#65 — Michael J. Wiener: Answers to the Money Questions That Matter

Our guest this episode is Michael J. Wiener — retired cryptologist and the writer behind the long-running Canadian personal finance blog "Michael James on Money." After a high-tech career in cryptography that produced roughly 20 patents, Michael has spent nearly two decades applying an engineer's rigour to investing and retirement math, helping everyday Canadians make clearer, lower-fee, evidence-based decisions with their money. In this episode, Dave and Michael dive into the real cost of investment fees, from high-fee group RRSPs to how seemingly small percentages quietly erode a portfolio over decades. They cover the evidence for passive investing over active management, how to optimize RESP contributions, strategies for smoothing taxes on retirement income and whether it makes sense to delay taking CPP and OAS. The conversation also explores how Michael uses the CAPE ratio to adjust his asset allocation, planning ahead for cognitive decline, the debt paydown vs. investing question and why he's skeptical of Dalbar's famous mutual fund underperformance data. Along the way, Michael shares his takes on real estate investing, reverse mortgages, budgeting for healthcare and long-term care costs, and estate planning essentials. If you want clear, math-driven thinking on investing and retirement from someone with no product to sell, this episode is packed with insights you won't want to miss.   Show Notes (00:00) Intro & Disclaimer (00:57) Intro to Michael J. Wiener (03:09) The Impact of High Fees in Group RRSPs (05:23) The Big Impact of Seemingly Small Investment Fees (07:09) Active Management vs. Passive Investing (08:46) Optimizing RESP Contributions: Lump Sum vs. Ongoing (12:02) Smooth Taxation Strategies for Retirement Income Planning (14:49) Should You Delay Taking OAS and CPP? (17:02) How Michael Uses the CAPE Ratio to Adjust His Asset Allocation (20:40) Addressing Cognitive Decline and Managing Your Investments (22:25) Balancing Debt Paydown vs. Investing (24:21) RRSP vs. TFSA Debate (25:55) Is a 100% Equity Portfolio Right for Young Investors? (27:19) Evaluating Dalbar's Mutual Fund Underperformance Data (30:34) The Realities and Hassles of Real Estate Investing (33:28) The Hidden Risks and Rules of Reverse Mortgages (35:01) Common Financial Mistakes Savers Make in Retirement (36:38) Budgeting for Healthcare and Long-Term Care Costs (39:47) Cash Value Insurance vs. Term Insurance for Canadians (41:24) Essential Estate Planning and Power of Attorney Tips (42:15) The Importance of Decluttering for the Next Generation (44:07) Engineering, Cryptography, and Quantum Computing Threats (45:01) The Story Behind Michael's Pseudonym (45:49) Finding an Initial Audience and Blogging Success (46:34) Conclusion