Rank #1: 137 Being Smart with Your Debt & Credit - Lisa Zamparo, CPA & Financial Strategist (Millennial Money Meetup #4 Live Recording)
For my 4th Millennial Money Meetup (and my last one for 2017), I hosted the event once again in downtown Toronto selling out tickets in only a few weeks to 50 attendees. This event was sponsored by Manulife Bank (thank you for making this event possible during Financial Literacy Month) and featured the special guest Lisa Zamparo, a CPA and financial strategist. The theme for this event was debt and responsible credit card use, just in time for the holidays. This is the live recording of Lisa and I's discussion on the subject as well as audience Q&A.
For full episode show notes visit: https://jessicamoorhouse.com/137
Dec 08 2017
Rank #2: 051 Money Lessons from a Money Guru - Gail Vaz-Oxlade, TV Personality & Author
The one and only Gail Vaz-Oxlade and I chat about her career as a personal finance guru, TV host and best-selling author. She also shares her top money tips for getting rid of debt, kicking bad financial habits to the curb and leading a more balanced life.
Long episode description:
This episode of the Mo’ Money Podcast is brought to you byWealthSimple. To learn more about the the fastest-growing automated investing service in Canada and to get your special $50 bonus when you open a new WealthSimple account, go to: wealthsimple.com/jessicamoorhouse.
Before I even recorded my first podcast episode almost a year ago, there was one guest I always dreamed of interviewing. At the time I thought it was just that, a dream, but one year and 51 episodes later it’s now a reality!
I’ve been a huge fan of Gail Vaz-Oxlade for years. I obsessively watched Til Debt Do Us Part when I was 24, broke and living in a basement with two equally broke roommates. It was her say-it-like-it-is attitude and helpful advice that motivated me to save as much as I could and stick to a budget during those tough years. I am so thankful for her show and books, and I know I wouldn’t be as financially on track today if it weren’t for her.
I am also thankful that I got the gumption to ask her to be on my podcast early this year, because I think I got her right in the nick of time! Gail has had a long and successful career as a money guru, and she mentions in this episode, she’s going to be taking a step back to focus on other opportunities.
I hope you love this episode as much as I do! And I ardently encourage you to check out some of her helpful resources, her awesome books (Money Talks is a great read!), and join her community on Facebook. And make sure to check back here next week (or subscribe to my email list) for my final episode of the season where I’ll be doing a special solo episode and giving away some prizes to mark my one year podcast anniversary!
Helpful Resources & Tools
- Gail’s Interactive Budget Worksheet
- Gail’s Wedding Budget Worksheet
- Gail’s Own Up to Your Debt Worksheet
Gail’s Books You Need to Read Right Now
- Money Talks
- Money Rules
- Saving for School
- It’s Your Money
- Money-Smart Kids
- Never Too Late
- Debt-Free Forever
- Easy Money
Follow Gail on Social
May 25 2016
Rank #3: 089 How to Save Half Your Income Like a Pro - Desirae Odjick, Blogger at Half Banked
Desirae Odjick, the blogger behind Half Banked, shares her personal finance journey and best money tips for saving and investing for millennials.
I know I said Desirae Odjick, the blogger behind Half Banked, is like a mini-me, but I think what I really meant is she's like a sister from another mister. Once we started chatting, it's like we'd already knew each other, and it was such a treat for me to interview her after following her blog for so long.
In this episode, we talk about it all. We touch on how her mom paid her to read personal finance books (which sounds like a dream, but I'm obviously a huge nerd), why she started her blog, how she's on a journey to save half her income, and how she budgets the "low tech" way with a good ol' budget spreadsheet.
We also talk a bit about investing, something I think a lot of millennials are afraid to start because they're either afraid of the risk or just don't know where to start. Luckily, Desirae created a great foundational (and free) course to get anyone started on their investing journey. She also mentions that she invests with Wealthsimple, one of the leading robo-advisors in Canada, which is one route you may want to look in to. And if you sign up with Wealthsimple, you can get a $50 bonus when you sign up with them.
Desirae has a number of other super helpful resources to help anyone just starting out with taking control of their money, so I've listed them all below.
I've also recently made a free email course, called the Get Your Financial Life Right Challenge, that goes through all the basics of personal finance in 10 days. Sign up to get your first email right away!
Helpful Resources You Should Check Out
Follow Desirae on Social
- Like Desirae on Facebook
- Follow Desirae on Twitter
- Check Out Desirae on Instagram
- Subscribe to Desirae's YouTube Channel
For more podcast episodes, check out the podcast page.
Show notes: jessicamoorhouse.com/89
Feb 08 2017
Rank #4: 003 The Shopping Ban - Cait Flanders from Blonde on a Budget
Cait Flanders from the popular personal finance blog Blonde on a Budget and I talk about her recent debt pay-off, her shopping ban and her new simplistic lifestyle.
Long episode description:
I really looked forward to having Cait Flanders from Blonde on a Budget on my podcast. I think she was actually one of the first guests I approached to be on the show and she said yes right away (thanks Cait!). Not only is Cait one of my all-time favourite personal finance bloggers, we’ve also become really great friends over the past few years. She is seriously just as genuine in-person as she is on her blog, which is why I think we get along so well. I’m a give it to me (and give it to you) straight kinda gal and Cait is definitely one of the most honest people and bloggers I know. Not many people could write about getting themselves out of debt and embarking on a shopping ban like she does.
A bit of background on how this episode came together, I actually recorded it on site in Vancouver. I went to Vancouver in March to visit my family and while I was there I had a bit of free time. So, I asked Cait to come over and we recorded this episode together. I was pretty nervous because this was the first time I’d ever used all of my podcast equipment by myself (I previously relied on my audio engineering husband), but luckily I didn’t mess anything up and it went pretty smoothly.
Besides Cait being a friend and a favourite blogger of mine, the big reason I wanted her to share her story on my podcast was because it is so relatable. She racked up a bunch of credit card debt, had to move back in with her parents, then started blogging about her situation as motivation to get out of the hole she dug herself. And she did it, and continues to live a more financially responsible lifestyle which includes a shopping ban and living like a minimalist.
We mentioned a few resources on the show, so I wanted to include them below. And if you’re just getting into personal finance and budgeting yourself, I highly recommend checking out Cait’s new Mindful Budgeting Program below. It’s a super handy tool to help you start budgeting with your best foot forward!
Mentioned on the show
Helpful budgeting tools
Jun 03 2015
Rank #5: 077 Listener Series - How Steve Saved Up $3 Million for Retirement Working a Regular 9 to 5
Think you can become a millionaire by working a regular 9 to 5 job? I know I have a lot of guests on the show who promote the benefits of entrepreneurship and working for yourself to get ahead financially. But for this Listener Series episodes, I chat with Steve Cousins from Arkansas about how he was able to reach financial freedom by working as an employee for the same company for almost 40 years.
I know, I know, many of us Millennials may think that Steve's story sounds exactly like the advice our parents gave us. Go to university, get a job, work hard, save and contribute to your retirement fund, then you'll be able to retire in style. This was a way more common path for Baby Boomers and Gen Xers, but I don't think it's impossible for us Millennials.
When talking with Steve, it becomes clear that that's not exactly the path you need to take to grow in your career. You can't just get any degree. You need to get one that has a high demand for skilled workers.
You can't just work hard. Everyone works hard. You need to realized when it makes sense to stay at a company and when it doesn't. Just like he said, he encouraged some of his co-workers to leave his company because he knew that if they stayed, they wouldn't move up as fast compared to if they went to another company.
And lastly, you can just save and contribute to your RRSP or 401K. You need to live frugally, not try to keep up with the Jones', invest wisely and have a plan to continue to earn money during retirement.
I absolutely love how Steve has become this serial entrepreneur with 4 different jobs now that he's retired. And it's not that he needs the money or is working 24/7 now. He gets to work when he wants to doing what he wants to.
If that's not living the dream, I don't know what is! Thanks Steve for sharing your story with me.
Got a story that you think would be good to share on an episode on of Listener series? Please email me!
For more podcast episodes, check out the Podcast page.
Nov 24 2016
Rank #6: 014 Climbing Out of Debt by Living like a Frugalista - Catherine MacLean, Blogger at Plunged in Debt
It's not easy being in debt while supporting a family. Catherine MacLean from Plunged in Debt and I talk about her debt repayment plan, her new frugal lifestyle and what tips and tricks she uses to cut back on spending to balance her budget.
Long episode description:
In this episode I talk to Catherine MacLean from the personal finance blog Plunged in Debt. From the name of her blog, you can guess what it’s focus is on. Catherine and her husband have a huge amount of debt to pay off, and it hasn’t been easy. On top of that they are a young family with a 3-year-old daughter to provide for.
Fortunately, Catherine is one financially savvy lady and writes about all the different ways she’s found to cut back and save on the little things. If you’re in debt and need some motivation to stick to your budget and kick your debt to the curb, you definitely need to check out Catherine’s blog (and listen to our podcast episode).
In our conversation, Catherine and I mentioned a few of her most notable blog posts, so here they are below for you to check out. I’ve also given some shout outs to some iTunes reviewers, so check below to see if one of them is you!
Blog Posts Catherine Mentioned
- How I Dress My Kid on a Budget
- Would You Marry Someone With A Lot of Debt?
- Financial Success Does Not Start With a Budget
- What I Gave Up (and Gained) to Reach My Financial Goals
- No More Babies Until Debt is Gone
Aug 19 2015
Rank #7: 103 How to Be Awesome, Not Broke - Garrett Philbin, Financial Life Coach
I talk money, balance, travel, entrepreneurship and more with millennial financial life coach Garrett Philbin (one of the happiest, most positive people I know!).
If you're looking for an upper of an episode, something to get you pumped to tackle your life and finances, my guest Garrett Philbin, financial life coach of at Be Awesome, No Broke, is just what the doctor ordered.
He doesn't just have the perfect radio voice, he literally exudes positivity. It makes sense why he ditched his career in the music business to focused all of his energy and talent in to helping others with their money and life issues.
And similar to what I'm doing right now, he's on his way to becoming an Accredited Financial Counsellor. I may have convinced him after recording this episode back in the fall to look into the American version, and now he's on his way to finishing the program.
We talked about a lot of awesome things in this episode, including Garrett's jump into entrepreneurship, his soul-searching road trip and the deeper reasons why we all struggle with money. Seriously, if after listening to this episode you feel like this is the time in your life that you need to ask for help, Garrett is definitely someone who will be there if you ask.
Garrett's Top Blog Posts
- Why Your “Obstacles” Mostly Aren’t
- Seven Steps to Making Your Money Matter
- How Creating A Morning Routine Saved My Life
- You Don't Need a Plan
Follow Garrett on Social
- Join Garrett on Facebook
- Follow Garrett on Twitter
- Check Out Garrett on Instagram
- Follow Garrett on LinkedIn
What's Your Money Personality?
I mentioned checking out my money personality quiz in this episode, and you can do so right here: jessicamoorhouse.com/quiz
For more podcast episodes, check out the podcast page.
Show notes: jessicamoorhouse.com/103
Apr 12 2017
Rank #8: 155 Practical Strategies to Pay Down Debt & Retire Early - Deacon Hayes, Author & Founder of Well Kept Wallet
Want to learn how to become debt-free and financially independent? It doesn’t have to be one or the other, you can dig yourself out of debt and retire early. Just take it from Deacon Hayes from Well Kept Wallet who was able to pay of $52,000 in debt in only 18 months, then become financially independent and retire early with his family. If he can do it, why not you?
Deacon Hayes, the blogger and podcaster behind Well Kept Wallet, was knee deep in debt to the tune of $52,000 in 2010. But instead of digging himself further and further into the whole, he decided to take responsibility and dig himself out.
He started by looking to the experts, other bloggers and authors that offered personal finance advice, and was able to implement their strategies to become debt-free in only 18 months!
Now, he’s all about educating others to do the same. But he doesn’t just focus on helping others become debt-free, he also wants to share how they can become financially independent and retire early too.
That’s certainly never something he thought he’d be able to accomplish, but now, in 2018, he is financially independent and technically an early retiree. But instead of drinking Pina Coladas on the beach somewhere, early retirement to him means being able to afford to do what he wants with each day. And what he wants to do is educate and inspire others to take control of their finances so they can live the lives they really want.
How to Become Debt-Free
So, in this episode we talk about a lot of things, but first let’s talk about debt repayment. Honestly, at the end of the day, to get a handle on your spending and debt, there are two simple things you need to do.
- Reduce your expenses
- Make more money
If you actually implement both things, you’ll be able to become solvent once again. It may take some time (longer than 18 months), but even if it takes a few years, these two things are key and they work!
Deacon also recommends the cash envelope system for reigning in spending, and having monthly money meetings with yourself or your partner to talk about your budget, your spending and net worth, and your future goals you’re working towards (and I totally agree!).
How to Become Financially Independent
Now, let’s talk early retirement. In order to achieve financial independence, there are three paths you can follow (though technically you don’t have to pick just one, you can do a combination or all three):
- Invest in real estate
- Invest in the stock market (no more than 10% individual stocks, then diversify your portfolio with index funds and ETFs)
- Earn more money through entrepreneurship
And to help guide you and give you examples on how to do this, Deacon share real-life case studies on his website.
Get His Course for Free
Want to take Deacon’s “Debt Free in 18 Months” course for free? It’s valued at $97, but you can sign up for free by going to: wellkeptwallet.com/retire
For full episode show notes visit https://jessicamoorhouse.com/155
Apr 18 2018
Rank #9: 219 How to Tackle Debt & Better Understand Credit - Millennial Money Meetup #6 Live Recording
For my 6th Millennial Money Meetup that took place on Nov. 19, 2019, in Toronto, I was able to once again celebrate and promote Financial Literacy Month in Canada thanks to the help of event sponsor Capital One.
For this meetup, I was joined by a panel of financial experts: money expert and financial journalist Rubina Ahmed-Haq, credit expert and author of The Credit Game Richard Moxley, and Patrick Ens, Head of Customer Acquisitions at Capital One. The theme for this event will be debt & credit, something we’ve all struggled with (or still are) and can learn more about.
For full episode show notes visit https://jessicamoorhouse.com/219
Dec 05 2019
Rank #10: 052 30 Life Lessons I Learned Before Turning 30 - Jessica Moorhouse
In the final episode for season 2 of the Mo' Money Podcast, I do a special solo show to reflect on the 30 biggest lessons I've learned over the course of my 30 years on Earth in terms of money, life and balance.
Long episode description:
This episode of the Mo’ Money Podcast is brought to you by Lowest Rates, who are providing $250 for today’s giveaway! To find the lowest rates when it comes to mortgages, insurance and credit cards visit LowestRates.ca.
Today is a pretty big day for me. It’s my one year anniversary of the Mo’ Money Podcast (with 52 episodes in the frickin’ can!), it’s the end of season 2 of my podcast (season 3 to resume in September), and this week is my birthday week. I officially turn 30 on Saturday, but in my mind my birthday lasts a full week.
Now, this very special solo podcast episode is based on my blog post about the 30 life lessons I’ve learned before turning 30. I thought it would be cool to not just write about this, but also to explain what I’m talking about verbally. Honestly, as much as I love to blog (I mean I’ve been at it for 4 1/2 years now), I really do feel more myself when podcasting. Maybe it’s because there’s no real room to over think things and I can just say exactly what’s on my mind freely. In any case, I think I might do a few more of these blog posts turned podcast episodes in the future. Plus I realized I really miss doing solo shows.
Jun 01 2016
Rank #11: 215 How to Master Your Money - Sandy Yong, Author of The Money Master
I met Sandy Yong, author of the soon-to-be-released book The Money Master: Inside Secrets On How to Make Your Money Grow and Stay Safe, about a year ago at the 2018 Canadian Personal Finance Conference. She told me she was working on a book and I soon found out we had very similar personal finance journeys.
Having been brought up in a very frugal family, and having finished her business degree during the Great Recession, Sandy worked hard to pay off her student loan and make her way in the corporate world. She soon realized that being frugal was only one part of mastering your money. You also needed to set financial goals, invest wisely and have a clear action plan for all your hard-earned money.
That’s what led her to discover personal finance books which eventually inspired her to write her own book to reflect her journey and key things young Canadians should know about managing their money better.
In this interview, we touch on what some of those key things are, such as the benefits to passive investing instead of investing in high-fee actively-managed mutual funds, while also discussing some new players in the finance world like investing in the cannabis industry, cryptocurrency and robo-advisors.
Her book isn’t out yet, but you can pre-order your copy today. I’m also going to be giving away copies of her book when it’s out, so make sure to enter to win in my massive book giveaway!
Visit jessicamoorhouse.com/contests to enter to win a copy of his book!
For full episode show notes visit https://jessicamoorhouse.com/215
Nov 20 2019
Rank #12: 109 How to Manage Your Money as a Millennial - Erin Lowry, Author of Broke Millennial
Millennials have a different way of thinking and handling money compared to Generation X and the Baby Boomers, and Broke Millennial author Erin Lowry shares the dos and don'ts of money management for Generation Y in this interview about her book, her blog and her journey to becoming one of the top millennial money experts around.
Is there really that big of a difference between managing your money as a millennial compared to being a Gen Xer or Baby Boomer? As a millennial who has read numerous personal finance blogs and books, have attended my fair share of finance conferences, and have been writing and interviewing others on personal finance for over 5 years now, my answer is yes, yes and a BIG yes!
Luckily, I'm not the only one who thinks this way and Erin Lowry, the blogger behind BrokeMillennial.com, wrote a book (also named Broke Millennial) that focuses on money for millennials specifically.
Although when it really comes down to it, the principles of personal finance don't really change generation to generation. But the fact still remains, we are a very different generation than those before us. We experienced different things and sometimes speak a different language. And that's why I found it so refreshing to read Erin's book that really got me. Got my struggles with money and offered practical and modern solutions.
Grab a Copy of Erin's Book Broke Millennial
If you want a book that focuses on millennial money issues specifically, and outlines how to tackle your road blocks with money, how to choose the best budgeting style for you, how to negotiate a better salary and much more, grab a copy of Erin's newly released book Broke Millennial: Stop Scraping By and Get Your Financial Life Together.
Check Out Erin's Best Blog Posts
- The True Value of a "Worthless" Degree
- Reflecting on 4 Years as Broke Millennial
- An Examination of Will Power: Money vs. Health
- Taking Time to Recalibrate with a Financial Cleanse
Follow Erin on Social
Join Me for a Live Webinar!
I mentioned in this episode about an upcoming webinar I'll be hosting with friend and business partner Jaclyn Phillips. We'll be doing a live webinar all about how to master your money and fitness on Wednesday, May 31 at 7pm ET to kick-off the launch of our Rich & Fit Bootcamp course.
Registration for the course will open right after the webinar, and promptly close on Wednesday, June 7 (that's right, we're only opening the doors for 1 week!). And a big reason you'll want to join us for the webinar is because not only will we discuss more about the course specifically, but we'll also be awarding 3 scholarships to the course to 3 lucky live webinar attendees.
For more podcast episodes, check out the podcast page.
Show notes: jessicamoorhouse.com/109
May 24 2017
Rank #13: 234 How to Reach FI at 32 & Why Not to Pay Your Mortgage Early - Kornel Szrejber, Host of the Build Wealth Canada Show
I finally have Kornel Szrejber from Build Wealth Canada on the show!
As a Canadian, I’m always considering what the right financial advice is so I can, in turn, curate the best personal finance content for you guys. Kornel’s mission is very similar to mine, only he’s FI and paid off his mortgage by 32, which is of course incredible!
On the podcast today we’re talking about how to become financially independent (FI) and learning a little more about what the path is toward FI. Kornel and his wife lived together in their twenties and focused their dual-income household toward paying off any debts and their mortgage. In achieving his goals he is now focused on his early retirement and navigating life as a young retiree.
Toss the headphones on and tune it for this energetic interview with Kornel and learn a few ways on how you can create a financially independent life for yourself!
For full episode show notes visit https://jessicamoorhouse.com/234
Mar 25 2020
Rank #14: 131 How to Build Wealth by Changing Your Money Mindset - Kelley Keehn, Author & Personal Finance Expert
What's your money mindset and how does it affect how you perceive building wealth? I chat with Kelley Keehn about this and more in this episode.
Personal finance expert and author Kelley Keehn chatted with me for this fabulous episode of the podcast, and I couldn’t be happier! I love that her mission is to make people feel good about money! Just like she said in our episode, when people feel good about their money, they are better people and thrive in other areas of their lives.
I wholeheartedly agree. When you feel confident in your finances, you feel confident in your life. You start making better and longer-term decisions, instead of decisions based on survival or the immediate future.
We also go a bit deeper in our interview and talk about the different money mindsets people have. Like how they can either help you build wealth and live a life you want, or they can impede you from experiencing your full potential.
I know that my money mindset has evolved over the years, and that’s the amazing thing too. Just because you have say a scarcity mindset, doesn’t mean you can flip the switch into an abundance mindset. Everything is changeable and fixable, you just have to be self-aware and start making small changes to make a big change in the end.
Learn More About Kelley
For full episode show notes, visit https://jessicamoorhouse.com/131
Nov 22 2017
Rank #15: 173 How to Pay Off Meaningful Debt (and Stay Debt-Free) - Jessi Fearon, Financial Coach
Jessi Fearon was able to pay off $55,000 in debt in 2 years! Yes, I know, we've all seen headlines like this before, and usually you find out after reading the full news article that they were able to pay off that debt because they got a windfall, their parents helped them, or they earn over 6 figures at their job. Well, that's no Jessi' story. Her and her husband were able to pay that debt off by making some major sacrifices and hustling to make it happen. Now Jessi is a financial coach on mission to help others conquer their finances too!
For this episode of the Mo’ Money Podcast, I chat with another Jessica who is also a financial coach! I’m talking about Jessi Fearon, who was able to pay off $55,000 in 2 years with her husband, while raising a family of 3 little ones. After being a stay-at-home more for a few years, Jessi now spends her days coaching others how they too can build a solid financial foundation and kick their debt to the curb (for good!) just like her family was able to.
What I love about this episode, and Jessi for that matter, is that she is an open book when it comes to her numbers. Most of the time when you see some headline about someone who paid a big amount of debt in a short amount of time, you eventually find out it’s because they got a big windfall, their parents helped them out, or they earn a high salary. That’s not Jessi’ story at all. For her, it came down to making some tough choices, such as taking on some extra jobs like being a server or dog walker to earn some extra money, or having to trade in her dream truck for a more cost-efficient car to put the difference onto her debt.
Basically, if you’re dealing with debt and need some motivation, this episode is going to make you want to get to work right away and start living a better life!
For full episode show notes, visit https://jessicamoorhouse.com/173
Oct 24 2018
Rank #16: 204 Your Investing Questions Answered - Jessica Moorhouse
For my final episode of Season 8 of the Mo’ Money Podcast, I’ve got a solo episode for you, and it’s all about answering your investing questions. I get investing questions all the time at events I organize or speak at, via email or even through social media. So, since I just did my Level Up Your Moneyevent with Erin Lowry which included a Q&A (but wasn’t part of the recording we did), I thought I would do an episode focused solely on answering all your most pressing investing questions.
Now, as a disclaimer, nothing in this episode should be considered financial or investing advice. Heck, nothing on this website or any content I create should be considered advice. It is simple information, facts and opinion. And when it comes to investing specifically, it’s hard to even give a straight answer.
You may have noticed that in the panel discussion recording, and some attendees voiced their frustration. I totally get it, but unfortunately, there’s no such thing as one-size-fits-all investment advice or recommendations. We’re all at different stages in our lives, with different incomes, circumstances, goals and time horizons. It would be ridiculous to say “Do this and you’ll be fine.” And if someone does tell you that, remember, even if they are an investment advisor, that is their opinion on what they think you should do. Nothing is guaranteed when it comes to investing, and it’s not black and white.Paying Down Debt. vs. Investing: Which One Should You Do First?
If you’ve got consumer debt (credit cards, line of credit, etc.), focus on paying that all off before investing because it’s unlikely you’ll be able to earn the same or higher interest on your investments that those debts are charging you. If you have student loans or other low-interest debt like a car loan or mortgage, I would say pay down debt and invest. The interest you’re paying is most likely below 5%, and 5% or higher is a very possible return you could make on your investments. Also, no matter what type of debt you have, make sure you have a fully funded Emergency Fund before you start investing.How Do You Know When You’re Ready to Start Investing?
You’ve got to have that solid financial foundation first before you start investing. That means you have a budget, you’re tracking your spending and net worth regularly, you have a debt-repayment plan, you have a fully funded emergency fund, and have outlined all of your financial goals (short and long-term) first.How Much Money Do You Need to Start Investing?
There’s no perfect number, but I say once you’ve got your financial foundation set, then work on saving up $1,000 as your initial contribution to your investment plan. I say $1,000 because most robo-advisors actually require that as a minimum initial contribution, and some discount brokerages have similar requirements.Is Wealthsimple a Good Robo-Advisor?
I get this question a lot, and what I think the real question is is “What’s a good robo-advisor” or “What robo-advisor should I invest with?” Here’s the thing, I do personally like Wealthsimple. I invest with them and have for about 3 years and I like their platform, customer service, and have had an overall good experience with them. But I also invest with Justwealth, and similarly I have had an overall good experience with them too. Heck, I even invest with RBC InvestEase (though a very tiny portfolio with them since I mainly wanted to test them out since I worked with them on a campaign), and I actually really like their platform and customer service to.
The reason so many people think of Wealthsimple first is because they are one of the biggest robo-advisors in Canada, they were one of the first, and they also hands-down do the most marketing. And let’s be honest, their branding is amazing. It’s millennial-focused, it’s beautiful and as someone who used to work in marketing, they are doing everything right.
But, just because I choose to invest with Wealthsimple, or Justwealth, or RBC Investease, doesn’t mean you should. It’s not that easy. You need to do the work to see which one makes sense for you. You need to do your research on each company, the portfolios they offer, the fees they charge, the ease-of-use of their platforms, the quality of their customer service, to see which place makes the most sense to invest with. That’s what I did, and that’s what you as a responsible and smart investor need to do to.
Where to start is by checking out my recommendations page that includes the full list of robo-advisors in Canada, plus two comparison sites that can help you see the difference between all of them (Hardbacon and Autoinvest).Real Estate Investing: What Do You Think?
The home you live in is not an investment. It’s part of your net worth, but I wouldn’t consider it a real estate investment because you are living in it. This may be a controversial take, but that’s just my point of you. If you own real estate and rent it out, then yes that would be considered an investment.
Now, if you are investing in real estate, you need to determine what portion of your overall investment portfolio is it? Typically, real estate is considered an “alternative investment”, because the traditional investment asset classes are cash, stocks and bonds. So, if real estate is an alternative, most investment experts suggest not to invest more than 5-10% of your portfolio in alternatives.
All I want to really say is that if you choose to invest in real estate, don’t just invest in real estate. Invest in those traditional asset classes, invest in the stock market, make sure your portfolio is diversified. In other words, never put all of your eggs in one basket.If I Have a Work Pension, Do I Still Need to Invest on My Own for Retirement?
Short answer, of course you do. Even though you have a pension, most likely it won’t be enough, in addition to getting your CPP and OAS payments, to cover your retirement income. To learn more about pensions, I highly suggest listening to episode 180 since it goes in-depth about retirement planning and pensions.How Much Do I Need to Save Up for Retirement?
One million? Two million? Most people just want a straight up answer but it’s not as simple as that. First, you need to define what your retirement looks like, and then determine how much that will cost in today’s dollars on an annual basis. Then figure out how long you’ll most likely live in retirement. Then make the calculations that include an average inflation rate. Bam, you’ll get a number. The calculation itself is fairly simple, however that doesn’t mean that’s the exact amount of money you’ll need because it’s difficult to predict the future and your future needs. That’s why you need to constantly look at your financial plan and retirement plan every year and adjust when appropriate. I’d also like to recommend to amazing books on retirement income planning:
- Victory Lap Retirement by Mike Drak, Rob Morrison & Jonathan Chevreau
- Your Retirement Income Blueprint by Daryl Diamond
If they match dollar-for-dollar to your contributions then yes. Even if they have you invested in high-fee actively-managed mutual funds, it’s still worth it because it’s free money from your employer.I Want to Start DIY Investing, How Do I Build My Portfolio?
Quick answer, you can either look at model portfolios other investors or bloggers share (but please do your due diligence first), you can build your own by finding ETFs that match the benchmarks you want to replicate, or you can take a look at the portfolios offered by robo-advisors and just replicate their portfolios yourself.How Are My Investments Protected?
Your investments aren’t protected through CDIC or when there are ups and downs in the market, but if you’re more concerned about your robo-advisor, investment firm or discount brokerage become insolvent and you losing your investments, you are protected under the Canadian Investor Protection Fund (CIPF).What’s the Difference Between Index Funds & Index-Based ETFs?
I share way more about this in my investing course, but basically they are two different investment products. Index funds are a type of mutual funds that track the broad market index, and index-based ETFs are more similar to a stock but they also track the movements of the broad market index. So they are similar, but not the same. Also ETFs are typically cheaper.Should I Invest the Money I’m Saving for a Down-Payment on a House?
In general, no. You should keep it liquid in cash if you plan on buying a place in the near future (so stash it in a high-interest savings account). But, if you do want to invest, invest in something conservative like GICs or a balanced portfolio with a good portion invested in fixed income.
For full episode show notes visit https://jessicamoorhouse.com/204
Jun 06 2019
Rank #17: 022 This Is How You Make Your Budget Sexy - J. Money, Blogger at Budgets Are Sexy
J. Money from the popular personal finance blog Budgets Are Sexy and I talk about making money online, getting fired, giving away $90,000 and making budgets sexy again.
Long episode description:
J. Money from Budgets Are Sexy and Rockstar Finance has been in the personal finance game since 2008, so he knows what’s going on when it comes to talking money. In this episode, we discuss how he became a blogger, why getting fired was the best thing that ever happened to him and how he’s been able to give back in a big way. Not only is J. Money just a super cool, genuine guy — I owe him a big one because talking to him for this episode was the kick in the pants I needed to move forward with my rebrand and future money coaching business. You know when you have an idea, but are just too scared to take action because it’s not perfect yet? I’m a big perfectionist, and it’s definitely held me back from trying new things and taking risks that could help me in the long run. But J. Money is such a an inspiring guy with everything he’s accomplished, I’m gonna take a chapter out of his book and just do it!
So thanks J. for motivating me to start my next chapter. You rock and it was a pleasure having you on the show!
We mentioned a few things in this episode, so I’ve listed everything below. I’m also including J.’s side hustle story series even though we didn’t talk about it because it’s just too cool not to mention on here.
Submit Your Side Hustle Story
- Got a unique way to make extra money outside of your day job? Submit your cool side hustle story for a chance to be featured on Budgets Are Sexy. I even submitted my story about teleprompting!
Notable Blog Posts by J. Money
Oct 14 2015
Rank #18: 188 How to Get Rich by 30 - Lesley-Anne Scorgie, Author & Personal Finance Expert
It was one fateful day when a 17-year-old Lesley-Anne Scorgie went viral because of her financial acumen. Not only did she get featured in newspapers across Canada, she also landed a spot on the Oprah Winfrey show because she aspired to become a millionaire by 25 and was well on her way to reaching that goal.
As Lesley-Anne says in our interview together, the Oprah effect is real and her short segment on the show catapulted her career into one Canada’s top money experts today, with four books under her belt, regular TV appearances and speaking gigs. Not only that, she launched her own money coaching business called MeVest, and focuses on teaching others how they can take control of their financial future like she did.
In this episode, we discuss what inspired her to get into personal finance at such a young age, what she learned from striving towards an aggressive goal in her 20s (spoiler, she wishes she enjoyed her 20s a bit more), and what some of the most common concerns and struggles her money coaching clients have.Grab Copies of Lesley-Anne’s Books
- Rich by Thirty: Your Guide to Financial Success
- Rich by Forty: A Young Couple’s Guide to Building Net Worth
- Well-Heeled: The Smart Girl’s Guide to Getting Rich
- The Modern Couple’s Money Guide: 7 Smart Steps to Building Wealth Together
For full episode show notes, visit https://jessicamoorhouse.com/188
Mar 13 2019
Rank #19: 110 How to Earn Extra Income by Getting a Side Hustle - Nick Loper, Founder of Side Hustle Nation
At a certain point in your personal finance journey, you'll realize that there's nothing left to cut out of your budget and you're living as frugally as you can. At that point, it's either time to look for a higher paying job or joining a number of others by getting yourself a side hustle. In this episode I chat with Nick Loper, founder of Side Hustle Nation, about how to get a side hustle and how he was able to turn his love for side hustles into his full-time gig.
It seems like everyone has a side hustle these days, or is thinking about starting one. Which is why I thought the perfect guest to have on the Mo' Money Podcast would be Nick Loper from Side Hustle Nation. I met him after I spoke at FinCon's Ignite last year, and I was in total awe of his podcast and the insanely loyal audience he grew. But the best thing is, he's seriously the nicest, humblest guy!
Now, I've kind of always had a side hustle. It started with being a teleprompter operator for the news, PAing on film sets, then eventually I started this blog to see if I can earn some money. Well, after almost 6 years, I was able to finally turn this side hustle into my full-time hustle, so if you're ever wondering whether it's worth it to start a side hustle and spend some of your extra hours on building a side business — just try it. There's no harm in trying a few things out and seeing if they work. And there's no shame in failure as long as you walk away with a lesson learned.
In this episode, Nick also shares his personal story with getting his first side hustle and how he eventually became an online entrepreneur teaching others about how side hustles could take them to the next level with their financials. As I always tell people, at a certain point, you'll find with your budget that there's nothing left to cut out. And at that point, it's time to start looking at other ways to earn some extra income.
I hope you enjoy this interview with Nick, and make sure to scroll down below for more info about my Rich & Fit Bootcamp course, or click here to visit the registration page.
Check Out Nick's Best Podcast Episodes
- How 25 Side Hustlers Made Their First Entrepreneurial Income
- 5 Real Estate Side Hustles You Can Start on the Cheap
- How a Former Hairdresser Turned Her Side Hustle Into a 6-Figure Business
Check Out Nick's Best Blog Posts
- 5 Questions to Answer Before You Quit Your Job: Your Make the Leap Checklist
- How I Made $2000 While Vacationing in Rome: Freelancing While Traveling – Without the Guilt
- How I Built a Million Dollar Blog (by Growing a Loyal Audience)
Follow Nick on Social
Register for the Rich & Fit Bootcamp
I mentioned in this episode that myself and business partner Jaclyn Phillips have finally launched our Rich & Fit Bootcamp course together, and I want to share all the juicy details with you! First, visit the registration page to learn more and to register before the cut off date of Wednesday, June 7. But also, check out our webinar replay to find out what we'll be teaching and what the course platform will look like when you get access to it.
And if you have any questions and aren't sure if this is right for you, please email me, happy to chat!
For more podcast episodes, check out the podcast page.
Show notes: jessicamoorhouse.com/110
May 31 2017
Rank #20: 165 Get Paid Your Worth: Negotiation Tips - Kathlyn Hart, Salary Negotiation Coach
For my Season 6 finale episode, I chat with Kathlyn Hart, podcast host of The Big Leap Show and salary negotiation coach. We talk about earning what you deserve, practical ways to ask for a promotion and/or raise, and recognizing when it's time to jump ship for the chance at a higher salary with a different company.
As I mentioned in this episode, I'll be taking the next two months off for a much needed break, but I'll be back for Season 7 in September!
It’s the Season 6 finale episode, but I’m ending things off with one hell of an inspiring and motivating episode! I chat with salary negotiation coach Kathlyn Hart about what to do (and not to do) to negotiate a higher salary so you can be paid your worth.
It’s actually pretty funny timing this episode because this time 2 years ago is when I asked my boss for a promotion and a raise. I thought I took all the right steps to level up my job and income, but little did I know I actually made a ton of mistakes. So many in fact that I ended up quitting that job.
Obviously, I don’t regret how things turned out. It gave me the push I needed to leave a job that wasn’t fulfilling to run my own business. And now, I’m a year and a half in to being an entrepreneur and I’m so thankful for it.
But, that being said, I sure wish I knew some of the tips and tactics Kathlyn shares in this episode when I was back working a 9 to 5. I wonder how things would have been different.
To sum up some of Kathlyn top tips, I’ve compiled them below in case you want to be brave and get paid better than you are now.
Salary Negotiation Beings in the Job Search
This was a big mistake I made early on. I always chose jobs and industries that were on the downturn or didn’t have any growth potential. Because of this, for most of my corporate life, I earned really low salaries and never got promotions or raises.
Well, what you’re supposed to do is pick a job and industry that are the opposite of that. As Kathlyn mentions, a project manager for a non-profit is going to be paid substantially less than a project manager for a Fortune 500 company. This is something you need to consider before applying for jobs, because it could be the difference of earning $50,000 or $150,000 per year.
Be Confident When Talking Salaries in Interviews
I always dreaded when the interviewer would ask me my salary expectations. Most of the time I was so desperate for the job, I always gave them my lowest possible number, and would always kick myself a few months later when I was in a role making less than I deserved.
Do not do this. Kathlyn has a strategy that focuses on your wish, your want and your walk. Those three numbers are your dream salary, the salary you’d be satisfied with, and the salary that would make you walk away from the job offer because it’s too low. Instead of starting with your lowest offer, ask for your dream salary. Of course, it’s important to back that number up with research, comparables from other jobs in similar sectors, and your skillset. But, if you present your ask with confidence and certainty, the interviewer will be more likely to see your value and want to lock you down for the job.
Be Okay with Walking Away
If you don’t feel like you’re earning enough at your current job, and you feel like you’ve done everything to bump up your salary but nothing’s working, it might be time to walk away. It’s no secret that the easiest way to increase your salary is by jumping ship to another company. Just make sure you’re prepared to ask for the salary you really want before accepting your next job offer.
Download Salary Negotiation Scripts
Download Kathlyn’s free scripts to practice with my texting earnmore to 44222
For full episode show notes, visit https://jessicamoorhouse.com/165
Jun 27 2018