By some estimates, about 40% of marriages end in divorce. Money is often the root cause of the problem. Wallace M. Howick, FCA.,  joins us to discuss his book, “Love & Money” – a workbook for anyone in love - whether you’ve just started dating or you’ve been married for 15 years already. 

[0:00 - 0:35] INTRODUCTIONS

[2:40 - 5:47] MONEY MISTAKE  - Argue credit card charges | Email founders |Battle cell phone companies

[5:48 - 9:13] Why are there so many money problems? In your book, we follow Mark and Michelle, they want to start budgeting, you make it clear that’s wrong. Why? Where should we start? 

[9:14 -  12:45] Walter, in your book you talk about the 4C’s: communication, choices, compromises, and constructing the plan. The book kicks off with a quote from the Dalai Lama - “Mutual respect is the foundation of genuine harmony.” Tell me why communication may be the most valuable piece of advice and why we have to begin with communication? 

[12:46 - 14:09] Once you figure out values, is that when you talk about budgets? The 4 questions that will build your financial plan together. 

[14:10 -15:37]  After defining what’s important to me and my partner, then I have a budget, right?

[15:38 - 17:17] Tyler and his partner are open and share everything. Lisa is independent with her partner. So, are we compromising on everything? 

[17:18 - 21:59] Lisa tells her story of buying a Chanel purse, but uses insurance to buy it again. Wants vs. needs - downtown vs. suburbs - how do you bring up and solve difficult money conversations? 

[22:00 -  27:24] I share everything with my wife - one bank account, one credit card, our finances are mostly about simplicity. Most of my friends who are in relationships have their money separate - they share expenses, but have their own accounts. Should we have shared accounts or separate bank accounts? How do you know what’s right for you? 

[27:25 - 29:13] Is there a safe way to discuss pre-nups? 

[29:14 - 32:11] Lisa tells a story about her friend and pre--nups. 

[32:12 - 39:40] Weddings are expensive. When my wife and I got married there were a lot of must-do’s including guest list, open bar, I DJ’d my own wedding to save money. But, it’s hard putting boundaries on parents or in laws. Looking back, my wife and I have said we could have done a wedding with a fifth the list and been just as happy. Weddings didn’t use to be these lavish affairs - what happened? How does a couple afford a wedding? 

[39:41 - 48:31] Five financial arguments between couples and how to solve them

1. “I spent $2,000 on a purse, but it is an investment.”
2. “I need access to your accounts.”
3. “My partner doesn’t know about my secret credit card.”
4. “We should split everything 50-50, even though I make 30% more.”
5. “Before we move in together, you have to get rid of all your debt.”

[48:32 - 54:19] RAPID FIRE QUESTIONS - What’s in your wallet? What’s a book everyone should read? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. What’s your number - to live independently wealthy and life on your own terms? What’s next for you? How can people get in touch with you? 

[54:20 - 55:14] OUTRO

[0:00 - 2:31] Intro  - Andrew Larsen – https://www.andrewlarsen.ca – is a multi award winning children’s author. He’s written 16 children’s books and we ask him how he makes money doing it. It’s a history of writing his first book to how he continues to do it as a full time job. If you’ve ever thought about writing a children’s book, and make money doing it, this is a must listen. 

[2:32  - 4:45] Money Mistake - Get regular checkups on your home mechanical systems. Don’t get sucked in to flashy ads - if it’s too good to be true, it probably is. 

[4:46 - 6:14] How did you become an author? What’s the Andrew Larsen Story?

[6:15 - 6:46] Your first book is Bella and the Bunny - tell me about it. 

[6:47 - 7:37] With a history in the food industry, how did you land on becoming an author?

[7:38 - 8:40] Is being an author a side gig or is it for real? Are you going to be rich writing a children’s book? 

[8:41 - 8:59] Are you still side hustling at weddings and catering events? 

[9:00 - 10:44] What is the process of writing? Did you contact a publisher? How do we go from a screen to a finished submitted manuscript? 

[10:45 - 11:46] Why was this one story the one you choose to submit?

[11:47 - 16:22] Is there money in writing a children’s book? Do you find the illustrators? Tell me about getting your first book published and what it meant for you and your family and your financial situation. 

[16:23 - 16:44] How many children’s books have you written? How many kids books do you write a year?

[16:45 - 17:20] Do you have an agent in the publishing industry? 

[17:21 - 18:01] Is a children’s book a couple hundred words? How long should a children’s book be? 

[18:02 - 19:21] Why is it so hard to write a children’s book? What are the keys to a good children’s book?

[19:22 - 20:09] Your first book gets published - are you rich and famous as a children’s author? How do you promote your children’s book? 

[20:10 - 21:31] What other income streams are available for children’s authors?

[21:32 - 23:38]When did you feel you had hit success and being a children’s book author was for the rest of your life?

[23:39 - 24:34] How do you keep writing children’s books when your children grow up? 

[24:35 - 28:07] It’s expensive to live in Toronto. How do you manage your finances with an inconsistent paycheque? Are there grants available to children’s authors? Do you have to publish a children’s book before you can apply for grants?

[28:08 - 29:35] Writing is a job you can do from anywhere, so it’s very appealing to many, especially in the Financial Independence, Retire Early movement. What would you say to them about writing a children’s book? Are there multiple revenue sources?

[29:36 - 32:22] The Wealthy Barber is about investing early. Are you taking excess money to invest in the market? 

[32:23 - 34:57] How should someone start writing a children’s story? What’s the key to success? A good editor? A friendly publisher? 

[34:58 - 37:39] What is your process from beginning to end? How do you generate your ideas? How many drafts do you write? Do you work with writer groups? Share with friends for feedback? Do you work with an agent? Do you work with different publishers? 

[37:40 - 38:43] Do you still get rejections? 

[38:44 - 40:34] How much can a children’s author expect to make in Canada? How long did it take you to make enough money to feel comfortable? Do you need another job?

[40:35 - 42:10] What do you say to the new moms, or the people that hate their jobs, or people that want to start writing a children’s book to earn a living? 

[42:20 - 53:09] Rapid fire questions - What’s in your wallet? What’s a book everyone should read? Where do you spend most of your money each week? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. What’s your number - to live independently wealthy and life on your own terms? What’s next for you? How can people get in touch with you? 

[53:09 - 58:50] The Knowledge Bank - How (and why) you should start investing

https://www.ratehub.ca/blog/how-to-start-investing/

[58:50 - 59:41] Outro

After years in the finance and loyalty industry, including AirMiles, Suzanne Tyson wondered why so many unused points weren’t used to help pay for higher education? Enter HigherEdPoints - a company she founded and runs to do exactly that. Her site helps students figure out how to pay for school and lobbies with the government to find new solutions. She’s a mom, a self-proclaimed silverpreneur, and we’re so happy to have her on the show today, welcome Suzanne. 

[0:00 - 1:33] intro 

[1:34 - 4:08] MONEY MISTAKE/MAKEUP: TIny home kitchen, checking your chequing, and using cash

[4:09 -  5:34] INTERVIEW - The average Canadian student now graduates with $27,000 in debt. I hear stories of when my parents attended post-secondary where a summer job could cover tuition and some of their living expenses. So what changed? What are some of the costs and/or fees driving up the bill for post-secondary education? Is it tuition? Why is it so difficult to pay for now? 

[5:35 - 6:56] What’s driven the change in tuition costs, it must be more than inflation. Or was it all the other costs?

[6:57 - 9:42] What are your top 3 tips to help students manage their finances?

[9:43 - 12:28] How do students help pay those costs? There are government support programs like student loans and RESPs, as well as scholarships, right? Seems like there’s lots of money out there, no? How can students pay for school? https://www.higheredpoints.com/2020/08/13/5-financial-to-dos-before-back-to-school/

https://www.scholarshipscanada.com/

[12:29 - 13:45] You should stay on top of your finances, have conversations with roommates, right?

[13:46 - 15:19] Parents should take cues from students to manage their finances. People need to spend the time to budget and manage cash flow. 

[15:20 - 16:07] How did you devise a plan for each one of your children to manage their finances differently?

[16:08 - 18:33] Something you’ve identified is this concept called the ‘middle 60’. For those out there who haven’t heard about this ‘middle 60’ could you give a bit of an overview of who they are since and how can programs like Higher Ed Points support them? 

[18:34 - 20:43] Do you think the awards that only go to the top 10-20% of students should be changed to be more accessible?

[20:44 - 22:30] The COVID pandemic has changed almost every element of our lives. The government launched the CESB, Canada Student Service Grant, CSSB. These have gotta help, right?

[22:31 - 25:26] How else can the current scholarship model improve? If I were a large corporation or institution setting up a new scholarship program, how should I design that program? Shelley Clayton University of New Brunswick - https://www.unb.ca/fredericton/studentservices/financial-aid/contact.html

[25:27 - 26:29] Should we seek more from corporations to help fund education? Is there not a conflict of interest?

[26:30 - 29:04] Should we look to institutions or the government? Should tuition be free? What do you think the future of higher education should look like for Canada? 

[29:05 - 30:22] Any hot tips to repay those student loans after graduation? 

[30:23 - Rapid Fire Questions  - What’s in your wallet? What book do you think everyone should read? https://www.amazon.ca/Why-Your-Writing-Sucks-Business-ebook/dp/B015JLXR2C Where do you spend most of your money each week? If you had a giant billboard on the side of the highway, what would it say? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. Should people take gap years? What’s your number - to live independently wealthy and life on your own terms? What’s next for you? How can people get in touch with you? https://www.higheredpoints.com

[41:07 - 44:36] The Knowledge Bank - Insurance for university students is cheaper than you think - https://www.ratehub.ca/blog/tenant-insurance-university-students/

[44:37 - 45:29] Outro

Guest host Jon Vasallo, Sales Director at Ratehub.ca and general manager of MoneySense magazine interviews Alan Mallory. 

Alan is a performance coach, international speaker, including TedX, and published author of the book, “The family that conquered Everest”.  In 2008, Alan, with his brother, sister, and father went on an expedition to the top of the world’s highest peak. They became the first family of four to set foot on the summit. A 2 month emotion-filled terrifying experience across ladders spanning bottomless crevasses, near death experiences, unparalleled physical and mental challenges. 

[0:00 - 1:25] Intro

[1:26 - 4:30] Money mistakes

[4:31 - 6:09] How did your dad convince you to climb Everest?

[6:10 -  7:39] How do you go about accomplishing goals?

[7:40 -  10:07] How did you turn the decision to climb Everest into preparation and planning? 

[10:08 - 12:59] Climbing Everest cost you $160,000 - how did you finance the trip?

[13:00 - 14:45] Is there any special insurance that would cover someone climbing Everest?

[14:46 - 16:54] Once you got to the top, can you describe the feeling at the top of Everest?

[16:55 - 18:48] Everyone has their own Everest to overcome. What parallels would you draw between Everest and personal finance (e.g. retirement)

[18:49 - 21:34] What are some of the key lessons during and post climb? Was it worth the investment?

[21:35 -  26:14] How do you overcome the challenges of starting? How do you set a goal to accomplish the challenges you face?

[26:15 - 27:37] There’s an emotional return on your investment. Did you ever think about how you could make money from the climb? 

[27:38 - 31:29] You’ve turned climbing Everest into a career. Can you talk about that transition? What was the decision to monetize the experience? Take us to where you are now. 

[31:30 - 33:25] Any takeaways for our listeners to leverage learnings to carry with them as it relates to personal finance. 

[33:26 - 40:19]  Rapid Fire questions - What’s in your wallet? What book do you think everyone should read? Where do you spend most of your money each week? If you had one tweet, what would it say? What is one of the best or most worthwhile investments you’ve ever made? (Could be an investment of money, time, energy, etc.) What’s your number - to live independently wealthy and life on your own terms? How can people get in touch with you? What’s the title of the book?

[40:20 - 45:12] The Knowledge bank - What is a balance transfer and what are the advantages? 

https://www.ratehub.ca/blog/best-balance-transfer-credit-cards-in-canada-2/

[45:13 - 46:04] Outro

Canadian Couch Potato investor, Dan Bortolotti returns with guest host and CO-CEO of Ratehub.ca, Alyssa Furtado. We tend to overcomplicate investing. This podcast gives you simple advice on investment planning, not being a market timer, the best time to invest for non-investors, and removing emotions from investing and learning to invest on your own. 

Do you invest in a pandemic? Should you withdraw all your money? There's a ton of great advice in this podcast and worth a listen to anyone that is worried about the markets and their own investments. 

At the end, we give you things you might not know about home insurance. 

Enjoy!

David started investing in 1996 at age 18 and enjoyed early success thanks to tech market giants and the internet. After growing his portfolio to $10,000 (a lot of cash for an 18 year old), he was hooked, but not playing with enough cash, so he borrowed to invest more. At 25, he was working as a mutual funds analyst, after receiving his MBA from Rotman at The University of Toronto, and about to get his chartered financial analyst designation, he told his parents he needed to file for bankruptcy. 

Now he is the CEO of Kindwealth, a fee-only financial planning service. No sales commissions, no contracts, and fair flat fees. He’s been featured on BNN Bloomberg, Financial Post, The Globe & Mail, and MoneySense to name a few. The best advice for me, comes from people with experience. David has seen the highs and lows of personal finance, so we reached out to hear his story, what it's like filing bankruptcy, and what his company Kind Wealth is all about. 

At the end we wrap up with the question - Do you need life insurance? Get life insurance quotes at Ratehub.ca

Our guest on the show today is Eric Dolansky. Eric received his PhD and MBA from the Richard Ivey Business School at Western University. He’s now a professor at the Goodman school of Business at Brock University. His main area of research is in studying pricing and price perception, consumer estimations of value, consumer behaviour and behavioural economics. 

We asked him why we hoard toilet paper, why Pusateri's can charge $30 for a container of lysol wipes, and why we'll pay the price. 

We ask what effects COVID-19 is having and will have on consumer behaviour going forward. Will we online grocery shop forever?  How do companies price products? We do a case study on the UP Express debacle in Toronto.  Perceptions change our behaviours which changes our expectations. Food tastes better if we spend more money on it. 

This podcast is brought to you by EQ Bank and the EQ Bank Savings Plus Account. 

[0:00 - 1:17] Intro

[1:18 -  2:55] Opening monologue 

David Chilton’s book, “The Wealthy Barber,” tells us that if a barber can be wealthy, given how much they make, anyone can. The rules are simple. Live below your means, learn how to save, start an emergency fund, and as early as you can, pay yourself first - 10% of your earnings should go to investing. It doesn’t have to be complicated, these days you can use a robo advisor like Wealthsimple, Questwealth, or JustWealth, and let the algorithm do most of the work for you.  

You need to pay off any credit card debt, diversify your investments, and as we age, we should set up wills, get life insurance for our dependents, pay off your mortgage in your 50’s, and have 8x your salary saved by your 60’s. If you want a plan, ask the wealthy barber, read his book, it's a classic of personal finance. We decided the idea of a wealthy barber is one worth exploring. 

So, we reached out to Shawnnn, owner of the Pretty Rugged Hair Co and Dee, a stylist at Educo Salon to ask them about money and gain insights from their two unique perspectives.

We talk about the industry, building a business, and earning clients. 

What shines through to me though, is how universal the learnings are. How we can apply what they say to our own lives. Life is a journey, happiness - a never ending pursuit. 

We must chase our dreams, and if we do, the money will come. If we’re happy in our work, if we’re passionate about what we do, then we figure out how to live our lives according to the money we earn. That’s real wealth, and this is Real Money Talk. 

[2:56  - 7:23] Introductions and Money Mistakes - Overspending at the barbershop, Buying the wrong cape, Too late vintage coat, Not buying childhood fun

[7:24 - 9:03] Shawnn - How did you arrive at being a barber and hairdresser? What was the path to get here? 

[9:04 - 12:Dee - What’s your story?And Who is Vidal Sasoon? 

[12:45 - 13:06] Shawnn and Dee are engaged - Hair brings the romance out in all of us. A

[13:07 - 16:06] Tell me about Hair School. That’s a dedicated decision. Is there a certification for hair cutting? Can you not walk into a salon and start cutting hair? Shawnn was only able to attend school with the help of government programs because of how expensive it is. 

[16:07 - 17:54] Shawnn - it’s like trades, you have to work on the job. 

[17:55 - 19:11] What does your day look like at a barber shop or salon, Shawnn? Why did Shawnn leave the salon shop?

[19:12 - 19:59] But now it’s different owning a barbershop. Manage expenses like rent. How do you do it as an entrepreneur?

[20:00 - 21:54] Dee’s day in a salon is very different from Shawnn’s. Much busier, many technical roles. Balayage specialist. Colorist. Assistants. Front desk. Highlights. Blow outs. Cuts. Wash-outs. Bridal. Extensions. 

[21:55 - 27:04] How much money does a barber make? How much does a stylist make? Do you pay for chairs like rent? What are the general costs of being a hairdresser or barber? Scissors are more than $20. Dee works on commission, but there are different situations. Start with a base salary, likely hourly. You need social media to succeed long term. 

[27:05 - 27:51] Shawnn - How’s your social media game? What are your water bills like? Real investment is your time. 

[27:52 - 28:49] Dee - It takes 4 years to build a client base. 

[28:50 - 29:33] Shawnn, did you bring your clients over? People want to use what’s easy. 

[29:34 - 32:08]  Touch on some of the tools. If you’re a brand new barber, what tools do you use? How much does it cost? Shears are $450-$2,000, plus sharpening. But you don’t want’em super sharp. 

[32:09 -  33:39] Dee - You have to keep educating yourself, invest in yourself. 

[33:40 - 36:21] With all these costs, how important is tipping? How much should people be tipping? How does a stylist get paid?  Some stylists make less than minimum wage. 

[36:22 - 37:05] Are there common misconceptions about being a stylist? What should a client know? 

Dee gets asked a lot if it’s a part time job or still in school. 

[37:06 - 38:39] Do you want to have a conversation with the guest? 

Shawnn leaves it to the individual. But no politics or religion. 

[38:40 - 40:09] Dee is a chatterbox. Clients are like family. Dee’s sister wants her hair cut by Shawnn. 

[40:10 -   48:03] Rapid fire questions -What’s in your wallet? Favourite book you think everyone should read, Favourite movie, What are you binge watching? Biggest mistake a new barber will make? Best piece of advice you’ve received, and If you could have a billboard on the side of the Trans Canada Highway - what would you want it to tell the world?

[48:04 - 40:46] Financial tip of the week. Should I save for retirement in a TFSA or an RRSP?

[50:47 -  51:58] Outro

For those of us who thought ski jumping was the wildest sport at the 2002 Winter Olympics in Salt Lake City, Utah, there was a surprise that had all us viewers on the edge of our seats. 

Skeleton was on the official lineup, for the first time since 1948. 

If you’ve never seen it before, skeleton involves plunging head-first down a steep, twisty ice track, atop a sled that’s barely more substantial than a cafeteria tray.

2002 was also the year Jon Montgomery discovered the sport of skeleton. In his early 20s at the time, the Manitoba-born Montgomery was visiting Calgary with his parents, saw a skeleton competition at Canada Olympic Park, and fell so deeply in love that he began competing himself, almost immediately. And eight years later, representing Canada on our Olympic skeleton team, he won gold, bringing awareness of this formerly little-known sport to an entire nation. 

While Montgomery may have discovered his Olympic sport relatively late in life, sport is in his soul—and nearly two decades later, both he and his wife Darla Deschamps-Montgomery, a fellow skeleton racer, volunteer generously for sports-focussed charities including KidsSport and Right to Play, an international organization that works to provide opportunities for all kids to participate in sport and creative play.  

Montgomery believes in pushing himself outside his comfort zone, an attribute that’s helped him succeed in widely diverse endeavours. This is his eighth year as host of The Amazing Race Canada, a role that won him a Canadian Screen Award in 2016. He’s also co-hosted The Junos with the iconic Canadian performer Jann Arden. He’s a father of two, an automotive auctioneer—and that’s not even the complete list.

Montgomery took time out of his busy schedule to speak with the Real Money Talk Podcast about his thoughts on what it takes to make it as an Olympian, how to overcome the financial hurdles, and staying motivated in life.

This Ratehub.ca podcast is brought to you by EQ Bank and the EQ Bank savings plus account

[0:00 - 3:12] Intro

[3:13 - 7:19] Money Mistakes - Apple computer repair, skating lessons, getting scammed and gouged

[7:20 - 9:06] The Jon Montgomery Story - Were you always interested in pursuing Olympics? His start as an auctioneer and in car sales and wanting to represent Canada on the world stage. You need passion. 

[9:07 - 11:10] I thought it was a luge accident. I wanted to represent Canada. I saw Theo Fleury win a gold. Berating the French judge for collusion. TSN Turning Point. 

[11:11 - 12:43] Are you a speed demon at heart? I wanted to try something hair brained and bananas. I went Sky Diving. I was seeking out challenges. I approached fear, pushed past it, and came to terms with it. 

[12:44 - 14:39] If you fear something, you should move towards it. Yes, absolutely - wife, college, university, olympics - all were cause for pause. Overcoming inertia is incredibly difficult. To keep it moving is much easier. Gotta take the first steps. The experience in the world today, means we have to do it now, because it takes so much effort. 

[14:40 - 19:10] You need money to pursue dreams. How did you fund your training and make ends meet? How did you survive? What would you tell future Olympians about funding? I’m lucky and privileged. My parents gave me a beat up car and saved for my education. I didn’t have the burden of student loans. My parents championed going to school. I wasn’t going to get a free ride. Take the risk of bestowing an education upon yourself. I had a trade that allowed me to find opportunities in sport. A bank will give you credit with an education. 

[19:11 - 22:11] Debt isn’t bad, you need it to build credit. With kids of your own, will you pay for their education? You have to think about it now with RESPs. If you help people, you will get what you want. I never sold a car, I solved transportation problems. Hopefully there are scholarships. Our kids will be average and normal. Expecting otherwise is wishful thinking. 

[23:12 - 26:22] What if your kids wanted to pursue the Olympics? What advice would you give about funding for Canadian Athletes? I’m opportunistic. Do it because you love it. Work towards it. Don’t do it for the glory, but because you love it. There are multiple rewards. Know your with, trying it and you’ll learn. Attitude shapes our lives. Perspective is everything. Attitude will determine success. 

[26:23 - 27:09] Tyler’s friend is training his son to throw left handed to make the MLB. Let your kid have fun. 

[27:10 - 31:45] Your attitude is always on display. Talk to us about your charitable initiatives Kidsport and RightToPlay. Being a part of something bigger than yourself is important. If you want to go fast, go alone. If you want to go far, go together. I failed to qualify for the 2014 Olympics. Sport is a right. Playing is a right. We need to be celebrated individually. That can happen in sports. Your place in society is created in structured organized sport. 

[31:46 - 33:49] Sandra’s kid is able to take drama much better because of sport. School drama goes away because of being on a team. Perspective is everything. Sport is an outlet to realize life is multi faceted. It’s easier to not internalize the bad. 

[33:50 - 37:39] Do you think all your experiences have helped you in your life now? Retrospectively, when you look back at everything is where you gain insights, that’s where the lessons are found. Martina and Phil from season 6 of Amazing Race Canada - out of their comfort zone - watching someone overcome adversity, you understand it much better. I revere people who push through the struggle. 

[37:40 - 47:49] RAPID FIRE QUESTIONS  - What’s in your wallet? What’s your favourite book? Favourite sport to watch, play and - do you still skeleton? What are you binge watching right now? Have you seen Free Solo? What’s the biggest mistake a future Olympian can make? What does your billboard say?

[47:50 -  50:32] Financial tip for the week - You need to build an emergency fund. Here’s how. 

[50:33 - 51:44] Outro

Whether or not you actively seek music, it’s everywhere. Be it through your favourite streaming platform, on the radio in your car, through commercials on TV, in the background at the grocery stores, or through live performances in bars, clubs, or restaurants -  music surrounds and delights us by filling up life’s silent moments. And behind the music that you hear every day, there’s a musician who dedicated their lives to making it possible. However, it’s becoming an increasingly uphill battle to work as a professional one. 

With the rising cost of living and the way, people purchase music evolving rapidly over the last few years, working as a musician seems only possible as a side-hustle or passion project.

The mere idea of a musician working for a living nowadays seems far fetched, almost near impossible.

But for this week’s Ratehub.ca’s Real Money Talk guest, Mike Evin, is a full time working musician currently living in Toronto, Ontario.

Evin’s work as a musician spans nearly two decades, with full-length albums, a handful of EPs, and a few charming music videos. 

He’s also worked with Juno-nominated producers, and earned regular playtime on CBC Music. 

Evin’s also earned nods from some of Canada’s most notable working musicians, (like Dan Mangan and Sarah Harmer), and shared the stage with staples of Canada’s professional musician industry (like the Barenaked Ladies and Ron Sexsmith.)

We spoke with Mike Evin about the ins-and-outs of what life as a working musician is like, how musicians make ends meet today, and other topics, including insider tips and tricks on how musicians can make the most of their time working in the competitive music industry.

This podcast is brought to you by EQ Bank and the EQ Bank Savings plus account. 

[0:00 - 3:36] Intro

[3:36 - Money Mistakes and Money Makeups - losing money as a musician, too much alcohol, cancelled gigs

[6:24 - 7:29] Tell us the Mike Evin story - playing music as a kid, jazz as a teenager, high school band, late teens writing songs. 

[7:30 - 8:24] When was the first time you thought you could make money as a musician? 

[8:25 - 11:29] Did you play in small clubs? WHat’s the earliest memories of making money as a musician? Great story about the real life struggles of getting paid as a musician.  

[11:30 - 13:14] What would you say to a self employed musician in getting paid well. Should a musician accept drinks as payment? You need confidence and love and respect. 

[13:15 - 16:34] Venues are shutting down. How does an artist stand up for themselves? People shouldn’t be happy with whatever they can get, but take it gig by gig. The three thing rule - pay, quality of music, and the hang. You need two of those. 

[16:35 - 20:24] How do musicians earn money these days after a decade of streaming and file sharing? Limewire, Napster and now subscription based services like Napster. 

For every 1 million streams you get $4,000 - it’s not worth it.  THere needs to be other sources. You need to diversify. Neighboring rights

[20:25 - 22:09] There’s a lot of money that goes out when making music. How do you find that balance? It’s not a regular 9-5 job with a bi weekly paycheck. How do you manage the cash flow? 

[22:10 - 23:29] How long does it take to fill out a money grant? Does it have to be 100% made in Canada? Yes, there are stipulations - they can be political, quality of music, but there are far more criteria. Making money from ticket sales, merchandise, Socan. 

[23:30 - Is Canadian content (CANCON) rules restrictive - does that restrict our artists growing out of Canada? 

All Canadian record labels, if you took grant funding away, you’d go bankrupt. 

[26:51 - 29:02] About visas to work in the United States. You need a US Visa to work. Be careful crossing the border without a proper visa. You don’t want to get screwed. What’s the best way fans can support their favourite artists where streaming is the norm?

[29:03 - 29:59] We had a song on the TV show Letterkenny - Zack learns a lesson. Mike teaches him - how come you don’t get royalties from Socan for having your music in the show? 

In this day and age, it’s so easy to educate yourself about money. Leave no stone unturned. 

[31:00 - 33:29] What money saving tips do you have for people pursuing a career in music? Diversify. Get students out to shows and...in your music videos. 

[33:30 - 34:44] What’s the hardest part of a day to day life of a working musician? Staying motivated. Money is still a struggle. 

[34:45 - 36:39] Do you worry about money? You have to love what you do for the struggle to be worth it. How to ground yourself as a musician. 

[36:40 - 39:59] RAPID FIRE QUESTIONS  - What’s in your wallet? What’s your favourite book? What’s your favourite song to play? Who is your favourite musician? What is the biggest a musician can make? What does your billboard say?

[40:00 - 42:43] Ratehub.ca financial tip of the week. How do I spend less and save more money?

[42:44 - 43:55] Outro