Real Money Talk - A fresh take on personal finance

Millionaire Teacher, Andrew Hallam, sits down with Jon Vassallo, VP of Partnerships at Ratehub.ca,  to discuss Andrew's new book: Balance: How to Invest and Spend for Happiness, Health, and Wealth. The two discuss how to live a better life (money isn't everything), how to align spending with values, and resolving anxiety around spending before diving into investments and socially responsible investing.    [0:00] intro[3:22] Money mistake or makeup - cat litter and ponzi schemes [9:12] What compelled you to write your new book, “Balance: How to Invest and Spend for Happiness, Health, and Wealth” [11:58] The 4 quadrants of success in life: money, relationships, health, purpose (Iki gai) [13:38] Do you have a favourite chapter in the book? What the research says about delaying gratification.[15:20] Daniel Kahneman - Reflective happiness vs. experiential happiness.  [19:10] What's the first step to changing your money habits and getting your finances in order?How to align your spending with your values.  [23:51] How do we resolve anxiety around our spending? How will tracking my spending affect my social life? [28:50] Do you have a gratitude journal? Should we be journaling about gratitude? [30:35] What is one thing you're feeling grateful for these days? [32:12] What's the difference between ETFs and Active Mutual Funds? [34:52] The Spiva persistence scorecard: https://www.spglobal.com/spdji/en/spiva/article/us-persistence-scorecard/ [36:55] We're not designed to invest (and what we should do instead)[40:16] Does Andrew Hallam invest in Crypto? [42:22]   What is SRI (socially responsible investing)? Should we put money where our values are? Does SRI impact our happiness? [47:15] Why is Costa Rica such a happy country? [51:05] Rapid Fire Questions [58:37] Outro

Are you planning on buying a house in 2022? Is it a New Year's Resolution? Here's everything you need to know about buying a home from people that did it in 2021.  Jessica Moorhouse is an award winning blogger, podcaster, and an accredited financial counsellor in Canada. Ratehub's Director of Insurance, Matt Hands, sat down with Jessica to discuss the home buying process. Jessica sold her townhouse and bought a new house in Toronto this year in the wild and crazy market. Matt decided to leave Toronto after buying his house in London, Ontario.  The two discuss the stress of buying a house, mistakes they made, how to save, how to find the best mortgage rates, and why working with professionals is critical to your home buying success.    [0:00] Intro [0:36] A brief history of Jessica Moorhouse (from student debt to blogging to home buying)   [2:30] MONEY MISTAKE OR MAKEUP   [6:57] We're supposed to buy a house, right? We're preconditioned to buying one, but why? Why do we buy homes? Toronto vs. Vancouver. Jessica talks about simply buying land because houses are too expensive, but buys a townhouse in 2016. You don't have to buy a house.  [13:15] On housing affordability and choosing your lifestyle [13:43] Alterna Savings survey - scariest part of home ownership was saving up enough because goal posts keep moving.  [15:12] If you decided to stay a renter, what are you missing out on? Rent vs. buy  [17:50] Matt talked himself out of a property. What do we do about a non-buyer's regret? Maybe there are reasons you didn't buy the place. Think beyond just the house.  [19:55] How do you save for a house? How much should go towards buying a house? What questions do you need to ask regarding high-ratio mortgages, insurance, registered accounts, etc.  [23:04] Did you tap into the first time home buyer's plan for your first home purchase? A loan you have to pay back.  [24:35] How can the government help first time home buyers? Affordability is the problem, not incentives. Housing prices just continue to go crazy.  [25:55] Fixed vs. variable rates - which one to choose? [33:45] How did you find the best mortgage rate? Online? Friends? Banks? [35:00] Why you should interview your financial representatives, agents, and brokers about mortgages and insurance [37:15] What are the hidden costs of home buying? Realtor fees, property taxes, land transfer taxes, and other closing costs.  [41:30] Thoughts and considerations about buying a house in the city vs. out of the city. Businesses must adapt to changing work culture.  [44:23] Let's talk about bidding wars in your home buying journey. Emotional decisions.  [46:51] Bully offers and the need to be aggressive when bidding [48:00] On the value of a great realtor [49:31] Blind bidding in Toronto. How much do you actually want for the house? Houses being underpriced to drive prices up.  [51:00] The importance of making a list of everything you want in a home, including what you want in your future life.  [53:36] What is going to happen to the housing market? Will prices continue to rise? Will it go down? Will the bubble burst?  [54:42] I could've bought a house but glad I didn't.  [55:12] Differences in generations on housing vs. stock market.  [57:25] Posted rates vs. finding the best mortgage rate for you   [58:31] RAPID FIRE QUESTIONS What's in your wallet?  A book everyone should read?  What was your first job and what did you learn from it? What is a commonly held belief about your industry or space that you passionately disagree with?  If you had one tweet that everyone in the world would read, what would it say?   What's your number (to walk away from it all and live financially independent, never worry about money again?)  What do you want to be known for when you die?  Where can people find you if they have more questions?    [1:08:07] OUTRO

From the BC floods to the Wet Bandits flooding the basements in Home Alone—how does your home insurance work with natural disasters and climate change? What risks does Christmas pose to your house? What happens if your gifts get stolen? What do you do in case of a break-in? Do you really have to shovel your sidewalk? Do more fires happen at Christmas? What about hosting parties and serving alcohol? Director of Sales at RH Insurance (www.rhinsurance.ca), Morgan Roberts, sits down with Director of Insurance at Ratehub.ca (www.ratehub.ca), Matt Hands to answer all kinds of home insurance questions you never thought to ask before.  [0:00] Intro [1:35] Money Mistake or Makeup [4:45] On home insurance and flooding (especially with BC floods) [6:11] Will your rates increase when claims happen elsewhere? [9:07] What is overland water? What is sewer backup? Do you need it? How much does it cost to add to your policy? [13:00] Who to contact about changes to your home insurance policy?  [14:41] How does the insurance industry adapt and change to major weather related events and climate change? [16:30] When should you change your coverage limits? How often should you change them?  [17:10] If you do renovations, do you need to speak to your insurance broker or agent? [19:38] Do you have to use a restoration specialist provided by the insurance company? Or can you use your own contractors? [21:44] What is the average cap, or return, due to water damage in your home?  [22:45] Following a flood, do you have to submit a full list of everything you have and supply it to the insurance company for a full claim?  [23:45] Can you shop around if you find you're not getting enough coverage? What are the standards in the insurance industry? Compare home insurance quotes https://www.ratehub.ca/insurance/best-home-insurance-quote [25:47] If you have to rebuild, do you have to rebuild on your property or can you take your money and go live elsewhere? [27:40] Where do you stay while your house is being rebuilt? [30:43] What are acts of god? What's the difference between an act of god and a peril? [34:29] Is house maintenance still required when dealing with home insurance? How long can you be away from your house without checking on it? What about snowbird insurance? [36:38] What is covered when your home is broken into? Describe Home insurance for break-ins. Do you need extra contents insurance for an engagement ring? What should I communicate to my insurer? [40:51] What do insurance companies recommend to protect your home? during the holidays? Do you get discounts for security cameras? Do you need to shovel your sidewalk? [43:28] Does home or auto insurance cover someone slipping and falling on your property? How much extra coverage do I need and how much does extra liability cost? Does home or auto insurance coverage kick in if something is stolen from your car?  [48:55] Five wishes for 2022 [57:06] Outro          

Ramit Sethi, author of “ I will teach you to be rich” recently tweeted out: 3 signs someone is financially sophisticated.  They know their numbers cold: Savings rates, asset allocation, debt payoff date, goals.  Creative, even extravagant spending on the things they love. Not penny pinchers. They have a point of view.  They actively work on their money psychology.    If you don't know these numbers, you worry about spending (whether it's too much or too little), and you avoid living your life because, ya know, money, well - I hope this short podcast will help.    November is financial literacy month in Canada. I could hit you with statistics on Canada's debt ratios, our salaries, and who's budgeting or not, but we can save that for the written reports.    Instead, here are the 10 steps to financial independence. Wherever you are in your journey, explore each step on your own for more details. Sign up for newsletters, follow money influencers on social media, read Ratehub.ca's blog, and if you immerse yourself in the subject, I promise you will get to where you want to be faster.    Knowing your money is good for your bank account, and your mental health will thank you even more. The problem isn't having wealth, it's when wealth becomes a source of fear, greed, and dictates how you behave. Wealth is a tool, so let's sharpen our knives and cut the fruit fresh from the tree.    So, set the goal, practice the habits and you'll achieve success. It's all a journey. Take any small steps and you're moving in the right direction.  Step 1: Paying off debt & negative net worth Step 2: Zero net worth - budgeting Step 3: A plan for your paycheque Step 4: Starting your emergency fund Step 5: Setting up sinking funds Step 6: The value of your first 100k Step 7: FIRE: Financial independence, retire early Step 8: On housing - house vs. apartment Step 9: Insurance on your wealth Step 10: Plan to die with zero  

With vaccines rolling out for 5-11-year-olds, we may be nearing the end of the COVID pandemic.  It's been a time of juxtapositions. The burnout of finally being able to work from home, social distancing with your closest friends and family, and the great resignation from a tenured job – change has been the only constant in our stay in place lives.  And now, the urge to splurge is on, treat yo'self. We're tired of the puzzles, the paint by numbers, we want to revenge spend. According to a Bank of Canada survey, many Canadians expect to spend a lot more. Sure, almost 27% plan to spend more at restaurants, going to the movies, and other social get-togethers. And It's kind of obvious another 21.5% of Canadians plan to spend more on travel. And why not? The average household savings rate went up to 13.10%, up from the 59-year average of 7.78%    But, with the cost of inflation, from the food we buy to the gas to heat our homes going up 5-20% - how do we stay in control while living the life we so desperately want?   Today on the show, I interview Cait Flanders. She used to splurge. She partied too much, she was maxed out financially, and, eventually turned herself into her own test subject to find her true self    She paid off 30k in debt, became self employed, and is now living a life true to herself. She documented her unravelling and subsequent rebuild in her best-selling book, The Year of Less. Then, in her next book,  The Joy of Opting Out she helps you walk the same path, or trail because, “doing the opposite of what everyone around is doing is difficult” as she says.  [2:25] Money mistake or makeup [4:10] Are we immune to what the media says? [5:51] Where should we start with new money habits? What was your process for spending less? [9:55] What needs to break before you start?  [12:00] Actionable tips to get started on yourself [18:11] Setting rules & challenging yourself [21:42] How to make the big decisions easier (paying off debt, saving for a home, preparing to quit) [26:03] How do you define your values?  [30:53] What is the joy of opting out? How is it different from the Joy of missing out? [35:43] Change travels with loss. How has embracing your changes enriched your life? [39:21] How do we know we're walking the right path? How do we know when to continue with our new challenge? [45:04] How do you stay on track and focused on your goal?  [49:20] Do you have regrets?  [52:49] Rapid fire questions [1:04:23] Outro

Not all car insurance is the same — car insurance quotes will vary by company, driver, car, and city. You need to research your situation to make sure you have the right coverage for yourself. We put together a list of how to get cheap car insurance now and in the future, whether you're mid-policy or shopping around for new quotes this year. What is the average price of car insurance in Canada? BC - $1,832 Ontario - $1,528 Alberta - $1,316 Saskatchewan - $1,235 Newfoundland - $1,168 Manitoba - $1,140 Nova Scotia - $$891 New Brunswick - $867 Prince Edward Island - $816  Quebec - $717 *Source: Insurance Bureau of Canada Why do we care about the average? Public car insurance, where the government provides insurance, is in BC, Saskatchewan, and Manitoba. Note these provinces sit among the most expensive in the country. On the other hand, auto insurance in Quebec is the cheapest because it's a hybrid model – you buy your accident benefits (the health insurance portion, and most expensive part, of any car insurance policy) from the government. But you buy everything else from private insurers.   For the rest of the provinces, you buy your car insurance privately from whoever will give you really cheap car insurance. So, if you're asking where to get cheap car insurance, move to Quebec or Atlantic Canada. Still, even a postal code change within your city can reflect price changes due to many factors beyond your control, like theft, density, and proximity to the nearest collision-riddled intersection.   Also, we just want to show you the average, so you know whether you're getting cheap insurance or paying too much.   With that, on to how to find cheap car insurance.   1. Choose the right car to keep your insurance costs down If you want cheap car insurance, you should keep insurance costs in mind when you're thinking about buying a car and even do some insurance price research before driving that car off the lot. Insurers consider a range of statistics when assessing how much to charge for coverage for any driver and car combination. For instance, car models frequently targeted by thieves may cost you extra to insure, as will rarer cars and fancy sports cars. However, a minivan is often one way to get super cheap insurance because of its association with families carrying precious cargo. You can use the Insurance Bureau of Canada's CLEAR table to discover which vehicles have low claims against them, translating to lower auto insurance rates. However, if you're not an Excel wizard, you can just compare car insurance prices by entering your postal code above. 2. Adjust your policy to reflect your needs Different drivers have different insurance needs, so find an insurance plan that caters specifically to you. There are four mandatory coverages, pretty well across Canada: Third-party liability - if you damage someone else's property or injure them accident benefits - if you're hurt following an accident uninsured auto - if an uninsured motorist hits you Direct compensation property damage (in most provinces) - so you only ever deal with your insurer regardless of fault. Your insurance company receives compensation from the other insurer. The minimum third-party liability (TPL) is $200,000 but is generally set at a default of $1 million. If you want really cheap car insurance, get the minimum. However, we do not recommend it. Many TPL claims go easily over $1 million, and you'll be paying that difference out of pocket. Accident benefits pays for your recovery after an accident for physiotherapy and medical expenses. It also pays for loss of income and funeral expenses. You can upgrade this portion to receive more income replacement (it's not much, depending on the province). Still, suppose you have quality health benefits at work (including long-term and short-term disability) and life insurance. In that case, you can reduce this to the minimum coverage. 3. Drop the optional coverages if you no longer need them If you have an old car, consider forgoing collision coverage.  Many drivers skip collision coverage if their old car is not worth repairing because it doesn't hold much value. Think of it this way, if you have to pay a $1,000 deductible to repair a car, that's only worth $500, you can drop collision. Put the savings into a new car fund. You can also forgo comprehensive coverage to get cheap car insurance. Comprehensive protects your car when it's not driving – bad weather floods your vehicle, or a tree falls on top of it, for instance. 4. Track your driving Consider usage-based insurance (UBI), especially if you're a student or a young driver. Young males typically pay much more than the average for car insurance due to stereotyping from insurance companies. UBI itracks kilometres driven and other stats like how aggressively you brake and accelerate, speeding, and how you handle turns. With this system — which you can monitor yourself on your phone — you can earn discounts for driving well. Many auto insurance companies like Intact, CAA, or Onlia offer UBI, either in-app form or a device installed in your engine, to monitor your performance outside generic statistics. 5. Shop around and get quotes When shopping for car insurance, do not take anyone's word that they're the best deal for you — you need to find that out for yourself. Do your research. Don't assume the most prominent company is the best, just because they spend the most money on advertising to tell you they're the best. You may not have heard of some great insurance companies. You can use our car insurance quoter to analyze what different insurers will charge you. Or consider also doing it the old-fashioned way and visit an insurance broker to help you find the best fit for you. Make it an annual tradition because companies change pricing all the time.    6. Keep a good driving record Collisions (that are your fault) and driving convictions make your insurance rates go way up – and they stay on your insurance record for years. Drive safely, drive sensibly, and obey the road rules (don't speed, don't text and drive, don't drink and drive, etc.). Drivers with the best records over long periods pay the lowest rates. 7. Ask about ways to get discounts on car insurance If you're still wondering how to save money on car insurance, call your insurance provider or broker. Many insurers may be able to offer discounts. Are you a member of any professional organizations or affiliation groups (e.g. union or alumni), ask if they have discount relationships with any insurers. 8. The bundling effect on your policies You may get discounts if you bundle insurance plans together, for example, by having your auto and home insurance with the same carrier. If you drive multiple cars, you can get a multi-line discount by insuring them all with the same company. 9. Make your payments on time, all the time Don't miss a payment. For one, it can lead to NSF fees and overdraft charges. Your insurer now has to chase you down for payment, which can increase your rates in the future.   A missed payment can hurt your credit score, too. 10. Install winter tires Quebec requires winter tires or face penalties and fines. For the rest of car insurance in Canada, you can get a 3-5% discount by installing winter tires. That level of discount won't pay off your winter tires, but at least you'll stop in time in the snow and avoid the skiing down the road helping to avoid expensive claims, thus saving you money.  11. Pay premiums annually, not monthly If you pay your premiums up front for the year or half-year, you may get a small cut of the savings from administrative fees. 12. Consider increasing your deductible The deductible is the initial amount you pay on any claim before the insurance company will jump in and pay the rest. Increasing your deductibles can be a way to lower your premiums. But that also means you're paying more cash as a deductible payment if or when you crash your car. 13. Take an accredited driving course Especially useful for new drivers, an accredited driving course will make you a better and safer driver while also resulting in a discount from many insurance companies. 14. Install anti-theft devices Many new cars have immobilizers installed already. But any anti-theft device for a car, from steering wheel locking devices to GPS tracking devices (e.g. Lojack), may earn you a car insurance discount. If not, it prevents a comprehensive car insurance claim for theft which could raise your rates. 15. Don't use your car I know, it sounds ridiculous. But, know this, in COVID, when everyone was working from home, many Canadians called their insurance company to say, “Hey, I'm driving less,” and as a result, saw a discount. The less you're on the road – walking, cycling, or taking transit to work – the more money in your pocket. The Bottom Line If you want cheap car insurance, follow the steps above. They are easy to do and may result in immediate savings. You can also move since location is a factor – Brampton car insurance costs more than car insurance in Toronto – but that's harder to achieve. If you're 25 & under, you'll pay more, but that's hard to change. Finally, you can swap your car out for one that's cheaper on car insurance, but that may be cost-prohibitive.

Part 2 of 2  [0:00 - 1:36] Intro [1:37 - 4:10] What is a stock? What is an ETF?  [4:11 - 4:51] How much is an ETF? What is MER? [4:52 - 5:49] What is a mutual fund? [5:50 - 6:15] What are underlying holdings? [6:16 - 7:00] What is a portfolio?  [7:01 - 8:51] What is a globally diversified portfolio? What is asset allocation? [8:52 - 9:55] What stocks or ETFs should I buy?  [9:56 - 11:15] How much money should I be investing? What percentage of my income should I be investing? [11:16 - 11:57] Active investing vs. passive investing [11:58 - 12:49] What is passive investing? [12:50 - 13:39] What is couch potato investing? Model portfolios [13:40 - 15:29] How do I buy VGRO?  [15:30 - 16:29] What is a stock symbol? [16:30 - 16:44] Who is Vanguard? [16:45 - 18:12] Understanding the key statistics, words, and charts on any stock or ETF [18:13 - 19:26] Limit order vs market order [19:27 - 20:19] Buying in Canadian or American stocks and the price differences [20:20 - 21:26] Why is my stock price an estimate? What is a snap quote?  [21:27 - 21:59] Tyler buys his first ETF (VGRO) [22:00 - 22:44] What are ECN fees? [22:45 - 22:49] Tyler has a portfolio [22:50 - 24:31] Timing the market vs. time in the market (investing vs. active trading) [24:32 - 26:07] Lump sum investing vs. dollar-cost averaging [26:08 - 26:55] Tyler buys VXC  [26: 56 - 29:19] Do you believe an ETF will come back if it's down? Risk assessment when buying ETFs [29:20 - 29:44] Tyler buys VCN [29:45 - 30:18] Should I have more equities and stocks when I'm younger and more bonds when I'm older? [30:19 - 31:09] Tyler buys VAB to complete the Vanguard couch potato portfolio [31:10 - 32:49] What is a dividend stock?  [32:50 - 33:14] Tyler buys Sunlife stock [33:15 - 34:49] How are dividends paid out? What is DRIP? [34:50 - 36:59] Tyler buys Apple stock and discusses why you should invest in certain stocks. Apple is in USD - what you need to know. Commission fees.  [37:00 - 38:32] Investing is not a video game, it's your money. But it's easy. Don't feel intimidated.  [38:33 - 38:54] Tyler buys Enbridge [38:55 - 39:44] How stocks are sorted on Questrade and why you should research before you buy [39:45 - 40:59] Identifying meme stocks and how to manage your way around or through them.  [41:00 - 42:03] Tyler and Scarlett look at GME as a stock. Identifying a risky stock.  [42:04 - 43:36] Looking at Google stock. What is a stock split? [43:37 - 44:27] What to do after you invested? [44:28 - 53:29] RAPID FIRE QUESTIONS What's in your wallet? What's a book everyone should read? What was your first job and what did you learn from it? What is a commonly held belief about your industry or space that you passionately disagree with? If you had one tweet that everyone in the world would read, what would it say?  What's your number (to walk away from it all and live financially independent, never worry about money again?) What do you want to be known for when you die? [53:30 - 54:15] Outro               

Part 1 of 2 This is a Questrade Walkthrough for their sign-up process to answer any and all questions you encounter along the way. If you're scared to invest, we answer all your questions to settle your fears.  Senior content strategist, Tyler Wade sits down with Questrade's director of investment products, Scarlett Swain to walk you through getting an account with Questrade. He asks all the questions you may have about the sign-up and registration process so you can start investing and buying stocks and ETFs on QUestrade's brand new, built-from-the-ground-up platform released Monday, September 27th.     

Unless you have the cash to pay off your balance in your first mortgage term, you're likely part of the 36.3% of Canadian homeowners who carry a mortgage and must renew it at the end of their term. 1. Consider your financial goals 2. Start to shop around early 3. Ask for a better mortgage rate 4. Get a rate hold 5. Give yourself time to switch lenders You can compare rates at ratehub.ca Visit this blog: 5 mortgage renewal tips

Wil Reynolds (seerinteractive.com) turned down $50 million dollars to buy his company. Why he did it is one of the most valuable lessons of personal finance you will ever hear.    He had his number to walk away. He had the opportunity at life-changing money. He wrote  “My house is enough, my cars are enough, my kids' private school is enough, my vacation fund is enough. I've seen enough of the world. My rainy day fund is enough, my take my parents on vacation fund is enough, my buy a small house for my in-laws to move near their grandkids fund is enough. There is no more “Life-changing money” for me. I've lived a life well within my means, so what do I do when I'm content?    What would you do? Well, start by listening to this episode to get your ideas.    [0:00] Intro    [2:44] MONEY MISTAKE OR MAKEUP    [5:41] How did your childhood upbringing affect who you are today?    “I live in fear of getting used to more and more shit that separates me from most people's reality, you should too, that is how you start going from “if I could only have a million, to nah I need a billion)”   [7:42] On the struggle of teaching kids financial hardship   [9:39] On the value of mixed residential neighbourhoods   [11:25] How do you avoid the trap of nothing is ever enough?    [13:26] On the value of cars   [14:42] How do you find your number? How do you know how much you need to walk away from it all and retire comfortably?    [17:50] On the importance of getting to you your “why” of money. Why do you need money? What purpose does it serve you?    [18:55] What would you tell your younger self about money?    [21:46] On not levelling up your lifestyle (especially when you're a millionaire)   [23:46] On the urge to splurge after a long time of COVID restrictions   [26:31] How much do outsiders influence our money decisions?   [29:48] What was it like turning down $50 million dollars?   [34:50] How do your employees feel now?   [41:37] Why do you give so much without expecting anything in return? How is it so innate for you to give so much money?    [47:39] An example of how kindness solves anger   [49:04] Why perspective is fundamental   [50:59] RAPID FIRE QUESTIONS What's in your wallet?   A book everyone should read?  What was your first job and what did you learn from it? What is a commonly held belief about your industry or space that you passionately disagree with?  If you had one tweet that everyone in the world would read, what would it say?   What's your number (to walk away from it all and live financially independent, never worry about money again?)  If you had no obligations and no shortage of money, what would you spend your time doing?  What do you want to be known for when you die?    [1:06:18 - 1:07:12] Outro

Buying vs. Renting is an age-old debate. Our parents think it's a simple decision: Buy! Don't waste your money! It's a good investment! But that was 50 years ago when you could buy a house for a reasonable amount of money and pay it off.  Here's a link to our blog: https://www.ratehub.ca/blog/rent-vs-buy-canada/ House prices are surging, home affordability is extremely challenging.  We need to look at lifestyle factors Commute Access to culture and amenities Mobility & stability Family and friends Maintenance Costs We also have to look at financial factors  Renting is (generally) cheaper You can build equity in your home Retirement planning Then, let's look at the math Rent vs. buy calculator - https://lautorite.qc.ca/en/general-public/calculators-and-tools/calculators/buy-or-rent-a-residence/ But also, the 5% rule (we explain it in the show and on the blog) You're not wasting money if you rent. Having a roof over your head is a necessity.     

Bridget Casey talks about stagnant wages, gender pay gaps, wealth inequality, the immorality of billionaires, FIRE, Coast FIRE, and the importance of your first 100k (sixfigurestockportfolio.com and moneyaftergraduation.com) She's brutally honest, vulnerable, and puts the cash in the Kardashians. She's been featured in Time magazine, Forbes, Macleans, MoneySense, Globe and Mail, Yahoo Finance, BNN, CBC and of course, Ratehub.ca   Find her on Instagram and Twitter @bridgiecasey    [0:00 - 2:44] Introduction [2:45 - 4:46] MONEY MISTAKE OR MAKEUP [4:47 -  6:06] How should we think about money? How do we get to that ideal money mindset? What is the ideal mindset?    [6:07 - 12:00] What are ways you can earn more money?    [12:01 - 19:59] We often associate money with our self-worth, our identity, our jobs - this person makes more than me, so therefore they are better than me. How can we achieve a level of comfort in our money decisions? How can we disassociate money from our self-worth and be ok buying things? If we are what we value, how should we define value?   [20:00 -22:28] Why do men want to mansplain money to you? Women have a place in money and are allowed to take up space and share their expertise in this field.    [22:29 - 24:55] How do we close the gender pay gap? How do we close the gender wealth gap?   [24:56 - 26:44] What political policies would you like to see in place to help close the gender pay gap?    [26:45 -  39:44] LEVITY BREAK The Poverty line is set arbitrarily low by governments & economists to gaslight people who are struggling to survive into believing that they do not deserve social safety nets because they do not need them.  Please explain.    “What we think sustains our current economic system: Hard Work.  What actually sustains our current economic system: unpaid labour of women at home, white supremacy, the patriarchy, generational wealth, environmental destruction, failure to implement a fair tax system, and war.” Bridget, why did you post this? Give me the underlying message behind it all.    I don't get people like bezos. If I had a billion of dollars, I would impulsively start fixing shit. Homeless vets? I don't think so. Hungry children? Not on my watch. He could be Batman, what a waste. AND CNN's headline - World's largest tax avoider takes joyride to second place.  Can you provide some insights into why people are commenting in such a way?    If you bought a Tesla model S in 2012, your $77,000 car would be worth approximately $40,000 today. If you had invested the same $70,000 in Tesla stock, you would have over $7 million today. [39:45 - 40:30] What is FIRE?    [40:31 - 41:41] What is Coast FIRE?    [41:42 - 42:59] Have you hit Coast FIRE?    [43:00 - 44:59] Are you going to work until you're 65?    [45:00 - 45:50] What is the 4% rule?    [45:51 - 47:04] What is geographic arbitrage?    [47:05 - 51:09] On the value of your first $100,000   [51:10  - 54:11] What is the easiest way to your first $100,000?   [54:12 - 56:12] How do I start DIY investing?    [56:13 - 1:04:42] RAPID FIRE QUESTIONS What's in your wallet?   A book everyone should read?  What was your first job and what did you learn from it? What is a commonly held belief about your industry or space that you passionately disagree with?  If you had one tweet that everyone in the world would read, what would it say?   What's your number (to walk away from it all and live financially independent, never worry about money again?)  If you had no obligations and no shortage of money, what would you spend your time going?  What do you want to be known for when you die?    [1:04:43 - 1:05:32] Outro

Consider why you want to switch banks Assess your needs Open a new account Redirect automatic payments and deposits Begin using your new account Close your old account   Compare chequing accounts:https://www.ratehub.ca/chequing-accounts Compare savings accounts:  https://www.ratehub.ca/savings-accounts Here's the how-to switch banks checklist template and the bank account switch form: https://www.ratehub.ca/blog/how-to-switch-banks-in-canada/

Morgan Roberts is a multi-award-winning car and home insurance broker. She's been selling insurance for nearly ten years and was recently appointed the director of sales at Ratehub Inc.'s brand new brokerage - RH insurance (https://www.rhinsurance.ca).     [1:13 - 4:13] MONEY MISTAKE OR MAKEUP - Canadian tire returns, buying too many clothes, juice cleanse QUESTIONS [4:14 - 6:18] Why did you switch careers for insurance?   [6:19 - 7:08] What do you love about being an insurance broker?    [7:10 - 8:29] What's the top skillset for an insurance broker?   [8:30 - 10:04] What are the secrets to being a great broker?    [10:05 - 12:24] Why should Canadians care about insurance?   [12:25 - 13:33] Why aren't Canadians more hands-on with their insurance?   [13:34 - 15:15] A little bit about tenant's insurance   [15:16 - 16:44] How much contents insurance do I need?   [16:45 - 17:40] Comparing cell phones to insurance   [17:41 - 18:26] A car insurance mistake you might be making   [18:27 - 21:11] The one thing people forget to ask to get cheaper insurance   [21:12 - 22:06] What is telematics? What is sewer backup? What is overland water?    [22:07 - 29:21] Myths and misconceptions about car insurance Let's get into some truths and falsehoods about car insurance.    Will my insurance company find out about a ticket or car accident?  Do I need to ask if I can drive for Uber or deliver food?  Does my postal code impact my insurance rate?  Does how much you drive affect your insurance rate?  Do speeding tickets under 15km affect my insurance rate?  Do my car insurance rates go up after a claim?  Who determines fault in an accident?  Does car insurance follow the person or the car?  With usage-based insurance, will my rates go up for bad driving?    [29:22 - 32:39] What does the future look like for car insurance?    [32:40 - 38:24] What are some mistakes people make with their insurance?    [38:25 - 47:24] RAPID FIRE QUESTIONS   What's in your wallet?  A book everyone should read?   What was your first job and what did you learn from it? What is a commonly held belief about your industry or space that you passionately disagree with?   If you had one tweet that everyone in the world would read, what would it say?   What's your number (to walk away from it all and live financially independent, never worry about money again?)  What do you want to be known for when you die?   [47:25 - 48:18] Outro   

What is a balance transfer? How do balance transfers work? The role of balance transfer offers. Remember, balance transfer offers are only available for a limited time. New purchases on a balance transfer card are subject to a higher rate. So, Is a balance transfer worth it? How does a balance transfer affect your credit score? We wrap it up with what you should look for when choosing a balance transfer card. Find the best balance transfer credit cards here: https://www.ratehub.ca/credit-cards/balance-transfer

Lorne Marr (founder of https://www.lsminsurance.ca) is a life insurance expert with nearly 30 years of experience and earning a number of sales and service awards along the way, including one from the prestigious MoneySense Magazine. He founded LSM Insurance in 1998 and quickly grew it into one of Canada’s leading life insurance brokerages. He is also a Certified Financial Planner. Ratehub's director of insurance, Matt Hands, and I spoke with him about his entrepreneurial journey, life insurance myths and misconceptions, practicing gratitude, and MUD coffee.  For more information about life insurance visit https://www.ratehub.ca/insurance/life   [0:00 - 1:17] Intro [1:17 - 1:18] Money Mistake or Makeup - Lawncare, Tesla, and delegation [5:54 - 10:06] Why did you get into the life insurance industry? [10:07 - 14:15] What was it like launching LSM insurance? [14:16 - 16:20] Would you recommend becoming a life insurance broker as a career? [16:21 - 17:50] Did you have a lot of doubters when you were starting out saying you shouldn't be doing this? [17:51 - 19:36] What is Mud Coffee? [19:37 - 22:44] Lorne's morning routine [22:45 - 24:45] Life Insurance Myths and Misconceptions [24:50 - 25:50] Is term life more popular than whole life insurance?  [25:51 - 27:29] How much life insurance do you need? [27:30 - 29:20] When do you need life insurance? [29:21 - 30:41] Is life insurance income or asset protection? [30:42 - 32:16] Are Canadians underinsured with disability and critical illness insurance? [32:17 - 33:30] Should you use life insurance as an investment vehicle? [33:31 - 34:40] Should you max out TFSA and RRSP before using life insurance as a tax shelter? [34:41 - 37:00] CASE STUDY: a young couple, two kids, mortgage, average income - what kind of life insurance policy do they need? [37:01 - 38:20] Using life insurance stacking to ensure the best protection [38:21 - 41:10] Do life insurance brokers make money with permanent life insurance policies? [41:11 - 43:52] Do life insurance brokers still have a place in the tech-fuelled insurance era? [43:53 - 46:31] Why did you decide to sell LSM to HUB financial? [46:32 - 1:00:00] RAPID FIRE QUESTIONS  [1:00:01 - 1:00:56] OUTRO      

$1 million used to be enough money to set you up for life, but those days are long gone. In this Knowledge Bank episode, we take a look at the factors that’ll determine if you can afford the average mortgage on a 1 million dollar home. We cover what a million dollars looks like in today's economy and what your down payment needs to be. We go over why CMHC won't help you and discuss your debt service ratios - both gross debt service ratio and total debt service ratio (don't worry, they'll all make sense) and ultimately - whether or not you should max out your affordability.  Can you afford a million-dollar home? Let's find out.  You can find the blog here: https://www.ratehub.ca/blog/can-i-afford-a-million-dollar-home/

David Trahair has written several books on personal finance. He’s a speaker, a personal finance trainer, and a chartered account with over 18 years of experience handing out free knowledge and budgeting templates on his website (https://www.trahair.com). His most recent release is The Procrastinator’s Guide to Retirement - How to retire in 10 years or less.    A huge shift in how to save for retirement is to track your expenses as a percentage of your income. We ask him about that, his book, and much more.    [0:00 - 1:47] Intro    [1:48 - 8:36 ] Money mistake or makeup - Amazon returns, the importance of psychology in your spending   [8:37 - 14:03] What’s the inspiration for the book? Why is it important for Canadians? Are we falling behind due to rising costs?   [14:04 - 20:32] ] Why is tracking your spending so important for retirement? How do you make it a habit?     [19:04 - 31:00] RRSP vs. TFSA vs. Mortgage - which one do we pay into first? How do we evaluate where to spend our money?    [31:01  - 34:27] Do we need an emergency fund? Or can we just use a line of credit? Emergency fund vs. line of credit - what are your thoughts?   [34:28 - 36:14] A quick primer on predicting interest rates   [36:15 - 42:33] Why is a fee-only financial advisor  with a discount brokerage the investment style gaining in popularity?   [42:34 - 47:51] With ETFs, do we still need a financial advisor?    [47:52  - 53:51] How do we measure our stock performance? Is a robo-advisor enough?    [53:52 - 57:34] Should we still be investing in GICs?    [57:35 - 1:01:00] CPP and OAS aren’t enough to afford long-term care. Should we be taking more risky investments, cut spending, reduce expenses and cut our lives off to not live in squalor in retirement?    [1:01:01 - 1:06:48] RAPID FIRE QUESTIONS  What’s in your wallet?  A book everyone should read?  What was your first job and what did you learn from it? What is a commonly held belief about your industry or space that you passionately disagree with?   If you had one tweet that everyone in the world would read, what would it say?   What’s your number (to retire, how much you need?)  Where can people find you if they have more questions?    [1:06:49 - 1:07:39] OUTRO   

There's a rule of thumb to know how much you can afford. It's the 20/4/10 ratio – a standard set of 3 rules to help make your car-buying decisions easier. How much should you put down on a car? How long should you finance a car? And how much of your salary should go towards buying a car.  Read the blog for more: https://www.ratehub.ca/blog/how-much-car-can-you-afford/

Wealthsimple tax expert, Caroline Corbeil and Ratehub.ca's VP of finance and Operations, Jen Pollock, quickly answer your top tax questions to put you at ease and set you up to file your own taxes online. We promise it’s much easier than you think. We’re going to eliminate whatever fears you may have about filing income tax in Canada. For more info, visit https://www.ratehub.ca [0:00 - 1:24] INTRO    [1:25 - 4:30] Money mistakes special edition - Tax mistakes made by tax experts (and Tyler’s tax mistake)   [4:31 - 4:55] When are taxes due in Canada?   [4:56 - 5:17] Are due dates different if you’re self-employed.    [5:18 - 5:44] Can I file my own tax returns?   [5:45 - 5:55] How long does it take for me to file my own tax return?   [5:56 - 6:11] How long will it take CRA to process my return?   [6:12 - 6:49] What happens if I don’t file my tax return?   [6:50 - 7:29] How does the CRA know if I have income or owe taxes?   [7:30 - 7:50] If the CRA knows my information, does it automatically populate if I file my taxes online?   [7:51 - 8:52] How do I know how much taxes I have to pay? Is there an easy way to guess how much taxes I have to pay?    [8:53 - 9:33] How do marginal tax rates work? Is all my money taxed at a higher rate?    [9:34 - 11:57] Filing taxes in 2021 for the 2020 tax year are very different. What changes do we need to consider with working from home? What if you own or rent your home?   [11:58 - 13:01] What about people who were laid off? What about the people that applied for CERB? [13:02 - 14:27] Is there anything people should be thinking about if they’ve been self-employed this year? Like side hustles? Driving for Uber? How do I report self-employment income?   [14:28 - 15:33] What are standard tax credits? What can I claim? Medical expenses? Charitable deductions? How do those tax credits and deductions work?    [15:34 - 16:19] Are there any tax credits that aren’t well known? Anything new this year?   [16:20 - 17:01] Any other ways to reduce the taxes you owe? How do RRSP deductions work?    [17:02 - 18:14] Could I deduct household expenses in future years?   [18:15 - 18:51] What about provincial differences? Will I mess that up?    [18:52 - 19:26] Are there changes to the capital gains tax? Can you tell us what capital gains tax is and how it works?   [19:27 - 19:59] WIll capital gains tax change? Will they increase taxes on principal residences?    [20:00 - 22:14] What about if I rent out my basement? What are the tax implications of renting out my basement to a tenant?   [22:15 - 22:26] What about if I Airbnb my apartment?    [22:27 - 23:59] Can married couples file taxes separately in Canada? Can we share deductions and tax credits?    [24:00 - 29:06] Rapid Fire Questions - What’s in your wallet? A book everyone should read? What was your first job and what did you learn from it? What is a commonly held belief about your industry you passionately disagree with? If you had one tweet that everyone in the world would read, what would it say? What’s your number to retire? Where can people find you if they have more questions?    [29:07-29:58] OUTRO

Senior content Strategist, Hyder Owainati walks us through 8 things to consider when deciding to pay back debt or invest. You can read his full blog with more details here: https://www.ratehub.ca/blog/pay-off-debt-or-invest-what-you-need-to-consider/ 1. Have some kind of emergency fund 2. Understand the difference between good and bad debt 3. The critical role of interest rates 4. Investment approach and risk tolerance 5. The size of the debt 6. Your relationship with debt 7. Investing for retirement always has a place 8. Have a plan either way    

We Interview Octavia Ramirez, founder of Paper & Coin (https://www.paperandcoin.com/) – a financial coaching business that uses certified financial planners to help define how millennials view wealth and manage their money towards their goals. On the show, we talk to her about wealth and how we as millennials and gen-zers need to redefine what wealth means to us.    [0:30 - 2:25] INTRO - How do you define wealth? Do we need to buy a house or is wealth better defined by our flexibility and freedom to live the lives we want?    [2:26 - 8:36]  MONEY MISTAKE OR MAKEUP - Maxing out TFSA, Not DIY investing, Uber Eats   [8:37 - 15:14] What inspired you to start a financial coaching business that’s uniquely targeted to millennials?    [15:15 - 19:19] You’re part of Highline beta’s newest cohort of startups. What’s it like taking your bootstrapped business to getting seed funding?   [19:20  - 27:59] What are your key priorities now that you’re seeking external funding? Can you give us a hint about what Paper & Coin is going to do in the future? How budgeting apps fail us. How personal finance needs to better align with personal fitness. Finding your tribe.    [28:00 - 32:22] How Paper & Coin is flipping the script on financial coaching, planning, and what millennials really need to build their wealth.  A story of the Paper & Coin magazine being stocked in the fashion section, not on the finance shelf. Why don’t we talk about money?    [32:23 - 39:29] How is Paper & Coin changing the way millennials think about wealth? Octavia wants a California ranch and a bunch of horses.  #1 - A clear vision for your life.  #2 - What does wealth mean for you? Challenge yourself to define your wealth.  #3 - Staying focused on your goals and future plans   [39:30 - 43:15In your conversations with millennials - what conversations and conflicts are millenials having with their parents? If someone gives you money, they have permission to tell you what to do.  [43:16 - 50:09] The reason our parents want us to buy a house is financial stability. But is that the life we want to lead? Is FIRE at the forefront of redefining wealth? Does this new definition of wealth hurt new Canadians? Or Canadians living on the fringes? Is there a difference between people that inherit wealth and those who don’t? Will the inheritors destroy their wealth if they don’t adopt a new lifestyle?   [50:10 -54:37]  So is education about finances at the core of defining your path to wealth? What do you recommend to clients when you ask about safeguarding their wealth?    [54:38-  1:02:41] RAPID FIRE QUESTIONS Tyler: What’s in your wallet?  Aashti: A book everyone should read?  Tyler: What was your first job and what did you learn from it? Aashti: What is a commonly held belief about your industry or space that you passionately disagree with?  Tyler: If you had one tweet that everyone in the world would read, what would it say?   Aashti: What’s your number (to retire, how much you need?)  Tyler: Where can people find you if they have more questions?    [1:02:42 - 1:03:34] OUTRO

Do you really understand home insurance and what it covers? Here's a quick few insider tips, including: Do you need home insurance? Is your stuff protected...and for how much? The $30,000 potential claim for which you probably don't have coverage. And finally, if your stuff is damaged, what's the payout? Are you paying the best price for home insurance? Compare quotes at https://www.ratehub.ca/insurance/best-home-insurance-quote  

Growing up, what were the conversations you had around the dinner table?  Was it the day’s events - school, jobs, fun activities? What about money? Discussing money can teach our kids about finance and managing a budget.  What about a new Canadian? What do their conversations sound like and what can we learn from their unique perspective?  We invited money coach Liz Enriquez from Ambitious Adulting (https://www.ambitiousadulting.com/) to talk about her learnings being raised in Canada. It’s packed with valuable advice for newcomers and long-standing Canadians alike.  This show is guest hosted by Aashti Vijh [0:00 - 0:36] Intro [0:37 - 2:55] Opening monologue [2:56 - 3:34] Introducing Liz and Aashti [3:35 - 8:58] Money mistake or makeup QUESTIONS [8:58 - 11:52] How did immigrating impact your family’s approach to personal finance?  [11:53 - 14:19] What sort of dinner table conversations did you typically have with your family about money?  [14:20 - 17:39] What financial literacy lessons did you learn from your parents, and have you integrated any of these lessons into your approach to financial coaching?  [17:40 - 19:39] Are there any elements of your parents’ approach to personal finance that you’ve had to unlearn since becoming financially independent?  [19:40 - 20:54] What is your debt strategy now with a mortgage and a new baby on the way? [20:55 - 23:59] What are the top money lessons you share with your clients today? [24:00 - 26:25] What are some of the most common questions you get in your money courses? Especially with investing? [26:26 - 30:44] Where would you recommend young people turn to for advice? [30:45 - 43:24] Rapid Fire Questions What’s in your wallet?  A book everyone should read?  What was your first job and what did you learn from it? What is a commonly held belief about your industry or space that you passionately disagree with?  If you had one tweet that everyone in the world would read, what would it say?   What’s your number (to retire, how much you need?)  Where can people find you if they have more questions? And tell me about ambitious parenting, too!   [43:25 - 44:16] Outro

Scouring the internet for the best mortgage rate you can find? There are some to-do's on your end first.  Improve your credit score Keep track of your finances (especially if you're an entrepreneur, freelancer, or contract worker) Save for a larger downpayment For more details, enjoy Mortgage Content Specialist Tim Bennett breaking down these 3 tips on the show.  

Want to raise money-smart kids? It starts by knowing how to financially plan for a baby. MoneySense Editor-in-chief, Sandra Martin, VP of Product at Ratehub.ca, Scott Affleck and I sit down with Lisa Van De Geyn to discuss. We interview Lisa, author of the book “Babies: how to afford your bundle of joy” – a detailed resource preparing parents for the financial whirlwind that is child rearing – about how to save and what to avoid. A casual chat loaded with great tips about parental leave, child care, government benefits, and ways to reduce expenses.     [0:00 - 036] intro   [0:37 - 4:57] Money mistakes - Not using extra money for investments, Buying nespresso extras, obsessively checking investments, black friday shopping.    [4:58 - 6:42] Why is this book important? What don't parents understand about money?    [6:43 - 9:40] if you budget, you’re ahead of other parents. Lisa admits her mistakes. Everyone thinks about diapers, but there are so many other variables. And a lot of stuff you don’t need.  Maybe you want a diaper genie, though.    [9:41 - 10:47] What is a commonly held belief that parents always get wrong?    [11:50 - 14:24] How would you do things differently if you were to start over? Buy used. Do more research on strollers (don’t buy super expensive). Budget. Plan for the unexpected.    [14:25 - 17:48] What are some ways parents can save money? Childcare, daycare, and nanny share. Plan early.  Child   [17:49 - 20:59] Tax considerations - Should you go back to work after maternity leave?   [21:00 - 22:35] How do parents save money as kids get into school? Support structures.    [22:36 - 25:34] When do you start planning for an RESP? Should we expect kids to pay their own tuition?    [25:35 - 27:14] When should I start teaching kids about money? How do I teach kids about money?    [27:15 - 30:38] What about allowances? Should kids get an allowance?    [30:39 - 39:18] Rapid Fire Questions - What’s in your wallet? A story about the tooth fairy. What’s a book everyone should read? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. What’s your number - to live independently wealthy and life on your own terms?  What’s next for you? How can people get in touch with you?    [39:19 - 40:00] Outro  

Want to know how to negotiate your salary? Negotiating salary on a job offer and negotiating a raise. How about negotiating a new and used car? How about the price on a house? We ask Negotiations Expert, Mark Raffan (https://www.negotiations.ninja/) about the preparation, the process, and how to know when to walk away and the best places to practice negotiation skills.  If you're not negotiating, you can be losing hundreds of thousands of dollars of your lifetime. Here's how to do it and not be awkward about it. 

A quick 6 minutes on how to start investing for beginners. Don't worry, you don't need to know about the stock market, what the S&P500 does, or what a dividend is. This podcast is about how simple it is today and why it's far better than leaving your money in a high interest savings account.  Read more here: https://www.ratehub.ca/blog/how-to-start-investing/

Candace Sampson manages the website, podcast, and radio show “What She Said”  (https://www.whatshesaidtalk.com/) which aims to inspire and uplift women by giving them a voice in pursuing their professional and personal goals.    We talk about being an entrepreneur in these trying times, buying a business, and managing her money. Loaded with great tips and how to overcome your fears as you launch into a new career. We talk about how to know your worth, when to ask for help, and how to find your mentors.    [0:00 - 1:42] Intro   [1:43 - 4:55] Money Mistake - Home Depot time suck, The lightbulb conundrum, a subscription hack for free trials   [4:56 - 8:05] Who is Candace Sampson? What she does and why she does it.    [8:06 - 9:35] Why did you switch careers? Did you hate your job or see an opportunity? Did you plan the jump or just leap?    [9:36 - 11:41] How can people know when the right time to move on is from their current job?    [11:42 - 15:11] Did you build up a cash buffer before you quit? Did you also have an emergency fund?   [15:12 - 17:37] Could I not just move somewhere cheaper to run my own business? Especially with remote work?   [17:38 - 18:53] Do kids influence your decisions around entrepreneurship?   [18:54 - 20:52] How much “stuff” did you need to buy to kick off your business? What sort of investment goes into your success?    [20:53 - 23:21] What are things entrepreneurs forget to budget for? How do you manage fluctuations of money without a steady paycheque?   [23:22 - 24:55] Did you forget to budget for anything? Any surprise expenses that came up?    [24:56 - 26:32] Does every entrepreneur need social media to survive through the changing environment?    [26:33 - 28:06] How do you properly compensate yourself? How do you decide what’s fair? How do you know your worth? How do you determine your value?    [28:07 - 29:46]  Is price negotiation a constant battle? How do you overcome people doubting your pricing?  [29:47 - 35:22] How do you find a mentor? Who do you turn to for advice and help?    [35:23 - 39:09] Rapid Fire Questions: What’s in your wallet? What’s a book everyone should read?  What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. What’s your “number” - to live independently wealthy and life on your own terms?  What’s next for you? How can people get in touch with you?    [39:10 - 40:02] Thank you and Outro

Content strategist, Tim Bennett, takes us through what a credit score is and why it's important. To improve your score pay your bills on time, stay below your credit limit or within your credit utilization ratio, and keep credit applications to a minimum. Listen for the details.  You can read more at https://www.ratehub.ca/credit-score/how-to-improve-credit-score

By some estimates, about 40% of marriages end in divorce. Money is often the root cause of the problem. Wallace M. Howick, FCA.,  joins us to discuss his book, “Love & Money” – a workbook for anyone in love - whether you’ve just started dating or you’ve been married for 15 years already.    [0:00 - 0:35] INTRODUCTIONS   [2:40 - 5:47] MONEY MISTAKE  - Argue credit card charges | Email founders |Battle cell phone companies   [5:48 - 9:13] Why are there so many money problems? In your book, we follow Mark and Michelle, they want to start budgeting, you make it clear that’s wrong. Why? Where should we start?    [9:14 -  12:45] Walter, in your book you talk about the 4C’s: communication, choices, compromises, and constructing the plan. The book kicks off with a quote from the Dalai Lama - “Mutual respect is the foundation of genuine harmony.” Tell me why communication may be the most valuable piece of advice and why we have to begin with communication?    [12:46 - 14:09] Once you figure out values, is that when you talk about budgets? The 4 questions that will build your financial plan together.    [14:10 -15:37]  After defining what’s important to me and my partner, then I have a budget, right?   [15:38 - 17:17] Tyler and his partner are open and share everything. Lisa is independent with her partner. So, are we compromising on everything?    [17:18 - 21:59] Lisa tells her story of buying a Chanel purse, but uses insurance to buy it again. Wants vs. needs - downtown vs. suburbs - how do you bring up and solve difficult money conversations?    [22:00 -  27:24] I share everything with my wife - one bank account, one credit card, our finances are mostly about simplicity. Most of my friends who are in relationships have their money separate - they share expenses, but have their own accounts. Should we have shared accounts or separate bank accounts? How do you know what’s right for you?    [27:25 - 29:13] Is there a safe way to discuss pre-nups?    [29:14 - 32:11] Lisa tells a story about her friend and pre--nups.    [32:12 - 39:40] Weddings are expensive. When my wife and I got married there were a lot of must-do’s including guest list, open bar, I DJ’d my own wedding to save money. But, it’s hard putting boundaries on parents or in laws. Looking back, my wife and I have said we could have done a wedding with a fifth the list and been just as happy. Weddings didn’t use to be these lavish affairs - what happened? How does a couple afford a wedding?  [39:41 - 48:31] Five financial arguments between couples and how to solve them “I spent $2,000 on a purse, but it is an investment.” “I need access to your accounts.” “My partner doesn’t know about my secret credit card.” “We should split everything 50-50, even though I make 30% more.” “Before we move in together, you have to get rid of all your debt.”   [48:32 - 54:19] RAPID FIRE QUESTIONS - What’s in your wallet? What’s a book everyone should read? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. What’s your number - to live independently wealthy and life on your own terms? What’s next for you? How can people get in touch with you?  [54:20 - 55:14] OUTRO

[0:00 - 2:31] Intro  - Andrew Larsen – https://www.andrewlarsen.ca – is a multi award winning children’s author. He’s written 16 children’s books and we ask him how he makes money doing it. It’s a history of writing his first book to how he continues to do it as a full time job. If you’ve ever thought about writing a children’s book, and make money doing it, this is a must listen.    [2:32  - 4:45] Money Mistake - Get regular checkups on your home mechanical systems. Don’t get sucked in to flashy ads - if it’s too good to be true, it probably is.    [4:46 - 6:14] How did you become an author? What’s the Andrew Larsen Story?   [6:15 - 6:46] Your first book is Bella and the Bunny - tell me about it.    [6:47 - 7:37] With a history in the food industry, how did you land on becoming an author?   [7:38 - 8:40] Is being an author a side gig or is it for real? Are you going to be rich writing a children’s book?    [8:41 - 8:59] Are you still side hustling at weddings and catering events?    [9:00 - 10:44] What is the process of writing? Did you contact a publisher? How do we go from a screen to a finished submitted manuscript?    [10:45 - 11:46] Why was this one story the one you choose to submit?   [11:47 - 16:22] Is there money in writing a children’s book? Do you find the illustrators? Tell me about getting your first book published and what it meant for you and your family and your financial situation.    [16:23 - 16:44] How many children’s books have you written? How many kids books do you write a year?   [16:45 - 17:20] Do you have an agent in the publishing industry?    [17:21 - 18:01] Is a children’s book a couple hundred words? How long should a children’s book be?    [18:02 - 19:21] Why is it so hard to write a children’s book? What are the keys to a good children’s book?   [19:22 - 20:09] Your first book gets published - are you rich and famous as a children’s author? How do you promote your children’s book?    [20:10 - 21:31] What other income streams are available for children’s authors?   [21:32 - 23:38]When did you feel you had hit success and being a children’s book author was for the rest of your life?   [23:39 - 24:34] How do you keep writing children’s books when your children grow up?    [24:35 - 28:07] It’s expensive to live in Toronto. How do you manage your finances with an inconsistent paycheque? Are there grants available to children’s authors? Do you have to publish a children’s book before you can apply for grants?   [28:08 - 29:35] Writing is a job you can do from anywhere, so it’s very appealing to many, especially in the Financial Independence, Retire Early movement. What would you say to them about writing a children’s book? Are there multiple revenue sources?   [29:36 - 32:22] The Wealthy Barber is about investing early. Are you taking excess money to invest in the market?    [32:23 - 34:57] How should someone start writing a children’s story? What’s the key to success? A good editor? A friendly publisher?    [34:58 - 37:39] What is your process from beginning to end? How do you generate your ideas? How many drafts do you write? Do you work with writer groups? Share with friends for feedback? Do you work with an agent? Do you work with different publishers?    [37:40 - 38:43] Do you still get rejections?    [38:44 - 40:34] How much can a children’s author expect to make in Canada? How long did it take you to make enough money to feel comfortable? Do you need another job?   [40:35 - 42:10] What do you say to the new moms, or the people that hate their jobs, or people that want to start writing a children’s book to earn a living?    [42:20 - 53:09] Rapid fire questions - What’s in your wallet? What’s a book everyone should read? Where do you spend most of your money each week? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. What’s your number - to live independently wealthy and life on your own terms? What’s next for you? How can people get in touch with you?    [53:09 - 58:50] The Knowledge Bank - How (and why) you should start investing https://www.ratehub.ca/blog/how-to-start-investing/   [58:50 - 59:41] Outro

After years in the finance and loyalty industry, including AirMiles, Suzanne Tyson wondered why so many unused points weren’t used to help pay for higher education? Enter HigherEdPoints - a company she founded and runs to do exactly that. Her site helps students figure out how to pay for school and lobbies with the government to find new solutions. She’s a mom, a self-proclaimed silverpreneur, and we’re so happy to have her on the show today, welcome Suzanne.    [0:00 - 1:33] intro    [1:34 - 4:08] MONEY MISTAKE/MAKEUP: TIny home kitchen, checking your chequing, and using cash [4:09 -  5:34] INTERVIEW - The average Canadian student now graduates with $27,000 in debt. I hear stories of when my parents attended post-secondary where a summer job could cover tuition and some of their living expenses. So what changed? What are some of the costs and/or fees driving up the bill for post-secondary education? Is it tuition? Why is it so difficult to pay for now?    [5:35 - 6:56] What’s driven the change in tuition costs, it must be more than inflation. Or was it all the other costs?   [6:57 - 9:42] What are your top 3 tips to help students manage their finances?   [9:43 - 12:28] How do students help pay those costs? There are government support programs like student loans and RESPs, as well as scholarships, right? Seems like there’s lots of money out there, no? How can students pay for school? https://www.higheredpoints.com/2020/08/13/5-financial-to-dos-before-back-to-school/ https://www.scholarshipscanada.com/   [12:29 - 13:45] You should stay on top of your finances, have conversations with roommates, right?   [13:46 - 15:19] Parents should take cues from students to manage their finances. People need to spend the time to budget and manage cash flow.    [15:20 - 16:07] How did you devise a plan for each one of your children to manage their finances differently?   [16:08 - 18:33] Something you’ve identified is this concept called the ‘middle 60’. For those out there who haven’t heard about this ‘middle 60’ could you give a bit of an overview of who they are since and how can programs like Higher Ed Points support them?    [18:34 - 20:43] Do you think the awards that only go to the top 10-20% of students should be changed to be more accessible?   [20:44 - 22:30] The COVID pandemic has changed almost every element of our lives. The government launched the CESB, Canada Student Service Grant, CSSB. These have gotta help, right?   [22:31 - 25:26] How else can the current scholarship model improve? If I were a large corporation or institution setting up a new scholarship program, how should I design that program? Shelley Clayton University of New Brunswick - https://www.unb.ca/fredericton/studentservices/financial-aid/contact.html   [25:27 - 26:29] Should we seek more from corporations to help fund education? Is there not a conflict of interest?   [26:30 - 29:04] Should we look to institutions or the government? Should tuition be free? What do you think the future of higher education should look like for Canada?    [29:05 - 30:22] Any hot tips to repay those student loans after graduation?    [30:23 - Rapid Fire Questions  - What’s in your wallet? What book do you think everyone should read? https://www.amazon.ca/Why-Your-Writing-Sucks-Business-ebook/dp/B015JLXR2C Where do you spend most of your money each week? If you had a giant billboard on the side of the highway, what would it say? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. Should people take gap years? What’s your number - to live independently wealthy and life on your own terms? What’s next for you? How can people get in touch with you? https://www.higheredpoints.com   [41:07 - 44:36] The Knowledge Bank - Insurance for university students is cheaper than you think - https://www.ratehub.ca/blog/tenant-insurance-university-students/   [44:37 - 45:29] Outro  

Guest host Jon Vasallo, Sales Director at Ratehub.ca and general manager of MoneySense magazine interviews Alan Mallory.  Alan is a performance coach, international speaker, including TedX, and published author of the book, “The family that conquered Everest”.  In 2008, Alan, with his brother, sister, and father went on an expedition to the top of the world’s highest peak. They became the first family of four to set foot on the summit. A 2 month emotion-filled terrifying experience across ladders spanning bottomless crevasses, near death experiences, unparalleled physical and mental challenges.  [0:00 - 1:25] Intro [1:26 - 4:30] Money mistakes [4:31 - 6:09] How did your dad convince you to climb Everest? [6:10 -  7:39] How do you go about accomplishing goals? [7:40 -  10:07] How did you turn the decision to climb Everest into preparation and planning?  [10:08 - 12:59] Climbing Everest cost you $160,000 - how did you finance the trip? [13:00 - 14:45] Is there any special insurance that would cover someone climbing Everest? [14:46 - 16:54] Once you got to the top, can you describe the feeling at the top of Everest? [16:55 - 18:48] Everyone has their own Everest to overcome. What parallels would you draw between Everest and personal finance (e.g. retirement) [18:49 - 21:34] What are some of the key lessons during and post climb? Was it worth the investment? [21:35 -  26:14] How do you overcome the challenges of starting? How do you set a goal to accomplish the challenges you face? [26:15 - 27:37] There’s an emotional return on your investment. Did you ever think about how you could make money from the climb?  [27:38 - 31:29] You’ve turned climbing Everest into a career. Can you talk about that transition? What was the decision to monetize the experience? Take us to where you are now.  [31:30 - 33:25] Any takeaways for our listeners to leverage learnings to carry with them as it relates to personal finance.  [33:26 - 40:19]  Rapid Fire questions - What’s in your wallet? What book do you think everyone should read? Where do you spend most of your money each week? If you had one tweet, what would it say? What is one of the best or most worthwhile investments you’ve ever made? (Could be an investment of money, time, energy, etc.) What’s your number - to live independently wealthy and life on your own terms? How can people get in touch with you? What’s the title of the book? [40:20 - 45:12] The Knowledge bank - What is a balance transfer and what are the advantages?  https://www.ratehub.ca/blog/best-balance-transfer-credit-cards-in-canada-2/ [45:13 - 46:04] Outro  

Canadian Couch Potato investor, Dan Bortolotti returns with guest host and CO-CEO of Ratehub.ca, Alyssa Furtado. We tend to overcomplicate investing. This podcast gives you simple advice on investment planning, not being a market timer, the best time to invest for non-investors, and removing emotions from investing and learning to invest on your own.  Do you invest in a pandemic? Should you withdraw all your money? There's a ton of great advice in this podcast and worth a listen to anyone that is worried about the markets and their own investments.  At the end, we give you things you might not know about home insurance.  Enjoy!

David started investing in 1996 at age 18 and enjoyed early success thanks to tech market giants and the internet. After growing his portfolio to $10,000 (a lot of cash for an 18 year old), he was hooked, but not playing with enough cash, so he borrowed to invest more. At 25, he was working as a mutual funds analyst, after receiving his MBA from Rotman at The University of Toronto, and about to get his chartered financial analyst designation, he told his parents he needed to file for bankruptcy.    Now he is the CEO of Kindwealth, a fee-only financial planning service. No sales commissions, no contracts, and fair flat fees. He’s been featured on BNN Bloomberg, Financial Post, The Globe & Mail, and MoneySense to name a few. The best advice for me, comes from people with experience. David has seen the highs and lows of personal finance, so we reached out to hear his story, what it's like filing bankruptcy, and what his company Kind Wealth is all about.  At the end we wrap up with the question - Do you need life insurance? Get life insurance quotes at Ratehub.ca

Our guest on the show today is Eric Dolansky. Eric received his PhD and MBA from the Richard Ivey Business School at Western University. He’s now a professor at the Goodman school of Business at Brock University. His main area of research is in studying pricing and price perception, consumer estimations of value, consumer behaviour and behavioural economics.  We asked him why we hoard toilet paper, why Pusateri's can charge $30 for a container of lysol wipes, and why we'll pay the price.  We ask what effects COVID-19 is having and will have on consumer behaviour going forward. Will we online grocery shop forever?  How do companies price products? We do a case study on the UP Express debacle in Toronto.  Perceptions change our behaviours which changes our expectations. Food tastes better if we spend more money on it. 

This podcast is brought to you by EQ Bank and the EQ Bank Savings Plus Account.    [0:00 - 1:17] Intro   [1:18 -  2:55] Opening monologue    David Chilton’s book, “The Wealthy Barber,” tells us that if a barber can be wealthy, given how much they make, anyone can. The rules are simple. Live below your means, learn how to save, start an emergency fund, and as early as you can, pay yourself first - 10% of your earnings should go to investing. It doesn’t have to be complicated, these days you can use a robo advisor like Wealthsimple, Questwealth, or JustWealth, and let the algorithm do most of the work for you.     You need to pay off any credit card debt, diversify your investments, and as we age, we should set up wills, get life insurance for our dependents, pay off your mortgage in your 50’s, and have 8x your salary saved by your 60’s. If you want a plan, ask the wealthy barber, read his book, it's a classic of personal finance. We decided the idea of a wealthy barber is one worth exploring.    So, we reached out to Shawnnn, owner of the Pretty Rugged Hair Co and Dee, a stylist at Educo Salon to ask them about money and gain insights from their two unique perspectives. We talk about the industry, building a business, and earning clients.    What shines through to me though, is how universal the learnings are. How we can apply what they say to our own lives. Life is a journey, happiness - a never ending pursuit.  We must chase our dreams, and if we do, the money will come. If we’re happy in our work, if we’re passionate about what we do, then we figure out how to live our lives according to the money we earn. That’s real wealth, and this is Real Money Talk.    [2:56  - 7:23] Introductions and Money Mistakes - Overspending at the barbershop, Buying the wrong cape, Too late vintage coat, Not buying childhood fun   [7:24 - 9:03] Shawnn - How did you arrive at being a barber and hairdresser? What was the path to get here?  [9:04 - 12:Dee - What’s your story?And Who is Vidal Sasoon?    [12:45 - 13:06] Shawnn and Dee are engaged - Hair brings the romance out in all of us. A   [13:07 - 16:06] Tell me about Hair School. That’s a dedicated decision. Is there a certification for hair cutting? Can you not walk into a salon and start cutting hair? Shawnn was only able to attend school with the help of government programs because of how expensive it is.    [16:07 - 17:54] Shawnn - it’s like trades, you have to work on the job.    [17:55 - 19:11] What does your day look like at a barber shop or salon, Shawnn? Why did Shawnn leave the salon shop?   [19:12 - 19:59] But now it’s different owning a barbershop. Manage expenses like rent. How do you do it as an entrepreneur?   [20:00 - 21:54] Dee’s day in a salon is very different from Shawnn’s. Much busier, many technical roles. Balayage specialist. Colorist. Assistants. Front desk. Highlights. Blow outs. Cuts. Wash-outs. Bridal. Extensions.    [21:55 - 27:04] How much money does a barber make? How much does a stylist make? Do you pay for chairs like rent? What are the general costs of being a hairdresser or barber? Scissors are more than $20. Dee works on commission, but there are different situations. Start with a base salary, likely hourly. You need social media to succeed long term.    [27:05 - 27:51] Shawnn - How’s your social media game? What are your water bills like? Real investment is your time.    [27:52 - 28:49] Dee - It takes 4 years to build a client base.    [28:50 - 29:33] Shawnn, did you bring your clients over? People want to use what’s easy.    [29:34 - 32:08]  Touch on some of the tools. If you’re a brand new barber, what tools do you use? How much does it cost? Shears are $450-$2,000, plus sharpening. But you don’t want’em super sharp.    [32:09 -  33:39] Dee - You have to keep educating yourself, invest in yourself.    [33:40 - 36:21] With all these costs, how important is tipping? How much should people be tipping? How does a stylist get paid?  Some stylists make less than minimum wage.    [36:22 - 37:05] Are there common misconceptions about being a stylist? What should a client know?  Dee gets asked a lot if it’s a part time job or still in school.    [37:06 - 38:39] Do you want to have a conversation with the guest?  Shawnn leaves it to the individual. But no politics or religion.    [38:40 - 40:09] Dee is a chatterbox. Clients are like family. Dee’s sister wants her hair cut by Shawnn.    [40:10 -   48:03] Rapid fire questions -What’s in your wallet? Favourite book you think everyone should read, Favourite movie, What are you binge watching? Biggest mistake a new barber will make? Best piece of advice you’ve received, and If you could have a billboard on the side of the Trans Canada Highway - what would you want it to tell the world?   [48:04 - 40:46] Financial tip of the week. Should I save for retirement in a TFSA or an RRSP?   [50:47 -  51:58] Outro  

For those of us who thought ski jumping was the wildest sport at the 2002 Winter Olympics in Salt Lake City, Utah, there was a surprise that had all us viewers on the edge of our seats.    Skeleton was on the official lineup, for the first time since 1948.    If you’ve never seen it before, skeleton involves plunging head-first down a steep, twisty ice track, atop a sled that’s barely more substantial than a cafeteria tray.   2002 was also the year Jon Montgomery discovered the sport of skeleton. In his early 20s at the time, the Manitoba-born Montgomery was visiting Calgary with his parents, saw a skeleton competition at Canada Olympic Park, and fell so deeply in love that he began competing himself, almost immediately. And eight years later, representing Canada on our Olympic skeleton team, he won gold, bringing awareness of this formerly little-known sport to an entire nation.    While Montgomery may have discovered his Olympic sport relatively late in life, sport is in his soul—and nearly two decades later, both he and his wife Darla Deschamps-Montgomery, a fellow skeleton racer, volunteer generously for sports-focussed charities including KidsSport and Right to Play, an international organization that works to provide opportunities for all kids to participate in sport and creative play.     Montgomery believes in pushing himself outside his comfort zone, an attribute that’s helped him succeed in widely diverse endeavours. This is his eighth year as host of The Amazing Race Canada, a role that won him a Canadian Screen Award in 2016. He’s also co-hosted The Junos with the iconic Canadian performer Jann Arden. He’s a father of two, an automotive auctioneer—and that’s not even the complete list.   Montgomery took time out of his busy schedule to speak with the Real Money Talk Podcast about his thoughts on what it takes to make it as an Olympian, how to overcome the financial hurdles, and staying motivated in life.   This Ratehub.ca podcast is brought to you by EQ Bank and the EQ Bank savings plus account   [0:00 - 3:12] Intro   [3:13 - 7:19] Money Mistakes - Apple computer repair, skating lessons, getting scammed and gouged   [7:20 - 9:06] The Jon Montgomery Story - Were you always interested in pursuing Olympics? His start as an auctioneer and in car sales and wanting to represent Canada on the world stage. You need passion.    [9:07 - 11:10] I thought it was a luge accident. I wanted to represent Canada. I saw Theo Fleury win a gold. Berating the French judge for collusion. TSN Turning Point.    [11:11 - 12:43] Are you a speed demon at heart? I wanted to try something hair brained and bananas. I went Sky Diving. I was seeking out challenges. I approached fear, pushed past it, and came to terms with it.    [12:44 - 14:39] If you fear something, you should move towards it. Yes, absolutely - wife, college, university, olympics - all were cause for pause. Overcoming inertia is incredibly difficult. To keep it moving is much easier. Gotta take the first steps. The experience in the world today, means we have to do it now, because it takes so much effort.    [14:40 - 19:10] You need money to pursue dreams. How did you fund your training and make ends meet? How did you survive? What would you tell future Olympians about funding? I’m lucky and privileged. My parents gave me a beat up car and saved for my education. I didn’t have the burden of student loans. My parents championed going to school. I wasn’t going to get a free ride. Take the risk of bestowing an education upon yourself. I had a trade that allowed me to find opportunities in sport. A bank will give you credit with an education.    [19:11 - 22:11] Debt isn’t bad, you need it to build credit. With kids of your own, will you pay for their education? You have to think about it now with RESPs. If you help people, you will get what you want. I never sold a car, I solved transportation problems. Hopefully there are scholarships. Our kids will be average and normal. Expecting otherwise is wishful thinking.    [23:12 - 26:22] What if your kids wanted to pursue the Olympics? What advice would you give about funding for Canadian Athletes? I’m opportunistic. Do it because you love it. Work towards it. Don’t do it for the glory, but because you love it. There are multiple rewards. Know your with, trying it and you’ll learn. Attitude shapes our lives. Perspective is everything. Attitude will determine success.    [26:23 - 27:09] Tyler’s friend is training his son to throw left handed to make the MLB. Let your kid have fun.    [27:10 - 31:45] Your attitude is always on display. Talk to us about your charitable initiatives Kidsport and RightToPlay. Being a part of something bigger than yourself is important. If you want to go fast, go alone. If you want to go far, go together. I failed to qualify for the 2014 Olympics. Sport is a right. Playing is a right. We need to be celebrated individually. That can happen in sports. Your place in society is created in structured organized sport.    [31:46 - 33:49] Sandra’s kid is able to take drama much better because of sport. School drama goes away because of being on a team. Perspective is everything. Sport is an outlet to realize life is multi faceted. It’s easier to not internalize the bad.    [33:50 - 37:39] Do you think all your experiences have helped you in your life now? Retrospectively, when you look back at everything is where you gain insights, that’s where the lessons are found. Martina and Phil from season 6 of Amazing Race Canada - out of their comfort zone - watching someone overcome adversity, you understand it much better. I revere people who push through the struggle.    [37:40 - 47:49] RAPID FIRE QUESTIONS  - What’s in your wallet? What’s your favourite book? Favourite sport to watch, play and - do you still skeleton? What are you binge watching right now? Have you seen Free Solo? What’s the biggest mistake a future Olympian can make? What does your billboard say?   [47:50 -  50:32] Financial tip for the week - You need to build an emergency fund. Here’s how.    [50:33 - 51:44] Outro

Whether or not you actively seek music, it’s everywhere. Be it through your favourite streaming platform, on the radio in your car, through commercials on TV, in the background at the grocery stores, or through live performances in bars, clubs, or restaurants -  music surrounds and delights us by filling up life’s silent moments. And behind the music that you hear every day, there’s a musician who dedicated their lives to making it possible. However, it’s becoming an increasingly uphill battle to work as a professional one.  With the rising cost of living and the way, people purchase music evolving rapidly over the last few years, working as a musician seems only possible as a side-hustle or passion project. The mere idea of a musician working for a living nowadays seems far fetched, almost near impossible. But for this week’s Ratehub.ca’s Real Money Talk guest, Mike Evin, is a full time working musician currently living in Toronto, Ontario. Evin’s work as a musician spans nearly two decades, with full-length albums, a handful of EPs, and a few charming music videos.  He’s also worked with Juno-nominated producers, and earned regular playtime on CBC Music.  Evin’s also earned nods from some of Canada’s most notable working musicians, (like Dan Mangan and Sarah Harmer), and shared the stage with staples of Canada’s professional musician industry (like the Barenaked Ladies and Ron Sexsmith.) We spoke with Mike Evin about the ins-and-outs of what life as a working musician is like, how musicians make ends meet today, and other topics, including insider tips and tricks on how musicians can make the most of their time working in the competitive music industry. This podcast is brought to you by EQ Bank and the EQ Bank Savings plus account.  [0:00 - 3:36] Intro   [3:36 - Money Mistakes and Money Makeups - losing money as a musician, too much alcohol, cancelled gigs   [6:24 - 7:29] Tell us the Mike Evin story - playing music as a kid, jazz as a teenager, high school band, late teens writing songs.    [7:30 - 8:24] When was the first time you thought you could make money as a musician?    [8:25 - 11:29] Did you play in small clubs? WHat’s the earliest memories of making money as a musician? Great story about the real life struggles of getting paid as a musician.   [11:30 - 13:14] What would you say to a self employed musician in getting paid well. Should a musician accept drinks as payment? You need confidence and love and respect.    [13:15 - 16:34] Venues are shutting down. How does an artist stand up for themselves? People shouldn’t be happy with whatever they can get, but take it gig by gig. The three thing rule - pay, quality of music, and the hang. You need two of those.    [16:35 - 20:24] How do musicians earn money these days after a decade of streaming and file sharing? Limewire, Napster and now subscription based services like Napster.  For every 1 million streams you get $4,000 - it’s not worth it.  THere needs to be other sources. You need to diversify. Neighboring rights   [20:25 - 22:09] There’s a lot of money that goes out when making music. How do you find that balance? It’s not a regular 9-5 job with a bi weekly paycheck. How do you manage the cash flow?    [22:10 - 23:29] How long does it take to fill out a money grant? Does it have to be 100% made in Canada? Yes, there are stipulations - they can be political, quality of music, but there are far more criteria. Making money from ticket sales, merchandise, Socan.    [23:30 - Is Canadian content (CANCON) rules restrictive - does that restrict our artists growing out of Canada?    All Canadian record labels, if you took grant funding away, you’d go bankrupt.    [26:51 - 29:02] About visas to work in the United States. You need a US Visa to work. Be careful crossing the border without a proper visa. You don’t want to get screwed. What’s the best way fans can support their favourite artists where streaming is the norm?   [29:03 - 29:59] We had a song on the TV show Letterkenny - Zack learns a lesson. Mike teaches him - how come you don’t get royalties from Socan for having your music in the show?  In this day and age, it’s so easy to educate yourself about money. Leave no stone unturned.    [31:00 - 33:29] What money saving tips do you have for people pursuing a career in music? Diversify. Get students out to shows and...in your music videos.    [33:30 - 34:44] What’s the hardest part of a day to day life of a working musician? Staying motivated. Money is still a struggle.    [34:45 - 36:39] Do you worry about money? You have to love what you do for the struggle to be worth it. How to ground yourself as a musician.    [36:40 - 39:59] RAPID FIRE QUESTIONS  - What’s in your wallet? What’s your favourite book? What’s your favourite song to play? Who is your favourite musician? What is the biggest a musician can make? What does your billboard say?   [40:00 - 42:43] Ratehub.ca financial tip of the week. How do I spend less and save more money?   [42:44 - 43:55] Outro 

We think of the homeless as people on the street, but there are far more people living in transition - couch surfing or sleeping in the back seat of their cars. If you were down and out, if you had no money, do you know where to go for food and shelter?   Enter Chalmers, an app for the homeless developed by Ample Labs. An app to help the people on the street find essential services like food, shelter, and even help them in crisis. Today on the show, we interview the founder of Ample Labs, CG Chen. We ask how a homeless person makes use of an app? Should we try to make change with them, or give it to a charity? Oh, and there's a few reality checks along the way.    [0:00 - 4:19] Intro - this Podcast is brought to you by EQ bank and the EQ Bank Savings Plus Account.    [4:20 - 7:15] Money mistakes and makeups   [7:16 - 8:04] Tell us about what Ample Labs is doing. A tech non-profit Using technology to empower people at risk.    [8:05 - 9:14] Do homeless people have smartphones? Where do they get them? Only 10% of homeless are on the street, they are chronically homeless. 80% of people experiencing homelessness are hidden.   [9:15 - 10:04] Most people are 3 bad months from homelessness. Most of us aren’t 3 months from becoming a millionaire. No one decides to become homeless. 4/10 Shelter residents are refugees.    [10:05 - 10:54] How does the Chalmers bot deal with foreign languages?    [10:55 - 11:54] Earlier episode with refugee, Fatma. Majority of people turn to Google in these situations. . But you won’t always get the most relevant websites.    [11:55 - 14:29] How did you come up with this idea? CG’s story of a close friend becoming homeless.    [14:30 - 15:24] Toronto’s rent is less affordable than San Francisco’s.    [15:25 - 16:20] Building technology in the tech sector is creates wealth, but they need to contribute to the solution   [16:21 - 17:29] How do you promote Chalmers? Word of mouth, reaching out in the communities, and working with support services.    [17:30 - 18:49] Is there competition in the social good space? More apps for the homeless? Another app called Helpseeker. It’s competitive but we’re all working together.    [18:50 - 20:09] How did Chalmers expand out of Toronto? Police officers, and other first responders benefit from Chalmers.    [20:10 - 23:19] I tried Chalmers (https://chalmers.amplelabs.co/). It's incredibly fast. Do you work with the city services? How do you know beds are available? How do you know there’s food available? We work with 211Ontario. Chalmers enables you to find real time alternatives. You can’t do this with Google.    [23:20 - 24:59] What’s the future of this technology? Can Chalmers help find volunteers?  Would it translate into more? Helping people    [25:00 - 26:24] What are the next steps for you? How do we measure the impact? 20% retention on Chalmers. We want people off the app, that means success. How do we scale into more communities? The software is modular so we can partner   [26:25 - 27:09] What’s the end goal for Chalmers? Barriers interested in putting Chalmers on Ipads at bus stops.    [27:10 - 29:42] Myth Busting questions - Should we give money to the homeless? Or is it better to give to  charity? Give someone change, it’s not big enough to be harmful, but more importantly, have a conversation. Buy them a meal. The biggest impact is to connect and have a conversation.    [29:43 - 30:45] What’s a tip to have a conversation with a homeless person?   [30:46 - 32:29] A nice story on the TTC and helping people out. Homeless is because of segregation. It’s not us against them. We’re all people.    [32:30 - 32:59] You’re crazy, looking for your next hit. Attend a community event, get volunteers to talk with people and the myth goes away.    [33:00 - 32:39] How does someone help Chalmers? Chalmers Crowdfunding campaign. Volunteer.    [33:40 - 35:04] Rapid fire questions.    [35:05 - 35:59] What’s it like being a founder?   [36:00 - 38:57] How can you improve your credit score?   [38:58 -40:08] Outro

I’ve worked for renovation companies. I have friends who are contractors. The construction industry is a dinosaur and educating yourself will help move it forward. Whether you’re planning a renovation in the future, thinking about entering the business, or just want to get educated on construction, Manny from Hardcore Renos is as real as it gets. Renovation TV shows aren’t real. We ask how much contractors make, about paying for jobs in cash, and if buying a home is still a good idea. We want to know the best ways to work with a contractor to not waste your money, your time, or lose your mind. Follow Manny on instagram @hardcorerenos, on his Youtube channel, and listen to his podcast, “the construction life.” you’ll love the stuff he posts.    Today, I’m joined by Ratehub’s VP of marketing Luke Sheehan and content strategist, Hyder Owainati.    Real Money Talk is brought to you by EQ bank and the EQ Bank Savings Plus account   Season 2 we look at everyday life, work, through the lens of money.    [0:00 - 1:41] intro   [1:42 - 3:08] Renovation TV isn’t real. Follow Manny on social media, youtube, and his website, Hardcore Renos.    [3:09 - 6:55] Money mistakes - hotel deal discounts, construction mistakes, gift cards for dining out, buying your own materials for a renovation   [6:56 - 8:40] Should a homeowner buy their own materials for a renovation?    [8:41 - 9:22] Luke has no skills   [9:23 - 13:00] What’s the hardcore renos story? Film to renovation, social media, networking, growth, being vocal.    [13:01 - 14:21] You’re trying to change the industry. Give clarity to renovations. Everyone wants to make a lot of money for a little bit of work. Walk, don’t run.    [14:22 - 16:47] What insights do you have that other contractors don’t want you to know   [16:48 - 21:24] Do you think contractors are paid appropriately? How much do contractors make? Canada needs trades people - what do we do?   [21:25 - 23:20] What tips do you have for consumers in doing a renovation? This Old House is not a fabrication. It’s quality. Research and watch TV but know it’s not for real.    [23:21 - 25:42] How should you pay a contractor? Project management fees? Percentages? Should you pay a contractor in cash? Woodbridge visa.    [25:43 - 28:23] Is there a cash price in renovation?    [28:24 - 30:05] Is buying a house still a good investment? Passive income in rental properties? Flip a house?    [30:06 - 31:24] Invest money in your house to sell it. Is it true? Where you should spend money on a house  - Kitchen, Bath and…?   [31:25 - The value of in floor hydronic heating vs. forced air furnace. Updating your old radiators. Forced air and other people's breath.    [33:05 - 33:27] Funny story about conversation overheard by mom through ducting   [33:28 - 35:44] What are some renovation tips to get the most bang for your buck?    [35:45 - 37:16] On heated toilet seats and bidets.    [37:18 - 38:07] On storage and planning out your reno based on the dynamic of the family   [38:08 - 39:49] What are the worst ideas people have for a renovation? Any case where you want to say no to what the client wants?   [39:50 - 45:59] Rapid fire questions - what’s in your wallet? What’s the most useful tool every contractor should have? Holmes on Homes yes or no? Jiffy app/Homestars yay or nay? Quote on a billboard? What’s the biggest mistake a client will make? How should the younger generation of contractors get ahead in the industry?   [46:00 - 47:54] Decimal financial tip of the week - Keep your savings goals lean   [47:55 - 49:10] Outro

Ever dream of opening up your own coffee shop? Wouldn’t it be lovely sipping on latte’s everyday, chatting up your regulars - serving up drip, cappuccinos, and flat whites? We talk to Justin of Black Cat Espresso Bar about what it’s like to own a coffee shop. We talk about 1st, 2nd, and 3rd wave coffee, the coffee scene in Toronto, and ask - should you tip your barista? Justin owns 2 shops in Toronto and also sells a delicious breakfast sandwich (a must try) to different shops around the city.  In Season 2, we look at work through the lens of money. Money is a part of our everyday lives so why isn’t it an everyday discussion?  [0:00 - 0:35] Ratehub.ca - Real Money Talk Intro   [0:36 - 59:00] EQ Bank - our show’s sponsor - Check out the EQ Bank Savings Plus Account   [1:00 - 1:36] Welcome to Season 2. We want to look at work through the lens of money.    [1:37 - 1:57] We speak with Justin at Black Cat Espresso Bar - we talk about the history of coffee, ask if you can make money running a coffee shop, and if we should tip a barista.    [1:58 - 2:06] INTERVIEW WITH JUSTIN FROM BLACK CAT ESPRESSO BAR, follow him on instagram https://www.instagram.com/blackcatespressobar/   [2:07 - 5:32] Money mistake and money make-ups  - Wasting money at coffee shops, Airbnb, and buying paint cans twice   [5:33 - 8:05] People want to open their own coffee. Should they? What does a day in the life of a coffee shop look like?    [8:06 - 9:39] Justin’s background and how he opened up two coffee shops. Being a musician didn’t work out, but working in the service industry made sense. Always wanted to open a coffee shop   [9:40 - 12:19] What’s the coffee scene like in Toronto? First wave - Sidewalk Cafe - Zuccarini. Second wave is Starbucks. Third wave  - indie coffee shops. Hitting saturation point. Cafe con Leche. Hale Coffee. Saving Mondays.    [12:20 - 14:20 ] How do you succeed in a coffee shop? How do you stand out? All these shops are succeeding on Ossington, Dundas, etc. How does each one succeed? Maybe the sole owner lives off of corn flakes and beans. Driving past a place fully staffed - well, that’s a different level of success. Sam James. Wallace Espresso.    [14:21 - 15:30] Can you make enough money selling coffee? Sell one item with $4 profit is better than $1 on a coffee. You gotta think about what else you can sell.    [15:31 - 17:14] What are some tricks to be profitable? Breakfast sandwich wholesale. Find something else you can sell. It’s helped in a big way. Allowed me to expand. You gotta be competitive on price. Don’t worry about being too high on price.    [17:15 - 18:01] Don’t generalize yourself as a coffee shop. You need to be unique. Take out, sit-down, late night shows, good food. You need something proprietary. Best breakfast sandwich in the entire world.    [18:02 - 20:38] Appearances matter when selling coffee. New shiny truck. No one wants to see you show up in a dirty junky car. You need a clean vehicle. Was there a downturn because you look too fancy? Because you make too much money. Your customers don’t want to see you doing better financially than them. I need to do what’s good for me.    [20:39 - 23:27 ] Barista’s minimum wage. Is it fair? Are Barista’s valued? Australia vs. Canadian minimum wage. $14/hr + tips in a coffee shop in Toronto. But, it depends on how busy the coffee shop is and it will determine how good the tips are. $10-$100 per day in tips, but it depends.    [23:28 - 26:50] How much should you tip a Barista? Expectations shouldn’t be set. Tip for good service. Tip because you want to support them and the economy. You give a dollar to a bartender to unscrew a cap, but a barista makes latte art, chatting, multitasking and you don’t tip? They’re doing way more work. If you’re making cocktails, you need knowledge and skill so you should tip. Any barista is expecting to be tipped, but even they have a bad attitude - don’t tip. But if they treat you fairly and nicely, give them a tip. What goes around comes around.    [26:51 - 30:07] What do you think the future of Canadian coffee looks like? Third wave scene will eat up Starbucks, Tim Hortons, Second Cup, Timothy’s. Second wave is closing down. They’ll never go away, but they’ve turned into a weird version of McDonalds.    [30:08 - 34:36] Rapid fire questions - What’s in your wallet? Favourite app on your phone? Favourite book? If you could make one statement to the world, what would it be? Favourite food? Where are you in 5 years?   [34:37 - 37:03]  Ratehub.ca’s Project Decimal Financial tip for the week - you need a strategy for your paycheque. How to divide your money before it comes in.    [37:13 - 37:38] Thank you for listening.    [37:39 - 38:02] EQ Bank - our show’s sponsor - Check out the EQ Bank Savings Plus Account   [38:03 - 38:25] The fine print  

Real Money Talk - A Ratehub.ca Production Sometimes we need a reminder of how lucky we are and put things into a new perspective, and to look at money through a different lens. Right now, there’s a good chance we’re going into debt trying to show people we love them. Tis the season. But not for everyone.  In 2018, according to the auditor general, over 450,000 Ontarians are on what’s called Ontario Works or OW. It’s a prettier name for welfare. They’re living in cramped apartments or subsidized housing, and stretching every dollar. They ride public transit with us and while we play games on our smartphones, they are hyper aware of the TTC’s 2 hour time limit. They need to get their grocery shopping done within that time to not pay an extra $3 dollars and 10 cents, yes, every penny counts.  We pay no mind, too busy being, well, busy. We have a roof over our heads, a cozy couch, a warm blanket, a cup of hot cocoa, and netflix and chill - and yet, we find reasons to complain. But, not Fatma. We interviewed Fatma to give you a real life perspective on what it’s like and to remind us to appreciate what we already have in this time of mass consumerism we call the holidays.  It’s a time when we need a strong reminder to be grateful. Christmas is about giving and after you hear Fatma’s story, I believe you’ll be ready to give more than you ever have. I asked Sandra, Editor-in-Chief at MoneySense to join me for the phone interview..  Fatma is a new immigrant and refugee to Canada. She’s learning english, you might have to listen a little more closely to understand the full message, but it’s worth it. The lessons are embedded. To start, here’s a little background.  In Egypt, I was a working woman. I had assistants, a good job, a good car, my career, and my profession. I was working as a psychologist and teaching at a university. I was a working woman. I had no problem with money or budgets. I want to mention I'm a single mom and I'm proud of my twin boys. I miss the quality of life in Egypt. My mom was supporting me, I have money, job, career. I was a known person, but it seems I have to learn new things. What’s done is done and let’s move forward.  Life was perfect...that was until tragedy struck - forcing Fatma and her two twin boys to flee from Egypt and leave everything behind with her life on the line. She told her family she was attending a psychology conference in Canada, unable to tell the truth for fear of repercussions. Her positive attitude would save her despite the arduous adjustments.

The Side Hustle -  side gigs, short term contracts, freelance work  - all the extra work, on top of your day to day that you do to make ends meet and follow your passion to live in today’s modern economy. Is it worth the added stress? Can you actually make money? According to a study by the Angus Reid Institute over 40 percent of millennials surveyed said they had participated in this "gig economy" in the past five years. Many of the workers earned less than $50,000 a year, so they had to pick up extra jobs just to make ends meet, but 36 per cent fell into "white collar" occupations including computer programming and graphic design where they is enough money,  so why are we side hustling? What’s behind it?     [0:33] Introduction [2:03] Interview with Kevin. He buys used cars, fixes them up, uses them for a year before selling them to break even and cover all his costs including gas and car insurance.  [7:39] Interview with Liz. After 3 years of side hustle success running social media for small businesses, she left her comfy government job to pursue it full time. After that, she started ambitious adulting as a whole new side hustle teach financial literacy.  [12:45] Interview with Hernani. A shift working nurse that has a photography side hustle. Oh, he’s also a hip hop dancer and gets paid for that. One more, he also does event coordination. Whoa, he’s busy.  [19:44] Outro with Hyder and Tyler - a breakdown of they key takeaways and our thoughts on side hustling.

We don't talk about real money like this. In this episode, Chantel Chapman of whatthefinances.ca talks about mindfulness, not banking, and how it affects us internally - our breath, our nervous system, and brains. She helps us understand the why of the buy, and how to control our spending with balance. This show can serve as a history lesson on consumerism, our addiction to our money habits and how a 12-step program for your over/under spending, or other money disorders, affect your everyday. You want to tune in. It may be the most valuable financial advice you've heard in your entire life.  How does our childhood affect our relationship with money? Is happiness with money possible? How can we find peace with our spending and be in control of our emotions. We explore it all. 

[0:00] Intro    [2:15] How did you become a personal finance and travel expert?    [3:03] Education on personal finance is a big factor   [4:00] What credit cards are in your wallet, Barry?   [5:00] What credit cards are in Tyler’s wallet?   [5:52] Most travel rewards credit cards are pretty good   [7:00] How often should you change credit cards?    [8:05] What’s in your wallet, Hyder?   [8:40] Don’t be scared to have more than one credit card   [9:45] What advice would you give to someone looking to get their first travel rewards card?   [10:30] On TD Travel Rewards cards and using expediafortd.com   [11:10] What are the most flexible travel rewards cards to travel on any airline?   [12:54] What’s your most memorable trip you’ve done on points?    [14:00] The basics of getting a credit card  - what is your advice for someone looking for a travel credit card?    [15:45] Barry manages 14 different credit cards   [16:40] What is the best bang for your buck travel destination?    [18:00] What is the best time to book to save money on travel?   [18:40] What websites should you sign up for to save on money on flights?    [20:05] Where do credit card rewards stop? Is the credit card game over?   [21:21] Credit card rewards are only worth it if you’re paying your balance off in full    [21:50] Trying to understand terms and conditions is too complicated. Low interest and balance transfer cards should be looked at.  [23:00] Do you bring all 14 credit cards with you, Barry? - How to maximize your rewards earnings   [24:15] Money Messups Segment - lost credit card points, spending too much on coffee, saving money by repairing a tire yourself, switching credit card for your benefit   [27:30] Credit card switches are valuable, call your bank, read the fine print   [28:13] Any closing thoughts from Barry Choi - Travel doesn’t have to be expensive. Everyone should experience travel. Don’t always say you’ll do it later   [28:41] Shower thoughts with Tyler   [29:00] Round table with Justin, Tyler, and Hyder   [29:15] How has your perspective changed with credit cards?   [30:51] How many credit cards does Justin have?    [31:54] The 2 most important things with credit cards   [33:00] What are some big credit card lessons you’ve learned?   [35:45] Credit Card rewards are not for everyone   [36:43] Our Credit card guru, Hyder with credit card stats and closing thoughts   [36:43] 70% of people in the US who asked to have their fee waived, got it. 56% of americans who asked for a lower interest rate got it.    [37:06] You can earn rewards on debit cards and apps like Mylo.    [38:05]  Hyder, our credit card guru with final thoughts   [39:58] Outro  

On our 2nd show, we talk real estate investment with James Laird. He is the founder of CanWise Financial - one of the top rated mortgage brokerages in Canada. He also owns several of his own investment properties. Should Millennials get into the housing market? How should they do it? We dig in, have some fun, and discuss investment properties. [0:00] Intro [1:40] Opening thoughts on buying a home and the real estate market in Canada [4:15] Tyler's feelings on owning real estate [6:02] Is Hyder an aspiring home buyer? [7:25] Do you want to buy a home?  [8:00] Justin on renting a condo and not being ready to buy a house [8:47] We ask Torontonians if buying a home is a good idea [9:40] Interview with James Laird [10:00] Money Mess-Ups Segment Burger's Priest, appletinis, an ugly painting, a child places an Amazon order, and the double edged sword of Uber discounts [13:55] Why is owning a home part of our national conversation? [15:28] You need 132k to afford an average house in Vancouver [15:43] Where is the cheapest place to buy a home in Canada? [16:34] 75% of Canadians believe owning a home is a good investment. Is there a recency bias? Why do people so overwhelmingly believe it's a good investment? [17:21] Decouple where you own real estate from where you live [18:35] Do you lose principal residence benefits if you buy an investment property? [18:55] James Laird reflects on his first home purchase [19:50] How do you develop a budget to buy an income property? [20:40] Do you manage your rental property yourself? [21:25] 18% of people said home maintenance costs were the biggest regret and unknown. [23:00] 81% of Millennials aspire to buy a home. What should they consider before entering the market - especially in Toronto? [25:35] Statistics Canada reports 1 in 3 people aged 20-34 now live at home with their parents [27:20] Baby boomers are the richest generation ever [28:20] What are the repercussions of parental help in buying a home? [29:20] On the failure of urban planning and the supply side of housing [31:00] Society needs the next generation to own homes.  [31:56] If wages don't increase and house pricing still rises, is there a new reality that fewer people will own homes? [34:00] If you want to live in a major city centre, it might not be a reality to own there.  [34:40] Closing thoughts with Justin, Hyder, and Tyler [34:45] What did you think about when he said, "the dollars you'll never see again" when you think about renting? [35:25] There are a lot of dollars you'll never see again when you own a home [36:10] No money left over to invest after mortgage payments [37:00] Hyder is paying for the privilege to rent and will invest in the market [37:18] Is there pressure to buy a home? [38:04] Keeping up with the Joneses, a lot of help from their parents Harper's Bazaar article  [39:00] 26% of buyers used a gift from their family to buy a home [39:23] Poverty charges interest [39:57] Shower thoughts with Tyler [40:15] Outro

In our first ever episode we speak with Rob Carrick, personal finance columnist for the Globe & Mail, about millennials and their money. We cover everything from the bad, the good, and even get into retirement and home buying. [1:25] Money Makeups and Mess-ups [3:30] Do Millennials have it harder than previous generations? [6:25] 58% of 36 to 54 year olds think millennials are soft [7:30] What are the big financial mistakes among millennials? [9:00] Only 41% of millennials are investing their money [10:30] What are the first steps to starting an investment portfolio? The Real Life Money Launcher  [12:15] Common Q&A from Millennials about money [13:15] Should I invest or pay down my student debt? [14:15] How much of a role does FOMO play in a millennials finances? [15:50] The stress of homeownership and renovations [17:15] The financial advantages for Millennials [21:40] The single most important behaviour for financial success [22:30] What should Millennials think about moving forward? rcarrick@globeandmail.com @rcarrick on twitter  [23:50] Shower thoughts with Tyler [24:05] Roundtable Review with Justin, Tyler, and Hyder [30:00] End Credits Music by: BeatChemist  

This is real money talk. Ratehub.ca's first podcast where we break down personal finance in a way everyone can understand. We want to answer your questions. We'll put you at ease with your finances with an educating show told in a fun and casual way. Listen up, and make smarter financial decisions.