May 17, 2023 • 29 mins
How do you deal with your money? Do you juggle multiple accounts and keep a close eye on the stock market, or are you the type to stuff your cash in a shoebox under your bed and avoid looking at your balances? Money needs managing, which is why we spoke with financial planner Shay Steacy of InBalance Financial Planning, who helps Canadians map out their futures. She breaks down the difference between financial advisors and planners and lets hosts Cadeem and Bethan in on the red flags you should watch out for when deciding where you get your money advice. We also talk with Moneywise personal finance reporter James Battiston about the importance of financial literacy and education, particularly for young Canadians.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Cadeem Lalor (00:00):
I'm Cadeem Lalor.
Bethan Moorcraft (00:03):
And I'm Bethan Moorcraft.
Cadeem Lalor (00:04):
And this is the Half Banked podcast. So Bethan,
who do you trust with yourmoney?
Bethan Moorcraft (00:09):
I'd say I'm quite a closed book when it
comes to my money growing up, Icertainly took advice from my
family, following three coretips of save, don't spend more
than you have, and try not to gointo overdraft. But beyond that,
as a young professional, I'vehandled all of my money myself
without any professional help.
And I think at the root of thatis trust. But we're going to dig
into that in today's episode.
(00:31):
Cadeem, how about you? Do youuse a financial advisor?
Cadeem Lalor (00:34):
I don't. And I think growing up, I basically
had the same upbringing in termsof those three key lessons and
trying to incorporate those intomy spending habits. But aside
from that, maybe trusting maybea belief that I don't have
enough to make it worthwhile tolook into professional. But I
think that might not be so true.
So how about the worst piece offinancial advice you've ever
received?
Bethan Moorcraft (00:54):
So I have to look back to when I first moved
to Canada a few years ago, andhad to learn a whole new
economic system, I went to thebank to open a TFSA savings
account, but an advisor upsoldme into opening a multi holding
TFSA investing account. What hedidn't explain at the time was
the management expense ratio, orMER, which is the cost of
(01:15):
investing in a mutual fund,which was significantly higher
than it would have been for meto do a little bit of my own
research and manage my owninvesting. I'm frustrated by
that now, but at the time, itdid seem like a good option. So
I guess it's a good lessonlearned. Cadeem, how about you?
Cadeem Lalor (01:30):
I mean, for me, maybe there isn't one particular
instance that stands out. But Ithink just growing up, we've
always had that small group offriends, basically, who have
their eyes on the next biginvestment, now it's Crypto, NFT
before may have been somethingpyarmid scheme related. So I
think basically trying to avoidthose people who are trying to
get you to invest in somethingthat you don't fully understand
and that they might notunderstand either.
Bethan Moorcraft (01:53):
Well, these days, there are so many ways to
be tricked or conned out of yourmoney. The latest update of the
financial well being surveyshows that 42% of Canadians were
targeted for financialinformation through phishing, or
hacking.
Cadeem Lalor (02:06):
There is also a Scotiabank poll that shows that
54% of respondents receive badfinancial advice at least once
in their lives. Surprisingly,only 39% consult with a
financial advisor.
Bethan Moorcraft (02:15):
At the same time, one in five said they gave
financial advice without knowingwhat they're talking about. And
our producer is looking rathersheepish with that statistic.
Cadeem Lalor (02:24):
Who knows, I might be guilty of that myself as
well. So our guest today is ShaySteacy who's a Certified
Financial Planner and moneycoach with InBalance financial
planning.
Shay Steacy (02:32):
Hey, I'm happy to be here.
Cadeem Lalor (02:33):
So I guess you can tell we're not maybe the most
trusting duo so far. Thinksometimes it's tough to decide
between family, friends, there'salways unsolicited advice, you
know, in person and online, interms of who you should trust
with your money, whatinvestments to make, how to
budget and so forth. So I guessI was wondering, as a
professional, how do yourecommend finding someone with
sound financial advice that youcan actually trust?
Shay Steacy (02:53):
I think clarifying the word "trust" would be one of
the first things. When thinkingabout money, I think a lot of
people with trust you think oflike the Bernie Madoff and like
Ponzi schemes and things likethat places where you're going
to potentially lose your moneybecause someone is doing things
illegal with it. So I think thatnow in the financial world, is
(03:19):
looking at who really does haveyour best interest in mind when
they're giving you financialadvice. So what maybe do they
have to gain by advising you?
And one of the things that I dobelieve is, a lot of people who
are giving financial advice aresalespeople. And that's one
(03:44):
reason why I got out of thatworld. Because as good as I
would try to be in financialadvice, if I was always going to
be reviewed for my jobperformance on how much I sold,
versus the amount of advice Igave or the quality of advice I
gave, I realized that that justdidn't kind of line up with my
(04:05):
values.
Bethan Moorcraft (04:08):
I remember a time I went to the bank got some
advice from a nice man. And hetold me that he'd invested his
parents money into a certainmutual fund, and it was the best
fund ever and their returns weregreat. And it won be over at the
time. But looking back, I'mlike, definite sales tactic.
Shay Steacy (04:28):
Yeah. And an interesting point there when you
bring up parents is I think thatsometimes even looking beyond
parents to like your parentsadvisor is a next natural step
for a lot of people. And I don'tthink that it's not that you
can't trust that person. I thinkthat there just could be a lot
(04:49):
of difference in the advice thatthey're really good at giving.
And so it's not that you can'ttrust them nor the advice it
just may not be the best advicefor you in that situation or in
your age and stage.
Cadeem Lalor (05:03):
It sounds like relatability, to the certain
extent is a part of the trust aswell. So I'm being able to kind
of empathize with yoursituation, your goals, your age,
and so forth.
Shay Steacy (05:10):
Yeah, empathize, but also maybe know what's
important at that stage. Right?
I used to work with people whowere kind of nearing or entering
retirement or even later, and Italked a lot about estate
planning and how you draw downon your money during retirement.
I didn't talk a lot about okay,if you have a mortgage to pay
(05:31):
down and kids to raise and matleaves coming up, like how do
you make income, meet all ofyour needs? That wasn't
conversations that we had then.
And now that's what I have whenI'm working with. I say, I work
with people that 10 years plusor minus my age, so depending on
(05:54):
how old do you think I am?
That's my clients ages.
Cadeem Lalor (05:57):
I don't want to ask, so I'll set my guess. Okay,
thank you.
Bethan Moorcraft (06:00):
So what would you say for somebody like me,
someone who's never worked withan advisor or planner before?
What would the benefit be, forme at this point, in my career?
I'm a young professional, youknow, I haven't done any of the
big milestones, yet, I haven'tgot a mortgage, not married,
etc. But you know, those thingsare potentially on the horizon.
(06:20):
So why might now be a good timefor me to start considering it?
Shay Steacy (06:24):
The best thing that you've got on your side now is
time when you're looking at someof the things like investing
small amounts of money so thatthey can grow over time. But I
also think that if you're goingto talk to someone, and all that
they talk about is investing,you may want to maybe find
someone who will actually focuson other areas of your overall
(06:50):
financial wealth. For me,everything will come down to
cash flow for a client. So thatdoesn't mean it's a one size
fits all approach for everyone.
It's just well, if you don'tunderstand your money coming in,
and your money going out, andtalking to someone who can help
you maybe balance all of yourneeds and talk to you about what
(07:10):
is important to you. What areyour goals or priorities maybe
in the next couple of years? Andinstead of just saying, Okay,
well, we know you have to savefor retirement so put some money
away, right, let's actually havea conversation and start taking
baby steps to making some smallchanges that will ultimately
(07:33):
lead to big results.
Bethan Moorcraft (07:37):
It's hard to have a big picture view at this
point in life. It's quiteimmediate in terms of how you
manage money and what you do. Soit is interesting that working
with an advisor might perhapsopen that and make you think a
bit differently about the longterm, definitely.
Shay Steacy (07:53):
Only thinking about the long term isn't the
solution, either. It is likelet's talk about what your life
looks like now. And some thingsthat you can do today to make
your life better and make youfeel more successful with your
money. Because as soon as youstart to feel little successes,
I think then a momentum willalso grow. And you'll want to
(08:16):
continue down that path.
Cadeem Lalor (08:17):
So I was wondering, as we look at, I
think you've touched on thesales piece of financial
advising. And I guess there'ssome confusion about the
financial advisor piece versusfinancial planner, are you able
to differentiate those two forus?
Shay Steacy (08:29):
I wish there was an easy answer. And this is really
challenging as someone in theindustry that I can't provide
you with a simple answer tothis. So the first thing I will
say is that different titles forwhat people can use might vary
(08:50):
between companies might varyprovince to province, but there
is starting to be someregulation around this. But I
still don't think that it isgoing to help someone truly know
how that person is going tohelp. So the first thing I'll
say just about the titles inOntario, specifically, financial
(09:13):
planner is designed to be usedmore around when someone has
education and qualificationsaround looking at all areas of
someone's finances and bringingthose things together. So that
could be tax planning and estateplanning and risk management a
whole a whole bunch of differentareas. The term financial
(09:35):
advisor is more for when peopleare well versed in kind of one
area and it's typicallyinvestments so that they are
qualified to sell or discussinvestments. That's not to say
that a financial planner is notalso a salesperson, again, it
(09:57):
can depend on where someone isworking, but that the regulation
that is coming out. To me what'smore important is the
distinction between beingsomeone who sells financial
products, and someone who sellstheir advice. And that is where
(10:18):
I fall in now that I am anadvice only financial planner.
And there's even a whole bunchof different terms for that as
well and still confusion withinthe industry. But if there is no
cost to you to get advice, thenyou're probably the product, if
(10:39):
that makes sense. And makingmoney from selling something to
you.
Cadeem Lalor (10:42):
Okay, so it's never basically as free as it
seems in that sense.
Shay Steacy (10:46):
No.
Cadeem Lalor (10:47):
Okay. And I guess on that topic as well, when
you're looking for one, there'sso many options, you can go
through, you know, yourfinancial institution, or the
mental institution that yourparents use, even do a quick
Google search, but then whatpops up first might not
necessarily be the best option.
And I've touched on therelatability piece, you tried to
differentiate between, you know,the planner advisor titles,
looking at that, but I guess, isthere anything else in
particular, you're thinking ofwhen you're looking at an
(11:09):
advisor in terms of how to judgeif they're the right fit for
you?
Shay Steacy (11:13):
I think a big thing I would ask about is what kind
of clients they typically workwith? Are their clients, people
like you who have the samequestions and concerns that you
might have. There are evencertain people who work in
different industries, who mighthave advice that's more kind of
fine tuned and applicable tokind of you versus someone else.
(11:39):
So understanding who they workwith would be a big one. And
again, coming back to how peopleget paid I... That's a big thing
I would ask an advisor is howthey get paid, what total costs
will be? And what are theirqualifications, right? I mean,
unless you're selling products,and even if you are selling
(12:01):
products, it's kind of a lot ofareas where you can give advice,
and maybe not necessarily bequalified. So asking them what
schooling they have, or whatcourses they do, what kind of
codes they abide by, and thingslike that.
Bethan Moorcraft (12:15):
So it does seem a little bit confusing.
Even in the industry, there's abit of discrepancy between what
as a planner, advisor, etc. Soyou need to do a bit of due
diligence, what would yourecommend doing, if someone
feels that they picked anadvisor, and then that advisor
isn't necessarily the best fitfor them.
Shay Steacy (12:34):
It may depend on how the relationship is built or
managed. But I think the bigthing is that it is your money
and your life. And if there issomething there that doesn't
feel right, to think aboutyourself first, right? We want
to be very nice sometimes. And Idon't think that that needs to
(12:57):
apply here. Money is verypersonal money is very
emotional. And if there isn'ttrust or a good fit there, it's
not going to help anyone, it'snot going to help the adviser,
so I wouldn't be too concernedabout them. And it's most
certainly not going to help you.
So that may mean if you've gotinvestments or something with
this advisor that you may needto move them to a different
(13:20):
institution. And it seemsintimidating, but it doesn't
have to be. Or the relationshipjust may be that, you know,
maybe you're transferred tosomeone else within the same
company, or you stop paying themif you're paying for advice
only. This is where you have tothink about you and not the
other person's feelings.
Bethan Moorcraft (13:42):
It's your personal finance. So you've got
to look after yourself. So onebig trend I've noticed in recent
years is that a lot of youngpeople are taking their
financial advice from socialmedia stars. It's a new word for
me, but there are 'finfluencers'these days that are sort of
posting three best stocks topick or you know, how to file
(14:06):
your taxes for the first timeever. And these are all
interesting, fun, informationalvideos. But how do we know if we
can trust them? Number one, andnumber two, how important is it
to kind of take advice fromsocial media or even online
blogs, etc. with a pinch ofsalt?
Shay Steacy (14:25):
It is more than important to take everything
with a pinch of salt. The firstthing I'll say is being
Canadian. What I do see isfinancial advice that isn't
applicable here, right? Becausewe are so close to the States.
And we sound a lot like peoplefrom the States. I've even had
(14:47):
friends send me a post. Is thistrue? And I'll look and say, you
know, no, it's American. And itmight be true there I'm not sure
here. So I think that issomething to be very mindful of
because I could not be afinancial planner in the States.
My mom actually lives in Floridaand I can't help her with a lot
of things. It is so different.
But general basics can besimilar, right? If it comes to
(15:13):
specifically cash flow and notspending more than you earn, I
mean, that was good. Right?
Where you grew up? It's goodhere, it's good in the States. A
financial planners favouriteanswer is it depends. And when
you're getting general answersfrom, you know, a 20 second reel
(15:35):
or have, you know, a minute longtik tok video, that person knows
nothing about you. So I'm notgoing to lay a blanket statement
and say you can't trustanything. But what applies for
each of you may be differentfrom me. What applies to me
might be different from myneighbor. And that is, I think,
(15:58):
the biggest risk you're going toget if you rely on general, and
let's call them like sexytopics, right? That you're going
to see, because boring stuffdoesn't make for good views,
like I would not get a lot offollows by talking about some of
the stuff I talk about. BecauseI'm super boring when it comes
(16:22):
to what are good things to dowith your money.
Cadeem Lalor (16:25):
You know, when you try to really master financial
independence and trying to buildwealth and passive income and so
forth, we're looking at tryingto build you know, a better
relationship with money. And theterm gets thrown out a lot. But
that can apply to you know,trying to cut out impulsive
spending looking at, you know,the why of the buy, as some
people would say, so I guess I'mwondering, then, is like, how
can someone develop betterrelationships with their money?
(16:45):
And how can they basically leadto more informed decisions that
look at kind of the why of thebuy.
Shay Steacy (16:50):
Avoiding money is never the answer.
Cadeem Lalor (16:53):
Okay.
Shay Steacy (16:53):
I do know that that is a common thing for people is
if they don't review theirtransactions, or open their bank
statements, then everythingseems fine. And as much as it
might suck, understanding thebasics of even just what's going
(17:13):
through your bank accounts, orwhat's being put on your credit
cards, is so important. So thatwould be a very first step, if
there is avoidance to startsmall, if that's all it takes,
right? If it's opening a billthat happens to come in the
mail, or the email that you'vegot some mail on CRA, that may
(17:37):
be your first step, right.
Understanding the very basicswould be my next thing and the
basics being the foundation ofyour money or your households
money. So how much money iscoming in on a regular basis?
How much is going out for thingsthat stay relatively fixed month
(17:57):
to month? And this is where youcan get into very nuanced
discussions of is something afixed expense or a variable
expense? Is it a need? Is it awant, right? A good example for
you know, a need or a wantorganic produce? Was that a need
or want, right? You have to eat,but does... So for me, I have a
(18:20):
different way of working withcash flow with clients to help
achieve balance. That's why mycompany name is InBalance
Financial Planning, setting upas many things as you can on
autopilot so that you can focuson other things. And maybe, like
a little bit less ofscrutinizing every single thing
(18:44):
is allowing yourself permissionto enjoy life today, knowing
that you are doing things tohelp future you, right, finding
that balance.
Cadeem Lalor (18:58):
I guess just as a small tidbit on that because I
have also read some things wherethere's incidents of people
getting so used to the autobilling, sometimes they kind of
almost forget about certaincharges, or they don't look at
the price of certain charges,because it's just been auto done
for a while. So they kind oflose track of those expenses, I
guess, have you come across thatyourself as well?
Shay Steacy (19:15):
I've seen a lot of people underestimate what they
are spending in subscriptions.
Cadeem Lalor (19:19):
Right, right,
Shay Steacy (19:20):
Right. I am hit this too, right, where you get
like a $200 charge and your cardand you're like, Oh, that was
for this program that I chose todo annually last year, and I
forgot that there was an autorenewal. And so is there a one
timeframe that is consistent toreview your cash flow? I don't
(19:40):
think so. You know, I'm notsaying every month you have to
do something or every sixmonths, but that's a really good
point of... You know, if youreviewed everything and you set
up a beautiful cash flow systemtwo years ago, it probably needs
to change now. You're eitherearning a different amount or
inflation has happened. And, andthat is different as well. And
(20:03):
your values may have changedbetween now and the last time
that you reviewed things.
Cadeem Lalor (20:08):
All right, thank you.
Shay Steacy (20:09):
My pleasure.
Cadeem Lalor (20:18):
So Bethan, I'm wondering, how did you learn
about financial literacy?
Bethan Moorcraft (20:22):
It was 100%.
Through my parents, I would saywe didn't really talk about the
principles of growing wealth, itwas much more about the
principles of kind of basichealthy money management. I had
absolutely no financialeducation at school, which I
think a lot of people my agewould agree with. To the point
that I went to university and itwas literally the first I've
(20:43):
ever played a water orelectricity bill myself, and I
had to figure out how everythingworked and how to split the cost
with my housemates. And, and itwas an interesting experience.
And just like thinking about it,it's odd because you learn so
many things in school that youactually never use in everyday
life. But you don't learn aboutpersonal finance, which is
(21:04):
something that impacts you everysingle day. So looking back, I
wish I was taught about taxes,or interest rates, investing,
mortgages, because these are allthings that I've had to learn
along the way, as a youngprofessional. And really, I wish
I'd learned a little more alittle earlier. Cadeem, how
about you?
Cadeem Lalor (21:24):
I think my experience pretty much mirrors
yours. So not learning much inhigh school or elementary, I
think my parents tried to giveme some basic understanding of
things. But honestly, a bigpiece of it was just going away
from home for the first time,renting a place myself having a
small budget and try to makethat work, trying to, you know,
go out and have fun, but also beable to afford groceries, aside
(21:44):
from just rice, and you know,maybe ramen. So I think that was
basically a very enlighteningexperience. And even now, I
guess, kind of having first homeand so forth. As things happen
later in life, I'm stilllearning a lot. And I feel like
there are times like, I wishthat there were some simple
things, such as investing and soforth, that I'm kind of clueless
about going in, it'd be wouldhave been nice to be able to
learn some more about thatearlier on. So I think there's
(22:06):
definitely more of a push, now Ifeel like to kind of teach that
I think, you know, we're too oldto really benefit from it now at
this point. But there has beenmore of a push by, you know,
different school educationsystems nationally,
provincially, to add financialliteracy programs, and in 2019
education minister Leche made itmandatory to include more of
that in career studies coursesfor grade 10. And there's been
(22:27):
some provincial offshoots aswell popping up with some
mandatory financial literacycourses. But there's still
definitely ways to go with that.
Bethan Moorcraft (22:34):
Yeah, I think that's fantastic. I think it's
great that they're introducingthat in schools now. And I hope
that young people take advantageof that, because hindsight is a
beautiful thing. But there weare. So joining us today to talk
about financial education isJames Battiston, a staff
reporter with Moneywise. James,welcome.
James Battiston (22:53):
Hi, thanks for having me. And it's really
interesting. When you look atfinancial education and
financial literacy, it seems tome that there is a disconnect,
and that leads to a lot offinancial troubles. Scotiabank,
they sent out a poll, and theyfound that 81% of Canadians felt
that the financial world wasconfusing at present, and only
(23:15):
39% of those who were surveyed,said that they would actually go
to a financial advisor for help.
And it says to me that whenyou're looking for someone to go
to for good advice, when youdon't have the knowledge
yourself, you're struggling,you're you're not well equipped
to understand the complexfinancial world.
Cadeem Lalor (23:36):
I guess I was wondering, then who do you try
to turn to? Or how can you tryto educate yourself? I guess,
with so much information outthere.
James Battiston (23:42):
it's really hard to know who to trust, you
can turn to Google, you can turnto influencers, whatever the
case, but the information thatyou receive, you aren't sure
where it comes from, it can bebiased, it could be sponsored
content. We don't see what'sbehind the curtains of those
things. Myself, I just have afinancial advisor that I work
(24:04):
with and trust to provide mewith healthy financial choices.
But I'm very fortunate, and I'vehad them since I was like 12 or
13, which I think is uncommonfor most people?
Cadeem Lalor (24:15):
I think so, too.
James Battiston (24:17):
Absolutely.
It's difficult to find theproper person that you connect
with, when you are looking forfinancial advice. You really
have to understand what youvalue when you're looking for a
financial advisor, you know, isit really important for you to
invest in green energy, naturalcarbon offsetting businesses and
industries? Or are you moreinterested in saving for
(24:39):
retirement, saving for yourchildren's education. What those
priorities are, and once youhave an idea of that you can
create a better path to yourfinancial well being. But again,
comes back to financial literacyand financial education. You
really do need to be familiarwith what is out there. If
you're looking for advice, Imean, the first thing that I
(25:02):
would do is check someone'scredentials, you want to make
sure that they have the propercertifications, the proper
background, the properfoundation of knowledge
themselves that you may nothave. If you are going to a
financial advisor, you'd want tofind someone who's a fee only
that means that you pay them,they give you the financial
advice, there are other onesthat are commission based. And
(25:24):
the danger there is that theycan be influenced just as much
as like someone on Google orInstagram or TikTok, they could
be getting a cut from a businesscorporation. In terms of a
financial planner, that's adifferent thing. A financial
planner has certification, andyou will want to make sure that
they have the appropriatecertification. If you're
(25:45):
questioning a person'scredentials, be sure to research
them, check out the FP Canadawebsite or give them a call. Or
you can talk to the FinancialPlanning Standards Council, they
will tell you if the party thatyou're dealing with is
legitimately certified. Andthat's very important. You can
also check out the InvestmentIndustry Regulatory Organization
(26:06):
of Canada, which is a mouthfulto find out if there have been
any complaints against theperson that you're looking to
work with.
Cadeem Lalor (26:17):
Because I do feel to like with the having one at
12, 13, you almost sort ofinherited it, I think there's a
bit of trust built in probably arelationship built in over a
longer period of time. So Ithink that definitely helps. And
it's kind of at odds with howthe average person might have to
go about getting someone new,you know, maybe just going
online, maybe just going totheir bank kind of trusting the
random person, they're pairedwith their knows what they're
doing.
James Battiston (26:37):
That's exactly it. I mean, I inherited my
parents financial advisor,basically, and never questioned
it. So my financial education,my financial literacy, as yours
basically comes from my parents,there was some taught in school.
But at University, I was an artstudent, I didn't have that
(27:00):
business background, thateconomics background. In high
school, and before that, therewas a bit of financial education
happening, but not enough. And Ireally think that the
government's push to kind of getmore financial education
integrated into the classroom isreally important. And I'd highly
suggest that any individual,really familiarize themselves
(27:25):
with the basics just to get afoundational understanding, you
don't have to understand youknow, the intricacies of
economics. But having thatground from which to build up on
is really important to increaseyour financial literacy. I mean,
there are some great resourcesout there. The government
website, canada.ca has a greatdatabase of resources available
(27:47):
that you can check out, many ofwhich are free, if not all. The
big banks, they often offerfinancial literacy information.
And you can talk to people atthe branches and whatnot and get
a basic understanding. Again,they might not be fully
certified, but they have ageneral understanding. One of my
favorite places is going to yourlocal library to get
(28:09):
information. In Toronto, there'sa financial empowerment program
that helps people get a grasp ontheir financial matters. It was
developed with Prosper Canada,which is available throughout
the country. And that's acharity founded in 1986,
designed to help people who werenavigating poverty.
Bethan Moorcraft (28:27):
It's great that there are so many free
resources out there for peopletoday.
Cadeem Lalor (28:31):
Thank you for that information. Thank you for
joining us.
James Battiston (28:33):
Thank you very much.
Cadeem Lalor (28:36):
So Bethan, do you think you're going to trust
someone with your money now?
Bethan Moorcraft (28:39):
You know what, I think I will come to the
conclusion that a second opinioncan definitely go a long way.
But I'm going to be carefulabout where I get that advice. I
do love to scroll social media.
But perhaps that's not the bestplace for me to plan for my
financial future. Cadeem, whatabout you?
Cadeem Lalor (28:56):
I think what I've taken from this most is that you
don't need a specific amount ofmoney or what you view as a
large amount of money to getinvolved with a financial
advisor. It's really more aboutidentifying your good habits,
identifying the bad ones andbasically avoiding crypto bros.
Bethan Moorcraft (29:08):
So I can't interest you in buying an NFT of
my dog
Cadeem Lalor (29:11):
Maybe before this episode I would've been all over
that. So appreciate it, but I'llpass.
Bethan Moorcraft (29:15):
Fair enough.
And that was Half Banked. If youlike this episode, be sure to
subscribe rate and review us onApple Spotify or wherever you're
listening to this podcast.
Unknown (29:25):
Special thanks to executive producer Samantha
Emann and producers KevinHamilton, Jenny Potter, Shane
Murphy, James Battiston, MaryAlcober and technical producer
Muhammad Tabish. This episodewas edited by Vocal Fry Studios
I'm Cadeem Lalor.
Bethan Moorcraft (00:03):
And I'm Bethan Moorcraft.
Cadeem Lalor (00:04):
And this is the Half Banked podcast. So Bethan,
who do you trust with yourmoney?
Bethan Moorcraft (00:09):
I'd say I'm quite a closed book when it
comes to my money growing up, Icertainly took advice from my
family, following three coretips of save, don't spend more
than you have, and try not to gointo overdraft. But beyond that,
as a young professional, I'vehandled all of my money myself
without any professional help.
And I think at the root of thatis trust. But we're going to dig
into that in today's episode.
(00:31):
Cadeem, how about you? Do youuse a financial advisor?
Cadeem Lalor (00:34):
I don't. And I think growing up, I basically
had the same upbringing in termsof those three key lessons and
trying to incorporate those intomy spending habits. But aside
from that, maybe trusting maybea belief that I don't have
enough to make it worthwhile tolook into professional. But I
think that might not be so true.
So how about the worst piece offinancial advice you've ever
received?
Bethan Moorcraft (00:54):
So I have to look back to when I first moved
to Canada a few years ago, andhad to learn a whole new
economic system, I went to thebank to open a TFSA savings
account, but an advisor upsoldme into opening a multi holding
TFSA investing account. What hedidn't explain at the time was
the management expense ratio, orMER, which is the cost of
(01:15):
investing in a mutual fund,which was significantly higher
than it would have been for meto do a little bit of my own
research and manage my owninvesting. I'm frustrated by
that now, but at the time, itdid seem like a good option. So
I guess it's a good lessonlearned. Cadeem, how about you?
Cadeem Lalor (01:30):
I mean, for me, maybe there isn't one particular
instance that stands out. But Ithink just growing up, we've
always had that small group offriends, basically, who have
their eyes on the next biginvestment, now it's Crypto, NFT
before may have been somethingpyarmid scheme related. So I
think basically trying to avoidthose people who are trying to
get you to invest in somethingthat you don't fully understand
and that they might notunderstand either.
Bethan Moorcraft (01:53):
Well, these days, there are so many ways to
be tricked or conned out of yourmoney. The latest update of the
financial well being surveyshows that 42% of Canadians were
targeted for financialinformation through phishing, or
hacking.
Cadeem Lalor (02:06):
There is also a Scotiabank poll that shows that
54% of respondents receive badfinancial advice at least once
in their lives. Surprisingly,only 39% consult with a
financial advisor.
Bethan Moorcraft (02:15):
At the same time, one in five said they gave
financial advice without knowingwhat they're talking about. And
our producer is looking rathersheepish with that statistic.
Cadeem Lalor (02:24):
Who knows, I might be guilty of that myself as
well. So our guest today is ShaySteacy who's a Certified
Financial Planner and moneycoach with InBalance financial
planning.
Shay Steacy (02:32):
Hey, I'm happy to be here.
Cadeem Lalor (02:33):
So I guess you can tell we're not maybe the most
trusting duo so far. Thinksometimes it's tough to decide
between family, friends, there'salways unsolicited advice, you
know, in person and online, interms of who you should trust
with your money, whatinvestments to make, how to
budget and so forth. So I guessI was wondering, as a
professional, how do yourecommend finding someone with
sound financial advice that youcan actually trust?
Shay Steacy (02:53):
I think clarifying the word "trust" would be one of
the first things. When thinkingabout money, I think a lot of
people with trust you think oflike the Bernie Madoff and like
Ponzi schemes and things likethat places where you're going
to potentially lose your moneybecause someone is doing things
illegal with it. So I think thatnow in the financial world, is
(03:19):
looking at who really does haveyour best interest in mind when
they're giving you financialadvice. So what maybe do they
have to gain by advising you?
And one of the things that I dobelieve is, a lot of people who
are giving financial advice aresalespeople. And that's one
(03:44):
reason why I got out of thatworld. Because as good as I
would try to be in financialadvice, if I was always going to
be reviewed for my jobperformance on how much I sold,
versus the amount of advice Igave or the quality of advice I
gave, I realized that that justdidn't kind of line up with my
(04:05):
values.
Bethan Moorcraft (04:08):
I remember a time I went to the bank got some
advice from a nice man. And hetold me that he'd invested his
parents money into a certainmutual fund, and it was the best
fund ever and their returns weregreat. And it won be over at the
time. But looking back, I'mlike, definite sales tactic.
Shay Steacy (04:28):
Yeah. And an interesting point there when you
bring up parents is I think thatsometimes even looking beyond
parents to like your parentsadvisor is a next natural step
for a lot of people. And I don'tthink that it's not that you
can't trust that person. I thinkthat there just could be a lot
(04:49):
of difference in the advice thatthey're really good at giving.
And so it's not that you can'ttrust them nor the advice it
just may not be the best advicefor you in that situation or in
your age and stage.
Cadeem Lalor (05:03):
It sounds like relatability, to the certain
extent is a part of the trust aswell. So I'm being able to kind
of empathize with yoursituation, your goals, your age,
and so forth.
Shay Steacy (05:10):
Yeah, empathize, but also maybe know what's
important at that stage. Right?
I used to work with people whowere kind of nearing or entering
retirement or even later, and Italked a lot about estate
planning and how you draw downon your money during retirement.
I didn't talk a lot about okay,if you have a mortgage to pay
(05:31):
down and kids to raise and matleaves coming up, like how do
you make income, meet all ofyour needs? That wasn't
conversations that we had then.
And now that's what I have whenI'm working with. I say, I work
with people that 10 years plusor minus my age, so depending on
(05:54):
how old do you think I am?
That's my clients ages.
Cadeem Lalor (05:57):
I don't want to ask, so I'll set my guess. Okay,
thank you.
Bethan Moorcraft (06:00):
So what would you say for somebody like me,
someone who's never worked withan advisor or planner before?
What would the benefit be, forme at this point, in my career?
I'm a young professional, youknow, I haven't done any of the
big milestones, yet, I haven'tgot a mortgage, not married,
etc. But you know, those thingsare potentially on the horizon.
(06:20):
So why might now be a good timefor me to start considering it?
Shay Steacy (06:24):
The best thing that you've got on your side now is
time when you're looking at someof the things like investing
small amounts of money so thatthey can grow over time. But I
also think that if you're goingto talk to someone, and all that
they talk about is investing,you may want to maybe find
someone who will actually focuson other areas of your overall
(06:50):
financial wealth. For me,everything will come down to
cash flow for a client. So thatdoesn't mean it's a one size
fits all approach for everyone.
It's just well, if you don'tunderstand your money coming in,
and your money going out, andtalking to someone who can help
you maybe balance all of yourneeds and talk to you about what
(07:10):
is important to you. What areyour goals or priorities maybe
in the next couple of years? Andinstead of just saying, Okay,
well, we know you have to savefor retirement so put some money
away, right, let's actually havea conversation and start taking
baby steps to making some smallchanges that will ultimately
(07:33):
lead to big results.
Bethan Moorcraft (07:37):
It's hard to have a big picture view at this
point in life. It's quiteimmediate in terms of how you
manage money and what you do. Soit is interesting that working
with an advisor might perhapsopen that and make you think a
bit differently about the longterm, definitely.
Shay Steacy (07:53):
Only thinking about the long term isn't the
solution, either. It is likelet's talk about what your life
looks like now. And some thingsthat you can do today to make
your life better and make youfeel more successful with your
money. Because as soon as youstart to feel little successes,
I think then a momentum willalso grow. And you'll want to
(08:16):
continue down that path.
Cadeem Lalor (08:17):
So I was wondering, as we look at, I
think you've touched on thesales piece of financial
advising. And I guess there'ssome confusion about the
financial advisor piece versusfinancial planner, are you able
to differentiate those two forus?
Shay Steacy (08:29):
I wish there was an easy answer. And this is really
challenging as someone in theindustry that I can't provide
you with a simple answer tothis. So the first thing I will
say is that different titles forwhat people can use might vary
(08:50):
between companies might varyprovince to province, but there
is starting to be someregulation around this. But I
still don't think that it isgoing to help someone truly know
how that person is going tohelp. So the first thing I'll
say just about the titles inOntario, specifically, financial
(09:13):
planner is designed to be usedmore around when someone has
education and qualificationsaround looking at all areas of
someone's finances and bringingthose things together. So that
could be tax planning and estateplanning and risk management a
whole a whole bunch of differentareas. The term financial
(09:35):
advisor is more for when peopleare well versed in kind of one
area and it's typicallyinvestments so that they are
qualified to sell or discussinvestments. That's not to say
that a financial planner is notalso a salesperson, again, it
(09:57):
can depend on where someone isworking, but that the regulation
that is coming out. To me what'smore important is the
distinction between beingsomeone who sells financial
products, and someone who sellstheir advice. And that is where
(10:18):
I fall in now that I am anadvice only financial planner.
And there's even a whole bunchof different terms for that as
well and still confusion withinthe industry. But if there is no
cost to you to get advice, thenyou're probably the product, if
(10:39):
that makes sense. And makingmoney from selling something to
you.
Cadeem Lalor (10:42):
Okay, so it's never basically as free as it
seems in that sense.
Shay Steacy (10:46):
No.
Cadeem Lalor (10:47):
Okay. And I guess on that topic as well, when
you're looking for one, there'sso many options, you can go
through, you know, yourfinancial institution, or the
mental institution that yourparents use, even do a quick
Google search, but then whatpops up first might not
necessarily be the best option.
And I've touched on therelatability piece, you tried to
differentiate between, you know,the planner advisor titles,
looking at that, but I guess, isthere anything else in
particular, you're thinking ofwhen you're looking at an
(11:09):
advisor in terms of how to judgeif they're the right fit for
you?
Shay Steacy (11:13):
I think a big thing I would ask about is what kind
of clients they typically workwith? Are their clients, people
like you who have the samequestions and concerns that you
might have. There are evencertain people who work in
different industries, who mighthave advice that's more kind of
fine tuned and applicable tokind of you versus someone else.
(11:39):
So understanding who they workwith would be a big one. And
again, coming back to how peopleget paid I... That's a big thing
I would ask an advisor is howthey get paid, what total costs
will be? And what are theirqualifications, right? I mean,
unless you're selling products,and even if you are selling
(12:01):
products, it's kind of a lot ofareas where you can give advice,
and maybe not necessarily bequalified. So asking them what
schooling they have, or whatcourses they do, what kind of
codes they abide by, and thingslike that.
Bethan Moorcraft (12:15):
So it does seem a little bit confusing.
Even in the industry, there's abit of discrepancy between what
as a planner, advisor, etc. Soyou need to do a bit of due
diligence, what would yourecommend doing, if someone
feels that they picked anadvisor, and then that advisor
isn't necessarily the best fitfor them.
Shay Steacy (12:34):
It may depend on how the relationship is built or
managed. But I think the bigthing is that it is your money
and your life. And if there issomething there that doesn't
feel right, to think aboutyourself first, right? We want
to be very nice sometimes. And Idon't think that that needs to
(12:57):
apply here. Money is verypersonal money is very
emotional. And if there isn'ttrust or a good fit there, it's
not going to help anyone, it'snot going to help the adviser,
so I wouldn't be too concernedabout them. And it's most
certainly not going to help you.
So that may mean if you've gotinvestments or something with
this advisor that you may needto move them to a different
(13:20):
institution. And it seemsintimidating, but it doesn't
have to be. Or the relationshipjust may be that, you know,
maybe you're transferred tosomeone else within the same
company, or you stop paying themif you're paying for advice
only. This is where you have tothink about you and not the
other person's feelings.
Bethan Moorcraft (13:42):
It's your personal finance. So you've got
to look after yourself. So onebig trend I've noticed in recent
years is that a lot of youngpeople are taking their
financial advice from socialmedia stars. It's a new word for
me, but there are 'finfluencers'these days that are sort of
posting three best stocks topick or you know, how to file
(14:06):
your taxes for the first timeever. And these are all
interesting, fun, informationalvideos. But how do we know if we
can trust them? Number one, andnumber two, how important is it
to kind of take advice fromsocial media or even online
blogs, etc. with a pinch ofsalt?
Shay Steacy (14:25):
It is more than important to take everything
with a pinch of salt. The firstthing I'll say is being
Canadian. What I do see isfinancial advice that isn't
applicable here, right? Becausewe are so close to the States.
And we sound a lot like peoplefrom the States. I've even had
(14:47):
friends send me a post. Is thistrue? And I'll look and say, you
know, no, it's American. And itmight be true there I'm not sure
here. So I think that issomething to be very mindful of
because I could not be afinancial planner in the States.
My mom actually lives in Floridaand I can't help her with a lot
of things. It is so different.
But general basics can besimilar, right? If it comes to
(15:13):
specifically cash flow and notspending more than you earn, I
mean, that was good. Right?
Where you grew up? It's goodhere, it's good in the States. A
financial planners favouriteanswer is it depends. And when
you're getting general answersfrom, you know, a 20 second reel
(15:35):
or have, you know, a minute longtik tok video, that person knows
nothing about you. So I'm notgoing to lay a blanket statement
and say you can't trustanything. But what applies for
each of you may be differentfrom me. What applies to me
might be different from myneighbor. And that is, I think,
(15:58):
the biggest risk you're going toget if you rely on general, and
let's call them like sexytopics, right? That you're going
to see, because boring stuffdoesn't make for good views,
like I would not get a lot offollows by talking about some of
the stuff I talk about. BecauseI'm super boring when it comes
(16:22):
to what are good things to dowith your money.
Cadeem Lalor (16:25):
You know, when you try to really master financial
independence and trying to buildwealth and passive income and so
forth, we're looking at tryingto build you know, a better
relationship with money. And theterm gets thrown out a lot. But
that can apply to you know,trying to cut out impulsive
spending looking at, you know,the why of the buy, as some
people would say, so I guess I'mwondering, then, is like, how
can someone develop betterrelationships with their money?
(16:45):
And how can they basically leadto more informed decisions that
look at kind of the why of thebuy.
Shay Steacy (16:50):
Avoiding money is never the answer.
Cadeem Lalor (16:53):
Okay.
Shay Steacy (16:53):
I do know that that is a common thing for people is
if they don't review theirtransactions, or open their bank
statements, then everythingseems fine. And as much as it
might suck, understanding thebasics of even just what's going
(17:13):
through your bank accounts, orwhat's being put on your credit
cards, is so important. So thatwould be a very first step, if
there is avoidance to startsmall, if that's all it takes,
right? If it's opening a billthat happens to come in the
mail, or the email that you'vegot some mail on CRA, that may
(17:37):
be your first step, right.
Understanding the very basicswould be my next thing and the
basics being the foundation ofyour money or your households
money. So how much money iscoming in on a regular basis?
How much is going out for thingsthat stay relatively fixed month
(17:57):
to month? And this is where youcan get into very nuanced
discussions of is something afixed expense or a variable
expense? Is it a need? Is it awant, right? A good example for
you know, a need or a wantorganic produce? Was that a need
or want, right? You have to eat,but does... So for me, I have a
(18:20):
different way of working withcash flow with clients to help
achieve balance. That's why mycompany name is InBalance
Financial Planning, setting upas many things as you can on
autopilot so that you can focuson other things. And maybe, like
a little bit less ofscrutinizing every single thing
(18:44):
is allowing yourself permissionto enjoy life today, knowing
that you are doing things tohelp future you, right, finding
that balance.
Cadeem Lalor (18:58):
I guess just as a small tidbit on that because I
have also read some things wherethere's incidents of people
getting so used to the autobilling, sometimes they kind of
almost forget about certaincharges, or they don't look at
the price of certain charges,because it's just been auto done
for a while. So they kind oflose track of those expenses, I
guess, have you come across thatyourself as well?
Shay Steacy (19:15):
I've seen a lot of people underestimate what they
are spending in subscriptions.
Cadeem Lalor (19:19):
Right, right,
Shay Steacy (19:20):
Right. I am hit this too, right, where you get
like a $200 charge and your cardand you're like, Oh, that was
for this program that I chose todo annually last year, and I
forgot that there was an autorenewal. And so is there a one
timeframe that is consistent toreview your cash flow? I don't
(19:40):
think so. You know, I'm notsaying every month you have to
do something or every sixmonths, but that's a really good
point of... You know, if youreviewed everything and you set
up a beautiful cash flow systemtwo years ago, it probably needs
to change now. You're eitherearning a different amount or
inflation has happened. And, andthat is different as well. And
(20:03):
your values may have changedbetween now and the last time
that you reviewed things.
Cadeem Lalor (20:08):
All right, thank you.
Shay Steacy (20:09):
My pleasure.
Cadeem Lalor (20:18):
So Bethan, I'm wondering, how did you learn
about financial literacy?
Bethan Moorcraft (20:22):
It was 100%.
Through my parents, I would saywe didn't really talk about the
principles of growing wealth, itwas much more about the
principles of kind of basichealthy money management. I had
absolutely no financialeducation at school, which I
think a lot of people my agewould agree with. To the point
that I went to university and itwas literally the first I've
(20:43):
ever played a water orelectricity bill myself, and I
had to figure out how everythingworked and how to split the cost
with my housemates. And, and itwas an interesting experience.
And just like thinking about it,it's odd because you learn so
many things in school that youactually never use in everyday
life. But you don't learn aboutpersonal finance, which is
(21:04):
something that impacts you everysingle day. So looking back, I
wish I was taught about taxes,or interest rates, investing,
mortgages, because these are allthings that I've had to learn
along the way, as a youngprofessional. And really, I wish
I'd learned a little more alittle earlier. Cadeem, how
about you?
Cadeem Lalor (21:24):
I think my experience pretty much mirrors
yours. So not learning much inhigh school or elementary, I
think my parents tried to giveme some basic understanding of
things. But honestly, a bigpiece of it was just going away
from home for the first time,renting a place myself having a
small budget and try to makethat work, trying to, you know,
go out and have fun, but also beable to afford groceries, aside
(21:44):
from just rice, and you know,maybe ramen. So I think that was
basically a very enlighteningexperience. And even now, I
guess, kind of having first homeand so forth. As things happen
later in life, I'm stilllearning a lot. And I feel like
there are times like, I wishthat there were some simple
things, such as investing and soforth, that I'm kind of clueless
about going in, it'd be wouldhave been nice to be able to
learn some more about thatearlier on. So I think there's
(22:06):
definitely more of a push, now Ifeel like to kind of teach that
I think, you know, we're too oldto really benefit from it now at
this point. But there has beenmore of a push by, you know,
different school educationsystems nationally,
provincially, to add financialliteracy programs, and in 2019
education minister Leche made itmandatory to include more of
that in career studies coursesfor grade 10. And there's been
(22:27):
some provincial offshoots aswell popping up with some
mandatory financial literacycourses. But there's still
definitely ways to go with that.
Bethan Moorcraft (22:34):
Yeah, I think that's fantastic. I think it's
great that they're introducingthat in schools now. And I hope
that young people take advantageof that, because hindsight is a
beautiful thing. But there weare. So joining us today to talk
about financial education isJames Battiston, a staff
reporter with Moneywise. James,welcome.
James Battiston (22:53):
Hi, thanks for having me. And it's really
interesting. When you look atfinancial education and
financial literacy, it seems tome that there is a disconnect,
and that leads to a lot offinancial troubles. Scotiabank,
they sent out a poll, and theyfound that 81% of Canadians felt
that the financial world wasconfusing at present, and only
(23:15):
39% of those who were surveyed,said that they would actually go
to a financial advisor for help.
And it says to me that whenyou're looking for someone to go
to for good advice, when youdon't have the knowledge
yourself, you're struggling,you're you're not well equipped
to understand the complexfinancial world.
Cadeem Lalor (23:36):
I guess I was wondering, then who do you try
to turn to? Or how can you tryto educate yourself? I guess,
with so much information outthere.
James Battiston (23:42):
it's really hard to know who to trust, you
can turn to Google, you can turnto influencers, whatever the
case, but the information thatyou receive, you aren't sure
where it comes from, it can bebiased, it could be sponsored
content. We don't see what'sbehind the curtains of those
things. Myself, I just have afinancial advisor that I work
(24:04):
with and trust to provide mewith healthy financial choices.
But I'm very fortunate, and I'vehad them since I was like 12 or
13, which I think is uncommonfor most people?
Cadeem Lalor (24:15):
I think so, too.
James Battiston (24:17):
Absolutely.
It's difficult to find theproper person that you connect
with, when you are looking forfinancial advice. You really
have to understand what youvalue when you're looking for a
financial advisor, you know, isit really important for you to
invest in green energy, naturalcarbon offsetting businesses and
industries? Or are you moreinterested in saving for
(24:39):
retirement, saving for yourchildren's education. What those
priorities are, and once youhave an idea of that you can
create a better path to yourfinancial well being. But again,
comes back to financial literacyand financial education. You
really do need to be familiarwith what is out there. If
you're looking for advice, Imean, the first thing that I
(25:02):
would do is check someone'scredentials, you want to make
sure that they have the propercertifications, the proper
background, the properfoundation of knowledge
themselves that you may nothave. If you are going to a
financial advisor, you'd want tofind someone who's a fee only
that means that you pay them,they give you the financial
advice, there are other onesthat are commission based. And
(25:24):
the danger there is that theycan be influenced just as much
as like someone on Google orInstagram or TikTok, they could
be getting a cut from a businesscorporation. In terms of a
financial planner, that's adifferent thing. A financial
planner has certification, andyou will want to make sure that
they have the appropriatecertification. If you're
(25:45):
questioning a person'scredentials, be sure to research
them, check out the FP Canadawebsite or give them a call. Or
you can talk to the FinancialPlanning Standards Council, they
will tell you if the party thatyou're dealing with is
legitimately certified. Andthat's very important. You can
also check out the InvestmentIndustry Regulatory Organization
(26:06):
of Canada, which is a mouthfulto find out if there have been
any complaints against theperson that you're looking to
work with.
Cadeem Lalor (26:17):
Because I do feel to like with the having one at
12, 13, you almost sort ofinherited it, I think there's a
bit of trust built in probably arelationship built in over a
longer period of time. So Ithink that definitely helps. And
it's kind of at odds with howthe average person might have to
go about getting someone new,you know, maybe just going
online, maybe just going totheir bank kind of trusting the
random person, they're pairedwith their knows what they're
doing.
James Battiston (26:37):
That's exactly it. I mean, I inherited my
parents financial advisor,basically, and never questioned
it. So my financial education,my financial literacy, as yours
basically comes from my parents,there was some taught in school.
But at University, I was an artstudent, I didn't have that
(27:00):
business background, thateconomics background. In high
school, and before that, therewas a bit of financial education
happening, but not enough. And Ireally think that the
government's push to kind of getmore financial education
integrated into the classroom isreally important. And I'd highly
suggest that any individual,really familiarize themselves
(27:25):
with the basics just to get afoundational understanding, you
don't have to understand youknow, the intricacies of
economics. But having thatground from which to build up on
is really important to increaseyour financial literacy. I mean,
there are some great resourcesout there. The government
website, canada.ca has a greatdatabase of resources available
(27:47):
that you can check out, many ofwhich are free, if not all. The
big banks, they often offerfinancial literacy information.
And you can talk to people atthe branches and whatnot and get
a basic understanding. Again,they might not be fully
certified, but they have ageneral understanding. One of my
favorite places is going to yourlocal library to get
(28:09):
information. In Toronto, there'sa financial empowerment program
that helps people get a grasp ontheir financial matters. It was
developed with Prosper Canada,which is available throughout
the country. And that's acharity founded in 1986,
designed to help people who werenavigating poverty.
Bethan Moorcraft (28:27):
It's great that there are so many free
resources out there for peopletoday.
Cadeem Lalor (28:31):
Thank you for that information. Thank you for
joining us.
James Battiston (28:33):
Thank you very much.
Cadeem Lalor (28:36):
So Bethan, do you think you're going to trust
someone with your money now?
Bethan Moorcraft (28:39):
You know what, I think I will come to the
conclusion that a second opinioncan definitely go a long way.
But I'm going to be carefulabout where I get that advice. I
do love to scroll social media.
But perhaps that's not the bestplace for me to plan for my
financial future. Cadeem, whatabout you?
Cadeem Lalor (28:56):
I think what I've taken from this most is that you
don't need a specific amount ofmoney or what you view as a
large amount of money to getinvolved with a financial
advisor. It's really more aboutidentifying your good habits,
identifying the bad ones andbasically avoiding crypto bros.
Bethan Moorcraft (29:08):
So I can't interest you in buying an NFT of
my dog
Cadeem Lalor (29:11):
Maybe before this episode I would've been all over
that. So appreciate it, but I'llpass.
Bethan Moorcraft (29:15):
Fair enough.
And that was Half Banked. If youlike this episode, be sure to
subscribe rate and review us onApple Spotify or wherever you're
listening to this podcast.
Unknown (29:25):
Special thanks to executive producer Samantha
Emann and producers KevinHamilton, Jenny Potter, Shane
Murphy, James Battiston, MaryAlcober and technical producer
Muhammad Tabish. This episodewas edited by Vocal Fry Studios
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