Not Just Money

Was life really more affordable for Boomers? Or are Millennials and Gen Z facing challenges previous generations never had to deal with?

In this episode of Not Just Money, Doretta and Li dig into the numbers behind one of the biggest debates in personal finance: How has inflation changed the cost of living across generations? Using historical Canadian data from 1985, 2005, and 2025, they compare housing, household goods, appliances, furniture, clothing, transportation, technology, and everyday expenses to uncover what's actually become more expensive, what's surprisingly cheaper, and why the answer is far more complicated than most headlines suggest.

You'll learn:

Doretta and Li also explore the hidden forces behind financial nostalgia. Were Boomers really better off? Are Millennials as disadvantaged as they're often portrayed? And how much of our financial frustration comes from changing expectations rather than changing prices?

This episode challenges common assumptions about inflation, purchasing power, housing affordability, and generational wealth, offering a more nuanced view of what it means to build a middle-class life in Canada today.

If you've ever wondered whether things were really better "back in the day," this episode is for you.

Good talk.

Bank of Canada Inflation Calculator

RBC Housing Affordability Report

Money doesn’t just shape our bank accounts — it shapes our mental health. In this research‑packed episode of Not Just Money, Doretta and Li explore the powerful, often overlooked relationship between financial wellbeing and mental wellbeing, drawing on new studies from Canada and around the world.

Financial hardship, comparison culture, social media pressure, rising costs, and uncertainty about the future are taking a toll — especially on Millennials and Gen Z. But the data also shows where we do have control, and how financial literacy, confidence, and values‑based decision‑making can meaningfully improve our mental health.

You’ll learn:

The three dimensions of financial wellbeing (material, psychological, and future resilience)

Why Canadians can meet their bills but still feel financially unwell

How financial hardship strongly correlates with depression and anxiety across 24 countries

Why perceived financial wellbeing predicts mental health more than actual income or debt

How comparison — especially feeling poorer than peers — lowers happiness, meaning, and life satisfaction

The behavioural signs of financial anxiety: avoidance, hypervigilance, doom spending, decision paralysis, shame, and relationship strain

Why even financially secure people can feel chronically anxious about money

How financial anxiety and mental health challenges reinforce each other

What the research says about financial literacy interventions — and why habits matter more than concepts

The limits of financial education (it can’t fix inadequate income) and where it can make a meaningful difference

Why grounding your financial life in your own values, goals, and realistic expectations is essential for peace of mind

This episode is for anyone who has ever felt stressed about money — whether you’re struggling to make ends meet or objectively doing fine but still feeling anxious. The research is clear: financial wellbeing and mental health are deeply connected, and understanding that relationship is the first step toward taking control.

Good talk.

Links: (for the research nerds)

https://www.sciencedirect.com/science/article/pii/S2666560325000933

https://www.sciencedirect.com/science/article/pii/S2212657026000747  

https://www.mcgill.ca/newsroom/channels/news/feeling-poorer-peers-linked-lower-wellbeing-even-when-incomes-are-similar-373318

https://www.sciencedirect.com/science/article/pii/S2214804325000679   

https://www.canada.ca/en/financial-consumer-agency/programs/research/financial-education-budgeting-longitudinal.html   

https://www.canada.ca/en/financial-consumer-agency/programs/research/online-intereventions-increase-young-womens-confidence-final-report.html   

https://pubmed.ncbi.nlm.nih.gov/39529498/

In this Thanksgiving‑themed episode of Not Just Money, Doretta and Li explore one of the most misunderstood — and most powerful — tools for financial well‑being: gratitude. Not the $13.99‑on‑Amazon journal version, but the deeper psychological, ethical, and human version that has shaped cultures, religions, and philosophies for thousands of years.

Building on last week’s episode about why we feel poor even when we’re not, this conversation dives into how gratitude interrupts the comparison cycle, quiets the dopamine‑driven chase for “more,” and helps us recognize the wealth already present in our lives — wealth in its original meaning: well‑being.

You’ll learn:

Why gratitude is a two‑step process (and why most modern wellness advice only teaches half of it)

How gratitude hijacks your brain’s network to refocus attention on what truly matters

Why comparison culture makes us feel poorer — and how gratitude breaks the cycle

The neuroscience behind rumination, wanting, and the hedonic treadmill

How ancient traditions, Indigenous teachings, and modern psychology all converge on the same truth

Why defining “enough” is essential for financial peace

The surprising link between gratitude and generosity — including research showing grateful teens donate 60% more

Why humility (not humiliation) is a forgotten virtue in a world obsessed with self‑optimization

How gratitude helps us see the richness of time, relationships, nature, creativity, and community

Why Thanksgiving’s meaning — recognizing plenty and sharing it — is the antidote to consumerism

If you’ve ever felt stuck in the cycle of wanting more, comparing more, or feeling like what you have isn’t enough, this episode offers a grounded, thoughtful, and deeply human reset.

Wishing you a grateful, grounded Thanksgiving.

Good talk.

Why do so many of us feel like we’re falling behind financially — even when the numbers say we’re doing fine? In this episode of Not Just Money, Doretta and Li unpack the growing phenomenon of “subjective poverty”: the emotional, psychological, and social forces that make us feel poor, regardless of our actual income.

Drawing on new research from McGill University, global well‑being studies, behavioural economics, neuroscience, and the realities of today’s cost‑of‑living pressures, this episode explores why comparison has become one of the most powerful drivers of financial anxiety — and what we can do to break the cycle.

You’ll learn:

Why people with the same income can feel dramatically different about their financial security

How social comparison — especially online — warps our sense of “enough”

Why inflation feels worse than the data suggests

How dopamine, hedonic adaptation, and loss aversion fuel lifestyle creep

Why social media reshapes our expectations and makes us feel left behind

How our brains create loops of worry, rumination, and financial insecurity

Why relative poverty often hurts more than objective financial strain

How gratitude, values‑based living, and controlled comparison can reset your internal baseline

Why defining your own version of “enough” is one of the most powerful financial skills you can build

If you’ve ever looked at your life and thought, “Why do I feel behind when I know I’m doing okay?”, this episode will help you understand the forces at play — and how to reclaim your sense of stability, satisfaction, and financial confidence.

Good talk.

In this special Mailbag episode of Not Just Money, Doretta and Li dive into the questions, reactions, frustrations, and aha‑moments listeners have shared across dozens of episodes. From happiness and taxes to social media manipulation, renting vs. owning, retirement fears, prenups, back‑to‑school savings, and even Pokémon‑card “investing,” this episode brings together the conversations you’ve sparked — and the ones you didn’t know you needed.

This is one of the most wide‑ranging, honest, and entertaining episodes yet.

You’ll hear:

Why the Happiness episode resonated so deeply — and why scores are falling among young people

How newcomers to Canada are reframing their understanding of taxes and public trust

The real‑world dangers of social media misinformation, from health myths to AI‑generated influencers

How Gen Z is fighting back with flip phones and phone‑free zones

The emotional firestorm around renting vs. owning, shame, status, and societal pressure

Why prenups are having a moment — and why couples should talk money as seriously as wedding planning

How listeners saved $1,200 using our back‑to‑school timing strategies

What people got wrong (and right) about retirement planning, and why Doretta’s retirement episode became a fan favourite

Why understanding your paycheque matters more than you think

The psychology behind collectibles, NFTs, Pokémon cards, and why they’re not investments

How parents are using our performative self episode to teach teens about values vs. social pressure

This episode is a reminder of why we created Not Just Money: because money touches everything — identity, happiness, relationships, security, and the stories we tell ourselves.

If you’ve ever sent us a question, argued with us in your head, or had a “holy crap, I never thought of that” moment while listening… this one’s for you.

Good talk.

If you’re a parent, aunt, uncle, or grandparent in Canada, this episode is one you cannot afford to skip. Registered Education Savings Plans (RESPs) are one of the most powerful — and misunderstood — financial tools available to families. In this episode of Not Just Money, Doretta and Li break down exactly how RESPs work, why they matter, and how to make sure every child in your life gets the educational head start they deserve, while helping you avoid common mistakes caregivers make.

You’ll learn:

What an RESP actually is — and why it’s one of the best education savings tools in Canada

Why you should open an RESP the day your child is born, even if you can’t contribute yet

How RESPs evolved over time to become more fair and accessible

How the Canada Education Savings Grant (CESG) works — including the 20% match and the $7,200 lifetime maximum

How the Canada Learning Bond (CLB) supports lower‑income families with up to $2,000 in free contributions

Why RESPs are not just for university — they cover college, trade school, apprenticeships, CEGEP, and eligible programs abroad

What RESP funds can actually be used for: tuition, books, laptops, rent, food, transportation, tools, and even a car in certain cases

How long an RESP can stay open (up to 35 years!) and why that flexibility matters

What happens if your child doesn’t pursue post‑secondary education — and why you don’t lose your money

The difference between individual and family RESPs — and how to choose the right one

Why RESP providers differ — and how fees, restrictions, and investment options can impact your child’s future

How withdrawals work once your child starts school, including Educational Assistance Payments (EAPs)

Why children with RESPs are statistically more likely to attend and graduate from post‑secondary education

This episode is your complete guide to RESPs — how to open them, how to maximize government contributions, how to invest inside them, and how to use them strategically when your child begins their education journey.

If you want the children in your life to launch into adulthood with confidence — and without crushing student debt — this episode is essential listening.

Good talk.

Links:

Government of Canada list of RESP providers and the benefits they offer

CRA list of approved expenditures: https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/bulletins/resp-bulletin-1.html?utm_source=chatgpt.com 

Retirement isn’t funded by one magic number — it’s built piece by piece, year by year, through multiple income streams. In Part 3 of our retirement income series, Doretta and Li break down how Canadians actually fund their retirement today, and what that means for anyone planning their future.

This episode goes beyond the basics of CPP, OAS, and GIS to explore the rest of the “retirement house”: workplace pensions, RRSPs, RRIFs, TFSAs, investment income, home equity, and even post‑65 employment. If you’ve ever wondered how much you’ll need — or how you’re supposed to get there — this episode gives you clarity, strategy, and peace of mind.

You’ll learn:

Why workplace pensions are disappearing — and how that shifts responsibility to you

The difference between defined benefit and defined contribution pensions

How today’s retirees actually use RRSPs and RRIFs — and why deaccumulation can feel harder than saving

Why RRIF withdrawals affect OAS/GIS eligibility (and how to plan around it)

How TFSAs have become a powerful retirement tool — especially for tax‑efficient withdrawals

What average retirees have saved in TFSAs (and why younger Canadians will benefit even more)

How non‑registered investments, home equity, and part‑time work fit into the retirement picture

Why retirement spending happens in phases: go‑go, slow‑go, and care years

How to think about “how much you need” without getting overwhelmed by million‑dollar targets

Why focusing on your savings rate is more effective than chasing a single retirement number

How financial planners model retirement income — and how you can do it yourself

This episode helps you understand the real structure of retirement income in Canada — and how to start building your own secure, flexible, and resilient future.

Good talk.

Most people plan for retirement without ever understanding where their income will actually come from. In this episode of Not Just Money, Doretta and Li break down the real sources of retirement income in Canada — the foundational benefits every Canadian is entitled to, how they work, and what they mean for your long‑term financial planning.

If you’ve ever wondered “Will I have enough?”, this episode gives you clarity, confidence, and a starting point.

You’ll learn:

Why retirement planning must start with understanding your income foundation

How long Canadians are actually living — and why planners now use age 95

The three pillars of government‑provided retirement income: 1. CPP/QPP — how contributions work, how benefits are calculated, and why CPP is funded for decades 2. OAS — how residency affects eligibility, how clawbacks work, and why most Canadians receive it 3. GIS — the tax‑free supplement for low‑income seniors

Why CPP won’t “run out of money” — and why fear‑mongering is wrong

How early CPP works (and the permanent reduction you need to know about)

How OAS and GIS interact — and why timing matters

Why your retirement income will come from multiple sources, not just savings

How to check your own CPP estimate today

Why understanding your foundation reduces fear and motivates better saving

This episode is Part 2 of our retirement income series — your blueprint for building the financial “house” that will support you for decades.

Links:

CPP https://www.osfi-bsif.gc.ca/en/news/chief-actuary-government-canada-releases-32nd-actuarial-report-canada-pension-plan?utm_source=chatgpt.com  ; 

QPP:   https://www.retraitequebec.gouv.qc.ca/en/publications/our-programs/quebec-pension-plan/actuarial-valuations/summary-actuarial-valuation-quebec-pension-plan-31-december-2024?utm_source=chatgpt.com )

This week, we are bringing back a critical topic as we delve deeper into retirement. As we begin to talk about withdrawal strategies, being able to budget (even if you have never done it before), becomes a skill you need to dust off!

Repeating Episode 03 - here comes the budget tips you need.

If the word budget makes you cringe, you’re not alone — but you are in the right place. In this episode, Doretta and Li walk you through how to create a simple, realistic, and sustainable budget that helps you live well within your means, save with purpose, and spend on what truly matters.

You’ll learn:

What a budget really is — and why it’s your most powerful financial tool

How budgeting reduces stress, improves sleep, and strengthens relationships

Why budgets aren’t restrictive — they’re liberating

How to map out your income, expenses, needs, wants, and goals

The difference between mandatory and discretionary spending

How to build a budget that reflects your values and lifestyle

Why a spending diary can transform your financial awareness

Three practical strategies to make your budget stick

How to include saving (even small amounts!) without feeling deprived

Why simplicity beats perfection every time

This episode is packed with practical steps, mindset shifts, and real‑life stories to help you finally build a budget you can stick to — and actually enjoy.

Next week: We are back to retirement with our first segment on understanding your government benefits in retirement, the foundation of your house.

Good talk.

Retirement is supposed to be the reward for decades of saving — but what actually happens when the paycheques stop and the future finally arrives? In this deeply personal episode of Not Just Money, Li interviews Doretta about the real experience of being retired: the identity shift, the emotional challenges, the unexpected joys, and the financial realities no one prepares you for.

This episode goes far beyond “Do I have enough saved?” and explores the questions most people never ask — but should.

You’ll hear:

How you know it’s time to retire (and why the decision is rarely clear‑cut)

The surprising emotional shift from saving to spending

Why “future you is a stranger” — and how that complicates retirement planning

The difference between objective enough and emotional enough

How childhood money trauma shapes retirement fears

The challenge of losing work identity — and rebuilding purpose

What retirees actually spend more or less on

Why frugality becomes part of your identity (and how to loosen its grip)

How relationships change after retirement — friendships, partners, and family

What Doretta wishes she had told her 30‑, 40‑, and 50‑year‑old self

The importance of curiosity, creativity, and structure in retired life

Why health — not money — becomes the true foundation of retirement

This is an honest, vulnerable, and practical conversation about what retirement really feels like — financially, emotionally, and psychologically. If you’re saving for retirement, approaching it, or already living it, this episode will help you rethink what you’re planning for.

What questions do you have about retirement that we didn’t cover? Email us at [email protected].