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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: October, 2016
Oct 27, 2016

For this special Listener Series episode, I interview David from Texas who shares his debt story and how he got out of it by sticking to a cash-only diet.

Long description:

After listening to my Listener Series episode with Amanda from Ottawa, David from Texas answered my call out to be on my podcast, and I'm so glad he did. I feel like his story is so relatable, and yet I don't think I've ever interviewed anyone who paid off $40,000 in debt in only 14 months, then stuck to a cash-only diet for good after that.

I'm serious in that after listening to our conversation again, I kind of want to try to live off cash only for a month or two to see how many spending and savings are affected. I do try to use debit for all my day-to-day spending, but I do lean on my credit cards from time-to-time.

I hope you find this episode as inspiring as I did, but since David has so many good sound-bites, I've included a few gems below. Thanks again David for joining me on the podcast, and I mean it, you should start your own. Your voice and charm are gold!

David's Words of Wisdom

It is possible, if you believe it's possible...You have got to be focused and you have got to treat [paying down your debt] like it's a life and death situation.

David's Top Money Tips for People in Debt

  • Get serious about it
  • Start with a budget
  • Look after your taxes
  • Track your spending
  • Believe it's possible
  • Prayer works

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/69

Oct 26, 2016

Canadian personal finance expert Rubina Ahmed-Haq and I chat about how her upbringing helped her understand how to manage money at a young age, and how her career as a journalist eventually led her to become a popular Canadian personal finance expert and TV personality.

Long description: 

For this episode of the Mo' Money Podcast, I chat with Canadian personal finance expert Rubina Ahmed-Haq. She blogs over at Always Save Money, but she's been in the finance game for a long time. She started out as a journalist, but after years in the industry she realized her passion was for personal finance. Now, instead of being a foreign correspondent for ABC News, you can find her on almost any Canadian news station as the go-to money guru.

Besides talking about her transition from journalist to expert, we also got into why she got so into personal finance from the first place. And it was largely her upbringing that made her so financially savvy. Although many of us aren't included in money conversations as kids, Rubina's family talked about it openly. This helped her get a grasp of the finance basics earlier than most people, and it definitely inspired me to make money an open topic for discussion when (or if) I have a family in the future.

We also chatted a bit about values, and how many people and families have values that are out of whack so to speak. We shouldn't be focusing on giving our kids whatever they want, and spending money on them to show them we care and that we're good parents. That is not going to set a good precedent for when they grow older. They need to understand the value of a dollar and the importance of managing it and spending it wisely. That's something I got from living in a frugal family, and honestly, I know it's a big reason why I didn't get into credit card debt or live paycheque to paycheque. Some food for thought I hope.

Follow Rubina on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/68

Oct 20, 2016

For this Listener Series episode, I chat with Heidi from my hometown of Vancouver about how she manages living in an expensive city, working as a freelance theatre manager and crushing her consumer debt, without giving up on enjoying her money and her life.

Long description:

Can I just say how much I am loving this Listener Series? It may have been one of my best ideas! One of the perks of having a podcast I guess, I get to talk to so many amazing people and see how they do things. 

And one of those amazing people is Heidi from Vancouver. It honestly warmed my heart when she mentioned things like B.C. Ferries and the PNE! Ah, my hometown! I sure do miss it. What I loved about chatting with Heidi was she was proof that you can live a good life while being a freelancer in the arts industry. I was honestly afraid that I'd be a poor artist all my life, which is a big reason why I looked for a regular 9-5 gig after completing my film degree. But Heidi is fearless and has crafted a career where she gets to do what she loves and get paid for it.

Below are a few things that Heidi mentioned on the show that you may find useful. And remember, if you're a listener and want to be on my show, just email me!

Free Ways to Entertain Yourself

  • Heidi mentioned a free way to listen to audiobooks, and it's called LibriVox. Check it out!
  • You may already know this one, but I still take advantage of all the free movies, TV shows and books at my local library, so you should too.

Heidi's Top Money Tips for Freelancers

  • Pay yourself an income. You can figure out how much income you should pay yourself by looking at how much you made the previous year and then rounding down that number, and then calculating the minimum amount of money you need to live on.
  • Don't be ashamed. This goes for talking about your financial situation, how much you make or how much debt you're in.
  • Talk to others about money. The best way to learn about money and get better at managing it is to find out what others are doing with it.

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/67

Oct 19, 2016

I interview Justwealth president Andrew Kirkland about what we as investors need to know about robo-advisors, index funds and ETFs. 

Long description: 

Don't forget to take advantage of today's episode freebie! Receive a special $50 bonus when opening an account with Justwealth by visiting justwealth.com/jessica-moorhouse. I've been getting more and more interested in investing lately, and it could be for a number of reasons.

Firstly, I'm not as young as I once was. Ever since I turned 30 I can't help but feel a sense of urgency when it comes to building my wealth. Retirement is only a few miles away, and I want to be prepared! Maybe I'm exaggerating, but that's sometimes how I feel if I'm honest.

Another reason is that there are a lot of cool things happening in the investment industry — the big one being robo-advisors. The name itself makes it sound like a robot is taking your money and trading it on the TSX floor, but in reality, it's just a more efficient way of investing. You'll be paying less fees and you don't ever have to leave your living room.

Robo-advisors are a big topic lately, especially amongst Millennials since I feel like they are just a natural fit together. But since it is a relatively new idea, I wanted to interview someone who really knew the ins and outs. That person just so happens to have started his own robo-advisor — Justwealth.

For this episode, president of Justwealth Andrew Kirkland breaks down some core priniciples of investing (what's the difference between an index fund and ETF for instance), and what robo-advisors are all about. Enjoy!

Important Things to Note About Robo-advisors

  • Robo-advisors in Canada aren't managed by robots or just some algorithm (though that can be the case for some in the United States). Although there's an online interface and pre-packaged portfolios you're suggested by doing an online survey, there are most definitely humans involved, and yes, you will have to talk to them (though maybe just over email).
  • You won't lose all of your money by using a robo-advisor. Although they are relatively new to the investment scene, they are very regulated in Canada, and their intent is not to scam you. Scamming is bad for business.
  • Robo-advisors deal mainly with exchange trade funds (ETFs), however mutual funds are being slowly integrated into the mix too.

Learn More About Justwealth

Follow Justwealth on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/66

Oct 13, 2016

For this Listener Series episode, I chat with Sharifa Samuels who is originally from Ontario but now lives in my hometown of Vancouver. She shares how she was able to travel, pay for her wedding in cash, buy a place in one of the most expensive cities in the world, go back to school, but also aggressively pay down her debt and help her husband to do the same.

Long description:

Sharifa's Awesome Financial Advice for Others in the Same Boat?

  • Write all your debts down, including interest rates and minimum payments
  • Pay yourself first the entire time
  • Choose your payment strategy: highest interest first or smallest balance, based on what makes you feel good
  • Cut expenses!
  • Automate as much as possible
  • Write down and look often at your “Why?”
  • Enrol those closest to you

Read Her Original Blog Interview with Me:

Check Out Some of Sharifa's Best Blog Posts

Got a story that you think would be good to share on an episode on of Listener series? Please email me!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/65

Oct 12, 2016

Jason Vitug is an author, entrepreneur, speaker and founder of Phroogal.com, and he's on a mission to teach everyone that financial freedom is possible no matter who you are or where you live. I chat with him in this episode about his latest book, You Only Live Once: The Roadmap to Financial Freedom, and how he went from working in Silicon Valley to road tripping it across the United States to inspire and teach others about the power of personal finance.

Long description:

If you're looking for some #WednesdayWisdom, or just need a dash of inspiration to get you through the rest of the week, this is the episode you've been waiting for. Jason Vitug will get you pumped and ready to take on life, because that's what he's all about. And he doesn't just talk the talk, he walks the walks!

Jason worked his way into a sweet gig in Silicon Valley, a dream to many of us with big aspirations and fantasies about living the good life. But he soon realized that despite having a great job and paycheque, he wasn't happy or fulfilled.

So, he quit everything and went travelling to find some answers. This eventually led him focusing his energy on Phroogal.com (a financial literacy website), writing a book about YOLO, and teaching others about finding purpose in their lives and taking control of their money to make their dreams a reality.

Jason's Best Inspirational Blog Posts

Grab a Copy of Jason's Latest Book

Follow Jason on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/64

Oct 6, 2016

For this special solo episode, I share what's been happening on the new homeowner-front since my first episode of the season where I announced that my husband and I bought our first place.

Long description:

In my first episode (and first solo episode) for season 3 of the Mo' Money Podcast, I shared with you the big news that my husband and I bought our very first place. After one failed house hunt two years ago, we restarted our search in July and ended up buying a townhouse in Toronto. Not only that, we were able to put 25% for our down-payment so we could keep our monthly payments as low as possible. Well, since I recorded that episode at the beginning of September, a lot has happened. We've owned our home for 1 1/2 months, and we've already experienced quite a few ups and downs as new homeowners.

Some of the Not So Fun Things About New Homeownership

Overall, we are still super happy with our decision, but it has hands down been the most stressful period in our lives (save for maybe planning our wedding 3 years ago). You know when people warn you that things are gonna go wrong and break when you buy a place so be prepared? Well, they did, and we are seriously so glad we were prepared! At the end of the episode I offer some tips I believe everyone thinking of buying a place should consider. One of those tips was to have a special emergency fund for housing repairs and replacements that you'll need to do right away. For us, we had to replace our washer/dryer and stove within the first week of moving in. How much did that cost is? About $3,000! But we need clean our clothes and cook our food so we had to replace them both ASAP. Luckily, we had the cash stashed away so we could afford it. If we didn't, we may have had to dip into our other emergency funds (for real emergencies or job losses), or had to put them on credit. Since I'm am 100% anti-debt (though now I guess I'm not totally debt-free with my mortgage), that just wasn't an option for me.

How You Can Easily Get Swept Up into a Never-ending Spending Cycle

Besides having to drop some major cash after getting the keys, our place has pretty much been total chaos since we moved all of our stuff in. We've been here almost 2 months and we still have boxes everywhere. Why? Because it takes a lot of time to unpack a house, and my husband and I work pretty much around the clock. I'm hoping that this weekend, which is Canada's Thanksgiving long weekend, I'll be able to get a few major things down around the house, but the list keeps getting longer and longer.

For instance, our place is considered a 2-bedroom with den. However, the den is really just this awkward alcove waste of space. Ideally, we'd like to convert it into something more useful by expanding the second bedroom and adding in a linen closet. But again, in order to even find out if this is a possibility with our housing corporation, we have to hire a contractor to draft up the plans for us. We also have to replace the backsplash in our kitchen. The previous owners had this ugly wallpaper as a backsplash, and one night I just couldn't stand looking at it anymore so I ripped it all off. So now the wallpaper is gone, but I still need to put up a new backsplash.

Then again, the countertops are also pretty ugly. And I don't really like the cupboards either. Maybe we should look into redoing the whole kitchen? You see how being a new homeowner can be chaotic, stressful, overwhelming and expensive all at the same time?

Just So You Know, New Homeownership Isn't All Smiles & High-fives

But I'm not sharing all this with you to scare you! I'm just letting you know that buying your first place does not look like any of these stock photos. Sure, there are some smiles and high-fives. But there's also a lot of hair pulling, teeth grinding, bickering and sleepless nights. 

But Overall, I'm Still So Happy to Be a Homeowner

Even with all that said, I'm still super happy and proud to be a homeowner. It's something I've always dreamed of, and I hope in the future we'll be able to buy more properties to rent out too. And I know it won't always be this chaotic. Things are slowly starting to settle down. For instance, as I type this right now I'm in my very own office, which I haven't had for over 3 years. Even since we moved to Toronto, the living room has been my husband and I's shared office. Now, we finally have some space and privacy. I'll most likely do another update podcast episode at either the 6 month or 1 year mark. Until then, make sure to subscribe to my YouTube channel as I'll be posting some new videos soon all about life as a new homeowner!

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/63

Oct 5, 2016

Mrs. Frugalwoods is a testament to what extreme frugality can look like if you do it right. Extreme frugality, very different than minimalism so don't get them confused, is all about financial independence. When you let go of your need or obsession to buy and accumulate stuff, and focus on living simply, buying what you need (not just what you want), and spending your money on what really matters — well, maybe then you'll be able to live on 66 acres in the woods while working remotely too.

Long description:

Not long after I recorded this episode of the podcast with the lovely Mrs. Frugalwoods, I got to meet her in-person at FinCon 2016. In case you don't know, FinCon is a massive personal finance blogging conference, and this year there was over 1,200 attendees so it's a miracle I found Mrs. Frugalwoods amongst the crowd! Mrs. Frugalwoods did not disappoint in the flesh either. She was just as sweet, genuine and friendly as she came off during our interview together. She also has this calmness about her that I seriously want to just bottle up and store (or sell).

The big reason I wanted her on my show is to find out just how she did it. How did she manage to escape the city and live in the woods with her husband and baby. How did she manage to get out of the rat race and world obsessed with materials, and live the simple life like so many of us dream about.

Well, she spills all her secrets in this episode, so make sure to take some notes! A lot has to do with embracing extreme frugality, which she explains is very different than being a minimalist. Definitely something I hope to incorporate a tiny bit more into my life, and you may want to too.

Mrs. Frugalwoods' Best Blog Posts

Follow Mrs. Frugalwoods on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/62

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