How To Create a Financial Plan That Is Your Life Plan - Interview with Kornel Szrejber

Unconventional Wisdom

I recently worked with Kornel Szrejber, host of Canada’s #1 financial podcast “Build Wealth Canada”, on his family’s financial plan, so he could feel confident about his retirement.

Kornel retired in his 30s, but he was starting to feel anxious because he wanted to make sure he wasn’t overspending.

This podcast interview is a Q&A between the two of us where we talk about Kornel’s situation, as well as other situations people may go through when they are saving for retirement.

We talk about what makes a good financial plan, tax planning, and understanding how to foresee how much you can spend on things you love in your life like vacations and entertainment.

After watching this interview you’ll realize that when you know the lifestyle you want to live, you can live the life you want in your retirement.

Here are some points we touched upon:

• Why it’s so critical to track and itemize your household expenses (so you aren’t stressed about your retirement).
• How to know how sustainable your lifestyle is when living off your portfolio.
• In which order should Kornel withdraw from his accounts for a tax-efficient retirement?
• Why a personalized financial plan is key to having a successful retirement.
• What is lifestyle creep?
• Why you should view expenses as discretionary and non-discretionary.
• Why investing is only 20% of the financial plan.
• The 2 overall tax strategy choices to minimize tax in your retirement.
• How should you plan if you earn income for a few years in your retirement.
• Do you retire with more peace of mind with Active or Passive investment strategies?
• Tax planning for a higher Canada Child Benefit.
• How the CCB can put you in a high tax bracket with income as low as $17,500/year.
• How many hours does it take to do a financial plan?
• Planning for long-term financial success.

Enjoy!

Ed