This is by far one of my favourite interviews on the podcast…ever! For this episode, I chat with John David Mann, and award-winning author whose books have sold more than 3 million copies, including titles such as The Go-Giver with Bob Burg and the New York Times bestseller The Red Circlewith Brandon Webb.
For his latest book The Latte Factor, which he co-authored with best-selling author and OG personal finance expert David Bach, they discuss the term that Bach coined several years ago in his popular book The Automatic Millionaire. You see, even though pretty much everyone has heard of “the latte factor,” most people don’t really know what it means. Surprisingly, it doesn’t mean you should ditch your morning coffee to save money. It’s actually bigger than that. It’s less about coffee and more about how we all need to spend our money more in line with our values, and how little bits of money over-time can have a major impact on our financial futures.
What I loved most about this book is that it’s a very short read (you can read it in a day), and it’s not a typical how-to book and written in a narrative style. Similar to how David Chilton’s structured The Wealthy Barber, this book has central characters we follow along so we can learn the same lesson they’re learning and can identify with their struggles too. I 100% could relate to the central character, a 20-something city-living millennial who feels like no matter how much they earn, they still never have enough. Who hasn’t felt like that at some point in their life? But, she learns that it’s not necessarily how much you earn that’s the problem. It’s what you do with what you earn now that is most important.
And yes I know, earning more can sometimes be a solution, but from working with so many clients now, I can tell you that cash flow usually isn’t the problem. The problem is not understanding what they are spending their money on. The problem is not having clear financial goals to work towards. The problem is not having the financial literacy necessary to make solid and confident financial decisions moving forward.
The book isn’t out quite yet (it comes out May 7), but you can pre-order now and you enter to win a free copy by visit the show notes.
For full show notes, visit https://jessicamoorhouse.com/190
Can you believe it’s been almost 4 years since Barry Choi from Money We Have on the show? We’ve been friends for years now, and he was guest number 7! Since so much has happened in our lives since that interview, I needed to have him back on the show now that he works full-time for himself as a personal finance & travel expert.
As I mentioned at the beginning of this episode, I’ve done a few unofficial meetups with podcast listeners the past few months, and the feedback I got was to have someone on the show to talk about credit card reward programs and travel tips specifically for Canadians. Well, of course I thought of Barry who is always in the news or on TV sharing his wisdom on how to get the most value out of your credit cards and how to travel on a budget without it feeling like you’re doing budget travel.
Here are some great tips and resources he shared on the show.
If travel is one of your big values in life (it is for me!), then you need to add it as a line item in your budget. Don’t just book a trip and figure out how to pay for it later. Research where you want to go, price out the cost, then start putting away amounts every month until you can afford it.
It’s what both Barry and I do, and honestly it’s the only way to afford travel without getting into debt. For me, I put away money every month for trips I take with my husband and trips I do on my own (usually work-related like conferences or retreats). In terms of how much to save, it depends on where you plan on going. As long as you’re saving a good amount for your emergency fund, retirement and your other financial goals, it’s up to you how much to save for travel.
I’ve used deal sites for years, like Kayak, Booking.com, Expedia, Trivago (you get the picture), and to me it’s the best way to get the best price for flights, car rentals and accommodation. Yes, it can take some time and effort to really figure out the best time, place and dates to travel, but it’s worth it if you can save hundreds if not thousands of dollars! Just think, that savings can be used for excursions, food or shopping to make your trip even better!
You’ve heard this tip before, but it’s true. If you want to save big, travel during that location’s off-season. I’m so used to doing this, I don’t even know what it’s like to go somewhere during the on-season. And I don’t want to! It’s actually really nice to avoid the hordes of tourists, even if it means going somewhere during spring or fall.
Here are Barry’s picks for the best no-fee credit cards in Canada. Just remember, even though it’s no fun paying an annual fee for a credit card, you usually get better benefits with those cards than no-fee cards.
For full episode show notes, visit https://jessicamoorhouse.com/189
It was one fateful day when a 17-year-old Lesley-Anne Scorgie went viral because of her financial acumen. Not only did she get featured in newspapers across Canada, she also landed a spot on the Oprah Winfrey show because she aspired to become a millionaire by 25 and was well on her way to reaching that goal.
As Lesley-Anne says in our interview together, the Oprah effect is real and her short segment on the show catapulted her career into one Canada’s top money experts today, with four books under her belt, regular TV appearances and speaking gigs. Not only that, she launched her own money coaching business called MeVest, and focuses on teaching others how they can take control of their financial future like she did.
In this episode, we discuss what inspired her to get into personal finance at such a young age, what she learned from striving towards an aggressive goal in her 20s (spoiler, she wishes she enjoyed her 20s a bit more), and what some of the most common concerns and struggles her money coaching clients have.
For full episode show notes, visit https://jessicamoorhouse.com/188
Have you ever heard from someone that if a bank fails (goes bankrupt), you’ll lose all the money you had their? Because that is 100% false! You see, there’s a little thing called the Canada Deposit Insurance Corporation (CDIC) and Brad Evenson, the Director of Communications and Public Affairs of CDIC joins me for this bonus podcast episode to discuss in-depth how all Canadians are protected.
For full episode show notes, visit https://jessicamoorhouse.com/187
For this episode of the show, I interview young entrepreneur Nathan Latka who has released his first book (like…today!). It’s called How to Be a Capitalist Without Any Capital, and it’s his guidebook on how to successfully start a business or side hustle without that much money at the beginning.
You see, Nathan has a pretty interesting story. He basically realized that because of the Internet and social media, the possibilities and opportunities for making money were limitless. He’s started many businesses himself, his first being one where he built and sold Facebook pages (back when you could add apps and widgets to Facebook pages).
The reason I wanted Nathan on the show was to talk about a very important, though sometimes overlooked, topic of personal finance — making money. So many personal finance books (or experts) give advice assuming you’re an employee at a company and you’re limited by your salary. Well, that doesn’t have to be the case if you don’t want it to be.
Just take my personal finance journey. I worked numerous 9 to 5 jobs since graduating university, but I always had a second job or side hustle to earn more to I keep reach my financial goals sooner. And at that time, none of my friends or family were doing it. Luckily, I was inspired by other people in the personal finance community who were doing the same thing, so I followed suit. Now, so many of those people who thought I was crazy for working more than one job have started side hustles themselves. And that’s what I hope this episode (and Nathan’s book) help you with. Hearing that you don’t have to start out rich to become rich, you don’t have to be a born entrepreneur to start your own business or side hustle, and essentially your past should not define your future.
Another thing I really want to press is that money should never be the end goal. Building wealth isn’t solution, it’s the journey. The solution or reason you’re building wealth is so you can live a life that is meaningful to you. For me, I work hard to earn my living so I can afford to travel, have more spare time to fly back to Vancouver to visit family and friends, and sometimes just have the flexibility to take a Thursday afternoon off to read a good book when it’s snowing outside.
Why do you want to build wealth? Really define that, then check out this interview or Nathan’s book for some guidance on how to go about making that a reality.
As Nathan mentions in the podcast, his book wasn’t meant to be an evergreen book you can pick up in 20 years and it still be relevant. The business and digital marketing are evolving so quickly these days, his advice may not work even in a few years from now. So, if you want to learn what’s worked for him recently, grab a copy of his book, read it and take action NOW!
For full episode show notes visit https://jessicamoorhouse.com/186