Rank #1: 081 Making a Case for The Wealthy Renter - Alex Avery, Author of The Wealthy Renter
Renting is not throwing your money away, and home ownership isn't something everyone has to aspire to. Alex Avery, author of The Wealthy Renter and seasoned financial analyst, shares his insight into why there is a misconception about the benefits of owning a home and why renting might actually make you richer.
To kick off season 4 of the Mo' Money Podcast, I chat with a very special guest about one of my favourite topics — homeownership. Alex Avery, the author of The Wealthy Renter, and I chat about the upside of renting and how homeownership isn't for everyone and doesn't have to be.
I've been an advocate for renting for a while, having been a renter myself for close to 6 years. It was the only way my husband and I could afford to live and work in downtown Vancouver and Toronto. If we tried to avoid renting and bought something right away, we'd either be forced to move an hour away or would be chained to a huge mortgage for 20+ years.
Instead, we chose to rent and save up our money so one day we could afford to buy without becoming house poor (which we did this past August).
These are some of the points Alex touches on in his book too. The idea that renting is the equivalent to throwing your money away is outdated and unfounded. Renting can actually mean more flexibility in your life and more space to save more money so you are richer in the end.
For more podcast episodes, check out the podcast page.
Show notes: jessicamoorhouse.com/81
Jan 11 2017
Rank #2: 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 #3: 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 #4: 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 #5: 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 #6: 154 The Best Hacks for Your Wallet - Jim Wang, Blogger at Wallet Hacks
For this episode of the podcast, I talk with veteran personal finance blogger Jim Wang about how he was able to sell his first blog (Bargaineering) for 6-figures after having it for just 5 years, and what some of his best wallet hacks are that he shares on his current blog, the aptly named Wallet Hacks.
For this episode of the podcast, I talk with veteran personal finance blogger Jim Wang about how he was able to sell his first blog (Bargaineering) for 6-figures after having it for just 5 years, then we dive into some of his top wallet hacks that he now shares on his current website, Wallet Hacks.
First, let’s go back to the part where he shares that he was able to sell his first blog for a million dollars. There aren’t too many bloggers out there that I know have who have been able to do this (aside from JD Roth of Get Rich Slowly), so this is pretty impressive. What’s even more impressive is how frickin’ humble Jim is! You would never know that he’s financially independent and pretty much just living that best life from talking to him. He just comes off as a normal guy who write about money hacks for living at home. Which I guess he is, but still, sold his blog for 6-figures, I still can’t get over that!
Anywho, after selling that blog, he started up a new one called Wallet Hacks, which as you can guess is all about tips, hacks and strategies to optimize your dollars, be smart with your money, and become financial secure. Here are some of the hacks he shared with me in this episode.
The Secret Santa Hack
You may already know about doing a Secret Santa hack. It’s fairly popular in the office during the holidays (also in The Office, one of my favourite shows). This is something I’ve actually been able to take out of the workplace and integrate into my family life. All it requires is instead of buying gifts for everyone, you get assigned a person (in secret), buy them a gift, and then gift it to them on Christmas. Someone else is assigned you, and someone else is assigned that person and so on.
My family has been doing this gift exchange for two years now, and I’ve got to say, it’s amazing. We don’t have any young kids in our family anymore, which makes it easier, but it really is a big financial relief each Christmas. The holidays are an expensive, even without gifts, so this is a huge life saver.
Jim doesn’t just have one hack for Amazon.com, he has 16! But, if you’re Canadian, I can’t confirm if all the hacks work for Amazon.ca, but you never know. You can read about all 16 Amazon hacks on his website, but here are just a few of them:
- If you’ve never used the app, download it, find a promo code like MARTH549N, and get $5 in credit.
- Get $1 in credit for ebooks, digital videos and more when you choose no rush shipping.
- Purchase from out-of-state third-party sellers to avoid sales tax.
Track Your Net Worth
This isn’t really a hack, but man is it a good thing to do. I’ve been tracking my net worth as well as my spending for over a year now, and it’s changed the game for me. Jim has been doing it for more than a decade, and he says it’s a big reason he’s been able to stay on track financially all these years. If you want to start tracking your net worth, here’s my free net worth spreadsheet to get started.
Get Credit Card Payment Notifications
Another thing Jim does to curb his spending is getting notifications or emails directly to his phone whenever he makes a credit card purchase. Not only does this help him know instantly if any fraudulent purchases are being made with his card, but it also reminds him of how much he’s spending. This is something I’m going to set up right now, because the one thing I hate about using my credit card is it’s just way to easy to tap and pay and forget about what you just bought.
For full episode show notes, visit https://jessicamoorhouse.com/154
Apr 11 2018
Rank #7: 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
Rank #8: 144 The Year of Less - Cait Flanders, Author & Blogger
How can a year of less change your life? Just listen to my episode with The Year of Less author Cait Flanders to learn how a shopping ban, getting rid of most of her belongings & being more mindful with her money helped her regain focus and control of her present and future.
She was my first ever guest (excluding my husband) on the podcast when I launched it almost 3 years ago, and now my friend and blogger pal Cait Flanders is back to chat about what has happened since Episode 3 of the podcast.
Well, a lot! For starters, she’s a full on author now, having just published her first book The Year of Less. And she’s not just a first-time author, her book is a hit. As she mentions in the episode, it’s still hard to find a copy at most book stores because they ran out of copies, so if you do still want to buy a copy, check Amazon first.
When we sat down for Episode 3 of the show, Cait was just about to finish her one-year shopping ban. I still remember her sharing that she wasn’t sure what to do after it finished. She eventually decided to continue it for another year, and although now she’s no longer on a shopping ban, she’s integrated the lessons she learned into her daily life.
The biggest lessons being to be more mindful when it comes to spending. It’s okay to spend money, but it’s about being more intentional with our spending and making sure we are spending money in alignment with our values that’s important. And when you do that, you’ll find that you can stick to a budget, you aren’t overspending as often (or anymore), and you don’t worry as much about your money.
This is a big lesson I also took away from her book and something I’ve been actively trying to integrate into my own life.
In this episode we also dive into other stories she shares in the book beyond the shopping ban, such as addiction and indulgence. Cait is now sober, but she used to have a problem with drinking, something she eventually realized was something she would do to fill a void or overcome other struggles in her life. It’s something I can relate to in that I definitely turn to certain things, like food or wine or even spending, to either deal with stress, unhappiness or hardship.
If you haven’t already grabbed your copy of the book, I highly recommend. And like I mentioned in the episode, I’m not recommending it because Cait’s my friend, I’m recommending it because it’s really good! I literally whipped through it in a day (no lie!), and I can’t stop thinking about it or telling other friends about it.
Feb 14 2018
Rank #9: 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 #10: 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 #11: 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 #12: 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 #13: 024 From 6 Figures in Debt to 7 Figures in Savings - Revanche, Blogger at A Gai Shan Life
Revanche, the blogger behind A Gai Shan Life, and I talk about growing up extremely frugal, helping her family out of a tough financial situation and her aspirations to become a full-fledged millionaire.
Long episode description:
Talk about overcoming some major obstacles, Revanche seriously is one inspiring woman. It’s one thing to try to get yourself out of debt by working hard and saving aggressively, but it’s quite another to do the same to help your family out of a tough financial situation. Although I think Revanche’s story is quite unique, I also feel like she’s not alone in being thrown into a situation where your loved ones need your help and you need to make some big sacrifices to get them out. I’d love to know in the comments if anyone else has experienced something similar! Please share your stories if you have them.
Although it was a long journey for Revanche, which you’ll learn in our podcast episode together, she didn’t just stop when the debt was finally paid off. She set herself an even loftier goal to achieve next — become a millionaire so she never has to experience debt like that again. I applaud Revanche’s dedication and hard work, and seriously can’t wait until she makes it into the two comma club.
Notable Blog Posts by Revanche
- My kid and becoming human: Notes from Month 6
- Will This Loan Be Repaid?
- Revanche’s Real Estate Investing Series
Learn More About Revanche
Oct 28 2015
Rank #14: 046 Finding Financial Freedom - Todd Tresidder, Blogger at Financial Mentor
Todd Tresidder from Financial Mentor and I talk about how he was able to retire from his career as a hedge fund manager at early age of 35. But he didn't just put up his legs and relax once he retired, he put his energy into growing a money coaching business from scratch so he could other people find financial freedom just like he was able to.
Long episode description:
Todd Tresidder from Financial Mentor is a numbers guy. It helped him craft a successful career as a hedge fund manager, as well as figure out a way to retire at the ripe age of 35. But his plan wasn’t to just save up a bunch of money and spend the rest of his days on the beach sipping margaritas. Financial freedom to him meant he could finally spend his time doing something he loved.
What I really enjoyed about talking with Todd was that he was just as open about his failures as he was about his successes. Although society tells us we are to aim for perfection and failure isn’t an option, in reality failure is natural and a big part of succeeding. If we didn’t fail, how would we know what not to do?
That’s a big component of Todd’s story. He started his website back in the 90s when you had to hard code everything. I can’t imagine trying to start an online business without the saving grace of WordPress, so big props to you Todd! It’s gone through a number of evolutions since that time, and he shares that he learned a lot about digital marketing and e-commerce the hard way. It’s great to see that he’s now really hit his stride. No lie, I work in digital marketing for a living and I listen to a ton of marketing podcasts — everything Todd is doing on his website is exactly what the experts are saying to do!
Although Todd admits he made a number of mistakes when it came to his business, every single mistake he made helped lead him to where he is today. Not only is he a top money coach, blogger and podcaster, he’s also a self-made millionaire and living a life most of us are still striving for.
One of my favourite parts of this episode is when Todd stopped the interview to grab a post-it from his computer to share the following Andy Warhol quote that he frequently refers to:
Being good in business is the most fascinating kind of art. Making money is art and working is art and good business is the best art.
I love this quote so much, and man did it really hit home for me when he read it out loud. Growing up, I thought I would be an artist as a career. And I still thought it when I enrolled in film school in my early 20s.
When I had to get a real job and start my adult life, I was honestly a bit ashamed that I couldn’t make a living making art like I thought I would. Well, I’ve been adulting for over 6 years now, and what I’ve realized is that I am making art. My business is my art, and that’s pretty darn cool. Thanks for the quote Todd, it’s now a post-it on my computer too. I’m hoping it will give me that much needed focus so I can attain financial freedom at an early age just like you.
Some Great Financial Resources
- 52 Weeks to Financial Freedom Course
- Todd’s eBook 18 Essential Lessons from a Self-made Millionaire
- Todd’s free Audio Education
My Favourite Financial Mentor Podcast Episodes
- How To Build Wealth Through Business with Jaime Tardy
- Simple Financial Planning – The Only 6 Ideas You Need To Know With Philip Taylor
- How to Get Rich Slowly with J.D. Roth
Follow Todd on Social
Apr 20 2016
Rank #15: 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 #16: 163 How to Achieve FIRE in Your 20s - Gwen Merz, Blogger at Fiery Millennials & Co-host of FIRE Drill Podcast
For this episode, I talk with Gwen Merz, the blogger behind Fiery Millennials and the co-host of FIRE Drill Podcast. As you may have guessed, we go in-depth about FIRE, chat about Gwen achieving financial independence in her 20s, and some terms you may not have her of from the FIRE community.
For this episode of the podcast, I chat with a new friend I made recently at an event called Statement. It was a women in business retreat for women in the financial blogging space, and I can’t even tell you how life changing it’s been. But that’s not what I want to share anyway. I want to share that at this event, I got to meet the amazing Gwen Merz who was able to achieve something not many 20-year-olds can! I’m talking about achieving financial independence.
We chat in-depth about what that actually means, and no, it doesn’t mean she’s retired. For her, it means she saved up enough money to afford to leave her corporate job, move cities and then focus on her blog (Fiery Millennials) and podcast (FIRE Drill Podcast) full-time. It also means she saved up enough money that by retirement age, it will have grown to an amount she could easily retire on.
So I know I’ve had a lot of guests on the show in the FIRE community that have been able to achieve financial independence and retire early, but Gwen’s story might actually be a bit related. She didn’t save up a million dollars and is now living an easy life. She was able to save up $200,000, bought an income property for about $80,000, but still intends to work to earn a living.
She’s set things up so in the future she will earn passive income from your property and her $200,000 will have compounded into a way bigger amount she can live off of in retirement. But, she still needs to earn money for her present needs. Which is why now she’s exploring some different entrepreneurial avenues such as making stained glass art and selling it, selling courses on how to start an Etsy store, and monetizing her popular blog and podcast.
You see, FIRE isn’t a straight road. You can actually apply the principles in any way you want. There’s no right or wrong way to FIRE!
Here are a couple other things we talked about when talking FIRE.
Lean FIRE vs. Fat FIRE
These are terms I recently learned about when I was actually at a FIRE meetup in New York City last month. Lean FIRE is when you’ve saved up enough to live on for the foreseeable future, but you’d be living a fairly frugal life. You’re living in a low cost of living area, your expenses are minimal, and you don’t need that much to live off of. It’s sounds fine if you’re more of a minimalist, but obviously it’s a bit restricting
Fat FIRE is when you’ve saved up enough to live the life you really want with little to no restrictions. For instance, I met a woman at the meetup who was on her way to achieving Fat FIRE and she told me her goal was to save up $7 million. Albeit, she wanted to continue living in New York and travel a lot, but it’s a big difference when compared to Lean FIRE.
Why the FIRE Community is Exploding
My only comparison to the FIRE community is the debt-payoff community. Two communities that are massive and members are diehards for. With FIRE, to me at least, it’s a bit more exciting. The end goal is to have enough money to live whatever life you want. And that’s exactly why Gwen also thinks the FIRE community is exploding right now. It gives people purpose with their money. Instead of just being responsible with your money so you can eventually afford to buy that car, that house or some trips in the future, it’s way more exciting to save up for early retirement or the freedom to quit your job to start your own business!
That’s sort of why I consider myself a bit financially independent. I don’t have enough to retire on or anything like that, but I did have the financial security to be able to leave my job to focus all my energy on my own business.
FIRE Resources You May Want to Check Out
- Mr. Money Mustache
- The Simple Path to Wealth by JL Collins
- Mad Fientist
- Your Money or Your Life by Vicki Robin
For full episode show notes, visit https://jessicamoorhouse.com/163
Jun 13 2018
Rank #17: 140 Listener Series - Why You Should Try Out a No Spend Challenge
Looking for some inspiration to get your spending under control? There's no better time than the present to try something new, like a no spend challenge. That's why I'm chatting with two of my podcast listeners for this episode, so they can share their experience and tips on how to save money and conquer their bad spending habits by doing a no spend challenge.
For my first Listener Series episode for Season 6, I've got not one, but two podcast listeners on the show to share their experience and tips for doing a no spend challenge. Michaela and Dan are a couple, engaged and saving up for their wedding, and they got the idea to try out a no spend challenge by seeing someone do something similar on Instagram. Feeling like they never truly knew where they money was going, they embarked on this no spend challenge that would mean they could only spend money on their essentials, and try to live as frugally as possible.
Their hope was that it would help them reign in their spending and focus their spending on this that really mattered to them in life. They also wanted to stop the endless cycle of consumerism that so many of us or on (and feel like we can't get off). Well, they successfully did the challenge for a month, and now have continued to practice living below their means, saving the extra income, and just living a life that's not as focused on spending and buying new stuff.
After talking with them, it definitely inspired me to reign in my own personal spending and do my own version of a no spend month. For all of January, my husband and I have been making all of our meals at home (save for one lunch that cost us $30) and have not bought any alcohol (though I did buy one beer with a friend, but I'd made those plans back in December!). Like Michaela and Dan, we realized that not spending all of our money on going out to eat or buying beer and wine for our home like we regularly do, hasn't actually affected our happiness at all. Instead, we replaced those two big spending habits with other things, like cooking healthy meals at home, and swapping alcohol for lemon water, tea or coffee.
If you want to embark on something similar, I highly recommend doing a no spend challenge or your own, or signing up to my free Rich & Fit Detox. It's a free 5-day email challenge that shows you how to do a health detox, practice self-care, stop mindless spending and declutter your home.
For full episode show notes, visit https://jessicamoorhouse.com/140
Jan 25 2018
Rank #18: 021 How to Break Up with Your Debt - Melanie Lockert, Blogger at Dear Debt
I talk to Plutus Award winner and debt blogger Melanie Lockert about her experience tackling $81,000 in student loan debt and becoming a full-time freelancer and debt crusher advocate.
Long episode description:
It was such a pleasure interviewing Melanie Lockert from Dear Debt. I’m an uber nerd and couldn’t contain how much I love Portland (where she currently lives) as you may have gathered from me blurting it out at the beginning of this episode. But in addition to secretly wishing I lived on the West Coast again, I’m also a huge fan of her blog and have been for many years, so it was a huge treat to be able to record this episode with the ultimate debt crusher.
Melanie’s story is one that I’m sure many of you can relate to. She took out a loan to do her bachelor’s degree, then got into her dream school of NYU to do her master’s degree. That meant she had to take on even more student debt. The grand total tallied up to $81,000 in student loan debt. That’s basically a down-payment on a house in Toronto or several very lavish tropical vacations.
Melanie ended up leaving New York after graduating to move to Portland to be with her partner. Although Portland is way more affordable to live in than New York, the economy isn’t great and she struggled to find work. But Melanie didn’t let that get her down. She hustled and worked her butt off to find work and eventually turned her blog into a full-time job. And this year she even won a Plutus Award for Best Debt-Focused Personal Finance Blog and was nominated for Best Contributor/Freelancer for Personal Finance. You go girl!
If you’re looking for a podcast episode to inspire you to break up with debt or just conquer something that seems completely impossible, you’ll definitely want to listen to this episode. And make sure to check out some of the links below that include a way to submit your Dear Debt Letter and some of Melanie&rsp>
- Melanie started this awesome program to help others break up with their debt and share their stories. If you have a debt story that you want to share and want to kick your debt to the curb, I highly recommend submitting your own Dear Debt Letter.
Notable Blog Posts by Melanie
- The Positive Power of Thinking
- One Year Later: My Journey as a Freelancer
- How I Spent Less Than $1,000 on a 2-Week Trip to Europe
- My Big Crazy, Audacious Goal
My Experiences with Debt & Unemployment
- How to Survive Unemployment After Graduation
- How to Keep Positive While Unemployed
- How I Paid Off My Student Loan in Less Than a Year
Oct 07 2015
Rank #19: 013 How to Start an Online Side Hustle - Sarah Peterson, Business Coach & Blogger at Unsettle
Sarah Peterson from Unsettle and Suburban Finance and I talk about starting an online side hustle to make extra money or to eventually develop a full-time business.
Long episode description:
Many of you personal finance blog readers may already know Sarah Peterson from when she ran When Life Gives You Lemons Add Vodka, or maybe you read her current personal finance blog Suburban Finance. Or maybe you know her from her new project Unsettle.org. This girl even has her own podcast! She's everywhere!
I've known Sarah for a number of years. I actually met her at the same time I met Liquid Independence almost four years ago. I don't know if I've ever told this story on the blog before, but around that time myself and Sarah and a few other personal finance bloggers in Vancouver decided to meet up in person for the very first time. We coordinated everything over email and I just prayed to God that at least one of them would be normal. It's hard to tell how a person really is just by their online persona, and meeting people off the Internet is still kind of sketchy. Luckily everyone was normal, well as normal as personal finance bloggers can be, and I've kept in touch with Sarah ever since. When I first met her I believe she was just graduating from post-secondary and was about to start her first full-time gig in HR. Well, a lot has happened in Sarah's career since then because she's now a full-time freelancer, business coach and online marketing maven! In this episode I pick her brain about her new life as a solopreneur and what she does to make all of her money online. Whenever I come across someone who has quit their full-time job to start their own business, I'm always in awe of them. In awe because I think it's super courageous to work for yourself, and also because I find it a bit crazy. But Sarah knows her stuff, and even after we finished recording I continued to pick her brain even more over sushi. Don't worry, I paid (it was the least I could do!). Thanks so much Sarah for being on the show, and man do I have a lot of ideas for online products now!
Blog Posts Sarah Mentioned
- 10 Actionable Steps to Discover Your Unique
- The Ultimate Guide to Selling on Etsy: How I Turned $0.30 into $5,000 in 4 Months
- The Website Launch Checklist: What to Do One Week Before Launch
- How to Launch Your Website for Instant Success: The Ultimate Step-by-Step Guide
Get a Discount on Your Website Hosting
We talked a lot about starting a website on the show, and in order to have a website, you need website hosting. Don't try to do something crazy like me and host it for free via Tumblr. It was one of the biggest blogging mistakes I've ever made and wish I'd never done it. Instead, I suggest you sign up with a hosting company like BlueHost (a hosting service I 100% recommend). And for a limited time, if you use my affiliate link you can get yourself a special discount!
Aug 12 2015
Rank #20: 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