00:00
Wealthy Barber is a classic Canadian personal finance book first published in 1989 that has sold over 2 million copies
《理髮師致富》是一本經典的加拿大個人理財書籍，於1989年首次出版，銷量已超過200萬冊
00:06
in Canada.
在加拿大。
00:07
The author Dave Chilton has come out with a fully updated 2025 edition of the book full of top-notch
作者戴夫·奇爾頓（Dave Chilton）推出了2025年的全新修訂版，書中充滿了關於投資、支出、
00:12
personal finance advice on investing, spending, estate planning, and insurance.
遺產規劃和保險的一流個人理財建議。
00:17
I have read the book twice now, and in this video I'm going to go through the points that I think everyone
我已經讀過這本書兩次了，在這支影片中，我將介紹我認為每個人
00:22
needs to know.
都需要知道的重點。
00:23
I'm not affiliated with Dave or his company.
我與戴夫或他的公司並無關聯。
00:25
I may be a little biased because this channel is mentioned in the book and my testimonial is on the
我可能有一點偏頗，因為書中提到了這個頻道，而且我的推薦語印在
00:29
back cover.
封底上。
00:30
I know that was a bit of a humble brag, but come on, it's it's pretty cool.
我知道這聽起來有點謙虛的炫耀，但老實說，這真的很酷。
00:33
I meant what I wrote there on the back of the book.
我在書封底寫的話是發自內心的。
00:35
This is the best and most approachable introduction to personal finance that I have ever
這是我讀過最好、最平易近人的個人理財入門書。
00:39
I think this book is a great read for anyone and an excellent gift for someone you want to share good financial
我認為這本書對任何人來說都是很好的讀物，也是送給你想分享良好財務
00:44
planning principles with.
規劃原則的人的絕佳禮物。
00:46
Or, you know, you could just send them this video.
或者，你知道，你也可以直接把這支影片傳給他們。
00:49
No, but also buy the book.
不行，但還是要買這本書。
00:49
Sorry, Dave.
抱歉了，戴夫。
00:50
I'm Ben Felix, chief investment officer at PWL Capital, and I'm going to tell you
我是班·菲力克斯（Ben Felix），PWL Capital 的首席投資長，我將告訴你
00:52
why The Wealthy Barber is a book worth reading.
為什麼《理髮師致富》是一本值得一讀的書。
00:59
The Wealthy Barber is written as a story with character development, unique personalities, and lots of dry humor.
《理髮師的致富秘密》以故事形式寫成，包含角色發展、獨特個性以及大量冷幽默。
01:06
It starts with a Canadian couple, Matt and Maddie, who decide they want to learn
故事從一對加拿大夫婦 Matt 和 Maddie 開始，他們決定要學習
01:08
about personal finance.
個人理財。
01:10
They ask Matt's parents for help and they get referred by them to their local barber, Roy, who
他們向 Matt 的父母尋求幫助，父母將他們介紹給當地的理髮師 Roy，我們
01:14
we find out is himself financially successful despite not having an abnormally high income or having
後來發現，Roy 雖然收入並非異常高，也沒有繼承大筆遺產，但他在財務上非常成功。
01:20
received a big inheritance.
26.
01:23
He is the wealthy barber.
他就是那位富有的理髮師。
01:23
Roy is also an excellent personal finance teacher, having helped many people over the years, including
Roy 也是一位出色的個人理財老師，多年來幫助了許多人，包括
01:27
Matt's parents.
Matt 的父母。
01:29
The book follows Matt and Mattiey's visits with Roy as they learn about personal finance.
這本書記錄了 Matt 和 Mattiey 向 Roy 請益並學習個人理財的過程。
01:35
They're joined by Matt's overspending but successful entrepreneur sister, Jess,
Matt 的妹妹 Jess 也加入他們，她雖然花錢如流水，但是一位成功的企業家；
01:38
his best friend Kyle Sorav, a newcomer to Canada who lives in Royy's apartment building, and some of Royy's regular
他最好的朋友 Kyle Sorav 是住在 Roy 公寓大樓的新移民；還有幾位常在理髮店
01:44
customers who hang out in the barber shop, and they all contribute to the discussions.
出入的 Roy 老顧客，他們都為討論貢獻良多。
01:48
This writing style, conversational with lots of back and forth on questions that readers likely
這種寫作風格充滿對話感，針對讀者可能有的疑問進行大量
01:52
have, makes the information approachable for anyone.
一來一往的討論，讓所有人都能輕易理解書中資訊。
01:55
All right, as much as I do like the writing, I'm not just here to praise the book.
好吧，雖然我很欣賞這本書的寫法，但我來此不只是為了讚美它。
01:58
I want to give you its main lessons.
我想告訴你們書中的主要教訓。
02:00
Again, I'm sorry, Dave.
再次向 Dave 致歉。
02:03
I do hope people still read the book.
我真心希望人們還是會去讀這本書。
02:05
The first lesson imparted by Roy is you can do this.
Roy 傳授的第一個教訓是：你也能做到。
02:06
There's absolutely nothing we're going to cover that you're not capable of fully understanding and
我們將要討論的內容，絕對沒有你無法完全理解的
02:10
implementing successfully.
也沒有你無法成功實踐的。
02:13
You can start managing your own money very well quite soon.
你很快就能開始妥善管理自己的財富。
02:15
For many people, that is a huge lesson.
對許多人來說，這是一個非常重要的道理。
02:17
Finance and numbers more generally can be intimidating, but becoming good at managing your finances
金融與數字通常讓人望而生畏，但要擅長管理財務
02:22
is not a mathematical endeavor.
並不是在考驗數學能力。
02:26
As Roy says in that first conversation, none of the important financial planning
正如 Roy 在第一次對話中所說，重要的理財規劃
02:28
concepts are complex.
概念沒有一個是複雜的。
02:30
This is such an important point.
這一點非常重要。
02:32
Roy is absolutely correct that smart investing and financial planning are easy to
Roy 說得完全沒錯，聰明的投資與理財規劃很容易
02:37
They're not always easy to execute due to human psychology, but they should be easy to understand.
雖然受限於人性心理，執行上不總是那麼容易，但其概念應該是易於理解的。
02:42
If you can't understand an investment product or financial planning strategy,
如果你無法理解某項投資產品或理財策略，
02:44
there's a good chance you should avoid it altogether.
你很可能應該完全避開它。
02:48
In their next conversation, Roy introduces his golden rule.
在他們的下一次對話中，Roy 提出了他的黃金法則。
02:50
Save and invest at least 10% of your net income for the future.
將淨收入的至少 10% 用於儲蓄和投資，為未來做準備。
02:55
This rule is powerful due to the nature of compounding.
這條法則之所以強大，在於複利的特性。
02:57
Saving and investing consistently over time eventually results in the returns from your
長期持續地儲蓄與投資，最終會讓投資回報
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investments far exceeding your ability to save.
遠超你能存下的金額。
03:03
Compounding is both powerful and poorly understood.
複利的力量強大，卻也常被誤解。
03:07
Humans are just not wired to process exponential growth, which is exactly what compounding
人類天生就不擅長處理指數型增長，而這正是複利所帶來的結果。
03:11
Roy then explains that to be truly useful, the first rule needs to be paired with the second rule.
羅伊接著解釋，要讓第一條法則真正發揮作用，必須與第二條法則並用。
03:17
And according to Roy, the three most important words in personal finance, pay
而根據羅伊的說法，個人理財中最重要的三個字就是：先付錢給自己。
03:20
yourself first.
先付錢給自己。
03:22
Roy explains that saving is hard.
羅伊解釋，儲蓄是很困難的。
03:23
Putting money away for your future self who feels like a bit of a stranger is competing with spending on
把錢存給未來那個感覺有點陌生的自己，是在與把錢花在當下的自己做競爭；當下的自己面臨著眼前的需求、不斷上升的生活成本、類似成癮的消費心理，以及我們與生俱來想跟上身邊人的心態。
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your present self who's dealing with immediate needs, a rising cost of living, the addiction-like psychology of
以及我們與生俱來想跟上身邊人的心態。
03:33
spending money, and our innate desire to keep up with the people around us.
更別提所有企業都在絞盡腦汁影響你，把錢花在他們的產品和服務上。
03:38
Not to mention all the businesses doing everything they can to influence you to
更別提所有企業都在絞盡腦汁影響你，把錢花在他們的產品和服務上。
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spend your money on their products and services.
先付錢給自己，也就是在你有機會花錢之前，就把一部分錢投入長期投資或為了其他短期、中期目標而儲蓄，這樣就能消除誘惑。
03:42
Paying yourself first, putting a portion of your money into long-term investments or savings for some other
先付錢給自己，也就是在你有機會花錢之前，就把一部分錢投入長期投資或為了其他短期、中期目標而儲蓄，這樣就能消除誘惑。
03:47
short or medium-term goal before you have a chance to spend it takes away that temptation.
羅伊解釋，雖然從收入中拿走 10% 或更多來儲蓄看似困難，但一旦開始，你就會發現過去很多開銷其實都不是真正需要的。
03:53
Roy explains that while taking 10% or more of your income away seems difficult to do, once you start,
羅伊解釋，雖然從收入中拿走 10% 或更多來儲蓄看似困難，但一旦開始，你就會發現過去很多開銷其實都不是真正需要的。
03:58
you realize that a lot of your spending was on things you didn't really need.
過去很多開銷其實都不是真正需要的。
04:03
As Roy concludes the lesson, Sorov chimes in to summarize, save first, spend the
當羅伊結束課程時，索羅夫插話總結道：先儲蓄，剩下的再好好花；先花費，剩下的再儲蓄，這很糟糕。
04:06
rest good, spend first, save the rest bad.
先儲蓄，剩下的再好好花；先花費，剩下的再儲蓄，這很糟糕。
04:09
Now, I do feel compelled to say that many economists would disagree with this advice.
現在，我覺得有必要說，許多經濟學家會不同意這個建議。
04:13
It could make sense to save less early on in life and more later when your income is higher.
在人生早期少存一點，等到後期收入更高時再多存一點，這樣做可能是合理的。
04:19
And similarly, it could make sense to save more or less in a given year depending
同樣地，在特定年份，根據......，多存或少存一點也可能是合理的。
04:21
on your income and spending needs.
根據您的收入和支出需求。
04:25
That implies spending first and saving the rest.
這意味著先花錢，再把剩下的錢存起來。
04:26
But as a general rule, to get people engaged with long-term thinking, saving, and investing, pay yourself
但作為一個通用原則，為了讓人們進行長期思考、儲蓄和投資，先支付自己
04:31
first at a rate of around 10% of your net income is a solid foundation.
一筆約為淨收入 10% 的款項，是一個穩固的基礎。
04:37
It's certainly better than not saving at all.
這肯定比完全不儲蓄要好。
04:37
And as you adjust to having a little less cash in your budget, it builds the reflex to carefully consider the
隨著您適應預算中現金減少的情況，這會培養出一種本能反應，去仔細考量
04:42
difference between spending needs and wants, which most people probably don't do enough of.
支出需求和慾望之間的差異，而這點大多數人可能做得不夠。
04:47
I'll come back to that later with some useful wisdom from Roy.
稍後我會引用羅伊的一些實用智慧來再次探討這個話題。
04:50
The next session with Roy covers investing.
接下來與羅伊的環節涵蓋投資。
04:52
First, Roy prompts the group to consider why investing is important.
首先，羅伊引導小組思考為什麼投資很重要。
04:56
They collectively offer several correct reasons, including to fight off inflation, funding your future financial
他們共同提出了幾個正確的理由，包括對抗通膨、為未來的財務
05:01
goals, and harnessing the power of compounding.
目標籌措資金，以及利用複利的力量。
05:04
Roy offers up a nice catchphrase to explain what he thinks successful investing looks like.
羅伊提出了一個很好的口號，用來解釋他心目中成功的投資是什麼樣子。
05:10
Be an owner, not a loner.
要當所有者，不要當孤獨者 (Be an owner, not a loner)。
05:11
He's drawing the distinction here between stocks and bonds.
他在這裡區分了股票和債券。
05:13
A stock is a piece of ownership in a business, while a bond is a loan to a company or government.
股票是企業的一部分所有權，而債券則是借給公司或政府的貸款。
05:19
In general, stocks are riskier and have higher expected returns than bonds.
一般來說，股票比債券風險更高，但預期報酬也更高。
05:24
Roy explains that stocks must have higher expected returns than bonds because they
羅伊解釋說，股票的預期報酬必須高於債券，
05:27
are riskier to own.
因為持有股票的風險更高。
05:28
With stocks, you're participating in the potential upside and potential downside of the financial
持有股票，意味著您參與了金融市場的潛在上行和下行空間。
05:32
performance of real businesses.
實際企業的表現。
05:36
Some businesses do really well while many do poorly in the long run.
有些企業表現出色，但從長遠來看，許多企業表現不佳。
05:39
Bonds are much safer because you get roughly the same return whether the company's financial
債券安全得多，因為無論公司的財務表現好壞，你都能獲得大致相同的回報。
05:42
performance is good or bad.
104.
05:45
And if it's really bad, leading the company to shut down, bond holders often stand to
如果情況真的很糟，導致公司倒閉，債券持有人通常能收回部分價值，而股東則一無所獲。
05:48
recover some value while stockholders do not.
106.
05:50
Government bonds are even safer.
政府債券更安全。
05:52
Roy explains that in the long run, stocks are a bet on human ingenuity.
Roy 解釋說，從長遠來看，股票是對人類智慧的賭注。
05:56
Being an owner, a stockholder, lets you participate in the ongoing human innovation that our whole economic
成為所有者，也就是股東，能讓你參與我們整個經濟體系所依賴的持續人類創新。
06:01
system is based on.
110.
06:03
It is hard to disagree with Roy here, and I have done videos on the merits of 100% equity
在這點上很難不同意 Roy 的看法，我也做過關於 100% 股票投資組合優點的影片，但同樣真實的是，100% 股票投資組合的波動性對某些人來說太難承受了。
06:07
portfolios, but it's also true that the volatility of 100% equity portfolios is too much for some people to handle.
112.
06:12
Asset allocation decisions should be made based on your ability, willingness, and need to take on the volatility of
資產配置的決定，應該基於你承受股票波動以賺取更高預期回報的能力、意願和需求。
06:18
stocks to earn higher expected returns.
114.
06:20
The group is listening intently to Roy here, but they voiced their concern that they don't know anything about stocks or
這裡小組正專心聽 Roy 說話，但他們表達了擔憂，表示自己對股票或股市一無所知。
06:26
the stock market.
116.
06:28
Kyle, Matt's best friend, even explains that some of his friends lost a bunch of money picking
Matt 的好朋友 Kyle 甚至解釋說，他的一些朋友在 COVID 熱潮期間選股虧了一大筆錢，例如他舉的 Pelaton 例子，該公司股價就曾從高點崩跌。
06:32
stocks during the COVID boom, like Pelaton is one example that he gives, which came crashing back down to earth.
118.
06:37
Roy explains that you need no knowledge to invest successfully in the stock market.
Roy 解釋說，要在股市投資成功，你不需要任何知識。
06:41
He even goes as far as saying that for 99% of people, more financial knowledge makes them worse, not better
他甚至說，對 99% 的人來說，更多的金融知識反而會讓他們表現更差，而不是更好。
06:47
at investing.
在投資方面。
06:48
I would qualify this a little bit.
我想對此稍作保留。
06:49
Certain knowledge, like the idea that most people can't beat the market and that index funds are sensible
某些知識，例如大多數人無法擊敗市場，以及指數型基金對大多數人來說是明智的
06:53
investments for most people, is extremely useful knowledge.
投資，是非常有用的知識。
06:57
Knowing how to follow the performance of individual stocks or the direction of interest
知道如何追蹤個股表現或利率走向
06:59
rates is probably not useful, and I agree with Roy here, likely to do more harm than good.
可能沒有用處，我同意 Roy 的看法，很可能弊大於利。
07:05
People often tend to sabotage their own returns by overtrading, timing the market, and
人們往往會因為過度交易、試圖擇時進出市場，以及
07:08
investing in stocks that grab their attention, all of which lead to lower returns, and those problems are
投資於吸引他們注意力的股票而破壞自己的回報，這些行為都會導致較低的報酬，而當那些
07:13
exacerbated when people who think they have some knowledge follow the market closely.
自認為懂一些知識的人密切關注市場時，這些問題會更加嚴重。
07:18
Roy goes on to explain that successful investing requires minimal investment knowledge because simply
Roy 繼續解釋，成功的投資需要最少的投資知識，因為單純
07:22
buying all of the stocks or a close approximation of it is the most consistently successful investment
買進所有股票或其近似組合，是歷史上最持續成功的投資
07:27
strategy in history.
策略。
07:29
It beats the vast majority of professional investors and the vast majority of individual stocks.
它擊敗了絕大多數的專業投資者和絕大多數的個股。
07:33
It's next to impossible to consistently separate winning and losing stocks before the fact.
要在事前持續區分贏家和輸家股票幾乎是不可能的。
07:38
But doing so is not necessary because all of the stocks together, including both the winners and
但這樣做並非必要，因為所有股票加在一起，包括贏家和
07:42
the losers, have historically had more than enough return to propel most people successfully toward their long-term
輸家，歷史上都有足夠的回報，足以推動大多數人成功邁向其長期
07:48
This approach works because while lots of companies are losers in the long run, the winners tend to win big.
這個方法之所以有效，是因為雖然許多公司在長期是輸家，但贏家往往會大贏。
07:55
The most you can lose in a stock is 100% of your investment, but when you own a big
一檔股票最多只能損失 100% 的投資，但當你持有一檔大
07:57
winner, you can gain far more than that.
贏家時，你獲得的回報可能遠超於此。
07:59
We can't identify those winners and losers before the fact, but owning all of the stocks in the market means that
我們無法事先識別出這些贏家和輸家，但持有市場上所有的股票意味著
08:04
you will always hold the big winners.
你將永遠持有那些大贏家。
08:06
This effect, which is called skewess, is what makes owning the market so difficult to beat.
這種被稱為偏態（skewness）的效應，正是讓持有大盤難以被擊敗的原因。
08:11
This is also part of the explanation for why professional money managers consistently fail to
這也是解釋為何專業資金經理人始終無法
08:15
deliver market beating returns.
提供超越大盤的報酬的部分原因。
08:19
The other reason is their high fees.
另一個原因是他們的高費用。
08:20
Here in Canada, we still have a huge portion of our investment assets in high fee funds
在加拿大，我們仍有很大一部分的投資資產放在高費用的基金中
08:23
that aim to beat the market.
，這些基金旨在擊敗大盤。
08:26
While as expected, very few are actually successful.
如預期所料，真正成功的非常少。
08:28
Roy admits that he too at one time had invested in actively managed mutual funds, but he eventually
羅伊承認他也曾投資過主動管理型共同基金，但他最終
08:33
saw the light after underperforming consistently.
在長期表現不佳後看清了事實。
08:36
Between the skewess in stock returns and the high fees charged by the managers hoping to beat the
一方面有股票報酬的偏態，另一方面又有經理人希望擊敗大盤而收取的高費用，
08:39
market, trying to beat the market is a losing game.
試圖擊敗大盤是一場必輸的遊戲。
08:42
This again leads to the simple conclusion requiring little knowledge to simply buy the market.
這再次導向一個不需要太多知識的簡單結論：直接買下整個大盤。
08:48
The good news is that there are lowcost investment vehicles called index funds
好消息是，市面上有低成本的投資工具稱為指數型基金
08:51
that do aim to buy all of the stocks in a broad market index.
，它們的目標就是買入廣泛市場指數中的所有股票。
08:55
A broad market index is a grouping of stocks that has been assembled to represent an entire
廣泛市場指數是一組股票的集合，其組成旨在代表整個
08:58
stock market.
股票市場。
09:00
In Canada, we even have asset allocation ETFs which give you a globally diversified portfolio of index
在加拿大，我們甚至有資產配置型ETF，為你提供一個由指數型基金組成的全球多元化投資組合。
09:06
Roy suggests that those asset allocation ETFs are a good option for many people and I agree with them.
Roy 建議那些資產配置 ETF 對許多人來說是個好選擇，我同意他的看法。
09:13
The group also raises the point that while being an owner not a loner may have made
該小組也提出一個觀點，雖然在過去當個「擁有者」而非「孤獨者」可能有意義，
09:15
sense in the past, the future is perilous.
但未來是充滿危險的。
09:18
We have global warming, Russia and Ukraine, and divisive politics, all making the outlook for the global
我們面臨全球暖化、俄烏戰爭以及分裂的政治，這些都讓全球經濟前景充其量看起來疲軟，
09:23
economy look weak at best, making being an owner, being an investor in the stock market less compelling now than it may
讓當個擁有者、當個股市投資人，變得比過去可能的吸引力更低。
09:29
have been in the past.
166.
09:32
Roy does something here that I love.
Roy 在這裡做了一件我很喜歡的事。
09:34
Roy reads a headline that he keeps laminated on his counter, and I'm going to repeat it here.
Roy 讀了一則他裱起來放在櫃檯上的頭條新聞，我在這裡要重複一遍。
09:34
He brings up history.
他提到了歷史。
09:39
It is a gloomy moment in history.
這是歷史上一個陰鬱的時刻。
09:41
Not in the lifetime of any man who reads this paper has there been such grave and deep
在讀過這份報紙的任何人的有生之年，從未出現過如此嚴重且深刻的
09:44
apprehension.
憂慮。
09:46
The United States is beset with racial, industrial, and commercial chaos.
美國正飽受種族、工業和商業混亂的困擾。
09:49
Drifting we know not where, and Russia hangs like a storm cloud on the horizon.
我們不知將漂向何方，而俄羅斯就像一團暴風雨烏雲懸在地平線上。
09:54
Of our troubles, no man can see an end.
我們的麻煩，沒有人能看到盡頭。
09:56
The group assumes this is from a current paper, but Roy explains that it's from Harper's magazine in 1847.
該小組以為這是從某份當今的報紙上來的，但 Roy 解釋說這是出自 1847 年的《哈珀雜誌》。
10:04
I I learned this lesson early on in my career.
我在我的職業生涯早期就學到了這個教訓。
10:05
When you look around at the state of the world, it always, always, always feels like some un unprecedented
當你環顧世界的現狀時，總是、總是、總是感覺好像有某種前所未見的
10:10
disaster is unfolding before our eyes, making it feel like a particularly bad time to invest in the market right now.
災難正在我們眼前展開，讓人覺得現在似乎特別不適合投資市場。
10:16
The reality is that it always feels that way.
但現實是，這種感覺總是存在。
10:18
Wars, threats of war, discouraging economic data, natural disasters, and a ton of uncertainty about the future are
戰爭、戰爭威脅、令人沮喪的經濟數據、自然災害，以及對未來的大量不確定性，都是
10:24
persistent realities.
持續存在的現實。
10:26
That doesn't go away.
這些因素不會消失。
10:26
And yes, that makes investing risky.
沒錯，這確實增加了投資的風險。
10:28
But the very nature of that risk is why we expect to earn positive returns in the long run.
但正是因為這種風險的本質，我們才預期在長期能獲得正向報酬。
10:34
If there were no risk, we would expect to earn the kind of returns that you get from a
如果沒有風險，我們預期能獲得的報酬，大概就像
10:37
guaranteed investment certificate, which are much lower.
保證投資憑證（GIC）那樣，要低得多。
10:40
With index funds and expected returns out of the way, Roy goes on to explain Canadian account
在介紹完指數型基金與預期報酬後，Roy 繼續解釋加拿大的帳戶
10:44
types, including the RRSP and TFSA.
類型，包括 RRSP 和 TFSA。
10:49
RSPS and TFSAs are like containers that investments can be held in.
RRSP 和 TFSA 就像是用來容納投資的容器。
10:52
The RRSP is a pre-tax savings account, meaning that contributions are made with pre-tax
RRSP 是一種稅前储蓄帳戶，這意味著繳納的款項是來自稅前
10:56
This is implemented in practice with a dollar for-doll tax deduction when you contribute to your RRSP,
在實務上，這透過「一元抵一元」的稅務扣抵來執行，當你向 RRSP 繳款時，
11:02
reducing your taxable income by the same amount.
你的應稅收入會減少相同的金額。
11:04
When you eventually withdraw from your RRSP, the withdrawal is fully taxable as income.
當你最終從 RRSP 提款時，這筆提款會被全數視為收入來課稅。
11:09
The TFSA is an after tax savings account, meaning that contributions are made with dollars you
TFSA 則是一種稅後储蓄帳戶，這意味著繳納的款項是你
11:13
have already paid income tax on, and accordingly, there is no tax on withdrawals.
已經繳過所得稅的錢，因此，提款時不需要再繳稅。
11:18
That's all pretty straightforward, but Roy offers the crew an illustration comparing the two
這些都很直白，但 Roy 給團隊舉了一個比較這兩種
11:21
account types that I think everyone needs to understand.
帳戶類型的例子，我認為每個人都需要了解。
11:25
Say you have a 30% tax rate and contributed $5,000 to an RRSP.
假設你的稅率是 30%，並向 RRSP 繳納了 5,000 元。
11:28
3,500 of those dollars are your after tax dollars and 1,500 are deferred income tax dollars.
其中 3,500 元是你稅後的 dollars，而 1,500 元是遞延所得稅的 dollars。
11:36
The RRSP allows you to invest those future tax dollars.
RRSP 讓你投資這些未來的稅款 dollars。
11:40
It allows you to defer income tax.
它讓你遞延所得稅。
11:42
Invest that at 8% for 30 years and you have just over $50,000.
以 8% 的利率投資 30 年，你將擁有略超過 50,000 元。
11:45
Then withdraw it at the same 30% tax rate and you have just over $35,000.
然後以同樣的 30% 稅率提領，你將擁有略超過 35,000 元。
11:50
Now let's look at the TFSA.
現在讓我們看看 TFSA。
11:53
Only after tax dollars can go into the TFSA.
只有稅後的 dollars 可以放入 TFSA。
11:55
Following the $5,000 pre-tax RRSP contribution, the TFSA will get a $3,500 after tax contribution since the TFSA
在 RRSP 繳納 5,000 元稅前 dollars 後，TFSA 將獲得 3,500 元的稅後繳款，因為 TFSA
12:02
does not offer tax deferral.
不提供稅收遞延。
12:06
Invest that for 30 years at 8% and you have just over $35,000, exactly the same as the
以 8% 的利率投資 30 年，你將擁有略超過 35,000 元，這與
12:10
after tax outcome for the RRSP.
RRSP 的稅後結果完全相同。
12:14
This shows something important and often misunderstood.
這顯示了一個重要且常被誤解的觀點。
12:16
When your income tax rate is held constant, your after tax dollars in both the RRSP and TFSA grow tax-free.
當你的所得稅率保持不變時，你在 RRSP 和 TFSA 中的稅後 dollars 都能免稅增長。
12:24
Many people see the eventual tax bill on RRSP withdrawals and think it was a bad deal.
許多人看到 RRSP 提領時最終的稅單，就認為這是一筆不划算的交易。
12:28
But the RRSP and TFSA give you an identical after tax outcome if your tax rate stays constant.
但如果你的稅率保持不變，RRSP 和 TFSA 會給你相同的稅後結果。
12:34
It gets even better because it's common for people to have a higher tax rate while they're working
情況甚至更好，因為通常人們在工作和繳納 RRSP 時
12:38
and contributing to the RRSP and a lower tax rate in retirement.
會有較高的稅率，而在退休時稅率較低。
12:44
In that scenario, the RRSP offers an advantage over the TFSA.
在這種情況下，RRSP 比 TFSA 更具優勢。
12:46
It is true, as Kyle points out in the book, that pulling dollars out of your RRSP at a higher tax
正如凱爾在書中指出的，如果以較高的稅率
12:51
rate effectively results in a penalty for having used the RRSP rather than the TFSA.
從 RRSP 中提取 dollars，實際上會因為使用 RRSP 而非 TFSA 而受到懲罰，這是真的。
12:55
Now, the problem, as Roy explains, is that we do not know with certainty what our future tax rate will be.
羅伊解釋的問題是，我們無法確定未來的稅率會是多少。
13:03
This does introduce some uncertainty about the optimal account choice today, but
這確實為當下的最佳帳戶選擇帶來了一些不確定性，但
13:06
it's still possible to make sensible decisions using the RRSP in years where your income is high relative to what you
仍可在收入相對於未來預期較高的年份使用 RRSP，並在收入較低時使用 TFSA，或者如果可能的話，直接將兩者都存滿。
13:11
expect it to be in the future and using the TFSA when it's low, or if possible, just max out both.
接著，羅伊談到了房屋所有權。
13:17
Next, Roy moves on to home ownership.
他首先解釋，在購買房屋時，仔細考量總持有成本至關重要。
13:19
He first explains that it's critically important to consider the total cost of ownership when buying
不僅僅是房貸還款，還包括房屋稅和不可避免的持續維護費用。
13:23
a home.
更不用說如果利率上升，房貸還款可能會增加，這是許多加拿大人近年來面臨的問題。
13:24
Not just the mortgage payment, but the property taxes and inevitable ongoing maintenance costs.
鑑於加拿大目前高昂的房價，羅伊描述了一些人們可以運用的手段，
13:29
Not to mention the potential for the mortgage payment to increase if interest rates
讓購屋變得更有可能。
13:31
increase, an issue faced by many Canadians in recent history.
第一個手段是購買更便宜的房子。
13:36
Given the currently high property prices in Canada, Roy describes some of the levers
這可能顯而易見，但值得一提。
13:39
that people can pull to make buying a house more of a possibility.
沒必要買到銀行願意貸給你的最高額度的房子，而且較小的房子成本更低，也更容易維護。
13:43
The first one is to buy a cheaper home.
有一些詞彙用來形容在房子上花費過多，以致無法享受其餘人生的狀況，包括「house poor」（房奴）和「cashration」（現金配給），
13:45
That may be obvious, but it's worth saying.
這兩個詞的字面意思就足以說明，是大多數人都想避免的狀態。
13:47
It's not necessary to buy a house that fits the maximum amount the bank will lend
接下來的手段包括一些好的理由，說明為何不必太過執著於支付 20% 的頭期款。
13:49
you, and smaller homes cost less and are easier to maintain.
你，而且面積較小的房子成本更低，也更容易維護。
13:53
There are terms to describe spending so much on a house that you can't enjoy the rest of your
有一些詞彙可以用來形容在房子上花費過多，以致無法享受餘生，
13:56
life, including house poor and cashration, which are both self-escriptive as states most people
生活，包括「House Poor」（房奴）和「Cashration」（現金配給），這兩個詞的字面意思就足以描述多數人
14:02
would want to avoid.
都想避免的狀態。
14:04
The next levers includes some good rationale for not stressing too much about having a 20%
頭期款，利用 FHSA（首購儲蓄帳戶）和 RRSP 購屋者計畫，以增加您可用的金額，
14:08
down payment, using the FHSA, the first home savings account, and the RRSP home buyers plan to increase the amount you
頭期款，使用 FHSA（首購儲蓄帳戶）和 RRSP 購屋者計畫，以增加您可用的金額，
14:15
have available due to the income tax deductions gained from using those tools.
這是來自使用這些工具所獲得的所得稅扣除。
14:18
taking out a mortgage with a 30-year amortization rather than the more common 25-year amortization to
以 30 年攤還期來貸款，而不是更常見的 25 年攤還期，
14:23
lower the payments on the loan.
以降低貸款的每月付款。
14:26
Finding a partner before buying a home, living with your parents to save up for a down
在買房前找個伴侶、與父母同住以存下頭期款、
14:28
payment, paying off any outstanding consumer debts to make you look better to the bank when they assess your
付清任何未償還的消費性債務，讓銀行在評估您的借款能力時對您更有好感，
14:33
ability to borrow, and earning more income.
以及賺取更多收入。
14:36
I'm not going to go into detail on all the points here, but each one of those does have an in-depth discussion
我不會在這裡詳細說明所有要點，但書中對每一點都有深入的
14:41
and a thoughtful discussion in the book.
且深思熟慮的討論。
14:43
Royy's final point on housing, and where this channel gets a shout out, is that renting is not throwing your money away.
Royy 關於住房的最後一點，也是本頻道被提及的地方，那就是租房並不是在浪費錢。
14:48
a renter who saves the cash flow cost difference between renting and owning and invests in the stock market can be
一位租房者若能將租房與擁有的現金流成本差異存下來，並投資於股票市場，
14:53
reasonably expected to match the wealth of a homeowner.
可以合理預期其財富能與屋主匹敵。
14:56
The group then shares some stories about friends who have had large unexpected housing expenses and
接著，小組分享了一些關於朋友發生龐大意外住房開銷的故事，
15:00
they collectively start to see Royy's point.
他們集體開始理解 Royy 的觀點。
15:02
Owning a home comes with a constant flow of unexpected costs.
擁有一棟房子伴隨著源源不絕的意外開銷。
15:08
So constant that they should not in fact be unexpected at all.
這些開銷如此頻繁，以至於它們根本不該被視為意外。
15:10
The basement leaks, the air conditioner stops working.
地下室漏水，冷氣機故障。
15:13
A tree has to be removed.
必須移除一棵樹。
15:13
I just had to do that at my house.
我家最近才剛處理過。
15:15
The chimneys crumbling.
煙囪正在崩裂。
15:15
If renters are diligent about saving and investing the cost difference between their rent and the owner's
如果租屋者勤奮地儲蓄並投資，將租金與屋主的房貸、房屋稅以及所有擁有房產時的預期外成本之間的差額進行投資，
15:20
mortgage, property taxes, and all the unexpected expected costs of owning, they can be expected to at least match
那麼他們的財富至少可以預期
15:26
the wealth of the owner.
與屋主持平。
15:28
I have shown this in past videos using both reasonable assumptions for the future
我在過去的影片中，利用未來的合理假設
15:30
and actual historical data for Canadian cities.
以及加拿大城市的實際歷史數據，已經展示了這一點。
15:33
Roy does emphasize a point that I agree with.
Roy 強調了一個我同意的觀點。
15:36
Most people who rent will not save and invest diligently.
大多數租屋的人不會勤奮地儲蓄和投資。
15:40
They will undersave and invest in shitcoins, penny stocks, and expensive financial
他們會儲蓄不足，並投資在垃圾幣、低價股以及昂貴的
15:42
products.
金融商品上。
15:43
Those are my words, not Royy's that underperform the market.
這些是我的話，不是 Royy 說的，這些投資的表現都落後於大盤。
15:46
Additionally, lots of people, including some of Royy's students in the book, have an emotional desire to own.
此外，很多人，包括 Royy 書中的一些學生，都有擁有自己的房子的情感慾望。
15:52
But Roy suggests here that Canadian society has conditioned us to believe that home
但 Roy 在此建議，加拿大社會讓我們 conditioned（洗腦）去相信擁有自己的房子
15:55
ownership is a desirable objective and that it's worth reflecting on whether it is really a desirable objective for you.
是一個理想的目標，值得反思這對你個人而言是否真的是一個理想的目標。
16:01
There are additionally lots of psychological benefits to renting, like fewer responsibilities, more predictable
此外，租屋還有許多心理上的好處，例如責任較少、成本更可預測，
16:06
costs, and general lifestyle simplicity.
以及整體生活方式更簡潔。
16:09
There are valid points on both sides, but Roy's point is that renting is a viable option for housing from a
雙方都有合理的論點，但 Roy 的觀點是，從財務角度來看，租屋是住房的一個可行選擇。
16:14
financial perspective.
277.
16:17
It is not throwing money away, and it may be the best path for some people to follow.
這不是浪費錢，對某些人來說，這可能是他們該走的最佳路徑。
16:20
Music to my ears.
這真是深得我心（Music to my ears）。
16:22
Royy's next lesson on spending is incredibly important.
Royy 下一堂關於支出的課程非常重要。
16:26
People spend money for the wrong reasons, reasons not aligned with their values
人們會因為錯誤的理由而花錢，這些理由與他們的價值觀不符
16:28
and goals.
以及目標。
16:29
Roy explains that a lot of spending is the result of faulty brain wiring.
Roy 解釋說，很多消費是大腦錯誤連結的結果。
16:33
People often spend money to impress the people around them, even if not consciously.
人們常常花錢來讓周圍的人刮目相看，即使不是有意識的。
16:37
And in addition to that, we are not good at delaying gratification.
此外，我們也不擅長延遲滿足。
16:40
The point Roy wants to hammer home is that most people would cut back on some of their spending if
Roy 想強調的重點是，如果
16:44
they were more aware of where their money goes.
大眾能更清楚知道錢花到哪裡去，大多數人都會削減部分開銷。
16:47
And even small changes in spending can be a big boost to your savings rate.
即使是小小的支出改變，也能大幅提升你的儲蓄率。
16:51
Royy's first tip here is a tedious one to create an exhaustive multi-month spending summary.
Roy 在這裡的第一個建議很繁瑣，那就是製作一份詳盡的多月份支出摘要。
16:56
The group agrees that this sounds like a miserable task, but Roy says that over his many
團體一致認為這聽起來是個痛苦的任務，但 Roy 表示，根據他多年來
16:59
years of experience teaching people about personal finance, these spending summaries have proven vital for many
教導人們個人理財的經驗，這些支出摘要已被證明對許多人
17:04
people to get on top of their personal finances.
掌握個人財務狀況至關重要。
17:06
Arguably even more importantly and interestingly, Roy says that he is 100% sure that doing a spending summary
更重要且有趣的是，Roy 說他百分之百確定，製作支出摘要
17:12
has positively impacted people's happiness levels.
對人們的快樂程度有正面影響。
17:15
The reason is that it makes people realize where they are spending on things that don't bring them
原因是它讓人們意識到自己把錢花在哪些無法帶來
17:19
value and it helps them to make sure they are getting value from the things they are spending on.
價值的事物上，並幫助他們確保自己能從花費的事物中獲得價值。
17:24
As Roy describes it, you want to maximize the joy units you're getting for each dollar of
如 Roy 所描述的，你希望最大化每花一美元所能獲得的快樂單位。
17:28
If you can find spending that is giving you some joy units like lunches out, but when added up over the
如果你能找到像外出吃午餐這樣帶給你一些快樂單位的花費，但當把一年的總額加起來時，
17:33
course of a year, those dollars could have afforded something with a higher joy unit impact, you might realize it
這些錢本可以買到對快樂單位影響更大的東西，你可能會意識到這一點
17:39
makes sense to reallocate your spending.
重新分配您的支出是合理的。
17:41
Small numbers make a big difference.
小數目也能造成大影響。
17:45
For example, saving only $11 per day for a year results in over $4,000 of savings.
例如，每天只存 11 美元，一年就能存下超過 4,000 美元。
17:48
More if you account for any return, even a small one earned on those dollars.
如果算上這些錢賺取的任何回報，即使是微薄的利息，金額會更多。
17:54
Roy brings up a famous quote from Ben Franklin to drive the point home.
Roy 引用了班傑明·富蘭克林的名言來強調這個觀點。
17:57
Beware of little expenses.
要小心那些不起眼的開銷。
17:58
A small leak will sink a great ship.
小漏沉大船。
18:00
The next lesson is on wills, life insurance, and responsibility.
下一課將討論遺囑、人壽保險和責任。
18:03
Nobody likes thinking about dying, but as Roy explains, if you don't think about it, your estate will
沒有人喜歡思考死亡，但正如 Roy 所解釋的，如果您不思考，您的遺產將
18:07
be distributed based on your province's intestasy laws, the laws that determine what happens when someone dies without a
根據您所在省份的無遺囑繼承法進行分配，這些法律用來決定在某人去世但沒有
18:13
The problem is that those laws are often at odds with what you would have wanted to happen if you had taken the
問題在於，如果您當初花時間規劃，這些法律的結果往往與您希望的
18:18
time to plan for it.
情況相悖。
18:20
It's important to consider what exactly you want your estate to achieve and have a will
重要的是要考慮您究竟希望您的遺產達成什麼目標，並據此
18:23
drafted accordingly.
起草一份遺囑。
18:25
Roy suggests going to a professional, but acknowledges that some of the online will platforms can
Roy 建議找專業人士，但也承認如果您情況簡單，某些線上遺囑平台
18:28
also work if you have a simple situation.
也能派上用場。
18:30
Personally, I would go to a professional, especially if you have any complexity in either your assets or your
就個人而言，我會選擇專業人士，特別是如果您的資產或
18:35
estate objectives.
遺產目標有任何複雜之處。
18:37
Roy emphasizes the importance of choosing an executive.
Roy 強調了選擇執行人的重要性。
18:40
The executive is the person responsible for carrying out the will's instructions,
執行人是負責執行遺囑指示的人，
18:42
but it is not a small job and should not be taken lightly.
但這不是一份小工作，不應掉以輕心。
18:46
Royy's last point on wills is that they should be reviewed at least once a year.
Royy 關於遺囑的最後一點是，遺囑應至少每年審查一次。
18:49
And he also mentions that when you get your will done, you also need to draft power of attorney
他也提到，當你立好遺囑時，你還需要起草授權書
18:54
Powers of attorney give legal power to someone you have chosen to make decisions on your behalf in the event
授權書賦予你所選擇的人法律權力，在你
18:58
that you become incapacitated.
失去行為能力時代表你做決定。
19:01
There are two main types.
主要有兩種類型。
19:02
Power of attorney for property, which lets someone manage your money and other assets, and power of
財產授權書，讓某人管理你的金錢和其他資產；以及
19:05
attorney for personal care, which lets someone make health and lifestyle decisions on your behalf.
個人照護授權書，讓某人代表你做健康和生活方式的決定。
19:11
It is worth noting that these have different titles across the different provinces in
值得注意的是，這些文件在加拿大不同省份有不同的
19:14
Similar to an executive, choosing the right person or people is important.
與執行人相似，選擇合適的人或人們非常重要。
19:18
Finally, Roy moves on to life insurance.
最後，Roy 接著談到人壽保險。
19:20
He explains that while life insurance is extremely valuable in the right circumstances, it is always a
他解釋說，雖然人壽保險在特定情況下非常有價值，但它始終是
19:24
You want to make sure that you have an insurance need before you buy life insurance.
在購買人壽保險之前，你要確保自己有保險需求。
19:29
Life insurance provides financial protection for your dependence in the event of a premature death.
人壽保險為你的受扶養人提供財務保障，以防你過早死亡。
19:35
An insurance need means that other people that you care about would be unable to
保險需求意味著，如果你不幸過世，
19:37
maintain their lifestyle in the event of your untimely death.
你在乎的其他人將無法維持他們的生活方式。
19:41
The most common example would be your spouse and children, particularly in cases where
最常見的例子是您的配偶和子女，特別是在您是家庭主要收入來源的情況下。
19:44
you are the primary income source for the household.
這份保險需求往往會隨著您的資產增加而逐漸減少。
19:46
This insurance need tends to decrease over time as your assets increase.
羅伊在書中確實有詳細說明如何量化您的保險需求，但我建議您直接閱讀該書。
19:50
Roy does walk through how to quantify your insurance needs in the book, but I'll let you read that in the
羅伊關於保險的最後一點建議，是每個人都應該聽聽的。
19:54
book.
大多數人終其一生只需要可續保且可轉換的定期壽險。
19:54
The final point that Roy makes on insurance is one that everyone needs to hear.
定期壽險會在被保險人身故時支付保單的面額金額。
19:57
Most people will only ever need renewable and convertible term life insurance.
它在固定期限（如 10 年或 20 年）內保費是固定的，保險會在期限結束時失效，或以較高的保費續保。
20:02
Term life insurance pays out the face amount of the policy if the insured dies.
另一種選擇是現金價值壽險，它結合了定期保險和儲蓄成分，您支付的部分保費會用於累積保單內的現金價值。
20:06
It has a level premium for a fixed term like 10 or 20 years, and the insurance expires or renews at a
這就是為什麼它常被稱為現金價值壽險。
20:12
higher premium at the end of the term.
儲蓄成分意味著您總體上要支付更高的保費（通常高很多），以換取相同的保障額度。
20:14
The alternative is cash value life insurance, which combines term insurance and a savings component, where a portion
您確實也能獲得儲蓄成分，但羅伊解釋道，對於大多數人來說，在大多數情況下，購買定期壽險並投資其中的差價通常是更好的選擇。
20:20
of the premiums you pay go toward building up a cash value inside the policy.
在這點上我傾向於同意羅伊的看法。
20:25
That's why it's often referred to as cash value life insurance.
在保險主題的最後，羅伊討論了失能險。
20:29
The savings component means that you're paying higher premiums overall, often a
對於資產很少的年輕人來說，他們最大的資產是他們的
20:32
lot higher, for the same amount of coverage.
相同的保障額度下，整體繳納的保費往往高出許多。
20:34
You do also get the savings component, but Roy explains that buying term life insurance and investing the
你確實也能獲得儲蓄成分，但 Roy 解釋道，購買定期壽險並將省下的差額拿去投資，
20:40
difference is typically going to be a better option for most people most of the time.
對大多數人來說，在大多數情況下，通常會是更好的選擇。
20:44
I tend to agree with Roy here.
在這點上，我傾向同意 Roy 的看法。
20:45
To finish off in the insurance topic, Roy discusses disability insurance.
為了結束保險這個話題，Roy 討論了失能險。
20:50
For young people with little financial assets, their biggest asset is their
對於資產很少的年輕人來說，他們最大的資產是他們的
20:52
ability to earn income in the future.
未來賺取收入的能力。
20:53
Life insurance protects that future income in the event of an untimely death.
人壽保險可保障在不幸身故時的未來收入。
20:57
But death is not the only way that your ability to earn income can be disrupted.
但死亡並非導致賺取收入能力中斷的唯一原因。
21:01
In fact, disability is much more common.
事實上，失能的情況更為常見。
21:03
When someone becomes disabled, they may lose the ability to earn income and even become a liability
當某人失能時，他們可能會失去賺取收入的能力，甚至成為家庭的負擔。
21:07
to their family.
366.
21:08
Matt mentions in the book that he's covered through a group plan at work, but Roy correctly cautions
Matt 在書中提到他有透過公司的團體保險計畫獲得保障，但 Roy 正確地提醒道，
21:12
that many group plans are insufficient.
許多團體計畫的保障並不充足。
21:14
One big point to look out for is whether the policy covers you in the event that you can't fulfill the duties of your own
需要注意的一大重點是，保單是否在您無法履行原本職業職責，
21:20
occupation or of any occupation.
或是任何職業職責的情況下提供保障。
21:24
Own occupation disability coverage is the gold standard.
針對原本職業的失能保障（Own occupation）是黃金標準。
21:26
And you also want partial disability coverage, cost of living adjustments, and for the policy to be
此外，您還需要部分失能保障、生活成本調整，以及保單需為
21:30
guaranteed renewable.
保證續保的條款。
21:32
Typically, that means getting additional disability coverage, even if you do have a group
通常這意味著，即使您已有團體保險，
21:36
plan.
仍需購買額外的失能保險。
21:36
This is not an area that you want to skimp on.
這是一個不該省錢的領域。
21:39
Okay, I left lots of good stuff out since this was already a long video, but I hope the summary was
好的，因為影片已經很長了，所以我省略了很多好內容，但我希望這段摘要
21:43
This is a great book.
這是一本很棒的書。
21:45
If someone asked me for an accessible book to read as an introduction to personal finance
如果有人問我推薦一本入門個人理財的通俗讀物，
21:48
in Canada, this would be at the top of the list, even for me.
在加拿大，這會是首選，即使對我來說也是如此。
21:52
While most of the facts in the book were not new, the way that they were communicated gave me a
雖然書中的大多數事實並不新穎，但其傳達方式讓我
21:55
lot to think about.
深思良多。
21:57
I'll put a link to the book in the video description.
我會在影片說明中附上這本書的連結。
21:59
It's not an affiliate link.
這不是聯盟行銷連結。
22:00
I gain nothing from you buying it.
你購買此書我不會獲得任何收益。
22:01
I'm Ben Felix, chief investment officer at PWL Capital.
我是 Ben Felix，PWL Capital 的首席投資長。
22:01
Thanks for watching.
感謝收看。
