Young Money With Tracey Bissett

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

Ellen Wright is an experienced veterinary technician with eight years of experience in the field. Throughout her career, she has worked with countless animals and breeds. While she left her career as a veterinary technician to follow her dream of becoming a registered nurse, she still pursues her love and passion for animals, specifically cats and dogs, by offering pet sitting services. Ellen joins me today to share how you can plan to make sure you’re ready for the cost of having a pet. She also shares how various breeds play a significant role when purchasing pet insurance, the potential health concerns that can affect different pets and breeds, and how to properly plan travel arrangements for yourself and your pet. I'll also share valuable tips to help you find the right pet that suits you, your lifestyle, and your budget and the things I considered before purchasing my beloved pet, Rosie.   “Planning the type of pet you get before you even purchase it is really important for your pocket book.” - Ellen Wri

Kristen Nolan is a high-performance health expert, international speaker, and bestselling author who helps busy professionals increase their energy and metabolism so they have the confidence to be seen, and have the stamina to have a huge impact in their careers and personal lives.  She believes that financial and professional success is 100% dependent on how energized, motivated and confident one feels and has made it her life’s mission to help driven men and women achieve success by using simple, yet powerful techniques to bolster their physical health, energy, and stamina.     On today’s episode, Kristen discusses what she does, how she works with her clients, and why she began helping people in the capacity that she is now. She shares her story of being a ballet dancer, her battle for better health, and finding her passion and purpose.  She also shares the factors she believes has been vital in achieving success in her life and career.   “People put themselves and their health on the backburner.” - Kriste

2018 will soon be upon us and as we look to the new year, it’s a great time for us to reflect on 2017 and our hopes for 2018. We need to be aware of how and why we spent our money the way we did this year.   "As we move forward on our collective financial fitness journey it is important to remember to take action!  Even small changes can have a big impact – you don't need to tackle everything at once."  - Tracey Bissett     On today’s episode we are going to examine 2017 and 2018 in relation to the Bissett Financial Framework. I’ll revisit the three elements of the Framework which include 1) Cash Flow, 2) Savings and 2) Debt Management. I’ll also share how you can automate your savings and how to minimize debt so you can be financially fit in 2018.     “Make 2018 the year to get your will and powers of attorney in order – have the right people speak for you when you can't.” - Tracey Bissett   This Week on Young Money: What cash flow provides for your financial fitness, and how to assess it How savings fortif

Rachel Brownlow Lund is the founder of Me 2 Lead, a coaching organization that empowers ambitious millennial women to become well connected influencers and create incredible lives of impact. A passionate communicator and leadership coach, Rachel helps young women overcome feelings of 'compare and despair' and 'I’m not there yet' to become career-savvy change-makers who work, play and lead in their zone of genius. Over the years she has helped dozens of millennial women and men establish lucrative career advancement opportunities, win thousands of dollars in earned grant money and secure key recommendations that move the needle forward.     On today’s episode, Rachel shares her story of how she got into coaching, and why she does what she does. She shares the steps she took that set her up for success and explains what comparisonitis is and how it can affect your financial goals. We also discuss the benefits of mentors, her biggest turning point, and what she wished she would have known at a younger age.   “If

Are you prepared for a financially fit holiday season? Since Halloween, we have been bombarded with holiday decorations, advertisements, and sales to prod us into the holiday spending spirit. What does this mean for you, and what actions can we take?   On today’s episode, I share with you some key economic realities for Canadians and provide tips to help you prepare and maintain your financial fitness during this giving season. I’ll also explain what influences people’s spending decisions and why it’s important to create a list and maintain a budget, especially during the holiday season.   “Approximately 50% of Canadians are living paycheck to paycheck and if it was delayed, by even one week, it would be difficult for Canadians to meet their financial obligations.” - Tracey Bissett   This Week on Young Money: The reality of financial stability for most Canadians The evolution of gift giving Where the consumer’s money goes and how it breaks down What influences spending decisions, and shopping habits The impo

Welcome to the Young Money podcast - the advice show for young millionaires-in-the-making. I’m your host, Tracey Bissett, the President and Chief Financial Fitness Trainer at Bissett Financial Fitness Inc. I’m passionate about helping people - especially young adults and young entrepreneurs - learn more about their finances to be successful in their financial lives. In this episode, I’m sharing my story and how I got started in the finance industry. I’ll also explain what you can expect from this podcast, the type of content we will cover, and why I felt it was important to launch this podcast.   “Understanding financial matters is a fundamental life skill.” -Tracey Bissett This Week on Young Money: Who is Tracey Bissett My first entrepreneurial adventures and the lessons I learned early on Moving from Nova Scotia to Ontario What we do at Bissett Financial Fitness and who we help Why I started the Young Money podcast What to expect from the show   Rate, Share & Inspire Other Young Millionaires-in-the-Ma

Do you want to be a millionaire? This single word is loaded with multiple meanings - and those meanings are different from one person to the next. Many people have strong negative feelings and emotions about becoming a millionaire while others believe it could bring them the life of their dreams. On today’s episode, I’m going to share the plain and simple truth of what a millionaire is, how to calculate your net worth, and the difference between a millionaire and a multi-millionaire. I’ll also explain what the Bissett Financial Fitness Framework is and how it can help you get financially fit in your life and business.   “Even me, I don't think of myself as a millionaire but I am.” - Tracey Bissett This Week on Young Money: Examples of personal assets and liabilities Who should aspire to become a millionaire The psychological and emotional aspects of being a millionaire Limiting beliefs surrounding becoming a millionaire Consistent characteristics of millionaires The financial fitness spectrum   The Bissett

Laura Beauparlant is the owner and Creative Director of Lab Creative, a branding and design firm based in Toronto dedicated to helping entrepreneurs and small business owners align authenticity with their brand design to ensure business success. She is an award-winning public speaker that delivers inspiration and passion-filled presentations on branding and design and loves the chemistry she creates with the people she connects with. She strongly believes that the most important part of developing relationships is communication.   Laura joins me today to share how she got started in her career, why she decided to move out of the country, and how her previous experiences have impacted her life and business. She also shares the biggest turning points in her life and career as they relate to money and finance, her philosophy on working, and the financial planning strategies she implemented following a serious car accident as a young adult.   “If you don’t ask, you don’t get.” - Laura Beauparlant   This Week on Y

It’s hard to be a post-secondary student in today’s economic society. The grades you need to get into post-secondary schools are high and the cost of tuition gets more expensive with each passing year. Although there are often grants, scholarships, and other financial programs available, many post-secondary students use credit cards and student loans to put themselves through school. In fact, 9 out of 10 post-secondary students carry at least one credit card to help make ends meet. On today’s episode, I’m sharing some startling Canadian student debt statistics that are impacting our young adults. I’m also discussing the three biggest mistakes people make when educating young adults about student debt, student loans, and using credit cards as well as how to avoid these mistakes and plan for a better, more financially fit future.   “Credit cards are neither good nor bad. It’s all in how you use them.” - Tracey Bissett This Week on Young Money: Evaluating costs associated with obtaining a post-secondary educat

Jackie Porter is a leading expert in women and finance, a powerful voice in women financial empowerment, and a Certified Financial Planner and Advisor for busy professionals, entrepreneurs, and their families. She has nearly 20 years of experience in the financial planning industry and was recently named a finalist for the Wealth Professional Women of Influence Award for 2017. She is also the co-author of Single by Choice or Chance - a smart woman's guide to living longer and better.   Jackie joins me this week to share her thoughts on financial literacy in today’s society and how she helps her clients discover techniques to make their money work for them. She explains why it’s important for young people to develop a plan regarding their money sooner rather than later, and why protecting your credit is vitally important.   “You really need to be intentional about money. If you don’t care about money, it won’t care about you.” - Jackie Porter   This Week on Young Money:   The pivotal moment in her life that