Millennial Money Canada

EP. 20: How To Protect Your Data Against AI Threat Actors

In this episode, Sam takes a deep dive into cyber threats and how prevelant they will become in today's day and age. Sam talks with Brennen Schmidt, a cyber security consultant who specializes in identifying and protecting corporate digital assets.
 
Find Brennen Online: Linkedin: https://www.linkedin.com/in/brennenschmidt/ Instagram: https://www.instagram.com/brenzens/
Work with Millen Wealth Advisors
Book an intro meeting: https://www.mwadvisors.ca/
Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/
 
Follow Sam and Guillaume on Social Media
Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast
TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en
Instagram: https://www.instagram.com/financialplannergui/
Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/
Sam LinkedIn: https://www.linkedin.com/in/sam-lichtman/

Ep.019: The Cost of a Superficial Advisor-Client Relationship with Dr. Moira Somers

SummaryIn this episode, Dr. Moira Somers discusses the psychology of money, emphasizing the importance of understanding financial behavior and decision-making. She highlights the role of financial advisors in fostering effective client relationships and the need to overcome procrastination and impulsivity in financial decisions. The conversation explores the significance of building effective financial systems, the emotional aspects of financial choices, and the importance of communication between clients and advisors. Additionally, the episode touches on generational perspectives on wealth, the need for meaning beyond money, and the future of financial advisory in a changing landscape.
 
Topics Covered in this Episode:
00:00 Introduction to Moira Somers
06:02 Transitioning to Financial Psychology
07:45 Understanding Habit Change in Finance
12:51 The Role of Catastrophic Events in Financial Change
14:44 The Importance of Systems in Financial Planning
16:12 The Advisor-Client Partnership
20:46 Encouragement and Client Relationships
24:31 Common Mistakes Advisors Make
30:59 Effective Communication in Financial Advisory
32:30 Organizational Challenges in Financial Management
34:44 The Evolution of Financial Planning
35:41 The Personal Side of Money
39:44 Cognitive Biases and Decision-Making
41:00 The Future of Financial Advisory
42:02 The Illusion of Superiority in Financial Decisions
47:00 Aligning Wealth with Values
54:16 Finding Meaning Beyond Wealth
 
Work with Dr. Somers
Website: https://moneymindandmeaning.com/
Blackwood Family Enterprise Services: https://www.blackwoodfes.com/
Work with Millen Wealth AdvisorsBook an intro meeting: https://www.mwadvisors.ca/Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/
Follow Sam and Guillaume on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/Guillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
KeywordsPsychology of money, financial behavior, financial advisors, client relationships, procrastination, financial systems, communication, wealth management, emotional decisions, generational wealth

Ep.018: Money & Mindset: From Scarcity to Abundance

Summary
In this episode of the Millennial Money Canada podcast, host Guillaume Girard shares his personal journey from a scarcity mindset to an abundant mindset regarding money. He discusses his achievements in sports and fitness, the importance of mindset in financial planning, and the lessons learned from his experiences in the workforce and entrepreneurship. The conversation emphasizes the significance of having a plan, living in the present, and understanding that money is a tool for achieving a fulfilling life rather than the ultimate goal.
 
Topics Covered in this Episode:
00:00 Introduction to the Journey
14:55 From Scarcity to Abundance Mindset
25:08 Childhood Influences on Money Mindset
26:03 From Humble Beginnings to Financial Awareness
28:32 The Importance of Budgeting and Financial Education
33:14 Transitioning to Professional Life and Money Mindset
37:17 Finding Balance: Work, Money, and Happiness
43:56 Redefining Wealth: Beyond Financial Success
 
🤝 Work with Millen Wealth Advisors
Book a Financial Review Meeting: https://www.mwadvisors.ca/financial-advice
 
🔗 Connect & Follow Us for Insights
Podcast YouTube Channel:
https://www.youtube.com/@MillennialMoneyCanadaPodcast
Guillaume’s Instagram Personal: https://www.instagram.com/guillaumegirard20/
Guillaume’s Instragram Business:https://www.instagram.com/financialplannergui/
Guillaume’s LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
Keywords
mindset, financial planning, abundance, personal growth, wealth, life lessons, financial independence, business, happiness, legacy

Ep.017: A Supercharged RRSP for Business Owners (Individual Pension Plan)

Summary
In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with Tatenda Mawoyo about Individual Pension Plans (IPPs) and their benefits for incorporated business owners. They discuss the intricacies of setting up an IPP, who should consider one, the tax advantages, and the legal protections associated with these plans. Tatenda shares his journey from Zimbabwe to Canada and his experience at GBL, a firm specializing in actuarial services for business owners. The conversation also covers the importance of financial planning and collaboration with financial advisors to maximize retirement savings.
 
Topics Covered in this Episode:
00:00 Tatenda Mawoyo's Journey from Zimbabwe to Canada
05:10 Career Development and Transition at GBL
07:29 Understanding GBL's Mission and Services
10:18 Exploring Individual Pension Plans (IPP)
13:02 Who Should Consider an Individual Pension Plan?
15:51 The Mechanics of IPP Contributions
18:38 Tax and Legal Benefits of IPPs
21:11 Transitioning from RSP to IPP
23:48 Setting Up an Individual Pension Plan
30:32 Understanding Individual Pension Plans (IPPs) and Their Benefits
36:22 Contribution Mechanics and Strategies for IPPs
43:01 Investment Strategies for Maximizing IPP Contributions
49:51 Administrative Requirements and Considerations for IPPs
57:27 Options for IPP Assets at Retirement
58:49 Final Thoughts on Exploring IPPs for Business Owners
 
🤝 Work with Millen Wealth Advisors
Book a Financial Review Meeting: https://www.mwadvisors.ca/financial-advice
 
🔗 Connect & Follow Us for Insights
Podcast YouTube Channel:
https://www.youtube.com/@MillennialMoneyCanadaPodcast
 
Keywords
Individual Pension Plans, Retirement Savings, Tax Benefits, Financial Planning, Business Owners, Actuarial Services, GBL, IPP Setup, Investment Strategies, Retirement Planning

Ep.016: Navigating Marriage & Divorce as a Business Owner with Family Lawyer Chantal Cattermole

In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with family lawyer Chantal Cattermole about her journey into family law, the emotional and financial challenges clients face, and the importance of proactive planning for families and business owners. They discuss the role of prenups, generational perspectives on financial planning, and the divorce process, including the four buckets of divorce: division of property, spousal support, parenting time, and child support. Chantal emphasizes the need for open communication in relationships and the potential for graceful separations.
 
Topics Covered in this Episode:
00:00 Chantal's Journey to Family Law
05:26 Understanding Client Needs and Roles
08:10 Navigating Emotional and Financial Challenges
11:08 Proactive Planning for Relationships
13:43 Prenups and Legal Considerations
19:35 Generational Perspectives on Prenups
22:32 Drafting Effective Prenups
25:18 Revisiting Agreements Over Time
27:08 Business Ownership and Asset Protection
29:18 Divorce After Long-Term Marriage
29:56 Understanding Long-Term Relationship Breakups
33:26 The Divorce Process Explained
40:46 Navigating the Four Buckets of Divorce
51:41 Divorcing Gracefully: A New Perspective
 
Work with Cozen O'Connor
Website: https://www.cozen.com/
Work with Millen Wealth AdvisorsBook an intro meeting: https://www.mwadvisors.ca/Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/
Follow Sam and Guillaume on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastTikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enInstagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/Sam LinkedIn: https://www.linkedin.com/in/sam-lichtman/
 
Keywords
Family law, divorce, financial planning, prenups, emotional support, asset division, mediation, spousal support, generational perspectives, proactive planning

Ep.015: How to Find a Financial Advisor in Canada with Jason Watt

In this episode of the Millennial Money podcast, Sam Lichtman speaks with Jason Watt about the complexities of finding a financial advisor, the importance of trust, and the challenges faced by underrepresented demographics in accessing financial advice.
They discuss the advice gap in Canada, the role of social media in connecting clients with advisors, and the ethical considerations in financial planning. The conversation also covers the questions clients should ask potential advisors and the nuances of fiduciary standards in Canada.
Jason Watt and Sam Lichtman delve into the complexities of fiduciary obligations in financial planning, contrasting the suitability standard with fiduciary standards. They discuss the importance of client education, identifying red flags in financial advisory practices, and the value of personalized financial planning.
The conversation also touches on the evolving role of financial advisors in a landscape increasingly dominated by low-cost investment options, emphasizing the need for advisors to provide value beyond mere investment selection.
 
Takeaways
Trust is essential in the financial advisory relationship.
The advice gap exists for underrepresented demographics.
Clients should ask about an advisor's process and experience.
Cookie-cutter approaches to financial advice are problematic.
Fiduciary standards are not universally applied in Canada.
Behavioral coaching is a key value of financial advisors.
Avoiding big mistakes is a primary goal of financial planning.
The financial planning process should align with client values.
Advisors should be transparent about conflicts of interest.
 
Work with Millen Wealth Advisors
Book an intro meeting: https://www.mwadvisors.ca/
Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/
 
Follow Sam and Guillaume on Social Media
Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast
TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en
Instagram: https://www.instagram.com/financialplannergui/
Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
Sam LinkedIn: https://www.linkedin.com/in/sam-lichtman/
 
Keywords
Financial advice, financial advisor, trust, advice gap, fiduciary, ethical standards, client relationships, behavioral coaching, financial planning, underrepresented demographics
 

Ep.014: Must-Have Health Accounts for Canadian Business Owners

Summary
In this episode, Guillaume invited Kyle Welsh from MyHSA to discuss the transformation of health benefits through technology, the growth and scalability of MyHSA, and the competitive landscape of health spending accounts. He highlights the unique offerings of MyHSA, including health spending accounts and wellness spending accounts, and explains how these solutions cater to business owners and employees. The discussion also covers the importance of company culture, the guidelines for setting up health spending accounts, and the eligible expenses under these plans. Kyle emphasizes the flexibility of wellness spending accounts and flex plans, as well as the custom solutions available for larger enterprises. He concludes with insights into future innovations at MyHSA and the importance of working with advisors to implement these solutions.
 
Topics Covered in this Episode:
00:00 Introduction to My HSA
03:56 Growth and Transformation of My HSA
07:10 Technology and User Experience
09:37 Funding Models and Differentiation
12:21 Health Spending Accounts for Business Owners
15:05 Eligible Expenses and Benefits
17:41 Wellness Spending Accounts for Employees
26:49 Creative Employee Benefits for Retention
28:57 Understanding Health and Wellness Spending Accounts
31:15 The Flexibility of My Flex Plan
32:55 Cost Considerations for Spending Accounts
37:50 Custom Solutions for Growing Enterprises
39:10 Exploring MySO: Administrative Services Only
44:59 Future Innovations at MyHSA
 
MyHSA
Website: https://www.getmyhsa.com/
 
🤝 Work with Millen Wealth Advisors
Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice
 
🔗 Connect & Follow Us for Insights
Website: https://www.mwadvisors.ca/
Podcast YouTube Channel:
https://www.youtube.com/@MillennialMoneyCanadaPodcast
 
Keywords
Health benefits, MyHSA, health spending accounts, wellness spending accounts, employee benefits, technology in healthcare, corporate wellness, financial planning, Canadian health benefits, advisor solutions

Ep.013: Five Money Habits of Wealthy Millennials

Summary
In this episode, Guillaume Girard and Sam Lichtman discuss the financial habits of wealthy millennials, focusing on how they achieve their first million and the strategies they employ to maintain and grow their wealth. The conversation covers three common paths to wealth, including entrepreneurship, real estate, and stock compensation. They also delve into the importance of risk management, seeking professional advice, developing good money habits, prioritizing health, and continuously striving for new goals.
 
Topics Covered in this Episode:
00:00 Introduction to Wealth Building for Millennials
09:25 Three Paths to the First Million
20:45 Real Estate: A Controversial Wealth Strategy
28:37 Stock Compensation: A Modern Wealth Builder
31:49 Maintaining and Growing Wealth After Reaching a Million
34:38 The Power of Passive Income and Growth
35:41 The Importance of Professional Financial Advice
36:59 Tax Planning: A Key to Financial Success
39:33 Strategies for Real Estate Investors
44:11 Developing Good Money Habits
50:38 The Correlation Between Health and Wealth
01:01:32 Pursuing the Next Milestone
 
🤝 Work with Millen Wealth Advisors
Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice
 
🔗 Connect & Follow Us for Insights
Podcast YouTube Channel:
https://www.youtube.com/@MillennialMoneyCanadaPodcast
 
Keywords
Wealthy millennials, money habits, financial planning, investment strategies, wealth management, personal finance, financial literacy, entrepreneurship, real estate, stock compensation

Ep.012: Giving is a Mindset with Charitable Impact Founder John Bromley

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman speak with John Bromley from Charitable Impact about the journey of creating a platform that facilitates charitable giving. They discuss the importance of donor-advised funds, the various types of donations, and the tax benefits associated with charitable giving. John shares insights on encouraging the next generation to be charitable through concepts like the charitable allowance and emphasizes the mindset around giving as a crucial aspect of philanthropy. The conversation highlights the tools available for donors and the impact of Charitable Impact in the Canadian charitable landscape.
 
Topics Covered in this Episode:
00:00 The Accidental Entrepreneur
07:01 The Birth of Charitable Impact
11:37 Understanding Donor-Advised Funds
19:10 Navigating Charitable Giving Options
20:59 Types of Assets for Donation
27:55 Facilitating Charitable Donations
30:01 The Power of Charitable Giving
32:29 Understanding Donor-Advised Funds
36:45 Introducing Charitable Allowance for Kids
43:34 Accessibility in Charitable Giving
46:57 Mindset Shift Towards Philanthropy
 
🎗️Charitable Impact
Website: https://www.charitableimpact.com/who-we-are
IG: https://www.instagram.com/wearecharitable/
 
🤝 Work with Millen Wealth Advisors
Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice
 
🔗 Connect & Follow Us for Insights
Website: https://www.mwadvisors.ca/
Podcast YouTube Channel:
https://www.youtube.com/@MillennialMoneyCanadaPodcast
 
Keywords
Charitable giving, donor-advised funds, financial literacy, philanthropy, Charitable Impact, tax benefits, charitable allowance, impact investing, generosity, social responsibility

Ep.011: Investment Frameworks the Industry Doesn't Want You to Know – My Lessons from the Inside

Summary
In this Millennial Money Canada podcast episode, Guillaume delves into Millen Wealth's investment philosophy, emphasizing the importance of aligning investment strategies with individual goals. He shares his personal journey into finance, discusses the significance of risk management, and contrasts institutional and retail portfolio management. The episode also covers key investment theories, including the modern portfolio theory, capital asset pricing model, and efficient market hypothesis, while advocating for adopting index and factor investing to build generational wealth.
 
Topics Covered in this Episode:
00:00 Introduction to Millen Wealth’s Investment Philosophy
02:27 Guillaume's Personal Journey in Finance
04:52 Understanding Investment Approaches: Passive vs Active
07:06 The Impact of the 2008 Financial Crisis on Personal Finance
09:31 Early Investment Experiences and Lessons Learned
12:16 Transitioning from Retail to Institutional Investing
14:50 The Role of Institutional vs Retail Portfolio Managers
17:49 Skepticism Towards Retail Portfolio Management
20:03 The Importance of Evidence-Based Investing
21:35 Foundational Theories of Investment: Modern Portfolio Theory
26:25 Understanding Modern Portfolio Theory
30:37 Exploring the Capital Asset Pricing Model
33:54 The Efficient Market Hypothesis Explained
40:48 Diving into Factor Investing
47:37 The Shift Towards Passive Investing
 
🤝 Work with Millen Wealth Advisors
Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice
 
🔗 Connect & Follow Us for Insights
Podcast YouTube Channel:
https://www.youtube.com/@MillennialMoneyCanadaPodcast
Instagram: https://www.instagram.com/financialplannergui/
Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/
 
Keywords
Investment philosophy, financial planning, index funds, factor investing, risk management, portfolio management, modern portfolio theory, capital asset pricing model, efficient market hypothesis, Fama-French model