Financially Nomad

You Can Build Your Own Principal-Protected Note. Here's How.

Wed, 18 Feb 2026 00:00:00 +0000

If you’ve ever looked at a bank-issued principal-protected note and thought “this seems like a good deal”, you’re not wrong about the product — you’re just overpaying for something you can build yourself. The mechanics aren’t complicated once you see what’s inside.

A PPN is, at its core, two things bolted together: a zero-coupon bond that guarantees your principal back at maturity, and a call option that gives you exposure to whatever the upside asset is — an index, a basket of stocks, a commodity. The bank packages these two instruments, adds a margin, and sells it to you as a single product with a comforting name.

Why Canada Doesn't Want Your TFSA to Leave the Country

Thu, 15 Jan 2026 00:00:00 +0000

Here’s something that isn’t stated plainly in any CRA guide but becomes obvious once you understand how registered accounts work: the TFSA, RRSP, and FHSA are designed to keep Canadian capital inside the Canadian system. That’s not a conspiracy — it’s the architecture.

The tax-free growth isn’t a gift. It’s an incentive to keep your money where the government can benefit from its secondary effects — domestic consumption, housing demand, Canadian-dollar-denominated investment flows. The moment you try to take that capital across a border, the rules change dramatically.

Mon, 01 Jan 0001 00:00:00 +0000

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title: “About” subtitle: “Thinking about money, mobility, and the systems that shape both.”

The original idea was a more sophisticated version of FIRE: invest in Canadian markets, live somewhere with a dramatically lower cost of living, and design a life around freedom rather than accumulation for its own sake.

What this has become

The thinking has evolved. The site now covers three connected areas:

Capital markets and structured products. I work in structured notes and capital markets at an IIROC-registered dealer. Most of what gets sold to retail investors is an assembly of simpler instruments with a margin attached. I write about what’s actually inside those products, and when it makes sense to build your own.