#3 — Rob Carrick: How Personal Finance in Canada Has Changed Over the Last Three Decades

The Wealthy Barber Podcast

Our guest this episode is Rob Carrick—one of the most well-known personal-finance experts in the country through his 30+ years as a financial writer and columnist for The Globe and Mail.

In this episode Dave and Rob discuss how personal finance in Canada has changed over the last 35 years including how more parents are helping their adult-age children financially, how social media is increasing the pressure to spend, why FHSAs are the ultimate no-brainer and much, much more.

You'll enjoy this discussion with Rob Carrick.

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The Wealthy Barber Podcast is Canada’s go-to source for approachable, entertaining, and free financial education. Hosted by none other than David Chilton—former Dragon on CBC’s ”Dragons’ Den” and the best-selling author of ”The Wealthy Barber” and ”The Wealthy Barber Returns”—this podcast is here to help Canadians manage their money better. Much better.

Find all episodes and more Canadian personal finance content at https://thewealthybarber.com.

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Show Notes:
(00:00:00) – Introduction
(00:03:30) – It's More Expensive to Have Kids Today
(00:06:01) – Pressure to Spend
(00:07:24) – Crazy What People Spend on Cars
(00:09:24) – Spending & Lines of Credit
(00:12:27) – What Dave is Seeing From People's Spending Summaries
(00:13:47) – It’s Financially Difficult to be Single
(00:15:12) – Costs Are Rising for Seniors
(00:19:06) – More Parents Are Helping Their Kids Financially
(00:22:09) – People Need Help with Retirement Planning
(00:27:05) – Fee-Only Financial Planning
(00:31:19) – Divorce Rates Going Down
(00:32:18) – People Are Having Fewer Kids
(00:33:13) – Boomers Had It Easier
(00:36:18) – Pensions Are Making a Comeback
(00:38:18) – Counting on Inheritances
(00:39:05) – Some Young People Are Giving Up
(00:40:16) – Anyone Can Manage Their Money Well
(00:41:24) – Is Personal Finance Harder Today?
(00:42:17) – Pets Are More Expensive Than You Expect
(00:44:30) – You Have to Make Spending Tradeoffs
(00:46:16) – You Feel Better When You’re On Top of Your Finances
(00:48:44) – Debit vs. Credit Cards
(00:50:54) – Should Couples Manage Their Money Together?
(00:54:01) – FHSAs
(00:55:08) – TFSAs
(00:58:11) – The Problem with the Bank-Branch System in Canada
(01:00:23) – FHSAs Are a No-Brainer
(01:03:39) – Why Hasn’t Canada Embraced Passive Investing Like the US?
(01:05:38) – The Wrong Way to Use ETFs
(01:08:26) – Men vs. Women Investing
(01:12:19) – Why Don’t Canadians Use Mortgage Brokers?
(01:14:08) – RRSPs are Still Great
(01:16:48) – Conclusion