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

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. 💈💈💈 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. 💈💈💈 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