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On today’s episode we have another Canadian guest, Kyle Prevost, who achieved financial independence at an early age (he was able to pull it off in his 30s). He’s also done hundreds of financial talks and interviews over the years with both regular Canadians, and some of the most highly respected financial experts in both Canada and the US.
In this episode, we discuss what he’s learned from these hundreds of discussions that he’s had, especially when it comes to best practices and financial tactics that we can apply to our own lives.
He also shares advice on how he personally minimizes and thinks about fees in his own investment portfolio, and we also discuss his findings on CPP and OAS in Canada, which in case you’re not familiar, are the two main income sources from the government that Canadians rely on in their retirement. Kyle has done a bunch of research and interviews on how viable the CPP and OAS is long-term, and if we can continue to expect to receive them in our older age, even if we’re nowhere near that traditional retirement age of 65 yet.
We cover all this and more in the interview.
Also, free tickets to the Canadian Financial Summit:
Kyle and I have run the Canadian Financial Summit together for years in the past, this year I’m attending it as one of the speakers, and I have free tickets for you which you can get at buildwealthcanada.ca/summit.
In case you’re new to the Summit, it’s a fully online event for Canadians where you can stream all the educational talks. I’ll be speaking at it again this year, this time about RRSPs, and I’ll be there with 36 other Canadian personal finance and investing experts who will be sharing their expertise and best practices when it comes to investing, retirement, financial planning, ETFs, pensions, cash flow management once you hit your financial independence number, and much more.
It’s happening really soon this month, October 23-26. I hope to see you there, and again you can get free tickets to the event by going to buildwealthcanada.ca/summit
I hope to see you there!
Links from the Episode
Free tickets to the Canadian Financial Summit
A Big Thanks to Our Sponsors:
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Questions Covered:
- Kyle, after interviewing many Canadians, being a DIY investor yourself, and achieving financial independence at an early age, what’s the first big finding that you discovered when it comes to Canadians DIYing their own retirement?
- What’s another commonality that you’ve found after speaking with so many Canadians over the years?
- When you and I spoke before the interview, you mentioned that another surprising finding was that many Canadians don’t believe that the CPP and OAS will be there for them when they retire. I know you’ve researched this quite extensively when you were creating your retirement course, so can you share your findings with us, and how worried should we be when it comes to having our CPP and OAS income cut?
- Speaking of pensions and guaranteed income, one tool that Canadians can use to create their own pension-like income is through the use of annuities. Can you speak to your findings around that, and what our options are as Canadians when it comes to getting that guaranteed passive income for life?
- One of the largest variables that can have an impact on how early we can retire and how wealthy we are long term is the fees that we pay on our investments and for financial planning advice, particularly if the fees are taken out as a percentage of our portfolio. Can you speak to this finding, how you optimize this personally in your own portfolio, and what advice do you have for Canadians when it comes to optimizing this in their own portfolios?
- Can you tell us more about the Canadian Financial Summit and what you have planned for this year? And for all the listeners, you can get your free tickets over at buildwealthcanada.ca/summit. I’ll be speaking there about RRSPs, and will be attending too.
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