Millennial Money Canada

Ep.010: Is Life Insurance a Need or a Preference?

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman delve into the complexities of life insurance, discussing the various types of insurance products available, the importance of understanding individual needs, and the different approaches to determining how much insurance one might require. They explore scenarios based on life stages, from young adults to retirees, emphasizing the need for personalized financial planning and the distinction between term and permanent life insurance. The conversation highlights the significance of objective advice and the potential pitfalls of insurance as an investment substitute.
 
Topics Covered in this Episode:
00:00 Introduction to Insurance Needs
10:49 Understanding Life Insurance Products
18:35 Term vs Permanent Life Insurance
23:26 Understanding Cash Value in Permanent Life Insurance
28:07 The Nuances of Universal Life Insurance
32:41 Evaluating the Need for Permanent Insurance
35:57 Analyzing Life Insurance Needs: The Frameworks
47:15 Scenario Analysis: Life Insurance Needs at Different Life Stages
53:06 Understanding Insurance Needs for Families
56:49 Insurance Needs for Stay-at-Home Parents vs. Working Parents
01:02:31 Insurance Considerations in Retirement Planning
01:08:32 The Role of Insurance in Tax Planning and Estate Management
🤝 Work with Millen Wealth AdvisorsBook a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice
🔗 Connect & Follow Us for InsightsPodcast YouTube Channel:https://www.youtube.com/@MillennialMoneyCanadaPodcastTikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enInstagram: https://www.instagram.com/financialplannergui/Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/
Keywords
Life insurance, financial planning, term insurance, permanent insurance, insurance needs analysis, retirement planning, financial literacy, insurance products, wealth management, family protection

Ep.009: Here’s What To Do With Your Pension

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman discuss the various options available for company pension plans when leaving an employer or entering retirement. They explore the differences between defined benefit and defined contribution plans, the process of commuting a pension, and strategies for managing LIRA and RRSPs. The conversation also covers tax planning, the pension income credit, and the potential to unlock LIRA for home purchases. Additionally, they delve into income-splitting strategies and withdrawal plans to optimize tax efficiency in retirement.
Chapters
00:00 Introduction to Pension Options
02:41 Understanding Defined Contribution Plans
05:38 Exploring Defined Benefit Plans
08:11 Commuting a Defined Benefit Pension
10:51 Tax Implications of Commuting
13:31 Strategies for Managing LIRA in Retirement
16:31 Income Splitting and Tax Planning
18:27 Converting LIRA and RRSP for Withdrawals
27:41 Understanding LIF and RIF Withdrawal Rules
30:05 Strategic Planning for Retirement Income
34:06 Tax Implications of Retirement Withdrawals
38:28 Pension Income Credit and Its Benefits
41:11 Exploring Copycat Annuities
44:09 Unlocking LIRA for Home Purchases
47:40 Pension Income Splitting Strategies
51:22 Withdrawal Plan Options at Retirement
🤝 Work with Millen Wealth AdvisorsBook a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice
🔗 Connect & Follow Us for InsightsPodcast YouTube Channel:https://www.youtube.com/@MillennialMoneyCanadaPodcastTikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enInstagram: https://www.instagram.com/financialplannergui/Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/
Keywords
Pension plans, retirement, defined benefit, defined contribution, LIRA, RRSP, tax planning, income splitting, pension income credit, home buyers plan

Ep.008: How to Settle an Estate, Pick an Executor, and Avoid Family Fights with David Edey

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman engage with David Edey, a seasoned financial planner and author, to discuss the critical role of an executor in estate planning. They explore the responsibilities and challenges faced by executors, the importance of communication within families regarding estate matters, and the emotional aspects of grief that executors must navigate. David emphasizes the need for proactive conversations about wills and estates to prevent family disputes and ensure a smooth transition of assets. He also highlights the significance of organization and preparation in leaving a meaningful legacy for loved ones.
 
Chapters
00:00 Understanding the Role of an Executor
04:15 The Importance of Communication in Estate Planning
06:39 Navigating Family Dynamics and Expectations
09:24 Grief and Its Impact on Executors
12:25 Executor Compensation and Professional Services
15:13 Preparing for the Inevitable: Organizing Your Estate
18:11 Digital Assets and Their Management
20:44 The Executor's First Steps After a Death
23:15 Coping with Grief and Supporting Others
26:25 Final Thoughts on Estate Planning and Executor Responsibilities
32:20 Navigating Grief and Support
38:16 The Role of Executors in Estate Settlement
44:30 Family Dynamics and Estate Disputes
48:12 Initiating Conversations About Estate Planning
53:43 Leaving a Legacy: The Importance of Organization
 
💡David Edey
Website: https://www.davidedey.com/David’s Book: https://www.davidedey.com/executorhelpbook.html
Free Resources: https://www.davidedey.com/resources.html
 
🤝 Work with Millen Wealth AdvisorsBook a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice
🔗 Connect & Follow Us for InsightsPodcast YouTube Channel:https://www.youtube.com/@MillennialMoneyCanadaPodcastTikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enInstagram: https://www.instagram.com/financialplannergui/Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/
Keywords
Executor, estate planning, family communication, grief, legacy, financial planning, estate settlement, executor responsibilities, family disputes, estate management

Ep.007: Passive vs Active - What’s the Best Investment Choice?

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman discuss essential concepts for successful investing, the implications of recent political changes in Canada, and the importance of financial planning. They explore the challenges of predicting market movements, the benefits of index and factor investing, and the role of financial planners in helping clients achieve their financial goals. The conversation emphasizes the need for discipline in investing and the importance of understanding market dynamics to improve investment outcomes.
Chapters
00:00 Introduction to Financial Planning and Political Landscape
11:21 Understanding Market Success: Key Concepts for Investors
35:16 The Psychology of Total Market Investing
38:02 Asset Class Returns and Market Performance
40:33 The Limitations of Index Funds
44:39 Finding the Middle Ground: Active vs Passive Investing
48:01 Understanding Market Factors and Their Impact
50:40 The Role of Discipline in Investment Strategies
52:35 Exploring Investment Options: Index vs Factor vs Socially Responsible
56:22 The Importance of International Diversification
01:01:30 Navigating Hot Tips and Market Trends
01:03:14 The Importance of Discipline in Investing
01:04:51 Understanding Market Downturns
01:11:50 When to Invest: Timing the Market
01:16:57 The Role of Financial Planners
🤝 Work with Millen Wealth AdvisorsBook a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice
🔗 Connect & Follow Us for InsightsPodcast YouTube Channel:https://www.youtube.com/@MillennialMoneyCanadaPodcastTikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enInstagram: https://www.instagram.com/financialplannergui/Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/
Link to slide deckhttps://www.canva.com/design/DAGW3nW1E0Y/uN-vOfWKqZX8TzdbZJ4mdA/view?utm_content=DAGW3nW1E0Y&utm_campaign=designshare&utm_medium=link2&utm_source=uniquelinks&utlId=h42f6f4a6fe
 
KeywordsFinancial planning, investment strategies, market dynamics, wealth management, capital gains tax, index funds, factor investing, financial literacy, investment performance, tax implications

Ep.006: Crush Your 2025 Goals (Your Blueprint for Success)

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman discuss practical goal setting for 2025, emphasizing the importance of a structured approach using the SMART model. They explore personal and professional goals, health and fitness aspirations, and the significance of accountability and celebrating milestones. The conversation highlights practical strategies for achieving financial and personal success, encouraging listeners to reflect on their goals and enjoy the journey towards achieving them.
An evidence-based model to accomplish your goals in 2025:
1. Set SMART Goals (Specific, Measurable, Achievable, Relevant, Time-bound)2. Break Goals into Smaller Milestones3. Create a System for Daily Progress4. Measure Progress Regularly5. Stay Accountable6. Develop Resilience7. Celebrate Wins8. Reflect and Refine
Chapters00:00 Introduction to Goal Setting for 202506:48 The Importance of Goal Setting13:55 Implementing the SMART Model20:09 Personal Health and Fitness Goals for 202530:01 Understanding the SMART Model in Depth34:21 Strategies for Saving and Income Growth36:13 The Importance of Realistic Goal Setting38:02 Building Consistency and Discipline38:54 Enjoying the Journey Towards Goals40:26 Creating Systems for Daily Progress42:39 Identifying with Your Goals and Values43:56 Measuring Progress Regularly47:41 The Role of Accountability in Achieving Goals51:36 Developing Resilience in the Face of Challenges55:55 Celebrating Wins and Reflecting on Progress
🤝 Work with Millen Wealth AdvisorsBook a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice
🔗 Connect & Follow Us for InsightsPodcast YouTube Channel:https://www.youtube.com/@MillennialMoneyCanadaPodcastTikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enInstagram: https://www.instagram.com/financialplannergui/Guillaume on LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cmt-cfp-08487170/Sam on LinkedIn: https://www.linkedin.com/in/sam-lichtman/
KeywordsGoal setting, financial planning, health goals, SMART model, accountability, personal development, financial literacy, wellness, milestones, success

Ep.005: Tax Changes Everyone Needs to Know in Canada

Summary
In this episode of the Millennial Money Canada podcast, host Guillaume Girard and co-host Sam Lichtman engage with tax expert Mohammed Al-khooly to discuss tax planning strategies for 2025. They explore Mohammed's journey from working in large accounting firms to starting his own tax advisory firm, emphasizing the importance of proactive tax planning. The conversation covers various topics including income splitting, tax risk tolerance, the implications of shareholder loans, and the recent changes in capital gains tax. They also discuss the role of social media in client acquisition and the importance of understanding clients' emotional responses to financial decisions.
 
Chapters
00:00 Mohammed's Journey in Taxation
04:22 Transitioning to Self-Employment
06:52 Leveraging Twitter for Client Acquisition
09:47 Understanding Clientele and Their Needs
12:31 Navigating Partnerships in Business
15:10 Income Splitting Strategies Explained
18:01 Tax Risk Tolerance and Its Implications
20:51 Best Practices for Business Owners
23:25 Paying Yourself: Salary vs. Dividends
35:25 Transitioning from Salary to Dividends
36:39 Understanding CPP and Client Perspectives
38:56 The Importance of Guaranteed Income
40:52 Common Mistakes in Tax Planning
42:50 Shareholder Loans and Tax Implications
46:28 Capital Gains Inclusion Rate Changes
51:38 Multi-Generational Housing Tax Credit Insights
54:24 Behavioral Coaching in Financial Planning
 
🤝 Work with CoPilot Tax🌐 Visit their Website: https://copilottax.ca/📚Connect on Twitter: https://x.com/CanadaTaxGuy
 
🤝 Work with Millen Wealth Advisors🌐 Book an intro meeting today 👉 mwadvisors.ca📚 Self-paced tax & investing course tailored for business owners 👉 courses.mwadvisors.ca
 
🔗 Connect & Follow Us for InsightsPodcast YouTube Channel: Millennial Money Canada PodcastTikTok: Millennial Money CanadaInstagram: @financialplannerguiGuillaume on LinkedIn: Guillaume Girard, CFA, CMT, CFPSam on LinkedIn: Sam Lichtman
 
Keywords
Tax planning, Canadian tax, financial literacy, income splitting, tax risk tolerance, shareholder loans, capital gains, CPP, financial planning, social media marketing

Ep.004: Financial Planners Debate: TFSA vs RRSP

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman delve into the intricacies of Registered Retirement Savings Plans (RSPs) and Tax-Free Savings Accounts (TFSAs). They discuss the importance of understanding these financial tools, especially in the context of generational wealth planning. The conversation covers the tax implications of RSP contributions, how to maximize contributions, and the impact of pension adjustments on RSP limits. The hosts also address common misconceptions about RSP withdrawals and the overall benefits of these savings vehicles for retirement planning. In this conversation, Sam Lichtman and Guillaume Girard delve into the intricacies of RRSPs and TFSAs, discussing their tax implications, withdrawal strategies, and the benefits of spousal RRSPs. They explore the advantages and disadvantages of each account type, emphasizing the importance of strategic planning for retirement. The discussion also touches on common mistakes investors make with TFSAs and comparing investing in corporations versus registered accounts. Overall, the episode provides valuable insights into effective financial planning and investment strategies for Canadians.
 
Chapters
00:00 Introduction to RSP vs TFSA
02:42 Generational Wealth Planning
05:48 Understanding RSPs
08:07 Tax Implications of RSP Contributions
10:34 Maximizing RSP Contributions
13:12 Calculating RSP Contribution Limits
16:30 Pension Adjustments and RSPs
19:18 Withdrawing from RSPs and Taxation
29:15 Understanding RRSP Contributions and Tax Implications
32:57 Withdrawal Options from RRSP Before Retirement
35:19 Eligibility and Strategies for RRSP Withdrawals
38:11 Exploring Spousal RRSPs and Their Benefits
40:36 Introduction to Tax-Free Savings Accounts (TFSA)
42:38 Advantages and Disadvantages of TFSAs
44:41 TFSA vs RRSP: Prioritizing Contributions
48:10 Common Mistakes with TFSAs
51:03 Investing in Corporations vs RRSPs and TFSAs
🤝 Work with Us🌐 Book an intro meeting today 👉 mwadvisors.ca📚 Self-paced tax & investing course tailored for business owners 👉 courses.mwadvisors.ca
🔗 Connect & Follow Us for InsightsPodcast YouTube Channel: Millennial Money Canada PodcastTikTok: Millennial Money CanadaInstagram: @financialplannerguiGuillaume on LinkedIn: Guillaume Girard, CFA, CMT, CFPSam on LinkedIn: Sam Lichtman
 
Link to the article mentioned in the episode by Jamie Golombek: https://www.cibc.com/content/dam/personal_banking/advice_centre/tax-savings/rrsp-tfsa-business-en.pdf
 
Keywords
RRSP, TFSA, financial planning, tax implications, retirement savings, generational wealth, investment strategies, financial literacy, Canada, wealth management, RRSP, TFSA, tax implications, retirement planning, investment strategies, spousal RRSP, withdrawal options, tax-free growth, financial planning, corporate investments

Ep.003: Navigating the Mortgage Landscape in Canada with Matthew Shantz

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman welcome mortgage broker Matthew Shantz to discuss the current mortgage landscape in Canada. They explore various topics, including the importance of financial literacy, the impact of interest rates on the housing market, and strategies for self-employed individuals seeking mortgages. Matthew shares insights on reverse mortgages and the benefits of multi-generational living, emphasizing the need for proactive financial planning. The conversation highlights the importance of understanding mortgage insurance and preparing for upcoming mortgage renewals, providing listeners with valuable information to navigate their financial futures.
 
🎥 Content of this video
00:00 Introduction to Millennial Money Canada Podcast
03:26 Business Growth Strategies and Client Engagement
08:08 Podcasting Journey and Personal Development
08:50 Introduction and Meeting Sam
10:43 Building a Successful Team
13:51 Recent Changes in the Mortgage Space
19:07 Understanding Mortgage Regulations and Market Dynamics
24:17 Interest Rates and Their Impact
30:56 The Mortgage Renewal Cliff
36:25 Tactics of Major Players in the Mortgage Market
44:53 Navigating Renewal Options
47:21 Understanding Self-Employed Income
55:15 Exploring Reverse Mortgages
01:07:36 Innovative Housing Solutions for Retirement
 
🤝 Work with Matthew and his TeamWebsite: https://matthewshantz.com/LinkedIn: https://www.linkedin.com/in/matthew-shantz/Instagram: https://www.instagram.com/the_matthewshantz/
🤝 Work with Millen Wealth Advisors🌐 Book an intro meeting today 👉 mwadvisors.ca
📚 Online CourseSelf-paced tax & investing course tailored for business owners 👉 courses.mwadvisors.ca
🔗 Connect & Follow Us for InsightsPodcast YouTube Channel: Millennial Money Canada PodcastTikTok: Millennial Money CanadaInstagram: @financialplannerguiGuillaume on LinkedIn: Guillaume Girard, CFA, CMT, CFPSam on LinkedIn: Sam Lichtman
Keywords
Millennial Money, financial planning, mortgage landscape, real estate investment, interest rates, mortgage insurance, self-employed mortgages, reverse mortgages, multi-generational living, financial literacy

Ep.002: Millennial Housing Crisis - Is a home worth it?

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman discuss the evolving landscape of financial planning and real estate investment from the perspective of millennials. 
They share insights on their business journey with Millen Wealth Advisors, the challenges millennials face in the current real estate market, and the importance of financial literacy. The conversation highlights the disparity between income growth and rising real estate prices and the necessity for millennials to adapt their wealth-building strategies. In this conversation, Guillaume Girard and Sam Lichtman explore the complexities of homeownership versus renting, emphasizing both financial and non-financial aspects. 
They discuss the true costs associated with owning a home, the value of real estate, and the potential for wealth building through different asset classes. The conversation also highlights various tools available for first-time homebuyers in Canada, ultimately encouraging listeners to consider their personal preferences and financial situations when making housing decisions.
 
Chapters
00:00 Introduction to Millennial Money Canada Podcast
01:00 Business Overview of Millen Wealth Advisors
10:14 The Evolution of Financial Planning
17:55 Transitioning to Real Estate Discussion
18:23 Traditional Views on Real Estate
20:43 Current Real Estate Market Analysis
24:55 Income Disparity and Real Estate Affordability
27:43 Personal Perspectives on Real Estate Investment
28:12 The Non-Financial Aspects of Homeownership
31:08 Understanding Real Estate Value: Land vs. Building
34:36 The True Costs of Homeownership
37:48 Real Estate vs. Stock Market: A Wealth Comparison
50:25 Tools for First-Time Homebuyers
54:53 Key Takeaways and Closing Remarks
🤝 Work with Us🌐 Book an intro meeting today 👉 mwadvisors.ca📚 Self-paced tax & investing course tailored for business owners 👉 courses.mwadvisors.ca
 
🔗 Connect & Follow Us for InsightsPodcast YouTube Channel: Millennial Money Canada PodcastTikTok: Millennial Money CanadaInstagram: @financialplannerguiGuillaume on LinkedIn: Guillaume Girard, CFA, CMT, CFPSam on LinkedIn: Sam Lichtman
 
🌱Facebook Group
Entrepreneurs for Financial Independence: https://www.facebook.com/share/g/18CPZG62qA/
 
Keywords
Navigating Real Estate as Millennials
The Millennial Money Journey
Understanding Real Estate Investment Today
Financial Planning for the Next Generation
The Real Estate Dilemma for Millennials

Ep.001: Creating a Millennial Finance Firm

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman introduce their mission to elevate financial literacy among millennials. They discuss the importance of authenticity in financial planning, the unique challenges faced by millennials, and the customized approach to financial planning that they advocate. The hosts also share their personal journeys into finance, highlighting the lessons learned along the way and the value of empowering listeners with actionable insights. In this conversation, Sam Lichtman shares his journey from struggling with financial literacy and credit card debt to becoming a financial advisor dedicated to helping others avoid similar pitfalls. He discusses the importance of financial education, the impact of social media in reaching millennials, and the significance of building authentic connections through content. The conversation also touches on personal fitness goals and the broader implications of improving financial literacy in society.
 
Chapters
00:00 Introduction to Millennial Money Canada Podcast
02:05 Mission and Purpose of the Podcast
05:57 Understanding Financial Planning
10:03 The Show Format and Expectations
14:56 Personal Journeys in Finance
27:32 Navigating Financial Literacy and Debt Stress
30:23 The Journey to Financial Advising
33:18 Harnessing the Power of Short-Form Content
39:31 Building Authentic Connections Through Content
43:34 The Broader Impact of Financial Literacy
44:46 Personal Fitness Goals and Growth
 
🤝 Work with Us🌐 Book an intro meeting today 👉 mwadvisors.ca📚 Self-paced tax & investing course tailored for business owners 👉 courses.mwadvisors.ca
 
🔗 Connect & Follow Us for InsightsPodcast YouTube Channel: Millennial Money Canada PodcastTikTok: Millennial Money CanadaInstagram: @financialplannerguiGuillaume on LinkedIn: Guillaume Girard, CFA, CMT, CFPSam on LinkedIn: Sam Lichtman
 
Keywords
financial literacy, millennial finance, financial planning, wealth management, personal finance, financial strategies, financial empowerment, financial education, financial wellness, financial advisors, financial literacy, debt management, financial advising, social media, TikTok, content creation, personal finance, fitness goals, financial planning,