My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant and a partner with BDO. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. My posts are blunt, opinionated and even have a twist of humour/sarcasm. You've been warned. Please note the blog posts are time sensitive and subject to changes in legislation or law.

Monday, January 13, 2020

My latest podcast interview – The Rational Reminder Podcast

I was recently interviewed by Ben Felix and Cameron Passmore, portfolio managers at PWL Capital, for their Rational Reminder Podcast. I thank Ben and Cameron for the interview. It was fun and they had some great questions.

Here’s a link to the podcast.

On the podcast we discuss a bunch of really interesting topics. Here are some highlights:
  • Why it is important to ensure that both spouses are relatively financially literate
  • When it makes sense to hire a corporate executor
  • Why you should involve your adult children in financial conversations
  • Why you may want to consolidate your investment holdings
  • How to deal with potential uneven distribution in an estate
  • Why success is not always linked to money
  • How I define my own personal success

The last question, about my own personal success, was a surprising question from Ben and Cameron. I was expecting to only discuss and provide advice on getting your financial affairs in order, not my personal successes. Afterwards, I thought about that question and my answers and was a bit surprised where I went with my answers, especially my comment on jealousy. I became so introspective on that answer that during the holiday break I wrote a blog post on that topic and will publish it in a couple months.

Anyways, I think this podcast is worth a listen and you may also want to check out some of the other interesting podcasts Ben and Cameron have made.

The content on this blog has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The blog cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information on this blog or for any decision based on it.

Please note the blog posts are time sensitive and subject to changes in legislation.

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4 comments:

  1. Wow. Your advice is spot on. At 65 I’m a widow since late 2017, a retiree and navigator of all the financial stuff that happened after death. I was literate. My husband was a self employed CPA-CA so I also have to deal with closing businesses and administering an independent pension plan that now became mine. CRA is on speed dial and I’ve made some mistakes but plod along. The hardest job was finding an accountant as my husband did all that accounting stuff. We arranged a new accountant but he subsequently died as well—have another who took over the practice and are getting things done. Had consolidated investments, knew my wealth advisor—great advice. Just need to continue to educate my adult children about what needs to be done on my death. Thanks for the estate planner. It’s next on my to do list. I am still amazed at the number of my friends and relatives who have no idea what they will do if their spouse dies. I’m tired of telling them to get their wills updated or actually get a will. Funny thing, my hubby was the executor for a few of them! And most have no idea about their family financial picture. I was so lucky in hindsight that my hubby and I were open and educated about all of this. It isn’t easy and I dread finding a new assessment from CRA but overall the planning made things so much easier.

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    1. Hi Sandy

      I am sorry to hear your husband passed away; but it was very kind of you to share your story. I hope a person or two takes away a couple of our excellent pointers. Thx for sharing.

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  2. I enjoyed the interview very much. I'm glad they interviewed you.

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