In this episode, the Mechanic, the Accountant, and the Economist discuss a listener’s email and ponder some FI approved drinks. We’ll sample a few new beers as usual too. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional.

*These show notes include referral or affiliate links – donated by an asterisk. Thanks for helping to support the podcast!

Beer #1 – Radler made with Lucky Lager [1:30]

• Lucky Lager WAS brewed in Victoria until 1982

Useful Financial Product [5:05]

• Koho (Visa)
  • 0.5 percent cashback
  • Our referral code is OXQM6GDT*
  • The signup bonus is an additional 1 percent cash back for your first 90 days – not much of a deal.
• Stack (Mastercard)
  • special offers
  • Our referral link is here*
• You get $20 for signing up – not bad! – and we get $5.
• Pre-loaded credit cards
• Not a credit builder
• Scotia SCENE debit card [6:57]
• Segregating spending [8:50]
• New Reading: 4 reasons to get a prepaid card and 5 reasons not to by from creditcardgenius.ca: Prepaid Visa Or Prepaid Mastercard ‒ Which Option Is Better?

Non-Registered Accounts [9:40]

• Shout out to Trevor for suggesting our topic [9:30 & 10:20]
• Disclaimer! [10:00]
• You’ve maxed out your registered accounts, now what? [11:20]
  • Interest-bearing investments are the least efficient form of investment income to earn in a taxable account [11:35]
  • Interest-bearing investments and foreign equities should go into tax-advantaged accounts.
• Canadian Equities and Canadian ETFs are the best investments to hold in non-registered accounts [12:48]
• Is paying off your mortgage a good use of your dollars when registered accounts are full? [13:20]
• Start executing a Smith maneuver [14:07]
  • Maple Money’s Make Your Mortgage Tax Deductible With the Smith Manoeuvre, with Robinson Smith
  • Smith maneuver web site
  • Explore FI Canada’s Megan from Victoria, BC | Using the Smith Manoeuvre to Achieve FI
• RESPs [15:30]
• Look at your portfolio as a whole [16:45]
• Consider talking to a financial planner or tax professional [18:00]
• Consider a real estate investment [20:35]
• Gold or other Alternative Investments [22:35]
• Canadian dividend-paying stocks [24:00]
• Joint-Accounts [28:28]

Beer #2 – The Money Mechanic’s FI Garage Dry-Hopped Ale [26:00]

FI Garage Approved Drinks [30:05]

• Water [30:18]
• Homebrew [30:45]
  • about $2 per Litre
• Homemade Apple Cider [33:30]
  • $1 per Litre
• Mix your own Hi-Balls [36:40]
  • $1 per Drink
• Un-approved: Premixed Drinks [36:57]
• Make your own Wine [38:00]
  • $3 per bottle
• U-brew Facilities [39:00]
• Quit Drinking [40:27]

Reading List

• The Greater Fool’s The Other One [28:37]