On the seventh episode of MI$$ FINDEPENDENT, Gloria wraps up Season 1. She is joined by her friend Vickie, they discuss emergency funds, avoiding bank fees, and short to mid-term investing for those financial goals. We will be talking about what an emergency fund is, how to set one up, different types of bank accounts, how to find the right bank account for you, as well as investing for short to medium term and some safe places to put your money.

Homework
Task 1: Set up and optimize your emergency fund
Task 2: Get rid of those pesky monthly bank account fees Task 3: Consider opening a high-interest savings account to save for your short term financial goals

Links/Sources
Canadian Financial Capability Survey 2019
Gov’t of Canada bank account tool
High interest savings accounts
Personal income spending flow chart
Canadian Banking Basics from the Canadian Bankers Association
CDIC – How deposit insurance works

Sign up for no-fee banking with Tangerine or EQ using my referral code!
Tangerine Bank – new accounts get 2.5% interest (first 5 months), use my Orange key: 40411403S1
EQ Bank – all accounts get 1.5% interest:

Thanks so much for tuning in! Catch you on season 2.

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On the sixth episode of MI$$ FINDEPENDENT, Gloria is joined by her friend Lucy, they discuss all these fun acronyms – tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and non-registered accounts – what they are, what their benefits are, what to invest in them, contribution limits and when to use each. One thing I wanted to mention that we didn’t talk about is employer-matched retirement savings. If your employer will match your RRSP contribution, definitely sign up – it’s free money!!

Homework
Task 1: Determine whether you’re in the financial position to invest right now
Task 2: Open up that TFSA if you haven’t already! Determine whether now is a good time for you to open an RRSP based on your current tax bracket and earning potential
Task 3: Check your TFSA and RRSP contribution limits and contribute what you can!

Links/Sources
2016 Canadian Census data on registered accounts
2019 RBC Study on Canadian TFSAs vs RRSPs

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On the fifth episode of MI$$ FINDEPENDENT, Gloria is joined by her friend Albert, they discuss debt and credit scores – different kinds of debt, strategies to pay them off, what a credit score is, how to figure it out and factors that affect your credit score and why it’s important.

Homework
Task 1: If you have debt, create a repayment plan by listing our all of your debt from largest to smallest (sum or interest rate). If you need help, credit counseling is available: https://www.canada.ca/en/financial-consumer-agency/services/debt/debt-help.html
Task 2: Find out your credit score and determine whether you need to take steps to improve it

Links
Where to check your credit score:
Borrowell
Credit Karma
Mogo

Sources:
Gov’t of Canada Financial Consumer Agency Debt Free Plan
Gov’t of Canada Financial Consumer Agency Credit Score Info
Common Credit Score Myths

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On the fourth episode of MI$$ FINDEPENDENT, Gloria is joined by her friend Martin, they discuss budgeting – what a budget is, tools to help you budget, our expense tracking in the last month and what we learned from them, the social aspect of saving, habit creation for budgeting, and how to make budgeting not feel so restrictive.

Homework
Task 1: Calculate and categorize your expenses for the last 3 months (or maybe 2019 to get an accurate pre-COVID picture)
Task 2: Create a spending plan

Links
Canadian Financial Capability Survey Highlights
Government of Canada Budget Planner
Mint

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On the third episode of MI$$ FINDEPENDENT, Gloria is joined by her friend Wendi, they discuss having multiple income streams – from formulating ideas, to starting a side hustle, to gaining traction and staying motivated.

Homework
Task 1: Think about something you like to do that you can capitalize on
Task 2: Dare I say, get it started?

Links
Support local businesses by buying gift cards for their products/services at Support SME – Support SMEs
tala, an awesome new Filipino restaurant in downtown Toronto – Tala Restaurant/

Teaching online platforms:
Teachable
Udemy
An article from OEDB that lists out different platforms

Teaching English online:
Magic Ears
VIP Kid
An FAQ from GoAbroad about teaching English online

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On the second episode of MI$$ FINDEPENDENT, Gloria is joined by a friend and they talk about some of the topics that will be further covered in depth over the course of this season, like things your bank isn’t telling you – there’s money you could be leaving on the table. Bank fees? Interest? Investments? We’re talking about it all today.

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
https://tangerine.ca

EQ Bank – all accounts get 1.7% interest:
https://join.eqbank.ca?code=GLORIA1867

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On the first episode of MI$$ FINDEPENDENT, Gloria is joined by her sister and they talk about why she started this podcast, why you should know your net worth and how to calculate it, as well as some statistics on average Canadian and American net worths. Net worth is a snapshot of your financial security at a given point in time and it’s a really good launching pad to help you plan for and keep track of your financial goals.

Homework:
Task 1: Find out your net worth if you don’t know already or if you haven’t calculated it in a while
Task 2: Share this with someone who you think would benefit

Links:

Real property valuation estimates:
Car – Kelly Blue Book
Car – Canadian Black Book
Real estate – Zolo

Net worth statistics:
US Federal Reserve – Survey of Consumer Finance 2016
Statistics Canada – Survey of Financial Security 2016 – Total and median net worth by age and family type
Statistics Canada Survey of Financial Security – Interactive Table

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