Unconventional Wisdom YouTube Channel
Welcome to the Unconventional Wisdom YouTube Page. The show about the most effective methods to achieve financial security & freedom. Find out what really works. Insights are based on in-depth experience - from a fee-for-service financial planner, tax accountant, Canada’s #1 financial planner blogger & your host, Ed Rempel.
This channel is about achieving financial freedom & security in real life. It’s often very different from what most people talk about. Few financial planners actually write detailed Financial Plans. I have written more than 1,000 professional, custom Financial Plans, and worked with many clients to achieve their life goals. You can listen to everyone else – and then come here to find out what works in real life. Unconventional wisdom – based on experience.
This channel has unconventional wisdom insights on many topics. Some of my favourite topics are:
- How to set & achieve your financial goals and achieve what you really want in life.
- FIRE – How to achieve financial independence & retire early.
- The outlook & attitude you need for financial success.
- Many topics on how you can minimize tax over your lifetime.
- Effective strategies that can be a huge benefit for you, such as the Smith Manoeuvre, Rempel Maximum, Lifecycle Investing, RRSP Top-ups, RRSP Catch-up Strategy & the 8-year GIS Strategy.
- How to set up a reliable retirement income with the least tax & most government benefits.
- How to invest for returns above the indexes.
- How to easily outperform investment advisors & robo-advisors.
- Money myths that block your financial freedom.
- Any interesting financial planning topic. I take requests.
“Unconventional Wisdom YouTube Channel”
I plan to post one every Thursday. Be the first to hear my new Unconventional Wisdom posts. Subscribe to my blog, YouTube channel or podcast.
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See you next week!
Monthly Fixed Pay ETFs & Funds Are a Brain Fart!
I talk with people all the time who have an ETF or mutual fund that pays a fixed monthly amount. In most cases, they misunderstand it. Most think they are receiving regular income—but chances are, it’s usually a brain fart. Many investors misunderstand how these monthly pay investments work. From covered call ETFs and dividend funds to monthly income funds, mortgage funds, T8/T6 mutual funds, and REITs, the mechanics can be confusing—and the implications even more so. In my latest video, podcast and blog post, you’ll learn: Why are monthly pay ETFs and funds a brain fart? Fixed monthly payments are: –…
Read MoreRRSP/RRIF Meltdown Strategies
Ever wondered how you can get the money out of your RRSP with a minimum of tax? RRSP/RRIF Meltdown Strategies can allow you to withdraw from your RRSP or RRIF and have very little income show on your tax return. However, there are some tricky complications, and these strategies are not for everyone. In my latest video, podcast and blog post, you’ll learn: How does the RRSP/RRIF meltdown strategy help you withdraw from your RRSP with minimum tax? Why should this strategy be called the RRIF Meltdown Strategy, not the RRSP Meltdown Strategy? Why are self-made dividends the secret to an effective…
Read MoreHow Did the Wealthy Get Wealthy? Can I Copy Them?
In a recent video, I talked about who the poor & wealthy are and how did they get there. Today, I’m diving deeper into one crucial aspect: how the wealthy became wealthy. Can their strategies work for you? Over the years, I’ve seen the full financial picture of thousands of Canadians and read countless studies on wealth building. While my clients are generally higher-income, growth-focused individuals who work with a financial plan, I’ve also spoken to countless others—through this blog, in person, and within my network of wealthy individuals. These insights have given me a clear understanding of who achieves financial success…
Read MoreLifecycle Investing: The Ultimate Strategy for Younger People – An Example
I often get asked about Lifecycle Investing and how to implement it. If you’re under 40 and saving to achieve financial independence, this might be the most powerful strategy you’ll ever learn. Lifecycle Investing has proven itself consistently over the last 150 years, increasing portfolios at retirement by an average of 63%. It has worked 100% of the time, and its success lies in addressing one of your biggest financial risks: “Last Decade Risk.” However, it’s not for everyone. This strategy often involves borrowing to invest and maintaining a high equity allocation during certain phases of your life. Think of it as…
Read MoreWho Are the Wealthy and How Did They Get Rich?
As a financial planner, I’ve had a unique view into the full financial picture of thousands of Canadians and have read countless studies. My experience spans clients of varying financial backgrounds, as well as countless conversations with readers of my blog, friends, and acquaintances. Although our clients may not represent the entire population—they tend to have higher incomes, are growth-focused, and always work with a clear plan—my broad exposure has helped me form a solid understanding of what wealth really is and the common ways people achieve it. In my latest blog post, YouTube video and podcast episode, I’ll cover some key…
Read MoreYour FREE passes: See my talks at the #1 online event – Canadian Financial Summit 2024
The online Canadian Financial Summit is coming up the week of October 24-26. It’s the #1 personal finance event of the year. As a reader of the Unconventional Wisdom blog, here are your FREE passes for a limited time. With these FREE passes, you can watch all the talks for 48 hours. You can also offer your friends and family FREE passes if you forward them this blog post. I’ll be one of the speakers again this year with three talks (see below), and I’ll be joined by over 35 other Canadian personal finance and investing experts such as Rob Carrick from…
Read MoreTax Brackets for Parents & Seniors Are Way Different Than You Think!
Tax brackets for parents and seniors are way different than you think. This might be a real eye opener for some people because I think a lot of people that do some basic tax planning are doing it all wrong. In my latest video and podcast episode I’m going to give you a tax planning made easy using tax brackets. I’m going to show you how, some basics of tax brackets, and briefly how tax planning is done, so you can get the concept. Then we’re going to talk about why tax brackets for parents and seniors are way different than you…
Read MoreDo You Need Savings in Addition to a Government Pension Like OMERS?
When planning for retirement, many Canadians rely on a government pension like OMERS (Ontario Municipal Employees Retirement System) as their foundation. Do you need savings in addition to your government pension to maintain the lifestyle you want? A buddy called me from his car and said, “I’m driving. Will I get to my destination on time?” I asked, “Where are you going and where are you now?” It’s the same with the question of whether retiring with just your pension is enough. Well it depends on your lifestyle, your goals, and whether you want the freedom to enjoy big-ticket items, like vacations…
Read MoreDividend Investing Perfected with Self-Made Dividends (Canadian Financial Summit 2023)
In the vast landscape of personal finance, dividend investing has carved out a significant niche. Whether you’re browsing through countless blogs or hearing investment advisors champion its benefits, it’s clear that dividend investing is a popular choice, especially with the FIRE (Financial Independence, Retire Early) community. However, a closer look reveals that almost all the advantages claimed for dividend investing are not actually true. In this blog post, YouTube video and podcast episode with Barry Choi, we’ll fact-check the advantages of dividend investing, explain how it is a brain fart, and introduce an alternative that is better in every way: Self-Made Dividends.…
Read MoreSmith Manoeuvre In A Financial Plan & The New OSFI Rules (Canadian Financial Summit 2023)
The Smith Manoeuvre is an efficient strategy to use your home equity to invest for your future without using your cash flow, while converting your mortgage into a tax-deductible debt. This method is known for its effectiveness in enhancing financial plans and can bridge the gap to achieving your retirement goals. New OSFI Mortgage Rules If you do the Smith Manoeuvre, understanding the new OSFI mortgage rules is crucial. Recent changes to mortgage regulations by the Office of the Superintendent of Financial Institutions (OSFI) have introduced new constraints on readvanceable mortgages (CLPs). Here’s what you need to know: As OSFI notes, while…
Read MoreHow To Design Your Retirement Income: An Overview (Canadian Financial Summit 2023)
With the Canadian Financial Summit coming up at the end of October, I wanted to share over the next few weeks some videos that Summit attendees watched last year. When you register you get access to talks like these, plus a myriad of other speakers who are some of Canada’s top financial experts. I’ll be promoting the Summit and giving away free tickets too! // When it comes to retirement, it’s crucial to get the big picture right before diving into the details. Setting up your retirement income involves more than just ticking boxes; it requires a strategic approach to ensure you’re…
Read MoreTake Control of Your Finances in One Step
Most people struggle with money. It might feel like you’re the only one who doesn’t have it all figured out, but trust me, you’re not alone. Over the last two months, I’ve had countless conversations with individuals just like you who are grappling with various financial concerns. Let me share some of the common worries I’ve heard: Take Control of Your Finances in One Step – Get Your Financial Plan If any of these questions sound familiar, you’re not alone. Many people feel lost when it comes to their finances. The good news is, there’s a single step you can take to…
Read MoreMid-Year Insights 2024: Timeless Truths, Market Observations, and Practice Updates
Here are three key insights that I believe are essential for navigating the rest of the year and beyond. These insights are grounded in the principles that have guided our successful financial planning and investment strategies. The three key areas: Some timeless truths that guide our financial planning, a few observations on the markets so far this year, and an update on what we’re doing in our practice to keep you on track toward your financial goals. In my latest video, podcast and blog post you’ll learn: Timeless Financial Principles At the core of our approach is a steadfast commitment to being…
Read MoreTop 5 Hacks To Maximize Your Child’s RESP
Many people are saving for their kids’ future education costs in an RESP. For some parents, it is a higher priority and they want to be able to maximize the benefits of an RESP – not just contribute the standard $2,500/year for each child. In my latest blog post, video, and podcast episode I talk about the five hacks to maximize your child’s RESP. You’ll learn: Should Your Child Pay for Their Education? Parents often have different approaches to funding their child’s education: Teaching Kids Money Skills Teaching children financial responsibility is crucial. The amount of money you give them can impact…
Read MoreWhat Happens if the Liberals Attack the Smith Manoeuvre?
The Smith Manoeuvre has long been a popular strategy for Canadian homeowners seeking to convert their mortgage debt into tax-deductible investment debt. However, recent tax and regulatory changes have impacted the efficacy of the Smith Manoeuvre, and further changes from the Liberal government could pose additional challenges. In my latest blog post, YouTube video and podcast episode I give an analysis of the current landscape and potential future threats to this investment strategy. You’ll learn about: Recent Changes Affecting the Smith Manoeuvre Negative Impacts: Positive Impacts: Potential Liberal Policy Changes If the Liberal government targets the Smith Manoeuvre, several policy changes could…
Read MoreHow Long Will You Live?
Have you ever wondered how long you might live? Understanding life expectancy is crucial for planning a secure and fulfilling future. In my latest blog post, YouTube video and podcast episode I explore the dramatic changes in life expectancy over the past century, why it’s expected to continue increasing, and how this impacts your retirement planning. You’ll learn: The Journey of Life Expectancy Life expectancy has seen remarkable changes over the past century. Since 1900, it has nearly doubled, increasing from 48 years to 83 years. This significant rise is due to several factors: The Future of Life Expectancy Life expectancy continues…
Read MoreTFSA or RRSP? – The Right Answer for You (2024)
Deciding between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) can be one of the most challenging financial decisions you’ll face. Each has its benefits, and the right choice depends on your unique financial situation. In this post, I’ll guide you through understanding the factors that determine whether a TFSA or RRSP is better for you and how a financial plan can provide you with the precise answer. In my latest blog post, video and podcast episode I talk about: Understanding Tax Brackets Before and After Retirement A common misconception is that tax brackets are always lower after…
Read MoreHow To Have a Long Lifespan, Healthspan & Wealthspan With 3.0 Level Thinking
How long should you expect to be retired? You want your money to last the rest of your life. How long will you live? What quality of life will you have? What will your lifestyle cost you when you are older? What if you could: 1. Live longer (long lifespan). 2. Be healthy longer (long healthspan). 3. Have financial freedom longer (long wealthspan). In my latest video and podcast episode I talk about: New thinking in Medicine & Personal Finance Great book “Outlive” by Dr. Peter Attia, MD. Recommended to me by my doctor & my personal trainer. Medicine 1.0 (2000 year…
Read MoreHow To Create a Financial Plan That Is Your Life Plan – Interview with Kornel Szrejber
I recently worked with Kornel Szrejber, host of Canada’s #1 financial podcast “Build Wealth Canada,” on his family’s financial plan, so he could feel confident about his retirement. Kornel retired in his 30s, but he was starting to feel anxious because he wanted to make sure he wasn’t overspending. This YouTube interview and podcast episode is a Q&A between the two of us where we talk about Kornel’s situation, as well as other situations people may go through when they are saving for retirement. We talk about what makes a good financial plan, tax planning, and understanding how to foresee how much…
Read MoreHow to Successfully Implement the Smith Manoeuvre (Podcast with Ed Rempel)
You know the basics about the Smith Manoeuvre. It’s a big decision. Here is a discussion of the big issues. Listen to my new podcast with Sean Cooper from BurnYourMortgage.ca . Here is the link: How to Successfully Implement the Smith Manoeuvre with Ed Rempel We discuss: • Why should you consider the Smith Manoeuvre?• How to know if the Smith Manoeuvre is right for you.• Managing the risks. Avoiding the common errors.• Tax tracking & Capitalizing.• Dealing with CRA.• How the Smith Manoeuvre can fit into your retirement plan.• What happens if you move?• What happens once your mortgage is paid…
Read MoreHow to Avoid or Minimize Extra Tax From New Higher Capital Gains Tax
You may have heard that we just had a new budget here in Canada, and increased the taxes on capital gains. Canadians with a rental property, cottage or investments and their tax advisors are scrambling to figure out what to do before the deadline of June 25, 2024. Here are the questions we’ll cover: What is the new higher capital gains tax? It’s in the 2024 budget. It increased the inclusion rate. Now, being included usually sounds like a good thing. In this case, it’s not. Now 67 percent of capital gains are going to be taxed up from 50 percent. For…
Read MoreHow to Donate Effectively
You may be thinking – what difference can I make in the world? As a financial planner I talk a lot about money, however, it’s not really about the money itself, but what it does for your life – how to live well, retire comfortably, and give back. In my latest video and podcast episode, I give you some ideas to help you choose causes that matter to you, as well as talking about financial & tax planning for donating effectively. Watch and listen to find out: I hope you enjoy it! Ed
Read MoreHow to EASILY Outperform Financial Advisors
It is EASY to outperform financial advisors? Why? Conventional wisdom is they underperform because of fees, but there is a bigger reason. They don’t even try to outperform. They try for: “Reasonable return with less risk”. Financial advisors are mainly salespeople, not financial planners. They are more likely to lose a client because of a 30% 1-year market decline than 10 years of lagging the index. So, they focus on market fluctuations, not your life goals. This makes them do the “4 performance drags” that typically reduce their returns by at least 3%/year (which is more than their fees): This post is…
Read MoreFinancially Smart Divorce
Divorce is never financially smart! As a financial planner, I don’t recommend divorce. It’s bad for your finances! However, you can go through it in the most financially smart way – to leave both of you in the best possible position. We have seen quite a few people go through divorce. We’ve seen some total disasters, fighting for years through lawyers with monstrous legal costs. We have helped clients go through it amicably while talking & agreeing on what to do. I am a financial planner – not a lawyer. My insights here are based on experience about how to be as…
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