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Mo' Money Podcast

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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Now displaying: April, 2019
Apr 25, 2019

For this episode of the podcast, I have Devon Fiddler, founder of SheNative, with me to talk about her journey into entrepreneurship and she not only hopes to grow her business, but to empower more indigenous women to become entrepreneurs too.

Devon founded SheNative in 2014, and since then has received numerous awards such as the 2015 CBC Future 40 Under 40 designation, 2015 Start-up Canada Young Entrepreneur of the Year Award, the 2016 YWCA Women of Distinction Award Under 29 category and is a top 5 SheEO Venture of 2016.

After experiencing her own personal struggles, and seeing other issues in the indigenous community, after graduating with her B.A. in Aboriginal Public Administration from the University of Saskatchewan, Devon started her own business as a way to empower herself and other indigenous women too. Every person in her company is from the indigenous community, and the products she creates also promote messaging of positivity, confidence and pride in the community.

To learn more about SheNative and to support Devon’s business, visit SheNative.com.

For full episode show notes, visit https://jessicamoorhouse.com/195

Apr 24, 2019

A topic that I think we millennials all need to focus more on is retirement planning. And the reason I think so is because traditionally retirement planning seemed like something for older generations, and what us younger generations needed to focus on was debt-repayment and homeownership.

Listen, I know us millennials have a lot going on, but NOW is the time to start planning for retirement, not when we’re nearing it. That’s why I have Ron Haik, Senior Financial Planner & Regional Manager, Ontario at Nicola Wealth on the show to talk all about how to plan for retirement in Canada and as a millennial.

Here are some things we discussed.

Where Do You Even Start?

A common question I get, because planning for retirement either seems too simple or too complicated. Where you start is determining what your retirement will look like. Everyone’s retirement is different, but essentially you need to answer what kind of life do you want to lead after you’ve finished your full-time career. Retirement may still include working, or maybe you want to volunteer, travel the world, or help raise your grandkids. Whatever it is, write it down then figure out how much in today’s dollars you’ll need as an annual income in order to afford that life.

TFSAs Don’t Get Enough Attention

For years, RRSPs were given all the attention. Although they are great vehicles for housing your investments for retirement, TFSAs are great too. They may even be better depending on your situation. You see, with RRSPs, you get that wonderful tax deduction that lowers you tax bill while allowing your money to grow tax free. But, once you withdraw funds from your RRSP, that’s when you’ve got to pay tax on that money. That also means you need make sure you’ve included income tax in your retirement budget. With a TFSA, you don’t get a tax deduction when you contribute, but when you withdraw those funds, you don’t have to pay tax either. Things to think about when considering what account type to put your investments into.

Real Estate Investing Is Great, But Diversification Is Better

I recently did a talk on investing for a retreat, and many people there voiced how they were more comfortable with real estate investing because it made more sense to them. You were investing in something tangible and they could wrap their heads around the concept better. Real estate investing is great, but you should never put your eggs in one basket. Real estate should be a portion of your overall retirement portfolio, not the entire thing.

Don’t Set and Forget Your Retirement Plan

Once you’ve built a retirement plan, it’s not something you just put somewhere to gather dust. Your life and goals change, and so will your retirement plan with them. Make sure to revisit your retirement plan every 6 to 12 months.

For full episode show notes visit https://jessicamoorhouse.com/194

Apr 17, 2019

For anyone interested in startups or starting their own business (no matter how big or small), I’ve got an episode for you! For this episode of the Mo’ Money Podcast, I’m joined by Maria Aspan, the editor-at-large of Inc. Magazine and the author of the new book Startup Money Made Easy.

Maria has a unique perspective on entrepreneurship because she isn’t sharing her own entrepreneurial journey. She’s sharing what she’s learned by interviewing hundreds of entrepreneurs about their journeys. And what’s really interesting is they all have very different journeys. Sure, they are some similarities and patterns, but in general no story is alike. That’s why there can never be a one-size-fits-all guide to entrepreneurial success. What may skyrocket one person’s business may be the downfall for someone else.

In her book, she dives deep about the financial aspects of starting a business, and here are some key things she shared in this episode.

Never Invest More Than You’re Willing to Lose

You hear stories all the time about how someone racked up a bunch of debt to get their business started…and it paid off big time and they’re now a millionaire! You don’t often hear the stories of all the people who racked up a bunch of debt and had a business that flopped. We hear a lot of success stories, and maybe not enough failure stories. When it comes to starting a business and finding that initial financing, use the same logic as investing your money for a big goal like retirement – never invest more than you’re willing to lose.

Make Mistakes Is Inevitable, Make Sure to Learn from Them

Maria mentioned that Serena Williams, famous tennis player and entrepreneur, once said that in business everyone makes mistakes. What you need to be prepared for is being open to learning from those mistakes. Usually when we make mistakes, we want to brush them under the rug, not talk about them, just move forward and forget about it. But mistakes are amazing learning tools! I’ve learned amazing things from my mistakes and failures! It’s not easy. It will definitely bruise your ego a bit. But you need to remember that success is a long-game. If you want to eventually reach your goals, you need to learn from each one of your mistakes and change your behaviours and actions accordingly.

Don’t Jump In, Make a Business Plan

I see so many people out there get caught up in the idea that they can start a blog, start posting on Instagram, sell an online course, make a fashion line, etc… and start making money right away. That’s no reality. The people who are telling you that you can make money blogging, Instagramming, selling courses, or selling your own clothing designs, they may have neglected to tell you that there’s no such thing as an overnight success. It takes time, hard work, and most importantly a solid plan!

Don’t ever think you can just quit your day job and figure it out. Figure it out while still working your day job. Start learning what you don’t know about running a business, and make a business plan you feel good about.

For full episode show notes visit https://jessicamoorhouse.com/193

Apr 10, 2019

I don’t know why exactly, but lately I’ve been hearing from my millennial clients their big concern about not being able to afford retirement. I’m talking 20 and 30 years olds freaking out because they have no idea how they’ll ever be able to save up $1 million (or most likely more) for retirement, plus pay of their student loans, buy a home, start a family, and just simply live!

So, I thought I would bring on a retirement expert who can shed some light on the most important things we all need to know about retirement. My guest for this episode is Larry Swedroe, the author of Your Complete Guide to a Successful and Secure Retirement, as well as the director of research for Buckingham Strategic Wealth and the BAM Alliance.

Here are a few things we discussed in this episode.

What People Forgot to Plan – What to Do in Retirement

Most people focus on the money part. How much do I need? How should I invest to reach that number? Will it be enough? But really, you should start by outlining what you want to do when you’re actually retired. How do you want to fill your days? What’s your exit strategy from the workforce? Are you going to do a full-stop retirement or ease into retirement by going part-time or consult? Before testing out any retirement calculator, define what your retirement will look like first.

Planning to Live Longer Than 20 Years in Retirement

Another concern I often hear is that we’re all living longer. Many of us will live until 100! So if we retire at 65 and live until 100, that’s 35 years of retirement we need to prepare to have income for. That might make your palms sweaty, but it’s actually fairly simple math to figure out how to afford a long retirement. Larry suggests taking the number of years you plan on being retired for and multiplying it by the gross annual income you’ll need to live off of in retirement. Then, figure out how inflation will come into play, and that’s your number!

How to Be a Savvy Investor

Larry shared some amazing pieces of wisdom when I asked him about how we all can be savvy investors. Here are his top tips:

  • Make sure you’re only spending money on things that are important to you.
  • Save as early and as often as possible.
  • Make your savings automatic through auto-debits and auto-withdrawals to your savings and investment accounts.
  • Read the book Nudge: Improving Decisions About Health, Wealth, and Happiness by Richard H. Thaler & Cass R. Sunstein to learn how to nudge yourself into doing the right things
  • Invest in low cost Index funds or index ETFs
  • Avoid investment products sold by insurance companies and Wall Street investment brokers as they’ll be more expensive and most likely won’t outperform index funds.
  • Don’t work with any financial profession who earns a commission when working with you.
  • Diversify your portfolio to include more foreign equities and fixed income. Don’t focus solely on domestic stocks and bonds (just Google what happened in Japan).
  • Don’t mistake the home you live in for a real estate investment. If you live in it, it’s not an investment. Once you sell it, it is.
  • Be careful with real estate investing (just look at what happened and is happening in the U.S.)

For full episod show notes, visit https://jessicamoorhouse.com/192

Apr 3, 2019

If you’re a long-time listener of the Mo’ Money Podcast, you’ll remember when I had Robin Taub on for episode 32 to talk about her book A Parent’s Guide to Raising Money Smart Kids.

Well, that was a few years ago now so I thought it was time to have her back on the show, but to talk about something very different. As I mentioned at the beginning of the show, we bumped into each other at Melissa Leong’s book launch for Happy Go Money and started talking about the different ways both genders think, talk and manage money. It’s a subject that Robin has been researching quite a bit lately, and one that I thought would make for a great conversation on the podcast since gender roles is a fairly hot topic right.

As humans, we all deal with money differently from one another. As the saying goes, personal finance is personal so there’s really no such thing as a one-size-fits-all financial solution. But, not only do we deal with money different as individuals, there’s a lot of research to indicate striking differences between how men and women handle money.

Here’s one of the studies that Robin mentions in the podcast by CPA Canada:

The impact of personality traits: a fresh look at gender differences in financial literacy

What much of the research shows is that women tend to be more risk averse or risk conscious, we struggle with financial confidence, and we tend to be better investors than men. We chat about all this and more in the episode, so enjoy!

For full episode show notes visit https://jessicamoorhouse.com/191

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