Young Money With Tracey Bissett

If you have been listening for a while, you know that I consider financial fitness to be a journey much like physical fitness. Financial fitness falls along a spectrum—on the far left you may be starting to learn about budgeting or saving, and on the far right of the spectrum, you may be a highly sophisticated investor. For most of us though, we are somewhere between the two in this journey together. So today, I want to revisit some of our most popular episodes of 2020, focusing on the sound advice from Michelle Jackson on building financial resilience and Taz Rajan on how to overcome overwhelming debt. In EP156 Milli Moves: How to Earn Passive Income,  Rachel Richards explained the importance of diversifying your income so you have a steady stream coming in from multiple sources. If you are looking to hear some of the best business and finance tips from our most notable guests, this is the episode for you. “I consider financial fitness to be a journey much like physical fitness—you can be just getting off th

Kola Ifabumuyi is a mortgage planner that customizes optimal mortgage financing terms by leveraging customized financing engagements across Canada—regardless of whether its mortgage refinancing, mortgage renewal financing, or mortgage purchase financing. Today Kola joins the show to discuss his role as a mortgage broker, including his day-to-day tasks and what makes his position not only unique but ever-changing. Listen in as Kola shares what he attributes to his success to, focusing on his work ethic and the importance of being completely transparent, as well as adaptable with your clients. If you are a first time home buyer or you have been considering working with a mortgage broker, this is the episode for you. “We have a saying back in Nigeria saying 'no condition is permanent,' but there is one condition that is permanent, and that is change.” - Kola Ifabumuyi This Week on Young Money: A day in the life of a mortgage broker. Why someone would want to work with a mortgage broker. Tips for first time hom

November is officially upon us, and this month is celebrated in Canada as Financial Literacy Month, with 2020 being the 10th anniversary. You know I love to celebrate financial fitness every day, and this year more than ever, we need to celebrate! In this episode, I want to share the 10 Things FCAC says you should know during times of financial uncertainty, including budgeting and keeping track of your spending. If you are wanting to take the next steps toward becoming financially fit, this is the episode for you. “It is my privilege to take the mystery out of money, open up the money conversations that are hard to have, and have some fun along the way.” - Tracey Bissett This Week on Young Money: How to make a budget so you can stick to a plan. Why it's important to borrow only what you need. How to understand your financial services. Why you should set up an emergency fund. Key takeaways: Keep track of your money. Commit to a spending plan. Minimize your debt. Prevent financial fraud. Build good financial

As October is nearing its end, we must take these last few days to celebrate the small businesses in our community. Last week, BDC held a series of special events and kicked off the week with the release of their study, "The Response: How Entrepreneurs Are Adapting to the Pandemic."  In this episode, I will be reviewing the findings of this report, which focus on how entrepreneurs are navigating this evolving, uncertain situation. You'll learn how they are responding by implementing five business priorities to help them succeed. “I am currently investing in technology to facilitate better systems and processes that, coupled with online sales, will stimulate growth in my business.” - Tracey Bissett This Week on Young Money: How many Canadian entrepreneurs are confident that they will make it through the crisis. The percentage of consumers that have made more online purchases since the crisis began. Which SMEs plan to make changes to their business practices. Why it's important to keep a close eye on cash flow

Jason Pereira is a partner and senior financial consultant with Woodgate Financial, a volunteer with the Financial Planning Standards Council, a mentor for entrepreneurs, a podcast host, a lecturer at the Schulich School of Business at York University, and—if that isn’t enough—he is also a regular contributor to The Globe and Mail. With a wealth of experience behind him, Jason is committed to the betterment of the financial industry and has been recognized both nationally and internationally with numerous awards and accolades. Listen in as he shares how a financial planner helps you to live your best life, as well as the common mistakes he sees business owners make. You'll hear his advice for creating wealth and success in your life (hint: it’s not a quick journey, but it is worth it) and the best time for small business owners to start working with a financial planner. If you’ve been wondering whether a financial planner is something you should have in your life, this is the episode for you. “Having the righ

Nyima Gyalmo is a passionate digital marketing specialist at Social Sherpa, a strategic digital marketing partner based out of Toronto, Ontario. She helps small businesses connect with their customers while also leveraging social media and search engine marketing. Nyima joins me today to share the keys to her success, the entrepreneurial lessons she learned through her childhood, and what she wishes she had known sooner about finances. She also reveals why it’s important to show up for yourself, as well as other people, and what it means to become your own parent when you’re an adult—and why it’s important! “It’s important that as we grow up, we become a parent to ourselves.” - Nyima Gyalmo This Week on Young Money: What a day in the life of Nyima looks like. The key factors that played a role in her success. What she wishes she had known sooner about money and finances. Why it’s important to show up for others, as well as yourself. Key takeaways: Persistence is key for success. Face your problems head-on.

October is now upon us and is known in Canada as Small Business Month. This year more than ever, we need to celebrate! COVID stunted so many people’s businesses, leaving the entrepreneurs behind these companies picking up the pieces. So in this episode, I want to share the secret behind what some small business owners are doing right and how you can implement this step into your business. Listen in as I explain the importance of having a business plan to validate your idea for your product or service within the market. Remember: If you are running a business, you are strong and resilient and you should be celebrating your successes this month. "The secret is: If you have been in business for more than 3-6 months, you know how to manage cash flow. Let me repeat that so it sinks in: If you have been in business for more than 3-6 months, you know how to manage cash flow.” - Tracey Bissett This Week on Young Money: What you will have a good grasp on after 3-6 months of owning a small business. Why you deserve t

As we reach the end of September 2020, new realities are starting to set in and many of us are realizing that things are not necessarily as we want them to be. At the time of this recording, Canada is entering its second wave of the COVID-19 pandemic, case counts are climbing around the country, and pandemic fatigue is starting to set in. What does this have to do with mindset, kindness, and your financial health? By cultivating a mindset of abundance and treating everyone—including yourself—with kindness, you will be in a much better place to weather the financial storm. That’s why in this episode, I’m giving you tangible and practical steps to hit the reset button on your finances, reminding you how to maintain a sense of calm during the second wave of COVID-19, and sharing how to cultivate a mindset of abundance and gratitude. "An abundance mindset and kindness are key to financial fitness.” - Tracey Bissett This Week on Young Money: How to financially reset in order to ride through the rest of the year.

Maxim Cramer is the founder of MENNENIA, where she empowers female entrepreneurs to leverage technology so they can make their biggest impact yet. Repeatedly praised for her ability to turn technology into everyday English, flattening communications barriers between technical teams and visionaries, she’s taken on the audacious goal of securing a digital future for women by doubling the number of female-founded tech businesses worldwide. Listen in as Maxim discusses the importance of trying new things and being open to alternative possibilities so you have the chance to broaden your opportunities. You will learn why she avoids using credit and only spends what she has, the benefit of having diverse streams of income, and more. “Decide what you want your money to do for you.” - Maxim Cramer This Week on Young Money: Why being open to new opportunities is important. The benefit of approaching things with excitement and curiosity. Why Maxim avoids using credit. Her best advice for saving money. The importance of

Glenda Healy is an educator and researcher whose goal is to help parents and students find financial aid for post secondary education. The founder of Seeking Scholarships, Glenda also published The Scholarship Report, a popular newsletter on financial aid, scholarships, and bursaries subscribed to by hundreds of schools in Ontario. Her two children have won over $65,000 in scholarships, and she joins us today to discuss how to set your scholarship applications up for success. Listen in as Glenda shares her best advice for getting scholarships, bursaries, and government funding to ease some of the financial burdens of post secondary education. You'll learn the dos and don’ts of applying for awards, tips and tricks to maximize your chances of success, and how to leverage awards to get even more funding.  "My passion is that everybody has equal access to education.” - Glenda Healy This Week on Young Money: What a day in the life of Glenda looks like as she helps guidance counselors and parents navigate external

Today I am going to be discussing the importance of minding your own business about money. I have been hearing and seeing a lot of things recently that have given me pause surrounding this topic, so today I want to share my tips on how to stop inserting yourself into other people's money situations and start focusing solely on growing your bank account. Listen in as I explain the importance of not comparing yourself to others, as more often then not, things are not what they seem. You will learn why it is important to stand behind the pricing you have created for your product or business, why looking wealthy is not the same as being wealthy, and more.    “Do you want to look wealthy or be wealthy?” - Tracey Bissett This Week on Young Money: Why you can’t believe everything you see. The problems that come from concerning yourself with other people and their money. Why looking wealthy doesn’t always mean you are wealthy. Key takeaways: Don’t compare yourself to others. Stand firm in your pricing. Look inward

Given the many unexpected challenges we've faced in 2020, it would be easy to stop working toward your financial goals and try again in 2021. However, now is the perfect time to finish the year off strong and start planning for the year ahead. In this episode, I want to share the steps you can take to make informed decisions and reset financially. Listen in as I share the important question you must ask yourself before every purchase to ensure you are being intentional with your spending and saving decisions. You will learn why you must think about your future self, instead of focusing on what will make you happy today. You are resilient and innovative, so continue on your financial fitness journey to not only survive but thrive during these last few months of 2020!   “Young Money listeners are innovative, resilient problem-solvers who seek knowledge and then take action in their lives. We have got this!” - Tracey Bissett This Week on Young Money: The key question to ask yourself before every purchase. Why

Have you ever wanted to walk away from your job and never look back? At the age of 27, Rachel Richards quit her job and retired. She is now living off of $15,000 a month in passive income. In this episode, Rachel shares what pushed her to get into real-estate investing and how she did so with a small amount of money. Listen in as she explains the importance of diversifying your income so you have a steady stream coming in from multiple sources. If you want to achieve financial independence and income security, this is the episode for you. “I use the words 'retired' and 'financially independent' interchangeably. So it’s not that I am not working, you know. I still have a purpose, I still have things I am passionate about. Right now it’s just about working when, where, and if want.” - Rachel Richards This Week on Young Money: Why it is okay to say “no” sometimes. The importance of reading. How to get into real-estate with a small amount of money. Tips for diversifying your income. Key takeaways: Choose proj

Today I’m discussing what is hands down one of the things I get asked about the most: how to price your product or service. 80-85% of the clients I work with are not pricing their offering in a profitable way, which leads to losses in their company and is one of the major reasons the owners are not paying themselves consistently. Interestingly enough, while I talk about this all the time, I haven’t yet done a show on pricing. So today’s episode comes to you courtesy of my 11 year old niece. We have spent the last few weeks together as she has also been at my parent's place in Nova Scotia so she can attend a figure skating camp. In her downtime from skating she has been making all of us beaded bracelets – some on spec and some custom. Any business with cash flow issues is at risk of closing within 90 days, and getting your pricing right is critical to avoiding this potential catastrophe. Listen in as I share the three steps to pricing your offering in a way that not only makes sense to your business, but to yo

This episode is part of the Milli Moves Series, where I share tips, insights, and advice to help you continue on your financial fitness journey. Today I am going to be focusing on the people who are actually in better financial situations because of Covid and how you can evaluate your situation so you can make informed, conscious decisions about spending. Listen in to learn how to keep track of your inflows and outflows, as well as how to put it all together so you can see if you are making surplus cash. I know we are in uncertain times, but now is the time to make financially fit decisions to better your future! “Education has the power to help you achieve your life goals and create a financial fortress.” - Tracey Bissett This Week on Young Money: The importance of keeping track of your ”inflows” and “outflows.” How to make a long-term financial plan. Advice for managing surplus cash. Key takeaways: Control your spending. Keep track of what you earn. Stay focused. Resources Mentioned: EP151 Milli Moves

Today we have Centennial graduates Ricardo Garcia and Janine Walters here to share their financial fitness tips. After growing up in Brazil and moving around a lot in his early years, Ricardo decided to pursue the “Canadian Dream” and is graduating with a Financial Services Degree. Janine is an experienced Funds Associate with a Bachelor’s Degree focused in Actuarial Science. In this episode, Ricardo shares what pushed him to start a career in finance and explains his drive to help others plan for their future. Janine describes the benefits of starting something that is completely your own and being your own boss. This is a great episode for anyone planning for their long-term goals, as you will learn the importance of starting small but aiming high! “I get great satisfaction from helping other people.” - Ricardo Garcia This Week on Young Money: The importance of planning for the future. Why you have to believe in yourself to achieve your goals. The benefit of having a tax-free savings account. Why we need

Today we have one of my former students, Shahab Rad, joining the show. Shahab recently graduated from the Finance Program at Centennial College with Honors. As a student, he worked in different industries including technology and educational services, and he is excited to start his career in investments. In this episode, Shahab shares the success he has experienced through hard work and the scholarships he was awarded. Listen in to hear his hopes for his financial future, what he plans to do in the coming years, and his biggest advice for students. “I strongly encourage all students to apply for scholarships and benefit from these funds.” - Shahab Rad This Week on Young Money: The importance of attending networking events. How a scholarship can help you. The long-term benefits of receiving a scholarship. Why it's crucial to show up. Key takeaways: Set goals. Network. Hard work pays off. Be you. Ask for help. Resources Mentioned: Young Money Scholarship Fund Student Podcasts EP042 Best of Tips for Post

Paris Grant is a full-time student working in banking, as well as the host of the Millennial to Millionaire Podcast, which is dedicated to financial literacy for anyone in need. Ryan Banfield is currently a student at the University of Ottawa, pursuing a Joint Honours degree in Public Administration and Political Science.  Ryan is a journalist at The Fulcrum, University of Ottawa's English language student newspaper, and the host of the CivNews podcast. Today these two inspiring young gentlemen join the show to share their financial fitness tips and advice for you as they navigate their postsecondary careers. Listen in as Paris shares why being open, diligent, and consistent is key when planning for your future and finances. You will also learn the importance of believing in yourself and having a diverse online presence from Ryan. If you or someone you know is a young millionaire in the making, this is the episode for you.   “The amount of money you have doesn’t define you.” - Paris Grant This Week on Young M

Do you run your business from your bank account? Maybe you combine your business and personal expenses? If this sounds like you, you may be making some of the most commonly made mistakes in the business world. Today I will be sharing how to avoid these mistakes and how to improve your role as a business owner. Listen in as I explain the importance of checking your finances once a month, instead of leaving it until the yearly end review. You will learn how to be responsible with your money, the importance of learning from your mistakes, and how to start new routines that will prepare your business for the future. “You need to have access to your numbers on a monthly basis.” - Tracey Bissett This Week on Young Money: The top business mistakes made by business owners. Why you need to keep business and personal finances separate. The importance of being responsible with your money. How to start new routines that will support your business in the future. Why you should be checking your finances once a month. Ke

Taz Rajan has been in the finance industry for 18 years and has her Adult Educator Certificate. She is the Community Engagement Partner at Bromwich+Smith Licensed Insolvency Trustees, where she gets to share her passion for simplifying complex financial concepts for her clients. Today she joins the show to discuss the importance of building long-lasting relationships and letting your inner light shine through. Listen in as Taz shares the changes she has seen in her business since the beginning of this pandemic, as well as how she thinks things will change moving forward. She creates an open and comfortable environment and facilitates discussion very well on a topic that is not easy to talk about. If you have experienced bankruptcy, or you are feeling alone in your financial decisions, this is the episode for you. “The biggest success factor that really has been the newest thing for me over the last 10 years is learning to let my own light shine.” - Taz Rajan This Week on Young Money: The importance of openin