People with a little knowledge and determination used to fix minor car issues themselves, but that's changing with tech-heavy vehicles, requiring more money set aside in a client's budget.bjones27/iStockPhoto / Getty Images
It’s hard to believe we’re near the end of 2025. Here at Globe Advisor, the year started with news of Justin Trudeau resigning and, of course, concern about the implications of U.S. tariffs.
Here are five stories I enjoyed writing this year, which involved cars, conversations with leading personal finance voices, and a new series on buying a book of business.
Why The Wealthy Barber’s David Chilton says the advice model needs to change
Author David Chilton updated his iconic personal finance book, The Wealthy Barber, this year. I first read the book as a teen, soon after it was published in 1989, so the updated version was a no-brainer for me to cover. How did Mr. Chilton think the mantra “pay yourself first” would land with younger generations who have to deal with higher expenses and a difficult housing market?
We also discussed cars, one of my favourite subjects. One part that didn’t make my article was Mr. Chilton’s answer to my question about the reason people give for rising vehicle payments. I surmised they would talk about the price of cars, maybe tariffs, or even just the desire to own the car of their dreams, something I heard a lot during the pandemic.
His answer surprised me. Apparently, when questioned, people had no explanation for their car payments. They shrugged their shoulders and seemed to accept it as a fact of life, similar to paying rent, mortgage and food.
Newer vehicles cost a ton. So do the repairs and maintenance
I love writing about cars. My father was the neighbourhood gearhead so I grew up surrounded by GTOs, Mustangs and everything in between. Back then, if you had some knowledge and determination, you could fix your vehicle’s minor issues yourself. But as today’s vehicles contain more electronics and sensors, that’s changing fast.
Traditionally, financial advisors may have determined 1 per cent of a client’s income as the amount to earmark toward repairs and maintenance, but that may increase with newer vehicles.
Why clients hate spending their savings – and other questions for Morgan Housel
Many advisors are raving fans of Morgan Housel’s The Psychology of Money. So, when I learned his next book, The Art of Spending Money, was launching this year, I immediately requested an interview. My query went unanswered for a few months, so I contacted Mr. Housel directly on LinkedIn. A few hours later, to my surprise, he wrote back.
Setting up an interview took many tries, but I was so relieved we were able to make it happen. Mr. Housel had no idea what I would ask him, but I was blown away by his ability to craft insightful responses on the fly.
His advice for advisors: “If you can tell stories about how other people have dealt with risk and uncertainty, and greed and fear, and how they overcame it, you can get through to people. But not a financial lecture with formulas, statistics and spreadsheets. They don’t want to hear it.”
Why some advisors are dropping their designations
Turns out, advisors are just like most savvy consumers – they don’t like wasting money. And even less so on professional designations. Back in the day, most advisors racked up designations as a way to differentiate themselves from those who just had licences to sell products. But as these designations’ annual fees increased with little value attached, some advisors began trimming the fat to one or two designations. In this article, they explain why.
Why this advisor was willing to pay more for a book of engaged, loyal clients
This year, I launched Buy the Book, a new series about advisors and financial planners purchasing a book of business.
I had covered succession planning from the seller’s perspective – everything from the difficulty of finding buyers to negotiating price. But it occurred to me that the buyer’s side was just as interesting.
Originally, I planned for three articles. But as I received more interest than anticipated, the series will be ongoing. (Get in touch with me if you want to share your story.) Here’s buyer Shea Sanche’s on why he was willing to pay more for a particular book.