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One of my favourite types of interviews is when I get to interview someone who has hit their financial independence or retirement number early, and then picking their brain on how they got there, what worked well for them, what didn’t, what mistakes they could have avoided, and learning what makes them feel happy and fulfilled both before and after hitting financial independence.
Well this time, I got to do this with one of the most famous personal finance experts in Canada, David Chilton, who, as you may know, was also one of the dragons on Dragon’s Den.
Dave’s bestselling book, The Wealthy Barber, was actually the first personal finance book that I ever read. I read it decades ago in high school, and in a way, it actually started me down this path of early financial independence.
Dave has recently released a massive update to the book, so we cover what has changed in personal finance and investing in Canada over the years, and what Canadians need to know about now when it comes to personal finance and investing in Canada.
I’m incredibly grateful that Dave has chosen to spend so much of his time educating Canadians and trying to improve financial literacy here in Canada. You can definitely tell that he’s not doing it for some massive financial gain, and is genuinely trying to help.
Let’s get into the interview.
Links from the Episode
You can get Dave’s new book and free education content over on his site at TheWealthyBarber.com.
A Big Thanks to Our Sponsors:
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“Views from the Desk” Podcast
On this podcast, we often cover best practices that can not only help you now, but will also be relevant throughout your investment lifetime. But what if you also want an update on what is happening with your investments, the markets, and the economy right now?
To help me stay up-to-date on these topics, a great Canadian podcast that I listen to weekly is called “Views from the Desk” (Apple, Spotify, Direct).
They provide timely information for us Canadians on what is happening to our investments right now, as well as other key factors affecting us like changes to our interest rates, our inflation, and regulatory changes that we should know about.
The podcast is hosted by BMO ETFs. I’m a huge fan of theirs, I own a lot of BMO ETFs myself, and it’s a great free resource for both new and existing ETF investors.
I hope you check them out. All episodes are available for free in your favourite podcast player. Just search for “Views from the Desk” or click one of the links below:
ETF Market Insights and BMO ETFs
Catch the latest episodes on YouTube Here.
There are so many opinions on how to invest your money today, but it can be hard to find credible voices to rely on in the world of finance and investing.
One resource I turn to every week is the ETF Market Insights YouTube channel, led by today’s episode sponsor, BMO ETFs.
Market Insights brings in industry experts and their weekly episodes cover the hottest themes like inflation, infrastructure, healthcare, and more. Tuning in helps me stay up-to-date on what’s happening so I can be a smarter investor. You can also submit your own ETF questions, to be answered on the show.
Do yourself a favour and subscribe on YouTube to ETF Market Insights, or visit ETFMarketInsights.com so you can be notified when future episodes go live.
BMO Asset Allocation ETFs:
Asset allocation explains over 90 per cent of the variation in a portfolio’s quarterly returns, so it’s no wonder Canadian investors are turning to these ETFs!
Today’s sponsor, BMO ETFs, offers these innovative all-in-one solutions with the BMO All-Equity ETF (ZEQT), BMO Growth ETF (ZGRO), BMO Balanced ETF (ZBAL), BMO Conservative ETF (ZCON), and more. BMO developed these to help provide investors with ETFs that offer broad diversification and are also low-cost and simple to use.
These ETFs invest in a number of underlying index based ETFs and are rebalanced automatically back to your set asset allocation or mix of stocks and bonds. They offer a hands free approach to investing that is built on disciplined weights to provide exposure to different geographies and sectors all in one solution.
BMO actually offers eight asset allocation ETFs. Learn more at BMOETFs.com.
Questions Covered:
- Dave, the original Wealthy Barber sold over 2 million copies. It’s a Canadian classic. You’ve also achieved massive success with the Looneyspoons books. After becoming financially independent, you could be doing anything, yet you spent 16 months doing a complete rewrite of the original Wealthy Barber book. What was the driving force or the frustration that made you feel you had to do this now?
- In addition to the book, you also have a podcast, a YouTube channel, and I recall you mentioning that you’re also working on an AI tool that takes your past lessons and research, and lets Canadians ask questions based on your teachings.
With so much good content out there already, what motivates you to keep working on these projects and adding to the content instead of fully retiring? (It doesn’t look like more wealth generation is your primary motivator with these projects.) - At this stage of your life, and after all your financial successes and being on Dragon’s Den, you must have an abundance of choices when it comes to how you spend your time. How do you decide what projects are worth it and how do you filter what you say “yes” to? (personally and especially professionally)
- For so many of us, our identity is tied to our career and the goal of “getting there” financially. But, when you get there, and you’re financially free, there can be a void: You’ve won the game, reached the top of the mountain, now what? Have you ever experienced this, and if so, how did you navigate it?
- One of the big changes from the initial release of your book to present day is how much easier it has become to be a DIY, low-cost, passive index investor through the use of ETFs. What are your thoughts about using asset allocation ETFs vs buying the individual underlying ETFs and putting them in the most efficient accounts to save a bit on fees and gain some extra tax optimization? (or do you suggest something else for the average Canadian?)
- A lot has been written on safe withdrawal rates over the years, with much of the research being done in the US, using US data. For us Canadians, what are your thoughts about how much we can sustainably withdraw from our portfolio annually in retirement, to not run out?
- Where can we read or listen to your new book, and the other educational podcasts and videos that you make?
Disclaimer:
This podcast and video is for information purposes. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the ETF Facts or simplified prospectus of the BMO ETFs before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s simplified prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., which is an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO” is a registered trademark of Bank of Montreal, used under licence.
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