Weekend Reading: Canadian Financial Summit Edition

The Canadian Financial Summit is a three-day virtual conference featuring 35+ Canadian personal finance experts (including yours truly) speaking on a wide range of topics from investing and retirement, to pensions, real estate, financial planning, inflation, and much more. It’s Canada’s largest personal finance and investing conference.

This year’s conference takes place October 12th to 15th and boasts an all-star line-up of speakers, including Ben Felix, Jason Heath, Rob Carrick, Fred Vettese, and Dr. Wade Pfau. You’ll also find interviews with popular personal finance bloggers such as:

  • Boomer & Echo’s Robb Engen (<–that’s me)
  • My Own Advisor’s Mark Seed 
  • Mixed Up Money’s Alyssa Davies
  • Tawcan’s Bob Lai

Canadian Financial Summit 2022

My interview with co-host Kyle Prevost is on a topic that I’m passionate about – retirement readiness. We talked about my retirement readiness checklist, along with the dangers of what I call the retirement risk zone – the period of time between retirement and taking your government benefits. Then we got into housing and what I’ve seen Canadian retirees doing with their home equity to ensure a comfortable retirement.

You can watch my session with Kyle on October 13th (or at your convenience if you purchase the All Access Pass).

There will be a LOT of other topics covered, and you can check out this link to view all the speakers and talks that will take place.

Once again – this event is completely FREE to attend. However, if you can’t make it for the scheduled date/time, you will be given the option to purchase a special any-time, anywhere, All Access Pass that will allow you stream the entire conference at your leisure.

This Week’s Recap:

We’re currently on the last stop of our revenge travel trips for 2022. I’m writing this from an apartment in Paris that overlooks the Eiffel Tower – not too far from this gorgeous spot pictured below:

Paris 2022

It was a heck of a long day getting here but we’re feeling rejuvenated this morning and ready to explore this amazing city.

Last week I wrote that investors are ready to capitulate after nine months of poor returns, and then went on to share all of the good reasons to stick to your investing plan.

Many thanks to Erica Alini for including my thoughts on her terrific front page feature in the Globe and Mail on how incredibly expensive it is for young adults to start out on their own in 2022.

Weekend Reading:

Author Mike Drak, who wrote an excellent three-part series here on designing your retirement lifestyle, has written a new book called Longevity Lifestyle by Design – redefining what retirement can be. He graciously offered a free download of his new book to Boomer & Echo readers, which you can get here.

Does active investing work in the information age? Portfolio manager Markus Muhs has the answer.

Retirement expert Fred Vettese says that thanks to a rare event, deferring CPP to 70 may no longer always be the best option.

Indeed, he found another case where taking CPP this December leads to a better outcome than waiting until 2023.

The tl;dr version is that for those who are not yet taking CPP, the expected benefits are adjusted by wage inflation, whereas those who are already receiving CPP get an increase that’s based on price inflation. Since price inflation is expected to be much higher in 2022, and the inflation adjustment for CPP recipients goes into effect in January, a 69-year-old who was planning to wait until 2023 to take their CPP would be better off taking it in December.

Of Dollars and Data blogger Nick Maggiulli wrote a great piece on why you shouldn’t try to optimize your life:

“Unfortunately, your life isn’t a math equation. You have to accept that you can’t maximize every experience. You will make mistakes. You will behave sub-optimally. And that’s okay.”

Here’s My Own Advisor Mark Seed on how to split money with your partner. My wife and I have a joint account where all the bills are paid and then separate accounts for our own guilt-free spending.

Many young people shouldn’t save for retirement, according to research based on a Nobel Prize-winning theory. This lines up with Fred Vettese’s recent book, The Rule of 30.

PWL Capital’s Ben Felix explains the Private Equity Pitch – an asset class that comes with fees estimated at 6-7%:

Scared about running out of money in retirement? This doctor’s repeat prescription for bear and bull markets means you’ll never have to worry about it ever again.

Scared about how you can protect your wealth while the global stock market crashes? The answer lies 2000 years ago in ancient Greek mythology.

Andrew Hallam is the best.

Mortgage broker David Larock explains why central bankers must now let the fires burn.

Fee-only planner Jason Heath looks at when it makes sense to withdraw money from your corporation to invest personally.

Finally, Rob Carrick on what to say when someone asks the most dreaded question in personal finance: Will you be my executor? (subs)

Have a great weekend, everyone!

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  1. Jim on October 8, 2022 at 8:35 am

    I enjoy reading your posts. I take your advise very seriously.
    And I just read a couple articles by Andrew Hallam and I think he is VERY good ( Like you are )

    Please keep up the good work.


  2. Wally on October 8, 2022 at 12:11 pm

    Great job, as usual, Robb. The links provided in this issue were great!!

  3. Mike Drak on October 9, 2022 at 6:00 am

    I hope many of you will enjoy our new book “Longevity Lifestyle By Design.” It will help you create a lifestyle that will work for you. Also please don’t forget to download the workbook to be completed as you read the book. Also you can download for free an executive summary of my first book and best seller “Victory Lap Retirement” for your reading pleasure.

    • Susan on October 16, 2022 at 6:46 am

      Hi I shared the link to your book on the YNAB forum that I belong to. (YNAB is budgeting software). As with any long running forum there are certain members that stand out as the “wise souls”. Their advice and comments seem to carry more weight than the random ramblings of the rest of us. Here is the comment from one of those members in response to the download link I shared. I thought you would like to hear what a most respected member of the YNAB community had to say.

      “Just wanted to chime in that I’m three chapters in and this free book is excellent. It jives with what my plans are for retirement, or what this book calls, and I agree with this as a better name, “second life.””

      • Mike Drak on October 16, 2022 at 8:05 am

        Thank you for your kind words about the free book and for helping us spread the word. Our goal is to get it into the hands of any many people as possible.

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