How to Not Run Out of Money in Retirement (the top 20 financial planning tips)

In this episode, we’re going to continue covering the subject of “How to Not Run Out of Money in Retirement”, specifically for Canadians.

This is from a live webinar that I did for Canadian MoneySaver Magazine so in case you weren’t able to make it, I wanted to provide you with as many tips as possible from that presentation in audio form.

If you missed part 1 of the series, it's the episode right before this one (episode 31).

Links and Resources

• Top Tools and Resources for Financial Independence (for Canadians): Sign up anywhere on www.BuildWealthCanada.ca for a free guide on all the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.
• Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest

Bonuses for Build Wealth Canada Listeners:

You are eligible to receive a free 1-year paid subscription to Canadian MoneySaver Magazine by signing up for the free 5i Trial at www.buildwealthcanada.ca/trial.

If you would like more information, just listen to the beginning of the episode or you can learn more about 5i Research below:

In case you’re new to the show, 5i Research is Canada’s only conflict-free investment research network. What that means is that as you know, there is a lot of conflict of interest in Canada when it comes to people telling you what to invest in.  

So let’s say you go to your bank and ask to speak to a financial advisor because you want to invest some money. Well what many of them will do, is try to sell you their investment products like their mutual funds for example.

You’ll get a well-rehearsed sales pitch, but what they don’t tell you is how ridiculously high their fees are compared to just investing the money yourself using ETFs or stocks.

There’s also a conflict of interest because they are incentivised (either through bonuses or getting a promotion at work) to sell you products that make the company the most money, but may not necessarily be the best fit for you and make you the most money.

So here’s the thing, why would you ask someone what you should invest in when that person has a financial incentive to sell you what makes them the most money, as opposed to what makes you the most money so that you can, for example, retire early because you’re not paying ridiculous fees on underperforming investments?

Where 5i Research comes in is that they actually have a team of analysts that do the research, and all the financial math and analysis for you on the best investments to own (whether it’s the top stocks or the top ETFs in Canada), and whether you’re a growth focused investor, or a dividend focused investor. What makes them stand out, is that they don’t try to sell you any investments, so they’re not getting some commission or fee on the back-end, and the result is you getting unbiased investment analysis and insights, where you never have to worry that they are recommending something just because they are getting some sort extra compensation on the back-end.

What’s also neat, is that you can ask them questions, like if you’re considering a particular stock or ETF. Or, maybe you have no clue what you should invest in, and in that case they can recommend some model portfolios for you depending on your risk tolerance, objectives, and whether you want to invest in ETFs, stocks, or both.

They actually already have over 54,000 answered quested in their database, so you can actually see what others are asking too about the stock or ETF that you’re considering buying, and see the answers to those too.

Now as a listener of the Build Wealth Canada Show, you can actually get full access to everything for free for 1 month. In other words, you get full access to all the stock and ETF recommendations, all the model portfolios, as well as 5i’s database of over 54,000 answered investing questions. I definitely encourage you to check it out as at the very least you’ll learn a ton and it’s all free anyway.

And if for some strange reason that’s not enough, I’ve also arranged for Build Wealth Canada listeners to get two extra bonuses:

Bonus 1: The first, is that when you sign up for the free trial, you’ll also get a 1 year, paid subscriptions to Canadian MoneySaver Magazine, absolutely free.

This is the exact same magazine that you see at Chapters and other stores all across Canada, and you get the entire subscription, for free, for an entire year, no strings attached.

Bonus 2: The 2nd bonus, is that you’ll also get 1 question credit for free, on the 5i Research site. This means you can actually ask 5i’s team of analysts your most pressing investment question and they’ll answer it for you, using the knowledge and investment tools that you and I simply don’t have access to.

So enjoy, it’s all free, you’ll learn an absolute ton, and you can get it all by going to www.BuildWealthCanada.ca/trial.

In Closing:

If you enjoyed the episode, please take a moment to leave an honest review and rating on iTunes by clicking the “View in iTunes” button at this link.

If you have any tips, suggestions or comments, please be sure to leave a comment in the section below. I read all responses and look forward to hearing from you.

Have a great week,

Kornel