Young Money With Tracey Bissett

Jeremiah Brown is a Canadian sport system expert, keynote speaker, and the author of The 4 Year Olympian: From First Stroke to Olympic Medallist . He is the National Manager of Game Plan at the Canadian Olympic Committee, an athlete wellness and transition program that supports 3,000 Olympic, Paralympic, and national team athletes in over 54 sports. Additionally, he is a 2012 Silver Medalist as a member of the Canadian men's eight rowing team and one of the few Olympic athletes to earn a medal within the four years of learning his sport.   Jeremiah joins me today to share how he became an Olympian and what led him to write his book. He explains the importance of staying focused, being consistent, and being kind to yourself and how they relate to your ability to achieve your goals. He also shares how he controlled his impulses to spend as well as the lifestyle adjustments he needed to make to reach his big dream of becoming an Olympic athlete.   “Progress doesn’t care about how you feel, unfortunately. It sti

Understanding the basics is foundational when learning a new skill or pursuing new undertakings. The first step before investing is to equip yourself with the basics of how investing works. It is crucial that you understand how investment returns are generated and how investors gauge and manage risks based on their investment objectives and time horizon.   “No matter what your time horizon or risk tolerance, you should never invest your money in something you do not understand.” - Tracey Bissett   Today, I’m sharing a micro-training on investment basics including the definition of some common investing and saving financial terms. I discuss what investment objectives are as well as the four main asset classes: 1) equities (i.e. stocks), 2) fixed income (i.e. bonds), 3) cash equivalents (i.e. money market instruments) and 4) alternative investments (i.e.: real estate, commodities and cryptocurrencies). I also talk about why it is crucial to know your risk tolerance and how to determine the best investment choic

David Jenkins is a strategic and visionary business leader, and the author of TheAnswerIs -- an education and informative website inspired by his daughters and designed to provide young people with the basic knowledge about investing and finance. Dave was the former President and member of the Board of Directors of Canada’s most prominent independent real estate valuation company as well as the former COO at one of Canada’s most innovative industrial companies. With his rich experience and wisdom, he freely shares his knowledge on the website and by accepting speaking engagements at universities, businesses, and communities.   David joins me to share how he uses his website to educate young people about finances and investing. He explains why he uses short stories and examples in explaining investment concepts, the common missteps of a new investor, and why the Sensitivity Analysis is an essential tool especially for those who are considering investing their money. He also shares some inspiring success storie

Welcome back to the Young Money podcast the advice show for young millionaires-in-the-making. In this episode, I’m speaking with seven young money masters, ranging in ages from as young as 7 to as old as 16, and from various parts of Canada. These youth and young adults share their honest opinions and insightful answers to several key money-related questions. We discuss where money comes from, what an income means to them, how they use their money or allowance, and much more.   This Week on Young Money: Does money grow on trees? How these youth and young adults spend their money What “earning an income” means How much money youth and young adults believe is needed to live Whether or not they dream of becoming millionaires How youth and young adults perceive millionaires Perspectives on the difference between a want and a need What young adults consider as an expense What young adults believe they need to save for as they enter adulthood     Rate, Share & Inspire Other Young Millionaires-in-the-Making  

Spring is in the air - and that means wedding season is quickly approaching. While weddings are a joyful celebration of two people sharing nuptials and promising to love each other forever, attending a wedding can often leave you feeling surprised by the financial expense. Being a guest at a wedding can often be more expensive than you think! This cost is magnified if you are invited to several weddings in a year. On today’s episode, I discuss the true cost of being a wedding guest and how close your relationship is to the people getting married can directly impact the amount of money you might be willing or feel the need to spend. I explain how these expenses can quickly add up, what to consider when RSVPing to attend a wedding, and tips on how you can be a financially fit wedding guest - without breaking the bank.   “The cost of attending a wedding rises directly in proportion with how close you are to the people getting married.” - Tracey Bissett   This Week on Young Money: Average spending to attend a di

With over 20 years of experience working with young adults, Janet MacDonald continues to work with high school students and their parents through her company, MyCampusGPS, where she guides them through the important decisions that will significantly impact their post-secondary life. She also helps university students prepare for professional school and equips them with the necessary skills to make them employable. Due to her passion for helping youth, she has received a nomination for an RBC Women of Influence Entrepreneur of the Year Award. Her blog has helped numerous students and parents and was named one of the top education blogs in Canada.   Janet joins me today to share how she helps high school students in these three significant steps — university admission, career exploration, and scholarship preparation. She shares her success factors that contributed to where she is today and the formula for writing a unique and impactful scholarship essay. She also shares the common missteps in the university adm

Convenience and safety are a few of the many reasons why people own or lease a car. While there are many decisions to make when choosing the car of choice regarding color, model, and make, leasing a car is now a popular option for those who do not want to buy one. Understanding your driving needs, your lifestyle, and your budget will give you a clear picture of whether car ownership is the right choice for you.   In this episode, I’m sharing the cost of buying a car versus leasing one based on your expected car usage. I’m discussing the car buying process, the must-have safety features to look for when choosing a car, and the significant points to consider when weighing the pros and cons of buying versus leasing.    “Instead of buying the same type of car that you’ve always driven, it may be wiser to list the attributes you are looking for, and then do some research. Really think about what you WANT versus what you NEED.” - Tracey Bissett    This Week on Young Money:  Will shopping around for

Suzanne Tyson has spent the majority of her career working in roles within the higher education and student funding sectors and is the founder of HigherEdPoints, the only company worldwide that allows parents and students to convert loyalty points into funds to pay for higher education. Due to the assistance she provides to students and parents with the tuition payments, Suzanne was chosen as 2017 Top 7 SheEO Canadian Funded Venture. Suzanne joins me today to share how you can use your loyalty points to pay for your education. She explains how HigherEdPoints works, the other items these loyalty points can cover, and the significance of learning these financial lessons and teaching them to your children.   “In my younger years I used to think that you earn what you spend – not the best strategy for the longer term.” - Suzanne Tyson   This Week on Young Money: What HigherEdPoints is about What prompted Suzanne to start this business How students can use their funds aside from paying for tuition fees Why contri

Leanne Myles is currently among the Top 20 brokers with Premiere Mortgage Centre and was one of the finalists at the 2017 Canadian Mortgage Awards for Best Alternative Lending Mortgage Broker of the Year.  Leanne is not only passionate about helping her clients but also in giving back to her community as she raises funds to pay for mortgages of sick people who are undergoing treatment. Leanne joins me today to share what a mortgage broker does and how they get paid. She talks about how she overcame negative feedback from family and friends in her decision to shift careers from salary-based to commission-based. She also shares how to best prepare if you’re going to work with a mortgage broker and tips for first-time homebuyers.   “We fit the client with the appropriate lender - not the other way around.” - Leanne Myles   This Week on Young Money: What mortgage brokers do Why her shift from a salary-based job to a commission-based career is the biggest turning point in her life Financial matters she wishes she

Emily Bland is the “Seed-EO” of SucSeed, a company dedicated to improving food security and the lives of people across Canada. She is a recent graduate of the Commerce program at Memorial University and has received national recognition and awards for her business and leadership skills, including HSBC's Women Leader of Tomorrow for Atlantic Canada, 21 Inc's Top 50 Emerging Leaders in Atlantic Canada, and was most recently recognized as a 2017 Top 7 SheEO Venture. Her company has successfully impacted the lives of thousands of people across the country and created over 150 jobs. Her company proudly employs at-risk and homeless youth needing a hand-up in life to build the home hydroponic growing systems they offer throughout Canada.   Emily joins me today to share how SucSeed began as an Enactus project while she attended university to becoming a full circle social enterprise. She explains the company’s mission to improve the food security issue throughout Canada as well as worldwide and the charitable organiza

Learning to drive and becoming a licensed driver is a fundamental life skill. Many teens and young adults anticipate with excitement owning their own car, sitting behind the wheel and driving with their friends to work, school, or activities. As young millionaires-in-the-making think about driving and car ownership, it’s important to develop a financial plan that works and takes into consideration the additional expenses that are associated with car ownership.   On today’s episode, I’m discussing the true cost of owning a car. I’ll highlight some of the key areas that many people often overlook when planning and budgeting to purchase their first car, some important statistics you need to know, as well as the benefits of paying off your car. I’ll also share some alternative transportation ideas you can use while you save for your first car or other important things you want to purchase in the future.   “When you’re considering purchasing a car, be sure to factor in these seven car ownership costs.” - Tracey Bi

Leanna Haakons is the founder of Black Hawk Financial, a firm specializing in helping clients increase brand awareness and revenue through marketing, communications, and educational services. She is a financial marketing and communications expert with over a decade of experience consulting numerous funds, private and public companies worldwide. Additionally, she is the author of the bestselling financial literacy book, Young, Fun, & Financially Free: Live the Good Life Now and Build a Kick-Ass Future, which was released in December 2017. Leanna joins me today to share her mission to help finance experts use their expertise to educate their clients on financial literacy. She shares her experience as a young entrepreneur and explains the importance of networking, fostering relationships and being persistent. She also shares how her parents and granddad impacted her financial literacy skills and what motivated her to write her book.   "Think of money as a tool. You have to learn how to use it, make it and m

Every March, the Canadian government holds Fraud Prevention Month. It is a public awareness campaign that educates people about fraud and encourages them to recognize, reject and report it. The Competition Bureau works with other organizations such as the Canadian Anti-Fraud Center and Royal Canadian Mounted Police (RCMP) in fighting against deceit, whether online or offline. In this episode, I’m sharing some signs of frauds and scams and some ways fraudsters can trick you. I’m also sharing some reminders on how to protect yourself and the information on your computer and mobile phone as well as other ways to protect yourself from fraudster deception.   “With fraud, it is important to recognize, reject, and report it.” - Competition Bureau   This Week on Young Money: What the Competition Bureau does How much Canadians lost to fraudsters between January 2014 and December 2017 Why the number of frauds reported is low because of the attached stigma What happens when frauds don’t get reported What the phishing s

Hilda Gan is an HR specialist, mentor, entrepreneur, and the Founder and Chief People Officer of People Bright Consulting where she combines her knowledge of human resources with business acumen and experience as a business owner. Prior to establishing this new venture, Hilda and her husband built an award-winning transportation engineering consulting company that grew from a staff of two people to 125 working in seven offices across Canada. It gained numerous awards including Top 10 in the 50 Best Workplaces in Canada for two consecutive years and Top 10 in the Small to Medium Size Employers. Hilda joins me on this episode to share how to identify and land your dream job, negotiate a great compensation package and how to excel in your new role. She shares the elements you need to think about when you sell your achievements during a job interview, how to assess and decide which job is the right fit for you, and how to be a rockstar employee.   “Sell your assets. Tell your achievements.” - Hilda Gan   This Wee

As the President and CEO of the Canadian Bankers Association (CBA), Neil Parmenter plays a primary role in the development of Canada’s public policy concerning financial services that contributes to a sound, successful banking system that benefits Canadians and Canada's economy. Prior to working with CBA, he was the Senior Vice President and the Chief Communications Officer at TD Bank Group where he led and advised senior management regarding issues in communications, government relations, and public affairs. With 25 years in banking both in Canada and the U.S., Neil currently leads CBA’s education programs on financial literacy and conveys the viewpoint of the financial industry to the government, stakeholders, and the public. Neil joins me today to share how technology is changing and impacting the banking system in Canada. He shares some challenges he faced as a young man who was starting to learn about financial affairs. He also discusses what is going on in the banking system in Canada, shares his insigh

  In her commitment to helping entrepreneurs grow their business, Sharon Connolly leads a team as the Vice President of Financing and Consulting at Business Development Bank of Canada (BDC). With her financing experience of more than 20 years, Sharon serves as the regional sponsor for BDC’s Women Initiative Program where she provides financing and consulting services to women-owned businesses and women entrepreneurs. Sharon joins me today to share a number of business financing tips and the basics that every young and starting entrepreneur should look at as they begin their entrepreneurial journey. She discusses how BDC helps their clients, the significance of having a business plan, and knowing and forecasting your budget and cash flow.  She also emphasizes the importance of building relationships for your long-term success.   “Be open to opportunities when they present themselves.” - Sharon Connolly   This Week on Young Money: How Sharon learned financial independence and to work hard to achieve her goals

I started my RRSP (Registered Retirement Savings Plan) at the age of 18 with a contribution of $25 per month - $300 a year! My parents were insistent that my budget, even while I was a student, include this long-term savings component so that my savings would benefit from compound interest. You may remember we talked about compound interest in prior episodes and it means the addition of interest to the principal of a deposit – interest on interest. This compounding impact, reinvesting interest, works well when you have a long-time horizon for your investments. Better to save small amounts and reap the benefits of compound interest versus delaying the start of savings because you do not have a lot to invest.   If you’re thinking of saving up for a car, home, education or trying to figure out your retirement savings to stay or become financially fit in the future, you may have come across two plans the Canadian government has in place: TFSA (Tax-Free Savings Account) and RRSP. It is essential to know the differ

Gordon Stein is the Senior Vice President of Global Sales at Pronto Forms, a leading workflow automation company. Prior to his current role, he headed the Enterprise, Education & Technical Consulting teams and lead the Apple IBM Partnership for Apple Canada.  He has served on the Dean’s Advisory Council of the Engineering Faculty of Western University and is a former Governor of the Crescent School as well as the Western University Alumni Association. Gordon is the author of Cashflow Cookbook, a new kind of personal finance book that provides readers with 60 easy-to-follow financial recipes to help them add between $700,000 to over $2-Million of wealth, with minimal sacrifice, over the course of 10 years. Gordon joins me today to share what inspired him to write his book, Cashflow Cookbook, and how the simple idea of saving money on monthly car washes has led him on a mission to help people discover unique strategies to save money and build wealth. Cashflow Cookbook has a savings track for both singles an

Super Bowl 52 is just around the corner. I’m excited about this episode as it includes so many of my favorite things money, music, and excellent hustlers -- all of which are part of Super Bowl's entertainment. This year, Justin Timberlake adds to the Super Bowl excitement as he dazzles the viewers during the halftime live performance. On today’s episode, I talk about the financials of the Super Bowl’s musical talents, specifically those of Justin Timberlake and Lady Gaga. I share an overview of the backgrounds of Justin and Gaga and how they have accumulated net worths greater than $200 million USD -- $230 million for Justin and $275 million for Gaga. I also give a glimpse of their social contributions through the foundations they started such as the Born This Way Foundation, which Lady Gaga founded in 2012, and Justin’s music education programs in schools through the Justin Timberlake Foundation.   “When you plan, you can be financially successful.” - Tracey Bissett   This Week on Young Money: Artists who w

Amanda Martinez is a Canadian singer and songwriter whose music exultingly blends her unique Mexican and South African roots with Latin soul. Her third and latest CD "Mañana" was helmed by GRAMMY-winning producer Javier Limón. Amanda's previous solo albums have earned her three Latin Jazz Artist of the Year nominations at Canada’s National Jazz Awards and a win for Best World Music at the Toronto Independent Music Awards. Martinez has headlined at the legendary Blue Note jazz club in New York, at the 2010 FIFA World Cup Festivities in South Africa, and at the 2011 PanAmerican Games in Guadalajara. She also performed in a series of concerts during the 2015 Toronto Pan Am Games and served as the honourary co-chair of the Ignite program. Amanda has worked as a radio host (launching Canada's JAZZFM91 Latin Jazz program), TV personality (BRAVO Arts & Minds, Star TV!) and actress (including Designated Survivor, Regnesis and Disney's Life with Derek). She also hosts and co-produces Ingredients for a Good Life to