Think Smart with TMFG

Episode 224: RRSPs Are a Big Marketing Gimmick

We came across an article that stated, "RRSPs are a big marketing gimmick." Today on, ThinkSmart Senior Financial Advisors Rob McClelland and Mike Connon take a closer look at this statement to weigh the pros and cons of RRSPs as we know them.

 

(01:20): RRSP season now vs. 25 years ago
(01:48): RRSPs vs. Pensions
(03:58): Tax savings with your RRSP

(04:49): Is it really a gimmick?
(06:27): What's the ideal time to make your RRSP contribution?
(07:17): Dollar-cost averaging your contributions.
(08:13): TFSAs vs. RRSPs
(12:05): So, is a TFSA still a valuable account?
(13:02): How do you find the right mix between the two?
(15:17): First Home Savings Account

Episode 223: All the Financial Mistakes We Have Made Over the Years

You might be surprised to hear it, but we make mistakes too. Today on ThinkSmart, Senior Financial Advisors Rob McClelland and Mike Connon discuss some of the mistakes they have made in their personal and professional finances and the big lessons they have learned as a result.

 

Key Points from this Episode:
(01:36): Rob’s investment mistakes
(06:28): Mike’s financial mistakes
(08:12): Business mistakes

Episode 222: Delegation: How It Can Help You Achieve More Out of Life

Today on ThinkSmart, Senior Financial Advisors Rob McClelland and Mike Connon discuss the value of delegation and recognizing your unique ability. Also, learn what is happening around our office in terms of delegation and expansion.

Key Points from this Episode:
(00:34): How to make the most of your time
(04:36): How delegation has enabled us to be better Advisors
(07:14): Why do some people refuse to delegate?
(08:48): What are the advantages of delegation?
(09:52): Looking for your unique ability
(11:33): What’s happening at the office in terms of delegation and expansion?

Episode 221: The Weather Forecast: Predictions and Forecasts in the Financial Markets

Sometimes predictions and forecasts can be useful in financial planning. Listen to ThinkSmart with Senior Financial Advisors Rob McClelland and Mike Connon today to see when and how to use them well.

Key points:

(07:33): Predictions and forecasts can be important in finance
(08:13): The markets are unpredictable
(09:43): Short-term predictions
(10:06): How do we use forecasting?
(12:17): Inflation trends

 

Episode 220: Moving Money is Not Saving Money

Are you actually saving money or are you living beyond your means? Today on ThinkSmart, Senior Financial Advisors Rob McClelland and Mike Connon discuss the pros and cons of various financial products and what successful debt management should look like.

 

Key points:
(00:39): How to successfully improve your net worth
(02:56): How to reduce your debt
(06:56): Debt is debt
(08:58): RSP
(09:49): TFSA
(10:15): FHSP
(10:39): Open accounts
(10:57): Corporate accounts
(11:24): RESPs
(11:42): Registered Disability Savings Plan
(12:23): High-Interest Savings Account
(12:47): Discipline can be hard, make it easier on yourself
(14:12): In-kind contributions and moving money
(16:26): The best ways to save

Episode 219: Investing is Not Gambling

When our Canadian heroes are peddling sports gambling has Canada allowed gambling to go too far? Today on ThinkSmart, Senior Financial Advisors Rob McClelland and Mike Connon take a deeper look at what gambling might be doing to our country and our kids. 

 

Key points:
(01:13): Our Canadian heroes are promoting gambling?
(04:22): The prevalence of Internet gambling
(05:12): Sports gambling
(07:47): The risks of online gambling
(09:11): How does gambling relate to investing?
(10:19): What’s become of the Robo-advisor?

Episode 218: How to Avoid Getting Audited by the CRA

No one ever expects to get audited by the CRA. Today on ThinkSmart Senior Financial Advisors Rob McClelland and Mike Connon walk you through the best practices to avoid a CRA audit and how best to handle it if you do.

Key points:
(00:23): Why do people get audited?
(01:35): What we do to ensure you don’t get audited
(03:03): Why you could be at risk too
(03:56): False alarms
(04:27): The difference between CRA and the IRS
(08:20): How do most people fare after an audit?
(09:27): Suggestions on how to avoid an audit
(10:36): Why making changes can get you flagged
(14:15): Don’t make it easy for the CRA to single you out

 

Episode 217: Structured Investments, Stock Picking with ChatGPT and Conflicts of Interest at the Big Banks

Can AI be used to stock pick? What might you be losing out on if you have structured investments and what conflicts of interest do the big banks face when helping you choose financial products? This and more today on ThinkSmart with Senior Financial Advisors Rob McClelland and Mike Connon. 

 

Key points:

(00:50): Can ChatGPT be used to stock pick?
(03:24): What did ChatGPT have to say for itself?
(04:28): Structured investments, are they the dream investment?
(05:44): What are you missing out on with structured investments?
(06:49): Structured investments are still commission based
(07:09): The big banks and conflicts of interest

Episode 216: How Often Does Factor Investing Work?

We've been using factor investing for over 19 years, discover why. Today on ThinkSmart Senior Financial Advisors Rob McClelland and Mike Connon do a deep dive into factor investing. What they are, how they work, and why we believe they are the best way to invest your money.

 

Key points:

(01:19): How to look at factors
(01:46): Fighting FOMO
(02:05): Deep dive on the 3 factor
(03:22): Small Cap vs. Large Cap
(05:02): What does switching investment strategies cost you?
(05:25): Profitability Factor
(06:47): Value vs. Growth
(09:09): Looking at a value, profitability, and small-cap tilted portfolio
(09:52): The disadvantage of “indexing”

Episode 215: The Housing Market and How to Help Your Kids with their First Home

The housing market has cooled less than expected as inventory is limited, and prices remain high. Today we explore how to take advantage of your existing investments, and which accounts to use to assist your children buy their first-time home. As well we discuss best practices for young people trying to save for that new home.

Key points:
(00:54): What’s happening in the housing market?
(02:02): Helping your kids with their first home?
(02:19): Which account should that money come from?
(04:25): What else are we seeing parents help their kids with?
(05:42): Where should your kids be saving?
(07:42): How does the new First Home Savings Account work?
(10:01): How to make the FHSA work to your advantage