We think of the homeless as people on the street, but there are far more people living in transition - couch surfing or sleeping in the back seat of their cars. If you were down and out, if you had no money, do you know where to go for food and shelter?

Enter Chalmers, an app for the homeless developed by Ample Labs. An app to help the people on the street find essential services like food, shelter, and even help them in crisis. Today on the show, we interview the founder of Ample Labs, CG Chen. We ask how a homeless person makes use of an app? Should we try to make change with them, or give it to a charity? Oh, and there's a few reality checks along the way. 

[0:00 - 4:19] Intro - this Podcast is brought to you by EQ bank and the EQ Bank Savings Plus Account. 

[4:20 - 7:15] Money mistakes and makeups

[7:16 - 8:04] Tell us about what Ample Labs is doing. A tech non-profit Using technology to empower people at risk. 

[8:05 - 9:14] Do homeless people have smartphones? Where do they get them? Only 10% of homeless are on the street, they are chronically homeless. 80% of people experiencing homelessness are hidden.

[9:15 - 10:04] Most people are 3 bad months from homelessness. Most of us aren’t 3 months from becoming a millionaire. No one decides to become homeless. 4/10 Shelter residents are refugees. 

[10:05 - 10:54] How does the Chalmers bot deal with foreign languages? 

[10:55 - 11:54] Earlier episode with refugee, Fatma. Majority of people turn to Google in these situations. . But you won’t always get the most relevant websites. 

[11:55 - 14:29] How did you come up with this idea? CG’s story of a close friend becoming homeless. 

[14:30 - 15:24] Toronto’s rent is less affordable than San Francisco’s. 

[15:25 - 16:20] Building technology in the tech sector is creates wealth, but they need to contribute to the solution

[16:21 - 17:29] How do you promote Chalmers? Word of mouth, reaching out in the communities, and working with support services. 

[17:30 - 18:49] Is there competition in the social good space? More apps for the homeless? Another app called Helpseeker. It’s competitive but we’re all working together. 

[18:50 - 20:09] How did Chalmers expand out of Toronto? Police officers, and other first responders benefit from Chalmers. 

[20:10 - 23:19] I tried Chalmers (https://chalmers.amplelabs.co/). It's incredibly fast. Do you work with the city services? How do you know beds are available? How do you know there’s food available? We work with 211Ontario. Chalmers enables you to find real time alternatives. You can’t do this with Google. 

[23:20 - 24:59] What’s the future of this technology? Can Chalmers help find volunteers?  Would it translate into more? Helping people 

[25:00 - 26:24] What are the next steps for you? How do we measure the impact? 20% retention on Chalmers. We want people off the app, that means success. How do we scale into more communities? The software is modular so we can partner

[26:25 - 27:09] What’s the end goal for Chalmers? Barriers interested in putting Chalmers on Ipads at bus stops. 

[27:10 - 29:42] Myth Busting questions - Should we give money to the homeless? Or is it better to give to  charity? Give someone change, it’s not big enough to be harmful, but more importantly, have a conversation. Buy them a meal. The biggest impact is to connect and have a conversation. 

[29:43 - 30:45] What’s a tip to have a conversation with a homeless person?

[30:46 - 32:29] A nice story on the TTC and helping people out. Homeless is because of segregation. It’s not us against them. We’re all people. 

[32:30 - 32:59] You’re crazy, looking for your next hit. Attend a community event, get volunteers to talk with people and the myth goes away. 

[33:00 - 32:39] How does someone help Chalmers? Chalmers Crowdfunding campaign. Volunteer. 

[33:40 - 35:04] Rapid fire questions. 

[35:05 - 35:59] What’s it like being a founder?

[36:00 - 38:57] How can you improve your credit score?

[38:58 -40:08] Outro

I’ve worked for renovation companies. I have friends who are contractors. The construction industry is a dinosaur and educating yourself will help move it forward. Whether you’re planning a renovation in the future, thinking about entering the business, or just want to get educated on construction, Manny from Hardcore Renos is as real as it gets. Renovation TV shows aren’t real. We ask how much contractors make, about paying for jobs in cash, and if buying a home is still a good idea. We want to know the best ways to work with a contractor to not waste your money, your time, or lose your mind. Follow Manny on instagram @hardcorerenos, on his Youtube channel, and listen to his podcast, “the construction life.” you’ll love the stuff he posts. 

Today, I’m joined by Ratehub’s VP of marketing Luke Sheehan and content strategist, Hyder Owainati. 

Real Money Talk is brought to you by EQ bank and the EQ Bank Savings Plus account

Season 2 we look at everyday life, work, through the lens of money. 

[0:00 - 1:41] intro

[1:42 - 3:08] Renovation TV isn’t real. Follow Manny on social media, youtube, and his website, Hardcore Renos. 

[3:09 - 6:55] Money mistakes - hotel deal discounts, construction mistakes, gift cards for dining out, buying your own materials for a renovation

[6:56 - 8:40] Should a homeowner buy their own materials for a renovation? 

[8:41 - 9:22] Luke has no skills

[9:23 - 13:00] What’s the hardcore renos story? Film to renovation, social media, networking, growth, being vocal. 

[13:01 - 14:21] You’re trying to change the industry. Give clarity to renovations. Everyone wants to make a lot of money for a little bit of work. Walk, don’t run. 

[14:22 - 16:47] What insights do you have that other contractors don’t want you to know

[16:48 - 21:24] Do you think contractors are paid appropriately? How much do contractors make? Canada needs trades people - what do we do?

[21:25 - 23:20] What tips do you have for consumers in doing a renovation? This Old House is not a fabrication. It’s quality. Research and watch TV but know it’s not for real. 

[23:21 - 25:42] How should you pay a contractor? Project management fees? Percentages? Should you pay a contractor in cash? Woodbridge visa. 

[25:43 - 28:23] Is there a cash price in renovation? 

[28:24 - 30:05] Is buying a house still a good investment? Passive income in rental properties? Flip a house? 

[30:06 - 31:24] Invest money in your house to sell it. Is it true? Where you should spend money on a house  - Kitchen, Bath and…?

[31:25 - The value of in floor hydronic heating vs. forced air furnace. Updating your old radiators. Forced air and other people's breath. 

[33:05 - 33:27] Funny story about conversation overheard by mom through ducting

[33:28 - 35:44] What are some renovation tips to get the most bang for your buck? 

[35:45 - 37:16] On heated toilet seats and bidets. 

[37:18 - 38:07] On storage and planning out your reno based on the dynamic of the family

[38:08 - 39:49] What are the worst ideas people have for a renovation? Any case where you want to say no to what the client wants?

[39:50 - 45:59] Rapid fire questions - what’s in your wallet? What’s the most useful tool every contractor should have? Holmes on Homes yes or no? Jiffy app/Homestars yay or nay? Quote on a billboard? What’s the biggest mistake a client will make? How should the younger generation of contractors get ahead in the industry?

[46:00 - 47:54] Decimal financial tip of the week - Keep your savings goals lean

[47:55 - 49:10] Outro

Ever dream of opening up your own coffee shop? Wouldn’t it be lovely sipping on latte’s everyday, chatting up your regulars - serving up drip, cappuccinos, and flat whites? We talk to Justin of Black Cat Espresso Bar about what it’s like to own a coffee shop. We talk about 1st, 2nd, and 3rd wave coffee, the coffee scene in Toronto, and ask - should you tip your barista?

Justin owns 2 shops in Toronto and also sells a delicious breakfast sandwich (a must try) to different shops around the city. 

In Season 2, we look at work through the lens of money. Money is a part of our everyday lives so why isn’t it an everyday discussion? 

[0:00 - 0:35] Ratehub.ca - Real Money Talk Intro

[0:36 - 59:00] EQ Bank - our show’s sponsor - Check out the EQ Bank Savings Plus Account

[1:00 - 1:36] Welcome to Season 2. We want to look at work through the lens of money. 

[1:37 - 1:57] We speak with Justin at Black Cat Espresso Bar - we talk about the history of coffee, ask if you can make money running a coffee shop, and if we should tip a barista. 

[1:58 - 2:06] INTERVIEW WITH JUSTIN FROM BLACK CAT ESPRESSO BAR, follow him on instagram https://www.instagram.com/blackcatespressobar/

[2:07 - 5:32] Money mistake and money make-ups  - Wasting money at coffee shops, Airbnb, and buying paint cans twice

[5:33 - 8:05] People want to open their own coffee. Should they? What does a day in the life of a coffee shop look like? 

[8:06 - 9:39] Justin’s background and how he opened up two coffee shops. Being a musician didn’t work out, but working in the service industry made sense. Always wanted to open a coffee shop

[9:40 - 12:19] What’s the coffee scene like in Toronto? First wave - Sidewalk Cafe - Zuccarini. Second wave is Starbucks. Third wave  - indie coffee shops. Hitting saturation point. Cafe con Leche. Hale Coffee. Saving Mondays. 

[12:20 - 14:20 ] How do you succeed in a coffee shop? How do you stand out? All these shops are succeeding on Ossington, Dundas, etc. How does each one succeed? Maybe the sole owner lives off of corn flakes and beans. Driving past a place fully staffed - well, that’s a different level of success. Sam James. Wallace Espresso. 

[14:21 - 15:30] Can you make enough money selling coffee? Sell one item with $4 profit is better than $1 on a coffee. You gotta think about what else you can sell. 

[15:31 - 17:14] What are some tricks to be profitable? Breakfast sandwich wholesale. Find something else you can sell. It’s helped in a big way. Allowed me to expand. You gotta be competitive on price. Don’t worry about being too high on price. 

[17:15 - 18:01] Don’t generalize yourself as a coffee shop. You need to be unique. Take out, sit-down, late night shows, good food. You need something proprietary. Best breakfast sandwich in the entire world. 

[18:02 - 20:38] Appearances matter when selling coffee. New shiny truck. No one wants to see you show up in a dirty junky car. You need a clean vehicle. Was there a downturn because you look too fancy? Because you make too much money. Your customers don’t want to see you doing better financially than them. I need to do what’s good for me. 

[20:39 - 23:27 ] Barista’s minimum wage. Is it fair? Are Barista’s valued? Australia vs. Canadian minimum wage. $14/hr + tips in a coffee shop in Toronto. But, it depends on how busy the coffee shop is and it will determine how good the tips are. $10-$100 per day in tips, but it depends. 

[23:28 - 26:50] How much should you tip a Barista? Expectations shouldn’t be set. Tip for good service. Tip because you want to support them and the economy. You give a dollar to a bartender to unscrew a cap, but a barista makes latte art, chatting, multitasking and you don’t tip? They’re doing way more work. If you’re making cocktails, you need knowledge and skill so you should tip. Any barista is expecting to be tipped, but even they have a bad attitude - don’t tip. But if they treat you fairly and nicely, give them a tip. What goes around comes around. 

[26:51 - 30:07] What do you think the future of Canadian coffee looks like? Third wave scene will eat up Starbucks, Tim Hortons, Second Cup, Timothy’s. Second wave is closing down. They’ll never go away, but they’ve turned into a weird version of McDonalds. 

[30:08 - 34:36] Rapid fire questions - What’s in your wallet? Favourite app on your phone? Favourite book? If you could make one statement to the world, what would it be? Favourite food? Where are you in 5 years?

[34:37 - 37:03]  Ratehub.ca’s Project Decimal Financial tip for the week - you need a strategy for your paycheque. How to divide your money before it comes in. 

[37:13 - 37:38] Thank you for listening. 

[37:39 - 38:02] EQ Bank - our show’s sponsor - Check out the EQ Bank Savings Plus Account

[38:03 - 38:25] The fine print

Real Money Talk - A Ratehub.ca Production

Sometimes we need a reminder of how lucky we are and put things into a new perspective, and to look at money through a different lens. Right now, there’s a good chance we’re going into debt trying to show people we love them. Tis the season. But not for everyone. 

In 2018, according to the auditor general, over 450,000 Ontarians are on what’s called Ontario Works or OW. It’s a prettier name for welfare. They’re living in cramped apartments or subsidized housing, and stretching every dollar. They ride public transit with us and while we play games on our smartphones, they are hyper aware of the TTC’s 2 hour time limit. They need to get their grocery shopping done within that time to not pay an extra $3 dollars and 10 cents, yes, every penny counts. 

We pay no mind, too busy being, well, busy. We have a roof over our heads, a cozy couch, a warm blanket, a cup of hot cocoa, and netflix and chill - and yet, we find reasons to complain. But, not Fatma.

We interviewed Fatma to give you a real life perspective on what it’s like and to remind us to appreciate what we already have in this time of mass consumerism we call the holidays.  It’s a time when we need a strong reminder to be grateful. Christmas is about giving and after you hear Fatma’s story, I believe you’ll be ready to give more than you ever have. I asked Sandra, Editor-in-Chief at MoneySense to join me for the phone interview.. 

Fatma is a new immigrant and refugee to Canada. She’s learning english, you might have to listen a little more closely to understand the full message, but it’s worth it. The lessons are embedded. To start, here’s a little background. 

In Egypt, I was a working woman. I had assistants, a good job, a good car, my career, and my profession. I was working as a psychologist and teaching at a university. I was a working woman. I had no problem with money or budgets. I want to mention I'm a single mom and I'm proud of my twin boys. I miss the quality of life in Egypt. My mom was supporting me, I have money, job, career. I was a known person, but it seems I have to learn new things. What’s done is done and let’s move forward. 

Life was perfect...that was until tragedy struck - forcing Fatma and her two twin boys to flee from Egypt and leave everything behind with her life on the line. She told her family she was attending a psychology conference in Canada, unable to tell the truth for fear of repercussions. Her positive attitude would save her despite the arduous adjustments.

The Side Hustle -  side gigs, short term contracts, freelance work  - all the extra work, on top of your day to day that you do to make ends meet and follow your passion to live in today’s modern economy. Is it worth the added stress? Can you actually make money? According to a study by the Angus Reid Institute over 40 percent of millennials surveyed said they had participated in this "gig economy" in the past five years. Many of the workers earned less than $50,000 a year, so they had to pick up extra jobs just to make ends meet, but 36 per cent fell into "white collar" occupations including computer programming and graphic design where they is enough money,  so why are we side hustling? What’s behind it?  

[0:33] Introduction

[2:03] Interview with Kevin. He buys used cars, fixes them up, uses them for a year before selling them to break even and cover all his costs including gas and car insurance. 

[7:39] Interview with Liz. After 3 years of side hustle success running social media for small businesses, she left her comfy government job to pursue it full time. After that, she started ambitious adulting as a whole new side hustle teach financial literacy. 

[12:45] Interview with Hernani. A shift working nurse that has a photography side hustle. Oh, he’s also a hip hop dancer and gets paid for that. One more, he also does event coordination. Whoa, he’s busy. 

[19:44] Outro with Hyder and Tyler - a breakdown of they key takeaways and our thoughts on side hustling.

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

How does our childhood affect our relationship with money? Is happiness with money possible? How can we find peace with our spending and be in control of our emotions. We explore it all. 

[0:00] Intro 

[2:15] How did you become a personal finance and travel expert? 

[3:03] Education on personal finance is a big factor

[4:00] What credit cards are in your wallet, Barry?

[5:00] What credit cards are in Tyler’s wallet?

[5:52] Most travel rewards credit cards are pretty good

[7:00] How often should you change credit cards? 

[8:05] What’s in your wallet, Hyder?

[8:40] Don’t be scared to have more than one credit card

[9:45] What advice would you give to someone looking to get their first travel rewards card?

[10:30] On TD Travel Rewards cards and using expediafortd.com

[11:10] What are the most flexible travel rewards cards to travel on any airline?

[12:54] What’s your most memorable trip you’ve done on points? 

[14:00] The basics of getting a credit card  - what is your advice for someone looking for a travel credit card? 

[15:45] Barry manages 14 different credit cards

[16:40] What is the best bang for your buck travel destination? 

[18:00] What is the best time to book to save money on travel?

[18:40] What websites should you sign up for to save on money on flights? 

[20:05] Where do credit card rewards stop? Is the credit card game over?

[21:21] Credit card rewards are only worth it if you’re paying your balance off in full 

[21:50] Trying to understand terms and conditions is too complicated. Low interest and balance transfer cards should be looked at. 

[23:00] Do you bring all 14 credit cards with you, Barry? - How to maximize your rewards earnings

[24:15] Money Messups Segment - lost credit card points, spending too much on coffee, saving money by repairing a tire yourself, switching credit card for your benefit

[27:30] Credit card switches are valuable, call your bank, read the fine print

[28:13] Any closing thoughts from Barry Choi - Travel doesn’t have to be expensive. Everyone should experience travel. Don’t always say you’ll do it later

[28:41] Shower thoughts with Tyler

[29:00] Round table with Justin, Tyler, and Hyder

[29:15] How has your perspective changed with credit cards?

[30:51] How many credit cards does Justin have? 

[31:54] The 2 most important things with credit cards

[33:00] What are some big credit card lessons you’ve learned?

[35:45] Credit Card rewards are not for everyone

[36:43] Our Credit card guru, Hyder with credit card stats and closing thoughts

[36:43] 70% of people in the US who asked to have their fee waived, got it. 56% of americans who asked for a lower interest rate got it. 

[37:06] You can earn rewards on debit cards and apps like Mylo. 

[38:05]  Hyder, our credit card guru with final thoughts

[39:58] Outro

On our 2nd show, we talk real estate investment with James Laird. He is the founder of CanWise Financial - one of the top rated mortgage brokerages in Canada. He also owns several of his own investment properties. Should Millennials get into the housing market? How should they do it? We dig in, have some fun, and discuss investment properties.

[0:00] Intro

[1:40] Opening thoughts on buying a home and the real estate market in Canada

[4:15] Tyler's feelings on owning real estate

[6:02] Is Hyder an aspiring home buyer?

[7:25] Do you want to buy a home? 

[8:00] Justin on renting a condo and not being ready to buy a house

[8:47] We ask Torontonians if buying a home is a good idea

[9:40] Interview with James Laird

[10:00] Money Mess-Ups Segment

Burger's Priest, appletinis, an ugly painting, a child places an Amazon order, and the double edged sword of Uber discounts

[13:55] Why is owning a home part of our national conversation?

[15:28] You need 132k to afford an average house in Vancouver

[15:43] Where is the cheapest place to buy a home in Canada?

[16:34] 75% of Canadians believe owning a home is a good investment. Is there a recency bias? Why do people so overwhelmingly believe it's a good investment?

[17:21] Decouple where you own real estate from where you live

[18:35] Do you lose principal residence benefits if you buy an investment property?

[18:55] James Laird reflects on his first home purchase

[19:50] How do you develop a budget to buy an income property?

[20:40] Do you manage your rental property yourself?

[21:25] 18% of people said home maintenance costs were the biggest regret and unknown.

[23:00] 81% of Millennials aspire to buy a home. What should they consider before entering the market - especially in Toronto?

[25:35] Statistics Canada reports 1 in 3 people aged 20-34 now live at home with their parents

[27:20] Baby boomers are the richest generation ever

[28:20] What are the repercussions of parental help in buying a home?

[29:20] On the failure of urban planning and the supply side of housing

[31:00] Society needs the next generation to own homes. 

[31:56] If wages don't increase and house pricing still rises, is there a new reality that fewer people will own homes?

[34:00] If you want to live in a major city centre, it might not be a reality to own there. 

[34:40] Closing thoughts with Justin, Hyder, and Tyler

[34:45] What did you think about when he said, "the dollars you'll never see again" when you think about renting?

[35:25] There are a lot of dollars you'll never see again when you own a home

[36:10] No money left over to invest after mortgage payments

[37:00] Hyder is paying for the privilege to rent and will invest in the market

[37:18] Is there pressure to buy a home?

[38:04] Keeping up with the Joneses, a lot of help from their parents

Harper's Bazaar article 

[39:00] 26% of buyers used a gift from their family to buy a home

[39:23] Poverty charges interest

[39:57] Shower thoughts with Tyler

[40:15] Outro

In our first ever episode we speak with Rob Carrick, personal finance columnist for the Globe & Mail, about millennials and their money. We cover everything from the bad, the good, and even get into retirement and home buying.

[1:25] Money Makeups and Mess-ups

[3:30] Do Millennials have it harder than previous generations?

[6:25] 58% of 36 to 54 year olds think millennials are soft

[7:30] What are the big financial mistakes among millennials?

[9:00] Only 41% of millennials are investing their money

[10:30] What are the first steps to starting an investment portfolio?

The Real Life Money Launcher 

[12:15] Common Q&A from Millennials about money

[13:15] Should I invest or pay down my student debt?

[14:15] How much of a role does FOMO play in a millennials finances?

[15:50] The stress of homeownership and renovations

[17:15] The financial advantages for Millennials

[21:40] The single most important behaviour for financial success

[22:30] What should Millennials think about moving forward?

[email protected] @rcarrick on twitter 

[23:50] Shower thoughts with Tyler

[24:05] Roundtable Review with Justin, Tyler, and Hyder

[30:00] End Credits

Music by: BeatChemist

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