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I’m 48 and planning to retire next year, having made my savings strategy a top priority for financial stability. Over the years, I’ve successfully accumulated $1.6 million in my retirement savings account. I’ve consistently contributed to a high-yield savings account and built a robust emergency fund. This disciplined approach has provided me with peace of mind, knowing I have a strong financial cushion to support my retirement.

Wow, great to see you on RUclips Wealthy Barber! I read your books many years ago and you are one of the reasons why I became a successful investor. "The Millionaire Next Door" is definitely one of them too. Thank you! And I also walk more than 10,000 steps a day every day by the way.

Be on top of your maintenance and most cars can last 300,000+ km. Do a regular rustproofing too. As an experiment I keep a Japanese car I bought new in... 2002. 411,000 km and no issue.

If you’re a DIY investor and you want to use a very good software to model your retirement and decumulation plan - try the Adviice software. It’s amazing.

TFSA is your Alamo folks

Exactly what I’m looking for!

I appreciate you're opinions Thanks for the work. I didn't realize what a good sense of humor you have. Cheers!

I read your book about 30 years ago and it changed my life forever. I kept reading it again every year or so and learned so much that stayed with me forever. It’s heartbreaking to see so many barely getting by in retirement on just government benefits where they could have done so much better financially if they were just educated. I wish your book was mandatory for all kids starting around grade 8. There are some great RUclipsrs/podcasters out there now. I think the best 3 are: -Parallel wealth -Well Built Wealth -Investor DNA (this is a mix of financial and non financial thriving in retirement)

I always always use a Mortgage Broker. Great show great guest.

I really enjoyed this podcast! Thank you to both of you for sharing your financial advice and wisdom!

Excellent! I’ve given your books out to those who ask about financial advice as I’ve done well following that advice. Subscribed. ❤

… I have to do it , VGRO and CHILL !

I just say I'm on a retirement income.

Fabulous podcast. I have been learning from you David for 30+ years. Thank you

Happy Birthday, Dave ! ! ! 🎂 🎉🎉🎉🎉

It is interesting you mention how hard it is to he single person. The ironic thing is that somethiny like 70% of men under 30 are single. Of course i would guess a large number still live with their parents

Dave, wanna go for a walk?

Happy birthday handsome

The wealthy barber should have been made into a movie, maybe Dave could star in it.

Wow! And I thought I was the weirdo for thinking this way. Thanks for validating my thoughts.

Are there board games that come to mind when dealing with young preteens to open up the discussions and thought processes regarding financial decision making? Ie: Game of Life or <placeholder> Excellent start to another great CDN podcast…. Wish you nothing but success in this medium.

Happy birthday Dave!

Happy birthday Dave!!

You need to hook up with participACTION! 😊

Thanks for your content and expertise! Eligibility for an FHSA means “you cannot have lived in a home that you or your partner owned in the current or previous 4 calendar years.” What happens if a person moves in with a partner in 2025 who is already a homeowner? Does anything happen to your contribution room in that year? Or will you still be considered a first time home buyer because you opened the account when you met the requirement?

Ive never had a lot of money but ive never had debt. Spend money you have and save

I'd be curious as to how many employers even offer RRSP matching nowadays. I've personally worked with about a dozen companies and only one of them offered it. My current employer has the option to enroll in the group RRSP, but it's 100% my money -- they contribute nothing, and I guarantee that their returns (which are managed by RBC) aren't doing better than my self-directed TFSA.

💯

6 months to save a down payment??? 😵‍💫 My god it's taken me 2 years to save the 40K for the FHSA…and I make a decent salary.

Love your books and I am so happy that I found your channel! I have been on a financial literacy trek to understand as much as I possibly can. I am hoping to share my new knowledge with my son so he has a better start at financial independence than me.

New subscriber here. Wow. I am happy you started a RUclips David.

The biggest change I have seen in the past 10-years is the financial engineering going into products today. Covered Call ETF's or Synthetic Covered Calls, for example. Most folks have no idea what they are buying. See what the next 5-years brings.

I've looked at Objective Financial for a fiduciary fee only advisor. They have a great reputation but they will cost you some money. Parallel Wealth is similar in cost for the same service.

1200 bucks for a retirement / investment advisor? Sorry, it's closer to 4 grand.

Love the new show. You both are WAY too pessimistic. Young people have never had a better opportunity to build wealth by investing in financial assets than they have today. Self directed accounts + broad based index funds = 2% better return. TFSA means lifetime gains are tax free - with no tax consequences when they are withdrawn. There is so much more. Open a self directed TFSA. Put $7,000 in each year. Invest in broad based equity ETF/index fund (VOO). Assume an annual return of 8%. 35 years later you have $1.3 million. Investment gains of $1.05 million are tax free. Go back to 1989. Do the same thing. Your annual return would be 6% (2% would be taken in fees by the mutual fund/provider). 35 years later you would have $810,000 (not $1.3 million). And your investment gains of $560,000 would be taxable. A person starting out is +$600,000 better off today than in 1989 (higher return and tax savings). Just from this one account. That is life changing - well, it is for those who get started when they are young (yes, parents can help here - by rewarding good behavior/mentoring). The FHSA is even better than the TFSA. The bottom line, David, young Canadians need you to update your book. The path you outlined in 1989 (save 10% and invest for long term growth) is even more powerful now - it is easier and much more lucrative. Here is the link to a website I have built to help my three kids (all in their early 20's). www.mymoneyclub.ca

This is so true. The disciple required is the tricky part.

Listening to two of my favourite financial guys say 1) the pressures of FOMO and inflation are real, and 2) the costs of end of life care is through the roof, just makes me scared for all the people that can't get their financial lives on track. Time is ticking, and if you think it's hard now, imagine how much harder it will be when you have to climb out of the hole you're currently digging...

And the Greatest generation had it even easier. The Great Depression and World War II was super easy. 😣 🙈

So much great content here! I love that so many dofferent aspects of the state of our economy has been talked about. I am curious to know the difference between a financial planner and a retirement income specialist though. To me both do the same thing. Love Rob Carrick!

I have been an avid walker for 30 + years. I have found over this time I get a lot of good thinking and planning in during these walks - even though that’s not the primary purpose of the walk! Im now an early retiree, and I highly recommend walking - for all the reasons Dave mentioned 👍

Great discussion but what's most important is that you both have great hair.

totally agree with this, my husband and I walk every day, not always together but we put in the steps. We have been retired since 2021 both of us in our mid 60's. Second marriage for both and yes it took us over 10 years to get out from under that debt but we did it. One older car paid for, and try to take one trip for a week each year, if we can afford it. We stay home if we can't. We still have a mortgage under $250,000 but our condo is worth over 850,000 if we need to sell and we have over $900,000 in investments that are currently doing well. We feel good about our situation.

The issue of people opening a tfsa but not putting the money to work is partially because of the name, I think. Should have called it the tax free investment account...then people would think they had to invest it! Or better yet... the tax free stock index fund account!😂

This is wonderful. So much ground covered, and so much great info and reflection. Love the line from David around 101:35 "Don't be a weirdo!"

Do your kids need to own a home? Or is it a want? I have been a homeowner since about age 35. Reflecting on it at age 62, I don’t think it’s a need. A perfectly fabulous life can be built for oneself in a rental. This whole concept of home ownership needs to be reconsidered. No need to feel sorry for your sons.

My son is a wizard at getting deals on Facebook Marketplace.

My Dad and Mom bought a house in North Vancouver in 1958 for $7,200. My Dad was making $300 per month. Do the math. It was way easier back in the day to buy.

I am retired. My plan is to go to a "Fee Only" Financial Planner and get a plan that details exactly how much to withdraw from each account. Then as a DIY investor my plan is to sell all my individual stocks and buy asset allocation ETF's along with an annuity. Then every 1-2 years, I will have the planner rerun the numbers. I think that is the best low cost way to retire. Retirement planning software like "Conquest" or "Snap Projections" are incredible. Plans can be put together very quickly.

My sister's mother in law was spending $30,000 per month on home care up until she died.

Be careful. My granddaughter went to TD to open an FHSA. TD did not have a self directed option. tD is only selling mutual funds.