It's Personal Finance Canada

It's our last episode of 2022 and this week we talk all about Christmas spending in Canada! That's right we go over where your hard earned dollars go each holiday season and what experts are predicting for this year. We also go over the true meaning of Christmas, presents, or rather how we are buying less of them and spending more time with those we love, bad for the economy but good for the heart. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Keep the conversation going on our Facebook Page and Group: https://www.facebook.com/itspersonalfinancecanada Useful Resources: Stats Canada 2018 report on Canadian's Christmas spending: https://www.statcan.gc.ca/en/dai/smr08/2018/smr08_228_2018 Deloitte's 2022 Holiday Retail Outlook: https://www2.deloitte.com/ca/en/pages/strategy/articles/holiday-retail-outlook-2022.html

This week we go through the topics that come up most often with our clients this time of year. That's right its time for holiday cheer, tax loss selling, RRSP top ups, Christmas shopping, TFSA contribution room increases and so many other jolly year end matters that we need to tie up with a bow before 2023 comes rolling in. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Keep the conversation going on our Facebook Page and Group: https://www.facebook.com/itspersonalfinancecanada

Enough is enough, or is it not enough?!? This week we trek through "The Psychology of Money" by Morgan Housel and talk about how we were raised around money impacts our future, determining the filters we use to determine what is enough money or happiness in our lives and how what we want changes as time goes on. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Keep the conversation going on our Facebook Page and Group: https://www.facebook.com/itspersonalfinancecanada

It's our one-year anniversary episode. This week we dig deep into Ray Dalio's understanding of the Big Debt Cycle and find out how learning from the past can help us prepare for the future, or really the present the way things are going right now. We tackle the good days, the mad rush to by "anything" others tell us to, the peak and on through to the depression, fiscal intervention and how we can get back to a sense of economic normalcy once again, all with our own patented* Canadian perspective. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Keep the conversation going on our Facebook Page and Group: https://www.facebook.com/itspersonalfinancecanada Useful Resources: Where to get the free (well the cost of your email address) book we referenced by Ray Dalio: https://economicprinciples.org/ Canada's 2021 federal election results: https://www.elections.ca/enr/help/national_e.htm

This week we talk all about the Bank of Canada and how it makes the big decisions which impact your life. From monetary policy, interest rates to inflation protection we peel back the curtain of mystery and see how the great fiscal machine actually operates. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Keep the conversation going on our Facebook Page and Group: https://www.facebook.com/itspersonalfinancecanada Useful Resources: Bank of Canada Monetary Policy Report October 2022: https://www.bankofcanada.ca/2022/10/mpr-2022-10-26/ Our renewed monetary policy framework (Dec 2021 – 2021-2026): https://www.bankofcanada.ca/core-functions/monetary-policy/monetary-policy-framework-renewal/ Framework for Conducting Monetary Policy at Low Interest Rates Dec 2015 (aka Christine's most and least favorite 4 page PDF): www.bankofcanada.ca/wp-content/uploads/2015/12/framework-conducting-monetary-policy.pdf

Our life is the culmination of the habits that we adopt. This week we talk about the power of habits and how they can shape not only your life but your financial future as well. Drawing from Christine's "Why is this baby still up at 4am book club," we look into the advice from "The Power of Habit" by Charles Duhigg and "Atomic Habits" by James Clear and see how they can help us. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Keep the conversation going on our Facebook Page and Group: https://www.facebook.com/itspersonalfinancecanada

Christine's "Why is this baby still up at 4am Book Club" continues as she delves into the Millionaire Next Door by Thomas J. Stanley. This week we talk about how often the rich don't use their wealth to impress others but instead fulfill their goal of personal financial freedom. It is the little things we do and don't do that help us follow the author's seven common denominators among those who've successfully built their own wealth and financial freedom. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Keep the conversation going on our Facebook Page and Group: https://www.facebook.com/itspersonalfinancecanada Useful Resources: Two good articles from the author's blog: https://themillionairenextdoor.com/2010/08/how-wealthy-should-you-be/ & https://themillionairenextdoor.com/2009/12/the-low-profile-millionaire-next-door/

It's time for another edition of Christine's "Why is this baby still up at 4am Book Club." This week we review the core concepts of the personal finance classic "Rich Dad Poor Dad" by Robert Kiyosak. We see if these ideas can still work for you today and how find out how much of the book is applicable for Canadians. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com

This week we talk about all of the in's and out's of having a Group RRSP plan and how it can benefit you and your retirement. Everything from qualification, matched contributions and how employers can use then to better support their staff is covered, along with a few cautions to be aware of. But fear not as we pull back the cloak of mystery surrounding Group RRSP's. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com

This week we continue our look into different investment styles and the most famous investors behind them. Everything from Contrarian, Growth and Adaptive investing are looked at along with how they have been successful. We then cap it off by talking about how you can determine which style (or combination of) could be best for you. If you want to join Christine's "Why is this baby still up at 4am Book Club" you can follow along by reading "Principles of Dealing With the Changing World Order" BY Ray Dalio! If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com

Over the years different people have develope different approaches to investing, but all of them have one goal, to help you get the most out of your money. This week we take our first of two looks into some the the most popluar investors in the past century and understand how their varied stragegies helped them become successful, and how thier underlying ideas can help us today. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com

The concept of Capital Appreciation is one that tends to be overlooked for many other "flashy" signposts in the investing world but it has a dramatic impact on whether or not you will actually grow your money. This week we talk about the impact of capital appreciation on your investmetns, be it stocks, funds, real esate or even small business ownership and how you can make sure you are getting a good return for your money. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com

The desire for freedom, flexibility and financial independence is greater than ever and it shows no signs of stopping while the world keep turning. This week we talk all about FIRE Movement aka the Financially Independent and Retire Early Movement see how these philosophies can help us manage not only our personal finances but how we live our everyday lives. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com

Is your retirement number an age, the number on your ivnestment statment or something else? This week we talk about all of the moving parts that go into determining your retirement number and how Chrisinte helps her clients find their happy number. This isn't a one time calculation as the stock marketn inflation and a host of other factors will impact your comfort during retirement If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Useful Resources: FP Canada Projection Assumption Guidelines for 2022: https://fpcanada.ca/docs/default-source/standards/2022-pag---english.pdf 

Your income is the most important number in your budget – all of your lifestyle, ability to achieve goals stems from it. This week we talk about how your career is the most important part of your budget and how you can maximize it to better your finances and personal life. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com

You wouldn't think that goals and lifestyle could be at odds in your life, but when your goals and lifestyle disagree with each other you'll find yourself stuck in life. This week we talk about the balance needed between our short-term goals and our overall lifestyle that we are trying to cultivate. We also talk about how both goals and lifestyle can work with and against each other is we don't know what we truly want in life. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com

Over 40% of Canadian couples get divorced, and money issues are the leading cause. This week we talk about the true cost of divorce and what happenes when irreconcilable financial differences drive people apart. Everything from child support to seperating assets, it all has a long term cost on your financial future. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Useful Resources: BMO's 2014 survey on Divorce in Canada: https://globalnews.ca/news/1144095/top-reason-for-divorce-money-says-bmo-poll/  Federal Child Support Calculator: https://www.justice.gc.ca/eng/fl-df/child-enfant/2017/look-rech.aspx Federal Spousal Support Calculator: https://www.justice.gc.ca/eng/fl-df/spousal-epoux/index.html

Renting is becoming harder, more expensive and for many people their only option. This week we talk go over some tips you help you through all stages of this process. Making the right decisions is key as housing for many is the biggest part of their monthly budget. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Useful Resources: Info on tencancy agreements from the BC Government: https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/starting-a-tenancy/tenancy-agreements  Sample Tenancy Agreement from the BC Goverment: https://www2.gov.bc.ca/assets/gov/housing-and-tenancy/residential-tenancies/forms/rtb1_chrome.pdf  Sample Roomate Agreement: https://tenants.bc.ca/wp-content/uploads/2020/05/Roommate-Agreement-Template.pdf  Renting 101 from the CMHC: https://www.cmhc-schl.gc.ca/en/consumers/renting-a-home

This week we follow up our talk on wills and go into detail about how a person's assets are transfered after they die. How property, investments money and other items ends up in the hands of those your love can be complicated but we unpack things so you can better understand how to structure your assets today so that more gets transfered to others later. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Useful Resources: BC- WESA info: https://www.bclaws.gov.bc.ca/civix/document/id/complete/statreg/09013_01  Pecore vs. Pecore supreme court of Canada ruling: https://scc-csc.lexum.com/scc-csc/scc-csc/en/item/2355/index.do 

Don't be one of the 50% of Canadians who don't have a will and leave their fortunes in the hands of the courts. This week we talk about the reasons you need a will so you can continue to take care of the people you love even when you're gone.  If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Useful Resources: - Link to estate law resources by province https://www.canada.ca/en/financial-consumer-agency/services/estate-planning/resources-estate-law.html - The Government of Canada web site provides a great deal of help in dealing with the many tasks to be handled in the event of a death: https://www.canada.ca/en/financial-consumer-agency/services/estate-planning.html  

Our goals are often sacrificed to our desires. This week we talk about the power that spending can have on our lives and how it can derail our dreams for our future and our goals in general. Learn how shopping is used to squeeze happiness out of our lives which feel more and more out of control, and what we can do about it. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Useful Resources: Forbes article about how happiness being tied to being able to spend money: https://www.forbes.com/sites/traversmark/2020/01/21/why-showing-off-our-wealth-makes-us-happier-than-wed-like-to-admit/?sh=7c50f5c12c1b 2014 study from the Journal of Consumer Psychology on retail therapy: https://www.sciencedirect.com/science/article/abs/pii/S1057740813001149  Ipsos Reid “ Understanding Retail Psychology to maximise conversions”: https://www.ipsos-retailperformance.com/en/insights/g-understanding-retail-psychology-maximize-conversions/#:~:text=Retail%20psychology%20is%20the%20study,to%20boost%20their%20own%20performance

This week we go over some of the top options available to invest in during this down market, ranked from highest risk options like stocks to lowest risk like GIC"s with a little surprise in the middle. Plus Cameron talks about why paying attention to a stocks Beta is so important in how you value stocks and funds and why so many people miss out on big gains when they don't. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com Useful Resources: Harvard Business School - "The Low Beta Anomaly: A Decomposition into Micro and Macro Effects" https://www.hbs.edu/ris/Publication%20Files/FINAL%20Decomposition%20of%20Low%20Risk_36c1e488-c814-496a-bd3b-113e54b3be1d.pdf

What has happened will happen again. Bull and Bear markets come and go but it is important to study and understand the Bear markets and crashes so we don't make mistakes the next time they come around.  This week we go over some the of the biggest North American stock market crashes and find out what triggered them, how the recovered and who those lessons can apply to today's Bear Market so you can protect and grow your investments. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com

What happens when you are no longer able to manage your finances? This is where a Power of Attorney comes into play. This week we talk about what this power is, how to choose a representative and how to structure it in a way which will help you live more comfortably and be able to take care of those you love better.  If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com  Useful Resources: Governmetn of Canada Report: "What every older Canadian should know about: Powers of attorney (for financial matters and property) and joint bank accounts" https://www.canada.ca/en/employment-social-development/corporate/seniors/forum/power-attorney-financial.html 

Economists say that over the next four years over a Trillion dollars will be moved from parents to kids in Canada. If you're lookling to better understand how to get money to your kids or are looking to start a conversation with family members then this weeks episode can help get that informed dialogue going and understand the benefits and limitations of estate planning. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com  Useful Resources: Macleans's article on intergenerational wealth transfers: https://www.macleans.ca/economy/generational-wealth-often-comes-in-the-form-of-down-payments-and-trust-funds-does-it-also-include-grocery-runs/#:~:text=Kang%20says%20wealth%20is%20%E2%80%9Cthe,by%202026%20is%20the%20largest From Manulife "Preparing your family for the great wealth transfer": https://www.manulifeprivatewealth.com/ca/en/viewpoints/investor-education/preparing-your-family-for-the-great-wealth-transfer  

This week we talk about how your financial planner or advisor should be deciding which funds are the best fit for you. We cover all the ins and outs and everything you need to be aware of as you prepare to put your hard earned money to work with the right person. From KYP to KYC, sales charges, fund composition and everything in between we take away the mystery of investing with an advisor. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com 

This week we give you an inside look at what goes on inside your first meeting with a financial planner. We go over the different desiganations and what they mean for you so you can make sure the person you're talking to is actually qualified. We then cover many of the best questions you can ask to determine if they are really the best fit for you and your family. There's also tips about proper expectations, governemnt regulations, industry protocols and sales practices you need to be aware of to ensure you're getting the best service possible. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com  Don't forget you can email us at contact@braunfinancial.com to get a sample of our client fact finder so you can see what to expect, and to make sure your planner is being as thourough as they should be.  Useful Resources: What it takes to become a Certified Financial Planner: https://www.fpcanada.ca/certifications/cfp-certification 

Today there seems to be all kinds of options when it comes to investment accounts. But knowing which one will benefit you the most isn't always obvious. Today we get a refresher on RRSP's and TFSA's but we also delve deep in to what a Non-Registered account is and when it's a good time to use one. Finally we talk about how you can maximize your savings and tax bill by using a combination of these different account types. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com  Useful Resources: RRSP: Contribution rule info: https://www.savvynewcanadians.com/rrsp-deduction-limit-carry-forward-and-over-contribution-rules/ CRA and Capital Gains: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html Dividend Taxation: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12000-taxable-amount-dividends-eligible-other-than-eligible-taxable-canadian-corporations.html

This week we go deep into our motivations behind making more money and find out if the true cost of "success" is worth it. From recent sociological, economic and goverment studies we find out if it's really worth working yourself to the extreme in order to have more money. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com   Useful Resources: -Stats Can study on sources of stress: https://www150.statcan.gc.ca/n1/pub/11-627-m/contest/finalists-finalistes_2-eng.htm  -Daniel Kahneman's 2010 study "High income improves evaluation of life but not emotional well-being": https://www.pnas.org/doi/10.1073/pnas.1011492107   -Harvard Busniess School study on the corrolation between happiness and income: https://hbswk.hbs.edu/item/more-proof-that-money-can-buy-happiness#:~:text=When%20we%20wonder%20whether%20money,cause%20stress%2C%20new%20research%20shows -Killingsworth's article from the Proceedings of the National Academy of Sciences Journal: https://www.pnas.org/doi/10.1073/pnas.2016976118  -World Economic Forum study on a 4 day work week: https://www.weforum.org/agenda/2022/05/4-day-work-week-what-means-for-the-future-of-work/  Books Mentioned: -Deep Work by Cal Newport -The 80-20 Principle by Richard Koch -Is Work Killing you by Dr. David Posen

Carbon Prices are going up! This week we talk about what Canadian Carbon Taxes meant to you and how you need to start preparing. What is the tax, how it's trying to change you behavior and how the choice for change is evaporating before us while we also stare down the barrel of a recession. Useful Resources: Fraser Institute - Estimated Impacts of a $170 Carbon Tax in Canada: https://www.fraserinstitute.org/sites/default/files/estimated-impacts-of-a-170-dollar-carbon-tax-in-canada.pdf International Energy Agency - Global Energy CO2 Status (2019): https://www.iea.org/reports/global-energy-co2-status-report-2019 Nature Climate Change Journal - Limited impacts of carbon tax rebate programmes on public support for carbon pricing: https://www.nature.com/articles/s41558-021-01268-3 BC Climate action tax credit info: https://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/climate-action Goverment of Canada - Carbon pollution pricing systems across Canada: https://www.canada.ca/en/environment-climate-change/services/climate-change/pricing-pollution-how-it-will-work.html

This week we tackle many examples of conventional wisdom and try to offer eight financial tips that will actually help you right now. Everything from education, job oppertunities, buying habits, and savings get put to the test to see what still bears proverbial fruit in 2022.

It's been a rough start to the markets in 2022, and high inflation and rising interest rates aren't making things any better. This week we take you behind the curtain for a look at what is happening behind the scenes with carriers and fund managers and how you can ask your financial planner the right questions about your investments.

It's Mothers Day (on the day we recorded) so what better time to learn about how to teach your kids about good financial management and decision making. From allowances, budgeting, credit and more we discuss topics worth talking with your kids about.

This week we test out the so called "tried and true" 4% and see if it still applies to the 21st Century. That's right we discuss the The 4% withdrawal rule, sequence of returns and retiring in a down market like the one we're in right now.

This week we talk about the true cost of rising interest rates and how it will impact you and your budget. Rates are going up so you need to get ready now to secure your financial future.  As a bonus we also explain how the Bank of Canada and the Federal Government are able to make money appear out of thin air and why that is contributing to the rising cost of living. Bonus Parliamentary report on how money is created in Canada: https://lop.parl.ca/sites/PublicWebsite/default/en_CA/ResearchPublications/201551E

This week we offer a flurry of tax tips just in time for your 2022 filling, to help you get more of the deductions and credits that you ma be entitled to. Link mentioned in the episode: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses.html

This week we breakdown the key points of Budget 2022 which will impact your personal finance decisions for the rest of the year. We'll cover changes to housing affordabilty, new programs and how it's all going to be paid for.

Having a family is a big financial responsibility but knowing whether or not to stay home with the kids is a difficult choice, especially today. This week we talk fomr our own experience of weighing the financial pro's and con's of childcare and how those choices impact your finances.

This week we discuss good and the bad about active investmetns and if paying fund managers and MER's is worth your investment Dollars. We also tackle what to look out for when choosiing an active investment option for yourself.

Investing can be complicated so many people choose to follow the "indexes" to make theri lives less complicated. This week we talk about what these main North American indexes are and how they can help you reach your financial goals.

This week we put the "personal" in It's Personal Finance Canada, as we go over our own story of how we got to where we are today. Learn how our experiences have shaped our views of personal finance and how try to help others through our own life lessons. 

This week Christine goes over the key questions you need to ask yourself about sustaining yourself during retirement. Learn the ins and outs of different investment strategies and whay you need to be on the look out for in you golden years so they don't turn into your rusted years.

What are the three pillars of your retirement and how much do you need to stock up to live comfortably in retirement? This week Christine helps you understand how a successful retirement package is built and how you can impliment it into your own life.

Budgeting doesn't have to be a painful or depressing experience. Leanr how Christine manages her own finances with her Simple Budget process which will help you getyour finances in order in only a few minutes each pay period.

Inflation is hitting everyone hard these days and there seems to be no relief in sight. Learn today about the role of the Bank of Canada and how it impacts your wallet, ability to pay for groceries and if you could ever buy a house.

This week we look at all of the in's and out's that can impact your decision to start you own side hustle 2022. Find out what lies beneath all of the corporate bells and whistles and prepare yourself to somehting that'll be profitable in every area of your life.

This week Christine talks about all of the hidden advantages of opening up an RESP for your kids at a young age. Here's a hint, do it right and get free money put into it every year.

This week we get into the nitty gritty of how an RRSP can help you defer taxes and put more money in your pocket today and in the future.

Go behind the scenes and get the scoop about what insiders are saying about the market outlook in early 2022. Prepare yourself as both a consumer and an investor and learn how to thrive in this coming season.

This week Christine talks about all of the benefits and hidden gems you need to know about RRSP's and TFSA's. Learn how to lower your tax bill, prepare for retirement and make the most of your investments.

This week we talk about personal finance tips to get you ready for the upcoming year and help you to avoid any tax surprises which may be lurking in the early months of 2022.