WealthSmarts: Recent Episodes
Richard Vetter & Matt Vetter
Gain the financial capabilities & confidence to achieve the goals that matter to you. In each episode we dig into the truth behind finances & money, giving you the empowerment you need to make the right decisions when it matters most.
This is WealthSmarts, where you will gain the financial capabilities & confidence to achieve the goals that matter to you. Now here are your hosts, Richard and Matt.
Learn more at https://wealthsmart.ca/
Richard and Matt tackle the third question of the Wealth Builder Scorecard: 'Do you have short and long-term cash flow projections that you can understand?'. They discuss the crucial role of cash flow in achieving financial goals and the necessity of having a clear picture of both current and future cash flows. They outline different levels of awareness regarding cash flow management—from having no idea to having a detailed projection and understanding its impact on long-term financial sustainability. The hosts also highlight tools and resources available on their website, including a cash flow spreadsheet and video tutorial, to help viewers gain better control over their finances.To download your FREE Cash Flow Spreadsheet, check out our resources page: https://wealthsmart.ca/cfpic-resources/****
TAKE YOUR WEALTH BUILDER SCORECARD: wealthsmart.ca🌐 For detailed insights and tailored advice for your and your family's finances, make sure to check out our website: wealthsmart.ca👍 If this content makes you interested in managing your finances, give us a like, share, and make sure you're subscribed to WealthSmart.For regular content make sure to follow us on social media!Facebook/Instagram/Threads: @wealthsmart
🌐 For detailed insights and tailored advice for your and your family's finances, make sure to check out our website: wealthsmart.ca👍 If this content makes you interested in managing your finances, give us a like, share, and make sure you're subscribed to WealthSmart.For regular content make sure to follow us on social media!Facebook/Instagram/Threads: @wealthsmart
In Part 1 of the Wealth Builder Scorecard series, we delve into the importance of having a comprehensive financial plan. Richard and Matt discuss what constitutes an effective financial plan, outlining the six critical areas: financial management, insurance and risk management, investment planning, retirement planning, tax planning, and estate planning. They highlight the common pitfalls of thinking a mental plan suffices and stress the need for a methodological approach akin to solving a puzzle. They discuss the various stages people might find themselves in—from having no written plan to consistently seeking improvements—and the potential obstacles posed by incomplete or misleading financial advice. Tune in to gain insights into how a well-structured financial plan can streamline your path to wealth building.#personalfinancecanada #canadianeconomy #financialeducation #financialfreedom #financialliteracy 🎙️ Make sure to check out our podcast, WealthSmarts, wherever you find your podcasts.🌐 For detailed insights and tailored advice for your and your family's finances, make sure to check out our website: wealthsmart.ca👍 If this content makes you interested in managing your finances, give us a like, share, and make sure you're subscribed to WealthSmart.For regular content make sure to follow us on social media!Facebook/Instagram/Threads: @wealthsmart
Today, Richard & Matt from WealthSmart have something very exciting to introduce to you... The Wealth Builder Scorecard! This episode peels back the curtain on society's fascination with measurements and rankings, from the whimsical (which Disney princess are you?) to the practical (what's your fitness score?), setting the stage for a deeper exploration into personal growth and financial success. Discover the origins of the Wealth Builder Scorecard, inspired by renowned entrepreneur Dan Sullivan's Scorecard Mindset from Strategic Coach, and learn about the journey from a failure mindset to the pinnacle of transformative success. We break down the scorecard's four key stages, offering listeners insights on how to climb the ladder of wealth building by shifting from external to internal metrics of success. The conversation also highlights the pivotal strategic coach concept of the abundance vs. scarcity mindset and uncovers the four freedoms crucial for true wealth builders: time, relationships, purpose, and financial independence. This episode is not just a talk; it's a call to action to assess and elevate your wealth-building journey. Take the Wealth Builder Scorecard challenge on our website, benchmark your progress, and step into the mindset of abundance that defines the most successful wealth builders. Tune in, transform your approach to wealth, and redefine your personal success story.To find your Wealth Builder Score, head on over to our website and click on the Orange button: wealthsmart.ca
To get caught up on all things Personal Finance in Canada, make sure to subscribe to WealthSmarts and check out our previous episodes.
Richard and Matthew Vetter are Certified Independent Financial Planners in Vancouver, BC.
The WealthSmarts Podcast is Back! With the first episode of 2024, Richard & Matt announce their return in 2024 after a significant break. They describe several steps taken in the previous year for the firm to better assist clients in planning, building, and securing wealth. Key changes include new systems, hiring an associate advisor, and acquiring another advisory business. The aim for the revamped podcast is to deliver value and share financial education with clients and 'wealth builders.' Future content will also be influenced by audience feedback and periodically condensed in a relaunched WealthSmarts newsletter. Richard & Matt then provide a brief roadmap of topics for coming episodes, including goal setting, tax planning, retirement planning, debt management, etc.Make sure to check out our podcast, WealthSmarts, wherever you find your podcasts.For detailed insights and tailored advice for your and your family's finances, make sure to check out our website: wealthsmart.caIf this content makes you interested in managing your finances, give us a like, share, and make sure you're subscribed to WealthSmart.For regular content make sure to follow us on social media!Facebook/Instagram/Threads: @wealthsmart
In this week's episode of the WealthSmarts podcast we celebrate the contribution of businesses and non-profit organizations to our community in Richmond. In particular, we discuss how such organizations generate massive value in our society and too often fly under our radar.
We will also be talking about the Richmond Chamber of Commerce Business Excellence Awards which has recognized the best of Richmond’s business community since 1977. Joining us is Shaena Furlong, President and CEO of The Richmond Chamber of Commerce who will share her insights on the many different ways that businesses and non-profits shine.
To nominate a business or non-profit organization that you feel deserves to be recognized, click here: https://www.richmondchamber.ca/business-excellence-awards/
Are you a wealth builder looking to get control of your personal finances?
Join Richard and Matt in their new series focused on the challenges that wealth builders face today in building a comprehensive financial plan. Each episode of this series will go in-depth into each stage of a comprehensive financial plan for a wealth builder. We will cover financial management, tax planning, estate and legal planning, risk management, retirement planning and investment planning. No matter where you are an established or aspiring wealth builder, this series is the perfect starting place.
Stay tuned for the Wealth Builder Series on the WealthSmarts podcast
Do you know the amount that you are paying for the financial advice you are receiving?
This can be challenging to determine if you are getting value out of the investment fees that you are paying - especially when you don't know how much you are paying or what value you should be receiving.
In this episode of the WealthSmarts Podcast, Richard and Matt go through their Value Fee Audit conversation to help Canadians understand the investment fees that they are paying, what should be included in a comprehensive financial plan, and how to calculate how much they are paying on a yearly basis.
Listen to this episode of the WealthSmarts Podcast wherever you find your podcasts!
Owning real estate can be a major financial goal for many people, but the high costs of property in cities like Vancouver often discourages buyers.
The rising cost of real estate means that it's becoming increasingly difficult for people to achieve their financial goals of property ownership. This is especially true for first time home buyers.
In this episode of the WealthSmart Podcast, Matt talks with Denny Dumas of Garbutt + Dumas Real Estate Team about real estate. They cover a range of topics such as who should invest in real estate, the pros and cons of buying property, as well as some tips and tricks to get started.
Many people feel like they lack the financial literacy needed to achieve their financial goals.
Improper financial literacy can sabotage the achievement of your financial goals. Simply starting the financial literacy journey can be quite overwhelming.
In this episode of the WealthSmarts Podcast, Richard and Matt discuss the importance of financial literacy. We introduce some basic financial literacy concepts that will help you get started. We also offer tips for improving your financial literacy skills over time.
Listen to this episode now!
Resources from this episode:
https://www.instagram.com/wealthsmart/
https://wealthsmart.ca/10x-webinar/
https://www.canada.ca/en/financial-consumer-agency/campaigns/financial-literacy-month.html
Unsure if you should be investing on your own or working with a professional?
Check out this episode of the WealthSmarts podcast where Richard and Matt talk about the reasons you might actually need a financial advisor. It covers topics like not having enough time or knowledge to do it yourself, being overwhelmed, having a hard time getting started, and having difficulties managing your emotions with the market.
After listening to this episode, you'll have a better understanding of whether or not hiring a financial advisor is the best decision for you. If you decide that an advisor is right for you, be sure to check out our website for more information on how to get started.
Listen to the full episode of Reasons You Might Need A Financial Advisor on our website now!
Despite what you may have heard, things are getting better.
In this episode of the WealthSmarts podcast, Richard and Matt talk about how things have gotten better through the ages with innovation, collaboration, technology and human ingenuity.
We need to be reminded that things are getting better because it gives us hope for the future. With all of the progress that has been made, we can continue to make things even better.
Listen to this episode of the WealthSmarts podcast wherever you get your podcasts!
Most people are afraid of debt, especially because we are not taught about it.
Debt can be a powerful tool if used correctly, but it can also be dangerous if used incorrectly.
In this episode of the WealthSmarts podcast, Richard and Matt are joined by Alex McFadyen from Thrive Mortgage to talk all about debt. Alex and his team have a goal of serving Canadian Homeowners with an educational experience.
Some topics we discuss include good vs bad debt, different ways we can use debt vehicles (mortgages, lines of credit, etc), the importance of your credit score and some practical tips to improve it.
You can find Alex and his team at:
https://www.thrivemortgage.ca/
Worried about stock market volatility?
The stock market can feel like an emotional roller coaster - especially when we see our hard earned dollars fluctuating so much.
Volatility in the markets can cause fear and uncertainty, which can lead investors to make rash decisions that can cost them dearly.
In this WealthSmarts podcast episode, Richard and Matt discuss some long term data about the stock market, how reacting to the market can destroy your wealth, and some strategies to help you through these turbulent times.
Are you feeling frustrated because it feels like there's just so much outside of your control when it comes to your finances?
You're not alone. In this episode of the WealthSmarts podcast, Richard and Matt explore how to focus on what we can control and make progress in our own lives, even when things seem tough.
We'll share tips on the things you can control with you finances and make a plan that works for you, so you can make progress toward your financial freedom.
Listen to the podcast now and learn how to take back control of your financial life!
Do you want to make a difference with your business?
Many businesses today focus on profits and don't often consider their impact on the world. What if there was a better way? What if your successful business could also make a positive impact on the community and your team?
Impact businesses are doing amazing things. They're changing the world for the better. In this podcast episode, Matt Wong from Purpose CPA shares with us what an impact business is and why that's important.
https://www.purposecpa.ca/
Join us for part 2 of our conversation with Colin Ritchie where we talk about common estate planning mistakes. In this episode the specific issues we will be discussing includes:
- Not enough clear instructions in the will
- Not properly dealing with life insurance policies or larger registered plans
- Not enough tax and succession planning
- Not putting enough planning into blended family situations, particularly with children from multiple relationships.
Do you want your estate planning to be done right?
Estate planning deals with how we want our life's work to be honored and transitioned to the people or causes we love. Unfortunately there are many mistakes that could potentially undo our legacy.
In this episode of the WealthSmarts podcast, Richard and Matt are joined by Colin Ritchie, an estate planning lawyer and Certified Financial Planner. Colin talks about the most common estate planning mistakes and offers some solutions to these problems.
In the first part of this series, some of the topics we cover include:
- Picking the wrong executor or trustee
- Gifting money to young beneficiaries too soon
- The pitfalls of not giving enough flexibility to your executor or trustee
- Not enough contingency planning when it comes to writing and updating wills
Resources from this episode:
- Colin Ritchie's Wills Questionnaire
- The Ultimate Estate Planning Checklist
As the weather starts to warm up, a lot of people are spending more time outdoors. What better way to spend an afternoon than by enjoying a few beers from a local craft brewery?
In this special episode of the WealthSmarts podcast, Richard and Matt talk with Jules Dubus, head brewer at Monkey 9 Brewing. We talk about the craft brewery business while being guided through a tasting of his latest beers.
We've been hearing a lot about attacks on our freedom. Beneath the distracting social media noise that promotes this idea though, we've been ignoring the attacks that impact most Canadians - Attacks on our FINANCIAL Freedom.
Join Richard and Matt as they discuss this problem and suggest clear strategies to overcome these attacks.
People are often intimidated by their finances and don't know where or when to start.
You may feel like you're behind the curve or that you can't catch up, but that's not true. Everyone has to start somewhere, and there's no time like the present.
In this episode of the WealthSmarts Podcast, Richard and Matt discuss the benefits of starting your financial journey early, and how to get started.
https://wealthsmart.ca/wealthsmarts/
Wondering if digital marketing is important for your business?
You're not alone. Many business owners are so busy running their businesses that they often do not consider the importance of digital marketing, especially in this evolving digital world.
In this episode Richard and Matt speak with Ray Wang from RW digital about why business owners need to embrace digital marketing. Ray shares the importance of a strong online presence and how digital marketing can drive the future growth of your business.
No one likes to think about inflation, but the fact is that it can have a major impact on your financial future if you're not prepared. Keeping up with inflation is critical to preserving your wealth.
Inflation can be like a sneaky thief, gradually eroding your purchasing power if you're not careful. Most people have no idea how to deal with inflation and as a result they can see their wealth slowly erode over time.
In this episode, Richard and Matt talk about inflation and some strategies to plan for the impact of inflation on your financial future.
Investing in the stock market can be a roller coaster ride. You're happy when the markets are up and you're sad when the markets are down.
It's easy to get caught up in our emotions when it comes to investing.
In this episode of the WealthSmarts Podcast, Richard and Matt talk about how a professional advisor can help us stay mindful of our emotional responses. This involves making smarter investment decisions based on data, not emotion. Studies have shown that investors who work with a professional advisor achieve better investment returns than those who don't.
For the purpose of this conversation, we will be referring to DALBAR's Quantitative Analysis of Investor Behavior and the Vanguard Advisor's Alpha study.
In pursuit of financial freedom, people like to make an impact.
In this episode we interview Ed Gavsie and Rick Duff from Richmond Cares Richmond Gives, about how RCRG helps to provide valuable community services, as well as building volunteer capacity and generosity in the Richmond Area.
https://www.rcrg.org/
Most people don't know how to find an advisor that is right for them, or they may not even know what to look for.
In this episode, we talk with Chris Enright, CEO of Aligned Capital Partners, about the importance of independent advisors and how they can help provide peace of mind to their clients. We also discuss what to look for in an advisor, who should work with one, and why it's so important to work with someone who has your best interests in mind.
https://wealthsmart.ca/10x/
When it's time to sell your business, the way you leave can significantly impact the value you get from it.
If you don't plan your exit, or if you're forced to exit, you could be leaving money on the table.
In this podcast episode, Richard and Matt discuss how to plan for a business exit on your terms, and other steps you can take to build a valuable and saleable business.
https://wealthsmart.ca/business/
In our exuberance to invest, we often pay little attention to the impact of excessive investment costs on our portfolios. Successful investing involves controlling these costs.
In this episode, Richard and Matt talk about the impact of excessive investment costs on our portfolios and some things to do to make sure we are getting value out of the costs we are paying.
https://www.financialcalculators.net/wealthsmart/investment-fees/
Did you know almost half of all business owners will hit the same stumbling block? They become the primary revenue driver for their company – The Rainmaker.
In this episode, Richard and Matt define the Rainmaker, discuss how they got to this place in their business, and give some examples of what they can do to continue to build their capacity.
Go to https://wealthsmart.ca/business/ to download a copy of The Rainmaker's Dilemma e-book.
Needs of business owners require a different type of financial planning that is uncommon today, but very necessary.
In this episode, Richard and Matt interview John Warrilow. John is the author of The Art of Selling Your Business, The Automatic Customer and The Art of Selling Your Business. He also hosts the weekly podcast Built to Sell Radio. John is the founder of The Value Builder System, a successful framework which owners can leverage to build highly valuable and saleable businesses.
https://builttosell.com/radio/
When it comes to financial planning for business owners, often there is not enough support in helping them to build probably their most valuable asset - their business. Whether you are planning to sell your business or just want to create a self-managing company, it is important to know how it fits in your financial future.
In this episode, Richard and Matt introduce a new series and service that WealthSmart is offering to business owners in order to help them build more valuable and sellable businesses.
https://wealthsmart.ca/business/
In our special 20th episode, Richard and Matt reflect upon the values and mindsets that drive the work we do. More specifically we discuss how gratitude, one of our important values, is actually a solution to a much bigger problem.
Over 50% of Canadians either do not have a will, or it is outdated. Most of us don't like to talk about death, but failing to plan for it can lead to a lot of chaos and anger for the loved ones we leave behind.
In this episode, Richard and Matt are joined by Tom Deans the author of "Willing Wisdom - 7 Questions Successful Families Ask." We discuss a refreshing new way to address family estate planning through a collaborative process between beneficiaries and the intentions and values of your legacy.
Click the link below to complete your own Willing Wisdom Index.
Welcome to the Willing Wisdom Index | Willing Wisdom
Whether at a sports game or investing, many people get distracted, zone out, or sometimes actually fall asleep, often missing a crucial game-changing event. As a result, we end up disappointed in our experience.
In this episode, Richard and Matt discuss how a successful investment experience requires that we stay disciplined through the ups and downs of any market.
"There’s no such thing as a free lunch.” Economist Milton Friedman may have said this, but the phrase’s originally dates back to a 19th century practice in American bars of offering a free lunch to entice the more lucrative drinking customers. The same goes with our investments!
In this episode, Richard and Matt talk about how risk and return are linked. For every increase in return, we must take additional risk. You can’t get a higher return for free. The price is the additional risk.
Diversification is critical to any wealth-building strategy. In this episode, Richard and Matt discuss why diversification is important, how we should think about it, and the risks of under diversification.
We insure everything around us, our cars, our televisions, our phones, etc. Rarely do we insure our most valuable asset - ourselves and our human capital. In this episode, Richard and Matt discuss what human capital is and how we can protect it.
https://www.insuresmart.ca/
Incorporated business owners are often not aware that they can access higher tax deductions than are available through traditional RRSPs. They can also gain greater security and flexibility. In this episode, we interview Jean-Pierre (JP) LaPorte, a pension lawyer and one of Canada's foremost experts on the subject of Personal Pension Plans.
Often people save for their future based on what's left at the end of the month. This amount usually ends up being an afterthought compared to a priority. In this episode, Richard and Matt discuss one important strategy to prioritize and progress in your financial goals.
Many people are stuck with the following questions when it comes to their finance, "Am I too old or young to start? Is it too early or late for me to start? When do I start?" In this episode, Richard and Matt go through a structure that guides you how to start now with what you have.
https://wealthsmart.ca/calculators/
https://wealthsmart.ca/10x/
Many Canadians do not achieve the financial goals that matter to them. Worse than that, they never know if they are on track. In this episode, Richard and Matt discuss the benefits of a financial plan to your future.
https://wealthsmart.ca/myplan/
With everything beginning to open up, it is important to reflect and learn as much as we can from this difficult time. In this episode, Richard and Matt walk through some of their insights over the past year and how it relates to our lives going forward.
Here is a link to the "Scary Times Success Manual" that we refer to in this episode.
https://resources.strategiccoach.com/guides/scary-times-success-manual
Financial confidence is the key to achieving the goals that matter to us. There is a process to developing financial confidence. In this episode, Richard and Matt discuss the process for building financial confidence.
Get 10 Ways To 10X Your Wealth
https://wealthsmart.ca/10x/
Goals that matter. Many people work for goals that don't actually matter to them. In many cases, society tells us what is important and we end up pursuing unfulfilling goals. In this episode, Richard and Matt discuss what we need in order to pursue the financial goals that matter to us.
Resources from this episode:
https://www.financialcalculators.net/wealthsmart/net-worth/
https://www.financialcalculators.net/wealthsmart/cash-flow/
Who is day trading your attention? There is so much noise and misinformation in every form of media. It is so difficult to know where the truth lies. We need to be aware of the shiny objects trying to steal our attention. In this episode Richard and Matt talk about how to cut through the noise.
Why people don't trust RRSPs. The RRSP was a tool created by the federal government in 1957 to help people put aside money for their retirement. Over the years, people have started to mistrust the RRSP. In this episode, Richard and Matt address most of the common concerns about the RRSP.
There are unfortunate circumstances that can destroy our financial futures. In this episode, Richard and Matt discuss the importance of having a properly structured insurance plan to protect the goals that matter.
Without a proper estate plan, everything you've built is at risk of being torn apart by taxes and fighting within the family. In this episode, Richard and Matt discuss the keys to a proper estate plan and protecting your legacy.
When planning for retirement there are so many puzzle pieces that makes it difficult to know how much income you will be getting. In this episode, Richard and Matt talk about how to fit these pieces together.
Too many people are running out of money in retirement and needing to compromise their lifestyle. No one envisions this. In this episode, Matt and Richard dive deep into the problem and suggest strategies to solve it.
In this episode, Matt and Richard discuss why they created this podcast and how it is an answer to the noise and confusion that is stalling people's financial progress.