Two Girls Investing Podcast

31. Your Ultimate Guide to Wealthsimple and How to Choose a TFSA or RRSP

Jess hosts TGIF solo while Colleen is away and answers a listener question from Pam about using Wealthsimple and whether to invest through a TFSA or RRSP. She explains Wealthsimple as a Canadian fintech offering chequing and investing accounts, and reviews three investing approaches: traditional financial advisors, robo-advisors, and self-directed investing, emphasizing how higher fees can significantly reduce long-term returns. Jess breaks down how TFSAs work and how RRSPs differ. She shares a common guideline of using $50,000 income to help decide, notes many people use a hybrid approach, clarifies RRSP withdrawal options including the Lifelong Learning Plan and First-Time Home Buyers Plan, and reminds listeners they can hold multiple TFSA/RRSP accounts without overcontributing. 00:00 Welcome to TGIF 00:34 Jess Solo Update 00:54 Listener Question Setup 01:17 What Is Wealthsimple 02:34 Ways to Invest 03:48 Why Fees Matter 06:36 TFSA Explained 09:29 RRSP Explained 12:14 TFSA vs RRSP Rules 14:19 RRSP Withdrawal Options 16:41 Multiple Accounts Limits 17:49 Wrap Up and Thanks

30. Money Myths: Why Budgeting Alone Won’t Build Wealth and When Debt Can Be Good

Jess and Colleen catch up on busy family schedules and rising costs, then discuss tax surprises when owning businesses, prompting plans to calculate and set aside amounts monthly and contribute more to RRSPs while balancing liquidity. They continue their “money myths” series, emphasizing that budgeting and saving are essential foundations but not enough for wealth and time freedom; investing to outpace inflation and increasing income through job changes, negotiating (especially for women), or side hustles are key accelerators. They also challenge the idea that all debt is bad, distinguishing high-interest consumer debt from productive debt like mortgages or business loans, and describe how wealthy people may borrow against assets to avoid selling and triggering taxes. Next episode addresses TFSA vs RRSP and Wealthsimple. 00:00 TGIF Podcast Intro 00:34 May Schedule Chaos 01:07 Kids Sports Costs 02:33 Tax Season Surprises 04:22 RRSP Planning Balance 06:24 Money Myth Budgeting 08:30 Boost Income Strategies 11:26 Money Myth Debt 13:38 Rich Use Leverage 15:19 Wrap Up Listener Qs

29 - Money Myths: You Don’t Need to Be Rich to Invest & Income Doesn’t Equal Wealth

In this TGIF (Two Girls Investing Friday) episode, Jess and Colleen introduce a discussion on common money myths and share a preview of two major ones. First, they debunk the idea that you need to be rich to start investing, noting that fractional shares and dollar-cost averaging make it possible to begin with very small amounts, especially when investing is automated from each paycheck; they also mention the importance of a foundation like paying off high-interest debt, building an emergency fund, and understanding timelines, while warning that holding large cash balances can lose value to inflation and miss potential gains. Second, they challenge the belief that a higher income automatically makes someone wealthy, emphasizing lifestyle creep, debt-financed “looking rich,” and the need for money management skills at any income level. They tease more myths for the next episode and invite listeners to share their own. 00:00 Welcome to TGIF 00:34 Yukon Spring Catch Up 00:48 Money Myths Intro 01:09 Myth One Start Investing 02:05 Fractional Shares Explained 03:18 Automation and Inflation 05:09 Myth Two High Income 06:07 Lifestyle Creep Examples 06:55 Debt Versus Wealth 08:45 Wrap Up and Next Week

28 - Why Community Matters and How Investment Fees Can Cost You

Jess and Colleen share that their podcast is about sharing their different financial journeys to normalize Canadian women talking about money, reduce isolation through community, and highlight how finances affect stress, mental health, and relationships, noting finances as a leading cause of divorce in Canada and that AI can’t replace real community support. They invite listeners to comment, share wins and stories, download free and paid resources, and suggest ideas for what the community should look like. The episode then returns to beginner investing mistakes: investing without a clear plan, goal, or time horizon; taking too much risk for short-term goals (where a high-interest savings account may be better); insufficient diversification across geographies and sectors; panic selling during market downturns; and ignoring fees, especially high mutual fund fees compared with lower-fee ETFs, including asking advisors to show long-term fee impacts. Next week’s topic is money myths and mindset. 00:00 Why We Podcast 00:22 Money Community Matters 01:01 Stress Mental Health Link 01:38 Beyond AI Support 02:18 You Are Not Alone 02:48 Join The Community 03:26 Beginner Investing Mistakes 03:45 Plan Goals Time Horizon 05:22 Diversification Basics 07:08 Learn Before You Invest 08:20 Avoid Panic Selling 10:25 How Often To Check 12:30 Fees Can Destroy Returns 14:30 Next Week Money Myths 14:51 Wrap Up And Share

27 - Travel Credit Card Points and Beginner Investing Mistakes

Jess returns from a short hiatus with updates on her upcoming house purchase, complex tax preparations, and plans to record her music. The conversation shifts to credit card points strategies. Jess explains why she prefers a card with no foreign transaction fees and maximizes value by redeeming points for travel instead of statement credits. Jess and Colleen note the importance of paying off the balance every month. Finally, they tackle common beginner investing mistakes like emotional trading and chasing fast returns through individual stocks. They recommend replacing those mistakes with proven long-term habits: relying on diversified ETFs, dollar-cost averaging, automating investments, and prioritizing time in the market. 00:00 Jess Returns Update 00:42 Taxes And House Prep 01:26 Studio Plans Postponed 02:09 Songwriting Journey 03:08 Credit Card Points 05:20 Redeeming Points Smartly 07:25 Beginner Investing Mistakes 07:49 Stocks And ETFs 15:13 Time In Market DCA 16:50 Wrap Up And Next Episode