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Mo' Money Podcast | Personal Finance with Jessica Moorhouse

Award-winning blogger and podcast host Jessica Moorhouse interviews top personal finance experts like Gail Vaz-Oxlade, 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, 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, 2016
Apr 27, 2016

I talk with Brad Baldridge, college funding consultant and blogger and podcast host of Taming the High Cost of College. It's almost impossible to get a good job without higher education these days, but many people are getting into more debt than they can handle by going to college unprepared. Brad shares his tips on how to be smart with your money, how far in advance you should plan for the costs of college, how you can get free money to pay for tuition and how you can save even more come tax time.

Long episode description:

We all know that gone are the days when you can graduate with a high school diploma and get a good paying job. If you don’t further your education after high school, your opportunities are very limited when it comes to career advancement. Then again, that doesn’t mean you should go to university and resign yourself to a post-grad life with $50,000 in student loans hanging over your head. 

To set yourself up for a successful career, you need to get a higher education, either at technical college or university, and you need to be smart with your money at the same time. That’s what college funding consultant Brad Baldridgeshares as my guest on this podcast episode, and he has a wealth of knowledge when it comes to helping parents and their kids figure out a plan to afford post-secondary education.

Brad shares a number of great tips in this episode, but to summarize just a few of them, here are the 5 most important things to you can do to avoid getting into heaps of student debt and save money on tuition:

  1. If you can, start saving for post-secondary education as soon as possible. If you’re a parent, start putting money away when your kids are still kids. If you’re a student and plan on putting yourself through school, get a part-time job as soon as you can work and be very diligent with saving every dollar you can (it worked for me!).
  2. Don’t assume you aren’t eligible for financial aid. It really does depend on a number of circumstances, so don’t assume but find out for sure if you are or aren’t eligible.
  3. Give yourself a year to apply for scholarships, and be strategic. Don’t just apply to every scholarship under the sun. Pick the ones that suit you the best and put your effort into a really stellar application. You may be surprised by the result!
  4. You may not think you can afford a “name brand” or ivy league school, but you might be wrong. A lot of these schools offer substantial financial aid and you might be able to get a huge discount on tuition.
  5. Tax time is a great time, because that’s when you can take advantage of a number of tax credits and get some of your money back. Not only are there tax credits for tuition, but student loan interest is also tax deductible.

Helpful Resources & Books

My Favourite Taming the High Cost of College Podcast Episodes

Follow Brad on Social

Shownotes: jessicamoorhouse.com/47

Apr 20, 2016

Todd Tresidder from Financial Mentor and I talk about how he was able to retire from his career as a hedge fund manager at early age of 35. But he didn't just put up his legs and relax once he retired, he put his energy into growing a money coaching business from scratch so he could other people find financial freedom just like he was able to.

Long episode description:

Todd Tresidder from Financial Mentor is a numbers guy. It helped him craft a successful career as a hedge fund manager, as well as figure out a way to retire at the ripe age of 35. But his plan wasn’t to just save up a bunch of money and spend the rest of his days on the beach sipping margaritas. Financial freedom to him meant he could finally spend his time doing something he loved. 

What I really enjoyed about talking with Todd was that he was just as open about his failures as he was about his successes. Although society tells us we are to aim for perfection and failure isn’t an option, in reality failure is natural and a big part of succeeding. If we didn’t fail, how would we know what not to do?

That’s a big component of Todd’s story. He started his website back in the 90s when you had to hard code everything. I can’t imagine trying to start an online business without the saving grace of WordPress, so big props to you Todd! It’s gone through a number of evolutions since that time, and he shares that he learned a lot about digital marketing and e-commerce the hard way. It’s great to see that he’s now really hit his stride. No lie, I work in digital marketing for a living and I listen to a ton of marketing podcasts — everything Todd is doing on his website is exactly what the experts are saying to do!

Although Todd admits he made a number of mistakes when it came to his business, every single mistake he made helped lead him to where he is today. Not only is he a top money coach, blogger and podcaster, he’s also a self-made millionaire and living a life most of us are still striving for.

One of my favourite parts of this episode is when Todd stopped the interview to grab a post-it from his computer to share the following Andy Warhol quote that he frequently refers to:

Being good in business is the most fascinating kind of art. Making money is art and working is art and good business is the best art.

I love this quote so much, and man did it really hit home for me when he read it out loud. Growing up, I thought I would be an artist as a career. And I still thought it when I enrolled in film school in my early 20s.

When I had to get a real job and start my adult life, I was honestly a bit ashamed that I couldn’t make a living making art like I thought I would. Well, I’ve been adulting for over 6 years now, and what I’ve realized is that I am making art. My business is my art, and that’s pretty darn cool. Thanks for the quote Todd, it’s now a post-it on my computer too. I’m hoping it will give me that much needed focus so I can attain financial freedom at an early age just like you.

Some Great Financial Resources

My Favourite Financial Mentor Podcast Episodes

Follow Todd on Social

Shownotes: jessicamoorhouse.com/46

Apr 13, 2016

In this episode, I talk with Kristina Wilson from the Real Estate Council of Ontario (RECO) about the most important dos and don'ts when it comes to house hunting. Buying a home isn't as glamorous as all those home buying reality shows make it seem. It's a lot of work, there are a lot of documents to be aware of, and making one of the most expensive purchases of your life should not be taken lightly. Luckily RECO is here to help with experts like Kristina as well as a number of other useful resources to help any homebuyer make a financially responsible decision.

Long episode description:

This podcast episode is all about real estate — one of my favourite topics! If you’re a longtime blog reader, you already know I had quite the experience when my husband and I were trying to buy a house in Toronto last year. After two straight months of house hunting and bidding wars, we decided to take a rest and continue renting.  If you’re not familiar with my house hunting blog series, definitely check out these detailed posts.

My House Hunting Blog Series

Even with that experience still fresh in my mind, over the past few months my husband and I have started talking about looking again. We now realize that owning a house is out of the question if we want to stay in the city, but we can definitely afford to buy a condo or townhouse, especially if we plan on continuing to live in good ol’ TO for the next 3-5 years.

That’s why I’m so excited to share my interview with Kristina Wilson from theReal Estate Council of Ontario (RECO). Kristina has a wealth of knowledge when it comes to real estate buying and selling, and we delve into all the important things you need to know as a potential buyer in this episode. Here are a few takeaways from this episode:

Key Takeaways from this Episode

  • Find a realtor who specializes in the type of property you want to buy instead of a generalist. If you want to buy a condo, find a real estate agent who is an expert when it comes to condos. They’ll know what buildings to stay away from and will help serve your needs better than someone who is more specialized in houses or vacation homes.
  • Interview at least 2 to 3 realtors before choosing one. Ask for references before making a decision, and ask them what their experience is. For instance, how many homes have they successfully helped buyers purchase in the last year?
  • Before stepping foot in a home you think you may want to buy, know how much you can actually afford. This means crunching the numbers, creating a budget with your new mortgage in mind, and getting pre-approved for a mortgage.
  • Calculate your closing costs. Most buyers forget about these costs, but they could make or break your dream home purchase.
  • If possible, make special requests in your offer. For instance, if you really want the home’s washer and dryer, but you fear the owners will take it with them, put it in your offer that you want it to stay with the home.

They are also a number of other great tips in this episode, so make sure to take a listen. But to supplement our interview, I’m including a number of helpful resources below. Happy house hunting!

Helpful Resources If You’re Thinking of Buying a Home

 

Follow RECO on Social

Shownotes: jessicamoorhouse.com/45

Apr 6, 2016

I interview UFile tax specialist Gerry Vittoratos on what tips we should all know so we can do our taxes like a pro and get the biggest tax refund possible.

Long episode description:

As I mentioned at the beginning of this episode, before I launched this podcast one of the topics I hoped to cover down the road was taxes. You may think that taxes are complicated, intimidating, boring, or maybe you just don’t want to think about them at all. No matter the case, we all have to do our taxes every year, so we might as well educate ourselves so we can get the best possible tax refund.

I still remember the first year I did my taxes on my own. I used UFile to file online and I was terrified. I had no idea where to start and thought the process would take me a few weeks. Luckily at 24 my finances were very simple and UFile was very easy to use, so it ended up only taking me a few hours. Since then, I’ve gotten married and my finances have definitely become a lot more complicated. The one big thing that has changed is I’m no longer terrified of doing my taxes. Every year I continue to learn how to optimize filing my taxes, and in this episode UFile tax specialist Gerry Vittoratos really breaks down the secrets to being a pro tax filer.

Tips on How to Be a Pro Tax Filer

Gerry shares a wealth of knowledge in this episode, so here is a simple list of some of his top tips on how to be a pro filer.

  • Get organized: Gerry mentions this tip throughout the episode because it can effect your experience and your refund big time. I mention my method of using two boxes to hold receipts and documents for my husband and I, and I highly recommend you implement a similar practice too.
  • Scan your documents: Besides having all of your paper documents and receipts in one place, scan them too! Not only is it a great way to digitally archive anything, this makes it way easier to search things too.
  • Take advantage of medical tax credits: There are a ton of tax credits you can take advance of, but some credits that Gerry mentions most people don’t even think about are medical tax credits. Check out the CRA’s website all about what you can claim and how to do it.
  • Read your tax software guide: If you plan on using a tax software like UFile, make sure to read the guide so you can get the most out of it. It sounds so simple, and that’s because it is. So do it!
  • Don’t do something stupid with your refund: Getting a big tax refund is only awesome if you don’t blow it on something you’ll regret later on. Don’t be like so many others and waste your tax refund on a vacation. Make the smarter choice and use it to pay down your debt or invest it.

Blog Posts by Gerry Vittoratos

Super Useful Tax Resources

Shownotes: jessicamoorhouse.com/44

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