Have you ever watched the show Ballers with Dwayne Johnson? I know, that doesn’t sound like the type of show I’d watch (I know nothing about sports!), but my husband was watching it one night and told me it was about an ex-NFL player who becomes a financial planner. Now that’s my kind of show!
Well, cut to present day and I have basically a real-life “baller” on the podcast! Jedidiah Collins played for the NFL for seven seasons, and studied to become a CFP on the off-season. Post-NFL career, he now owns his own financial services company, does public speaking and is on a mission to educate others how to make their money work better for them.
We get into what it was like playing for the NFL, earning those big game cheques, and how he was able to avoid being another sports star who ended their career with no savings in the bank. We also dive into his new workbook Your Money Vehicle that he developed to be an actionable guidebook for others to build their own financial plans and set themselves on the right path.
For full episode show notes visit https://jessicamoorhouse.com/238
This week, new (and more flexible) criteria for the Canada Emergency Response Benefit (CERB) was announced. That means that if you weren't originally eligible to receive the $2,000 benefit payout, you might be now!
Important Resources
Apply for CERB: https://www.canada.ca/en/services/benefits/ei/cerb-application.html
FAQs about CERB: https://www.canada.ca/en/services/benefits/ei/cerb-application/questions.html
Scenarios for Eligibility: https://toronto.citynews.ca/2020/04/01/faq-canada-emergency-response-benefit/
Info on COVID-19 Economic Response Plan: https://www.canada.ca/en/department-finance/economic-response-plan.html
Life is crazy sometimes. Back in 2009, when I was struggling to find a full-time job after university thanks to the Great Recession, I got an on-call job as a teleprompter operator for Global News thanks to my dad putting a good word in for me (he’d worked there for over 20 years).
It was honestly a god send because it meant I could earn a little money, pay off my student loan and start saving to eventually move out of my parent’s basement. Anywho, while I worked there (and I ended up keeping that job as a side hustle for 3 years) I would sometimes see the ladies from Smart Cookies appear on the news and share their personal finance wisdom. Cut to 2020, as we enter possibly another recession, I’ve got Smart Cookies co-founder Katie Dunsworth-Reiach on my podcast to talk about how to navigate your money during these uncertain times. And since her personal finance journey was majorly impacted from the last recession too, she has some amazing advice and food for thought in this episode.
Just remember, we’ve gone through many recessions in history before, and there will be many more in the future. It’s how you react and what actions you ultimately take during those hard times that will define your path.
For full episode show notes visit https://jessicamoorhouse.com/237
This Monday, April 6, applications opened up to anyone eligible for the Canada Emergency Response Benefit (CERB). Even though the application process is incredibly simple and easy, finding out if you're eligible...not so much. I go through exactly how to find out if you're eligible for the $2,000/month benefit in this episode.
Important Resources
Apply for CERB: https://www.canada.ca/en/services/benefits/ei/cerb-application.html
FAQs about CERB: https://www.canada.ca/en/services/benefits/ei/cerb-application/questions.html
Scenarios for Eligibility: https://toronto.citynews.ca/2020/04/01/faq-canada-emergency-response-benefit/
Info on COVID-19 Economic Response Plan: https://www.canada.ca/en/department-finance/economic-response-plan.html
Since so much is going on and many of you listening are looking for some financial relief during this pandemic, I thought I would do another special episode with my pal Erin Lowry who is a money expert in the U.S. and the author of Broke Millennial and Broke Millennial Takes on Investing.
Erin has been hard at work compiling a number of resources in a massive Google spreadsheet (link below) to help you during these uncertain times, and she joins me in this episode to share what you need to know about applying for unemployment insurance and getting your stimulus check if you're living the U.S.
Unemployment Insurance
Department of Labor website:
https://www.dol.gov/general/topic/unemployment-insurance
Career One Stop website:
https://www.careeronestop.org/
Stimulus Check
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
Broke Millennial's Coronavirus/Recession Relief Hub
https://docs.google.com/spreadsheets/d/13OdpUwbi_VytzS4trSsGx25FxElrozbegPZK8KnSLpU/edit#gid=141836046
Support Erin & Buy Her Books
I can’t believe it’s been over 2 years since I’ve had Chris Guillebeau on the show to promote his book Side Hustle, and of course to share his expertise about side hustles. Well, he’s back with a brand-new book, and this time his first work of fiction, called The Money Tree.
This book is actually pretty timely, since it focuses on characters dealing with some tough times financially, so you’ll definitely be able to relate to the story. But since it’s still a book about money, it also offers some solutions and helpful advice on how to overcome these obstacles, how to think differently about your money and earning potential, and how to not let the outside world determine the course of your future.
I personally found his book super inspiring, so I hope you enjoy this podcast episode and of course pick up a copy of Chris’ new book!
For full episode show notes visit https://jessicamoorhouse.com/236
It's totally normal to feel anxious about everything going on right now. Just like you, I've been battling with my anxiety for the past several weeks, but I've started to do a few things to manage it better.
It's no good feeling worried and anxious for weeks or months on end, so here are some things I'm doing to control my anxiety so I can live a relatively normal life until the stock market stops being an up and down rollercoaster and there's a solution to this health crisis.
Due to the tanking stock market, mass job layoffs, and the pandemic, many Canadians are finding themselves in a situation where they are no longer earning an income (or now have a reduced income) and don't have an emergency fund. If you don't have any new money coming in and you don't have any money saved up, what can you do?
Recently it was announced that some lenders, including the big banks, in Canada will be providing mortgage borrowers the opportunity to defer their mortgage payments. To explain more about what this actually looks like and what this could do to your credit score, I'm joined with credit expert and author Richard Moxley for this special timely episode.
More info about mortgage deferrals: https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral
Make sure to support Richard and grab a copy of his new book The Credit Game: https://amzn.to/2y5UjeA
I know revising or even setting new financial goals may seem like the last thing you want to do right now (I get it, there’s a pandemic going on!), but right now is actually the perfect time to sit down and take a hard look at your finances. If you don’t have a budget, this is the time to make one. And if you do, it’s time to make a new one because you can stop those auto-contributions to your travel fund. To discuss this and her new book The 100 Day Financial Goal Journal I’ve got Alyssa Davies on the show, blogger and YouTuber at Mixed Up Money.
Aside from talking about the importance of having a budget and tracking your spending, we also discuss how to set and plan for different types of financial goals like homeownership and starting a family, and Alyssa shares some tips and techniques to help you get started.
For full episode show notes visit https://jessicamoorhouse.com/235
Since this week’s episode featured another guest who was able to achieve F.I.R.E. in his 30s, I thought it would be a great topic for this week’s Money Minute! Since we are currently in a bear market, similar to the one that happened from 2007-2009, this is actually the best time to build wealth. From all the guests I’ve had on my show, that’s how they were able to achieve financial independence and retire early…they invested during the last recession and reaped the rewards.
If you have dreams of reaching financial independence, a great first step is to pick up one of these great books:
Financial Freedom by Grant Sabatier
Your Money or Your Life by Vicki Robin
Quit Like a Millionaire by Kristy Shen and Bryce Leung
Work Optional by Tanja Hester
The Simple Path to Wealth by J.L. Collins
How to Retire Early by Robert and Robin Charlton
Millionaire Teacher by Andrew Hallam
Since we’re all being told to practice social distancing, that doesn’t mean you have to stop talking to people! Make sure to join my Facebook group and join in the conversation: https://jessicamoorhouse.com/facebookgroup
I finally have Kornel Szrejber from Build Wealth Canada on the show!
As a Canadian, I’m always considering what the right financial advice is so I can, in turn, curate the best personal finance content for you guys. Kornel’s mission is very similar to mine, only he’s FI and paid off his mortgage by 32, which is of course incredible!
On the podcast today we’re talking about how to become financially independent (FI) and learning a little more about what the path is toward FI. Kornel and his wife lived together in their twenties and focused their dual-income household toward paying off any debts and their mortgage. In achieving his goals he is now focused on his early retirement and navigating life as a young retiree.
Toss the headphones on and tune it for this energetic interview with Kornel and learn a few ways on how you can create a financially independent life for yourself!
For full episode show notes visit https://jessicamoorhouse.com/234
We are still dealing with a volatile stock market and health crisis, and everyone, understandably, is feeling anxious and panicked. Even though we’re in an uncertain time, here are some of my tips for what to do based on some of the messages I’ve been getting recently.
First off, if you’re currently investing and feel like your job is fairly stable, then don’t do anything differently than what you’re currently doing. Continue to make your regular contributions to your investments to practice dollar-cost averaging and ride out this wave because the stock market will recover. And if you have some extra money laying around and feel comfortable doing so, you can even increase your investment contributions. If you want to try your hand at investing in individual stocks or ETFs, this is a good time to buy, however, it is still risky and you need to understand what you’re doing and the risk you’re taking on. The stock market will most likely continue to plummet, so as long as you plan on buying and holding for the long-term, you will eventually see positive returns in the future. Just make sure you’re only dedicating a small percentage of your portfolio to this type of investing.
Secondly, if you don’t feel safe at your job and there is the risk of being laid off or having your hours cut, this is the time to focus on your emergency fund. Cut back on other expenses so you can dedicate more funds to your emergency fund, and if necessary either pause or reduce your investment contributions if you don’t think you have enough cash saved up in the event that you lose your job.
Thirdly, if you want to take this time in self-isolation to increase your financial literacy, then read books and blogs, listen to other podcasts, and if you are interested, sign up to my Investing Foundations for Canadians online course.
Can you believe it’s been 4 years since I had tax expert Gerry Vittoratos on the show? That’s right, he was the guest for episode 44 of the Mo’ Money Podcast, so I think that means he’s one of my OG guests! Well, it’s a new season and new decade, and it’s also tax season so I thought I’d bring him back on the show to talk about taxes.
In case you don’t know Gerry, he really knows his stuff when it comes to taxes. He’s been working for Thomson Reuters for over 10 years as a trainer and tax support resource person. In his capacity as head trainer, Gerry has been providing training sessions to tax professionals all over Canada. He has also made several radio and TV appearances on BNN and Global TV as the UFile tax specialist discussing a multitude of tax topics. He has also served as the main resource person for the tax support department of Thomson Reuters, resolving complex tax issues and questions for tax professionals using the DT Professional Suite.
Lastly, Gerry obtained his Graduate Diploma (Gdip) in Taxation from Sherbrooke University in 2018, and is in the process of obtaining a Masters of Taxation!
Here are some of the things we talked about in this episode.
We talked at length about tax brackets and how in Canada we have a progressive tax system. That means that you pay different tax rates on different portions of your income. Here’s how that would look for your 2019 taxes:
Your average tax rate is the amount of tax you pay divided by your income.
Average Tax Rate = Total Tax / Total Income
Your marginal tax rate is the amount of tax your would pay on your next dollar of income.
With that said, your average tax rate is what you need to know because it will show you how much money you have to pay the government in taxes.
To help, here’s UFile’s Income Tax Calculator.
There are a ton of tax credit available that you can take advantage of, but it’s important to know the difference between those that are refundable and those that aren’t. Both are still good, but ultimately refundable tax credits are the best kind because you can a tax refund if you use it. For non-refundable tax credits, they only decrease the amount of tax you owe. In other words, if you owe $300 in taxes and your non-refundable tax credit is for $500, you won’t get $200 refunded to you. Your taxes owed would simply become $0.
For more information, check out the CRA’s page on non-refundable and refundable tax credits.
There are a ton of tax credits you can take advantage of, and when you use a tax software like UFile, it will help you find out which ones you quality for. Otherwise, check out this list of deductions, credits and business expenses by the CRA that you may be able to help reduce how much you pay in taxes.
If your investments are in a TFSA and/or RRSP, then you don’t have to pay any taxes on any investment income you earn from interest, dividends or capital gains. But, if your investments are in a taxable (unregistered) account, then you will have to pay taxes. Here’s how that all works:
As Gerry mentioned on the podcast, make sure to check out these other tax resources that will help you this tax season.
If you want to get your taxes done by using UFile, make sure to use promo code MOMONEY to get a special 15% off!
For full episode show notes visit https://jessicamoorhouse.com/233
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.
Make sure to check out her Instagram for some constant inspiration and check out her website to find out when she'll run her next live online Invested Development course.
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