Young Money With Tracey Bissett

The COVID-19 virus has seen markets go into freefall in response to the crisis, the impact, and the implications of social distancing. You may have been asked to stay home from work and are experiencing a loss of wages. Perhaps you’re a small business that is suffering or a student adapting to learning from home. In this time of global economic uncertainty, it’s normal to have feelings of anxiety and panic from watching the news and stressing over how or when this crisis will end. But, now is the time that we need to control our actions and our reactions to what is happening. Today, I share how you can stay financially fit during a global pandemic. I share three tips for surviving this crisis, starting with staying calm and not making decisions based on your emotions. I discuss how you can assess your situation and the importance of acting now to get the assistance available, including the help offered by the government. I also share why it is helpful to talk to a financial advisor and stress the importance o

Julie Kuzmic is the Director of Consumer Advocacy at Equifax Canada. She is passionate about financial literacy and is a recognized authority on consumer credit. She often speaks on the credit lifecycle to consumers, clients, government, and industry groups and she is always testing out new metaphors to describe the nuances of credit scores. Julie joins me today to share how to protect yourself from fraud and how fraudsters can obtain your personal details and use it to apply for credit in your name. She reveals how many times you can check your credit report each year as a proactive fraud prevention step, why it’s vital to inform credit agencies if you fall victim to identity theft and the protective measures and alerts you can activate to authenticate credit requests in your name. Julie also discusses the pros and cons of using your passwords online over open Wi-Fi networks and with third parties.  “It is important to let both credit bureaus know if you are a victim of fraud.” - Julie Kuzmic   This Week

Erin Bury is the co-founder and CEO of Willful, an organization that allows Canadians to create a will online in less than 20 minutes. Before founding the online estate planning platform, Erin held leadership roles in Eighty-Eight, BetaKit, and Sprouter. She is one of Marketing Magazine’s Top 30 Under 30 and is a frequent speaker with Speakers’ Spotlight. Erin has appeared in publications such as CNN, Forbes, and The New York Times. She is a technology commentator on CTV News and writes a column for the Financial Post.    Erin joins me today to share why you need a will and a powers of attorney.  Erin highlights the traits she believes lead to success and the importance of focusing on networking and your personal brand. She reveals why it is vital to make a will and assign a powers of attorney and why you should create a document of your intentions, including intentions for your digital footprint and pets. Erin also shares why being young is the best time to take risks with your career and finances.  “If y

Young and old people alike need to consider how to protect themselves from fraud and prevent identity theft. Fraud can be initiated in several ways, including by telephone, email, text message, and online as well as through social networks, postal mail, or in-person. There are a few steps you can take to make it more difficult for criminals to hack or obtain your information. When you take appropriate measures and make yourself a harder target, you discourage the attention of criminals.   Today, in honor of Fraud Prevention Month, I share how you can reduce your risk of fraud and identity theft. I share the risks linked to our online activities and how fraudsters can take control of your cellphone and your credit.  I highlight tips on preventing fraud, including when to be cautious about sharing your information. I also share the details of the organizations you should contact if you lose your phone, wallet, or suspect you are being targeted by criminals. “You need to take good care of your personal inform

Julie Kuzmic is the Director of Consumer Advocacy at Equifax Canada, a credit scoring and reporting organization. Julie is recognized as an authority on consumer credit and is passionate about financial literacy and creating metaphors to explain the nuances of credit scores. She is a speaker on the topic of credit lifecycle, speaking to consumers, clients, and industry groups.   Julie joins me today to share what a credit report is and why you should care about yours. She shares how credit information is collected and used and reveals which credit inquiries affect your score. Julie also shares the most important things you can do to improve your credit score and explains why having no credit history can be a problem when you apply for significant credit, such as a mortgage.  “Nobody is perfect. We all make mistakes - and that includes with our money and financial decisions.” - Julie Kuzmic This Week on Young Money:   How Equifax collects credit information to create your credit report and score How a g

There are many different ways to get into debt and many factors cause debt to accumulate. Perhaps you find it all too easy to use your debit or credit card to make purchases with money that you have yet to earn. Funding your education is a common source of student debt and payday loans are another example. Debt can also be the result of being coerced into accessing it like in the case of sex trafficking or using your good credit to cosign or guarantee for a loan. You can also acquire debt through no fault of your own such as becoming a victim of fraud, losing your job, getting sick, or going through a divorce.   Today, I share strategies to get out of debt, no matter what got you into it. I discuss how to begin by creating a debt list and a budget to assess the funds you have available each month to repay your debt. I describe three debt repayment strategies that take different approaches, giving you a choice that aligns with your mindset and goals. I highlight when to seek professional help and the types of

Rhonelle Bruder is an internationally recognized motivational speaker and a human rights advocate. She is the founder of the RISE Initiative, a community and platform dedicated to supporting, empowering, and inspiring vulnerable youth and trauma survivors. As a survivor of human trafficking, Rhonelle frequently speaks and writes on topics about overcoming adversity, building resilience, human rights, social equity, and mental health. She has been featured in several media publications, including CBC, Global News, The Agenda, and Toronto Star. In 2019, Rhonelle was awarded one of Canada’s Top 100 Black Women to Watch.   Ashley Franssen-Tingley is the Stakeholder Relations and Promotions Advisor at The Canadian Centre to End Human Trafficking, a national charity that aims to end all forms of human trafficking in Canada. Ashley is passionate about enhancing cross-sector collaborations to dismantle siloes, support partnerships, and develop anti-trafficking strategies with Canadian law enforcement agencies. Ashley

Love and money play a prominent role in your life, and to find happiness and security, you will need to know how to integrate them in your life. Relationships can be complicated when money is involved. This is true not only for romantic relationships but any relationship you have, including those with family and friends. If you are in debt or saving for a goal, you will find your path by recognizing the keys to success.   Today, I share three keys to success in love and money. I share why communication is a vital component to easing your financial fears, setting goals, and achieving your dreams. I highlight how to avoid money misunderstandings and the value of support and problem-solving together. I share how keeping secrets and not telling the truth will only lead to further stress and anxiety and encourage you to find support and assistance through financial professionals. “It becomes infinitely easier to solve problems when you have the support of the most important people in your life.” - Tracey Bisset

Richard Moxley is the founder of The Credit Game, an organization helping Canadians improve and fix their credit scores. He is a best-selling author and recently published The Credit Game: Rules Every Canadian Must Know to Win. He began his career as a mortgage agent before transitioning to help people get out of debt. Richard is a sought-after professional speaker and has been featured in The Globe and Mail, CTV, Global TV, and CBC Market Report. He was the Financial Literacy Leader of the Year in 2015 and 2016 and studied finance and economics at Mount Royal University.   Richard joins me today to explain how you can win at the credit game - and have some fun along the way. He shares the basis for his recent book and highlights why it is vital to continue to learn about your finances. Richard shares why you should take responsibility for your credit report and how you can get a free copy of your credit file. He highlights the factors that affect your credit score, who might use your credit score, and why yo

Ellen Roseman is a Consumer Advocacy and Personal Finance journalist who is passionate about standing up for ordinary Canadians and being a champion for consumers to fight back against consumer injustices. As a public speaker and author, she has presented keynote speeches and written multiple books on consumer injustice topics. Her latest book, Fight Back: 81 Ways to Help You Save Money and Protect Yourself from Corporate Trickery, shares money-saving tips and advice from leading consumer advocates in Canada. Additionally, Ellen is the co-chair of the investor advocacy group, FAIR Canada, and the co-host of the monthly Moneysaver podcast. She regularly teaches courses on personal finance and investing at the University of Toronto, School of Continuing Studies.   Ellen joins me today to share how to stick up for your consumer rights and leverage loyalty to negotiate better deals. She highlights the advantages of joining investing communities and clubs as well as resources for improving your financial acumen.

Young adults, young professionals, and students often find it hard to manage their finances, especially when they are doing it for the first time in their lives. The choices made now can have a long-term effect on their financial fitness, which will ultimately impact other parts of their lives. Whether you love their live shows and music or not, Jennifer Lopez and Shakira - the two star attractions of the Halftime show at Superbowl 54 - have many great lessons to teach young millionaires-in-the-making on finding financial and career success.   Today, I share three financial fitness lessons I have learned from Jennifer Lopez and Shakira. I share how persistence, hard work, and long-term approaches helped Shakira and JLO ride out their failures and find success. I share how you can put small steps in place to reduce your debt and start saving. I highlight the need for you to be accountable for your finances and financial management. I also share why you need to set financial goals and put a plan in place to ens

Chris Wilkins is the founder and CEO of School Finder Group, an organization that helps students decide where to go to school,  what they want to do when they graduate, and how to pay for it. Chris is an expert in media, digital, and tech and works closely with the SchoolFinder Group team, clients, and partners. He is active outside of work and loves to explore Toronto, travel, read, and stay active. He has an MBA from London Business School and a BA in History from York University, Glendon College.    Chris joins me today to share how to prepare for accessible post-secondary education. He reveals the resources available to students and how longer life expectancies make it more likely that you will work in several careers. He shares how to approach conversations around educational choices with your family. He also shares the options and availability of scholarships for first and subsequent degrees. “As a 17 or 18-year-old, you want to be doing whatever you are doing for yourself.” - Chris Wilkins This W

Sharon Connolly is the Vice President of the Newcomer Entrepreneur Success Team (NEST) at Business Development Bank of Canada (BDC), a bank that is solely devoted to entrepreneurs. She is passionate about leading teams to offer the best solutions to clients and has worked in the real estate financing and commercial lending sector for more than 20 years. As the NEST team leader, she helps newcomer entrepreneurs to overcome systemic barriers and accelerate their businesses. Sharon holds a BBA from the University of Prince Edward Island and an MBA from the Schulich School of Business at York University.   Sharon joins me today to share how young entrepreneurs and newcomers are becoming prevalent in the face of entrepreneurship in Canada. She highlights how BDC supports entrepreneurs with resources and advice. She reveals the ways entrepreneurs can relieve stress and build their skill sets. Sharon also shares two elements that are fundamental to finding success and the support available for women entrepreneurs.

Arlen Bondoc is the Co-Founder and Editor-In-Chief at Made Men HQ, a blog for men that promotes, educates, and inspires positive lifestyles for its readers. Arlen is an ambitious and outgoing student at Sheridan College, aiming to earn a CFA, in pursuit of a career in banking and finance. He is also the Founder and President of The Finance Association (HMC) at Sheridan College.   Blake LeClair is a 4th year Bachelor of Commerce student in Accounting at Carleton University’s Sprott School of Business. He is an expert in creating student leadership initiatives and trains leaders at the university through the Sprott Ambassador Program, Sprott Accounting Students Association (SASA) and Sprott Information Systems Students Association (SISSA). Blake is passionate about working in the accounting field and has over a year of experience in public accounting. Arlen and Blake join me today to share their financial fitness tips.  Arlen shares why networking and finding mentors is essential for preparing yourself for fi

Barry Choi is a travel and personal finance expert and the founder of Money We Have, a travel website and blog that advises on budget travel, trending destinations, millennial money, and credit cards. Based in Toronto, Barry is frequently quoted by the Canadian and U.S. media. He has made appearances on the Marilyn Denis Show, CTV's Your Morning, and Breakfast Television.    Barry joins me today to share tips on how to travel on a budget. He reveals how to make smart choices with your planning time and travel dollars and highlights the importance of doing your research and due diligence when making travel plans. He explains how you can earn rewards by using travel credit cards and loyalty programs, how to save for your trip, and how to create a budget. He also shares the travel mistakes to avoid and the most popular destinations for Canadian travel enthusiasts. “It's not about being as cheap as possible with your travel; it's about being smart with your dollars and time.” - Barry Choi This Week on Young

Understanding financial matters is a fundamental life skill but the school system is not very good at delivering education around it. But understanding money - how to save it, spend it, and invest it - is key to increasing your financial fitness and securing your financial future. It’s essential to accomplish the things you want in life.    Are you ready to grow your financial confidence and financial decision-making skills?   Today, I share how you can go beyond listening to the Young Money podcast and work with me in 2020. I share my story from learning about the value of money as a child to hustling to make money and recognizing the four elements of successful selling. I highlight the importance of grasping opportunities that come your way and highlighting the value of continuing your education throughout your career. I also share some of the resources I provide, including the 12-Month Money Planner for Young Millionaires. “Understanding financial matters is a fundamental life skill.” - Tracey Bissett

With 41% of Canadians rating money as their most significant source of stress, it is likely affecting you or someone close to you. More than half of Canadians are just $200 away from being unable to pay their bills. One in five couldn’t afford to live for a week if their primary source of income disappeared. Financial confidence is strongly related to financial well-being, so it is essential to learn about money management to build your confidence.    Today, I share the top 3 financial fitness lessons we have learned in 2019 and announce my 2020 predictions and tips. I discuss how debt levels will continue to rise in 2020 and how you can reduce this trend with careful money management. I share how you can assess your finances and work out your cash flow numbers as well as what to do if your outgoing cash, your spending, exceeds your incoming cash, your income. I also highlight why it is vital to set financial goals and how to make sure they become a reality. “Think about what is important to you and create

If you love the Young Money podcast, then you’re aware of the importance of your financial fitness aka financial literacy, recognizing that it is a fundamental life skill that everyone should possess. Your feedback tells me that you enjoy the content we release and keep coming back for more. As positivity and momentum continues to build around Young Money, you have helped us pass several significant milestones including two years of podcast production and pulling in the highest number of monthly downloads ever in November 2019.   Today, I share what has been happening behind the scenes of Young Money. I share how Young Money has been helping listeners think about money in new ways and take control of their financial futures. I reveal why I love podcasting and give thanks to my podcast production team as well as Young Money fans. I highlight why you should continue to share Young Money news on social media and with your friends and family. I also announce The Young Money Listener Contest and how you can partic

Olga Kirshenbaum is the founder of Rags to Riches Consulting, helping entrepreneurs, small business owners, and individuals find their full potential through the empowerment of taking control of their financial future. Olga is the author of Shmoney Guide: Making Money Choices Doesn't Need to Be So Scary and is passionate about her role as a ‘money whisperer.’ She is working to help people overcome the money-talk stigma, encouraging them to ask questions and ask for help. Olga has a Bachelor’s degree in accounting from Marymount Manhattan College and a Masters in Business Administration and Entrepreneurship from Long Island University.   Olga joins me today to share the insights and financial strategies in her Shmoney Guide. She highlights the importance of being organized, setting goals, and finding challenges. Olga reveals why a budget and safety net are vital and why people are struggling in today’s cashless world. She shares why you need to talk about money and ask for help when it is required. Olga also

Many young adults are falling into a cycle of wasting money and overspending. Some of these wasteful spending habits are due to the perception of convenience offered by ride and food delivery services. These expenses can quickly mount up and result in breaking the budget and falling short of achieving goals. If this sounds like you, then it is time to be honest, and take control of your money and boost your earnings and savings power.   Today, I discuss whether convenience is causing you to break your budget and leave you Uber broke. I highlight how spending habits have changed and why frank conversations around money are still required. I share how Uber and food delivery services have become more popular and how they lead to overspending. I also share how to approach your friends to ensure that they pay their share and highlight why you should consider if each purchase is necessary or whether it’s a roadblock to achieving your goals. “It’s important to think about what is important to you and to create fi