So…it’s been a crazy few weeks (understatement of a lifetime)! I almost never do “timely” podcast episodes. I typically record all my episodes a few months or weeks in advance, so it’s hard to do an episode that is about what’s going on in the news and it still be fresh or on trend by the time it’s published. But, since what’s going right now with COVID-19 and the stock market is something I have never seen or experienced before, I knew I needed to have an episode to talk about it.
That’s why I’ve got Janna Herron, Personal Finance Editor for Yahoo Finance, on the show today to discuss what exactly is happening, how we should react and how best to manage our money in these uncertain times.
Here are some of her top tips which I completely agree with.
I know you’ve probably been hearing this a lot, but honestly it’s the best advice you can take. I understand it’s easier said than done. I myself am trying not to panic. A lot has changed in my life and business in just the past few weeks, such as all my future speaking engagements have been canceled, so it’s hard not to panic and think the worst. But just remember, the best thing you can do is stay calm to maintain a clear head. When you let that panic take over, you’ll start to make emotional decisions that may not be the best choices for you in the long-term.
Another piece of advice that’s easier said than done, but I would really implore you not to make a very rookie investing mistake which is selling off all your investments to free up cash because you’re panicked. I’ve even had thoughts of selling some things off, or stopping some of my investments to have more cash on hand. That’s a natural feeling to have! Our instincts are telling us to cash out and run away from danger, but when it comes to long-term investing you cannot do this. This is the time to continue investing or if you can afford to, dump more money into your investments.
Now you may be thinking “What if I need cash though?” If you don’t have a fully funded emergency fund that can float you for 3-6 months if you lose work, then that’s obviously a different story. If you feel like your livelihood is at risk, then it’s important to have cash on hand. And by that, I don’t mean literally get cash out of the bank to put under your mattress (though there’s nothing wrong with having some physical cash at home). I mean that in order to prevent you from going into debt, you need to have cash to pay for things if your income dries up. In this instance, there’s a few things you can do.
If you’re still worried about not having any cash, then either reduce your regular contributions to your investments, pause them (but don’t forget to restart them when you can afford to), or if you’re really desperate, liquid some of your investments (ideally from your TFSA or taxable accounts first, not your RRSP).
And if you need to borrow money, make it your last resort and avoid high-cost debt like credit cards and payday loans. Work with your bank to secure either a close-ended loan with set payments or a line of credit.
“Buy low, sell high!” You know how many times people have been messaging me with this quote? Yes, it’s true, right now is a great time to buy equities on sale, however that doesn’t mean this is the time to become a day trader when you don’t know what you’re doing. Buying s
tocks can be risky, and there are a lot of emotions involved with trading. If you really want to start investing, great, but don’t just start buying individual stocks. Start by making an investment plan which will help guide you on what to do.
One way to get started would be to enroll in my Investing Foundations for Canadians course.
For full episode show notes visit https://jessicamoorhouse.com/232
So...what the heck is going on with the stock market right now? Because everyone is freaking out from all the headlines, Twitter hashtags and conversations around the water cooler.
Here’s the thing, we are currently experiencing a market correction, not a crash. That being said, this market correction could lead us into a bear market, which means interest rates and stock prices may sit at a lower point than we’ve experienced for a while. That’s okay. It’s part of the natural market cycle. We’ve had one of the longest bull markets in history, so we were overdue.
The key thing to know is not to panic. Make sure you have an investment plan and are sticking to that plan. Make sure you continue to practice dollar-cost averaging and are still contributing regularly to your investments (do not hit pause!). Do not sell off everything because you’re afraid. That’s how you lose money. You make money during a correction or crash when you don’t sell, or if you continue to buy at discounted prices.
To learn more, I highly suggest you check out my Investing Foundations for Canadians course. But no matter what you do, don’t panic, don’t make decisions based on fear and emotions, and continue to educate yourself about investing so you can feel confident about what you’re doing.
To check out my course visit https://jessicamoorhouse.com/investingfoundations
Keisha and her husband at a young age were very focused on early retirement and nurturing their brand new family. At 34, Keisha and her husband welcomed a brand new baby into the world and becoming an executive was just in sight for Keisha. When their baby was eight weeks old, her husband became very ill and died suddenly.
They later came to the conclusion that he had a very rare disease. This disease was so rare that a year after her husband died, an international medical team had to get together to diagnose the disease.
This series of events shook Keisha’s world and drove her straight into writing. There she was able to share her struggles and deepest thoughts surrounding the tragic experience she went through.
In this episode we talk about her new book, Holistic Wealth: 32 Life Lessons To Help You Find Purpose, Prosperity, and Happiness. Keisha walks us through her financial journey and the types of teams she worked with, in creating a healthy financial future for her children and herself as she did not have a will or estate plan in place when her husband passed suddenly.
I am incredibly moved by the major financial moves she has made out of a tragedy she wasn’t prepared for. If you or someone you love is not prepared for a sudden passing, give them the tools to get a plan in place so everyone, including yourself, is safeguarded for the longterm.
For full episode show notes visit https://jessicamoorhouse.com/231
I get asked all the time "What's a good robo-advisor?" to which I always answer "It depends on what you're looking for."
You see, even though I've got my personal preferences, that doesn't mean they are right for you. Instead, know what robo-advisors are out there then do your own research and due diligence to make the right decision for you and your investment needs.
That's what this episode is all about, helping you start your research. I share some of the robo-advisors available in both Canada and the U.S., and if you're Canadian I'd also suggest checking out robo-advisor comparison sites like AutoInvest and HardBacon too.
You’re gonna love this episode. You’re gonna feel so good after listening to it! Why? Because there’s just something about my guest, Lindsay Bryan-Podvin of Mind Money Balance, that puts you at ease. Which is probably why she’s a financial therapist. She makes you open up, get deep, and eventually get to the crux of what’s going on with your money so you can start building a solid, happy and successful financial life.
In this episode, we discuss what exactly a financial therapist does (and how it differs from some other financial designations), why talking about money is one of the most important things we can all do to improve our financial situations, and how impactful our past is on our financial futures.
Besides working with individuals and couples as a financial therapist, Lindsay is also the author of The Financial Anxiety Solution. If you want to grab a copy of her book, make sure to visit mindmoneybalance.com/podcast to also get a free video training on values-based spending and saving.
For full episode show notes visit https://jessicamoorhouse.com/230
Do you know what the Canada Deposit Insurance Corporation (CDIC) is, or why it was created? I go through the history, how it protects banking customers and their deposits, and how exactly (and how much) you’re protected.
A few weeks ago, I got to co-host a really special event called “A Greener Dollar” with Desjardins CEO Guy Cormier, and after that event, he sat down to do a podcast episode with me so we could dive deeper into the topic of responsible finance and investing.
Something you should know about Desjardins is that they have been at the forefront of responsible investing going back 25 years with the launch of their first SocieTerra funds. Since then, they’ve built a number of responsible mutual funds and ETFs, and hope to be a leader in promoting responsible investing to the masses.
As Guy mentions in the podcast, more business leaders need to step up and take more action when it comes to sustainable growth in the financial industry and in the greater economy. Although many leaders and companies are profit-first thinkers and simply focused on getting high returns, things need to shift in the investing world. There needs to be more transparency, inclusivity, and we need to protect our future. And one big way this can be done is by offering responsible investing products and having the conversation with investors.
Hopefully, one day responsible investing will simply be called investing, and there won’t be so many different interpretations of what it means to be responsible fund or responsible investor. Until then, what we all can do is to be more intentional with our investing dollars and to keep the conversation going so more people are aware of their options.
For full episode show notes visit https://jessicamoorhouse.com/229
It's been well over 2 years since I've had well-known personal finance expert Kelley Keehn on the podcast (she was featured on episode 131 back in Nov. 2017 if you want to check that out), and she's back to chat with me about her new best-selling book Talk Money to Me.
If you are looking for a new book, specifically for Canadians, about all the things you should know about money management, debt, credit and mindset, you'll definitely want to grab a copy of her book. It's not written like your typical personal finance advice book, telling you what to do and not to do. Instead, Kelley weaves in his wisdom by sharing stories and scenarios based on all of the people she's been able to talk to and help over the years in her career as a financial literacy advocate.
The reason she wanted to write this book is because she wanted to write a book to open up the conversation and to just make people not only feel good about their money, but about money in general. Our pasts really do have a big impact on how we think, feel and manage our money as adults. Luckily, you can change all of that, as long as you own up to that past and become intentional with how you view and interact with money moving forward (and of course taking some of Kelley advice in her book!).
For full episode show notes visit https://jessicamoorhouse.com/228
For this Money Minute episode, after much listener demand, I’m going to be sharing what is Wealthsimple’s new savings/chequing account Wealthsimple Cash all about, is it safe, and how does it compare to other high-interest savings accounts offered by Motive Financial, EQ Bank and LBC Digital.
FYI, Wealthsimple Cash is only available in Canada currently.
For this episode of the Mo’ Money Podcast, I have someone on who is making some major waves in the personal finance space – money writer, speaker and educator Amanda Holden (a.k.a. Dumpster Doggy). I’ve been following her on social media and reading her blog for a while now, but I was lucky enough to finally meet her this past fall at FinCon 2019. She has such a positive energy, it's no wonder she's been able to cultivate a community of super-engaged followers who want to empower themselves through financial literacy.
Amanda has such an amazing story too of how she decided to become a financial educator. She was first introduced to the world of finance when she starting working for an investment firm in San Francisco. But after a few years helping the rich get richer, she realized that was not the path for her. So, she started living extremely frugally (hence why she has the nickname Dumpster Doggy) to save up enough money to leave her job and travel around South America. On her travels, she realized what she was meant to do with her career – build a business that focused on educating young women about finance and investing. This led her to start her blog, Dumpster Dog Blog, and her business, Invested Development.
In this episode, Amanda shares some of her top investing tips, how she was able to live extremely frugally for so long (and doesn't regret it), and what #TRASHION is all about.
For full episode show notes visit https://jessicamoorhouse.com/227
What is RRSP season? And why is every bank, financial institution, robo-advisor and discount brokerage telling you "Quick, the deadline is looming! Don't forget to contribute to your RRSP before it's too late!"
That's because March 2, 2020 is the deadline for you to contribute to your RRSP to count towards the 2019 tax year (typically it's March 1, but this year March 1 is on a Sunday). So if you are trying to figure out to reduce your taxes owing for 2019, you may want to take this opportunity to contribute to your RRSP now before the deadline to use as a tax deduction when filing your 2019 taxes.
You hear all the time that these YouTubers started a channel just for fun, then a few years later…BAM they’re doing it full-time and raking in the dough! Is it true or is it just hype? Wanting to get to the bottom of this, for this episode of the podcast I talk to Marko Zlatic, the YouTuber behind the popular WhiteBoard Finance channel, to find out how he was able to quit his day job in finance to run his channel full-time in just a few years.
I was lucky enough to have met Marko at FinCon 2019, and I was shocked to learn later that his channel was huge! Not only that, the advice he gives in his video is actual quality, with tons of well-researched and explained videos. A rarity with all the click-bait hype channels that are really just trying to sell you something or promote some get-rich-quick dream.
So, how does he do it? Putting in the work for years without seeing a dollar, creating quality videos on topics people want the answers too, and of course, there’s the X factor that just makes him stand-out and keep his viewers coming back for more.
Besides chatting about his channel, we also discussed some of his tips from his top videos, such as how to not get scammed at the car dealership and how to survive the next recession. If you’re just getting into YouTube and are looking for some quality personal finance channels to follow, make sure to subscribe to WhiteBoard Finance (and why not my channel while you’re at it).
For full episode show notes visit https://jessicamoorhouse.com/226
If there's one thing that grinds my gears it's when people use the wrong terminology! And people, journalists, even some financial experts keep saying this and it is WRONG:
"Save for retirement"
Nope. You can't. You cannot save for retirement. Because saving is the act of putting cash in a savings account, keeping it liquid, and earning very little interest. So stop saving for retirement, and instead start investing for retirement. Investing is the only way to build your wealth for retirement. So stop saying "save" and start saying "invest" for retirement, because it more accurately describes the steps you need to take to get to that $1 to $3 million dollars you'll probably need to retire by 65.
For this episode of the podcast, I interview someone who I’ve been getting a ton of requests by listeners to be on the show…Ben Felix! Not only is he a well-respected portfolio manager at PWL Capital with more letters behind his name than anyone I know, he is also the popular YouTuber behind the Common Sense Investing channel as well as the co-host of the Rational Reminder podcast.
Benjamin took a fairly unique path to the investing world. Whereas many guests I have on the show had a strong passion for personal finance early on, Ben first studied mechanical engineering before deciding to pivot and get his MBA in Finance (because it was the most difficult program offered at Carleton University’s Sprott School of Business!).
While doing his MBA, he got the chance to work at an investment firm and soon realized the culture and strategies used by a traditional institution did not align with his own values and research. But before deciding to ditch the whole thing he was hired at PWL Capital, a firm with a fairly alternative approach to doing business, offering fiduciary advice and index fund portfolios to clients.
Ben started his career there in 2013, and has since become a strong advocate for financial literacy and educating Canadians about how they can take control of their investments through his podcast and YouTube channel. Specifically, he likes to explain the rationale behind why indexing is such a great (and increasingly popular) investment strategy, while also sharing research on alternative investing strategies such as factor-based investing.
Honestly, he is one of the few people out there who can actually explain complex ideas in a very easy to understand way. It’s no wonder he has over 80,000 YouTube subscribers and counting!
As mentioned on the podcast, make sure to check out his website RationalReminder.ca and his YouTube channel. There is so much amazing content on there, you’re sure to find yourself binging episodes and videos just like I have!
For full episode show notes visit https://jessicamoorhouse.com/225
For this money minute, I'm going to answer to questions I get all the time.
1) Why should I have an emergency fund?
2) How much should I have in it?
An emergency fund is simply cash you have in a savings account you don't touch unless there's an emergency, and the typical rule of thumb is to have 3, 6 or 9 months' worth of your living expenses (which you can find by having a budget and tracking your spending!).
For this episode of the Mo’ Money Podcast, I’ve got my friend Kara Perez on the show. She is the founder of Bravely Go, a feminist financial education company. Her company focuses on bringing actionable and accessible financial education to people through pop up events and an online community. Kara is also the co-host of the award-winning The Fairer Cents podcast and if that wasn’t enough she’s also a money coach!
In this episode, we talk about why there is such a need to hear diverse voices in the personal finance world so we can all learn from each other, what it means to be a financial feminist, and Kara shares her tips on how to negotiate like a pro so you can level up your money (a skill I sure wish I had back in my 20s).
Kara also shares her story of graduating soon after the recession with an English degree, and living on a low income for many years while struggling to pay off her debt. By taking the time to educate herself about money and being disciplined with living below her means, she was able to crush her debt and now works full-time running her own company teaching others how to empower themselves through personal finance. Although she doesn’t like to say if she can do it so can you, hopefully her story will serve as some inspiration that no matter where you’re at in life, there’s always a path to a better financial life.
For full episode show notes visit https://jessicamoorhouse.com/224
For another edition of Money Minute with Jessica Moorhouse (that's me), I'm going to share with you the different ways that you can check your credit scores for free in both Canada and the US. An important thing to note, in Canada we have 2 credit bureaus: TransUnion and Equifax. In the US, there are 3 bureaus: TransUnion, Equifax and Experian. No matter if you're in Canada or the US, you must check all of your scores. These bureaus are different companies, they do not share information or talk to each other, and the scores will be different.
Having spent 35 years in the investment business in both Toronto and London, Larry Bates knows a thing or two about how the banks operate and how to be a savvy investor. Which is what inspired him to write his book Beat the Bank, which is all about how to beat the bank at their own game…namely getting rich off you, not helping you get rich!
In his book, Larry provides insight into how the investment industry in Canada works, and how best to achieve higher returns through the use of better investment products. In other words, it’s time to stop investing in high-fee actively-managed mutual funds from the bank in favour of index funds or index-ETFs using a robo-advisor or self-directed investing using a discount brokerage.
Seeing as this podcast is in its 10th season, I’ve interviewed hundreds of authors and money experts on this show, but I’ve gotta say, if you’re Canadian and you’re looking for a good intro to investing book, this is it! This is my new go-to recommendation (in addition to my other favourites like Millionaire Teacher by Andrew Hallam, Wealthing Like Rabbits by Robert Brown, and The Value of Simple by John Robertson). If you want to start your investing journey and want a non-dry book on investing in Canada, you need to grab this book. You will not be disappointed!
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/223
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