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The best introduction to personal finance I have ever read — Transcript

by Ben Felix · 4,640 words · 699 segments · language en · Watch on YouTube

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0:00Wealthy Barber is a classic Canadian
0:02personal finance book first published in
0:041989 that has sold over 2 million copies
0:06in Canada. The author Dave Chilton has
0:08come out with a fully updated 2025
0:10edition of the book full of top-notch
0:12personal finance advice on investing,
0:14spending, estate planning, and
0:16insurance. I have read the book twice
0:18now, and in this video I'm going to go
0:20through the points that I think everyone
0:22needs to know. I'm not affiliated with
0:23Dave or his company. I may be a little
0:25biased because this channel is mentioned
0:27in the book and my testimonial is on the
0:29back cover. I know that was a bit of a
0:30humble brag, but come on, it's it's
0:32pretty cool. I meant what I wrote there
0:33on the back of the book. This is the
0:35best and most approachable introduction
0:36to personal finance that I have ever
0:38read. I think this book is a great read
0:40for anyone and an excellent gift for
0:42someone you want to share good financial
0:44planning principles with. Or, you know,
0:46you could just send them this video. No,
0:47but also buy the book. Sorry, Dave. I'm
0:49Ben Felix, chief investment officer at
0:51PWL Capital, and I'm going to tell you
0:52why The Wealthy Barber is a book worth
0:54reading.
0:59The Wealthy Barber is written as a story
1:01with character development, unique
1:03personalities, and lots of dry humor. It
1:05starts with a Canadian couple, Matt and
1:07Maddie, who decide they want to learn
1:08about personal finance. They ask Matt's
1:10parents for help and they get referred
1:12by them to their local barber, Roy, who
1:14we find out is himself financially
1:16successful despite not having an
1:18abnormally high income or having
1:20received a big inheritance. He is the
1:22wealthy barber. Roy is also an excellent
1:24personal finance teacher, having helped
1:26many people over the years, including
1:27Matt's parents. The book follows Matt
1:30and Mattiey's visits with Roy as they
1:31learn about personal finance. They're
1:34joined by Matt's overspending but
1:36successful entrepreneur sister, Jess,
1:38his best friend Kyle Sorav, a newcomer
1:40to Canada who lives in Royy's apartment
1:42building, and some of Royy's regular
1:44customers who hang out in the barber
1:45shop, and they all contribute to the
1:47discussions. This writing style,
1:49conversational with lots of back and
1:50forth on questions that readers likely
1:52have, makes the information approachable
1:54for anyone. All right, as much as I do
1:55like the writing, I'm not just here to
1:57praise the book. I want to give you its
1:59main lessons. Again, I'm sorry, Dave. I
2:01do hope people still read the book. The
2:03first lesson imparted by Roy is you can
2:05do this. There's absolutely nothing
2:07we're going to cover that you're not
2:08capable of fully understanding and
2:10implementing successfully. You can start
2:12managing your own money very well quite
2:14soon. For many people, that is a huge
2:16lesson. Finance and numbers more
2:18generally can be intimidating, but
2:20becoming good at managing your finances
2:22is not a mathematical endeavor. As Roy
2:25says in that first conversation, none of
2:26the important financial planning
2:28concepts are complex. This is such an
2:30important point. Roy is absolutely
2:32correct that smart investing and
2:34financial planning are easy to
2:35understand. They're not always easy to
2:37execute due to human psychology, but
2:40they should be easy to understand. If
2:41you can't understand an investment
2:43product or financial planning strategy,
2:44there's a good chance you should avoid
2:46it altogether. In their next
2:47conversation, Roy introduces his golden
2:49rule. Save and invest at least 10% of
2:52your net income for the future. This
2:54rule is powerful due to the nature of
2:56compounding. Saving and investing
2:58consistently over time eventually
2:59results in the returns from your
3:00investments far exceeding your ability
3:02to save. Compounding is both powerful
3:04and poorly understood. Humans are just
3:06not wired to process exponential growth,
3:09which is exactly what compounding
3:10results in. Roy then explains that to be
3:12truly useful, the first rule needs to be
3:14paired with the second rule. And
3:16according to Roy, the three most
3:18important words in personal finance, pay
3:20yourself first. Roy explains that saving
3:23is hard. Putting money away for your
3:24future self who feels like a bit of a
3:26stranger is competing with spending on
3:28your present self who's dealing with
3:29immediate needs, a rising cost of
3:31living, the addiction-like psychology of
3:33spending money, and our innate desire to
3:35keep up with the people around us. Not
3:37to mention all the businesses doing
3:38everything they can to influence you to
3:40spend your money on their products and
3:41services. Paying yourself first, putting
3:44a portion of your money into long-term
3:45investments or savings for some other
3:47short or medium-term goal before you
3:49have a chance to spend it takes away
3:51that temptation. Roy explains that while
3:53taking 10% or more of your income away
3:55seems difficult to do, once you start,
3:58you realize that a lot of your spending
3:59was on things you didn't really need. As
4:01Roy concludes the lesson, Sorov chimes
4:03in to summarize, save first, spend the
4:06rest good, spend first, save the rest
4:08bad. Now, I do feel compelled to say
4:10that many economists would disagree with
4:12this advice. It could make sense to save
4:14less early on in life and more later
4:16when your income is higher. And
4:18similarly, it could make sense to save
4:19more or less in a given year depending
4:21on your income and spending needs. That
4:24implies spending first and saving the
4:26rest. But as a general rule, to get
4:28people engaged with long-term thinking,
4:29saving, and investing, pay yourself
4:31first at a rate of around 10% of your
4:33net income is a solid foundation. It's
4:35certainly better than not saving at all.
4:37And as you adjust to having a little
4:39less cash in your budget, it builds the
4:40reflex to carefully consider the
4:42difference between spending needs and
4:44wants, which most people probably don't
4:46do enough of. I'll come back to that
4:47later with some useful wisdom from Roy.
4:50The next session with Roy covers
4:51investing. First, Roy prompts the group
4:53to consider why investing is important.
4:56They collectively offer several correct
4:57reasons, including to fight off
4:59inflation, funding your future financial
5:01goals, and harnessing the power of
5:03compounding. Roy offers up a nice
5:05catchphrase to explain what he thinks
5:07successful investing looks like. Be an
5:09owner, not a loner. He's drawing the
5:11distinction here between stocks and
5:13bonds. A stock is a piece of ownership
5:14in a business, while a bond is a loan to
5:17a company or government. In general,
5:19stocks are riskier and have higher
5:21expected returns than bonds. Roy
5:23explains that stocks must have higher
5:25expected returns than bonds because they
5:27are riskier to own. With stocks, you're
5:29participating in the potential upside
5:30and potential downside of the financial
5:32performance of real businesses. Some
5:35businesses do really well while many do
5:37poorly in the long run. Bonds are much
5:39safer because you get roughly the same
5:40return whether the company's financial
5:42performance is good or bad. And if it's
5:44really bad, leading the company to shut
5:46down, bond holders often stand to
5:48recover some value while stockholders do
5:50not. Government bonds are even safer.
5:52Roy explains that in the long run,
5:54stocks are a bet on human ingenuity.
5:56Being an owner, a stockholder, lets you
5:58participate in the ongoing human
6:00innovation that our whole economic
6:01system is based on. It is hard to
6:03disagree with Roy here, and I have done
6:05videos on the merits of 100% equity
6:07portfolios, but it's also true that the
6:08volatility of 100% equity portfolios is
6:11too much for some people to handle.
6:12Asset allocation decisions should be
6:14made based on your ability, willingness,
6:16and need to take on the volatility of
6:18stocks to earn higher expected returns.
6:20The group is listening intently to Roy
6:22here, but they voiced their concern that
6:24they don't know anything about stocks or
6:26the stock market. Kyle, Matt's best
6:28friend, even explains that some of his
6:30friends lost a bunch of money picking
6:32stocks during the COVID boom, like
6:33Pelaton is one example that he gives,
6:35which came crashing back down to earth.
6:37Roy explains that you need no knowledge
6:39to invest successfully in the stock
6:41market. He even goes as far as saying
6:42that for 99% of people, more financial
6:45knowledge makes them worse, not better
6:47at investing. I would qualify this a
6:48little bit. Certain knowledge, like the
6:50idea that most people can't beat the
6:51market and that index funds are sensible
6:53investments for most people, is
6:54extremely useful knowledge. Knowing how
6:56to follow the performance of individual
6:58stocks or the direction of interest
6:59rates is probably not useful, and I
7:02agree with Roy here, likely to do more
7:03harm than good. People often tend to
7:05sabotage their own returns by
7:07overtrading, timing the market, and
7:08investing in stocks that grab their
7:10attention, all of which lead to lower
7:12returns, and those problems are
7:13exacerbated when people who think they
7:15have some knowledge follow the market
7:17closely. Roy goes on to explain that
7:19successful investing requires minimal
7:21investment knowledge because simply
7:22buying all of the stocks or a close
7:24approximation of it is the most
7:26consistently successful investment
7:27strategy in history. It beats the vast
7:29majority of professional investors and
7:31the vast majority of individual stocks.
7:33It's next to impossible to consistently
7:35separate winning and losing stocks
7:36before the fact. But doing so is not
7:38necessary because all of the stocks
7:40together, including both the winners and
7:42the losers, have historically had more
7:43than enough return to propel most people
7:46successfully toward their long-term
7:47goals. This approach works because while
7:49lots of companies are losers in the long
7:51run, the winners tend to win big. The
7:53most you can lose in a stock is 100% of
7:55your investment, but when you own a big
7:57winner, you can gain far more than that.
7:59We can't identify those winners and
8:01losers before the fact, but owning all
8:03of the stocks in the market means that
8:04you will always hold the big winners.
8:06This effect, which is called skewess, is
8:08what makes owning the market so
8:10difficult to beat. This is also part of
8:12the explanation for why professional
8:13money managers consistently fail to
8:15deliver market beating returns. The
8:17other reason is their high fees. Here in
8:19Canada, we still have a huge portion of
8:21our investment assets in high fee funds
8:23that aim to beat the market. While as
8:25expected, very few are actually
8:27successful. Roy admits that he too at
8:29one time had invested in actively
8:31managed mutual funds, but he eventually
8:33saw the light after underperforming
8:34consistently. Between the skewess in
8:36stock returns and the high fees charged
8:38by the managers hoping to beat the
8:39market, trying to beat the market is a
8:41losing game. This again leads to the
8:43simple conclusion requiring little
8:44knowledge to simply buy the market. The
8:47good news is that there are lowcost
8:49investment vehicles called index funds
8:51that do aim to buy all of the stocks in
8:53a broad market index. A broad market
8:55index is a grouping of stocks that has
8:56been assembled to represent an entire
8:58stock market. In Canada, we even have
9:00asset allocation ETFs which give you a
9:03globally diversified portfolio of index
9:05funds. Roy suggests that those asset
9:07allocation ETFs are a good option for
9:09many people and I agree with them. The
9:12group also raises the point that while
9:13being an owner not a loner may have made
9:15sense in the past, the future is
9:17perilous. We have global warming, Russia
9:19and Ukraine, and divisive politics, all
9:21making the outlook for the global
9:23economy look weak at best, making being
9:25an owner, being an investor in the stock
9:27market less compelling now than it may
9:29have been in the past. Roy does
9:31something here that I love. He brings up
9:33history. Roy reads a headline that he
9:35keeps laminated on his counter, and I'm
9:37going to repeat it here. It is a gloomy
9:39moment in history. Not in the lifetime
9:41of any man who reads this paper has
9:43there been such grave and deep
9:44apprehension. The United States is beset
9:47with racial, industrial, and commercial
9:48chaos. Drifting we know not where, and
9:51Russia hangs like a storm cloud on the
9:53horizon. Of our troubles, no man can see
9:55an end. The group assumes this is from a
9:58current paper, but Roy explains that
10:00it's from Harper's magazine in 1847. I I
10:03learned this lesson early on in my
10:04career. When you look around at the
10:06state of the world, it always, always,
10:07always feels like some un unprecedented
10:10disaster is unfolding before our eyes,
10:12making it feel like a particularly bad
10:14time to invest in the market right now.
10:16The reality is that it always feels that
10:18way. Wars, threats of war, discouraging
10:20economic data, natural disasters, and a
10:22ton of uncertainty about the future are
10:24persistent realities. That doesn't go
10:26away. And yes, that makes investing
10:28risky. But the very nature of that risk
10:30is why we expect to earn positive
10:32returns in the long run. If there were
10:34no risk, we would expect to earn the
10:36kind of returns that you get from a
10:37guaranteed investment certificate, which
10:38are much lower. With index funds and
10:41expected returns out of the way, Roy
10:43goes on to explain Canadian account
10:44types, including the RRSP and TFSA. RSPS
10:48and TFSAs are like containers that
10:50investments can be held in. The RRSP is
10:52a pre-tax savings account, meaning that
10:54contributions are made with pre-tax
10:55dollars. This is implemented in practice
10:58with a dollar for-doll tax deduction
11:00when you contribute to your RRSP,
11:02reducing your taxable income by the same
11:04amount. When you eventually withdraw
11:06from your RRSP, the withdrawal is fully
11:07taxable as income. The TFSA is an after
11:10tax savings account, meaning that
11:12contributions are made with dollars you
11:13have already paid income tax on, and
11:15accordingly, there is no tax on
11:17withdrawals. That's all pretty
11:18straightforward, but Roy offers the crew
11:20an illustration comparing the two
11:21account types that I think everyone
11:23needs to understand. Say you have a 30%
11:25tax rate and contributed $5,000 to an
11:27RRSP. 3,500 of those dollars are your
11:30after tax dollars and 1,500 are deferred
11:33income tax dollars. The RRSP allows you
11:36to invest those future tax dollars. It
11:38allows you to defer income tax. Invest
11:41that at 8% for 30 years and you have
11:43just over $50,000. Then withdraw it at
11:46the same 30% tax rate and you have just
11:48over $35,000.
11:50Now let's look at the TFSA. Only after
11:53tax dollars can go into the TFSA.
11:55Following the $5,000 pre-tax RRSP
11:57contribution, the TFSA will get a $3,500
12:00after tax contribution since the TFSA
12:02does not offer tax deferral. Invest that
12:05for 30 years at 8% and you have just
12:07over $35,000, exactly the same as the
12:10after tax outcome for the RRSP. This
12:13shows something important and often
12:14misunderstood. When your income tax rate
12:17is held constant, your after tax dollars
12:19in both the RRSP and TFSA grow tax-free.
12:24Many people see the eventual tax bill on
12:26RRSP withdrawals and think it was a bad
12:28deal. But the RRSP and TFSA give you an
12:30identical after tax outcome if your tax
12:32rate stays constant. It gets even better
12:35because it's common for people to have a
12:37higher tax rate while they're working
12:38and contributing to the RRSP and a lower
12:41tax rate in retirement. In that
12:43scenario, the RRSP offers an advantage
12:45over the TFSA. It is true, as Kyle
12:47points out in the book, that pulling
12:48dollars out of your RRSP at a higher tax
12:51rate effectively results in a penalty
12:53for having used the RRSP rather than the
12:54TFSA. Now, the problem, as Roy explains,
12:57is that we do not know with certainty
12:59what our future tax rate will be. This
13:02does introduce some uncertainty about
13:03the optimal account choice today, but
13:06it's still possible to make sensible
13:07decisions using the RRSP in years where
13:09your income is high relative to what you
13:11expect it to be in the future and using
13:13the TFSA when it's low, or if possible,
13:15just max out both. Next, Roy moves on to
13:18home ownership. He first explains that
13:20it's critically important to consider
13:21the total cost of ownership when buying
13:23a home. Not just the mortgage payment,
13:25but the property taxes and inevitable
13:26ongoing maintenance costs. Not to
13:28mention the potential for the mortgage
13:30payment to increase if interest rates
13:31increase, an issue faced by many
13:33Canadians in recent history. Given the
13:35currently high property prices in
13:36Canada, Roy describes some of the levers
13:39that people can pull to make buying a
13:40house more of a possibility. The first
13:42one is to buy a cheaper home. That may
13:44be obvious, but it's worth saying. It's
13:46not necessary to buy a house that fits
13:47the maximum amount the bank will lend
13:49you, and smaller homes cost less and are
13:51easier to maintain. There are terms to
13:53describe spending so much on a house
13:55that you can't enjoy the rest of your
13:56life, including house poor and
13:59cashration, which are both
14:01self-escriptive as states most people
14:02would want to avoid. The next levers
14:04includes some good rationale for not
14:06stressing too much about having a 20%
14:08down payment, using the FHSA, the first
14:11home savings account, and the RRSP home
14:13buyers plan to increase the amount you
14:15have available due to the income tax
14:16deductions gained from using those
14:18tools. taking out a mortgage with a
14:1930-year amortization rather than the
14:21more common 25-year amortization to
14:23lower the payments on the loan. Finding
14:25a partner before buying a home, living
14:27with your parents to save up for a down
14:28payment, paying off any outstanding
14:30consumer debts to make you look better
14:32to the bank when they assess your
14:33ability to borrow, and earning more
14:35income. I'm not going to go into detail
14:37on all the points here, but each one of
14:39those does have an in-depth discussion
14:41and a thoughtful discussion in the book.
14:43Royy's final point on housing, and where
14:44this channel gets a shout out, is that
14:46renting is not throwing your money away.
14:48a renter who saves the cash flow cost
14:50difference between renting and owning
14:51and invests in the stock market can be
14:53reasonably expected to match the wealth
14:54of a homeowner. The group then shares
14:56some stories about friends who have had
14:58large unexpected housing expenses and
15:00they collectively start to see Royy's
15:02point. Owning a home comes with a
15:04constant flow of unexpected costs. So
15:06constant that they should not in fact be
15:08unexpected at all. The basement leaks,
15:10the air conditioner stops working. A
15:11tree has to be removed. I just had to do
15:13that at my house. The chimneys
15:15crumbling. If renters are diligent about
15:16saving and investing the cost difference
15:18between their rent and the owner's
15:20mortgage, property taxes, and all the
15:21unexpected expected costs of owning,
15:24they can be expected to at least match
15:26the wealth of the owner. I have shown
15:27this in past videos using both
15:29reasonable assumptions for the future
15:30and actual historical data for Canadian
15:32cities. Roy does emphasize a point that
15:35I agree with. Most people who rent will
15:36not save and invest diligently. They
15:38will undersave and invest in shitcoins,
15:40penny stocks, and expensive financial
15:42products. Those are my words, not Royy's
15:45that underperform the market.
15:46Additionally, lots of people, including
15:48some of Royy's students in the book,
15:49have an emotional desire to own. But Roy
15:51suggests here that Canadian society has
15:53conditioned us to believe that home
15:55ownership is a desirable objective and
15:57that it's worth reflecting on whether it
15:58is really a desirable objective for you.
16:01There are additionally lots of
16:02psychological benefits to renting, like
16:05fewer responsibilities, more predictable
16:06costs, and general lifestyle simplicity.
16:09There are valid points on both sides,
16:10but Roy's point is that renting is a
16:13viable option for housing from a
16:14financial perspective. It is not
16:16throwing money away, and it may be the
16:18best path for some people to follow.
16:20Music to my ears. Royy's next lesson on
16:23spending is incredibly important. People
16:25spend money for the wrong reasons,
16:26reasons not aligned with their values
16:28and goals. Roy explains that a lot of
16:30spending is the result of faulty brain
16:32wiring. People often spend money to
16:34impress the people around them, even if
16:36not consciously. And in addition to
16:38that, we are not good at delaying
16:39gratification. The point Roy wants to
16:41hammer home is that most people would
16:43cut back on some of their spending if
16:44they were more aware of where their
16:46money goes. And even small changes in
16:48spending can be a big boost to your
16:50savings rate. Royy's first tip here is a
16:52tedious one to create an exhaustive
16:54multi-month spending summary. The group
16:55agrees that this sounds like a miserable
16:57task, but Roy says that over his many
16:59years of experience teaching people
17:00about personal finance, these spending
17:02summaries have proven vital for many
17:04people to get on top of their personal
17:05finances. Arguably even more importantly
17:07and interestingly, Roy says that he is
17:10100% sure that doing a spending summary
17:12has positively impacted people's
17:14happiness levels. The reason is that it
17:16makes people realize where they are
17:17spending on things that don't bring them
17:19value and it helps them to make sure
17:21they are getting value from the things
17:22they are spending on. As Roy describes
17:24it, you want to maximize the joy units
17:26you're getting for each dollar of
17:28spending. If you can find spending that
17:29is giving you some joy units like
17:31lunches out, but when added up over the
17:33course of a year, those dollars could
17:34have afforded something with a higher
17:36joy unit impact, you might realize it
17:39makes sense to reallocate your spending.
17:41Small numbers make a big difference. For
17:42example, saving only $11 per day for a
17:45year results in over $4,000 of savings.
17:48More if you account for any return, even
17:50a small one earned on those dollars. Roy
17:52brings up a famous quote from Ben
17:54Franklin to drive the point home. Beware
17:56of little expenses. A small leak will
17:58sink a great ship. The next lesson is on
18:00wills, life insurance, and
18:02responsibility. Nobody likes thinking
18:03about dying, but as Roy explains, if you
18:05don't think about it, your estate will
18:07be distributed based on your province's
18:09intestasy laws, the laws that determine
18:11what happens when someone dies without a
18:12will. The problem is that those laws are
18:14often at odds with what you would have
18:16wanted to happen if you had taken the
18:18time to plan for it. It's important to
18:20consider what exactly you want your
18:22estate to achieve and have a will
18:23drafted accordingly. Roy suggests going
18:25to a professional, but acknowledges that
18:27some of the online will platforms can
18:28also work if you have a simple
18:30situation. Personally, I would go to a
18:31professional, especially if you have any
18:33complexity in either your assets or your
18:35estate objectives. Roy emphasizes the
18:37importance of choosing an executive. The
18:39executive is the person responsible for
18:41carrying out the will's instructions,
18:42but it is not a small job and should not
18:44be taken lightly. Royy's last point on
18:46wills is that they should be reviewed at
18:48least once a year. And he also mentions
18:50that when you get your will done, you
18:51also need to draft power of attorney
18:53documents. Powers of attorney give legal
18:55power to someone you have chosen to make
18:57decisions on your behalf in the event
18:58that you become incapacitated. There are
19:00two main types. Power of attorney for
19:02property, which lets someone manage your
19:03money and other assets, and power of
19:05attorney for personal care, which lets
19:07someone make health and lifestyle
19:08decisions on your behalf. It is worth
19:10noting that these have different titles
19:12across the different provinces in
19:13Canada. Similar to an executive,
19:15choosing the right person or people is
19:17important. Finally, Roy moves on to life
19:19insurance. He explains that while life
19:20insurance is extremely valuable in the
19:22right circumstances, it is always a
19:24cost. You want to make sure that you
19:26have an insurance need before you buy
19:28life insurance. Life insurance provides
19:30financial protection for your dependence
19:32in the event of a premature death. An
19:34insurance need means that other people
19:35that you care about would be unable to
19:37maintain their lifestyle in the event of
19:39your untimely death. The most common
19:41example would be your spouse and
19:42children, particularly in cases where
19:44you are the primary income source for
19:45the household. This insurance need tends
19:47to decrease over time as your assets
19:49increase. Roy does walk through how to
19:51quantify your insurance needs in the
19:52book, but I'll let you read that in the
19:54book. The final point that Roy makes on
19:55insurance is one that everyone needs to
19:57hear. Most people will only ever need
19:59renewable and convertible term life
20:01insurance. Term life insurance pays out
20:03the face amount of the policy if the
20:05insured dies. It has a level premium for
20:07a fixed term like 10 or 20 years, and
20:10the insurance expires or renews at a
20:12higher premium at the end of the term.
20:14The alternative is cash value life
20:16insurance, which combines term insurance
20:18and a savings component, where a portion
20:20of the premiums you pay go toward
20:22building up a cash value inside the
20:24policy. That's why it's often referred
20:26to as cash value life insurance. The
20:28savings component means that you're
20:30paying higher premiums overall, often a
20:32lot higher, for the same amount of
20:33coverage. You do also get the savings
20:36component, but Roy explains that buying
20:38term life insurance and investing the
20:40difference is typically going to be a
20:41better option for most people most of
20:43the time. I tend to agree with Roy here.
20:45To finish off in the insurance topic,
20:47Roy discusses disability insurance. For
20:49young people with little financial
20:50assets, their biggest asset is their
20:52ability to earn income in the future.
20:53Life insurance protects that future
20:55income in the event of an untimely
20:56death. But death is not the only way
20:58that your ability to earn income can be
21:00disrupted. In fact, disability is much
21:02more common. When someone becomes
21:03disabled, they may lose the ability to
21:05earn income and even become a liability
21:07to their family. Matt mentions in the
21:09book that he's covered through a group
21:10plan at work, but Roy correctly cautions
21:12that many group plans are insufficient.
21:14One big point to look out for is whether
21:16the policy covers you in the event that
21:18you can't fulfill the duties of your own
21:20occupation or of any occupation. Own
21:23occupation disability coverage is the
21:24gold standard. And you also want partial
21:26disability coverage, cost of living
21:28adjustments, and for the policy to be
21:30guaranteed renewable. Typically, that
21:32means getting additional disability
21:34coverage, even if you do have a group
21:36plan. This is not an area that you want
21:38to skimp on. Okay, I left lots of good
21:39stuff out since this was already a long
21:41video, but I hope the summary was
21:43useful. This is a great book. If someone
21:44asked me for an accessible book to read
21:46as an introduction to personal finance
21:48in Canada, this would be at the top of
21:50the list, even for me. While most of the
21:52facts in the book were not new, the way
21:54that they were communicated gave me a
21:55lot to think about. I'll put a link to
21:57the book in the video description. It's
21:58not an affiliate link. I gain nothing
22:00from you buying it. Thanks for watching.
22:01I'm Ben Felix, chief investment officer
22:03at PWL Capital.

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