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Mo' Money Podcast | Personal Finance with Jessica Moorhouse

Award-winning blogger and podcast host Jessica Moorhouse interviews top personal finance & business experts like John Lee Dumas, Chris Guillebeau, Bruce Sellery, Preet Banerjee and Rob Carrick, as well as inspirational entrepreneurs, authors, bloggers, friends and family to help you learn how to manage your money better, make smarter choices, earn more money, become debt-free and live a more fulfilled and balanced life. New episodes air every Wednesday. For helpful resources, blog posts and podcast episode show notes, visit jessicamoorhouse.com. To enquire about being a guest on a future episode, visit jessicamoorhouse.com/podcastsubmissions.
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Mo' Money Podcast | Personal Finance with Jessica Moorhouse
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Now displaying: 2016
Dec 8, 2016

For my last episode for season 3, I'm so excited to share this very personal solo episode with you! A lot has happened this year, so much so that I honestly didn't remember it all until I took some time to write everything down. And even then I'm not sure if I got everything.

A lot of changes are coming in 2017, which I alluded to in this episode, but I won't be sharing any of that until season 4 in January. So until then, I wanted to spend some time to reflect on all the positive things that have happened in my life and all of the things I've accomplished in 2016.

To recap, here are some of the things I mentioned in this episode:

  1. I rebranded from Mo' Money Mo' Houses to just me — Jessica Moorhouse.
  2. I interviewed some of my all-time favourite money expert: Rob Carrick, Gail Vaz-Oxlade and Bruce Sellery.
  3. I launched my Listener Series for the podcast, to allow podcast listeners a voice so they could share their stories and advice for other listeners.
  4. I made the most side hustle money I ever had (and I've been blogging for 5 years people!).
  5. I started freelance writing again.
  6. I was able to finally afford to invest in my business.
  7. My husband and I bought our first place together.
  8. I've had the most media mentions I've ever had this year.
  9. In the month of November alone, I was featured as a personal finance expert on TV, the radio, a print magazine, print newspaper and online.
  10. I did two public speaking gigs.
  11. I launched the free Rich and Fit Challenge with my business partner Jaclyn Phillips, and got almost 500 registrants.
  12. I hosted and organized my first event — the Millennial Money Meetup.
  13. My husband and I vacationed in Paris (one of my bucket list destinations!).
  14. I had a blast in Portland for a girlfriend's bachelorette party, then went to her beautiful wedding right on the ocean in Vancouver.
  15. I got over my fear of talking to people.
  16. I got over my fear of being on camera.
  17. I made some amazing new friends.
  18. I got my NEXUS card.
  19. I got life insurance for myself and my husband.
  20. My husband and I got a will.
  21. My husband and I celebrated 3 years married and 3 years in Toronto.
  22. I started my Money. Life. Balance. Facebook group.

Ya, that's a lot of stuff! I really do hope that 2017 is a bit less crazy, but I doubt that it will be. One can hope.

One thing that did keep me very busy in 2016 though were all the resources I created. I never promote them as much as I should, but I've created some great spreadsheets and checklists to help you with your money or organizing your life. Make sure to check out my resources page to download them for free.

Other than that, I'm a bit sad that this is the last episode for the season, but I've got a great season 4 ready for you in 2017. The first episode for season 4 will air on Wednesday, Jan. 11, so make sure to subscribe on iTunes or subscribe to my email list so you don't miss an episode!

And again, I know I mentioned this a few times in the episode, but I mean it from the bottom of my heart thank you for your support. Without your kind reviews, comments, tweets and emails, I wouldn't be as motivated to keep making this show better and better. I can't wait to share the new episode I've already recorded for the new season, so until then, have an amazing holiday season, Merry Christmas, and have a fabulous New Years!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/80

Dec 7, 2016

It's a simple concept — do your research to find the lowest rate on an expensive purchase (like life insurance or a mortgage), and you'll thank yourself later. Simple, yet most of us still don't do it. That's why Justin Thouin, CEO of LowestRates, is on a mission to change that costly habit of ours and show us that it doesn't take that much time or effort to save thousands of dollars.

Long description:

It's sadly the final week for season 3 of the Mo' Money Podcast, and this episode is my last guest interview for the season. After this week I'll be taking some much needed time off, then I'll be back with more awesome episodes for season 4 starting Wednesday, Jan. 11.

Since it is the last week for season 3, I've saved one of my best interviews for last. I've been a huge fan and supporter of LowestRates for well over a year now, but this was the first chance I got to interview the start-up's CEO Justin Thouin. I even went to the Lowest Rates offices and brought all my podcasting gear just so I could get to the bottom of why he's so passionate about educating people about the importance of comparison shopping.

It may be common sense to most of us, but the truth is most of us don't actually try to find the best rates on the important stuff. Sure, we'll spend hours trying to find the best deal on a vacation package, but like LowestRates' survey shows, most Canadians don't spend the same time and effort when it comes to finding the best rate for their mortgage. Which is insane because a vacation will cost you maybe $1,500 whereas a mortgage is closer to $500,000! Come on people!

In this episode we also chat about Justin's journey from the corporate world to launching his own company, and taking a big risk to pursue something he believed in. This is a sentiment I can definitely relate to, but I'll leave more details on that until season 4.

That Survey I Mentioned

LowestRates conducted a very interested survey this year to show how few Canadians comparison shop for their mortgage, even though there are so many free resources out there to make it easy! You'll never get the best deal if you don't do your research first! And if we're talking mortgages, finding a lower rate than the one your bank initially offers you could save you thousands of dollars in the long run.

SURVEY: Are Canadians Making Embarrassing Financial Decisions?

LowestRates' Most Helpful Blog Posts

Follow LowestRates on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/79

Nov 30, 2016

Heather Payne, founder of Ladies Learning Code and HackerYou, proves you really can do whatever you want when you grow up, as long as you aren't afraid to take risks, do something completely new and really put your heart and soul into it.

Long description: 

I learned about Heather Payne after I took one of her Ladies Learning Code classes, and man is she one inspirational lady! She's one of the youngest female entrepreneurs I know, having founded both Ladies Learning Code and HackerYou in her 20s. If that's not impressive enough, she's also an angel investor and was named one of Canada's 100 Most Powerful Women. The fact that she's so down to Earth is pretty baffling, but she is. She's pretty much the whole package!

For this episode, we chat about how Heather took her idea of maybe one day being her own boss to full on turning her side hustle into her full-time hustle. I think this is something a lot of us can relate to, so it's very cool to hear from someone who has successfully made the jump from 9-5 with a second job on the side to successful entrepreneur in only a matter of a few years.

It just goes to show the power of actually taking action. I'm sure we all have ideas we'd love to realize, but most of us never do anything about them do we? We shouldn't be afraid to try new things and take risks, and I have a feeling I'm going to be taking a page out of Heather's guidebook very soon.

What Is Ladies Learning Code?

I seriously upgraded my coding skills by doing the Ladies Learning Code night classes, and it's a big reason I wanted to chat with Heather for this podcast. Coding was literally a foreign language to me, and the thought of being taught about it with a bunch of advanced coders terrified me. But Ladies Learning Code is a super non-threatening program that really breaks it down into something digestible. Honestly, without learning the basic HTML and CSS skills I learned in the program, there is no way I could have make rebranded my website into what it is today. So check it out, there are courses throughout Canada!

Follow Heather on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/78

Nov 24, 2016

Think you can become a millionaire by working a regular 9 to 5 job? I know I have a lot of guests on the show who promote the benefits of entrepreneurship and working for yourself to get ahead financially. But for this Listener Series episodes, I chat with Steve Cousins from Arkansas about how he was able to reach financial freedom by working as an employee for the same company for almost 40 years.

I know, I know, many of us Millennials may think that Steve's story sounds exactly like the advice our parents gave us. Go to university, get a job, work hard, save and contribute to your retirement fund, then you'll be able to retire in style. This was a way more common path for Baby Boomers and Gen Xers, but I don't think it's impossible for us Millennials.

When talking with Steve, it becomes clear that that's not exactly the path you need to take to grow in your career. You can't just get any degree. You need to get one that has a high demand for skilled workers.

You can't just work hard. Everyone works hard. You need to realized when it makes sense to stay at a company and when it doesn't. Just like he said, he encouraged some of his co-workers to leave his company because he knew that if they stayed, they wouldn't move up as fast compared to if they went to another company.

And lastly, you can just save and contribute to your RRSP or 401K. You need to live frugally, not try to keep up with the Jones', invest wisely and have a plan to continue to earn money during retirement.

I absolutely love how Steve has become this serial entrepreneur with 4 different jobs now that he's retired. And it's not that he needs the money or is working 24/7 now. He gets to work when he wants to doing what he wants to.

If that's not living the dream, I don't know what is! Thanks Steve for sharing your story with me.

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/77

Nov 23, 2016

Think you've gotta be rich to retire early? Then you haven't heard Anita Dhake's story about how she was able to retire at 33.

Long description:

Just to warn you, this podcast interview with Anita Dhake may make you want to hoard all of your money and live as frugally as possible so you can retire early too. From the sounds of it, early retirement does not disappoint. Who wouldn't want to live the life they want right now, instead of waiting until 65 or later? 

As I mentioned in this episode, I stumbled upon Anita and her amazing story by just doing some research online. And I'm so glad I did find her! Not only is her story super inspiring, how she explains it, it's not that far-fetched. Yes, it helped that she worked as a lawyer and thus made a good salary. But still, early retirement isn't just something rich people can afford to do.

If you take some of her bits of advice, maybe check out the book she's read twice, and just have a plan and take action, you might be able to retire way earlier than you thought.

4% Rule Explained

According to Investopedia:

The four percent rule is a rule of thumb used to determine the amount of funds to withdraw from a retirement account each year. This rule seeks to provide a steady stream of funds to the retiree, while also keeping an account balance that allows funds to be withdrawn for a number of years. The 4% rate is considered a "safe" rate, with the withdrawals consisting primarily of interest and dividends.

 

Anita's Book & Blog Recommendations

Anita's Tips to Retire Early

  • Realize what you want with your life. The life you want will determine the amount of money you need to retire early.
  • The less money you need, the sooner you can do it. The sooner you feel rich, the sooner you can live the life you want to live.
  • Limit your vices, and pick and choose to spend money on things that give you joy.

Follow Anita on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/76

Nov 17, 2016

It's not too often you get to interview your namesake! For this Listener Series episode, I chat with Jessica Watchorn, a Toronto artist and podcaster over at the Art Pro Podcast, about keeping it real financially, paying off a ton of debt and pursuing your dream career.

Long description:

It's not too often you get to interview your namesake for a podcast episode, so it was a real treat to chat with Jessica Watchorn for this Listener Series episode. And not only do we share a name, we have very similar stories, both currently live in Toronto and have our own podcasts!

Similar to my background, Jessica went to art school in Montreal to study painting in the hopes of becoming an artist. She of course realized after graduating with her degree that pursuing a career in the arts, no matter how talented you are, was no easy feat. 

But that didn't stop her. Nor did the $40,000 debt that she owed from her education. So what did she do? She got a job as a cook in a restaurant to pay her bills and debts, formed a community of other likeminded artists through her Art Pro Podcast, and focused on making her art on her off hours.

As we talked about on the show, it doesn't matter how much you make at the end of the day. Your income shouldn't rule how you live your life. Jessica wants to be an artist, and that's exactly what she is and what she's doing. She may not be making her ideal salary right now, but she's able to afford the city life while pursuing her passion — now completely debt-free I might add. You go Jessica! Keep up the amazing work! Hopefully I'll be able to commission a painting from you one day.

Jessica's Top Money-Smart Tips

  • Tracking your spending. Jessica realized she was spending ridiculous amounts of money on small things at dollar stores that she had no idea about. Once she started tracking her spending, she found a way to save 50% of her income.
  • Pay yourself first. When she gets paid, she immediately puts 50% of her pay into savings, and then uses the rest to pay for living expenses and bills. 
  • Don't use your credit card for your day-to-day spending. Get in the habit of using cash or debit. It really does help you curb unnecessary spending.
  • Be aggressive with your debt payoff plan. Remember, the faster you pay off your debt, the less money you'll have to put down.
  • There's nothing more motivating than seeing your savings accounts grow. 

Jessica's Finance Book Recommendation

Early Retirement Extreme by Jacob Lund Fisker

Check out Jessica's Podcast

Make sure to subscribe and leave a review on iTunes for Jessica's awesome Art Pro Podcast! And don't forget to check out her beautiful Instagram account or join her Art Pro community.

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/75

Nov 16, 2016

I chat with LaTisha Styles who went from trying to make a living after graduating university during the recession to now working for herself and loving every minute of it.

Long description:

LaTisha Styles is proof that you don't have to be stuck on one particular path even if it seems like the odds are against you. Getting a degree in Spanish and trying to grow her career during the recession wasn't easy, but instead of throwing her hands up and giving in, LaTisha powered through and is now banking serious bank!

How I got to know LaTisha was through her YouTube channel. There really aren't that many people making interesting personal finance focused videos these days, but she got the formula right. It's not surprise she has close to 8,000 YouTube subscribers! LaTisha is funny, entertaining, but at the root of it she just offers some really good advice. Simple stuff like trying the envelope budgeting method. Or only buying stuff on her list and avoiding going to the mall as a social activity. Simple stuff we can all integrate in our lives right now to start saving a bit more.

But as I mentioned in this episode, there comes a time when there's nowhere else to cut back. You can only budget so much, and when you get to that point, it's time to start looking at other avenues to make money. For me, I've always had a second (or third) job on top of my full-time job. Honestly, if I didn't have my side hustles, I know I wouldn't be where I'm at right now financially.

So if you're in need of some major motivation and some helpful tips on how to fix your finances, make sure to check out LaTisha's YouTube channel and website. And if you consider yourself an Actionista and want to follow in LaTisha's footsteps towards entrepreneurship, she has an awesome Facebook group you need to check out.

LaTisha's Top Money Tip

You have to become the type of person who can handle more money [...] Continue investing in yourself, in your knowledge. Read books from people who have been where you want to go [...] Just learn more.

Follow LaTisha on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/74

Nov 10, 2016

For this special Listener series episode, I chat with Erika from Red Deer, Alberta about how she experienced extreme poverty in her childhood, was later adopted to a new family with her brother and had to accept the news that she had MS in her early 20s. She's had to overcome a number of obstacles in her young life so far, more than most people ever have to deal with. But despite that fact, her optimism is infectious and she's proof that when there's a will there's a way, and it's never too late to start managing your money right and crushing your debt.

Long description:

Erika emailed me a little while ago answering my call-out for more interviewees for my Listener Series, and I'm so glad she did. Talk about a strong woman who has overcome some major life challenges. Not only did she have to experience extreme poverty as a child, then foster care, then being adopted to a new family, she was also diagnosed with MS in her early 20s.

It's not surprising that she struggled with striking a balance between living frugally and spending her money freely to live in the moment. Luckily, she soon realized that YOLOing it up wasn't the answer, nor was living like an extreme cheapskate. She needed to find a system that worked that gave her clarity, freedom and balance.

Now she's well on her way from being debt-free, and I absolutely have it in my calendar to see if she achieves her goal of crushing her debt by this time next year. Actually, I hope to follow-up with all of my Listener Series guests to see how they're all doing in a year's time, how cool would that be!

Thank you Erika for sharing your story with me and to all of the Mo' Money Podcast listeners. You are a rockstar, so keep up the great work!

Erika's Budgeting Go-to Software

YNAB (You Need a Budget)

Her Words of Wisdom on Living with MS

I really just want to get rid of that stigma of [living with MS] being shameful. 20 plus years ago it was very much don't tell anyone...it was a black mark. It's no longer that way and I want to work towards making sure that people no longer feel that way about it.

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/73

Nov 9, 2016

Credit card expert David Rubsenstein (from CreditShout.com and CreditForums.com) chats with me about the most important things people need to know about credit reports, credit scores and credit cards. If you're looking for an in-depth podcast episode about credit that really gets down to the knitty-gritty, you found it!

Long description:

This is by far the most in-depth episode about credit cards I've ever done, so I hope that's is exactly what you're looking for! For this episode, I chat with credit card expert David Rubenstein from CreditShout and CreditForums and we get into all the important stuff you should know about credit.

Now, we cover a lot of ground in this episode, but I an important thing I wanted to reiterate is the importance of checking your credit report once per year. In Canada, you can get free reports from Equifax Canada and Transunion Canada. In the U.S., you can get free credit reports from Experian, TransUnion and Equifax. Not only is this a way to help prevent against identity theft, it's just a good way to keep on top of your credit.

Helpful Posts on CreditShout

What Kind of Card Does David Use?

I was interested to hear that even though David has such a vast knowledge of all the credit card sign-up offers and benefits around, he doesn't play the credit card churning game at all. Instead, he just keeps it simple and uses a 2% cashback credit card.

Follow David on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/72

Nov 3, 2016

Rachel Jimenez is saving 40% of her income, got 60K in scholarships and bought her first house at 24. Find out how she did it by listening to our podcast episode together.

Long description:

Rachel Jimenez is certainly giving me a run for my money! This girl go $60,000 in scholarships, which paid for both her bachelor's and master's degrees. She also was able to save enough to buy her first home at the young age of 24. And if that still doesn't impress you, her and her husband are saving 40% of their income so they can retire early.

This girl is living the dream, and I am so glad she emailed me to share her story for my Listener Series!

Resources Mentioned by Rachel

Rachel's Tips for Success

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/71

Nov 2, 2016

I chat with Erin Bury, who was not only listed under Marketing Magazine's 30 Under 30, but also grown her personal brand so big...even Oprah noticed. For this episode of the Mo' Money Podcast, I chat with Erin about what she learned about what not to do with her money in college and why she decided to change career paths from journalist to small business owner.

Long description:

"Millennials are not lazy entitled, losers and we actually have a lot to say," - Erin Bury. Officially my favourite quote from one of my podcast guests!

The big reason I wanted to chat with Erin is because she is such a good example of where hustle can take you. She's gotten to where she is in her career because she worked hard, tried new things and took some major risks.

For instance, when I asked her how she got to be one of Marketing Magazine's 30 Under 30, she said she nominated herself. I bet most people wouldn't have even thought of doing that, and while those people are waiting for someone to just give it to them, Erin went out and got it for herself. You go girl!

I also love how she advocates for everyone to work on their personal brand. As I mentioned, for my day job, part of it entails teaching professionals how to craft their personal brand to win new business. But if you're not looking for clients, you could still find a new job or a new gig just by putting some time and effort into your social profiles and pitching yourself as an expert to the media.

All I know is I can't wait to see what Erin's accomplished when she gets listed for 40 Under 40!

That Agency or Porn Campaign Erin Mentioned

Tidbits of Advice from Erin

  • Put time and effort into crafting your personal brand. That's how you'll stand out from the crowd when applying for jobs or starting your own business.
  • Find a mentor to help you find out what direction you want to go into for your career or learn new skills.
  • Pay it forward, either by investing in future entrepreneurs or becoming a mentor yourself.

2 Great Websites to Help You Find a Mentor

Erin in the News

Follow Erin on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/70

Oct 27, 2016

For this special Listener Series episode, I interview David from Texas who shares his debt story and how he got out of it by sticking to a cash-only diet.

Long description:

After listening to my Listener Series episode with Amanda from Ottawa, David from Texas answered my call out to be on my podcast, and I'm so glad he did. I feel like his story is so relatable, and yet I don't think I've ever interviewed anyone who paid off $40,000 in debt in only 14 months, then stuck to a cash-only diet for good after that.

I'm serious in that after listening to our conversation again, I kind of want to try to live off cash only for a month or two to see how many spending and savings are affected. I do try to use debit for all my day-to-day spending, but I do lean on my credit cards from time-to-time.

I hope you find this episode as inspiring as I did, but since David has so many good sound-bites, I've included a few gems below. Thanks again David for joining me on the podcast, and I mean it, you should start your own. Your voice and charm are gold!

David's Words of Wisdom

It is possible, if you believe it's possible...You have got to be focused and you have got to treat [paying down your debt] like it's a life and death situation.

David's Top Money Tips for People in Debt

  • Get serious about it
  • Start with a budget
  • Look after your taxes
  • Track your spending
  • Believe it's possible
  • Prayer works

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/69

Oct 26, 2016

Canadian personal finance expert Rubina Ahmed-Haq and I chat about how her upbringing helped her understand how to manage money at a young age, and how her career as a journalist eventually led her to become a popular Canadian personal finance expert and TV personality.

Long description: 

For this episode of the Mo' Money Podcast, I chat with Canadian personal finance expert Rubina Ahmed-Haq. She blogs over at Always Save Money, but she's been in the finance game for a long time. She started out as a journalist, but after years in the industry she realized her passion was for personal finance. Now, instead of being a foreign correspondent for ABC News, you can find her on almost any Canadian news station as the go-to money guru.

Besides talking about her transition from journalist to expert, we also got into why she got so into personal finance from the first place. And it was largely her upbringing that made her so financially savvy. Although many of us aren't included in money conversations as kids, Rubina's family talked about it openly. This helped her get a grasp of the finance basics earlier than most people, and it definitely inspired me to make money an open topic for discussion when (or if) I have a family in the future.

We also chatted a bit about values, and how many people and families have values that are out of whack so to speak. We shouldn't be focusing on giving our kids whatever they want, and spending money on them to show them we care and that we're good parents. That is not going to set a good precedent for when they grow older. They need to understand the value of a dollar and the importance of managing it and spending it wisely. That's something I got from living in a frugal family, and honestly, I know it's a big reason why I didn't get into credit card debt or live paycheque to paycheque. Some food for thought I hope.

Follow Rubina on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/68

Oct 20, 2016

For this Listener Series episode, I chat with Heidi from my hometown of Vancouver about how she manages living in an expensive city, working as a freelance theatre manager and crushing her consumer debt, without giving up on enjoying her money and her life.

Long description:

Can I just say how much I am loving this Listener Series? It may have been one of my best ideas! One of the perks of having a podcast I guess, I get to talk to so many amazing people and see how they do things. 

And one of those amazing people is Heidi from Vancouver. It honestly warmed my heart when she mentioned things like B.C. Ferries and the PNE! Ah, my hometown! I sure do miss it. What I loved about chatting with Heidi was she was proof that you can live a good life while being a freelancer in the arts industry. I was honestly afraid that I'd be a poor artist all my life, which is a big reason why I looked for a regular 9-5 gig after completing my film degree. But Heidi is fearless and has crafted a career where she gets to do what she loves and get paid for it.

Below are a few things that Heidi mentioned on the show that you may find useful. And remember, if you're a listener and want to be on my show, just email me!

Free Ways to Entertain Yourself

  • Heidi mentioned a free way to listen to audiobooks, and it's called LibriVox. Check it out!
  • You may already know this one, but I still take advantage of all the free movies, TV shows and books at my local library, so you should too.

Heidi's Top Money Tips for Freelancers

  • Pay yourself an income. You can figure out how much income you should pay yourself by looking at how much you made the previous year and then rounding down that number, and then calculating the minimum amount of money you need to live on.
  • Don't be ashamed. This goes for talking about your financial situation, how much you make or how much debt you're in.
  • Talk to others about money. The best way to learn about money and get better at managing it is to find out what others are doing with it.

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/67

Oct 19, 2016

I interview Justwealth president Andrew Kirkland about what we as investors need to know about robo-advisors, index funds and ETFs. 

Long description: 

Don't forget to take advantage of today's episode freebie! Receive a special $50 bonus when opening an account with Justwealth by visiting justwealth.com/jessica-moorhouse. I've been getting more and more interested in investing lately, and it could be for a number of reasons.

Firstly, I'm not as young as I once was. Ever since I turned 30 I can't help but feel a sense of urgency when it comes to building my wealth. Retirement is only a few miles away, and I want to be prepared! Maybe I'm exaggerating, but that's sometimes how I feel if I'm honest.

Another reason is that there are a lot of cool things happening in the investment industry — the big one being robo-advisors. The name itself makes it sound like a robot is taking your money and trading it on the TSX floor, but in reality, it's just a more efficient way of investing. You'll be paying less fees and you don't ever have to leave your living room.

Robo-advisors are a big topic lately, especially amongst Millennials since I feel like they are just a natural fit together. But since it is a relatively new idea, I wanted to interview someone who really knew the ins and outs. That person just so happens to have started his own robo-advisor — Justwealth.

For this episode, president of Justwealth Andrew Kirkland breaks down some core priniciples of investing (what's the difference between an index fund and ETF for instance), and what robo-advisors are all about. Enjoy!

Important Things to Note About Robo-advisors

  • Robo-advisors in Canada aren't managed by robots or just some algorithm (though that can be the case for some in the United States). Although there's an online interface and pre-packaged portfolios you're suggested by doing an online survey, there are most definitely humans involved, and yes, you will have to talk to them (though maybe just over email).
  • You won't lose all of your money by using a robo-advisor. Although they are relatively new to the investment scene, they are very regulated in Canada, and their intent is not to scam you. Scamming is bad for business.
  • Robo-advisors deal mainly with exchange trade funds (ETFs), however mutual funds are being slowly integrated into the mix too.

Learn More About Justwealth

Follow Justwealth on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/66

Oct 13, 2016

For this Listener Series episode, I chat with Sharifa Samuels who is originally from Ontario but now lives in my hometown of Vancouver. She shares how she was able to travel, pay for her wedding in cash, buy a place in one of the most expensive cities in the world, go back to school, but also aggressively pay down her debt and help her husband to do the same.

Long description:

Sharifa's Awesome Financial Advice for Others in the Same Boat?

  • Write all your debts down, including interest rates and minimum payments
  • Pay yourself first the entire time
  • Choose your payment strategy: highest interest first or smallest balance, based on what makes you feel good
  • Cut expenses!
  • Automate as much as possible
  • Write down and look often at your “Why?”
  • Enrol those closest to you

Read Her Original Blog Interview with Me:

Check Out Some of Sharifa's Best Blog Posts

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/65

Oct 12, 2016

Jason Vitug is an author, entrepreneur, speaker and founder of Phroogal.com, and he's on a mission to teach everyone that financial freedom is possible no matter who you are or where you live. I chat with him in this episode about his latest book, You Only Live Once: The Roadmap to Financial Freedom, and how he went from working in Silicon Valley to road tripping it across the United States to inspire and teach others about the power of personal finance.

Long description:

If you're looking for some #WednesdayWisdom, or just need a dash of inspiration to get you through the rest of the week, this is the episode you've been waiting for. Jason Vitug will get you pumped and ready to take on life, because that's what he's all about. And he doesn't just talk the talk, he walks the walks!

Jason worked his way into a sweet gig in Silicon Valley, a dream to many of us with big aspirations and fantasies about living the good life. But he soon realized that despite having a great job and paycheque, he wasn't happy or fulfilled.

So, he quit everything and went travelling to find some answers. This eventually led him focusing his energy on Phroogal.com (a financial literacy website), writing a book about YOLO, and teaching others about finding purpose in their lives and taking control of their money to make their dreams a reality.

Jason's Best Inspirational Blog Posts

Grab a Copy of Jason's Latest Book

Follow Jason on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/64

Oct 6, 2016

For this special solo episode, I share what's been happening on the new homeowner-front since my first episode of the season where I announced that my husband and I bought our first place.

Long description:

In my first episode (and first solo episode) for season 3 of the Mo' Money Podcast, I shared with you the big news that my husband and I bought our very first place. After one failed house hunt two years ago, we restarted our search in July and ended up buying a townhouse in Toronto. Not only that, we were able to put 25% for our down-payment so we could keep our monthly payments as low as possible. Well, since I recorded that episode at the beginning of September, a lot has happened. We've owned our home for 1 1/2 months, and we've already experienced quite a few ups and downs as new homeowners.

Some of the Not So Fun Things About New Homeownership

Overall, we are still super happy with our decision, but it has hands down been the most stressful period in our lives (save for maybe planning our wedding 3 years ago). You know when people warn you that things are gonna go wrong and break when you buy a place so be prepared? Well, they did, and we are seriously so glad we were prepared! At the end of the episode I offer some tips I believe everyone thinking of buying a place should consider. One of those tips was to have a special emergency fund for housing repairs and replacements that you'll need to do right away. For us, we had to replace our washer/dryer and stove within the first week of moving in. How much did that cost is? About $3,000! But we need clean our clothes and cook our food so we had to replace them both ASAP. Luckily, we had the cash stashed away so we could afford it. If we didn't, we may have had to dip into our other emergency funds (for real emergencies or job losses), or had to put them on credit. Since I'm am 100% anti-debt (though now I guess I'm not totally debt-free with my mortgage), that just wasn't an option for me.

How You Can Easily Get Swept Up into a Never-ending Spending Cycle

Besides having to drop some major cash after getting the keys, our place has pretty much been total chaos since we moved all of our stuff in. We've been here almost 2 months and we still have boxes everywhere. Why? Because it takes a lot of time to unpack a house, and my husband and I work pretty much around the clock. I'm hoping that this weekend, which is Canada's Thanksgiving long weekend, I'll be able to get a few major things down around the house, but the list keeps getting longer and longer.

For instance, our place is considered a 2-bedroom with den. However, the den is really just this awkward alcove waste of space. Ideally, we'd like to convert it into something more useful by expanding the second bedroom and adding in a linen closet. But again, in order to even find out if this is a possibility with our housing corporation, we have to hire a contractor to draft up the plans for us. We also have to replace the backsplash in our kitchen. The previous owners had this ugly wallpaper as a backsplash, and one night I just couldn't stand looking at it anymore so I ripped it all off. So now the wallpaper is gone, but I still need to put up a new backsplash.

Then again, the countertops are also pretty ugly. And I don't really like the cupboards either. Maybe we should look into redoing the whole kitchen? You see how being a new homeowner can be chaotic, stressful, overwhelming and expensive all at the same time?

Just So You Know, New Homeownership Isn't All Smiles & High-fives

But I'm not sharing all this with you to scare you! I'm just letting you know that buying your first place does not look like any of these stock photos. Sure, there are some smiles and high-fives. But there's also a lot of hair pulling, teeth grinding, bickering and sleepless nights. 

But Overall, I'm Still So Happy to Be a Homeowner

Even with all that said, I'm still super happy and proud to be a homeowner. It's something I've always dreamed of, and I hope in the future we'll be able to buy more properties to rent out too. And I know it won't always be this chaotic. Things are slowly starting to settle down. For instance, as I type this right now I'm in my very own office, which I haven't had for over 3 years. Even since we moved to Toronto, the living room has been my husband and I's shared office. Now, we finally have some space and privacy. I'll most likely do another update podcast episode at either the 6 month or 1 year mark. Until then, make sure to subscribe to my YouTube channel as I'll be posting some new videos soon all about life as a new homeowner!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/63

Oct 5, 2016

Mrs. Frugalwoods is a testament to what extreme frugality can look like if you do it right. Extreme frugality, very different than minimalism so don't get them confused, is all about financial independence. When you let go of your need or obsession to buy and accumulate stuff, and focus on living simply, buying what you need (not just what you want), and spending your money on what really matters — well, maybe then you'll be able to live on 66 acres in the woods while working remotely too.

Long description:

Not long after I recorded this episode of the podcast with the lovely Mrs. Frugalwoods, I got to meet her in-person at FinCon 2016. In case you don't know, FinCon is a massive personal finance blogging conference, and this year there was over 1,200 attendees so it's a miracle I found Mrs. Frugalwoods amongst the crowd! Mrs. Frugalwoods did not disappoint in the flesh either. She was just as sweet, genuine and friendly as she came off during our interview together. She also has this calmness about her that I seriously want to just bottle up and store (or sell).

The big reason I wanted her on my show is to find out just how she did it. How did she manage to escape the city and live in the woods with her husband and baby. How did she manage to get out of the rat race and world obsessed with materials, and live the simple life like so many of us dream about.

Well, she spills all her secrets in this episode, so make sure to take some notes! A lot has to do with embracing extreme frugality, which she explains is very different than being a minimalist. Definitely something I hope to incorporate a tiny bit more into my life, and you may want to too.

Mrs. Frugalwoods' Best Blog Posts

Follow Mrs. Frugalwoods on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/62

Sep 29, 2016

Faced with the reality that she had to pay her own way through university if she wanted a degree, Taylor Milam is a true example that hard work and resilience can really pay off.

Long description:

My third episode in my special podcast listener series features Taylor Milam from San Diego. Her debt story may sound very familiar to you if you had to pay for school on your own, work a few jobs at night and still depend on student loans to finish your degree.

But her story is also a great example of where resilience and hard work can take you. Sure, Taylor had to get student loans to pay for school, but she also worked relentlessly to pay them off as soon as she could. And she did! After only 7 months she was able to pay off $14,000 in student debt.

Now, she's on a mission to help people just like her get out of debt, and more importantly stay out of debt, on her blog The Freedom from Money.

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/61

Sep 28, 2016

It was such a delight to chat with Alison Green from AskAManager.org about her amazing blog and to pick her brain about interviewing as a new post-grad, revamping your resumé, and switching careers. If you're a student, Millennial, or just listening to this episode at work and really wish you weren't at work, this is an episode you will get so much out of. Make sure to check the show notes so you can find out how to submit your work/career questions to Alison too.

Long description:

It was honestly such a dream to chat with Alison Green from Ask a Manager. As I mentioned in the episode, I read her blog religiously the year I moved to Toronto and was trying to switch careers from advertising sales to digital marketing. 

Not only was it a great view into what other people have to deal with in their offices on a day-to-day basis, but she has some darn good advice! Probably the best career advice I've ever gotten. I absolutely credit Alison with helping me revamp my resumé and landing my current job. And it wasn't just a new job I got, I also increased my salary by about about $20,000 compared to the job I left in Vancouver. That's a lot of meatballs! The reason I wanted to interview Alison for this episode is because when it comes to personal finance, a big element is how much you take home. You can only save so much, so if you feel like you're stuck in a dead-end job and not making your worth, it's time to do something about it. It's definitely scary switching jobs or careers, but in my experience it can also be the best decision you could ever make.

Got a Work/Career-related Question for Alison?

I'm not ashamed to say it, I've totally submitted a question for Alison to answer on the blog a few years ago, and she answered it too! It was the coolest thing to get her insight into my situation, so if you want to pick her brain, I highly suggest submitting your question to Alison too.

Alison's Super Helpful Career Resources

Follow Alison on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/60

Sep 22, 2016

I hosted and organized my very first event recently, called the Millennial Money Meetup. It was graciously sponsored by EQ Bank, and featured fellow money experts and bloggers Barry Choi, Michelle Summerfield and Daniel Teo. This event was all about creating a community and a safe space for Millennials to get together and talk about something that's generally considered taboo...money. Not only did we get a full house, I got a lot of great feedback and everyone had a rockin' time! This is definitely the first of many Millennial Money Meetups, and I can't wait for the next one.

Show notes: http://jessicamoorhouse.com/59

Sep 21, 2016

This episode is all about fees, and my guest, Transcend Private Client president Chris Ambridge, has a wealth of knowledge to share all about it. We also discussed CRM2, the new amendments coming into play to make it more clear how much we're paying in fees, and we talked about the different ways advisors are compensated, so you have a better understand of why they may suggest certain investment products to you.

Long description:

This episode is all about fees, because even though it paying fees on investments may seem like a little thing...it's not. Like my guest Chris Ambridge, president of Transcend Private Client, mentions in the episode, surprisingly 2/3 Canadians don't know their paying fees. Reality check people, you are paying fees! Everyone pays fees on investments. How else do you think banks and wealth management firms make money?

But even though we are paying fees, and there really isn't any way around that, it's important to know how much you're paying. That's why we also discussed CRM2 and how this will will help clients like us know exactly how much, in dollars, we are paying. It's great to see a percentage, but I think seeing the dollar amount will really help us all know whether we're paying too much for what we're getting.

Hey, I'm fine with paying high fees, if I'm getting a high return. But that's usually not the case. That's why it's important to look over your investments every once in a while to check if you're really get any bang for your buck. If you're paying 2.5% on a mutual fund and only seeing a 4% return, it might be time to look into something else (perhaps Index Funds and/or ETFs?).

More Helpful Info About CRM2

We talked quite a bit about Client Relationship Model - Phase 2 (CRM2), but I wanted to make sure you really understood what all this is all about. CRM2 came into effect July 15, 2013 and has been phased in these past 3 years. Essentially, what these amendments mean is that beginning July 15, 2016, registered financial firms will need to:

Provide an annual report on charges and other compensation that shows, in dollars, what the dealer or adviser was paid for the products and services it provided - Ontario Securities Commission

Basically, these amendments are a way to evoke more clarity when it comes to fees, instead of making it hard for clients to truly understand how much they're paying for their investments. If you want to go further down the rabbit hole, here are some good websites to check out that go more in-depth about CRM2.

Learn More About Transcend's Pay-for-Performance Service

Check Out Transcend's Latest Blog Posts

Follow Transcend on Social

  • Connect with Transcend on LinkedIn
  • Follow & chat with Transcend on Twitter
  • Stay up-to-date on everything investing on Facebook

This episode is sponsored by Transcend Private Client. All the opinions and thoughts are my own.

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/58

Sep 15, 2016

My second episode in my special podcast listener series features Lindsay VanSomeren, who is originally from Colorado, but now lives in Alaska with her husband. Her story is also a debt story like my first listener series episode with Amanda from Ottawa, but instead of student debt or consumer debt, she's dealing with housing debt.

And no, not just carrying a mortgage, but the cost of fixing and maintaining a home. I guess some could call this a "Money Pit" situation (any fans of the 1986 Tom Hanks movie?), but what Lindsay is dealing with could honestly happen to anyone. Even if you get a housing inspection, you sometimes don't know what's wrong with the place you've bought until you've lived in it for a little while. It's sort of the dark side of home ownership that doesn't get too much attention.

Luckily, Lindsay was kind enough to share her story, her experience and the lessons she's learned from it so you can avoid getting into a similar situation. Or if you are dealing with a housing nightmare, take some of Lindsay's bits of advice on how to get out of it.

Lindsay also mentioned that one of the ways that helped her pay down her debt was to start freelance writing on the side. She even wrote about it on her very own personal finance blog Notorious Debt, and apparently she made $2,500 in her first four months of freelance writing!

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

Shownotes: jessicamoorhouse.com/57

Sep 14, 2016

For this episode, I chat with a truly wonderful man, who is so full of positivity and financial expertise, I can't believe I booked him for this interview! I'm of course talking about the one and only Bruce Sellery. He's a TV host, author, speaker and business journalist who makes money easy to tackle and kind of fun. In this episode, we talk about his successful career and how it all came to fruition, how he got to become a published author, and what the most important things everyone should know when it comes to personal finance.


This episode of the Mo' Money Podcast is brought to you by WealthSimple. 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.

Bruce Sellery is seriously a delight! I was so nervous about contacting him because I'm definitely a fan and just love what he's doing in the personal finance space. But Bruce being the genuine guy that he is, got back to me right away and was such an amazing guest to have on the show. In this episode, we chat about his career, and how it started in the corporate world, led him to become a founding member of BNN, and then eventually a published author, TV host, public speaker and personal finance expert.

If you haven't read Bruce's books yet, I highly recommend them. As I mentioned in this episode, I just love his tone in his writing. I don't know how he does it, but it definitely reads like you're best friend is talking to you and just makes money something fun to tackle with his guidance.

What I didn't include in this episode is a long conversation about dessert. He mentioned apple fritters as his go-to sweet, and for me I'm all about the cupcakes. And I couldn't believe he'd never been to Bakerbots Baking in Toronto before, then again I've never seen an apple fritter there.

Bruce's Books You Need to Check Out

Follow Bruce on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/56

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