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Mo' Money Podcast | Personal Finance with Jessica Moorhouse

Millennial money expert, Accredited Financial Counsellor Canada® and podcast host Jessica Moorhouse interviews top personal finance & business experts (John Lee Dumas, Chris Guillebeau, Bruce Sellery, Preet Banerjee), celebrities (Perez Hilton, Scott McGillivray, Farrah Abraham), 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: September, 2018
Sep 26, 2018

Want to find a way to automatically donate money to charity without affecting the rest of your budget? Check out my interview with Coin Up founder & CEO Leena Patidar all about how you can make big change with your spare change.

Long description:

The other week, a member of my Facebook group asked how people automate (or try to automate) their charitable giving. Well, talk about good timing because for my latest podcast interview I have Leena Patidar on the show, and she’s the founder and CEO of Coin Up. It’s literally an app to help you automatically give money to charity without you having to put much effort in, but still giving you those handy charitable tax receipts and making you feel like you’re doing some good in the world!

As you’ll find out in the interview, Leena is a serial entrepreneur with a killer resume. She could honestly have continued her career and become a very successful and high paid CEO if she wanted to, but giving back was always something that she was passionate about. So, she eventually developed Coin Up, the merging of her passion for giving back to those in need and her entrepreneurial skills.

When I heard about Coin Up and Leena’s story, I was so excited to have her on the show. Giving back and donating to charity are often overlooked when talking about the elements of personal finance, but giving back really should be a line item in your budget.

You don’t have to donate a lot either. Although many people follow the tradition of donating 10% of their income to charity, I’ve always believed that you should just give whatever you can afford. It can be $50/month, or $5/month. Giving anything is better than not giving anything at all, so I challenge you to take a look at what charities are out there that speak to you, and make room in your budget to donate a sum to help them with their services.

How Does Coin Up Work?

You’ve probably heard of apps that help you add small additional amounts of money onto your debt or into your investments? Usually how those apps work is every time you make a purchase with your credit or debit card, a percentage of that amount you spent will also be taken out of your savings or chequing account and put onto your debt or investments. It’s basically a way to automatically accelerate your financial goals without you really noticing.

That’s similar to how Coin Up works too. When you sign up with Coin Up, it will round up your everyday credit or debit card transactions and will donate that spare change to your selected charity every month.

For more info on how to set it up, check out Coin Up’s FAQs.

Who Can Use Coin Up?

Currently the app it’s only available in the U.S., but Leena mentions in the episode that they hope it will be available in other countries like Canada very soon.

How Do I Download Coin Up?

You can either download the app from Apple’s app store, or you can sign up on their website. Right now, the app isn’t available for Android.

For full episode show notes, visit https://jessicamoorhouse.com/169

Sep 19, 2018

We all pay into the Canada Pension Plan (CPP), but most of us have no idea what the heck it is! I talk with CPPIB spokesperson Mei Maven to get the facts.

Long description:

We all pay into the Canada Pension Plan (CPP), but most of us have no idea what it is, who manages it, or if it will even exist by the time we retire in the next 40+ years.

That’s why for this episode I talk with Mei Maven, the Director of Global Communications for the Canada Pension Plan Investment Board (CPPIB). I ask her all the important questions we all should know about CPP so we can understand how this pension plan can (and should) work into our individual retirement savings plans.

So…Will CPP Still Exist in the Future?

Since I was a young adult, I remember hearing conversations from my parents about how CPP wouldn’t be around by the time I would retire. I think that’s a big reason why I was so set on saving and investing for retirement as soon as I got a full-time job.

This is actually a fairly common worry amongst Canadians, so I wanted to make sure I got to the bottom of it. Well, the short answer is YES, CPP will be around by the time you retire. As Mei mentioned in the interview, it is almost guaranteed to be around for the next 80 years. It will probably (and hopefully) be around for longer than that, but I don’t think CPPIB can make assumptions further into the future than that.

Does This Mean I Don’t Need to Save for Retirement?

As Mei also mentioned in our interview, CPP is meant to supplement your retirement savings, not replace it. You still need to save for your own retirement, but it’s important to consider CPP when doing your calculations for how much you actually need to save up to retire comfortably.

One great tool to play around with is government’s free Canadian Retirement Income Calculator.

What Is CPP Invested In?

This was a fun question to ask, and it was quite nice to get a straight up answer. All the funds that CPP is invested in is made public on their website under the Our Investments tab.

What Has CPP’s Portfolio Performance Been Like?

To see what returns the CPP’s investment portfolio has been earning, check out the Our Performance tab on the CPPIB website. As shown clearly on their website, their 5-year annualized return has been 12.3% and their 10-year annualized return has been 8%.

Open Submissions for Guest Posts

Hello lovely podcast listener, do you have a money story to share? Well, first and foremost, you are always welcome to email me about being a guest on the Listener Series of my podcast. I’m always looking for new listeners to interview, so feel free to email me directly with your money story to apply to be on the show.

Does the idea of being recorded on the podcast freak you out? Maybe you’d be more comfortable writing a guest post on my blog. I’m currently accepting submissions from my podcast listeners (and blog readers, of course!) for guest posts. What I’m looking for is raw and real money stories that include failures, successes, lessons and advice and tips readers can absorb and learn from.

To apply, visit https://jessicamoorhouse.com/listenerguestpost

For full episode show notes, visit https://jessicamoorhouse.com/168

Sep 12, 2018

I chat with Financial Grownup best-selling author & podcast host Bobbi Rebell about what it means to be a financial grownup, the difference between high achievers and dreamers, and her story of going from journalist to entrepreneur focused on educating others about finance and success.

Long description:

Back in the spring, I had the opportunity to attend a women in business retreat called Statement that was organized by money expert Stefanie O’Connell and writer Emma Pattee. It was held in the Catskills and was 3 days of intense workshopping with other women entrepreneurs. It was honestly one of the best things I’ve experienced all year, especially since it gave me the chance to meet so many amazing women (many of whom will be on the podcast this season)

One of those women is Bobbi Rebell. Bobbi is a CFP® and host of the Financial Grownup podcast. She is also the author of the best-selling self-help/personal finance book How to Be a Financial Grownup: Proven Advice from High Achievers on How to Live Your Dreams and Have Financial Freedom. If that wasn’t impressive enough, she’s also a keynote speaker and an award-winning TV anchor and personal finance columnist who has worked at Thomson Reuters, PBS (Nightly Business Report) CNN and CNBC.

In this episode, we talk about how Bobbi Rebell went from traditional journalist to becoming an entrepreneur herself, starting with her book then launching a podcast. We also talk about how she’s able to get so many big celebrities on her show through the power of networking and just being ballsy and straight up asking them.

I hope you feel motivated after this episode to get out there and stop thinking about doing something, but actually doing it. I know, doing is the hardest part, but without taking that next step, you’ll never be able to reach your full potential and you’ll never truly become a financial grownup.

For full show notes visit https://jessicamoorhouse.com/167

Sep 5, 2018

To kick off Season 7 of the Mo' Money Podcast, I chat with Teen Mom star & entrepreneur Farrah Abraham about success, overcoming obstacles & balancing work with being a single mom.

Long description:

It’s the first episode in Season 7 (yes, 7!!!) of the Mo’ Money Podcast, and boy do I have a treat for you!

This episode has been a long time coming. If you know me, then you know I’m a huge reality TV junkie. And one of the shows I’ve watched from the beginning is MTV’s 16 & Pregnant and its subsequent spin-off series Teen Mom. I’ve followed the cast members over so many years, I feel like I practically know them. Since I have been such a long-time fan, when I first started this podcast over 3 years ago, I made a list of dream guests. These were guests I hoped to have on the show once I hit a level of popularity that I could realistically get them to come on.

Well, one of those dream guests was Teen Mom‘s Farrah Abraham. If you’re watched the show, or read celebrity news, you may know she’s a bit of a controversial figure. She’s outspoken, she’s worked in the adult industry, and she isn’t your typical Teen Mom reality star. What I mean by that last bit is that most of the cast members on Teen Mom (and Teen Mom 2 for that matter), seem to mainly earn their bread and butter from the show and being a social media influencer. A few of them have started clothing lines, but in general, none of them have shown as much entrepreneurial spirit as Farrah.

There’s a reason for that, which we get into in the episode. Basically, Farrah has always wanted to be an entrepreneur and start her own businesses, even before being on the show. And despite what I thought, in that the show helped her get to where she is today, it actually hindered her in a lot of ways with lots of doors closing on her.

Nonetheless, she sure has more drive than most 27 year-olds. That’s why I wanted to focus on that for this episode, because from all the episodes of Teen Mom and articles I’ve read about her, I kind of felt like no one really asks her about her entrepreneurial journey or how she was able to build up a net worth in the millions at such a young age.

Personally, I don’t really care what’s said about her in the news or that she has businesses within the adult industry. I don’t judge people for how they earn their money. What I do judge people on are how they treat others, how professional they are, and how dependable they are. Farrah ticked all of those boxes, being nothing but pleasant during our interview, and being professional enough to reschedule our interview after our first interview date was cancelled due since it was on the day of the whole Beverly Hills Hotel situation.

Entrepreneur First, Reality Star Second

One of the things I found fascinating when talking to Farrah was that she considers herself above all else an entrepreneur, not a reality star. She’s definitely a reality star, considering she’s been on 16 & PregnantTeen MomCouples TherapyBotchedCelebrity Big Brother UK and Million Dollar Matchmaker just to name a few. But, it was actually refreshing to hear that she didn’t choose to do 16 & Pregnant and then Teen Mom as a way to propel her career. Instead, she wanted to prove to young girls that it is possible to finish school and have a successful career, even if you are a teen mom.

More than that, it also shows she doesn’t want to be famous just to be famous. Now, she uses her fame to create new opportunities and build up her portfolio of businesses. This is to help her create a solid financial backing for herself, but also for her daughter when she grows up and wants to join the family business.

I also think it’s super admirable that Farrah didn’t just go down the easy route of being an Instagram star. You can make a ton of money partnering with brand and doing sponsored posts (and I would know), but she decided to not make that her main focus, but instead open three different brick-and-mortar businesses in Texas. That is not easy to do! I run my own business, but it’s completely online and I’m the only employee. I have such respect for people who run physical businesses with staff!

Overcoming Obstacles & Negativity

Farrah has had more than her fair share of obstacles to overcome. Starting with the father of her child passing away suddenly when she was a teen mom, to dealing with family rifts, to having constant negative media attention, to MTV deciding to fire her from the show. Most people wouldn’t be able to handle all that, especially not when in the public eye. I know I couldn’t! My feelings get hurt every time I see a mean comment from someone on my social profiles or blog!

So, I had to ask Farrah how the heck she can overcome, move on and not let all that stuff get her down. She had a few great answers. One, she’s very spiritual. I don’t really talk about this much, but spirituality and believing in a higher power is also very important to me. It grounds me and reminds me that I’m not the centre of the universe. This is what also grounds Farrah, helps her move passed obstacles, and feel like she has a purpose on Earth.

Another answer Farrah gave was that it’s important to surround yourself with people who are supportive and have positive energy. You can be tough as nails and ignore negative people, but it still can chip away at you. Instead, remove all those negative people or situations from your life, so you can focus on the positive. It’s definitely something I’ve done. In my lifetime, I’ve definitely had to quit jobs or remove friends from my circle who weren’t adding to my life, only detracting from it.

What’s Next for Farrah?

She’s got three 2 year-old brick-and-mortar businesses. She’s got a best-selling book. She’s got millions of fans on social media. From the outside looking in, it looks like she’s got a pretty cushy set-up and could easily retire early. But, that’s not what she wants to do. Instead, she hopes to develop her book about her life story into a movie, and become a director and producer in the film & TV industry. She also has plans to write her first business book. And I can’t wait to have her back on the show to talk about it!

For full episode show notes, visit: https://jessicamoorhouse.com/166

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