Money Stuff With Moms

Insurance is an important part of any financial plan, and starting the conversation is the first step. Life insurance is a heavy topic and we share what strategies we're using and why.

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

DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach

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

Life insurance is an important form of financial protection for you and your loved ones. In this podcast episode, Meghan and Linsday talk with Insurance Expert Alyx Valdal to cover the basics of life insurance, including why you might need it, how much coverage you should get, and how to find the right policy for you. Tune in to learn everything you need to know about life insurance, so that you can make the best decision for your family's future.

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

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

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

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.

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.

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: [email protected]

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 @ [email protected]

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.

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: [email protected]

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 @ [email protected]

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.

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: [email protected]

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 @ [email protected]

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.

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!

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!