We’re tackling a timeless issue this week as we discuss what it means to live paycheque to paycheque and how to get out of the vicious cycle once and for all. While it may seem like an impossible task, with dedication, sacrifice and tough decisions, living a comfortable life where you’re not constantly living on the edge is truly attainable.
Therapists and pyschologists serve an important function in helping us in various aspects of our lives. But what about when that aspect of our life involves money? Luckily that’s what a money coach is for. This week we explore the many roles a money coach can serve in our lives and how a money coach can help you achieve your financial dreams. And, as a very important disclaimer, Trevor and I are not money coaches, do not know any money coaches, do not plan to become money coaches and do not make recommendations towards any specific money coach professionals within this episode. Instead, this episode serves as a vehicle to discuss the topic from an educational approach where we, with you, explore how a money coach could or could not be a beneficial arsenal to your toolbox of resources.
While our home may be our biggest source of equity once tapped into, this episode we debate whether investments in the form of home improvements actually increase the return on the value of your home and how much of that improvement cost you’ll actually recuperate when you go to sell your home.
If you could give your twenty-year-old one piece of financial advice knowing what you know now, what would it be? If you could turn back time would you change anything you did financially or are you grateful for the learning opportunity and moment of victory each decision you made led to?
Just when you thought allowances were only for children and you’ve long but outgrown them, think again. Trevor, in answering a listener question, discusses why having an allowance has been the game changer to making his and his wife’s personal finance work.
If you really stop and think about it you might be surprised about how many aspects of your life are automated. Everything from your digital subscriptions, to your cell phone plan to your bill payments. Automation, while time-saving and efficient, can also foster habit and routine in areas of your life that active thought and analysis would be beneficial.
Can love conquer all? In this episode we dicuss how big of a role similar finanical outlooks, values and lifestyle play in the ultimate success of a romantic relationship.
This week we’re talking about the concept of side hustles and breaking through some misconceptions around the topic itself. A side hustle doesn’t have to be entrepreneurial or even monetary driven, it can be something you do just because you truly and passionately enjoy it and derive value from it.
We’re always talking about the concept of living below your means, but this week, we’re actually discussing what really means and how to actually spend less than you earn and live a life of contentment.
We’re celebrating a year’s worth of episodes! Thank you for being with us on our podcasting journey. We started this adventure a year ago and we’re grateful that we have the support we do from you, our loyal listeners. Join us as we reflect on where we’ve been and where we’re going. We’re so excited for what the podcast has in store as we take on another 52 shows (and 52 more after that, and 52 more after that).
I’m sure we’re all familiar with that little green, ugly envy monster that sneaks out of nowhere and shows its face when we’re least expecting it. How can we avoid letting our least attractive side shine through when it comes to financial situations?
Happiness and contentment are far from synonymous. Happiness, on one hand, is a fleeting emotion, where our mood is elevated for a brief moment in time. Yes, this feeling may happen often, but it should not be our default state. Being able to look at happiness and sadness as existing on a continuum and finding a default state aka contentment will allow you to realize that it’s okay to not feel that constant sense of excitement and that spending money to bring possessions into your life just to feel that sense of happiness could be your financial demise.
See you next week…
What are you doing to enjoy the sunshine and summer heat? Trevor and I have decided to take the week off to each enjoy the beautiful Canadian summer weather. While I’m not exactly sitting on a beach right now (even though Trevor might be) we can’t wait to bring you episode 50 next Monday where we will be celebrating, with you, our podcasting journey which wouldn’t be possible without the dedication from all of you, our listeners, who truly represent the lifeblood and energy of Simple Money Solutions. Have a sunshine filled week and we can’t wait to talk to you soon.
It was an absolute privilege to interview the inspiring Kate McCallum and Adam Doolittle of Full Time Canada to hear about their adventure living the full time RV lifestyle. Together, Adam, Kate and their dog have travelled across Canada leading a minimalist, simplistic lifestyle rooted in their desire to explore and live a debt free, intentional life.
As a parent, would do anything for their child’s happiness and wellbeing? Would you go so far as to acquire debt that you can’t possibly afford in order to ensure your child is being immersed in extracurricular activities? This week we talk about where to draw the line and how far we’ll go for the happiness of the ones we care about.
Whether you are nearing retirement, just starting to think about retirement or, haven’t given retirement a single thought, its something that should always be considered. Not because you should constantly be yearning for the future or thinking about tomorrow, but because by setting in place firm retirement plans it can begin to shape your everyday decisions and give your goals and dreams, purpose.
With the recent announcement that Ontario minimum wages will be increased to $15 by 2o19, the next question we all may be wondering is what are the implications of this? Surprisingly there are many. Join us as we discuss the wide-ranging changes that will occur as a consequence.
Whether you’re a busy parent, a consumed student, or just an always going working professional sometimes it’s easy to forget about you. Furthering your knowledge or skill set through education, training, learning or lessons will only better you as an individual and allow you to further develop exisiting talents or hone in on new ones.
If you’ve ever made a financial decision that led to less than ideal outcomes chances are others your age, and those when they were your age, have made that very same mistake.
Its also sometimes difficult to listen to those older than you and believe that they understand where you’re coming from and what you’re going through. But because we all experience (relatively the same) financial pains and gains, chances are they do.
Happy May Long Weekend!
We hope you’re having a wonderful (and hopefully dry) long weekend with your loved ones. Check back tomorrow where we’ll have a new episode waiting for you!
This week’s episode was a bit of debate on a topic that has never really been questioned until Millenials came along. Trevor, a father of three children, and Courtney, a young twenty year old who can’t dream of starting a family just yet, debate whether you can actually put a price tag on being “financially ready” to start a family.
We go on and on about how personal finance is 20% math and 80% behaviour. And it’s true. We all can do the math about how to get out of debt and how much money we need to set aside to save. But it’s the behavioural aspect and the practice of self-control and self-discipline that really sets the personal finance savvy individual apart.
I’m sure you’ve heard the saying “less is more” countless of times. But what you might not initially guess is that the same saying applies when it pertains to personal finance.
This week we’re talking about something that has the potential to happen a little bit too easily. If you’ve ever gotten a raise, changed jobs and received a higher salary or hourly rate and then adjusted your lifestyle accordingly you know exactly what we’re talking about when we say lifestyle inflation. Ideally, if you’re living comfortably at an existing income level and your income level rises, you should realistically be able to maintain your previous lifestyle while saving the rest. The dangerous part about lifestyle inflation is the way in which it ever so slowly creeps into your life, where you’re spending more and more because your income allows for it.
This week we’re following up last week’s episode (where we hopefully convinced you why to buy a used car) with an episode on our top ten used car buying tips. With so many used car options at your disposal its important to make strategic decisions, because, even though your used car purchase is usually less expensive than the purchase of a new car, it will still leave a lasting impression on your personal finances.
In this two-part series, we’re convincing you first why you should buy a used car and next week, tips for buying a used car.
But, we get it, owning a used car is not for everyone (attention to all car enthusiasts), but if for you a vehicle is simply a mode of transportation to get you from point A to point B, we hope with the help of this episode you’ll consider making your next car purchase, a used one.
This episode is not just for our twenty something’s out there but for anyone who knows someone who is twenty or anyone who maybe still commits some of these money faux-pas, aquired when they were twenty. Either way, we hope you can derive value from this episode in a way that helps you or someone you know avoid these, at times, detrimental money mistakes.
Introducing our April 2017 Monthly Challenge and Giveaway #TakeAction April.
We all have goals, whether big or small that are worth every minute dedicated to achieving. This month we’re setting goals and creating action items to achieve those goals. Your goal can be large, small, short term or long term but with realistic action steps your goals can be achieved. To help you set and achieve your goals we’ve created a downloadable goal making sheet to help you start actualizing your goals.
We’ve paired this monthly challenge with a book giveaway for Ryan Holiday’s book The Obstacle is the Way. To enter this month’s giveaway, email your goal to us at firstname.lastname@example.org or through our Contact Us page. Your last chance to enter is Sunday, April 30, 2017 at 11:59pm and the winner will be announced the following day on Monday, May 1, 2017.
Have you ever felt like you were missing out on something just because your friends or family were doing something or using something that you weren’t? This fear is completely normal. While its not a “real” fear, it’s still something that plagues a lot of us. That feeling deep inside of you that if you don’t experience or purchase seomthing you are missing out. But the only thing you’re missing out on by purchasing an experience or product is being authentically you and adhering to your own peronal beliefs and values when it pertains to personal finance.
It’s human to feel the urge to spend because of certain triggers. However, it is how we deal with these triggers that define our personal finance habits. What are you spending triggers?
Despite the title of this episode, I am convinced that more than just baby boomers and Gen Xers will derive value from this episode. Why? Because when you make the active and conscious decision to move it impacts your life and the decisions you make for you or you and your family. As soon as you settle in a small town like Trevor did for a job with his wife and children, it becomes increasingly difficult to pick up and move because you become invested in the town or city you’re occupying. Therefore, it’s important to take into consideration employment opportunities and other opportunities when you’re uprooting yourself (and potentially others) to reside in a new location.
This week we’re taking a podcasting turn. We’ve spent 31 episodes with one tag line but this week we’re heading back to the drawing board to re-define what message we want to propogate.
Winner of #FrugalFeb
Congratulations to the winner of #frugalfeb, Jason from Markham, ON, who will be receiving a copy of Victory Lap Retirement by Jonathan Chevreau and Mike Drak. Thank you to all of our listeners who entered.
Make sure to enter our giveaway for Mortgage March where we’ll be giving away a copy of Sean Cooper’s new book Burn Your Mortgage: The Simple Powerful Path to Financial Freedom. For all the details on that visit the Mortgage March page under ‘2017 Monthly Challenges and Giveaways’.
For this week’s episode, we had the pleasure of interviewing author, personal finance journalist and speaker Sean Cooper about his soon to be released book Burn Your Mortgage: The Simple Powerful Path to Financial Freedom.
Sean’s book and journey is rooted in how he, at age 30, managed to pay off his mortgage just three years after purchasing his home. In this episode and through the pages of his book Burn Your Mortgage, he shares how he made this a reality and inspires you to do the same.
For one lucky listener, we will be giving away a copy of his book through our March giveaway. To enter, post the hashtag #BurnYourMortgageGiveaway on Twitter, Instagram or Facebook or send an email to email@example.com with the subject line ‘Burn Your Mortgage Giveaway’. The winner will be randomly selected at the end of the month. For more information about this giveaway check out the ‘Mortgage March’ page under the ‘2017 Monthly Challenges and Giveaways’ tab on the menu list here on our website.
If you’ve ever wondered if the possibility of graduating post-secondary debt free is an option, this episode will surely provide your answers. While the majority of students graduate post-secondary with heaps and heaps or student debt is it true that some individuals graduate not only debt free but with money in their bank accounts?
Happy Family Day
In honour of Family Day here in Ontario, we will see you tomorrow with a new epsiode. We wish you a happy and joyful day with friends and family.
I’m sure you have all heard this question uttered many times before. But have you received an answer for this very complex question before? On this episode we bring you the answers from a simple money solutions perspective.
With this episode, we’d like to diffuse the millennial stereotype and other generational perceptions of the millennial generation. As like with any generation, we have a lot to thank previous generations for and the same can be said about more recent generations as well. Coming to appreciate all that future generations bring will encourage and foster a more supportive and respectful climate.
For so long, we’ve been told that you have to retire at 60 or 65. But what about this family where the father wants to retire at age 42, with his wife working parttime, while supporting their five children all under the age of nine, while sending each to post-secondary and purchasing a $400,000 home. Is it possible? It it realistic? And most importantly is it doable?
Have you ever found yourself asking “how important is it that my partner and I are on the same page when it comes to spending and saving?” This question among others related to financial compatibility with your romantic partner is crucial to consider. However, despite having opposing spending and saving strategies you might be more financially compatible for one another than you might first think.
Start this year off right by spending less and conquering debt. Make 2017 the year where you get on top of your personal finances and make positive changes that will propel you in the direction towards debt freedom.
While you drown yourself into the beautiful, elegant and spectacular looking images of tiny homes, and then decide to jump aboard and sell everything you own while rolling up your sleeves in preparation of your own tiny home construction – wait. When deciding whether or not a tiny home is right thing for you, your judgment has the potential to be clouded by a romanticized idea of what reality will actually look or be like. Sadly, those beautiful tiny homes you see are just that – pictures. Never do we get the opportunity to see the full picture, one that includes the potential negatives or downfalls of residing in a small space. This episode was created not to discourage the tiny home movement, but to make you, our listener, critical of something that seems too amazing, peaceful and serene to be true.
Society and societal norms have us believing that more is better. However, this is far from the truth. Thanks to marketing from massive corporations we’ve been brainwashed into always wanting, never content. So to combat the mainstream, we are here with an episode on minimalism. This concept is so fitting for the new year when you may feel more apt to take a new goal for the new year.
We at Simple Money Solutions wish you and yours a safe and happy holiday season. We look forward to coming back in the new year with the same excitement and passion that we pride ourselves on bringing to every episode. Check back in the new year where we’ll have a new episode waiting for you. Until then, enjoy yourselves and this wonderful, snowy time of the year.
All along we’ve been advoacating for cash over credit and using credit cards with caution. So while you may be scratching your head in confusion with the title of this week’s episode, rest assured, we haven’t completely lost it. With credit cards come an added level of security and safety, meaning that if your credit card was used for illegitimate purchases by someone else there are measures in place by the credit card companies to reverse those charges in a timely and efficient manner, more so than by your bank, if your debit card was used illegitmately. Plus if you add in the benefit perks offered by your credit card companies using credit for everything odes look pretty enticing. However, by no means are we saying to use your credit card irresponsibily, we are simply stating in this episode the many positives using a credit card does have, when used responsibly.
Getting back to our roots this week is an episode on frugality. Before you tell me that frugality is synonymous to cheap, hear me out. Frugality, as you’ll learn in this episode, does not mean making sure that every single thing you buy is at the lowest possible price. No, rather it means spending the least possible money over a looooong period of time. So that does mean the obvious – recycling items, buying used and not buying altogether – but it also means, buying that expensive kitchen gadget now that you know will last you the next 15 years instead of buying a less expensive, less durable version that will need replacing in the next 5 years.
Better late than never, CRTC has recently (as of last week) mandated that cable providers offer basic cable packages that cater to consumers who seek packages that meet their viewing needs. However, how does this strategy fair when pitted up against Netflix and other on-demand services?
As a parent, you only have the best intentions for your child. You want to do everything you can to love, support and care for him or her. However, financially supporting your adult child may be harming your child more than helping. By continually supporting your child through his or her adulthood, your child may become financially dependent on you for the rest of his or her life, never fully pushing him or herself to learn how to be self-sufficient or financially responsible.
What image comes to mind when you envision retirement? Does it start and end with you spendings yours days knitting in your rocking chair the day after you celebrate your retirement? With the increasing life expectancy of our arguably healthier society, we are living longer than ever before, meaning that using the word ‘retirement’ to categorize post working years is becoming inaccurate. We’re not ready to ‘retire’ or ‘settle down’ after we retire; we are energized and revitalized and ready to take on a new chapter. And this next chapter, the chapter that comes after the ending of our working career, is one in which we focus on during this episode.
If you think you’ll maintain one job over the course of your working career, think again. Today, the employment landscape is drastically changing compared to a generation ago. Today it is more common than ever to hold multiple jobs, many of which may be temporary, contact positions. However, what is the impact of temporary work on health care benefits and pension plans? Employer benefits and contributions may soon be a thing of the past due to the changing employment landscape, meaning that alternatives provided through private or governmental assistance must be considered and factored in.
Should we be designing financial literacy strategies that work with society’s overall supposed “low level” of innate self-discipline? Should we be relying on intervention as opposed to encouraging behavioural changes in relation to individual’s personal finance habits? All this stemming from a compelling article that starts off by talking about the merits of buying your cup of coffee rather than making it at home.
For the second-consecutive and final week of the rent vs. buy debate, our show format focuses on reporting the news in a value-added way with a high level analysis and simple-language breakdown, all in an effort to make this topic easier to understand and more relatable. The two articles we look at this week are extremely well-written and insightful and add a wealth of insight into this topic.
The goal of this two-part episode is really to break down the stigma around renting regardless of age or the stage of life one may be in. From a young professional to a new retiree, we stress, with the support of these two news articles (see show notes), that renting is not by any means an inferior option to buying whether it be a house or a condo.
This week we explore and compare the benefits of renting versus buying within the housing market realm. We advocate the importance of building personal wealth, but caution against getting trapped into thinking that owning a home as the only way to build that personal wealth. If you reframe your approach and thinking to building equity by looking at alternative options, your world and outlook really does expand.
This week we are bringing you Canada’s new mortgages rules straight from the sources. The new rules released earlier this month is the sixth edition to the mortgage rules since 2008 all of which aim to nudge us through the housing bubble we’re currently facing. Who’s affected by these new rules? Homeowners, those looking to become potential homeowners, anyone buying and selling real estate and those who use the real estate market as an investment tool. Head over to iTunes to get familiarized with the latest mortgage rules and join us as we hash over the real estate market conditions.
Myth: the salary or wage is the most important aspect of any job. While it is an important factor, it’s not the only factor. When selecting a new employment opportunity or evaluating the one you’re currently in, job satisfaction in terms of skill variety, task identity, task significance, autonomy and feedback are crucial. Your co-workers, manager or employer, benefits and the actual work itself are factors that are just as important to consider as pay when evaluating an employment opportunity.
Why is such an important part of each individual’s personal success not more heavily focused on or taught within the educational system? Young children do not acquire smart money management skills by themselves and until the educational system tightens up their personal finance curriculum, the responsibility to properly educate youth on personal finance rests solely on parents’ shoulders. But at the end of the day who’s responsibility is it really: the school system or that of parents?
Join us as we talk with Timothy Stobbs the mind and creator behind the website Canadian Dream: Free at 45 and his accompanying book Free at 45: How to Retire Early and Happy. Tim shares with us his philosophies on early retirement and overall personal finance as he goes over the key concepts discussed within his book. We definitely recommend this fantastic read!
Whether its a significant other, friend, acquaintance, or family member, any relationship where you feel pressured to spend money that you don’t have, spend money that you don’t want to spend, or spend money a little too freely is classified as a toxic financial relationship. The most challenging part about toxic financial relationship can be their identifying them, and even once you are able to identify them, managing these relationships can be anything but a walk in the park.
Trevor sneaks in a bonus show this week as he talks about how he consumes books (which, doesn’t always have be through the traditional means).
Are you one of the many Canadians in a long-term committed relationship with their cable provider? Let me tell you, we know how you feel and you’re not alone. This week we’re bringing you the concept of cutting the ties with your cable in pursuit of a more economical, more efficient and more satisfying alternative. Head on over to iTunes to get an in-depth look at how online viewing and on-demand streaming services may in fact be a better alternative for you than the traditional.
Credit cards have recently taken on a new use beyond the obvious, everyday use. Today, expert and advanced credit card churners are the modern day coupon clippers, exploiting credit cards for their perks. Find out the dangers and benefits of this new and seemingly harmless hobby of many.
It’s crazy how one new vehicle can lead to another new vehicle which can lead to another new vehicle all while leaving your bank account drained and your conscious guilty. If you’ve been bitten by the new vehicle bug or feel like you’re trapped on the perpetual new vehicle buying “treadmill” you’re not alone. This episode delves into the world of auto debt, how and why you should avoid it and, of course, some simple solutions to get you off the well beaten path of acquiring brand new vehicles to being a proud new owner of something more economical and maybe even used.
If you think about it, we spend the majority of our time (and life) working. If this is the case, why do we hold ourselves prisoners in jobs that don’t light the spark of excitement within us? Put everything aside, and with the inspiration this episode will hopefully provide you, take some time to dig deep, unearth your passion and figure out how you can make your passion a living reality. And if you’re already pursing your passion, we deeply commend and admire you, because finding your passion and living it everyday isn’t always easy, but as I’m sure you’ve long realized, is always worth it.
We constantly hear the phrases “floss twice a day” or “eat your veggies” maybe just as often as we hear “you need to budget”. These statements are eye-rolling and cringeworthy without knowing why. In episode 3 Trevor breaks down all the nonsense to get to the nuts-and-bolts reason on why dedicating time to creating and following a budget is so beneficial to you and your happiness.
Episode 1 & 2
We surprised you this week; by making our grand launch of Simple Money Solutions just that – grand. We released not one but not two Simple Money Solutions episodes on iTunes. If you haven’t had a chance to listen yet, head on over to iTunes to download and listen. Leave us a comment and rate our first two episodes to let us know what you think. We are always open to suggestions, improvements and would love to hear what you think in order to help us shape future episodes.
Welcome! You’ve arrived at Simple Money Solutions. We’re a podcast devoted to helping Canadians like you navigate the rocky world of personal finance. Together we’re going to break down tough to understand concepts into simple terms and discuss relevant personal finance articles located in various Canadian news publications.
Today marks our official podcast launch on iTunes!
Thanks for stopping by and we hope you enjoy our very first episode!