Think Smart with TMFG

Episode 238: The Future State of Real Estate in Canada

Find out the real state of real estate in Canada. Various factors impact real estate prices, including interest rates, economic conditions, population growth, and speculation. Additionally, new government policies on mortgage renewals and the qualification process are playing a role in the real estate landscape. Is real estate the right or wrong investment decision? Learn more today on ThinkSmart with TMFG.

Episode 237: Everything in Life is a Bell Curve, Even Your Finances

You might be surprised that many things we take for granted are graded according to a bell curve. This concept also applies to the financial world, including stock returns, interest rate changes, asset prices, and credit scores. Understanding these distributions can help manage expectations and avoid surprises. Find out more today on ThinkSmart with TMFG.

Episode 236: Things Are Really Bad Out There: Consumer confidence is at its lowest level in 52 years.

Consumer confidence is at its lowest level in 52 years. But that doesn't mean it's all bad news for investors. Join Senior Financial Advisors Rob McClelland and Mike Connon as they discuss consumer confidence and its impact on the stock market.
They take you through historical data and market valuations to show that expensive market valuations often precede market crashes, while lower valuations can present buying opportunities.
Don't miss out on potential market gains by staying in low-yield investments like GICs. Consider the bigger picture, and don't let consumer sentiment dictate your investment decisions.

Episode 235: The Greatest Investment Quotes that Every Investor Should Know

In this episode of ThinkSmart, Financial Advisors Rob McClelland and Mike Connon discuss some of the most popular quotes from the investment world.
Wall Street's tendency to pedal hope doesn't help investors in their financial success. Investor behaviour is a far more critical indicator of success than the latest press release. 

Episode 234: Divorce in Canada and How it Affects Your Financial Stability

In this episode of ThinkSmart, Financial Advisors Rob McClelland and Mike Connon discuss common divorce statistics. They also discuss, in-depth, the financial implications of divorce, including alimony, child support, legal fees, and changes in housing, retirement planning, and estate planning. 

(00:48): The divorce rate in Canada
(02:37): What about second marriages?
(03:09): Stats on the reasons for divorce
(06:20): What can potentially put off divorce?
(08:00): Different types of separation and divorce agreements
(08:30): Your options if you want to stay with the same Advisory firm
(0:935): Prenuptial or cohabitation agreements
(10:35): Can you survive on divided assets?
(12:09): How does alimony, spousal and child support work?
(13:47): Tax implications 
(15:54): Estate planning issues
(16:11): Lifestyle changes

 

Episode 233: The Effects of the New Business Model on the Average Consumer

In this episode, Senior Financial Advisors Rob McClelland and Mike Connon discuss how the business model has changed over the years for many of the services we use today.  While there are considerable advantages to subscription services for both companies and consumers, such as lower costs, convenience, and access to a wide range of content. There are also disadvantages, such as incremental yet constant price increases and potential privacy concerns. 

(00:55): Movies and streaming services
(08:00): Adaptation of the software firms to user behaviour
(09:31): Big data storage
(10:15): The evolution of print media
(11:29): The advantage of the subscription model
(16:14): The issues with the subscription model

Episode 232: Cutting Off Your Nose to Spite Your Face Won’t Fix Your Financial Problems it Can Compound Them!

When it comes to financial decision-making, "cutting off your nose to spite your face " is not always the best tactic. Senior Financial Advisors Rob McClelland and Mike Connon discuss the common mistakes people make in their financial planning, such as trying to avoid probate by setting up complex structures that are more expensive than the probate fees themselves. They also discuss the potential pitfalls of transferring assets directly to children, joint ownership of accounts, gifting assets, setting up trusts, and creating overly complex wills.

(01:40): Mistakes people make to avoid probate
(02:34): How to deal with a vacation property or cottage?
(03:36): Doing it wrong
(06:10): Issues with joint ownership
(07:42): Setting up a trust
(09:03): Beneficiaries
(11:10): The number one mistake made with Wills
(12:41): Setting up a company- does it make sense?
(13:40): Overly complex Wills

 

Episode 231: 10 Expenses Retirees Underestimate

Unexpected expenses in retirement can pose a significant financial challenge for retirees. These unforeseen costs, whether they stem from medical bills, home repairs, or other emergencies, can disrupt carefully planned budgets and erode savings. Being prepared for unexpected expenses is crucial to ensure financial security and peace of mind. Listen today to find out what expenses you should be prepared to tackle in retirement.

(01:23): Unexpected healthcare costs
(05:41): Sudden change in taxes
(06:16): What's the average cost of home maintenance
(06:56): What are lumpy expenses?
(07:25): Travel plans?
(10:10): Everything costs money
(10:45): Speculative risks

 

Episode 230: Why is Everyone Still Running to GICs?

Guaranteed Investment Certificates (GICs) have several downsides. Yet investors keep flocking to them. They typically offer lower returns than other investment options, making it challenging to keep pace with inflation. GICs also lock in your money for a set period, limiting liquidity and flexibility. Moreover, the interest earned on GICs is usually subject to taxation, further reducing overall returns. Additionally, GIC rates can be affected by fluctuations in interest rates, potentially causing missed opportunities for higher yields in a rising rate environment. Learn more about the downsides of GICs today on ThinkSmart.

(04:37): The history of GICs and their dying popularity in the 90s
(06:05): Why is this increase in GIC rates unusual?
(07:45): Deep dive into why GICs can cost you more than you realize
(09:09): How can inflation affect your GICs?
(11:12): Why is there still a run on GICs?
(12:34): How are your investments being taxed?
(14:27): Why are Canadian banks so profitable?
(16:41): Doing it yourself
(17:37): GIC liquidity
(19:38): The real cost of GICs

Episode 229: 10 Ways to Keep Your Old Age Pension Coming In

Maximizing your old age pension and minimizing your old age security clawback in Canada can require careful financial planning and an understanding of the country's pension system. However, staying informed about changes in pension legislation and consulting a financial advisor can help you navigate the complex landscape of maximizing your old age pension benefits in Canada. Listen here today to find out some of the strategies you might want to put into practice.

(01:08): What’s the difference between Old Age Security and Canada Pension Plan?
(02:46): The basics to know to make sure you’re getting your OAS
(03:41): Eligibility
(05:38): How does the OAS clawback work?
(06:58): Some ideas on how to ensure that you get your OAS
(07:54): Mistakes that people make
(09:50): How fee-based accounts can help
(10:38): How to deal with dividend income
(11:07): Maximizing TFSAs
(12:06): Income splitting

(12:45): How to deal with capital gains
(14:28): Gifting tax-free
(15:40): Bonus ideas