060: Drawdown Planning + Contest Announcement!

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We’re back from our summer break! Hopefully, you had a lovely summer and are ready to dive back into more Canadian FI content! In this episode, Money Mechanic and I kick off our new season by sharing what we got up to over the summer.

We then discuss the all-important topic of drawdown planning: when to start, why you need it, and how to to approach it at different stages of your journey. Finally, we announce our exciting new partnership—and the contest we’re running to launch it!

Click here to jump to the contest entry box.

Thank you

Thanks to all our wonderful listeners for the kind words when we went off the air for the summer. We’re so grateful to have the best fans ever—you were all so supportive of our little hiatus. It was much-needed break, and we’re now recharged and ready to keep exploring FI with all of you!

We’d also like to give a very special shout-out to listener Alexi. He volunteered to edit the transcript for this episode, and did an amazing job of it. Thank you, Alexi—we’re so grateful for your help!

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059: Where Are They Now? | T and Megan

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Explore FI Canada’s two! We’re celebrating by checking in on our very first guests: T from T on FIRE and Megan from Victoria (of Smith Manoeuvre and homeschooling fame)!

T shares how she’s doing as she enters ‘the slog’—the doldrums of the FI journey. And Megan surprises us by returning to full-time work, just as she’s reached FIRE! We hope you enjoy this trip down memory lane and hearing what T and Megan have been up to.

In addition to this being our second-anniversary episode, it’s also our final episode for the summer. Money Mechanic, Max, and Chrissy will be enjoying a much-needed break from EFIC duties until Friday, September 10, 2021.

We hope you have a fun and relaxing summer, and look forward to getting back to sharing more Canadian FI stories and info in the fall!

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058: From Adversity and Low Expectations to FI | Sharon

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Sharon’s alcoholic father and dependent mother had low expectations for her future. Determined not to follow in her mother’s footsteps, Sharon fought back against her family’s traditional, stifling beliefs.

In the interview, she reveals her incredible journey out of adversity and into independence. Sharon’s story is full of twists and turns, including eight years teaching overseas, meeting her now-husband, and a move back to Canada.

It’s never easy breaking free from familial patterns and beginning anew. And yet, Sharon managed to accomplish this and get herself on the path to FI. We hope you’re as inspired by Sharon’s courageous story as we are.

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057: Find Your Freedom With FIRE | Ann Helga

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When it comes to FIRE, we tend to get overly focused on the numbers and tactics. However, that’s only part of the journey. There’s a whole other side to FIRE—one that’s less tangible, but just as important.

Today, we’re discussing the softer, psychological side of FIRE with Ann Helga, our first-ever guest from Nova Scotia! Ann discusses her late start to the FIRE journey, residual income, life in Nova Scotia, EFT (emotional freedom technique) and so much more!

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056: FI Drawdown Strategies | Mark Seed

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In this episode, friend of the show Mark Seed finally joins us for an interview! We’re excited to tackle a topic that’s not discussed enough in the Canadian FI community: drawdown (aka decumulation).

Mark shares his extensive expertise to help us answer these questions (and more): How do you drawdown your assets? Which accounts should you tap first? Are there ways to minimize taxes?

As you’ll hear in the episode, asset decumulation requires a lot of complex planning. We hope you’ll come away with helpful info and tactics to incorporate into your own FI drawdown plan.

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055: Reaching FI in the Yukon With a Disability | Tara

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Tara is our first-ever guest from Yukon Territory! She’s also the first guest to share that they have a disability. While Tara’s disability has never held her back, it was a big part of her impetus to get started with FI.

She candidly shares with us what life is like with her disability and the government benefits she receives because of it. We also discuss Tara’s money-saving tactics for the big three expenses: housing, transportation, and food.

And, of course, Tara also reveals what it’s like to live in the Yukon and why she loves it so much. Tara’s story shows how just being on the FI path can provide a lot of freedom and resilience—even early on in the journey. We hope you find it inspiring!

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054: Taking a Coast FI Sabbatical | Modest Millionaires

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Ms. Mod from the Modest Millionaires blog is joining us as her real, authentic self—Mel Dorion from Québec! The beginning of Mel’s story is a familiar one—that of a stressed-out, dual-income household, with burnout looming.

However, over the last few years, she’s taken serious steps to increase the freedom in her life. Those shifts led her to remote working, increased financial freedom, and now, a sabbatical to test out the Coast FI lifestyle.

We hope you take away some actionable ideas from Mel’s transformational journey. Are you able to unlock more freedom in your life too? Even if you’re still a long way from full FI? Let us know your thoughts in the comments of our show notes!

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053: A Canadian Guide to Early Retirement | Réjean Venne

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What if you didn’t have to work for 35 years in order to retire? Réjean Venne and his wife are answering just that question—after retiring at just 28 and 29 years old! To reach this incredible goal, they got serious about investing, optimized their expenses and geo-arbitraged to a lower-cost of living area (in Canada).

He and his wife are now living a slower, happier life with their three young children in Northern Ontario. Réjean’s story shows us, once again, how ordinary Canadians can achieve extraordinary results—just by getting a little more intentional with their money and decisions.

CONTEST ANNOUNCEMENT: Win a copy of Réjean’s book!

To enter, leave a comment about the show: share your thoughts, a question for Réjean, or any other feedback on his interview. We will be do a random drawing from the comments on May 15, 2021!

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052: The Pro Athlete Path to FIRE (and Beyond) | Courtney Stephen

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It’s another first for EFIC! In today’s episode, we interview a pro athlete—none other than Courtney Stephen of CFL/Hamilton Tiger-Cats fame. We’re thrilled to be able to feature Courtney and his unique brand of financial education on the show!

Contrary to the pro athlete stereotype, Courtney is a master with money and an expert at teaching others. Listen in as he shares his story and discusses mindset, investing, multi-generational wealth, and more.

We hope you enjoy this fascinating peek into the life of a professional athlete—from his early years, to playing sports for a living, life in pandemic, and beyond.

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051: Northwest Territories FI | Scott

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We’re VERY excited to share something new with you today: our very first guest from the Canadian territories! Scott lives with his family in the Northwest Territories and joins us to share the benefits and challenges of pursuing FI in the North.

In this fascinating and wide-ranging discussion, we also discuss: Scott’s early life as a circus performer, his transition to a completely different career, Reverse FI (a term that Scott would like to coin) and so much more!

We had a lot of fun recording this one. We hope you enjoy listening to Scott’s stories as much as we did!

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050: Taking the Leap From High-fee Mutual Funds to DIY | Kay

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It was March 2020, and the pandemic had just taken over. EFIC listener Kay, still new to FIRE, moved a large chunk of her life savings from high-fee mutual funds to an all-in-one ETF at Questrade. But as momentous as this decision was, it was only one part of Kay’s financial transformation…

In the interview, Kay takes us back to her pre-FIRE days, when she followed the traditional narrative of paying down your mortgage and saving a little every month. Despite doing all these ‘right’ things, she still didn’t feel secure or confident about her financial future.

It wasn’t until Kay discovered FIRE that she finally experienced true financial security and peace. Even with the uncertainty of the pandemic (including unemployment) she feels more confident than ever! Kay’s story shows, once again, how FI can provide so much freedom—all along the way.

Continue reading “050: Taking the Leap From High-fee Mutual Funds to DIY | Kay”

049: The Residual Income Path to FIRE | Eric Chang

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In today’s episode, Eric shares how he achieved FIRE by building multiple streams of residual (aka passive) income—all before the age of 30! From marketing consultant to real estate and entrepreneurship, Eric’s story is fascinating, inspiring, and motivational.

Be warned: Eric’s energy and enthusiasm is contagious! After hearing his story, you’ll have an overwhelming desire to build your own residual income! We hope you enjoy the interview—it’s a fun one.

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048: When Your Dreams Get in the Way of FIRE | Max Desmarais

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What do you do when you have a dream… a calling… an overpowering pull to pursue your life’s passion? But you discover FIRE, and you realize your passion won’t get you there?

This is the story we’re sharing today—from EFIC’s show editor and mixer, Max Desmarais. Max has lived a life filled with joy and deep fulfilment, yet he now finds himself in his forties; the starting gun has gone off, and he hasn’t even left the gate yet.

What now? And even more importantly: is this even a problem? Could it be that Max is the one who’s pursuing FIRE (or more accurately, FI) the ‘right’ way? Listen in as we discuss this existential dilemma… and let us know in the comments what you think!

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047: FI-lexibility | Diania Merriam of EconoMe

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Diania discovered FIRE when she was living in NYC and $30,000 in debt “for no reason”. After a refreshing punch in the face from Mr. Money Mustache, she started her FIRE journey, turned her finances around and started the EconoMe Conference.

In the interview, we discuss ‘FI-lexbility’ and how it can make the long journey to FIRE more sustainable and meaningful. We also dive into one of Chrissy’s favourite topics—FIRE misconceptions. We hope you enjoy the episode… it’s a fun one!

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046: From Oil Patch to Eco-Frugality and FIRE | Chris Istace

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Happy New Year! We’re back and ready to bring you more Canadian FI content. In our inaugural episode for 2021, we’re featuring a long-awaited guest: Chris Istace, the Mindful Explorer.

Chris’s FIRE journey is particularly fascinating: he and his family went from living the high life in the oil industry to lean FIRE on Vancouver Island. Since discovering FIRE, Chris has fully embraced Mustachianism, mindfulness, and a focus on leaving a lighter footprint on our Earth.

We hope you enjoy his inspiring story!

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045: Holiday Special | EFIC x FI Garage Mashup

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Happy holidays everyone! We have a special episode for you today—a holiday mashup with our good friends over at the FI Garage!

Chrissy joins The Accountant, The Economist and Money Mechanic as they enjoy a round of beer and engage in their usual “joyful banter”. We discuss limiting money beliefs, how we survived the year of COVID, and what we’re looking forward to in 2021.

This will be our last episode for 2020—we wish you and your family all the best this holiday season and a happy, healthy new year. We’ll see you here again (bi-weekly on Fridays) starting January 8th!

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044: The Mustachian Path to FIRE (aka ‘Shaidah’s Way’)

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In this episode, previous panellist and co-host Shaidah returns to the show—this time in her very own interview! We talk about her Mustachian tendencies (aka Shaidah’s Way), beekeeping, side hustles, frugality and real estate.

Shaidah and her husband show us the power of the basic tenets of FI and how intentionality and creativity can go a long way on the path to FIRE.

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043: From 60K in Debt to Pursuing FIRE | F.I.R.E. We Go

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When Gean and Kristine met, she was $60,000 in debt. Having worked and saved hard to immigrate from Brazil to Canada, Gean already had a good handle on his finances. Together, they managed to pay off the debt and get on the path to FIRE—in just one year!

Listen in to hear how this remarkable couple turned their financial situation around with intentionality, dedication, and teamwork. We also discuss their investing strategy, the Smith Manoeuvre and Norbert’s Gambit.

Special thanks to listener Ashley M. who generously volunteered his time to edit the transcript for our show notes. Ashley, we’re so grateful for your help!

Continue reading “043: From 60K in Debt to Pursuing FIRE | F.I.R.E. We Go”

042: Do You Have a Post-FI Healthcare Plan? | Tami Romanchuk

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While we’re fortunate in Canada to have universal healthcare, we still have some out-of-pocket medical expenses. Do you have a plan to cover these costs once you reach FI? Tami Romanchuk from Shoreline Financial tells us what we need to know when considering extended health plans.

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041: Your Smith Manoeuvre Mortgage Questions Answered!

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Robinson Smith is back! This time, he’s joined by Keaton Kirkwood—a Smith Manoeuvre-certified mortgage broker. On this episode, they answer some tricky Smith Manoeuvre mortgage questions—all sent in by you, our listeners. We hope you learn as much as we did!

Special thanks to listener Ashley M. who generously volunteered his time to edit the transcript for our show notes. Ashley, we’re so grateful for your help!

Continue reading “041: Your Smith Manoeuvre Mortgage Questions Answered!”