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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: November, 2016
Nov 30, 2016

Heather Payne, founder of Ladies Learning Code and HackerYou, proves you really can do whatever you want when you grow up, as long as you aren't afraid to take risks, do something completely new and really put your heart and soul into it.

Long description: 

I learned about Heather Payne after I took one of her Ladies Learning Code classes, and man is she one inspirational lady! She's one of the youngest female entrepreneurs I know, having founded both Ladies Learning Code and HackerYou in her 20s. If that's not impressive enough, she's also an angel investor and was named one of Canada's 100 Most Powerful Women. The fact that she's so down to Earth is pretty baffling, but she is. She's pretty much the whole package!

For this episode, we chat about how Heather took her idea of maybe one day being her own boss to full on turning her side hustle into her full-time hustle. I think this is something a lot of us can relate to, so it's very cool to hear from someone who has successfully made the jump from 9-5 with a second job on the side to successful entrepreneur in only a matter of a few years.

It just goes to show the power of actually taking action. I'm sure we all have ideas we'd love to realize, but most of us never do anything about them do we? We shouldn't be afraid to try new things and take risks, and I have a feeling I'm going to be taking a page out of Heather's guidebook very soon.

What Is Ladies Learning Code?

I seriously upgraded my coding skills by doing the Ladies Learning Code night classes, and it's a big reason I wanted to chat with Heather for this podcast. Coding was literally a foreign language to me, and the thought of being taught about it with a bunch of advanced coders terrified me. But Ladies Learning Code is a super non-threatening program that really breaks it down into something digestible. Honestly, without learning the basic HTML and CSS skills I learned in the program, there is no way I could have make rebranded my website into what it is today. So check it out, there are courses throughout Canada!

Follow Heather on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/78

Nov 24, 2016

Think you can become a millionaire by working a regular 9 to 5 job? I know I have a lot of guests on the show who promote the benefits of entrepreneurship and working for yourself to get ahead financially. But for this Listener Series episodes, I chat with Steve Cousins from Arkansas about how he was able to reach financial freedom by working as an employee for the same company for almost 40 years.

I know, I know, many of us Millennials may think that Steve's story sounds exactly like the advice our parents gave us. Go to university, get a job, work hard, save and contribute to your retirement fund, then you'll be able to retire in style. This was a way more common path for Baby Boomers and Gen Xers, but I don't think it's impossible for us Millennials.

When talking with Steve, it becomes clear that that's not exactly the path you need to take to grow in your career. You can't just get any degree. You need to get one that has a high demand for skilled workers.

You can't just work hard. Everyone works hard. You need to realized when it makes sense to stay at a company and when it doesn't. Just like he said, he encouraged some of his co-workers to leave his company because he knew that if they stayed, they wouldn't move up as fast compared to if they went to another company.

And lastly, you can just save and contribute to your RRSP or 401K. You need to live frugally, not try to keep up with the Jones', invest wisely and have a plan to continue to earn money during retirement.

I absolutely love how Steve has become this serial entrepreneur with 4 different jobs now that he's retired. And it's not that he needs the money or is working 24/7 now. He gets to work when he wants to doing what he wants to.

If that's not living the dream, I don't know what is! Thanks Steve for sharing your story with me.

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/77

Nov 23, 2016

Think you've gotta be rich to retire early? Then you haven't heard Anita Dhake's story about how she was able to retire at 33.

Long description:

Just to warn you, this podcast interview with Anita Dhake may make you want to hoard all of your money and live as frugally as possible so you can retire early too. From the sounds of it, early retirement does not disappoint. Who wouldn't want to live the life they want right now, instead of waiting until 65 or later? 

As I mentioned in this episode, I stumbled upon Anita and her amazing story by just doing some research online. And I'm so glad I did find her! Not only is her story super inspiring, how she explains it, it's not that far-fetched. Yes, it helped that she worked as a lawyer and thus made a good salary. But still, early retirement isn't just something rich people can afford to do.

If you take some of her bits of advice, maybe check out the book she's read twice, and just have a plan and take action, you might be able to retire way earlier than you thought.

4% Rule Explained

According to Investopedia:

The four percent rule is a rule of thumb used to determine the amount of funds to withdraw from a retirement account each year. This rule seeks to provide a steady stream of funds to the retiree, while also keeping an account balance that allows funds to be withdrawn for a number of years. The 4% rate is considered a "safe" rate, with the withdrawals consisting primarily of interest and dividends.

 

Anita's Book & Blog Recommendations

Anita's Tips to Retire Early

  • Realize what you want with your life. The life you want will determine the amount of money you need to retire early.
  • The less money you need, the sooner you can do it. The sooner you feel rich, the sooner you can live the life you want to live.
  • Limit your vices, and pick and choose to spend money on things that give you joy.

Follow Anita on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/76

Nov 17, 2016

It's not too often you get to interview your namesake! For this Listener Series episode, I chat with Jessica Watchorn, a Toronto artist and podcaster over at the Art Pro Podcast, about keeping it real financially, paying off a ton of debt and pursuing your dream career.

Long description:

It's not too often you get to interview your namesake for a podcast episode, so it was a real treat to chat with Jessica Watchorn for this Listener Series episode. And not only do we share a name, we have very similar stories, both currently live in Toronto and have our own podcasts!

Similar to my background, Jessica went to art school in Montreal to study painting in the hopes of becoming an artist. She of course realized after graduating with her degree that pursuing a career in the arts, no matter how talented you are, was no easy feat. 

But that didn't stop her. Nor did the $40,000 debt that she owed from her education. So what did she do? She got a job as a cook in a restaurant to pay her bills and debts, formed a community of other likeminded artists through her Art Pro Podcast, and focused on making her art on her off hours.

As we talked about on the show, it doesn't matter how much you make at the end of the day. Your income shouldn't rule how you live your life. Jessica wants to be an artist, and that's exactly what she is and what she's doing. She may not be making her ideal salary right now, but she's able to afford the city life while pursuing her passion — now completely debt-free I might add. You go Jessica! Keep up the amazing work! Hopefully I'll be able to commission a painting from you one day.

Jessica's Top Money-Smart Tips

  • Tracking your spending. Jessica realized she was spending ridiculous amounts of money on small things at dollar stores that she had no idea about. Once she started tracking her spending, she found a way to save 50% of her income.
  • Pay yourself first. When she gets paid, she immediately puts 50% of her pay into savings, and then uses the rest to pay for living expenses and bills. 
  • Don't use your credit card for your day-to-day spending. Get in the habit of using cash or debit. It really does help you curb unnecessary spending.
  • Be aggressive with your debt payoff plan. Remember, the faster you pay off your debt, the less money you'll have to put down.
  • There's nothing more motivating than seeing your savings accounts grow. 

Jessica's Finance Book Recommendation

Early Retirement Extreme by Jacob Lund Fisker

Check out Jessica's Podcast

Make sure to subscribe and leave a review on iTunes for Jessica's awesome Art Pro Podcast! And don't forget to check out her beautiful Instagram account or join her Art Pro community.

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/75

Nov 16, 2016

I chat with LaTisha Styles who went from trying to make a living after graduating university during the recession to now working for herself and loving every minute of it.

Long description:

LaTisha Styles is proof that you don't have to be stuck on one particular path even if it seems like the odds are against you. Getting a degree in Spanish and trying to grow her career during the recession wasn't easy, but instead of throwing her hands up and giving in, LaTisha powered through and is now banking serious bank!

How I got to know LaTisha was through her YouTube channel. There really aren't that many people making interesting personal finance focused videos these days, but she got the formula right. It's not surprise she has close to 8,000 YouTube subscribers! LaTisha is funny, entertaining, but at the root of it she just offers some really good advice. Simple stuff like trying the envelope budgeting method. Or only buying stuff on her list and avoiding going to the mall as a social activity. Simple stuff we can all integrate in our lives right now to start saving a bit more.

But as I mentioned in this episode, there comes a time when there's nowhere else to cut back. You can only budget so much, and when you get to that point, it's time to start looking at other avenues to make money. For me, I've always had a second (or third) job on top of my full-time job. Honestly, if I didn't have my side hustles, I know I wouldn't be where I'm at right now financially.

So if you're in need of some major motivation and some helpful tips on how to fix your finances, make sure to check out LaTisha's YouTube channel and website. And if you consider yourself an Actionista and want to follow in LaTisha's footsteps towards entrepreneurship, she has an awesome Facebook group you need to check out.

LaTisha's Top Money Tip

You have to become the type of person who can handle more money [...] Continue investing in yourself, in your knowledge. Read books from people who have been where you want to go [...] Just learn more.

Follow LaTisha on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/74

Nov 10, 2016

For this special Listener series episode, I chat with Erika from Red Deer, Alberta about how she experienced extreme poverty in her childhood, was later adopted to a new family with her brother and had to accept the news that she had MS in her early 20s. She's had to overcome a number of obstacles in her young life so far, more than most people ever have to deal with. But despite that fact, her optimism is infectious and she's proof that when there's a will there's a way, and it's never too late to start managing your money right and crushing your debt.

Long description:

Erika emailed me a little while ago answering my call-out for more interviewees for my Listener Series, and I'm so glad she did. Talk about a strong woman who has overcome some major life challenges. Not only did she have to experience extreme poverty as a child, then foster care, then being adopted to a new family, she was also diagnosed with MS in her early 20s.

It's not surprising that she struggled with striking a balance between living frugally and spending her money freely to live in the moment. Luckily, she soon realized that YOLOing it up wasn't the answer, nor was living like an extreme cheapskate. She needed to find a system that worked that gave her clarity, freedom and balance.

Now she's well on her way from being debt-free, and I absolutely have it in my calendar to see if she achieves her goal of crushing her debt by this time next year. Actually, I hope to follow-up with all of my Listener Series guests to see how they're all doing in a year's time, how cool would that be!

Thank you Erika for sharing your story with me and to all of the Mo' Money Podcast listeners. You are a rockstar, so keep up the great work!

Erika's Budgeting Go-to Software

YNAB (You Need a Budget)

Her Words of Wisdom on Living with MS

I really just want to get rid of that stigma of [living with MS] being shameful. 20 plus years ago it was very much don't tell anyone...it was a black mark. It's no longer that way and I want to work towards making sure that people no longer feel that way about 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/73

Nov 9, 2016

Credit card expert David Rubsenstein (from CreditShout.com and CreditForums.com) chats with me about the most important things people need to know about credit reports, credit scores and credit cards. If you're looking for an in-depth podcast episode about credit that really gets down to the knitty-gritty, you found it!

Long description:

This is by far the most in-depth episode about credit cards I've ever done, so I hope that's is exactly what you're looking for! For this episode, I chat with credit card expert David Rubenstein from CreditShout and CreditForums and we get into all the important stuff you should know about credit.

Now, we cover a lot of ground in this episode, but I an important thing I wanted to reiterate is the importance of checking your credit report once per year. In Canada, you can get free reports from Equifax Canada and Transunion Canada. In the U.S., you can get free credit reports from Experian, TransUnion and Equifax. Not only is this a way to help prevent against identity theft, it's just a good way to keep on top of your credit.

Helpful Posts on CreditShout

What Kind of Card Does David Use?

I was interested to hear that even though David has such a vast knowledge of all the credit card sign-up offers and benefits around, he doesn't play the credit card churning game at all. Instead, he just keeps it simple and uses a 2% cashback credit card.

Follow David on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/72

Nov 3, 2016

Rachel Jimenez is saving 40% of her income, got 60K in scholarships and bought her first house at 24. Find out how she did it by listening to our podcast episode together.

Long description:

Rachel Jimenez is certainly giving me a run for my money! This girl go $60,000 in scholarships, which paid for both her bachelor's and master's degrees. She also was able to save enough to buy her first home at the young age of 24. And if that still doesn't impress you, her and her husband are saving 40% of their income so they can retire early.

This girl is living the dream, and I am so glad she emailed me to share her story for my Listener Series!

Resources Mentioned by Rachel

Rachel's Tips for Success

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/71

Nov 2, 2016

I chat with Erin Bury, who was not only listed under Marketing Magazine's 30 Under 30, but also grown her personal brand so big...even Oprah noticed. For this episode of the Mo' Money Podcast, I chat with Erin about what she learned about what not to do with her money in college and why she decided to change career paths from journalist to small business owner.

Long description:

"Millennials are not lazy entitled, losers and we actually have a lot to say," - Erin Bury. Officially my favourite quote from one of my podcast guests!

The big reason I wanted to chat with Erin is because she is such a good example of where hustle can take you. She's gotten to where she is in her career because she worked hard, tried new things and took some major risks.

For instance, when I asked her how she got to be one of Marketing Magazine's 30 Under 30, she said she nominated herself. I bet most people wouldn't have even thought of doing that, and while those people are waiting for someone to just give it to them, Erin went out and got it for herself. You go girl!

I also love how she advocates for everyone to work on their personal brand. As I mentioned, for my day job, part of it entails teaching professionals how to craft their personal brand to win new business. But if you're not looking for clients, you could still find a new job or a new gig just by putting some time and effort into your social profiles and pitching yourself as an expert to the media.

All I know is I can't wait to see what Erin's accomplished when she gets listed for 40 Under 40!

That Agency or Porn Campaign Erin Mentioned

Tidbits of Advice from Erin

  • Put time and effort into crafting your personal brand. That's how you'll stand out from the crowd when applying for jobs or starting your own business.
  • Find a mentor to help you find out what direction you want to go into for your career or learn new skills.
  • Pay it forward, either by investing in future entrepreneurs or becoming a mentor yourself.

2 Great Websites to Help You Find a Mentor

Erin in the News

Follow Erin on Social

For more podcast episodes, check out the Podcast page.

Shownotes: jessicamoorhouse.com/70

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