49. What is Bitcoin? And, Should I Draft a Cottage Agreement with my Co-Owner Friends or Family Members?

Welcome to Episode 49 of Retire Me!

On Today's episode we discuss:

1) Cottage Agreements - a friend of mine inherited a cottage from his late father.  He is sharing it with his brother.  I outlined for him the benefits of using a cottage agreement.  I discuss the elements of a cottage agreement, its benefits, and how to get started

2) Bitcoin - I spend some time talking about what Bitcoin is, the pros and cons of owning Bitcoin, and what role it plays in long-term retirement portfolios.

Timeline:

00:20 - Mark talks about the pool opening

02:09 - The benefits of co-owing a cottage

03:00 - Possible pitfalls of co-ownership of a cottage

03:55 - Introducing the Cottage Agreement

04:24 - The main sections of a Cottage Agreement

05:41 - How to get started on a Cottage Agreement

06:55 - What is Bitcoin?

07:58 - The reasons to own Bitcoin

10:20 - Reasons not to own Bitoin

14:34 - Mark's take on Cryptocurrencies and disclaimer 

Links:

https://www.mondaq.com/canada/capital-gains-tax/990060/passing-on-the-family-cottage

https://hullandhull.com/tag/co-ownership-agreement/

https://millervalue.com/4q20-income-strategy-letter/

https://www.cnbc.com/2021/04/19/central-bank-digital-currency-is-the-next-major-financial-disruptor.html

https://www.reuters.com/article/canada-cenbank/update-2-bank-of-canada-accelerates-work-on-digital-currency-amid-pandemic-idUSL1N2KG2A3

To Bit or Not to Bit: What Should Investors Make of Bitcoin Mania? (dimensional.com)

Other Resources:

Photo by André François McKenzie on Unsplash