Welcome to my new weekly series on the Mo' Money Podcast called "Money Minute with Jessica Moorhouse"!
I love doing interviews for this show, but sometimes I just want to talk to you directly and share some tips or pieces of wisdom that I think could help you on your personal finance journey...all in just a few minutes per episode.
This first episode is me sharing 5 different banks that offer no-fee chequing accounts in both Canada and the US. If you're paying monthly bank fees, I challenge you to calculate how much you're spending on bank fees in a year. You may be surprised! Just think of what you could do with that money instead if you switched to a no-fee bank.
I can’t believe we’re already celebrating Season 10 of the Mo’ Money Podcast, which is why to kick off this new season I wanted to share a special episode that will hopefully inspire and motivate you to take a good look at your spending and see how you can save some money with minimal effort.
The perfect guest to talk about this with me is Gordon Stein, author of Cashflow Cookbook. In his book he shares 60 different ways you can save between $25 and $900 per month! If you add all of those ways up, you could save $13,000 per month total! You know the old adage “A penny saved is a penny earned”? Well, it’s true! If you can find a way to cut down on costs or save money on things you’re already spending money on, that means there’s more money leftover for you to put towards your emergency fund, a future vacation, or your retirement investments.
And what’s great about Gordon’s book and the tips he shares in this episode is they are all fairly simple to implement and don’t require you to live like one of those people featured on TLC’s show “Extreme Cheapskates”. Because at the end of the day, you probably don’t want to live like an extreme cheapskate, and I sure don’t either. That kind of life, in my opinion, isn’t sustainable for the long-term. But the tips that Gordon shares are, and can save you a ton of money over the course of years and decades.
Also, don’t forget, I’m giving away a copy of his book! To enter to win you just have to visit jessicamoorhouse.com/contests.
For full episode show notes, visit https://jessicamoorhouse.com/222
I've got something very special to share with you that I needed to jump on here to tell you before the start of Season 10! I am launching my LIVE 6-Week Fix Your Finances Masterclass next week and registration is now open...but not for long. Registration closes on Tuesday, Jan. 14 and the masterclass officially starts on Wednesday, Jan. 15. To learn more and to sign up, visit https://jessicamoorhouse.com/fixyourfinances
And if that's not exciting enough, Wednesday, Jan. 15 will be the day Season 10 drops. I'll also be doing something very special this season, but you'll just have to wait and see what that is!
I can’t believe we’re already here but this is the last episode of 2019 and Season 9 of the Mo’ Money Podcast! And what better way to end it than with an episode all about value investing with New York Times bestselling author Danielle Town.
Although I’ve done a ton of episodes on the podcast on investing, if you’re a long-time listener then you may have found that most of the guests I have on the show tend to say pretty much the same things: keep fees low, diversify and invest in low-cost index funds or index ETFs. Not Danielle! As a value investor following the path of Warren Buffet and Charlie Munger, she has an altogether different strategy for reaching financial indepence. Instead of buying investment products that replicate a broad market index, she believes in investing in just a few stocks strategically, buying low, holding on to them, then eventually selling them when they are priced high to earn a nice profit.
There’s obviously quite a bit to know about value investing, and in my opinion, it is an advanced investment strategy that is not easily carried out. That being said, I find it incredibly fascinating and an important strategy to understand when learning about different ways to invest your money. I’m still a huge fan of indexing, but I’m not gonna lie, I’m definitely going to look more into doing some value investing for a small portion of my overall investment portfolio and see how things go. And luckily Danielle’s book breaks the strategy down in a very easy to understand way.
For full episode show notes visit https://jessicamoorhouse.com/221
When I heard Sharon Epperson, CNBC Senior Personal Finance Correspondent, speak at this year’s FinCon, I knew I needed to have her on the show. Her keynote about surviving a brain aneurysm and the importance of having the right insurance and emergency savings made the entire ballroom at the conference so quiet a pin could drop and you’d hear it. Not only that, my mentee who I was connected with as a speaker at the conference, stood up at her speech to share her own health emergency story that I had no idea about. Sharon’s story of why it’s so crucial we all slow down and take care of ourselves moved me, so I hope you feel the same way after listening to this episode.
Below are links to some of the resources we mentioned in this episode, but if there’s one big takeaway I want you to leave with after listening it’s this: nothing is more important in this world than your well-being and health. And personal finance isn’t just about money. It’s about taking care of yourself first. So make sure that you take a look at how you’re covered and start making strides with fully funding your own emergency fund. Moreover, make sure to make a will and assign a Power of Attorney. Because no one can predict when they will experience their own health scare, like Sharon did. The only thing we can do right now is to make a plan for “if” and “when” something happens.
For full episode show notes, visit https://jessicamoorhouse.com/220
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
Learning how to invest isn’t just figuring out the difference between stocks and bonds, choosing between being a passive or active investor, or deciding to hire an investment professional, going with a robo-advisor or doing DIY investing. Investing is so much more than that. Why? Because we’re humans, not robots or computers.
Emotions and behaviour dictate so much about why the stock market goes up and down and what decisions we end of making. Which is why I’ve got Dr. Daniel Crosby on the show who recently authored the book The Behavioral Investor.
In this episode we talk about what the 4 behavioural risks that crush your investment returns:
We also discuss some helpful ways to combat these behaviours:
There are many more gems in his book so make sure to buy a copy. Also, visit jessicamoorhouse.com/contests to enter to win a copy of his book too.
For full episode show notes visit https://jessicamoorhouse.com/218
There’s a lot of information out there about health care in the U.S., but what about Canada? Is it actually free? What isn’t covered by our government? And does it make sense to get private health insurance?
I sit down with Camille Stewart, Vice President of Strategy and Digital Experience at Manulife Canada, to discuss all of this and more. Camille became interested in working in insurance because of a personal family experience that she shares in this episode. Ever since then, she’s felt a deep passion for educating others about how to properly protect themselves in terms of their health.
For more helpful resources on health care in Canada and health insurance in Canada, check out the show notes for this episode.
Visit jessicamoorhouse.com/contests to enter to win a copy of one of the books featured on this season of the podcast!
For full episode show notes visit https://jessicamoorhouse.com/217
I’ve been following Jana Lynch for years ever since she was a fellow personal finance blogger (now she is an editor at DollarSprout). And although we’ve crossed paths a number of times at previous FinCons, this year we finally got to spend some time together and I couldn’t help but feel inspired by her knowledge and passion for educating others about financial abuse. I knew I needed to have her on the show to share what she knew because for whatever reason in my 200+ podcast episodes, not once have I interviewed anyone about the very important topic of financial abuse.
But what is financial abuse exactly? According to the Canadian Bankers Association, “Financial abuse occurs when someone tries to take or control what belongs to you for their own benefit, not yours.” Or, as per VeryWellMind, “Financial abuse involves controlling a victim’s ability to acquire, use, and maintain financial resources.” In other words, financial abuse may be hard to see from the outside but it can be just as dangerous and damaging as physical or verbal abuse.
I’m going to share some articles and resources in the show notes for after you’ve listened to this episode. If you or someone you know is experiencing financial abuse, just know that there is help and don’t be afraid to seek it.
Visit jessicamoorhouse.com/contests to enter to win a copy of one of the books featured on this season of the podcast!
For full episode show notes visit https://jessicamoorhouse.com/216
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
This week is Credit Education Week, which is why I don’t just have one, but I’ve got two podcast episodes to share with you! Yesterday, I had Richard Moxley on the show to talk about how to win the credit game (or how to understand and be good at managing credit). For today’s episode, I’m talking to Jay Acharya, Vice President of Card Partnerships and Customer Management at Capital One, because Capital One is the sponsor of Credit Education Week, as well as my upcoming Millennial Money Meetup next week!
Every year, there’s a different theme for Credit Education Week. Last year, as you may remember, I had Patrick Ens from Capital One to talk about the theme last year-money mindfulness. This year the theme is #MyMoneyVision, which just means on top of being mindful with your money, it’s important to have a vision for your money.
Just like with anything in life, we won’t change any of our habits without a good reason for doing so. We won’t just start working out because we know we should for our health. We need a clear goal to work towards. I give presentations all the time about how to manage your money better, but I always try to emphasize that nothing I share about how to make a budget or how to pay off your debt will mean anything to you unless you set some strong financial goals.
So I hope you take this opportunity during Credit Education Week to learn more about responsible credit use and to set some financial goals. It’s never to late and you don’t have to wait until the start of the next year. The best time to set a new goal is as soon as possible.
To see what other people are talking about for Credit Education Week, follow the hashtags #MyMoneyVision and #CEWC2019
To check your TransUnion credit score for free through Capital One, visit their Credit Keeper page.
As mentioned on the show, if you’re trying to improve your credit score but can’t get approved for a credit card, one route you can take is to get a guaranteed or secured credit card like Jay mentioned. You can take a look at Capital One’s various credit cards here.
For full episode show notes visit https://jessicamoorhouse.com/214
I think we can all agree, the world of credit and credit scores can sometimes feel like a bit of a mystery. That’s why I’ve got credit expert and author of The Credit Game Richard Moxley on the show to finally make sense of things for all of us.
Now, part of the reason there’s a lot of mystery in the credit industry is because the two credit bureaus in Canada, Equifax and TransUnion, aren’t completely transparent and like to keep private a lot of information surrounding how they score consumers when it comes to credit.
Luckily, Richard has taken it upon himself to try to find out some of their hidden secrets and test things out so he can help consumers like you and me, and of course share everything he knows in his latest book The Credit Game.
For full episode show notes, visit https://jessicamoorhouse.com/213
Money and mental health, have you ever wondered if there is a connection? Because there absolutely is. And surprisingly, even though this is something I’ve known for a while, and even experienced in my personal life, I’ve never had anyone on the podcast to talk about it with me.
Luckily, I know people. Like Melanie Lockert, who was on episode 21 of the podcast all the way back in 2015. A lot has happened since we recorded that episode. She published a book called Dear Debt, moved from Portland to L.A., and founded a women’s financial literacy event called Lola Retreat. She’s also become very well known as not only a debt expert, but also a money and mental health advocate.
And that’s what we’re talking about on the show, hopefully to shed some light on a topic not many people are talking about. If you or someone you know is struggling with financial issues, mental health issues, or both, here are some resources we mentioned on the show that you may want to look into for help:
For full episode show notes visit https://jessicamoorhouse.com/212
Is couponing still as easy to save money doing as it used to be when people would go shopping with their big coupon binders à la Extreme Couponing? Yup, and honestly couponing is so much easier now than it used to be. That’s what Joanie Demer, co-founder of The Krazy Coupon Lady, explains in this episode of the Mo’ Money Podcast. Because so much has changed in the couponing world, if you really want to save on everyday purchases, you’ve got to learn about the new rules (and chuck out the old ones).
Since we’re now living in a very digital world, that’s where you’d start. Sure, you can still get paper coupons and get some savings, but the time and effort may not be worth it. Instead, using apps and browser extensions at check out may be a better way to save money because, well, they take no time and little effort on your part.
As mentioned in this episode, here are some ways to get started saving money through coupons and promo codes online:
Visit jessicamoorhouse.com/contests to enter to win a copy of a book featured on Season 9 of the podcast!
For full episode show notes visit https://jessicamoorhouse.com/211
You may not know this about me, but I’m actually a huge introvert that used to be terrible at networking, or heck, even making new friends! I would get anxious, nervous and would never know how to start or end a conversation. But, I knew that networking and being a good conversationalist was a key component to advancing in life. Your network is your net worth as AJ Harbinger says, and since he’s the CEO and co-founder of The Art of Charm…he would know!
In this episode, we dive deep into what we all should know about having the right social skills to help us advance in our social lives, relationships and of course career. I know for a fact that because I started practicing and just putting an effort into socializing more, that’s why I’ve now got a fairly large network of friends, acquaintances and work-related connections all over the world.
If you know this is something that’s been holding you back from reaching your full potential, luckily this is a learned skill that anyone can master, and you can start today by listening to this episode and then binging The Art of Charm podcast as well.
Visit jessicamoorhouse.com/contests to enter to win a copy of a book featured on Season 9 of the podcast!
AJ mentioned on the show that he hosts personal bootcamps all over the world to help people level-up their social and networking skills. If this sounds up your alley, learn more at: https://theartofcharm.com/personal-bootcamp-2
Join over 50,000 others to learn how to make a great first impression, easily make new friends, and feel confident in any social situation! Sign up to take The Art of Charm’s fee 10-day social skills challenge.
Learn more at: https://challenge.theartofcharm.com/begin
For full episode show notes, visit: https://jessicamoorhouse.com/210
Happy Investor Education Month! You may not have that’s what October is…but it is! And that’s why I am currently doing a 5-part video series on my YouTube channel as well as doing a bonus episode for the podcast. For this episode, I’m interviewing Bruno Sandre, Associate Vice President of Client Education at TD Direct Investing.
As you can guess from his title, his role is all about improving the financial literacy of TD Direct Investing clients. He doesn’t sell any products, and actually TD Direct Investing can’t try to sway you to do anything when it comes to your investments because they are a discount brokerage. All a discount brokerage can do is provide the tools and platform you need to invest on your own. That being said, they can still provide free and unbiased education to clients, which they do in their Learning Centre which houses a bunch of video courses, masterclasses and webinars.
So, since Bruno knows quite a bit about educating people about investing, I wanted to have him on the show to do a deep dive on the topic of DIY investing, also known as self-directed investing.
Below are some links to videos, blog posts and the webinar that we mentioned in the episode.
For full episode show notes visit https://jessicamoorhouse.com/209
I read a lot of personal finance books. I also read a lot of niche books on retirement planning. And I’ve gotta say, most of them are so dry it takes me months to finish them. Not Victory Lap Retirement by Mike Drak though. I was given this book (the 1st edition) by Mike’s co-author Jonathan Chevreau at the Canadian Personal Finance Conference a few years ago, and even though it took me until last winter to finally read it…I loved it! I’d say the only other book that I whipped through in record time was Andrew Hallam’s Millionaire Teacher. So, once I finished reading it, on top of telling everyone I know to read it, I made a plan to get Mike on the show. And here is that episode!
Mike Drak is a 38-year veteran of the financial services industry, so when he started his victory lap in 2014, he felt compelled to write a book about what he knew on the subject. That and he found that all the retirement books out there only talked about saving up enough for retirement, not what life in retirement actually meant. Something to get excited about too, his second book titled Retirement – Heaven or Hell? is coming out in 2020.
Now, what I love most about Mike’s concept of victory lap retirement is that it’s a way to stop thinking of retirement as an end to something. I honestly dread the idea of retirement. It means you’re done with your career and are basically in the last phase of your life. I know many people think of retirement as one big vacation and what’s not to love about that, but for me it always fills me with dread and panic. I don’t want to just hang out with nothing to do and just watch the clock tick. I love working! I love having a purpose! I don’t want to retire!
Mike agrees. We need to stop this idea of full-stop retirement and think of “retirement” as point in your life in which you’ve reached financial independence (you have enough money or assets to live on without working again) so you can do whatever you want with very little risk taken. It’s when you can start a second career, or just devote your time how you want, not how you have to because you need to earn money.
For me, the concept of victory lap retirement fills me with hope, not dread. So if you ever feel a bit panicked when you start thinking about retirement, read this book (and obviously listen to this episode!).
Visit jessicamoorhouse.com/contests to enter to win a copy of her book!
For full episode show notes visit https://jessicamoorhouse.com/208
I’m so excited to have the one-and-only Jean Chatzky on the show to talk about women, money and healthcare in the United States. In case you aren’t in the loop, Jean Chatzky is the founder of Her Money Media, an organization that strives to promote financial literacy amongst women.
She is also an award-winning editor of NBC Today, and has appears on shows like Oprah, MSNBC, CNN, The View, The Talk just to name a few. She also has her own podcast called HerMoney with Jean Chatzky which has received shout outs from The New York Times, Yahoo Finance and Refinery29.
If that wasn’t enough, she is also the best-selling author of 11 books, including her latest book (that I’m doing a book giveaway for) called Women with Money: The Judgement-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and Yes, Rich) Life
As you may expect, Jean and I chat about women and money in this episode, since that is a big focus in her writing and her podcast. We also discuss one very important topic that as a Canadian I find fascinating, healthcare in the U.S. I hear it pretty much every time I speak to one of my friends in the U.S.: healthcare costs can be very expensive in America! The system works very differently than in Canada, and although there is always talk about reform, if you’re American you need to figure how to navigate the system as it stands today. That’s why Jean is also an ambassador for HAS Awareness Day.
We talk extensively about health savings accounts, something I’ll be honest I’ve never heard of. In Canada, there’s a thing called health spending accounts, but they are offered by companies or you can set one up if you are a business owner. In other words, they work very differently. We go fairly in-depth about HSAs in this episode, but since there’s quite a bit to know and they are a relatively new type of account, feel free to learn more at HSADay.com.
Visit jessicamoorhouse.com/contests to enter to win a copy of her book!
For full episode show notes visit https://jessicamoorhouse.com/207
This episode is a must a listen because it’s about something we all need to think about. I’m talking about having that important yet awkward conversation with our parents about their financial situation. As we get older, it’s only natural for us to think about the future, and the future of our parents. Although they worry about us as their children, we also worry about them and want to make sure they’ve got everything organized and prepared too.
But, we’re still their children, so it’s a weird path to navigate. We want to respect them, but we also want to protect them. Which is why I’ve got Cameron Huddleston on the show to share her insight into this topic.
She is an award-winning journalist with more than 17 years of experience writing about personal finance and she also recently wrote the book Mom & Dad, We Need to Talk about this very subject. As she explains in our interview together, she had a personal experience with her mother that inspired her to write this book. Now, I hope her story inspires you…plus I’m also giving away a copy of her book!
Visit https://jessicamoorhouse.com/contests to enter to win a copy of her book!
For full episode show notes visit https://jessicamoorhouse.com/206
I'm back! After taking some time off this summer, I am so excited to be back with Season 9 of the Mo' Money Podcast! With 4 years under my belt, I can't believe how much this podcast has evolved...and grown. Over the summer I crossed the 1 million download threshold, and currently I'm at 1.1 million total downloads! That's a ton of amazing people like you listening to the show, how crazy is that!?
To kick off season 9 of the podcast, I thought this would be the perfect episode. One thing I hear often from listeners is "I want to work with a financial planner, but who can I trust or how can I find a good one?" If you've listened to several episodes of my show, I am not a fan of going to the bank and working with their advisors because they ARE NOT giving you unbiased advice. They work for the bank, and no matter how they are compensated (salary, commission, both), they are incentivized to sell their bank's financial products first, and advice second.
That's why I'm such a big fan of fee-only financial planners. Although you do have to pay money upfront to work with them, and sometimes they can be expensive, they are UNBIASED because they do not work for a financial institution. They are being paid to advise you, and they shouldn't be pushing any particular financial products on you, nor should they be able to sell you anything besides their services.
So, I knew the perfect guest for this episode, my friend Matthew Siwiec, founder of the Friendly Financial Coach. He just finished his CFP exam (which is no easy feat) but has been in the financial advisory industry for over a decade and now works as a fee-only financial planner.
For for full episode show notes visit https://jessicamoorhouse.com/205
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.
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.
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.
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.
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).
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.
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.
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:
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.
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.
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).
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.
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
For the last interview episode of Season 8, I talk with David Carlson, the founder of Young Adult Money, and the author of Student Debt Solutions. And his book and student debt (and finding solutions to paying it down) are exactly what we chat about in this interview.
This is pretty timely too since many students are graduating university with student debt and don’t know where to start in paying it back. If you are a student and are in this situation, just remember you are not alone. So many other new post-grads are in the same exact situation, but that doesn’t mean you shouldn’t take them seriously. The sooner you start paying them back, the sooner you’ll be debt free and can allocate that money towards something much more fun like traveling, buying a home or investing.
If you know of a new post-grad freaking out because they’ve got a five or six figure student debt burden looming over them, share this episode with them!
Student debt is the ultimate obstacle to overcome, but it’s not as easy as just saying “Make more money and you’ll pay it off quicker.” Like David did, earning more money is of course a good solution. He started a side hustle on top of his day job which helped him pay off his student loans quicker. But that’s not the only thing you need to do. You need to make a financial plan starting with crafting a budget and saving up for an emergency fund. The emergency fund is crucial as it will help prevent you from getting into more debt.
For full episode show notes visit https://jessicamoorhouse.com/203
For this bonus episode of the podcast, I interview Erin Bury, who you may remember from episode 70 of the show. Back then, in 2016, she was the Managing Director at 88 Creative. She’s since switched paths and co-founded the online will-making software Willful with her husband and has recently become the company’s CEO.
Since making a will is a very important element in having a complete financial plan, I wanted to have her on the show to shed some light about what the process looks like. I hope this episode inspires you to get a will if you don’t have one too!
For full episode show notes, visit https://jessicamoorhouse.com/202
There’s no point in talking about investing strategies or tips on how to stick to a budget if you don’t like who you are or the direction your life is going in, am I right? Personal finance is important, but being your authentic self and striving to be your best self is something I personally believe you need to work on first, otherwise you won’t have a strong enough reason to be smart and responsible with your money.
And that’s why I’ve got Mike Bayer a.k.a. Coach Mike on the podcast. He just came out with his New York Times best-selling book Best Self: Be You Only Better, and you may recognize him from his frequent guest spots on the Dr. Phil show. He joins me to talk about how we can all choose now to take action, start living more authentic lives and moving forward to fulfilling our full potential.
For full episode show notest visit https://jessicamoorhouse.com/201
If you’re looking for some motivation to set your goals and actually do something about them, then this episode is for you! I interview Natasha Koifman, founder and president of NKPR, one of North America’s top PR and marketing companies, about how she was able to go from young single mom to one of Canada’s most powerful and innovative women.
For this episode, we talk about what it means to show up for yourself (and others) and why it’s so important. What it really means, to break it down, is to put yourself forward and not be afraid to take risks or try new things. You only have one life to live, so get out there, take action and achieve your potential!
One thing I’ve been noticing lately is a lot of successful entrepreneurs and celebrities even are coming out and sharing that they are introverts. I find that so fascinating because I used to think that introverts were shy and hated things like networking and public speaking. Nope! That is not the case at all. Being an introvert just means that after you do something that involves a lot of socializing, you need some time alone to recharge.
This is something I can 100% attest to as an introvert myself. After an event, I need a good couple of days to recharge on my own. The same thing goes with Natasha, who is a master networker. So, there you have it. Being an introvert can no longer be an excuse for not putting yourself out there. You just need to push past that feeling of not wanting to go out or socialize and do it anyway. You’ll thank yourself later for doing it.
Natasha shares a great story about how she gets this amazing opportunity to run this event in a very short timeframe. She really wanted to say no because she wasn’t sure if she could pull it off, but she also knew herself and said yes to it anyway. Thankfully she did, it was a success, and that client became one of her main clients when she started her own business.
I do this all the time to. Sometimes when I land a big opportunity, I freak out and don’t think I can I do it. Listen, this is a good thing. If you’re not terrified of doing something outside of your comfort zone, then you’re not pushing yourself enough. So, I do the same thing and it’s worked really well for me in so many situations. If you get an opportunity to take on more responsibility or try something new, do it anyway! You’re more capable than you think.
Networking isn’t getting rid of your stack of business cards at an event or asking someone to chat further over a coffee. It’s about developing a true connection with someone and being respectful of their time.
If you want to reach out to someone you think you can learn from, do it the right way. Be proactive about reaching out to them, follow up if they don’t respond (remember, their busy not just ignoring you), and be clear about what you would like from them.
And if I can’t say this enough, stop asking people to “Pick their brain”, “Collaborate” or “Chat over coffee.” If you want to chat with them, ask to drop by their office, or talk over the phone or Skype for 15 minutes.
For full episode show notes visit https://jessicamoorhouse.com/200