AM I RICH YET?

Episode #26: Wrap-Up: Key Takeaways on Insurance and Wealth Secrets

Episode #26 of the 'Am I Rich Yet' podcast-In the final episode of the Am I Rich Yet? podcast, co-hosts Georgia, a Gen Z MBA student, and Rob, a recently retired financial advisor, discuss various types of insurance, including term, whole life, universal life, disability, and critical illness insurance. They explain when and why these insurances are necessary, particularly for different life stages and situations. The episode also concludes their 26-episode series with a summary of the '10 Steps to Building Wealth', touching upon key personal finance strategies. The hosts reflect on their experiences, challenges, and favourite moments of creating the podcast. They also acknowledge the behind-the-scenes contributors who helped bring the podcast to life.

Episode #25: Investments to Inheritance - Your Money Questions Answered

Episode #25 of the 'Am I Rich Yet' podcast, co-hosted by Georgia and Rob, addresses listener questions on finance, discussing investment diversification amid U.S. political instability and emphasizing the importance of a diversified portfolio. They address spending habits, saving mechanisms, and the psychology behind spending, stressing the importance of living within or below one's means. The episode also discusses the value of financial advisors, managing inherited money in relationships, and the necessity of a solid investment policy statement, advising against chasing hot investment trends and attempts to 'beat the system.

Episode #24: The Real Deal with GDP, Recessions, and Your Investments

Episode #24 of the 'Am I Rich Yet' podcast features Georgia and Rob discussing GDP, recessions, unemployment rates, inflation, interest rates, trade surpluses/deficits, and retail sales. Rob advises against using these indicators for investment decisions, emphasizing the importance of global diversification. The episode also addresses the impact on the Canadian market and provides affordable financial news sources.

Episode #23: Financial Advice to Action: Transforming Income Potential

Episode #23 of the 'Am I Rich Yet' podcast, hosted by Georgia Gen Z, an MBA student, and her retired financial advisor father, Rob, discusses strategies to grow one's income. They emphasize redefining success by focusing on personal happiness rather than just income. Rob shares advice from his career, including prioritizing tasks given by a boss, being proactive in the office, leveraging company benefits, and aligning with company values. They discuss the impact of AI on job markets and emphasize the value of advice from older generations. The podcast aims to help millennials and Gen Zs make informed financial decisions.

Episode #22: Advisor Insights: When to Seek Their Help

Episode #22 of the 'Am I Rich Yet' podcast, hosts Georgia and her father, Rob, discuss whether hiring a financial advisor is necessary. They explore different types of financial advice, including DIY investing, robo-advisors, bank advisors, full-service financial advisors, and fee-for-service advisors, detailing the pros and cons of each. They emphasize factors such as fees, quality of advice, and personal needs. They also answer a listener's question about investing via online platforms and suggest strategies for beginners.

Episode #21: The Tug-of-War Between Lifestyle and Savings

Episode #21 of the 'Am I Rich Yet' hosts Rob, a retired financial advisor, and Georgia, a Gen Z MBA student, explore balancing lifestyle and finances. They discuss common financial challenges faced by younger generations, the impact of social spending, and budgeting for special events. Key advice includes knowing your budget, being honest about financial commitments, and the concept of 'spending money to make money.' They emphasize the importance of saving while enjoying life and caution against overspending to keep up with peers. The episode concludes by stressing the value of understanding financial priorities.

Episode #20: The Delicate Dance of Love and Money

Episode #20 of the 'Am I Rich Yet' podcast features Georgia, a Gen-Z MBA student, and her retired financial advisor dad as they discuss the crucial topic of Love and Money. They address audience queries on managing finances in relationships through a rapid-fire Q&A session. Topics covered include splitting expenses, joint bank accounts, different financial personalities, setting joint savings goals, and the importance of effective financial communication. They share anecdotes and advice to promote financial transparency and planning among couples, emphasizing the importance of early and ongoing financial discussions.

Episode #19: Easy Ways to Cut Your Tax Bill

Episode #19 of the Am I Rich Yet podcast dives into practical tax strategies for Millennials and Gen Z. Georgia and Rob cover maximizing FHSA, RRSP, and TFSA contributions, avoiding interest income in taxable accounts, investing for capital gains, and ensuring fees are tax-deductible. They also share tips on charitable giving, Canadian vs. US ETFs, and harvesting capital losses, before answering listener questions on tax hacks and deductions.

Episode 18: Insights: How Your Investments are Taxed

Episode #18 of the Am I Rich Yet podcast looks at how different investments are taxed. Georgia and Rob explain the treatment of interest, dividends, capital gains, losses, and rental income, along with average vs. marginal tax rates. They highlight the benefits of capital gains, deferring income, and using RRSPs and TFSAs to cut taxes. The key takeaway: understanding after-tax returns is essential for smart investing.

Episode 17: Investing in Real Estate: What You Need to Know

Episode #17 of the Am I Rich Yet podcast dives into the realities of real estate investing. Georgia and Rob cover the pros and cons of rental income vs. capital gains, how to choose the right property and tenants, and key factors like upfront costs, financing, liquidity, and taxes. They share personal stories and explore property management, market cycles, and diversification to help listeners decide if real estate is the right investment path.