Show Notes
Season 1 of the Smart Advice Podcast brought a wealth of financial advice, tips and insights to help support Canadians along their financial journey. We covered a variety of timely and important topics, from the state of the economy and the markets to advice around investing and saving for life’s major goals. In this bonus episode, we look back at highlights from this season that can better position you for a successful 2024. If you’re new to the Smart Advice podcast and want to learn more about the topics we cover , or you’re a loyal listener looking for the biggest takeaways of the year, this episode is for you. Resources Visit CIBC for more smart advice If you want more insights, check out these previous Smart Advice podcast episodes:Beyond the 60-40 rule: Rethinking the asset mix for modern investors with David Wong Rent vs buy: A conversation with Benjamin Tal Banking on resilience: An outlook on Canada’s financial sector The great Canadian wealth transfer: From baby boomers to beneficiaries Estate planning simplified: The Willful way with Erin Bury How the FHSA helps first-time Canadian homebuyers with Jamie Golombek What's next for inflation and interest rates? with Avery Shenfeld The art of financial multi-tasking with Rob Carrick
Episode Highlights [01:07] Financial advice 1: Rethinking the 60-40 asset mix rule A portfolio with 60% stocks and 40% bonds has provided a long-term balance of growth and stability. Remember that in the short term, you will face volatility in the market. When your assets are not diversified, it’s easy to make bad decisions. There’s a spectrum within the equity market. This includes markets that are from developed or emerging countries; as well as small-cap and large-cap markets. In bond markets, there’s a difference between value investing and growth investing. [03:43] David Wong: “The more granular we can get in that asset mix, the more we can give better potential reward to risk in our portfolios.” [03:51] Financial advice 2: Renting vs buying The changing real estate market has made many Canadians rethink homeownership options. There is nothing wrong with renting property. In fact, this may be the more sensible decision for some. Real estate investors should realize there will be more families looking to rent and prefer dealing with a landlord linked to a company. Demand for purpose-built rentals is rising annually, yet Canada does not have a good supply. [07:06] Financial advice 3: The state of Canada’s financial sector The US banks are not likely to impact Canadian banks. The Canadian financial sector is much more regulated with 6 major banks and some financial institutions. On the other hand, the US has over 4500 banks. Over the past 10 years, the US had 73 bank failures. Canada did not face any bank failures in nearly 100 years. [09:18] Financial advice 4: All about wealth transfer Passing along assets is not a simple task, some may have tax implications. Before thinking about gifting, you need to make sure you’re in a good financial position to do so. [12:19] Financial advice 5: The importance of a will in estate planning Willful was founded for everyday Canadians who need a simple way to set up a will. Insurance is about planning for people you will eventually leave behind. Similarly, an estate plan gives your family assets. [14:43] Erin Bury: “This is not something you should be waiting to do until retirement. As soon as you have assets to protect, loved ones like a spouse that you want to ensure know your wishes, or children that you'd want to make sure [are] accounted for, even pets more increasingly these days. It's time to think about getting a will…this is not a really time-intensive cost cost-prohibitive process anymore. [15:08] Financial advice 6: Using the FHSA to buy a home The FHSA helps first-time homebuyers by giving a tax-deductible contribution of up to $8,000 a year for five years. The FHSA is now available at CIBC [17:17] Financial advice 7: Canada’s financia
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