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Today I’m really excited to have Bruce Sellery on the show from MoneySense Magazine and Moolala.ca, to tell you all about how to save and invest for your retirement.
Bruce is a bestselling author, and you might have seen him on TV as he’s been on CTV, CNN, BNN, MSNBC, as well as the Lang & O’Leary Exchange with Kevin O’Leary from Dragon’s Den and Shark Tank.
He is also the author of the book “The Moolala Guide to Rockin’ your RRSP” which is a fantastic book that I’d recommend to everyone.
In it, he actually does a great job of inspiring you to take action when it comes to planning and saving for your retirement (which is great if you know this is something you should be doing but just aren’t feeling motivated to do it). He also provides a great step-by-step guide that you can actually implement to pull it all off.
Giveaway:
As is customary on the Build Wealth Canada Show, we do have another giveaway for you and all Build Wealth Canada listeners!
You can enter to win a copy of Bruce’s book by signing up for free down below:
Upon signing up you’ll be automatically entered into the giveaway, and you’ll get more expert interviews like the one with Bruce as they get released.
Plus you’ll receive a free guide on the “Top 5 Personal Finance and Productivity Tools” here in Canada.
If you’re already signed up, then you can still enter the contest by following Build Wealth Canada on Facebook (see the “like” button along the bar to your upper right), or by emailing me a question that you’d like answered on a future episode of the show (kornel@buildwealthcanada.ca).
Of course don’t forget to check out Bruce’s tips and articles on MoneySense.ca, and you can also learn more about Bruce on his site Moolala.ca.
Links & Resources Covered:
Bruce’s Latest Book: Moolala Guide to Rockin’ Your RRSP: Start Rockin’ in Five Easy Steps
Bruce First Book: Moolala: Why Smart People Do Dumb Things with Their Money – and What You Can Do About It
Bruce’s Articles at: www.Moneysense.ca
Bruce’s Site: www.Moolala.ca
Questions Covered
1. Why should Canadians even care about saving for retirement through their RRSPs and TFSAs?.
2. What are the top mistakes Canadians make when it comes to their RRSPs, and retirement planning in general?
3. Tell us about the 5 steps in your book that listeners can use to retire early.
4. For someone that is looking to buy their first home: They may want to save money for a down payment inside their RRSP since they can withdraw it when they’re ready to buy using the Home Buyers Plan.
In this case, what should they put their money into? (i.e. bonds, bond ETFs, GICs?) Especially considering interest rates are low and Canadians are worried about getting hurt on bonds if rates go up.
GIC rates are very low too so it doesn’t seem very appealing for most.
What about those Canadians that are getting very close to retirement? Is the strategy different for them?
In other words, what are the best safe options in the current low interest rate environment?
5. RRSP loans: What are they and when is it a good option?
6. How to factor in inflation when doing retirement planning calculations? (i.e. Would you just use the anticipated rate of return and subtract out inflation? Or use some other method?)
7. Is there a way to be able to take some of your spouse’s RRSP contribution room if you’re in a higher tax bracket?
8. Your thoughts on using annuities for retirement? (please define annuities first)
9. Your thoughts on using broad market index funds or ETFs vs buying smaller indexes like small cap stocks or different bond ETFs?
In Closing
If you enjoyed the episode, please take a moment to leave an honest review and rating on iTunes by clicking the “View in iTunes” button at this link.
If you have any tips, suggestions or comments, please be sure to leave a comment in the section below. I read all responses and look forward to hearing from you.
Also if you liked the episode please share it using the social media buttons and sign up for free below to receive all new episodes as they get released + the free guide on the Top 5 Personal Finance and Productivity Tools here in Canada!
I looking forward to hearing from you.
Kornel
