In this episode of the Money Mindset Mastery podcast, hosts Jim Lao and Ryan Genoe discuss the hidden costs of retirement for Canadians. They explore various unexpected expenses that retirees may face, including healthcare costs, long-term care, inflation, taxes, home repairs, travel expenses, family support, lifestyle changes, estate planning, and unexpected emergencies. The conversation emphasizes the importance of thorough retirement planning and cash flow management to ensure a fulfilling retirement experience.

Chapters

00:00 Introduction to Hidden Costs of Retirement

02:14 Understanding Cash Flow in Retirement Planning

04:27 Healthcare Costs: Planning for the Unexpected

08:19 Long-Term Care: Preparing for Future Needs

12:47 Inflation: A Key Factor in Retirement Planning

14:47 Tax Implications on Retirement Income

16:21 Home Repairs: Budgeting for Maintenance Costs

19:51 Travel Expenses: Planning for Adventures

21:31 Family Support and Gifting: Balancing Generosity

25:32 Lifestyle Changes: Keeping Up with Peers

28:00 Estate Planning: Legal Fees and Considerations

33:18 Unexpected Emergencies: Preparing for the Unknown

35:14 Conclusion: Preparing for a Fulfilling Retirement

In this episode of the Money Mindset Mastery podcast, hosts Jim Lao and Ryan Genoe delve into the significance of critical illness insurance through Jim's personal experience with a severe heart condition. They discuss the emotional and financial implications of critical illness, the importance of having coverage, and how it can provide peace of mind during recovery. Jim shares his journey from diagnosis to recovery, highlighting the role of family support and the financial flexibility that critical illness insurance offers. The conversation emphasizes the need for awareness and understanding of critical illness policies, especially for those with family histories of health issues. In this conversation, Jim Lao and Ryan Genoe discuss the profound impact of family support during health crises, the importance of critical illness insurance, and the financial stress associated with recovery. They share personal stories and statistics about critical illness claims, emphasizing the need for proper planning and the benefits of having insurance coverage. The discussion also touches on the role of GoFundMe in financial planning and the importance of controlling one's financial future.

Welcome to another episode of the Money Mindset Mastery podcast! Today, we're diving deep into the world of financial goal setting. Imagine starting the new year with a rock-solid financial plan, sustainable habits, and the confidence to stay the course, no matter what the markets throw your way. Join us as we uncover the secrets to conducting personal financial audits, automating your savings, and defining your financial goals with crystal clarity. Get ready to transform your financial future and align your spending with your personal values and goals. Stay tuned!

Chapters

00:00 Welcome and Introduction to Goal Setting

03:10 Setting Realistic Financial Goals

05:54 Conducting a Personal Financial Audit

08:55 Creating a Comprehensive Financial Plan

11:53 Portfolio Design and Investment Strategies

15:12 Building Sustainable Financial Habits

18:01 Automating Savings and Expenses

20:57 Setting SMART Goals for Financial Success

24:06 Staying the Course in Financial Planning

26:53 The Importance of Consistency in Financial Habits

30:04 Redirecting Spending Towards Values and Goals

32:46 Conclusion and Call to Action

#financialgoals #personalfinance #budgeting #financialhabits #investmentstrategies #financialplanning #SMARTgoals #sustainablehabits #cashflow #financialliteracy

In this episode of the Money Mindset Mastery Podcast, hosts Jim Lao and Ryan Genoe engage with children's life coach Patty Gornick to explore the vital role of life coaching for children. They discuss how coaching can empower young minds, helping them navigate modern challenges, build resilience, and develop a positive mindset. The conversation delves into the impact of participation trophies, the importance of emotional intelligence, and the power of positive self-talk in fostering self-esteem. Through storytelling and practical advice, Patty shares insights on equipping children with the skills they need to thrive in today's fast-paced world. In this conversation, Coach Patty, Ryan Genoe, and Jim Lao discuss the importance of understanding and overcoming parental fears, encouraging open communication with children, and cultivating a growth mindset. They explore strategies for navigating change and fear, emphasizing the significance of self-talk and emotional intelligence in child development. The coaching process and the concept of mind power are also highlighted as essential tools for helping children build resilience and confidence.

Chapters

00:00 Introduction to Children's Life Coaching

02:12 The Role of a Life Coach for Children

06:37 Navigating Modern Challenges in Childhood

10:16 The Impact of Participation Trophies

12:06 Building Resilience and Emotional Intelligence

21:01 The Power of Positive Self-Talk

27:47 Understanding and Overcoming Parental Fears

30:01 Encouraging Open Communication with Children

35:29 Cultivating a Growth Mindset

40:34 Navigating Change and Fear

44:12 The Coaching Process and Mind Power

In this episode of the Money Mindset Mastery Podcast, hosts Jim Lao and Ryan Genoe, along with guest Denis Bisson, discuss the S&P 500's performance and the risks associated with investing solely in this index. They explore historical market trends, particularly the dot-com bubble, and emphasize the importance of diversification and active portfolio management. The conversation highlights behavioral economics and how investors often react irrationally during market fluctuations, advocating for a well-rounded investment strategy that includes various asset classes to mitigate risks and enhance returns.

Chapters

00:00 Introduction to the Money Mindset Mastery Podcast

01:42 Understanding the S&P 500 and Its Performance

12:10 The Risks of Investing Solely in the S&P 500

18:40 Historical Context: The Dot Com Bubble and Its Lessons

27:51 Behavioral Economics and Investment Strategies

35:24 The Importance of Active Portfolio Management

In this episode of the Money Mindset Mastery podcast, hosts Jim Lao and Ryan Genoe discuss strategies for managing holiday spending while maintaining financial health. They emphasize the importance of budgeting, understanding cash flow, and setting realistic expectations for holiday expenses. The conversation also highlights the significance of long term financial goals and the joy of giving back during the holiday season. Listeners are encouraged to plan ahead to avoid post-holiday debt and to utilize creative ways to save money.

Chapters

00:00 Holiday Spending Secrets: Introduction to Financial Health

03:10 Understanding Financial Stress During the Holidays

06:08 Behavioral Cashflow Strategies for Holiday Spending

09:11 Setting Budgets and Managing Expectations

11:49 The Importance of Long-Term Financial Goals

14:47 Creative Ways to Save and Spend Wisely

17:57 Giving Back: The True Spirit of the Holidays

21:08 Planning for Next Year: Avoiding Holiday Debt

23:58 Conclusion and Future Financial Planning

In this episode of the Money Mindset Mastery podcast, hosts Jim Lao and Ryan Genoe discuss the complexities of navigating the mortgage landscape with guest Josh Brooks from TVH Mortgages. The conversation explores the differences between working with mortgage agents and banks, the benefits of choosing an agent, and common misconceptions about mortgage brokers. The hosts emphasize the importance of understanding financial goals beyond just securing the best rate and highlight the personalized service that mortgage agents provide. They also address the myths surrounding mortgage brokers and clarify the fee structures involved in the mortgage process. In this conversation, Jim Lao and Josh Brooks discuss the intricacies of mortgages, emphasizing the importance of understanding mortgage penalties, the advantages of working with mortgage brokers over banks, and the critical role of pre-approvals in the home buying process. They highlight the need for personalized financial solutions tailored to individual circumstances, and the value of experience in navigating the mortgage landscape.

In this episode of the Money Mindset Mastery podcast, hosts Jim Lao and Ryan Genoe, along with co-host Denis, delve into the differences between retail investing and high net worth wealth management. They discuss the importance of having a strategic approach to investing, the benefits of comprehensive financial planning, and the value of building long-term relationships with clients. The conversation emphasizes the advantages of working with a team of advisors who can provide tailored solutions and support for clients at various investment levels, highlighting that high net worth services are accessible even to those with lower investable assets.