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
There’s a lot of information out there about health care in the U.S., but what about Canada? Is it actually free? What isn’t covered by our government? And does it make sense to get private health insurance?
I sit down with Camille Stewart, Vice President of Strategy and Digital Experience at Manulife Canada, to discuss all of this and more. Camille became interested in working in insurance because of a personal family experience that she shares in this episode. Ever since then, she’s felt a deep passion for educating others about how to properly protect themselves in terms of their health.
For more helpful resources on health care in Canada and health insurance in Canada, check out the show notes for this episode.
Visit jessicamoorhouse.com/contests to enter to win a copy of one of the books featured on this season of the podcast!
For full episode show notes visit https://jessicamoorhouse.com/217
I’ve been following Jana Lynch for years ever since she was a fellow personal finance blogger (now she is an editor at DollarSprout). And although we’ve crossed paths a number of times at previous FinCons, this year we finally got to spend some time together and I couldn’t help but feel inspired by her knowledge and passion for educating others about financial abuse. I knew I needed to have her on the show to share what she knew because for whatever reason in my 200+ podcast episodes, not once have I interviewed anyone about the very important topic of financial abuse.
But what is financial abuse exactly? According to the Canadian Bankers Association, “Financial abuse occurs when someone tries to take or control what belongs to you for their own benefit, not yours.” Or, as per VeryWellMind, “Financial abuse involves controlling a victim’s ability to acquire, use, and maintain financial resources.” In other words, financial abuse may be hard to see from the outside but it can be just as dangerous and damaging as physical or verbal abuse.
I’m going to share some articles and resources in the show notes for after you’ve listened to this episode. If you or someone you know is experiencing financial abuse, just know that there is help and don’t be afraid to seek it.
Visit jessicamoorhouse.com/contests to enter to win a copy of one of the books featured on this season of the podcast!
For full episode show notes visit https://jessicamoorhouse.com/216
I met Sandy Yong, author of the soon-to-be-released book The Money Master: Inside Secrets On How to Make Your Money Grow and Stay Safe, about a year ago at the 2018 Canadian Personal Finance Conference. She told me she was working on a book and I soon found out we had very similar personal finance journeys.
Having been brought up in a very frugal family, and having finished her business degree during the Great Recession, Sandy worked hard to pay off her student loan and make her way in the corporate world. She soon realized that being frugal was only one part of mastering your money. You also needed to set financial goals, invest wisely and have a clear action plan for all your hard-earned money.
That’s what led her to discover personal finance books which eventually inspired her to write her own book to reflect her journey and key things young Canadians should know about managing their money better.
In this interview, we touch on what some of those key things are, such as the benefits to passive investing instead of investing in high-fee actively-managed mutual funds, while also discussing some new players in the finance world like investing in the cannabis industry, cryptocurrency and robo-advisors.
Her book isn’t out yet, but you can pre-order your copy today. I’m also going to be giving away copies of her book when it’s out, so make sure to enter to win in my massive book giveaway!
Visit jessicamoorhouse.com/contests to enter to win a copy of his book!
For full episode show notes visit https://jessicamoorhouse.com/215
This week is Credit Education Week, which is why I don’t just have one, but I’ve got two podcast episodes to share with you! Yesterday, I had Richard Moxley on the show to talk about how to win the credit game (or how to understand and be good at managing credit). For today’s episode, I’m talking to Jay Acharya, Vice President of Card Partnerships and Customer Management at Capital One, because Capital One is the sponsor of Credit Education Week, as well as my upcoming Millennial Money Meetup next week!
Every year, there’s a different theme for Credit Education Week. Last year, as you may remember, I had Patrick Ens from Capital One to talk about the theme last year-money mindfulness. This year the theme is #MyMoneyVision, which just means on top of being mindful with your money, it’s important to have a vision for your money.
Just like with anything in life, we won’t change any of our habits without a good reason for doing so. We won’t just start working out because we know we should for our health. We need a clear goal to work towards. I give presentations all the time about how to manage your money better, but I always try to emphasize that nothing I share about how to make a budget or how to pay off your debt will mean anything to you unless you set some strong financial goals.
So I hope you take this opportunity during Credit Education Week to learn more about responsible credit use and to set some financial goals. It’s never to late and you don’t have to wait until the start of the next year. The best time to set a new goal is as soon as possible.
To see what other people are talking about for Credit Education Week, follow the hashtags #MyMoneyVision and #CEWC2019
To learn more about Credit Education Week, visit CEWC.ca and CreditCanada.com.
To check your TransUnion credit score for free through Capital One, visit their Credit Keeper page.
As mentioned on the show, if you’re trying to improve your credit score but can’t get approved for a credit card, one route you can take is to get a guaranteed or secured credit card like Jay mentioned. You can take a look at Capital One’s various credit cards here.
For full episode show notes visit https://jessicamoorhouse.com/214
I think we can all agree, the world of credit and credit scores can sometimes feel like a bit of a mystery. That’s why I’ve got credit expert and author of The Credit Game Richard Moxley on the show to finally make sense of things for all of us.
Now, part of the reason there’s a lot of mystery in the credit industry is because the two credit bureaus in Canada, Equifax and TransUnion, aren’t completely transparent and like to keep private a lot of information surrounding how they score consumers when it comes to credit.
Luckily, Richard has taken it upon himself to try to find out some of their hidden secrets and test things out so he can help consumers like you and me, and of course share everything he knows in his latest book The Credit Game.
For full episode show notes, visit https://jessicamoorhouse.com/213
Money and mental health, have you ever wondered if there is a connection? Because there absolutely is. And surprisingly, even though this is something I’ve known for a while, and even experienced in my personal life, I’ve never had anyone on the podcast to talk about it with me.
Luckily, I know people. Like Melanie Lockert, who was on episode 21 of the podcast all the way back in 2015. A lot has happened since we recorded that episode. She published a book called Dear Debt, moved from Portland to L.A., and founded a women’s financial literacy event called Lola Retreat. She’s also become very well known as not only a debt expert, but also a money and mental health advocate.
And that’s what we’re talking about on the show, hopefully to shed some light on a topic not many people are talking about. If you or someone you know is struggling with financial issues, mental health issues, or both, here are some resources we mentioned on the show that you may want to look into for help:
For full episode show notes visit https://jessicamoorhouse.com/212
Is couponing still as easy to save money doing as it used to be when people would go shopping with their big coupon binders à la Extreme Couponing? Yup, and honestly couponing is so much easier now than it used to be. That’s what Joanie Demer, co-founder of The Krazy Coupon Lady, explains in this episode of the Mo’ Money Podcast. Because so much has changed in the couponing world, if you really want to save on everyday purchases, you’ve got to learn about the new rules (and chuck out the old ones).
Since we’re now living in a very digital world, that’s where you’d start. Sure, you can still get paper coupons and get some savings, but the time and effort may not be worth it. Instead, using apps and browser extensions at check out may be a better way to save money because, well, they take no time and little effort on your part.
As mentioned in this episode, here are some ways to get started saving money through coupons and promo codes online:
Visit jessicamoorhouse.com/contests to enter to win a copy of a book featured on Season 9 of the podcast!
For full episode show notes visit https://jessicamoorhouse.com/211
You may not know this about me, but I’m actually a huge introvert that used to be terrible at networking, or heck, even making new friends! I would get anxious, nervous and would never know how to start or end a conversation. But, I knew that networking and being a good conversationalist was a key component to advancing in life. Your network is your net worth as AJ Harbinger says, and since he’s the CEO and co-founder of The Art of Charm…he would know!
In this episode, we dive deep into what we all should know about having the right social skills to help us advance in our social lives, relationships and of course career. I know for a fact that because I started practicing and just putting an effort into socializing more, that’s why I’ve now got a fairly large network of friends, acquaintances and work-related connections all over the world.
If you know this is something that’s been holding you back from reaching your full potential, luckily this is a learned skill that anyone can master, and you can start today by listening to this episode and then binging The Art of Charm podcast as well.
Visit jessicamoorhouse.com/contests to enter to win a copy of a book featured on Season 9 of the podcast!
AJ mentioned on the show that he hosts personal bootcamps all over the world to help people level-up their social and networking skills. If this sounds up your alley, learn more at: https://theartofcharm.com/personal-bootcamp-2
Join over 50,000 others to learn how to make a great first impression, easily make new friends, and feel confident in any social situation! Sign up to take The Art of Charm’s fee 10-day social skills challenge.
Learn more at: https://challenge.theartofcharm.com/begin
For full episode show notes, visit: https://jessicamoorhouse.com/210
Happy Investor Education Month! You may not have that’s what October is…but it is! And that’s why I am currently doing a 5-part video series on my YouTube channel as well as doing a bonus episode for the podcast. For this episode, I’m interviewing Bruno Sandre, Associate Vice President of Client Education at TD Direct Investing.
As you can guess from his title, his role is all about improving the financial literacy of TD Direct Investing clients. He doesn’t sell any products, and actually TD Direct Investing can’t try to sway you to do anything when it comes to your investments because they are a discount brokerage. All a discount brokerage can do is provide the tools and platform you need to invest on your own. That being said, they can still provide free and unbiased education to clients, which they do in their Learning Centre which houses a bunch of video courses, masterclasses and webinars.
So, since Bruno knows quite a bit about educating people about investing, I wanted to have him on the show to do a deep dive on the topic of DIY investing, also known as self-directed investing.
Below are some links to videos, blog posts and the webinar that we mentioned in the episode.
For full episode show notes visit https://jessicamoorhouse.com/209
I read a lot of personal finance books. I also read a lot of niche books on retirement planning. And I’ve gotta say, most of them are so dry it takes me months to finish them. Not Victory Lap Retirement by Mike Drak though. I was given this book (the 1st edition) by Mike’s co-author Jonathan Chevreau at the Canadian Personal Finance Conference a few years ago, and even though it took me until last winter to finally read it…I loved it! I’d say the only other book that I whipped through in record time was Andrew Hallam’s Millionaire Teacher. So, once I finished reading it, on top of telling everyone I know to read it, I made a plan to get Mike on the show. And here is that episode!
Mike Drak is a 38-year veteran of the financial services industry, so when he started his victory lap in 2014, he felt compelled to write a book about what he knew on the subject. That and he found that all the retirement books out there only talked about saving up enough for retirement, not what life in retirement actually meant. Something to get excited about too, his second book titled Retirement – Heaven or Hell? is coming out in 2020.
Now, what I love most about Mike’s concept of victory lap retirement is that it’s a way to stop thinking of retirement as an end to something. I honestly dread the idea of retirement. It means you’re done with your career and are basically in the last phase of your life. I know many people think of retirement as one big vacation and what’s not to love about that, but for me it always fills me with dread and panic. I don’t want to just hang out with nothing to do and just watch the clock tick. I love working! I love having a purpose! I don’t want to retire!
Mike agrees. We need to stop this idea of full-stop retirement and think of “retirement” as point in your life in which you’ve reached financial independence (you have enough money or assets to live on without working again) so you can do whatever you want with very little risk taken. It’s when you can start a second career, or just devote your time how you want, not how you have to because you need to earn money.
For me, the concept of victory lap retirement fills me with hope, not dread. So if you ever feel a bit panicked when you start thinking about retirement, read this book (and obviously listen to this episode!).
Visit jessicamoorhouse.com/contests to enter to win a copy of her book!
For full episode show notes visit https://jessicamoorhouse.com/208
I’m so excited to have the one-and-only Jean Chatzky on the show to talk about women, money and healthcare in the United States. In case you aren’t in the loop, Jean Chatzky is the founder of Her Money Media, an organization that strives to promote financial literacy amongst women.
She is also an award-winning editor of NBC Today, and has appears on shows like Oprah, MSNBC, CNN, The View, The Talk just to name a few. She also has her own podcast called HerMoney with Jean Chatzky which has received shout outs from The New York Times, Yahoo Finance and Refinery29.
If that wasn’t enough, she is also the best-selling author of 11 books, including her latest book (that I’m doing a book giveaway for) called Women with Money: The Judgement-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and Yes, Rich) Life
You Deserve.
As you may expect, Jean and I chat about women and money in this episode, since that is a big focus in her writing and her podcast. We also discuss one very important topic that as a Canadian I find fascinating, healthcare in the U.S. I hear it pretty much every time I speak to one of my friends in the U.S.: healthcare costs can be very expensive in America! The system works very differently than in Canada, and although there is always talk about reform, if you’re American you need to figure how to navigate the system as it stands today. That’s why Jean is also an ambassador for HAS Awareness Day.
We talk extensively about health savings accounts, something I’ll be honest I’ve never heard of. In Canada, there’s a thing called health spending accounts, but they are offered by companies or you can set one up if you are a business owner. In other words, they work very differently. We go fairly in-depth about HSAs in this episode, but since there’s quite a bit to know and they are a relatively new type of account, feel free to learn more at HSADay.com.
Visit jessicamoorhouse.com/contests to enter to win a copy of her book!
For full episode show notes visit https://jessicamoorhouse.com/207
This episode is a must a listen because it’s about something we all need to think about. I’m talking about having that important yet awkward conversation with our parents about their financial situation. As we get older, it’s only natural for us to think about the future, and the future of our parents. Although they worry about us as their children, we also worry about them and want to make sure they’ve got everything organized and prepared too.
But, we’re still their children, so it’s a weird path to navigate. We want to respect them, but we also want to protect them. Which is why I’ve got Cameron Huddleston on the show to share her insight into this topic.
She is an award-winning journalist with more than 17 years of experience writing about personal finance and she also recently wrote the book Mom & Dad, We Need to Talk about this very subject. As she explains in our interview together, she had a personal experience with her mother that inspired her to write this book. Now, I hope her story inspires you…plus I’m also giving away a copy of her book!
Visit https://jessicamoorhouse.com/contests to enter to win a copy of her book!
For full episode show notes visit https://jessicamoorhouse.com/206