Multiple Income Streams: The Reality Behind the Dream

In this episode, we're diving into the buzzword "income streams." Is it really about sipping margaritas on the beach and making money in your sleep? We'll share our thoughts on what building these streams truly means, why they're important for your financial future, and practical steps to get started. Tune in to get the real scoop and start your journey to financial freedom!

In this episode, we dive into Modern Cents with Andrea Thompson, who expertly simplifies complex money matters. Discover how to make financial concepts easy for yourself and your kids, and get practical tips for teaching young ones about money in an engaging way. Whether you're looking to streamline your own finances or raise money-smart children, Andrea's insights will provide you with the tools you need to succeed.

Should you focus on savings or paying down your mortgage?

Meghan + Lindsay discuss and emphasized the importance of considering both capacity for risk and appetite for risk when making investment decisions. As well as how important it is to talk about financial strategies with others. Especially if you're in analysis paralysis mode.

Ben Felix "Cash is a terrible long-term investment, even at 5% interest":

https://www.youtube.com/watch?v=KdzOlRRHOU8

Ep 18: Investing Basics with MICHELLE HUNG:

https://podcasts.apple.com/us/podcast/ep-18-investing-basics-with-michelle-hung/id1665302616?i=1000607832457

https://thesassyinvestor.ca/

https://www.instagram.com/thesassyinvestor/

Personal finance is personal: Personal finance is unique to each individual and what works for one person may not work for another.

You should always pick a mortgage strategy that works best for you + your family based on your cash flow, goals and budgeting preferences.

But sometimes you don't know what you don't know... so today we break it down + discuss different mortgage payment strategies and the advantages and disadvantages of paying monthly, bi-weekly, or making an extra annual payment. 

Enjoy!!

In this episode Meghan + Lindsay mentioned:

Mortgage Professional Elizabeth Prins:
www.mortgagesbyliz.com
https://www.facebook.com/MortgagesByLiz

Ep 35: Do you need a Money Coach?https://podcasts.apple.com/us/podcast/money-stuff-with-moms/id1665302616?i=1000621909446

Listen to Ep 44: The biggest things stopping you from financial success

Banks can be a real pain in the butt. But can also be an easy resource when you need help. It can be helpful to have a list of tangible questions before meeting with an advisor. But it is also important to know that working with an advisor at the bank may not lead to a long-term relationship as advisors tend to rotate frequently.

3 Finance Stuff Nobody Tells You:

• always take employer matching
• not all debt is bad
• money is meant to be spent

BONUS money is meant to be talked about

Andrew Hallam "Would you spend money on this if no one else was looking?"

https://andrewhallam.com/balance/#

Should couples combine their finances or keep them separate? This episode sheds light on the various paths couples can take to achieve a balance between togetherness and financial independence.

Fair Play https://www.fairplaylife.com/the-book

Dear moms with a mortgage and/or line of credit: this episode is for you. This rising interest rate season is uncomfortable, scary and painful. There's no sugar coating it. Let's talk about it.

LINKS: 

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

SHOUTOUT:

How have the rising interest rates affected your family and what are you doing to combat it?

HOMEWORK:

Talk to someone about options for your mortgage, or if you are sitting on cash, talk to someone about options for high interest savings or investing!

'Tis the season for spreading love and creating cherished memories, and what better way to celebrate than by showering our beloved grandparents with thoughtful gifts? In this episode, we dive into the art of finding the perfect gift for grandparents, offering unique and meaningful suggestions that go beyond the ordinary.

Sharing both the feeling of overwhelm as well as our savings tips. Not only is money tight, but also your time currency. 

Lindsay: It's okay to tell your child NO, navigating the social pressures, utilitize Bank Account Budgeting

Meghan: 4 staple gifts per child (something they want, something they need, something to wear, something to read)

We chat about different strategies to hit reset and get more organized and streamlined with your money.

We explore simple and easy tax considerations. Whether you haven't filed yet and it's on your To Do list - or are already planning for next tax season, join us to chat about how to optimize deductions, claim credits + make tax time stress-free.

It's not a matter of timing the market - it's time in the market

Let's do some stressfree, consistent, repeatable wealth building

*not advice

2023 Report Financial Sustainability of CPP: https://www.cppinvestments.com/the-fund/f2023-annual-report/

Rational Reminder 2019 CPPIB: https://rationalreminder.ca/podcast/52

CPP Numbers (before tax):

• CPP age 60 max $770/mth
• CPP age 65 $1,200/mth
• CPP age 70 $1,700/mth
• The current average CPP at age 65 $700/mth

In the Back to School Money episode, we explore practical financial tips for moms as the new school year kicks off. Tune in for actionable advice to help you save, plan, and make the most of your money during this hectic time of year!

WealthSimple: CLICK HERE

Questrade: CLICK HERE

Banks tend to have the best promos but beware once the promo time is up - they are trash.

Want to try a KOHO card? Try it here and get a $20 Cash Back

Start your emergency fund with EQ Bank. Once you've saved $100 they will give you a BONUS of $20! That's an instant 20% return!!

It's not that you have poor behaviour, it's just that you've made un-perfect financial choices. And guess what? Join the club. What about when you get an inheritance? Apply to debt? Invest? Spend? What should you do? Let's talk about it

LINKS:

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

Lindsay’s Budget Templates: https://www.prettymoneyclub.com/budgetsignup

Lindsay’s 5 day budget makeover: https://www.prettymoneyclub.com/budgetmakeover

Dollars and Sense BOOK: https://danariely.com/books/dollars-and-sense/ 

SHOUTOUT:

If you unexpectedly inherited $50,000… what would YOU do with it? Tell us!

HOMEWORK:  Pretend that you are going to inherit $50,000 this week. Talk with your family about how you would choose to utilize this cash!

HOW TO GET IN TOUCH:
Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 

DM Meghan @ https://www.facebook.com/porterougeco 

TL:DR 

00:00:12 Lindsay runs a facebook  group for Canadians to ask questions about money which currently has over 9000 members. (www.facebook.com/groups/blackisthenewred) There was a question the other day from a group member: “I just received $50,000 in inheritance and I have $50,000 in debt. What do I do with the money? Do I pay off the debt or do I do something else?” The answer is “Well, it depends.” 

00:03:59 Lindsay has a general rule of thumb that you do not use an asset to pay off a liability. There are much better ways to put your money to work. 

00:06:11 HOW you got into that debt in the first place will make a big difference in how Lindsay would answer the question. If you acquired the debt because of poor spending choices, you’re going to find yourself right back in the same situation in the future if you take the money to pay it off. 

00:12:34 Meghan shares a personal story of what her family chose to do with an inheritance they received 15 years ago, and what she may have done differently knowing what she knows now

Lindsay and her family go to Thailand for a MONTH. We talk not only about exploring the beautiful sights and culture but of course the 'taboo' money-related aspects such as budgeting, saving, and planning for this

Knowing your money personality is a gamechanger when it comes to managing your finances. And can be VERY helpful if you have a partner who is very different than you so that you can have a plan on so you can both get on the same page with your money.

LINKS: 

What’s your money personality type? Find out here! https://porterouge.co/colour 

HOMEWORK:

Go take the quiz to figure out your own personality type, and if you have a partner, make a guess as to theirs! You’ll find some helpful resources for communicating with your partner after you take the quiz. 

• HOW TO GET IN TOUCH:
  Join in the conversation with 9000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
• DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 
• DM Meghan @ https://www.facebook.com/porterougeco 

TL:DR Version 

00:00:52 

When onboarding my clients, I have them take a personality quiz which assigns them a colour (Gold, Green, Blue, or Orange.) I will customize my service to them based on this quiz, so that they get the most benefit from our time together. Today, I’m going to give you all a brief summary of each colour… AND I am going to guess which colour Lindsay is! (she took the quiz, but hasn’t told me the results.)

00:02:20 

GREEN:  These are the people who will debate you even if they agree with you. They will challenge you. They want to know every scenario. They LOVE spreadsheets. They have analytical minds. They tend to be engineers and process managers. They value knowledge and confidence. They love information. They struggle with analysis paralysis (decision making!) 

00:03:28

ORANGE: These are our  entrepreneurs. They are people who really value freedom and variety. They’ll have multiple projects on the go (but might not finish them all). They’re great problem solvers. They’re good at responding to emergencies. They are open and non judgmental. They value action. They are not the type to sit down and analyze a spreadsheet. That would be torture. They’re FUN.

00:04:37 

GOLD: (this is my colour) They are very organized. They're planners. They really value tradition. They like things that are very practical. They like checklists. They can be very rigid and predictable. They like structure and efficiency. They can forget to relax and have fun. 

00:05:38 

BLUE: They really value humans. They have a concern for others. They are really good at giving praise and encouragement. They have really good intuition. Many nurses, HR personnel, or first responders are blue. Blue’s have a hard time saying no. They can take on too much. They don’t do well with dishonest or blunt communication. They struggle with unrealistic expectations.

00:06:32 

Meghan predicts that Lindsay is an ORANGE… but it turns out that Lindsay is a GOLD.

00:07:30

It’s not surprising that Lindsay scored as a GOLD in retrospect, because she has created systems to manage money that are very organized, efficient, and structured. The reason she NEEDS these systems is because she naturally procrastinates and is messy! And that’s OK! Most people actually are a combination of two colours, and your scores for each colour can be very close to one another, or tied! 

00:09:33

We all experience different seasons of life and can only fit so many things at the top of our priority list… so maybe you feel like you WANT to be a super organized person, but at this phase in life, you need to turn the other cheek.

00:10:45 

Knowing your personality type will help you understand how you can manage your finances in the way that is best for YOU. Why would you commit to tracking every single thing that goes out of your bank account for the next three months if that task is overwhelming and is going to drive you crazy? No! There is another way, and there is certainly another way that will suit you better. 

00:15:38

 Learning to communicate with a partner who has a very different personality type can be challenging, especially if one person is the day to day money manager of the home (which is very typical.) Everyone wants money management to be a team sport, but in reality, it’s usually one person who manages most of it. Figuring out the best way to communicate with each other alleviates SO much stress when it comes to those heavy money conversations.

Explore creative ways to generate income and shift your mindset so that you are designing the path that includes wealth building strategies that are in alignment with your goals. More income does allow for more choices 

LINKS: 

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

SHOUTOUT:

Have you thought about buying a rental property? If you’re interested in find out more, check out Meghan’s site here: https://porterouge.co/

HOW TO GET IN TOUCH:
Join in the conversation with 10,000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 

DM Meghan @ https://www.facebook.com/porterougeco 

Summary

• 0:01 Introduction of the podcast. 

• 0:52 How many streams of income does every family need? 

• 2:39 How many streams of income do you need? 

• 3:58 The holy grail of 1818.

• 4:36 How many income streams do you have? 

• 6:36 Budget for more and how it can help you. 

• 8:40 How to earn more income? 

• 10:48 How to put your extra money towards a goal? 

• 12:18 Do an assessment of what you already have and use it. 

• 14:12 The value of having a human coach. 

• 15:54 Finding an income stream that looks like this. 

• The short-hot burn of a 52-week year.

Wealth Advicing Steps: Investing Basics, Cashflow planning, Credit Score Pulse, Tax Free Investing, Real Estate....which is first???

Help talk about it. What 3 steps should come first? 3 of our former guests also contributed:

• Ep 18 Investing Basics with Michelle Hung
• Ep 7 Improve your Credit with Richard Moxley
• Ep 12 Do you need Life Insurance with Alyx Valdal
• YVR Mortgage Broker

Links from Richard Moxley:

•  

  TransUnion Credit Check

  EquiFax Credit Check

Let' talk about car payments. For many Canadian's having a vehicle is a necessity and can become a significant part of a budget, the importance of buying a reliable car and prioritizing financial goals.

this is NOT financial advice

Lindsay - predicts more of the same

Meghan - predicts interest rate stabilization, housing pressure,

🎙️Summary: 

In this episode of ‘Investments you should have’ podcast, Megan and I go into the world of investment products, with a focus on mutual funds and GICs.. We explore the basics of mutual funds, their fees, and how they differ from exchange-traded funds. Additionally, we discuss the value of fees, the importance of finding the right fit with a financial advisor, and the changing landscape of the investment industry.

Chapters:

🎙️ 00:01 Introduction.

📈 02:10 How mutual funds work and their objectives.

💰 10:58 Know what you are paying for.

👩‍💼 14:43 The importance of working with a professional.

🔎 16:43 What’s an ETF?

🔄 19:03 Comparing ETFs to mutual funds and explaining the concept of exchange-traded funds.

🏢 21:09 How ETFs are different from other investments.

🏦 27:56 What are GICs (guaranteed investment certificates) and how do they work?

📉 36:00 How stocks work and why they are volatile.

⌛ 41:21 Investing is a long-term game.

#InvestmentPodcast #MutualFunds #ETFs #GICs #Stocks #FinancialEducation #FeesNotTheEnemy #InvestmentInsights #FinancialWellbeing #ChooseWisely

🔗LINKS:

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred

SHOUTOUT: Have you thought about buying a rental property? If you’re interested in finding out more, check out Meghan’s site here: https://porterouge.co/

📞 HOW TO GET IN TOUCH:

Join the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach

DM Meghan @ https://www.facebook.com/porterougeco

📞 Resources:

MOOLA Financial Coaches & Advisors

• www.yourmoola.ca

Michelle Hung: https://thesassyinvestor.ca

If financial literacy isn't in your past but you want to break the cycle and make it your current and your kids future financially aware and savvy, join us to a conversation on where to start.

LINKS FROM TODAY'S EPISODE

Gail Vaz-Oxlade's Articles on MoneySense: https://www.moneysense.ca/author/gail-vaz-oxlade/

Tori Dunlap on Financial Feminism & Money Education: https://herfirst100k.com/

Individual life and disability coverage is better than relying solely on bank-provided policies because it covers more than just mortgages. It also covers critical illness and disability situations where individuals may need income replacement while recovering from sickness or injury. Mortgage insurance is not always the best option for homeowners. 

Ep 4: Interest Rates - what can we do?

https://podcasts.apple.com/us/podcast/ep-4-interest-rates-what-can-we-do/id1665302616?i=1000595637399

Ep 12: Life Insurance 101 - do you NEED it?? w/ Guest: ALYX VALDAL

https://podcasts.apple.com/us/podcast/ep-12-life-insurance-101-do-you-need-it-w-guest-alyx-valdal/id1665302616?i=1000602607206

After the interview with credit expert Richard Moxley, Meghan and Lindsay share their biggest take aways, ideas and thoughts

LINKS: 

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

Richard Moxley is one of Canada's leading authorities on personal credit. After seven years as a mortgage broker, he had had enough in watching people forced to pay thousands of dollars in excess fees and rates, all because no one had taught them the basic rules of credit. Learn to level up your credit game on his website:  https://creditgame.net/ 

Email him ANY credit questions: info@creditgame.net

Credit PIE chart: https://www.skidmore.edu/hr/documents/Credit-Score-Pie-Chart.pdf

SHOUTOUT:

Are you experiencing the decision-fatigue like we are?? Tell us!! 

HOMEWORK:  find something that you can OFFLOAD to someone else! Tell us what you’re offloading and how you’re doing it… so that we can learn from you! 

HOW TO GET IN TOUCH:
Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 

DM Meghan @ https://www.facebook.com/porterougeco 

Email Richard @  info@creditgame.net 

Show Notes: 

00:01:16:;

Credit cards are not evil.  It’s NOT bad to use one. It IS important to have rules. For some people, the best strategy is to choose one or two things that you are going to use your credit card for (like gas, or cell phone bills) and then you know to regularly pay it off. 

00:02:22: Having rules for your credit card usage can help avoid decision fatigue and impulsive decisions. There are SO many different decisions that can affect your score, so having a strategy in place will help take the guesswork out. 

00:08:39 Richard even says no to joint accounts or cards with his WIFE! It makes sense though. Even though you may trust your partner, and know that they aren’t going to run off or purposely make poor decisions… people still make mistakes. If they accidentally forget to pay a bill, it won’t just affect them… it will affect you too! 

00:13:41 Lindsay’s rule is to aim for a credit score of 750. Anything over that, and your time would be better spent focusing on your budget or investment strategy. 

00:17:25 Linsday talks about when she recommends credit monitoring apps like Borrowell or Credit Karma to her clients. 

In this episode, we delve into the exciting realm of real estate as we discuss the recently introduced First Home Saving Plan. Breaking down the key features and benefits of this innovative savings initiative, providing valuable insights for first-time homebuyers navigating the path to homeownership. Tune in!

Today we discuss the biggest things that stop people from achieving financial success. Whether you're a seasoned investor or just starting on your financial path, this episode is a must-listen for anyone seeking to conquer their financial goals.

Links mentioned:

Owen's Plan Easy YouTube https://www.youtube.com/@planeasy

We chat about an essential concept that is often overlooked. Let’s hit reset and go over our top 3 tips to guide decisions, investment strategies, and stress less about money. 

In this Q+A Ask us Anything Episode we discuss the topic of giving your kids an allowance. We'll be exploring when it's appropriate to start giving your children an allowance, how much is reasonable and what we are each doing with our own kids. And shocker, it's not the same thing.

Lindsay starts asking Meghan real estate questions and the flood gates opened. She has a LOT to say about this topic. Investments. Rentals. Cashflow. Passive Investing. 

In this episode we talk about the importance of finding a financial strategy that matches an YOUR preferences and lifestyle. Also that it's TOTALLY okay (+ normal) to make mistakes along the way as long 

When you are saving money for something specific what is the best way to do this? Savings? Promo rates? TFSA? what's best?

In this interview with Shannon Lee Simmons we chat about how important it is to align money decisions with your personal values. We talked about how personal finance is not just about numbers, but about understanding  goals and using that clarity to guide your decisions. 

We talk to Michelle Hung, experienced investor, educator, CFA and author. We ask her all things finance, investing, and wealth-building. 

So sit back, relax, and get ready to learn about finance in a fun and sassy way. Let's get started!

Trauma from math class? See your kids math homework + start having heart palpitations. You're in good company - but here's why shouldn't stop you from investing

Budgeting for kids is overwhelming. Mom guilt. Sports. Kids activities. Let's talk about it.

Take a break from the money talk! Join us as we share our latest pop culture favorites, from shows to podcasts and everything in between. Get to know us a bit more while we dive into what’s keeping us entertained these days.

Lindsay talks Love is Blind. Meghan talks about the It Ends with Us controversy.

Andrea has an amazing way of taking compex Money Matters and boiling them down in an easy to understand way. Today we chat with Andrea Thompson of Modern Cents on Navigating Cross-Border Finances and Teaching Your Kids About Money

LOVE IS BLIND SPOILER ALERT

Aligning money with your partner is so important. Today we go behind the scenes with Love is Blind Izzy and Stacy while they navigate integrating their financial lives when they are very different.

Ep 7: CREDIT SCORE

Natalie and Deepti: Out of the Pods

For 2024 it is more important than ever to setup a system that gets you from where you are right now to where you want to go in the timeline that makes sense for your stage of life and family's preferences. 

Today we are going to talk about how putting your money on autopilot can take stress out of your life, but also add stress if not done correctly. 

Lindsay - reno

Meghan - enjoy status quo, more date nights + debt reduction strategy 

Decisions. Hiccups. Hindsight. Meghan and Lindsay reflect on their biggest money mistakes and what they would have done instead. We ALL make money mistakes. Here's just some of) theirs.

LINKS:

Andrew Hallum “The Millionaire Teacher” https://themillionaireteacher.com/ 

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

SHOUTOUT:

What was your number one money mistake, or money regret??

HOMEWORK: What can you TAKE ACTION on TODAY? Is there a decision that you need to make? Make it! And if you can’t… find someone to talk to about it so that you CAN

• HOW TO GET IN TOUCH:
  Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
• DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 
• DM Meghan @ https://www.facebook.com/porterougeco 

TL:DR Version 

00:00:52 What is your number one money mistake?

00:01:30 If you look at the experts in any industry… they always talk more about the decisions that they DIDN’T make. Successful people make decisions. They make them with confidence, and they make them quickly.

00:02:00 So when I think about money regrets, it’s almost always about the decisions that I didn’t make, because I didn’t have the confidence, or I didn’t move fast enough, or I didn’t seize the opportunity. 

00:02:56 My biggest money mistake was co-signing on a loan for a boyfriend. I should have taken the bank’s lead when they decided that he was not a person to lend money to.

00:05:00  But he was a used car salesman, and those types of people are hard to say no to.  I should have said no, and not given an explanation as to why my answer was no… because the more information you give these types of people, the more fuel they have to spin their stories. And it’s hard when you are navigating relationships and when you are a person that just wants to help other people.

00:07:34 The other thing is that hindsight is 20/20. You make the best decisions that you can with the information that you have at the time. It’s easy to look backward and see how you could have done things differently, but when you’re in that moment, making the decisions, the decision you made was the best one at the time. 

00:09:31 If you choose NOT to make a decision, against your gut instinct, you will probably find yourself wondering why you didn’t decide sooner, when you finally decide. I could have progressed further in my career if I had listened to my gut.

00:11:55 I was listening to a really interesting video the other day by an incredible author named Andrew Hallum (his book is a best seller called The Millionaire Teacher) and he said that even the big wigs on Wall Street don’t always make the right decisions. The difference between the rich and average is that the rich make MORE decisions. 

00:13:10 People think there is some magic recipe or secret wand that all the experts have, and they don’t… but the truth is that experts make a LOT of wrong decisions… and they learn from those wrong decisions, so that they can keep making more decisions. 

00:15:19 When I am faced with a very difficult decision, it’s helpful to me to think about the advice that I would give my kids if they were facing the same decision. Like… I’m super bossy and really good at telling OTHER people what to do. So when I pretend that I’m giving advice to someone else instead of deciding for myself, it becomes a lot easier. Option A, or Option B. That’s it. Make a choice. 

Whether you're planning for retirement, managing debt, or investing for the future, join us as we explore the fundamental principles that will empower you to make informed, confident, and financially savvy decisions.

Is charging rent a valuable lesson in financial responsibility, or does it risk straining the parent-child relationship? In this reflective episode, we gently unpack the considerations and consequences surrounding the decision to introduce financial responsibility within the familial home.

Setting up a solid financial foundation is the key to successful investments. Every decision you make has tax implications that must be considered and analyzed carefully. Real estate investing is great but it can also be a big challenge for those that already have financial issues.

 Summary:
This week's episode is a refreshing change where we turn the table and become the guest rather than the host. We are excited to share an episode of our friend and previous guest, Sarah Larbi's podcast, Where Should I Invest, where Meghan takes the spotlight. In this insightful episode, Meghan delves into the significance of incorporating real estate investments into holistic financial planning strategies.
In this episode of Where Should I Invest with Meghan as the guest shares and emphasizes the importance of working with advisors who have firsthand experience with real estate and provides insights into debt management, mortgage insurance, and wealth creation for different age groups. She encourages individuals to be intentional in their investments, take a broad lens view of their financial goals, and make informed decisions based on their individual circumstances.Chapters:
 00:01 Introduction.
 02:16 How to incorporate real estate investing into overall financial strategies.
4:20 How does the financial industry works with clients/investors

  07:34 How wonderful is compound interest!
10:01 The importance of working with Financial Advisors 
 15:26 Why insurance is important?
     26:01 How to save a million dollars.
 32:20 The benefits of owning rental properties and using the income from those properties to invest in other ventures.
 39:04 How to diversify investment portfolio and potentially increase their overall wealth?
 43:05 The difference between Tax Free Savings Accounts (TFSAs) and RRSPs

#RealEstatePlanningStrategies #HolisticFinancialPlanning #RealEstateInvestments #WealthCreation #MortgageInsurance #InvestmentAdvice #FinancialGoals #InformedInvesting  #InvestWisely #IntentionalInvestments #FinancialPlanningPodcast #InvestmentTips #TaxSavings #TFSA #RRSP
LINKS:
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred

SHOUTOUT: Have you thought about buying a rental property? If you’re interested in finding out more, check out Meghan’s site here: https://porterouge.co/ HOW TO GET IN TOUCH:

 

Join the conversation with 10000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
DM Meghan @ https://www.facebook.com/porterougeco
DM Meghan @meghancfp
DM Sarah Larbi @ www.sarahlarbi.com
                             @ https://sarahlarbi.com/reiacademy/ 

 

Resources:
Blink: The Power of Thinking Without Thinking
- https://a.co/d/iOiYtZi
SmartLess Podcast
- https://podcasts.apple.com/in/podcast/smartless/id1521578868

 

 

Porte Rouge

Porte Rouge - Advisory

Porte Rouge offers solutions that bridge the gap for real estate investors in the financial services industry.

 

 

Who are we? Why do we do what we do? Get to know Lindsay and Meghan in all their glory.

LINKS: 

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

SHOUTOUT:

Who is primarily responsible for managing the finances in your household? Do you keep separate bank accounts? What works well for you, and why?

HOMEWORK:

Go talk to someone about MONEY. If you don’t like your family, friends, or neighbors today, talk to a pro, or jump into Lindsay’s 9000+ member group for Canadian money conversation. 

TL:DR Version Ep 1 - Intro: 

• Lindsay & Meghan host the Money Stuff with Moms podcast because they fully understand the #MomLife AND the importance of #adulting. They bring you no fluff, jargon-free (and hilarious) conversations about money to give you quick wins while you’re sitting on the sidelines of your kid’s ball game. 
• These no-nonsense Moms are seasoned professionals in the finance industry who will be the first to tell you that seasoned professionals are NOT always right. The thing about personal finances is that they’re PERSONAL! As Meghan would say, it’s a beautifully annoying cliche. 
• Meghan is a Certified Financial Planner with an HBcomm finance degree, but her real super power is being able to translate all the technical jargon into step-by-step REAL talk. 
• Lindsay is an Accredited Financial Counselor with a STRONG opinion that Moms are SUPERHUMAN. They’ve got the brains to conquer whatever they put their mind to, but let’s be real, with everything on their plates… they gotta ration their bandwidth and be choosy about where they spend their time and energy. 
• Money Stuff for Moms was created to bridge the gap between the super technical in depth financial literature and clipping coupons to save a buck. We know that Moms want more than Pinterest hacks, but don’t have time to analyze the complexities of the IFRS9. Moms work too dang hard to feel like they’re living paycheque to paycheque. 
• It’s an IMPOSSIBLE expectation to think that one person can be responsible for their tiny human’s daily routine, household chores, family fun day planning,  vet appointment, scheduling home maintenance, attending the parent teacher conference, pruning the garden, visiting your mom, going to work…. AND be an expert in managing account structures, budgeting, and investing. Moms can do ANYTHING… but they cannot do EVERYTHING. Meghan and Lindsay are here to help.
• Both Lindsay and Meghan have noticed that over the past couple of decades, there has been a pendulum swing when it comes to who is managing the day to day finances in the household. If we go back in time to Lindsay & Meghan’s grandparents' prime, it was almost always the man who paid the bills, kept track of the insurance policies, and had the mortgage details ironed out. Today, women are wearing the “Chief Financial Officer” caps in their homes. Why is that?
• “F THE PATRIARCHY!!!!!” is one idea. (We joke, but is there truth to women asserting their financial independence by ensuring they have a strong grasp on their family’s financial situation?) 
• Maybe women are just better at it. Organization and multi-tasking are stereotypical PINK strengths. And since there are SO many more things to remember this day in age, maybe men just feel better about their spouses dealing with it. (Back in the day, you had one paycheque, which you had to walk to your physical bank to cash, and you paid your handful of bills. Today, we have a bazillion options for banking, investing, and insurance. We have side hustles on top of our regular 9-5’s. And let’s not even talk about the list of bills (how many subscription services do YOU have, Mama?) 
• How do things work in your household? Who does the majority of the financial chores? Do you have separate bank accounts? What works well for you, and why? Your input to the conversation has incredible VALUE… because when we can all DO BETTER if we KNOW BETTER. Share your knowledge! 
• HOW TO GET IN TOUCH:
  Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
• DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 
• DM Meghan @ https://www.facebook.com/porterougeco 

Adding a pet to your family is a big decision. For the family dynamics, responsibilities and financially. One of the ways we can protect ourselves from unexpected vet bills is through pet insurance. In today's episode we debate is it's worth it - and we are not in agreement. Let's discuss.

LINKS: 

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

SHOUTOUT:

What do you think? Are you team Lindsay (pro pet insurance) or team Meghan (put it in a slush fund)? Or do you have another method? We’d love to hear from you! 

HOW TO GET IN TOUCH:
Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 

DM Meghan @ https://www.facebook.com/porterougeco 

TL:DR Show Notes:

00:03:10 Meghan got a new puppy! And when Linsday asked her if she was getting pet insurance, her head almost exploded. Why? Even though Linsday and Meghan are both working professionals in the finance industry, they have totally different opinions on pet insurance. 

00:04:15 Linsday is PRO PET INSURANCE because it’s simply easier for her to come up with the money for the premium every month than it would be to come up with a whopping vet bill. She also feels more at ease and has peace of mind knowing that she’s covered in the event of a tragedy. 

00:07:48 Meghan is NOT persuaded to get pet insurance, because she would rather put the money she would be paying in premiums into her own slush fund, so that she can use that money for whatever she wants, including pet emergencies. 

00:09:26 Linsday talks about how she keeps her insurance premiums down by signing up for a policy with a higher deductible. This way, she can put extra money aside every month into the dog-fund, and when the premiums start to rise, do a cost-benefit analysis to decide when it’s time to end the policy. 

00:13:19 The truth is that we don’t have a crystal ball. We can’t predict if the decision we make today will be the right one for tomorrow… but it’s more important to make a decision and move forward. 

We budget to have MORE. More investments, more vacations, more fun, more freedom. If I tried to do everything at 100% I would do nothing. It doesn't have to be perfect B+ work is fine. The key is to find something that works for you because it if feel easy you'll be able to stick to it consistently

LINKS:

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

Lindsay’s Budget Templates: https://www.prettymoneyclub.com/budgetsignup

Lindsay’s 5 day budget makeover: https://www.prettymoneyclub.com/budgetmakeover

Dollars and Sense BOOK: https://danariely.com/books/dollars-and-sense/ 

SHOUTOUT:

Do you have a budget? If you have one that you love, tell us about it! 

HOMEWORK: If you don’t have a budget, go start with a template. Find one that works for you. And then tell us what you chose and why!

HOW TO GET IN TOUCH:
Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 

DM Meghan @ https://www.facebook.com/porterougeco 

TL:DR Show notes:

00:01:16 Linsday disagrees with another professional in the finance industry who claims that the reason she is so good with money is that she knows how to organize her financial spreadsheets. Lindsay thinks your excel sheets are not the reason for financial success. 

00:04:10 According to Lindsay, budgeting is like a road map to help you get from one place to another. While she uses Excel with her clients, it’s not to examine every detail, but rather to simplify the process.

00:07:45 She also stresses that budgeting is not about perfection, but about getting things done. Everyone is different and what works for one person may not work for another. The key is to find what works for you and go with it. It’s okay to only be 80% done and still make progress, rather than trying to do everything at 100% and never getting started.

00:08:40 Budgeting can feel overwhelming, but it doesn't have to be! The key is to find what works best for you. If you're a spreadsheet person, go for it! There are so many options out there. But if you're like Linsday  and hate all the tracking and data entry, you might want to try her bank account budgeting system instead. It’s like a digital version of cash envelopes. 

00:21:28 We budget to have MORE. More vacations, more investments, more freedom, more fun. We're not budgeting for less, and I think that once you find a system that works for you, and if you can adopt the perspective that you are budgeting to get more of the things that you want and love and value, you will find freedom in that experience. You’ll find more control. It will help with decision fatigue.

Looking for ways to save money on groceries?  Join Lindsay as she discusses  budget-friendly grocery shopping tips. Learn the importance of planning ahead, simple ways to write your list, and routines that will avoid overspending. Discover how setting a per person budget per week can help you achieve your financial goals. From meal planning to utilizing sales, she provides practical examples to save money. Listen up and start saving!

[00:00:03] Grocery shopping tips for saving money.
[00:01:32] Flexibility and creativity in blended families.
[00:02:57] Limit grocery store trips
[00:04:55] tips and tricks
[00:06:40] shopping with a list.
[00:09:26] Online ordering 
[00:11:41] Make your own bread?
[00:13:33] Budgeting for dietary restrictions
[00:16:41] dont eat your goals
[00:18:29] Cut grocery spending, focus on priorities.

We've all heard the term "Passive Income". Let's talk about it. Sipping marjarita's on the beach? Making money in your sleep? Our thoughts on passive income, why it's important and how to start.

LINKS: 

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

Richard Moxley is one of Canada's leading authorities on personal credit. After seven years as a mortgage broker, he had had enough in watching people forced to pay thousands of dollars in excess fees and rates, all because no one had taught them the basic rules of credit. Learn to level up your credit game on his website:  https://creditgame.net/ 

Email him ANY credit questions: info@creditgame.net

Credit PIE chart: https://www.skidmore.edu/hr/documents/Credit-Score-Pie-Chart.pdf

SHOUTOUT:

Do you know what your credit score is? Do you need to improve it for a specific goal? Do you have a story to share about credit? DM us! We’d love to hear. 

HOMEWORK: Set an alert on your credit card account to notify you when your balance goes above 50% so that you can pay it off right away.

HOW TO GET IN TOUCH:
Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 

DM Meghan @ https://www.facebook.com/porterougeco 

Email Richard @  info@creditgame.net 

Show Notes: 

• 00:00:52 Today on Money Stuff with Moms podcast we have a special guest!  Richard Moxley is here to talk about CREDIT.

• After 8 years as a high-volume mortgage broker, Richard Moxley finally had enough of watching the Average Joe being forced to pay thousands in excess rates and fees, all because no one had taught them the rules of credit. Due to demand, Richard focuses full-time on his passion which is helping Canadians fix, understand, and improve their credit. Here are a few of his credentials:

• Still married after twelve years and five kids! Bestselling author of two books

• Financial Literacy of the Year award, 2015

• Certified Bankruptcy and Insolvency Counsellor

• Featured in The Globe and Mail, CBC Go Public, CTV, Global News, and many others

• 00:02:47 Having a high credit score is NOT the most important thing. 

• 00:04:59 If you want to boost your score, there are two golden rules. 1: pay your bills on time. 2: keep your credit card balance BELOW 50% of your limit at ANY given time during the month, not just before you pay it off. (and it doesn’t matter how high the limit is, either.) 

• 00:08:17 Businesses in Canada can now charge you a fee if you are using a credit card, so watch out for that. You’ve got to decide if the fees you’re paying are worth the points you get. 

• 00:09:37  How to build your credit FAST if you don’t like the temptation of using a credit card

• 00:13:56 Why joint credit is so risky and why you should say NO to cosigning for anything. 

• 00:19:56 Why cosigning for your kids is a bad idea and what you should do instead

• 00:21:25 If you have bad credit, don’t beat yourself up about it. It can be turned around, and sometimes very quickly.

• 00:35:01 Why Richard would rather rent his property out to someone who just went through a bankruptcy or consumer proposal.

When it comes to credit cards, remember: "The house always wins"

Follow Barry Choi on Instragram: Barry Choi (@barry_choi) • Instagram photos and videos

In today’s episode we’re going to break down the 3 best budgeting tools you can use in 2024 to get your finances organized and a plan that actually makes sense for you + your family.

• YNAB 

  • $99/year or $15/mo

• GoodBudget

  • $70/year or $8/mo

• Banking Built in

  • Free (RBC banking - NOMI Insights)

Brace yourself for a deep dive into the volatile world of the stock market. Learn how to navigate crashes, downturns, and economic turbulence to not just survive, but thrive, even in the worst of times.

Plan grocery shopping once a week and order online to keep costs down. Use apps like Flipp to track sales and buy in bulk. Simplicity in meals: Be okay with simplicity in meals, like breakfast for dinner or snacks on a plate, to avoid fast food and expensive takeout.

• Flipp app: https://flipp.com/
• HelloFresh: https://www.hellofresh.ca/
• Hagens salad dressing: http://www.hagensdressing.com/
• Grocery Challenge (starts Sept 18th) Sign up: www.lindsayplumb.com/backtoschoolgrocerychallenge

Today's Question: "I have an extra $500 that I want to invest. How would you invest it? I already have some RSPs in high risk mutual fund but I want to invest in something else."

LINKS: 

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

Learn from the SASSY INVESTOR, Michelle Hung: https://thesassyinvestor.ca/about-me/

HOMEWORK:

Do you have a professional that you can go to with your money questions? Book an appointment to check in with them. Don’t have a pro? Think of someone who is 10 steps ahead of you that you can bounce ideas off of, and schedule a coffee date to discuss your money goals!

HOW TO GET IN TOUCH:
Join in the conversation with 9000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 

DM Meghan @ https://www.facebook.com/porterougeco 

SHOW NOTES: 

00:00:56 Meghan: We have a listener question: “I have an extra $500 per month that I want to invest. How would you invest it? I already have some RSP’s in high risk mutual funds, but I want to invest in something else.”

00:01:20 Lindsay: Would $500 per month in spa treatments be a responsible piece of advice? Hahaha! Just kidding. Our good friend Michelle Hung AKA “The Sassy Investor” just talked about “high risk investing.” . If you’ve got a highly diversified mutual fund or ETF, it’s not actually high-risk, even if it’s labeled as such. 

00:04:15 Meghan/Lindsay: The problem with financial advisors is that when someone asks us a question, our answer is 27 more questions. It’s because we need to know all the intricacies of the situation to be able to provide the best advice… There are SOOOO many options! What is our listener’s timeline for this investment? What do THEY consider to be “high risk?” Can they tolerate market volatility? What goal are we trying to achieve with this investment? What are they going to do with the money? Is $500 per month a LOT to this listener? Or is this chump change? 

00:05:00 Lindsay: Many portfolio managers would say that your risk level is high if you buy gold bars, or buy stocks in one single company, or invest in real estate. In those scenarios all of your dollars are in ONE place. If you buy mutual funds or ETFS, your dollars are spread out over MANY companies. 

00:07:10 Lindsay/Meghan: Let’s pretend our listener wants to invest for their retirement in 30 years. What advice would you give them? If $500 per month is a lot of money for this listener, I would help them to decide if they should invest it in one lump sum every month when it becomes available (to prevent them from the urge to spend it) or if they would feel more comfortable breaking it up into weekly contributions so that it doesn’t feel like a lot all at once. 

00:10:15 Meghan: I would also look at the bigger picture. If you’re not maximizing your TFSA, that’s a lost opportunity. Or if your money would better serve you by reducing your debt obligations (especially with the rising interest rates) then perhaps you shouldn’t be putting it into your RSP’s at this time. 

00:11:00 Lindsay: People often start by looking for the product… and that’s where the value of advice can come in. It’s not very often that the product gets you to your goal; it's the plan that does. I have lots of friends who dumped a lot of money into crypto over the last few years… and they were the loudest person in the room when the money was going up. But those people are a little quieter these days. 

00:15:15 Meghan: I think the solution is to take action. Find someone to have a conversation with to get clarity on what exactly the goal for this money is… and choose something. It’s easy to get overwhelmed by all the choices and experience analysis paralysis!

The idea of retirement might be different but work optional is something many of us strive to. 

Find your estimated CPP amount: https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html

The standard age to start receiving CPP benefits is 65, but you can wait begin your Canada pension plan as early as 60 or as late as 70. It's important to be aware that if you choose to take CPP as soon as you are eligible, you'll experience a reduction of 7.2% for each year prior to turning 65. There's no benefit to wait after age 70 to start receiving the pension.

Retirement saving can be as small is $25/week to give you some consistency and momentum. Everyone that has an RSP matching should participate.

Retirement calculator: https://www.calculator.net/retirement-calculator.html

Join the 5 day Back to School Grocery Challenge: https://www.lindsayplumb.com/backtoschoolgrocerychallenge

Get a KOHO Card, make a purchase over $5 + get $20 FREE: https://web.koho.ca/referral/MMF3Z33M

Financing is a bumpy ride right now. If you are riding the rollarcoaster and want to smooth things out as much as you can - let's improve things we CAN control: your credit score. Lindsay + Meghan chat with Richard Moxley about everything credit score and ask all the questions 

LINKS: 

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

Richard Moxley is one of Canada's leading authorities on personal credit. After seven years as a mortgage broker, he had had enough in watching people forced to pay thousands of dollars in excess fees and rates, all because no one had taught them the basic rules of credit. Learn to level up your credit game on his website:  https://creditgame.net/ 

Email him ANY credit questions: info@creditgame.net

Credit PIE chart: https://www.skidmore.edu/hr/documents/Credit-Score-Pie-Chart.pdf

SHOUTOUT:

Do you know what your credit score is? Do you need to improve it for a specific goal? Do you have a story to share about credit? DM us! We’d love to hear. 

HOMEWORK: Set an alert on your credit card account to notify you when your balance goes above 50% so that you can pay it off right away.

HOW TO GET IN TOUCH:
Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 

DM Meghan @ https://www.facebook.com/porterougeco 

Email Richard @  info@creditgame.net 

Show Notes: 

• 00:00:52 Today on Money Stuff with Moms podcast we have a special guest!  Richard Moxley is here to talk about CREDIT.
• After 8 years as a high-volume mortgage broker, Richard Moxley finally had enough of watching the Average Joe being forced to pay thousands in excess rates and fees, all because no one had taught them the rules of credit. Due to demand, Richard focuses full-time on his passion which is helping Canadians fix, understand, and improve their credit. Here are a few of his credentials:
• Still married after twelve years and five kids! Bestselling author of two books
• Financial Literacy of the Year award, 2015
• Certified Bankruptcy and Insolvency Counsellor
• Featured in The Globe and Mail, CBC Go Public, CTV, Global News, and many others
• 00:02:47 Having a high credit score is NOT the most important thing. 
• 00:04:59 If you want to boost your score, there are two golden rules. 1: pay your bills on time. 2: keep your credit card balance BELOW 50% of your limit at ANY given time during the month, not just before you pay it off. (and it doesn’t matter how high the limit is, either.) 
• 00:08:17 Businesses in Canada can now charge you a fee if you are using a credit card, so watch out for that. You’ve got to decide if the fees you’re paying are worth the points you get. 
• 00:09:37  How to build your credit FAST if you don’t like the temptation of using a credit card
• 00:13:56 Why joint credit is so risky and why you should say NO to cosigning for anything. 
• 00:19:56 Why cosigning for your kids is a bad idea and what you should do instead
• 00:21:25 If you have bad credit, don’t beat yourself up about it. It can be turned around, and sometimes very quickly.
• 00:35:01 Why Richard would rather rent his property out to someone who just went through a bankruptcy or consumer proposal.

In this episode, we'll explore the world of Canadian financial advisors and share tips for selecting the right one to help you achieve your financial goals. From evaluating credentials to assessing compatibility, we'll cover everything you need to know to make an informed decision

#personalfinance #financialplanning #investing #financialadvisor #moneymanagement #Canadianfinance #wealthmanagement #retirementplanning #financialfreedom #budgeting

Clients' grocery costs have increased significantly. Having a specific grocery budget and getting creative with what's already at home can help. 

Links:

Flipp app: https://flipp.com/
Hagens salad dressing: http://www.hagensdressing.com/
Grocery Challenge (starts Sept 18th) Sign up: www.lindsayplumb.com/backtoschoolgrocerychallenge

Summary: 

In this episode of the Money Stuff with Moms podcast, discuss how much money is enough money and the notion that Future YOU needs money too! We explore different perspectives based on our experiences and the clients we work with.

How much money is enough money is personal, and finding your own answer involves self-reflection, open conversations, and careful financial planning

Chapters:

• 0:00 Introduction

• 0:51 Retirement Planning - The Concept of Leveraging Income to subsidize the Future

• 8:45 The Importance of Budgeting for the Future. 

• 14:32 The Significance of Refusing to Settle for Less to Achieving Greater Prosperity in the Future.

• 18:35 The importance of having a structure and framework in their financial planning

• 20:51 What's your MORE for the Future? 

#Income #money #budget #family #baseline,  #budgeting #goal #FutureYouneedsmoneytoo

Resource Links:

Budget for MORE - • https://www.lindsayplumb.com/budgetformore

SocialMedia LINKS: 

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred 

SHOUTOUT:

Have you thought about buying a rental property? If you’re interested in find out more, check out Meghan’s site here: https://porterouge.co/

HOW TO GET IN TOUCH:
Join in the conversation with 10000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach 

DM Meghan @ https://www.facebook.com/porterougeco 

As moms we have countless day-to-day roles, by implementing guard rails and setting micro-timelines can help balance tasks. New little habits and tips can make a big difference when balancing all the things on our plates

The episode you've all been waiting for... who is smarter? Lindsay or Meghan?

Money Coach vs. Financial Planner

Something I'm into right now: Sorry We're Stoned Podcast (not money related)

Want to try a KOHO card? Try it here and get a $20 Cash Back

Start your emergency fund with EQ Bank. Once you've saved $100 they will give you a BONUS of $20! That's an instant 20% return!!

...still obsessed with Mount Everest though.

PEOPLE TRYING TO GET RICH QUICK - STAY BROKE LONG 

No matter where you are in the financial journey, youare going to feel embarressed or shamed. You feel embarressed when you are doing well, you feel embarressed when you are having a hard time. 

Go smarter, longer, faster, harder and think more clearly.