The Personal CFO Podcast

In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman explore the emotional challenges clients face regarding money. They discuss the scarcity vs. abundance mindset, the disbelief in success, and the guilt associated with spending. The conversation emphasizes the importance of financial planning, communication in relationships, and the mental toll of managing finances. The hosts also highlight the need for mindfulness and gratitude in wealth creation, and the significance of recognizing one's limitations and seeking help when necessary.

Topics Covered in this Episode

00:00 Introduction to Emotional Challenges with Money

03:06 Scarcity and Abundance Paradox

09:49 Disbelief in Success and Its Impact

20:51 Reorienting to an Abundance Mindset

29:28 Guilt and Paralysis Around Spending

30:24 The True Cost of Not Planning Financially

31:00 Guilt and Anxiety Around Spending

35:38 Decision Fatigue and Disorganization

49:28 The Physical and Mental Toll of the Grind

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Millen Wealth Advisors
Visit our Website: https://www.mwadvisors.ca/
Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast

Follow Guillaume on Social Media
Guillaume’s Instagram: https://www.instagram.com/financialplannergui/
Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Follow Sam on Social Media
Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en
Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/

Keywords

Emotional challenges, money mindset, financial planning, wealth management, scarcity mindset, abundance mindset, spending guilt, decision fatigue, financial organization, mental health

In this conversation, Guillaume Girard interviews Ben Rutledge, a Canadian Olympic gold medalist and entrepreneur, exploring his journey from rowing to business. They discuss pivotal moments in Ben's life, the importance of mindset, coaching, and the balance between process and outcome. Ben shares insights on identity, resilience, and the lessons learned from both success and failure, emphasizing the significance of commitment and continuous learning in achieving goals.

Topics Covered in this Episode

00:00 The Journey Begins: From University to Rowing

13:43 Finding Identity and Purpose in Rowing

25:51 The Road to Olympic Aspirations

37:41 The Role of Environment and Coaching in Success

38:33 Mastering the Basics: The Key to Elite Performance

43:44 Handling Pressure: Transforming Anxiety into Excitement

49:32 Identity Beyond Competition: Life After the Gold Medal

53:44 The Process vs. Outcome: A Shift in Perspective

56:30 Rapid Fire Insights: Habits, Success, and Mindset

01:01:24 Building a Business: Lessons from Sports to Real Estate

Designer Capital Visit their Website: https://designercapital.ca/

Millen Wealth Advisors Visit our Website: https://www.mwadvisors.ca/ Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast

Follow Guillaume on Social Media Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Follow Sam on Social Media Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/r

Keywords

Rowing, Olympic gold medal, mindset, coaching, personal development, resilience, identity, business, success, performance

In this episode, Guillaume and Sam discuss the upcoming changes to fee disclosure under CRM3, which will significantly impact how Canadians view their investment fees. They explore the implications of these changes, the importance of transparency in building trust between clients and advisors, and the potential for clients to question the value they receive for the fees they pay. The conversation also touches on the role of segregated funds, the future of financial advisory services, and the importance of understanding investment philosophy for peace of mind.

Topics Covered in this Episode

00:00 Introduction to CRM3 and Its Importance

02:01 Understanding Fee Disclosure Changes

07:05 The Impact of CRM3 on Investors

12:45 Transparency and Trust in Financial Advisory

16:21 Segregated Funds and Their Reporting

22:06 Evaluating Fees and Value in Financial Services

30:59 The Future of Financial Planning

34:00 Understanding Fees and Value in Investments

39:11 The Importance of Trust in Financial Advisory

50:39 Investment Philosophy and Client Peace of Mind

Millen Wealth Advisors Visit our Website: https://www.mwadvisors.ca/ Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast

Follow Guillaume on Social Media Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Follow Sam on Social Media Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/

Keywords

CRM3, fee disclosure, financial planning, investment fees, transparency, trust, financial advisors, segregated funds, client awareness, investment philosophy

In this episode, Guillaume Girard interviews Dr. Christian Wigmore, founder of BudgetYourMD, about the financial challenges physicians face and the importance of financial literacy. They explore Dr. Wigmore's journey to becoming a physician, the pressures of medical school debt, and the impact of lifestyle inflation on financial decisions. The conversation emphasizes the need for better financial education for medical students and the role of BudgetYourMD in empowering future physicians to manage their finances effectively and avoid burnout.

Topics Covered in this Episode

00:00 The Journey to Medicine

04:20 Exploring Financial Insights

08:10 The Role of a Family Doctor

12:27 Deciding on a Medical Specialty

14:08 Financial Literacy Challenges for Physicians

16:27 Managing Debt and Lifestyle Inflation

19:18 Navigating Financial Advice and Insurance

22:17 The Evolution of Financial Planning Models

29:30 The Challenge of Active Fund Management

30:49 Introducing BudgeterMD: A Passion Project

32:12 Addressing Financial Literacy in Medicine

34:45 Services Offered by BudgeterMD

36:53 Feedback and Community Engagement

39:07 The Importance of Open Conversations About Money

41:55 Future Vision for BudgeterMD

44:30 The Cashflow Clinic: A Unique Approach

45:37 Exploring Podcasting as a Medium

48:39 Final Thoughts on Financial Literacy

Budget Your MD

Website: https://www.budgetyourmd.ca/

LinkedIn: https://www.linkedin.com/in/christianwigmore/?originalSubdomain=ca

Millen Wealth Advisors Visit our Website: https://www.mwadvisors.ca/

Follow Guillaume on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Guillaume’s Instagram: https://www.instagram.com/financialplannergui/ Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Keywords

Financial literacy, physicians, medical school, budgeting, financial planning, lifestyle inflation, debt management, financial advice, burnout, Budget

In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman, along with guest Mohammed Al-khooly, discuss various financial topics ranging from personal achievements in ultra marathons to misconceptions about the Canadian tax system, particularly regarding inheritance taxes. They delve into the complexities of family trusts, exploring their benefits and drawbacks, and discuss when they are appropriate for individuals and families. The conversation also touches on the importance of financial planning and the implications of prenuptial agreements in relation to trusts.

Topics Covered in this Episode

00:00 Introduction and Personal Accomplishments

06:12 Understanding Canadian Tax Misconceptions

15:26 Exploring Family Trusts: Basics and Benefits

32:40 Navigating Capital Gains and Business Sales

33:08 Competing Interests in Family Business Planning

34:29 Understanding Trusts and Associated Corporations

36:00 The Complexity of Trusts in Family Dynamics

39:25 When Trusts Are Not the Right Fit

40:34 Trusts for Special Circumstances

41:53 The Suitability of Trusts in Financial Planning

42:42 Professional Perspectives on Trust Recommendations

47:23 Trusts and Divorce Protection

49:53 Prenups vs. Trusts: A Personal Perspective

55:46 Investing in Relationships vs. Legal Protections

Millen Wealth Advisors Website: https://www.mwadvisors.ca/

Co-Pilot Tax

Website: https://copilottax.ca/

Canadian Tax Guy: https://x.com/canadataxguy?lang=en

Follow us on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’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/

Keywords Financial planning, tax system, family trusts, estate planning, ultra marathons, Canadian tax misconceptions, wealth management, inheritance tax, personal finance, financial education

In this episode, the hosts discuss their experiences at a recent portfolio strategies conference, sharing insights on investment strategies and the importance of having a defined investment philosophy. They delve into the complexities of the Tax on Split Income (TOSI) rules, explaining how these regulations impact business owners and their ability to pay dividends to family members. The conversation highlights the need for careful tax planning and understanding of the rules to navigate potential pitfalls. The episode concludes with a discussion on the importance of knowing the intricacies of investment products and the trade-offs involved in financial planning.

Topics Covered in this Episode

00:00 Conference Insights and Networking

12:33 Understanding TOSI: Tax on Split Income

24:42 Navigating Dividend Payments and Family Structures

24:44 Understanding Income Splitting Rules

28:47 Exploring Non-Resident Shareholder Implications

31:30 Navigating Tax Risks with Non-Resident Corporations

35:32 Client Engagement and Tax Knowledge

38:42 The Complexity of Tax Compliance

43:30 Investment Knowledge and Client Understanding

Millen Wealth Advisors Website: https://www.mwadvisors.ca/ Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster

Co-Pilot Tax

Website: https://copilottax.ca/

Canadian Tax Guy: https://x.com/canadataxguy?lang=en

Follow us on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’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/

Keywords

TOSI, Tax on Split Income, investment strategies, financial planning, tax planning, portfolio management, business income, dividends, family business, tax risk

In this episode, the hosts discuss various strategies for income splitting, focusing on tax efficiency for business owners. They explore the implications of salary versus dividends, the use of capital dividends, and the importance of understanding attribution rules. The conversation emphasizes the need for holistic financial planning and the potential benefits of utilizing tools like RRSPs and RESPs for effective income splitting.

Topics Covered in this Episode

00:00 Introduction to the New Format

02:21 The Importance of Holistic Tax Planning

04:39 Income Splitting Strategies

11:34 Tax Risks in Income Splitting

17:21 Exploring Tax-Efficient Dividend Strategies

20:15 Balancing Immediate Costs and Future Growth

21:22 The Importance of Long-Term Financial Planning

22:44 Salary vs. Dividend: Making the Right Choice

24:36 Understanding Tax Implications for Business Owners

26:42 The Role of Income Splitting in Financial Strategy

30:12 Basic vs. Advanced Income Splitting Strategies

31:14 Utilizing RESPs for Tax-Efficient Income Splitting

32:40 Creative Strategies for Spousal RRSPs

38:57 Navigating Attribution Rules in Income Splitting

41:10 Understanding Anti-Avoidance Rules in Tax Strategies

Co-Pilot Tax

Website: https://copilottax.ca/

Canadian Tax Guy: https://x.com/canadataxguy?lang=en

Millen Wealth Advisors Website: https://www.mwadvisors.ca/ Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster

Follow us on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’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/

Keywords

Income splitting, tax efficiency, salary vs dividends, capital dividends, attribution rules, financial planning, tax strategies, Canadian tax, RRSP, RESP

In this episode, the hosts discuss the partnership between Copilot Tax and Millen Wealth Advisors, focusing on how this collaboration will enhance client services. They delve into the complexities of real estate investments, including tax considerations when buying, renting, and selling properties. The conversation highlights the importance of financial planning, the implications of depreciation, and the legal aspects of property ownership. The hosts emphasize the need for a cohesive approach among financial advisors to provide clients with comprehensive guidance.

Topics Covered in this Episode

00:00 Introduction and Partnership Announcement

02:53 Exploring Real Estate Tax Considerations

06:02 Buying Real Estate: Key Tax Issues

09:01 Understanding Rental Properties and Tax Implications

12:10 The Importance of Financial Planning in Real Estate

14:57 Depreciation: Benefits and Risks

17:56 Legal and Liability Considerations in Real Estate

20:58 Structuring Real Estate Investments: Personal vs Corporate

24:11 Final Thoughts and Key Takeaways

Co-Pilot Tax

Website: https://copilottax.ca/

Millen Wealth Advisors Website: https://www.mwadvisors.ca/ Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster

Follow us on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’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/

Keywords

Real estate, tax considerations, financial planning, depreciation, rental properties, investment strategies, partnership, liability, home buyers, tax advice

In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with Amanda Doucette, a tax lawyer specializing in estate and succession planning. They discuss Amanda's journey into tax law, the importance of continuous learning, and the complexities of tax strategies for business owners. Amanda emphasizes the need for financial awareness, the common mistakes made in tax planning, and the role of family trusts in estate planning. The conversation also touches on the importance of advocacy in tax law and the need for effective communication in family dynamics regarding financial matters.

Topics Covered in this Episode

00:00 The Journey to Tax Law

04:40 Evolving Clientele and Complexities

07:40 The Importance of Continuous Learning

10:52 Approaches to Tax Law

13:42 The Motivation Behind the Tax Check Podcast

16:42 Common Mistakes of Business Owners

19:30 Understanding Financial Numbers

22:50 Transitioning from Sole Proprietorship to Corporation

25:39 The Role of Advisors in Business Growth

28:43 Planning for Future Success

31:47 Estate Planning and Succession Strategies

34:15 Navigating Estate Planning and Tax Changes

38:59 Understanding Family Trusts and Their Implications

46:28 Flexibility in Estate Planning: Balancing Goals and Tax

52:45 Common Pitfalls in Estate Planning Strategies

55:06 Advocacy in Tax Law: Empowering Clients and Communities

Amanda Doucette

Website: https://www.shtb-law.com/lawyers/amanda-s-a-doucette

LinkedIn: https://www.linkedin.com/in/amandasadoucette/

Instagram: https://www.instagram.com/tax.chick/?hl=en

Podcast: https://thetaxchickpodcast.transistor.fm/

Millen Wealth Advisors

Visit our Website: https://www.mwadvisors.ca/

Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster

Follow Sam and Guillaume on Social Media Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’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/

Keywords

Tax law, estate planning, succession planning, financial literacy, tax advocacy, business strategies, family trusts, tax mistakes, financial awareness, corporate structures

In this episode, Guillaume Girard and Sam Lichtman discuss the four most common mistakes made by business owners, focusing on the implications of salary versus dividends, the importance of notional accounts, and the benefits of leveraging the lifetime capital gains exemption. They also explore investment strategies for business owners to optimize their financial growth and tax efficiency.

Topics Covered in this Episode

00:00 Introduction to Business Owner Mistakes

11:15 Understanding Salary vs. Dividend Payments

25:18 Utilizing Notional Accounts for Tax Efficiency

31:08 Tax Implications of Foreign Income

36:42 Understanding the Capital Dividend Account

43:39 Lifetime Capital Gains Exemption Explained

55:45 Common Investment Mistakes in Corporations

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 Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en Sam’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/

Keywords

business mistakes, salary vs dividend, notional accounts, lifetime capital gains exemption, investment strategies, financial planning, corporate structure, tax efficiency, retirement planning, wealth management