Tom Drake, founder of MapleMoney is here this week to share his journey starting his blog and podcast to becoming one of the most popular Canadian personal finance brands. We chat about Tom’s relationship with money, the beginnings of MapleMoney, staying motivated, and Tom shares some wisdom for new content creators on things he wishes he knew when he was starting out. If you’re reading this and you’ve thought of starting something, this is your sign to start your content creation journey TODAY!

Key Takeaways

  • Just get started already! There’s no perfect time, don’t wait until you have everything perfect because you’ll get it over time and with experience
  • Tom’s advice to new content creators is to just trust the process and not try to rush growth. Focus on reaching your target audience and be consistent!
  • Having multiple income streams is the same thing as diversifying your portfolio. When you have a side hustle you can make your own 10% raise in a year just by having an extra income stream
  • Don’t compare yourself to others! It’s important to remember that you’re on your own journey, and comparisons won’t do you any good
  • Tom’s side hustle as a blogger/podcaster has turned into his main hustle, but he’s still kept his 9-5 because he’s able to do both and still have time for himself and his family

Listen Now!

Links

https://maplemoney.com

http://www.tomdrake.net

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This week’s episode is all about what happened with GameStop stock over the past few weeks. $GME, Wall Street Bets on Reddit, hedge funds, options trading, short squeezes, gamma squeezes, market forces. All explained this week with the help of my friend Runda. What really happened? Why now? Did WSB stick it to the man? Is it over? Has the squeeze been squoze? Where are the shares? We talk all about what happened on the stock market over the past couple weeks. And of course, Runda brings up blockchain technology and how it can revolutionize global stock trading.

Listen Now!

Links

https://wherearetheshares.com/

https://isthesqueezesquoze.com/

Sign up and get $10 to trade on Wealthsimple Trade

Sign up for no-fee banking with Tangerine or EQ using my referral code!

Tangerine – new accounts get 2.5% interest (first 5 months), use my Orange key: 40411403S1

EQ Bank – all accounts get 1.5% interest, TFSAs get 2.3% interest!

Thanks so much for tuning in!

This week’s episode is all about buying your first home (Part 2). My friend Denise and I chat about buying a property. Denise is a home owner and has gone through the whole home buying process recently, so is full of up to date, handy information to share with us. In part 2 this week, we cover getting a real estate agent, budgeting for home expenses, house hacking, and more.

Key Takeaways

  1. As a buyer, you don’t pay a real estate agent anything. The seller is the one who pays commissions (around 5% of the sale of the home). The selling agent would get 2.5% and the buying agent would get 2.5%. You’re able to work with different realtors who specialize in different areas if you’re not set on a certain municipality or region.
  2. When buying a resale home, it’s important to get an inspection report – this indicates potential things that could be wrong with the house (i.e. how is the roof, how’s the plumbing, how’s the exterior). However a home inspector can’t open dry wall and see what’s inside the walls so it’s important to have an emergency fund for unexpected expenses.
  3. Land transfer tax is a large one-time fee that you pay on closing as a buyer. It’s a marginal rate – you can find the link for Ontario below. In Toronto, that tax is doubled. There are incentives for first time home buyers.
  4. Make sure you get a good real estate lawyer! They will make sure your land transfer tax is calculated correctly, any rebates you’re entitled to are applied, and they will run a title search on the previous ownership of the house. This is really important to make sure everything is good with the previous ownership!
  5. Consider buying appliances instead of renting (i.e. hot water tanks). It could be worthwhile to purchase outright in the beginning.
  6. Consider house hacking! Buy a property, rent out a room or your basement suite. However, ensure that your basement apartment is in compliance with municipal codes. For example, Brampton, Ontario has really strict guidelines on basement apartments.
  7. Understand what you can afford and budget for everything!

Listen Now!

Links

Tarion Warranty on new homes

Land transfer tax in Ontario

Mortgage Calculator(from Gov’t of Canada)

Basement apartment regulations – Toronto

Sign up and get $10 to trade on Wealthsimple Trade

Sign up for no-fee banking with Tangerine or EQ using my referral code!

Tangerine – new accounts get 2.5% interest (first 5 months), use my Orange key: 40411403S1

EQ Bank – all accounts get 1.5% interest, TFSAs get 2.3% interest!

Thanks so much for tuning in!