Money Stuff With Moms: Recent Episodes
Meghan Chomut and Lindsay Plumb
A podcast for the busy mom who makes too much to feel broke and is too smart to feel dumb about money. Meghan Chomut and Lindsay Plumb discuss everything from real estate investing to grocery prices from their experience as busy moms and financial professionals. A light hearted (but not fluffy) educated (but not technical-jargony) convo among friends who get it.
Eavesdrop on two strangers chatting about their favorite (and maybe not-so-favorite) episodes of Money Stuff with Moms. Which topics made them laugh, rethink their finances, or hit rewind? Tune in for a fun, lighthearted take on the episodes that stuck with listeners—and maybe even get inspired to re-listen yourself!
How do we teach our kids the value of money without raising entitled little humans? We’re diving into the tricky balance of giving kids a good life while helping them develop gratitude, work ethic, and financial smarts. From chores and allowances to "the Bank of Mom," we're sharing what’s working — and what we’re still figuring out!
Flipping the calendar is always a good time to reflect on changes and take inventory of what you'd like to work towards or change
Top Tips to Implement in 2025:
- Stop Snacking
- Stop Convenience Meals
- Increase Contributions By $5-$50
- Monthly Money Meetings
You aren't going to start later - start one of them NOW
In this episode, we’re diving into my experience at a recent financial planning conference. I’ll share the fascinating discussions, key moments from the speakers, and why perspectives varied so much depending on attendees’ backgrounds and goals. Whether you’re curious about what goes on at these events or how to better interpret financial advice, this episode will inspire you to embrace diverse viewpoints in your financial journey.
You must spend less than you make
You must make more than you spend
Period.
Bummer. We know.
Inflation is hitting everyone, especially moms managing household budgets. We’re talking about how inflation is affecting our day-to-day lives and sharing practical steps we’re taking to stretch our dollars and keep our finances in check.
Take a break from the money talk! Join us as we share our latest pop culture favorites, from shows to podcasts and everything in between. Get to know us a bit more while we dive into what’s keeping us entertained these days.
Lindsay talks Love is Blind. Meghan talks about the It Ends with Us controversy.
In the Back to School Money episode, we explore practical financial tips for moms as the new school year kicks off. Tune in for actionable advice to help you save, plan, and make the most of your money during this hectic time of year!
Multiple Income Streams: The Reality Behind the Dream
In this episode, we're diving into the buzzword "income streams." Is it really about sipping margaritas on the beach and making money in your sleep? We'll share our thoughts on what building these streams truly means, why they're important for your financial future, and practical steps to get started. Tune in to get the real scoop and start your journey to financial freedom!
In this episode, we dive into Modern Cents with Andrea Thompson, who expertly simplifies complex money matters. Discover how to make financial concepts easy for yourself and your kids, and get practical tips for teaching young ones about money in an engaging way. Whether you're looking to streamline your own finances or raise money-smart children, Andrea's insights will provide you with the tools you need to succeed.
In this episode, we sit down with Michelle Hung, a seasoned investor, educator, CFA, and author, to explore the world of finance, investing, and wealth-building. Michelle shares her expert insights with a dash of sass, making complex financial concepts fun and accessible. Whether you’re just starting out or looking to up your game, this episode will equip you with the knowledge and confidence to take control of your financial future. Get ready for a lively and empowering conversation that will inspire you to build the wealth you deserve!
Brace yourself for a deep dive into the volatile world of the stock market. Learn how to navigate crashes, downturns, and economic turbulence to not just survive, but thrive, even in the worst of times.
Looking for ways to save money on groceries? Join Lindsay as she discusses budget-friendly grocery shopping tips. Learn the importance of planning ahead, simple ways to write your list, and routines that will avoid overspending. Discover how setting a per person budget per week can help you achieve your financial goals. From meal planning to utilizing sales, she provides practical examples to save money. Listen up and start saving!
[00:00:03] Grocery shopping tips for saving money. [00:01:32] Flexibility and creativity in blended families. [00:02:57] Limit grocery store trips [00:04:55] tips and tricks [00:06:40] shopping with a list. [00:09:26] Online ordering [00:11:41] Make your own bread? [00:13:33] Budgeting for dietary restrictions [00:16:41] dont eat your goals [00:18:29] Cut grocery spending, focus on priorities.
When it comes to credit cards, remember: "The house always wins"
Follow Barry Choi on Instragram: Barry Choi (@barry_choi) • Instagram photos and videos
WealthSimple: CLICK HERE
Questrade: CLICK HERE
Banks tend to have the best promos but beware once the promo time is up - they are trash.
Want to try a KOHO card? Try it here and get a $20 Cash Back
Start your emergency fund with EQ Bank. Once you've saved $100 they will give you a BONUS of $20! That's an instant 20% return!!
Something I'm into right now: Sorry We're Stoned Podcast (not money related)
Want to try a KOHO card? Try it here and get a $20 Cash Back
Start your emergency fund with EQ Bank. Once you've saved $100 they will give you a BONUS of $20! That's an instant 20% return!!
...still obsessed with Mount Everest though.
PEOPLE TRYING TO GET RICH QUICK - STAY BROKE LONG
No matter where you are in the financial journey, youare going to feel embarressed or shamed. You feel embarressed when you are doing well, you feel embarressed when you are having a hard time.
Go smarter, longer, faster, harder and think more clearly.
In today’s episode we’re going to break down the 3 best budgeting tools you can use in 2024 to get your finances organized and a plan that actually makes sense for you + your family.
-
YNAB
- $99/year or $15/mo
-
GoodBudget
-
$70/year or $8/mo
-
Banking Built in
-
Free (RBC banking - NOMI Insights)
this is NOT financial advice
Lindsay - predicts more of the same
Meghan - predicts interest rate stabilization, housing pressure,
For 2024 it is more important than ever to setup a system that gets you from where you are right now to where you want to go in the timeline that makes sense for your stage of life and family's preferences.
Today we are going to talk about how putting your money on autopilot can take stress out of your life, but also add stress if not done correctly.
3 Finance Stuff Nobody Tells You:
- always take employer matching
- not all debt is bad
- money is meant to be spent
BONUS money is meant to be talked about
Andrew Hallam "Would you spend money on this if no one else was looking?"
https://andrewhallam.com/balance/#
Wealth Advicing Steps: Investing Basics, Cashflow planning, Credit Score Pulse, Tax Free Investing, Real Estate....which is first???
Help talk about it. What 3 steps should come first? 3 of our former guests also contributed:
- Ep 18 Investing Basics with Michelle Hung
- Ep 7 Improve your Credit with Richard Moxley
- Ep 12 Do you need Life Insurance with Alyx Valdal
- YVR Mortgage Broker
Links from Richard Moxley:
- TransUnion Credit Check
EquiFax Credit Check
LOVE IS BLIND SPOILER ALERT
Aligning money with your partner is so important. Today we go behind the scenes with Love is Blind Izzy and Stacy while they navigate integrating their financial lives when they are very different.
Ep 7: CREDIT SCORE
Natalie and Deepti: Out of the Pods
Is charging rent a valuable lesson in financial responsibility, or does it risk straining the parent-child relationship? In this reflective episode, we gently unpack the considerations and consequences surrounding the decision to introduce financial responsibility within the familial home.
'Tis the season for spreading love and creating cherished memories, and what better way to celebrate than by showering our beloved grandparents with thoughtful gifts? In this episode, we dive into the art of finding the perfect gift for grandparents, offering unique and meaningful suggestions that go beyond the ordinary.
In this episode, we delve into the exciting realm of real estate as we discuss the recently introduced First Home Saving Plan. Breaking down the key features and benefits of this innovative savings initiative, providing valuable insights for first-time homebuyers navigating the path to homeownership. Tune in!
If financial literacy isn't in your past but you want to break the cycle and make it your current and your kids future financially aware and savvy, join us to a conversation on where to start.
LINKS FROM TODAY'S EPISODE
Gail Vaz-Oxlade's Articles on MoneySense: https://www.moneysense.ca/author/gail-vaz-oxlade/
Tori Dunlap on Financial Feminism & Money Education: https://herfirst100k.com/
Sharing both the feeling of overwhelm as well as our savings tips. Not only is money tight, but also your time currency.
Lindsay: It's okay to tell your child NO, navigating the social pressures, utilitize Bank Account Budgeting
Meghan: 4 staple gifts per child (something they want, something they need, something to wear, something to read)
Listen to Ep 44: The biggest things stopping you from financial success
Banks can be a real pain in the butt. But can also be an easy resource when you need help. It can be helpful to have a list of tangible questions before meeting with an advisor. But it is also important to know that working with an advisor at the bank may not lead to a long-term relationship as advisors tend to rotate frequently.
Whether you're planning for retirement, managing debt, or investing for the future, join us as we explore the fundamental principles that will empower you to make informed, confident, and financially savvy decisions.
You should always pick a mortgage strategy that works best for you + your family based on your cash flow, goals and budgeting preferences.
But sometimes you don't know what you don't know... so today we break it down + discuss different mortgage payment strategies and the advantages and disadvantages of paying monthly, bi-weekly, or making an extra annual payment.
Enjoy!!
In this episode Meghan + Lindsay mentioned:
Mortgage Professional Elizabeth Prins: www.mortgagesbyliz.com https://www.facebook.com/MortgagesByLiz
Ep 35: Do you need a Money Coach?https://podcasts.apple.com/us/podcast/money-stuff-with-moms/id1665302616?i=1000621909446
Should you focus on savings or paying down your mortgage?
Meghan + Lindsay discuss and emphasized the importance of considering both capacity for risk and appetite for risk when making investment decisions. As well as how important it is to talk about financial strategies with others. Especially if you're in analysis paralysis mode.
Ben Felix "Cash is a terrible long-term investment, even at 5% interest":
https://www.youtube.com/watch?v=KdzOlRRHOU8
Ep 18: Investing Basics with MICHELLE HUNG:
https://podcasts.apple.com/us/podcast/ep-18-investing-basics-with-michelle-hung/id1665302616?i=1000607832457
https://thesassyinvestor.ca/
https://www.instagram.com/thesassyinvestor/
Individual life and disability coverage is better than relying solely on bank-provided policies because it covers more than just mortgages. It also covers critical illness and disability situations where individuals may need income replacement while recovering from sickness or injury. Mortgage insurance is not always the best option for homeowners.
Ep 4: Interest Rates - what can we do?
https://podcasts.apple.com/us/podcast/ep-4-interest-rates-what-can-we-do/id1665302616?i=1000595637399
Ep 12: Life Insurance 101 - do you NEED it?? w/ Guest: ALYX VALDAL
https://podcasts.apple.com/us/podcast/ep-12-life-insurance-101-do-you-need-it-w-guest-alyx-valdal/id1665302616?i=1000602607206
2023 Report Financial Sustainability of CPP: https://www.cppinvestments.com/the-fund/f2023-annual-report/
Rational Reminder 2019 CPPIB: https://rationalreminder.ca/podcast/52
CPP Numbers (before tax):
- CPP age 60 max $770/mth
- CPP age 65 $1,200/mth
- CPP age 70 $1,700/mth
- The current average CPP at age 65 $700/mth
Today we discuss the biggest things that stop people from achieving financial success. Whether you're a seasoned investor or just starting on your financial path, this episode is a must-listen for anyone seeking to conquer their financial goals.
Links mentioned:
Owen's Plan Easy YouTube https://www.youtube.com/@planeasy
Plan grocery shopping once a week and order online to keep costs down. Use apps like Flipp to track sales and buy in bulk. Simplicity in meals: Be okay with simplicity in meals, like breakfast for dinner or snacks on a plate, to avoid fast food and expensive takeout.
- Flipp app: https://flipp.com/
- HelloFresh: https://www.hellofresh.ca/
- Hagens salad dressing: http://www.hagensdressing.com/
- Grocery Challenge (starts Sept 18th) Sign up: www.lindsayplumb.com/backtoschoolgrocerychallenge
Clients' grocery costs have increased significantly. Having a specific grocery budget and getting creative with what's already at home can help.
Links:
Flipp app: https://flipp.com/ Hagens salad dressing: http://www.hagensdressing.com/ Grocery Challenge (starts Sept 18th) Sign up: www.lindsayplumb.com/backtoschoolgrocerychallenge
The idea of retirement might be different but work optional is something many of us strive to.
Find your estimated CPP amount: https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html
The standard age to start receiving CPP benefits is 65, but you can wait begin your Canada pension plan as early as 60 or as late as 70. It's important to be aware that if you choose to take CPP as soon as you are eligible, you'll experience a reduction of 7.2% for each year prior to turning 65. There's no benefit to wait after age 70 to start receiving the pension.
Retirement saving can be as small is $25/week to give you some consistency and momentum. Everyone that has an RSP matching should participate.
Retirement calculator: https://www.calculator.net/retirement-calculator.html
Join the 5 day Back to School Grocery Challenge: https://www.lindsayplumb.com/backtoschoolgrocerychallenge
Get a KOHO Card, make a purchase over $5 + get $20 FREE: https://web.koho.ca/referral/MMF3Z33M
Should couples combine their finances or keep them separate? This episode sheds light on the various paths couples can take to achieve a balance between togetherness and financial independence.
Fair Play https://www.fairplaylife.com/the-book
We explore simple and easy tax considerations. Whether you haven't filed yet and it's on your To Do list - or are already planning for next tax season, join us to chat about how to optimize deductions, claim credits + make tax time stress-free.
Budgeting for kids is overwhelming. Mom guilt. Sports. Kids activities. Let's talk about it.
Setting up a solid financial foundation is the key to successful investments. Every decision you make has tax implications that must be considered and analyzed carefully. Real estate investing is great but it can also be a big challenge for those that already have financial issues.
🎙️Summary:
In this episode of ‘Investments you should have’ podcast, Megan and I go into the world of investment products, with a focus on mutual funds and GICs.. We explore the basics of mutual funds, their fees, and how they differ from exchange-traded funds. Additionally, we discuss the value of fees, the importance of finding the right fit with a financial advisor, and the changing landscape of the investment industry.
Chapters:
🎙️ 00:01 Introduction.
📈 02:10 How mutual funds work and their objectives.
💰 10:58 Know what you are paying for.
👩💼 14:43 The importance of working with a professional.
🔎 16:43 What’s an ETF?
🔄 19:03 Comparing ETFs to mutual funds and explaining the concept of exchange-traded funds.
🏢 21:09 How ETFs are different from other investments.
🏦 27:56 What are GICs (guaranteed investment certificates) and how do they work?
📉 36:00 How stocks work and why they are volatile.
⌛ 41:21 Investing is a long-term game.
#InvestmentPodcast #MutualFunds #ETFs #GICs #Stocks #FinancialEducation #FeesNotTheEnemy #InvestmentInsights #FinancialWellbeing #ChooseWisely
🔗LINKS:
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
SHOUTOUT: Have you thought about buying a rental property? If you’re interested in finding out more, check out Meghan’s site here: https://porterouge.co/
📞 HOW TO GET IN TOUCH:
Join the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
DM Meghan @ https://www.facebook.com/porterougeco
📞 Resources:
MOOLA Financial Coaches & Advisors
- www.yourmoola.ca
Michelle Hung: https://thesassyinvestor.ca
The episode you've all been waiting for... who is smarter? Lindsay or Meghan?
Money Coach vs. Financial Planner
Summary:
In this episode of the Money Stuff with Moms podcast, discuss how much money is enough money and the notion that Future YOU needs money too! We explore different perspectives based on our experiences and the clients we work with.
How much money is enough money is personal, and finding your own answer involves self-reflection, open conversations, and careful financial planning
Chapters:
- 0:00 Introduction
- 0:51 Retirement Planning - The Concept of Leveraging Income to subsidize the Future
- 8:45 The Importance of Budgeting for the Future.
- 14:32 The Significance of Refusing to Settle for Less to Achieving Greater Prosperity in the Future.
- 18:35 The importance of having a structure and framework in their financial planning
- 20:51 What's your MORE for the Future?
#Income #money #budget #family #baseline, #budgeting #goal #FutureYouneedsmoneytoo
Resource Links:
Budget for MORE - • https://www.lindsayplumb.com/budgetformore
SocialMedia LINKS:
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
SHOUTOUT:
Have you thought about buying a rental property? If you’re interested in find out more, check out Meghan’s site here: https://porterouge.co/
HOW TO GET IN TOUCH:
Join in the conversation with 10000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
DM Meghan @ https://www.facebook.com/porterougeco
Explore creative ways to generate income and shift your mindset so that you are designing the path that includes wealth building strategies that are in alignment with your goals. More income does allow for more choices
LINKS:
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
SHOUTOUT:
Have you thought about buying a rental property? If you’re interested in find out more, check out Meghan’s site here: https://porterouge.co/
HOW TO GET IN TOUCH:
Join in the conversation with 10,000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
DM Meghan @ https://www.facebook.com/porterougeco
Summary
- 0:01 Introduction of the podcast.
- 0:52 How many streams of income does every family need?
- 2:39 How many streams of income do you need?
- 3:58 The holy grail of 1818.
- 4:36 How many income streams do you have?
- 6:36 Budget for more and how it can help you.
- 8:40 How to earn more income?
- 10:48 How to put your extra money towards a goal?
- 12:18 Do an assessment of what you already have and use it.
- 14:12 The value of having a human coach.
- 15:54 Finding an income stream that looks like this.
- The short-hot burn of a 52-week year.
When you are saving money for something specific what is the best way to do this? Savings? Promo rates? TFSA? what's best?
We chat about an essential concept that is often overlooked. Let’s hit reset and go over our top 3 tips to guide decisions, investment strategies, and stress less about money.
We chat about different strategies to hit reset and get more organized and streamlined with your money.
Let' talk about car payments. For many Canadian's having a vehicle is a necessity and can become a significant part of a budget, the importance of buying a reliable car and prioritizing financial goals.
As moms we have countless day-to-day roles, by implementing guard rails and setting micro-timelines can help balance tasks. New little habits and tips can make a big difference when balancing all the things on our plates
In this interview with Shannon Lee Simmons we chat about how important it is to align money decisions with your personal values. We talked about how personal finance is not just about numbers, but about understanding goals and using that clarity to guide your decisions.
Personal finance is personal: Personal finance is unique to each individual and what works for one person may not work for another.
In this episode we talk about the importance of finding a financial strategy that matches an YOUR preferences and lifestyle. Also that it's TOTALLY okay (+ normal) to make mistakes along the way as long
Lindsay and her family go to Thailand for a MONTH. We talk not only about exploring the beautiful sights and culture but of course the 'taboo' money-related aspects such as budgeting, saving, and planning for this
Andrea has an amazing way of taking compex Money Matters and boiling them down in an easy to understand way. Today we chat with Andrea Thompson of Modern Cents on Navigating Cross-Border Finances and Teaching Your Kids About Money
In this episode, we'll explore the world of Canadian financial advisors and share tips for selecting the right one to help you achieve your financial goals. From evaluating credentials to assessing compatibility, we'll cover everything you need to know to make an informed decision
#personalfinance #financialplanning #investing #financialadvisor #moneymanagement #Canadianfinance #wealthmanagement #retirementplanning #financialfreedom #budgeting
Trauma from math class? See your kids math homework + start having heart palpitations. You're in good company - but here's why shouldn't stop you from investing
It's not a matter of timing the market - it's time in the market
Let's do some stressfree, consistent, repeatable wealth building
We talk to Michelle Hung, experienced investor, educator, CPA and author. We ask her all things finance, investing, and wealth-building.
So sit back, relax, and get ready to learn about finance in a fun and sassy way. Let's get started!
In this Q+A Ask us Anything Episode we discuss the topic of giving your kids an allowance. We'll be exploring when it's appropriate to start giving your children an allowance, how much is reasonable and what we are each doing with our own kids. And shocker, it's not the same thing.
Lindsay starts asking Meghan real estate questions and the flood gates opened. She has a LOT to say about this topic. Investments. Rentals. Cashflow. Passive Investing.
A no spend day is a day when you choose not to spend any money at all. It's a simple way to save money and reduce unnecessary expenses. A no spend day might help your budget to help you save money, encourages mindful spending habits, can lead to a greater sense of financial control and responsibility, and can be a fun challenge or game to see how many no spend days can be achieved
BUT... if you have tried them (or aren't interested in them) because they can be difficult to stick to in certain situations, such as social events or emergencies, may lead to feelings of deprivation or restriction, may not be feasible for those with limited income or high expenses and can potentially lead to binge spending on non-no spend days
Goals help us to set our intentions and plan the steps we need to take to achieve them. But sometimes we don't even know what we want. We know creating and outlining goals is a great way to ensure progress and success but sometimes it's not that easy - let's talk about it
Insurance is an important part of any financial plan, and starting the conversation is the first step. Life insurance is a heavy topic and we share what strategies we're using and why.
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
Lindsay’s Budget Templates: https://www.prettymoneyclub.com/budgetsignup
Lindsay’s 5 day budget makeover: https://www.prettymoneyclub.com/budgetmakeover
DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
DM Meghan @ https://www.facebook.com/porterougeco
Life insurance is an important form of financial protection for you and your loved ones. In this podcast episode, Meghan and Linsday talk with Insurance Expert Alyx Valdal to cover the basics of life insurance, including why you might need it, how much coverage you should get, and how to find the right policy for you. Tune in to learn everything you need to know about life insurance, so that you can make the best decision for your family's future.
It's not that you have poor behaviour, it's just that you've made un-perfect financial choices. And guess what? Join the club. What about when you get an inheritance? Apply to debt? Invest? Spend? What should you do? Let's talk about it
LINKS:
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
Lindsay’s Budget Templates: https://www.prettymoneyclub.com/budgetsignup
Lindsay’s 5 day budget makeover: https://www.prettymoneyclub.com/budgetmakeover
Dollars and Sense BOOK: https://danariely.com/books/dollars-and-sense/
SHOUTOUT:
If you unexpectedly inherited $50,000… what would YOU do with it? Tell us!
HOMEWORK: Pretend that you are going to inherit $50,000 this week. Talk with your family about how you would choose to utilize this cash!
HOW TO GET IN TOUCH: Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
DM Meghan @ https://www.facebook.com/porterougeco
TL:DR 00:00:12 Lindsay runs a facebook group for Canadians to ask questions about money which currently has over 9000 members. (www.facebook.com/groups/blackisthenewred) There was a question the other day from a group member: “I just received $50,000 in inheritance and I have $50,000 in debt. What do I do with the money? Do I pay off the debt or do I do something else?” The answer is “Well, it depends.”
00:03:59 Lindsay has a general rule of thumb that you do not use an asset to pay off a liability. There are much better ways to put your money to work.
00:06:11 HOW you got into that debt in the first place will make a big difference in how Lindsay would answer the question. If you acquired the debt because of poor spending choices, you’re going to find yourself right back in the same situation in the future if you take the money to pay it off.
00:12:34 Meghan shares a personal story of what her family chose to do with an inheritance they received 15 years ago, and what she may have done differently knowing what she knows now
It's not that you have poor behaviour, it's just that you've made un-perfect financial choices. And guess what? Join the club. What about when you get an inheritance? Apply to debt? Invest? Spend? What should you do? Let's talk about it
We budget to have MORE. More investments, more vacations, more fun, more freedom. If I tried to do everything at 100% I would do nothing. It doesn't have to be perfect B+ work is fine. The key is to find something that works for you because it if feel easy you'll be able to stick to it consistently
Adding a pet to your family is a big decision. For the family dynamics, responsibilities and financially. One of the ways we can protect ourselves from unexpected vet bills is through pet insurance. In today's episode we debate is it's worth it - and we are not in agreement. Let's discuss.
After the interview with credit expert Richard Moxley, Meghan and Lindsay share their biggest take aways, ideas and thoughts
Financing is a bumpy ride right now. If you are riding the rollarcoaster and want to smooth things out as much as you can - let's improve things we CAN control: your credit score. Lindsay + Meghan chat with Richard Moxley about everything credit score and ask all the questions
We've all heard the term "Passive Income". Let's talk about it. Sipping marjarita's on the beach? Making money in your sleep? Our thoughts on passive income, why it's important and how to start.
We've all heard the term "Passive Income". Let's talk about it. Sipping marjarita's on the beach? Making money in your sleep? Our thoughts on passive income, why it's important and how to start.
Today's Question: "I have an extra $500 that I want to invest. How would you invest it? I already have some RSPs in high risk mutual fund but I want to invest in something else."
Dear moms with a mortgage and/or line of credit: this episode is for you. This rising interest rate season is uncomfortable, scary and painful. There's no sugar coating it. Let's talk about it.
LINKS:
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
SHOUTOUT:
How have the rising interest rates affected your family and what are you doing to combat it?
HOMEWORK:
Talk to someone about options for your mortgage, or if you are sitting on cash, talk to someone about options for high interest savings or investing!
Knowing your money personality is a gamechanger when it comes to managing your finances. And can be VERY helpful if you have a partner who is very different than you so that you can have a plan on so you can both get on the same page with your money.
LINKS:
What’s your money personality type? Find out here! https://porterouge.co/colour
HOMEWORK:
Go take the quiz to figure out your own personality type, and if you have a partner, make a guess as to theirs! You’ll find some helpful resources for communicating with your partner after you take the quiz.
- HOW TO GET IN TOUCH:Join in the conversation with 9000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
- DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
- DM Meghan @ https://www.facebook.com/porterougeco
TL:DR Version
00:00:52
When onboarding my clients, I have them take a personality quiz which assigns them a colour (Gold, Green, Blue, or Orange.) I will customize my service to them based on this quiz, so that they get the most benefit from our time together. Today, I’m going to give you all a brief summary of each colour… AND I am going to guess which colour Lindsay is! (she took the quiz, but hasn’t told me the results.)
00:02:20
GREEN: These are the people who will debate you even if they agree with you. They will challenge you. They want to know every scenario. They LOVE spreadsheets. They have analytical minds. They tend to be engineers and process managers. They value knowledge and confidence. They love information. They struggle with analysis paralysis (decision making!)
00:03:28
ORANGE: These are our entrepreneurs. They are people who really value freedom and variety. They’ll have multiple projects on the go (but might not finish them all). They’re great problem solvers. They’re good at responding to emergencies. They are open and non judgmental. They value action. They are not the type to sit down and analyze a spreadsheet. That would be torture. They’re FUN.
00:04:37
GOLD: (this is my colour) They are very organized. They're planners. They really value tradition. They like things that are very practical. They like checklists. They can be very rigid and predictable. They like structure and efficiency. They can forget to relax and have fun.
00:05:38
BLUE: They really value humans. They have a concern for others. They are really good at giving praise and encouragement. They have really good intuition. Many nurses, HR personnel, or first responders are blue. Blue’s have a hard time saying no. They can take on too much. They don’t do well with dishonest or blunt communication. They struggle with unrealistic expectations.
00:06:32
Meghan predicts that Lindsay is an ORANGE… but it turns out that Lindsay is a GOLD.
00:07:30
It’s not surprising that Lindsay scored as a GOLD in retrospect, because she has created systems to manage money that are very organized, efficient, and structured. The reason she NEEDS these systems is because she naturally procrastinates and is messy! And that’s OK! Most people actually are a combination of two colours, and your scores for each colour can be very close to one another, or tied!
00:09:33
We all experience different seasons of life and can only fit so many things at the top of our priority list… so maybe you feel like you WANT to be a super organized person, but at this phase in life, you need to turn the other cheek.
00:10:45
Knowing your personality type will help you understand how you can manage your finances in the way that is best for YOU. Why would you commit to tracking every single thing that goes out of your bank account for the next three months if that task is overwhelming and is going to drive you crazy? No! There is another way, and there is certainly another way that will suit you better.
00:15:38
Learning to communicate with a partner who has a very different personality type can be challenging, especially if one person is the day to day money manager of the home (which is very typical.) Everyone wants money management to be a team sport, but in reality, it’s usually one person who manages most of it. Figuring out the best way to communicate with each other alleviates SO much stress when it comes to those heavy money conversations.
Decisions. Hiccups. Hindsight. Meghan and Lindsay reflect on their biggest money mistakes and what they would have done instead. We ALL make money mistakes. Here's just some of) theirs.
LINKS:
Andrew Hallum “The Millionaire Teacher” https://themillionaireteacher.com/
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
SHOUTOUT:
What was your number one money mistake, or money regret??
HOMEWORK: What can you TAKE ACTION on TODAY? Is there a decision that you need to make? Make it! And if you can’t… find someone to talk to about it so that you CAN
- HOW TO GET IN TOUCH:Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
- DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
- DM Meghan @ https://www.facebook.com/porterougeco
TL:DR Version
00:00:52 What is your number one money mistake?
00:01:30 If you look at the experts in any industry… they always talk more about the decisions that they DIDN’T make. Successful people make decisions. They make them with confidence, and they make them quickly.
00:02:00 So when I think about money regrets, it’s almost always about the decisions that I didn’t make, because I didn’t have the confidence, or I didn’t move fast enough, or I didn’t seize the opportunity.
00:02:56 My biggest money mistake was co-signing on a loan for a boyfriend. I should have taken the bank’s lead when they decided that he was not a person to lend money to.
00:05:00 But he was a used car salesman, and those types of people are hard to say no to. I should have said no, and not given an explanation as to why my answer was no… because the more information you give these types of people, the more fuel they have to spin their stories. And it’s hard when you are navigating relationships and when you are a person that just wants to help other people.
00:07:34 The other thing is that hindsight is 20/20. You make the best decisions that you can with the information that you have at the time. It’s easy to look backward and see how you could have done things differently, but when you’re in that moment, making the decisions, the decision you made was the best one at the time.
00:09:31 If you choose NOT to make a decision, against your gut instinct, you will probably find yourself wondering why you didn’t decide sooner, when you finally decide. I could have progressed further in my career if I had listened to my gut.
00:11:55 I was listening to a really interesting video the other day by an incredible author named Andrew Hallum (his book is a best seller called The Millionaire Teacher) and he said that even the big wigs on Wall Street don’t always make the right decisions. The difference between the rich and average is that the rich make MORE decisions.
00:13:10 People think there is some magic recipe or secret wand that all the experts have, and they don’t… but the truth is that experts make a LOT of wrong decisions… and they learn from those wrong decisions, so that they can keep making more decisions.
00:15:19 When I am faced with a very difficult decision, it’s helpful to me to think about the advice that I would give my kids if they were facing the same decision. Like… I’m super bossy and really good at telling OTHER people what to do. So when I pretend that I’m giving advice to someone else instead of deciding for myself, it becomes a lot easier. Option A, or Option B. That’s it. Make a choice.
Who are we? Why do we do what we do? Get to know Lindsay and Meghan in all their glory.
LINKS:
Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred
SHOUTOUT:
Who is primarily responsible for managing the finances in your household? Do you keep separate bank accounts? What works well for you, and why?
HOMEWORK:
Go talk to someone about MONEY. If you don’t like your family, friends, or neighbors today, talk to a pro, or jump into Lindsay’s 9000+ member group for Canadian money conversation.
TL:DR Version Ep 1 - Intro:
- Lindsay & Meghan host the Money Stuff with Moms podcast because they fully understand the #MomLife AND the importance of #adulting. They bring you no fluff, jargon-free (and hilarious) conversations about money to give you quick wins while you’re sitting on the sidelines of your kid’s ball game.
- These no-nonsense Moms are seasoned professionals in the finance industry who will be the first to tell you that seasoned professionals are NOT always right. The thing about personal finances is that they’re PERSONAL! As Meghan would say, it’s a beautifully annoying cliche.
- Meghan is a Certified Financial Planner with an HBcomm finance degree, but her real super power is being able to translate all the technical jargon into step-by-step REAL talk.
- Lindsay is an Accredited Financial Counselor with a STRONG opinion that Moms are SUPERHUMAN. They’ve got the brains to conquer whatever they put their mind to, but let’s be real, with everything on their plates… they gotta ration their bandwidth and be choosy about where they spend their time and energy.
- Money Stuff for Moms was created to bridge the gap between the super technical in depth financial literature and clipping coupons to save a buck. We know that Moms want more than Pinterest hacks, but don’t have time to analyze the complexities of the IFRS9. Moms work too dang hard to feel like they’re living paycheque to paycheque.
- It’s an IMPOSSIBLE expectation to think that one person can be responsible for their tiny human’s daily routine, household chores, family fun day planning, vet appointment, scheduling home maintenance, attending the parent teacher conference, pruning the garden, visiting your mom, going to work…. AND be an expert in managing account structures, budgeting, and investing. Moms can do ANYTHING… but they cannot do EVERYTHING. Meghan and Lindsay are here to help.
- Both Lindsay and Meghan have noticed that over the past couple of decades, there has been a pendulum swing when it comes to who is managing the day to day finances in the household. If we go back in time to Lindsay & Meghan’s grandparents' prime, it was almost always the man who paid the bills, kept track of the insurance policies, and had the mortgage details ironed out. Today, women are wearing the “Chief Financial Officer” caps in their homes. Why is that?
- “F THE PATRIARCHY!!!!!” is one idea. (We joke, but is there truth to women asserting their financial independence by ensuring they have a strong grasp on their family’s financial situation?)
- Maybe women are just better at it. Organization and multi-tasking are stereotypical PINK strengths. And since there are SO many more things to remember this day in age, maybe men just feel better about their spouses dealing with it. (Back in the day, you had one paycheque, which you had to walk to your physical bank to cash, and you paid your handful of bills. Today, we have a bazillion options for banking, investing, and insurance. We have side hustles on top of our regular 9-5’s. And let’s not even talk about the list of bills (how many subscription services do YOU have, Mama?)
- How do things work in your household? Who does the majority of the financial chores? Do you have separate bank accounts? What works well for you, and why? Your input to the conversation has incredible VALUE… because when we can all DO BETTER if we KNOW BETTER. Share your knowledge!
- HOW TO GET IN TOUCH:Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
- DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
- DM Meghan @ https://www.facebook.com/porterougeco