Unconventional Wisdom

How can you own a nice car for a lot less? Should you be impressed with someone that has a nice car? How do you measure the ownership cost of your car? What is a warranty worth? Should you lease or own? Can you save money on an electric car? How does your car fit in your life priorities? You'll learn the answers to these questions in my latest podcast episode, and what I recommend to my clients that want to save money on their car.

There's a sale on stocks today - it's a 10% sale! We have recovered about half of the decline from the bear market in 2022. What does that mean when it comes to buying stocks? In my latest podcast episode I give my thoughts on why I believe now is a good time to buy. This episode was recorded in 2022, but the insights fully apply today. Listen to find out: Why all bear markets are buying opportunities. How to be a successful investor. My perspective on bear markets. The 3 secrets to successful investing. What type of stocks to buy before the market fully recovers.

In my latest podcast episode I talk about the ultimate status symbol and making a real difference in the world. That may sound like two completely different topics, but it's actually one topic and I'm going to show you how to do both at the same time! Here's what I cover: What is the ultimate status symbol or the wealthy? What is a "Generosity Plan" What are the advantages of a personal charitable foundation? What are the tax savings of a personal charitable foundation? What is the difference between a public foundation and a private foundation? How does a personal charitable foundation work? Who can you donate to? How can you know which causes make the most difference? What can you donate, other than cash? What are some examples of effective donations? How can you make a real difference in the world?

Can you really make money while you sleep with little or no tax? Covid changed most of our working habits, in that many people stayed home, while others felt the financial pinch of the pandemic. New paradigms arose, such as creating wealth, without work. Passive income started becoming a conversation not just with people who invest, but with people thinking about retiring or who hadn't even thought about making money this way before. In my latest podcast episode, I talk about all the ways to create passive income, and how to do it effectively & tax-efficiently. You'll learn: What is passive income? Why is everybody talking about it now? The 3 main types of passive income. How to get passive income with little or no tax. Why self-made dividends are better than ordinary dividends in every way. How to save tax with each type of passive income. How to use passive income effectively. How to use passive income as part of your retirement income.

Want to teach your kids or young people you know to be smart with their money? Then you'll want to send them my latest podcast episode with an introduction into the world of finance. There are a million things to know. These are the few important ones, based on my Unconventional Wisdom. Whether you're thinking about buying a car or a home, paying off student debt, or saving for retirement, there's so many things in life to do with your money. My job is to help you think strategically about how to live your life (the way you want), while being able to invest for the future. Listen to this episode to find out: The #1 principle of financial planning. How to decide what is important to you and how to prioritize your life goals. How much "fun spending" is smart. How to save for a home and whether you should. The ultimate financial strategy if you're in your 20s and 30s. What to do if you want to live comfortably or even be wealthy in your future.

Are you poor, middle class or wealthy? After seeing the finances of thousands of people, I've noticed patterns to determine if someone is poor, middle class or wealthy. In this podcast episode you'll learn where you fit along the spectrum of wealth, how each thinks and invests differently, and how you can become one of the wealthy! Here's what I cover: Why wealth isn't a matter of income level. The definition of Net Worth. Do you classify as poor, middle class or wealthy? How each person saves, invests, and thinks about money. The mindsets of poor and wealthy people and how they differ. 5 key traits of wealthy people. How to think like the wealthy.

What do you do with the Smith Manoeuvre AFTER you retire? This podcast episode is for you if you already know the basics of the Smith Manoeuvre. You have been doing this strategy for awhile, you've converted your mortgage to tax deductible, and you're thinking about retiring. You've got a big investment portfolio and this tax deductible credit line, what do you do now? Discover 5 strategies that we suggest to our clients, and how you can implement them to your advantage! Listen to find out: What options do you have for the Smith Manoeuvre after you retire? The 3 options based on your risk tolerance & desired lifestyle. Success rates of retirement income withdrawals. Key tax brackets before and after age 65. 5 Smith Manoeuvre strategies you can do after you retire. Tax implications of Smith Manoeuvre withdrawals. Designing your retirement income with the Smith Manoeuvre

Want to get serious about your finances? Every day I talk to people who come to see me for financial advice because they've come to a point where they realize - "I should probably do something smarter with my money, but I'm not quite sure what." When you get to that point, what do you do? What are the most important things to know about investing? How do you manage your money based on your life goals and priorities? My latest podcast episode is an overview of financial planning to help you figure out where to start, so you can spend and invest your money in smart places based on your values, and what's going to give you the best leverage for the future. Listen to find out: Why you should spend less than you make. Why it's important to pay yourself first. Understanding your values when it comes to money. Why paying off student loans should be the last priority. How to evaluate what's important to you about money. How to live intentionally based on your goals and priorities. How to manage debt wisely. How to save for and buy your first home. The magic of compounding. How to create a retirement goal and financial independence. Why it's important to have a higher risk tolerance. How to invest effectively. Asset allocation - stocks, bonds, and cash. Why borrowing to invest is the secret to major wealth.

If you're thinking of retiring or your parents or friends are retiring, beware of the typical advice you get. In my latest podcast episode, I talk about the 5 conventional wisdom rules of thumb for retirees. As the unconventional wisdom guy, I do the math for you to see whether they actually worked in history. Then I give you 7 new retirement rules of thumb (supported by history) that I advise my clients on. Listen to this podcast episode to find out: How to manage your retirement income withdrawals. Why the real issue is inflation, not stock market crashes. Why learning the stock and bond market history will give you an accurate picture of risks and returns. Why inflation kills bonds, but not stocks if invested in the long-term.

There are many strategies and styles of investing. How do you sort through it all to set yourself up for success with good long-term rates of return? In this week's podcast episode I cover the Top 17 Investment Strategies, their history, and whether or not they actually work. Listen to find out: Are stock prices random? Why is this important? Are stock markets efficient? History of market thought. 17 investment strategies – Do the work? How to identify All Star Fund Managers.

If you're worried about your finances & your future – you are not alone. Many people are worried about their finances. I receive daily notices from people pouring their hearts out about their finances, what they worry about and not knowing what to do on the "Free 30-Minute Consultation" form on my website. They want financial advice on the Smith Manoeuvre, cash flow & debts, investing, and if they are on track to retire comfortably. In my Financial Post articles I look at people's finances to see their situations and if they are set up to retire. And in my practice, I work with my clients with an "Interactive Financial Plan," so they have the confidence to afford the life they want. I want you to have that too! In my latest podcast episode you'll learn: Why you need to be clear on your "why" Why you must be realistic on your investments and goals The importance of planning for your future How the Financial Independence Retire Early (FIRE) community saves money Why you don't need a budget Four options to help you if you can't get you to your retirement goal How to think about Investment returns, equities, stock market and fixed income How to think about diversification and "de-worsification" The details of pensions, CPP & Old Age Security in Canada Why getting professional help with your retirement plan is key How to find out how much money you need to retire comfortably Why you should learn to have a higher risk tolerance The magic of compounding over a long period of time

The Smith Manoeuvre is an efficient strategy using equity in your home to invest for your future, without using your cash flow. It converts your mortgage over time into a tax-deductible investment credit line. Most Canadians are searching for a feeling of financial security, but all the bills and life expenses mean they never build up enough of a nest egg to be secure. The Smith Manoeuvre is a strategy that can help you build your nest egg and make your retirement plan work. As Canada's Smith Manoeuvre expert, check out this podcast episode with an overview of how it works.

Top 10 Money Myths That Block Your Financial Freedom. This is one of my favourite topics. Most ideas that people believe about money are just not true or not optimal. I named my podcast and blog Unconventional Wisdom because my financial advice is about all the things I've learned over the years from my experience writing thousands of financial plans and reading hundreds of books. Mark Twain said: "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so." In this week's podcast episode I go in-depth on each money myth and debunk them with facts about what works and what doesn't to create wealth in your life. Listen to find out: The Top 10 Money Myths. Myth # 1: Wealthy people have nice cars, homes and vacations. Myth # 2: The economy helps you predict the stock market. Myth # 3: Risk is your investments going down. Myth # 4: Your risk tolerance is part of who you are. Myth # 5: You are "smart money". Myth # 6: Asset allocation is effective investing. Myth # 7: You can reduce risk/volatility, without reducing returns. Myth # 8: Stock market returns are random. Myth # 9: Crypto or Day Trading is effective investing. Myth # 10: Real estate returns are as high as stocks.

Rental property vs. the stock market. What's the best investment? In my latest podcast episode we're going to look at this from the eyes of a growth investor. You'll get a head-to-head comparison with data going back decades. We will discuss topics you won't see anywhere else, including how to save tax on a rental & the effect of leverage on return. Spoiler alert. Effect of leverage on rate of return is huge! And you'll get my rental property rule of thumb! Listen to the episode to find out: How does growth of real estate compare with the stock market? What are the sources of rental property returns? What is the normal return for each source of returns for rentals? How does the total return on rentals compare with the stock market? What are the best and worst types of rental properties? How do you minimize tax on rental properties? Should you deduct depreciation (CCA) on your rental? How do you record the sale of your rental on your tax return? How does the size of the mortgage affect the return on your rental? How do different amounts of leverage affect the returns of rentals vs. stocks? What is Ed's Rental Property Rule of Thumb? What is Ed's general advice on owning rental properties?

Should you borrow to invest? With interest rising 4.5% recently, does it still make sense? Spoiled with low interest rates so low for many years, leverage seemed so obvious with a credit line at 3% and tax-deductible, while getting the growth of the stock market. As a fee-for-service financial planner, and an expert on the Smith Manoeuvre strategy and effective investing, my latest podcast episode will give you my insight. You'll learn: How to borrow to invest ("leverage") effectively. What happened with leverage in past periods of high interest rates? How high can interest rates go & borrowing to invest is still beneficial? Rule of thumb for breakeven point of borrowing to invest. What is the mindset you need to borrow to invest effectively? What is the best tax deduction after RRSP for high income people?

What's new for your 2022 tax return? In my latest podcast episode I'm going to give you insight into what's happening in the Canadian tax world. Get the inside scoop on the "new" items from CRA and those being discontinued. If you haven't done your taxes yet or you're thinking ahead to next year, find out how to get the best tax refund. In this podcast episode you will learn: How today's high inflation affects your taxes. How the work from home (WFH) trend affects tax returns. How to save tax on Covid-19 benefits you had to repay. New tax credits & deductions this year. What deductions & credits are discontinued in 2023? What's the difference between a tax deduction and a tax credit? How to estimate your tax refund from a deduction or credit. How to avoid CRA scams. Effective use of the FHSA - the "Renter's RRSP" coming in 2023. Why are Ed's clients getting such huge tax refunds this year?

Investment advisors and robo-advisors have a massive disadvantage – they are short-term thinkers. You can easily outperform them by learning the skill of long-term thinking. Short-term thinking leads them to select suboptimal investments and focus on the wrong risk. You can clearly see this because nearly all investment advisors and robo-advisors do the "4 Performance Drags" that drag down their long-term performance. Just avoid the "4 Performance Drags" and you can easily outperform them. Listen to the podcast to find out: How short-term thinking reduces long-term returns. What is the "wrong risk" and how does it reduce investment returns? What are the 4 Performance Drags? How to use the 4 Performance Drags to compare popular investment strategies The skill of long-term thinking. Why long-term thinkers easily outperform and how you can learn to think long-term. The secrets to outperforming with stock market investing.

Did you know that how you define risk, can actually make or break your retirement? This podcast episode is a direct head-to-head comparison of two different outlooks on the world and on investment risk. Defining risk is critical to decide the best investment strategy for you. People with the right outlook on risk retire comfortably, while others do not. In my latest podcast episode you'll learn how to think about risk properly, so you can retire comfortably. This topic is a really important topic for you to understand and one I'm really passionate about. We care about our clients too much to kill their future with the normal financial advisor methods. Listen to the podcast to find out: How does the investment industry define "risk"? What is "investment risk that affects your life"? What is wrong with the investment industry definition of "risk'? How does this difference affect your investment strategy? How does thinking properly about risk help your retirement? Why do almost no Canadians retire with their desired retirement? How can you learn to think properly about investment risk? The risk tolerance questionnaire and mistakes most financial advisors make. How to be successful in retirement. The good and bad news about financial planning. How much to invest in a balanced portfolio. The long-term risk of stocks vs. bonds. How inflation increases your risks in your retirement plan. How your Interactive Financial Plan clearly shows how investment risk affects your life.

You may have heard of FIRE, which is Financial Independence Retire Early, but how do you actually get there? How do you LIGHT your fire? You do it with Lifecycle Investing. It's the #1 wealth-building strategy for young people to retire early. This investment strategy is based on a concept by two university professors who wrote the book of the same name. It has worked 100% of the time in the last 150 years and increased portfolios at retirement by an average of 63%. In my latest podcast episode I explain this strategy in detail, and how it can help you retire early. Listen to the podcast to find out: The 3 stages of Lifecycle investing. Why this strategy is so popular with millennials. How "diversifying across time" is the reason it works so consistently. How many years you should focus on this strategy for it to work. The true meaning of last decade risk. How to borrow to invest big.

Inflation is now the #1 fear with "6 in 10 Canadians concerned they might not have enough money to feed their family", according to an Ipsos poll. Most Canadians have never experienced high inflation. It has been flat at 2% for 3 decades, but now jumped to 8% in 2022, and is now down to 5% in 2023. Many people are asking me what is going on and can I give them some context. Looking at inflation in the past is very helpful to understand what is happening today. In my latest podcast episode you'll learn: Why is inflation scarier than a market crash? How do inflation & market crashes affect your retirement plan? Inflation history - the similarities between current inflation and the 70s and 80s. Factors that are contributing to inflation. Low unemployment and worker shortage. What is stagflation? Bank of Canada's role in lowering the inflation. Ways to solve inflation Should we be worried? How long will it last? How can we fix inflation?

I was interviewed by Isabelle Docto from Daily Hive on the "Best Ways to Get a Bigger Tax Refund". She asked two really interesting questions that didn't make it into the interview, so I thought I'd answer them in this podcast episode. The questions are: How can you get a very large tax refund? Are there any other tips and tricks people should know? Please check out the original article here: https://dailyhive.com/canada/best-ways-bigger-tax-return Listen to the latest podcast episode to find out: How to get large tax refunds through borrowing money to invest and RRSP strategies. RRSP Gross-up + RRSP Catch-up Strategies. How to maximize your RRSP room. Why borrowing to invest gives you a big tax refund. What is the "Renters RSP"?

You may have heard in the news recently about the Silicon Valley Bank collapse. Here is a simple explanation with stories so anyone can understand why it collapsed. Could this happen to our Canadian banks? In my latest podcast episode, you'll learn all about bank collapses and the best way to protect your money. Three reasons why Silicon Valley Bank collapsed. 1980s story showing how matching maturities works. Beverly Hillbillies explain why no bank is safe. How social media makes your bank less safe. What is a "bank run"? Wisdom from the musical "Hamilton" that Silicon Valley Bank didn't follow. Can CDIC make your money safe? Can government regulations make your money safe? What are "capital requirements" and do they make your money safe? Is your money safe in a Canadian bank? Have Canadian banks failed? Understanding different kinds of risks.

There is a brand new type of account in Canada coming out in April 2023. It's called Your First Home Savings Account (FHSA) aka The "Renter's RRSP". You may know about RRSPs & TFSAs, well this is the third one, and it's worth knowing because for many people, this is going to be the best place to put your money. It's also the # 1 way to save for a home. In my latest podcast episode, I give you the top 15 hacks to get the maximum benefit from this new account, so that you can save money not just for a home, but for other purposes as well. Listen to this podcast & you will be an FHSA expert. Find out: What is an FHSA? Why were FHSAs created? The #1 way to save your down payment. Why are FHSAs called the "Renters' RRSP"? Why you should open one this year even if you are not yet saving for a home. What's the difference between an FHSA and the RRSP Home Buyer's Plan? Should you contribute to your FHSA, RRSP or TFSA? Should you claim or defer the deduction for your FHSA contribution? What's the difference between an FHSA and a virgin? (1st FHSA joke) Why FHSAs make a great gift for your spouse or kids. FHSA uses for self-employed business owners with a corporation. The FHSA hack for the GIS Strategy for retirees. FHSA uses for non-residents. How to contribute $2,500 more to your FHSA with "FHSA Top-up Strategy". What to do if you have no extra cash flow to invest

If you've been following me for a while, you know I'm a financial planner with unconventional wisdom based on experience. In this podcast episode, it's your turn to ask me your burning financial questions! What topics would you like me to tackle? What money issues do you think about? Many bloggers struggle with figuring out topics, but I have the opposite issue - too many topics! What topics are most interesting or relevant to you? After writing thousands of comprehensive Financial Plans for clients, I have deep insight into what really works, and I'd love to help you.

If there is one podcast episode you should listen to of mine – it's this one. It is my underlying outlook on life and financial planning. This is the outlook that leads to financial success. In my latest podcast, you'll learn about the differences between a fear-based mindset and a growth mindset, and how wealthy people look at the world. Listen to find out: Why you need a growth mindset. How a growth mindset benefits you. How fear-based people mess themselves up financially. The risk of conservative investments in different retirement plans. What people with a growth mindset do. 7 key traits of people with a growth mindset.

With so much advice on retirement, sometimes it's hard to know what to do. How do you put all the details together to get the retirement income you want with the minimum lifetime tax? Quite a few people asked me questions about retirement income in response to my last video. In my latest podcast episode, you're going to get an overview where you'll learn the "Big Picture" thinking into designing your whole retirement income in one shot! This is a "must listen" to understand the key concepts when it comes to this topic. Listen to find out: The "Big Picture" of how to design your retirement income. How do you know when you've reached financial independence? How much can you withdraw from your investments and have them last for life? How much do you take from each income source? How do you design your retirement income? What are the key concepts to understand about retirement income? What are the three retirement income design strategies? How do you decide which strategy is best for you? An overview of when to start RIF, CPP, OAS and pensions, etc. What do you do with Smith Manoeuvre or leveraged investments? Should you commute your pension? Should you worry about high tax on your estate?

Is your mortgage tax deductible? You know the basics about the Smith Manoeuvre. This podcast episode is about the practical issues you may run into and how to maximize the benefits. We are Canada's Smith Manoeuvre experts and have helped thousands of families implement it. Many "Smith Manoeuvre experts" just offer you a mortgage and leave you to implement it. We are the fee-for-service financial planners that implement it and work with you over the years. We know from experience exactly how to maximize the benefits: Why do the Smith Manoeuvre? Do it for the right reason. Comparisons of people's retirement plan with or without the Smith Manoeuvre. My recommended readvanceable mortgages (and the banks to get them from). How to keep your credit line 100% tax-deductible. The 8 Smith Manoeuvre strategies. Which is right for you? Have the right mindset to avoid the risks.

In this week's podcast I'm interviewed by Kornel Szrejber, founder of the Build Wealth Canada podcast and website, and host of the Canadian Financial Summit, the #1 personal finance online event of the year. Kornel runs the #1 personal finance podcast in Canada & the Canadian Financial Summit. He has been getting advice from me for awhile when it comes to financial planning and tax-related questions. We focus on questions related to my practice, which I think you'll find helpful, if you're curious about working with a financial planner. Listen to find out: How does getting a Financial Plan help you? Why you need more money than you think for retirement. Why work with Ed Rempel & his team vs other financial planners? What methods & strategies Ed provides that other advisors & robo-advisors don't. How can you reach your desired retirement more easily? If someone is thinking of getting a Financial Plan but not sure what to do, how can they find out? What is it like to work with Ed's team as a Full Service client? How can you find out more about working with Ed and his team?

My name is Ed Rempel CPA, CMA, CFP. The main Wise Guy on this podcast. I am a financial blogger, fee-for-service financial planner and tax accountant with a ton of real life financial planning experience. I love sharing my insights from experience. Unconventional Wisdom is the #1 blog in Canada for a full service financial planner for a reason. It's not the usual yada yada. It's unbiased insights from experience on what really works. What really works is rarely conventional. Here you will learn how to achieve security and freedom.

Welcome to the Unconventional Podcast with Ed Rempel.