), and it makes compelling arguments for the benefits of incorporating dividend growth stocks in your investment portfolio. Listen as we discuss: -  Why Josh is passionate about dividend stocks -  Characteristics of many dividend-yielding stocks -  DRIP (dividend reinvestment plan) -  Using dividend stocks to hedge against inflation -  Tax advantages of dividend income -  Tips on evaluating dividends stocks -  Holding individual dividend growth stocks vs a high dividend yield ETF To learn more from Josh, make sure to visit his blog and subscribe to his email list (sign up on his website). Josh’s blog: https://www.moneymakinghabits.com Josh’s article discussed in this episode: https://www.moneymakinghabits.com/dividends/1k2gqsqzombz0wnzg7y6azmyxfimtt If you are a 6-Figure Millennial or want to come on as a guest, feel free to reach out to us at finacialclassroom@gmail.com or find us on Instagram or Facebook.

Episode 65 In this episode we talked about the upcoming recession and how to prepare for it. With the federal reserve and banks around the world continuing to hike interest rates we are going to see a big slow down as demands start to slow. Tim and Will discussed how to prepare for when a recession hits and how to take full advantage of it. With every bear market and recession there is an opportunity for someone out there to become real wealthy and we want listeners to be able to understand it and take advantage of it. Many people don’t understand what happens in a recessions and what causes a recession so tune in as we break it down. If you like this type of content make sure to leave us a review on Apple Podcast or any of our platforms and if you are a 6 figure Millennial and want to come on the show feel free to reach out to us at financialclassroom@gmail.com

It’s the week of Black Friday, which means that Christmas is slowly creeping up on us. While Christmas is a great opportunity to celebrate and spend time with loved ones, it can also be quite expensive. This year particularly, with inflation running rampant, it has become increasingly necessary to ensure that the holidays don’t run us dry. In this episode, Will and Tim discuss some ways to save money and keep spending under control during the holidays. Topics include: -  When to shop sales and other cost-saving tips -  Budgeting around the holidays -  Managing social expectations -  Tim’s distaste for gift exchanges If you are a 6 Figure Millennial or wanting to come on as a guest, feel free to reach out to us at finacialclassroom@gmail.com or find us on Instagram or Facebook.

Episode 63 This week we spoke to Eric Preston from Regina, SK about his own personal journey in finance and how having a financial community group to talk with has helped him with his own finance. In this episode Eric talked to us about the importance of surrounding himself with people who also enjoy finance and the lesson he has learned from having such a community. Eric shared his own journey and how he started to learn about finances early on from his grandpa and shared a few lessons that was taught to him. He talked about how the book “The Wealthy Barber” gave him a new perspective on how he handled his finance and various ways he learned to manage personal finance. Eric opened up about the mistakes he’s made early on during his college years and how those mistakes helped shape who he is today. Check out the episode and learn why we do monthly spreadsheet parties today and how it has benefitted Eric! If you are a 6 Figure Millennial or wanting to come on as a guest feel free to reach out to us at finacialclassroom@gmail.com  or find us on Instagram or Facebook.

Death is not an easy subject to talk about, but it is also something that ABSOLUTLEY SHOULD be talked about – from an estate planning perspective, at least.  In this episode, Will and Tim talk about this topic with Mark Stefan, a successful wealth planner who has been in the industry for 38 years. Mark breaks down this uncomfortable subject, explaining everything from how an estate plan should be part of a larger financial plan to the various components of an estate plan. • Throughout our discussion, Mark navigated several complex questions, with simple, easy-to-understand explanations that will (hopefully) leave you feeling motivated and empowered to begin working on your own estate plan. Some of these questions include: Who should have a will? What is a power of attorney and an executor? Are DIY wills worth the savings? What taxes apply to your estate? What is probate? Is it worth it to try to minimize probate? What mistakes are people making with their estate planning? • If you’re a 6-figure millennial or if you have a specific topic you would like to discuss on the podcast, we would love to talk to you! Reach out to us at financialclassroom@gmail.com or find us on FB/Instagram.

Kids are a blessing, but they can also be SCARY expensive. What costs should you expect? Or how can you trim down some of those costs? Which costs SHOULD you try to cut down on? If you’re like Will, you’re hoping we don’t suggest cutting down that food bill :P Join Will, Tim and Jules for a discussion on everything to do with kids, including: -  How much will you probably spend on your child from birth to when they become an adult? -  Making it through the baby stages on a budget -  The back-to-school marketing scam -  The new government child care funding -  Sports and activities -  The biggest (yet perhaps least expected) cost of having a child Also, if you want some in-depth information on the RESP, we HIGHLY recommend that you listen to Episode 32, where we have a special guest, Court, who comes on and talks about EVERYTHING to do with RESPs. You won’t want to miss that one either! • If you like the show, feel free to give us a review on apple podcast to help us reach more people. As well if you would like to come on the show feel free to reach out to us at financialclassroom@gmail.com or find us on IG @financialclassroom or FB Financial Classroom Canada.

Epsiode 60! Today Will, Tim and Jules talked about the latest FOMC meeting and the result of the newest fed rate hike and what it means more everyday folks. We broke down why inflation is happening and how hiking rates can help reduce inflation. We touched on things like how the rate hike affects mortgages, rent, line of credits and other debts as well as how you can control your situation in this economic uncertainty. This episode also talked about how we can control our controllable as prices continue to climb. Everyday essentials such as food, gas, utilities are all going up so we broke down some tips and tricks to cut costs on those items. If you live in Alberta also check out the Alberta website for different insurance rate: www.ucahelps.alberta.ca its a great cost comparison tools for energy, As always remember the key to wealth is to live on less than you make, invest the remaining and do so for a long time. If you are a financial nerd like us and want to come on to the show feel free to reach out to us at financialclassroom@gmail.com or find us on instagram or Facebook.

In today's 6-Figure Millennial episode, we talk with Darcy from "We Want Guac" blog. Darcy's journey has brought her from the humble beginnings of living in a shared attic apartment with no heat or AC after graduation. Fast forward, and she has managed to amass a $270k net worth at 28 years old. Listen as Darcy talks about several aspects of this journey, such as: - Her mindset on living in the attic, and how she navigated this living situation - How Darcy began investing and what resources she used to learn how to invest - Darcy's mindset when the March 2020 market crash hit - How building a nest egg can give you leverage in your work situation - How much money you need to invest before 30 years old to (theoretically) be able to retire Darcy also spoke about her blog and how she is using it as a tool to reach Gen Z to develop their careers, build their income, and gain investing knowledge early on in life. Spoiler alert! One of these tools may or may not include writing a rap song that is....shall we say "FIRE"? And we may or may not have featured a clip of this song in the episode. If you’re a 6-figure millennial, we would love to talk to you! Reach out to us at financialclassroom@gmail.com or find us on FB/Instagram. Please also reach out to Darcy through any of the following socials: Blog: https://www.wewantguac.com/start-here/ IG: @wewantguac_blog Twitter: @WeWantGuac "We Want Guac" Song: https://www.wewantguac.com/music/

Episode 58! Today we got the chance to talk to Mekenna and Nolan from Saskatchewan! This young couple reached 100k Net worth at 22years old and now have close to 130k in Net worth! Listen to how they avoided debt and paid off their student loan the moment they finished school. Mekenna and Nolan were very interesting to talk to and spoke on the importance of being frugal and how growing up in a frugal family helped them realize how important saving money is. In this show we also talked about how if you work hard in your 20s you will really benefit from it for the rest of your life. Well Nolan is doing that right now. During the peak of the pandemic, while some were staying at home, Nolan found 3 jobs and hustle hard to make even more money. Outside their regular dayjobs they also clean houses on the weekend to help make even more money. This young couple values financial freedom over buying materialistic things. Listen to them as they give various frugal advice from generating various emails for coupons to using house cleaning side hustle to make more than their day job. If you’re a 6 figure millennial like Nolan and Mekenna, we would love to talk to you! Reach out to us @financialclassroom@gmail.com or find us on FB/Instagram.

Episode 57! In this episode we spoke to Justin Johnson a 6 figure Gen Z  from Kentucky, USA. Justin was an incredible guest to talk to he currently has a net worth of 220k and reached his first 100k at age 20yrs old. Justin is a realtor and industrial salesman, and unlike many 20 year old he is married and 1 child. His incredible net worth, didn’t come from just luck but from hard work and smart life choices. Listen as we talk about how he: Got paid to go to school from getting multiple scholarships. Never got student loans. how to not compare with others because that is the feat of joy. How his father’s strict discipline and introduction to Dave Ramsey changed his way he thought about finances. How joining the reserve gave him and his wife, great health benefits. How he is currently holding case as he states “Being prepare for opportunities,” Justin’s net worth breakdown at the young age of 20yrs old is: 120k in real estate. 1 Rental house. 10k in retirement account. 52k in checking. 32k in vehicles. 10k in odds and ends stuff. Justin talked about why he has so much gas on the side line and quoted “There is no such thing as luck in this world, all luck is is when an opportunity meets good preparation:” You won’t want to miss out on this episode: You can reach out to Justin at: justin.johnson7@kw.com instagram: justinjohnson_agent If you are a 6 Figure Millennial or like Justin a 6 Figure Gen Z, feel free to reach out to us at financialclassroom@gmail.com and we will try and get you on the show!

In today’s episode, we have Ruthy and Ryan, two spcial guests from Calgary who decided to take a 2-year break from their jobs and travel with their kids all the way across the world to help people. So many wish they had the guts and financial stability to pull this off, but few do. Take a listen, and hear what Ruthy and Ryan had to say about: How Ryan and Ruthy made the decision to pack up and leave How paying off debt frees you up to make big life decisions Cultural differences in how people think about money Lessons Ruthy and Ryan have learned along the way Ryan’s disdain for fish, and how that is working out for him while living on a boat If financial coaching interests you, definitely reach out to Ruthy at: FB: Financial Coach Ruthy IG @financialcoachruthy Blog/Website: https://www.financialresuscitationwithruthy.com Or check out Mercy Ships at: Mercy Ships Canada: https://mercyships.ca/en/