Why You Should Practice Poverty For One Week This Year

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I wish I could take credit for this idea, but I first head about the idea of practicing poverty on the Tim Ferriss podcast. Tim says that, every so often, he’ll take a week to “practice poverty”, in which he actually lives out the worst-case scenario of life as though he had very little to no money. Unlike a shopping ban, he doesn’t just forego dining out and shopping. He also commits to wearing the very basics when it comes to clothing and even takes his meals down to cheap staples like rice and beans. Now, you might be wondering why a millionaire would try living like he has so much less, but Tim’s rationale is sound and its worth copying his practice yourself. Canada seems reluctant to call anyone “poor”, but there is the low-income cutoff (LICO) which seems to be the polite way of doing exactly that. The LICO is determined […]

Ways to Maximize Spending with a Cash Back Card

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If you are able to budget appropriately and live within your means, a credit card is a powerful tool that can help you track your spending, build credit, protect your purchases, get you discounts, and provide you with awesome rewards. We all need to spend money to live, might as well do it the most efficient and profitable way! Simplify your life (and your budget!) You guys know I love to take the easy way when it comes to my finances, and one of my favorite shortcuts is charging all monthly bills to a single credit card. That way, I only have one bill to pay each month (the credit card bill) rather than a dozen small ones. I always set up automatic payments from my chequing account to my credit card to ensure I’m never late on my bill. Never missing a payment helps keep my credit score high. […]

20 Things You Need To Know About Money in Your 20’s

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Yours truly is turning 30 on Saturday, and I’m feeling reflective about my youth. I’ve been thinking lately what I would tell my 20-year-old self about money if I could go back in time. Even better, I thought about the advice I would give 20 year olds today about finance. I had a lot to say. When I wrote the list below, I was surprised how much of the points were merely philosophies and perspectives, rather than hard, concrete suggestions like “save 10% of your income”. Though maybe not that surprised, since this is consistent with my belief that financial strategies are better than financial plans. Numbers still matter. They matter a lot. But I think the motivation behind them matters more. In any case, I hope the advice is valuable and resonates with 20-somethings and 30-somethings alike. Enjoy! 1. A little matters a lot. If you can put another $10 towards […]

Drinks & Dollars Episode 1

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For those that didn’t catch it when I first posted it this week, I shared the FIRST edition of Drinks & Dollars — where I consume wine while answering your personal finance questions. What could go wrong? Please enjoy the video below! Want more? Like, comment, and subscribe to my channel! *These episodes are for informational and entertainment purposes only, and do not constitute professional finance advice. Please consult with your trusted and sober financial advisor before making any major decisions with your money! In this episode, I answer: How do you handle bad days when everything goes to shit? What did you do financially to prepare for the transition from employed to self-employed? How did the shopping ban help you prepare for self employment? What is the best online banking site to transfer funds to a self-managed investment portfolio? Now that I’m “funemployed”, was my MBA still worth it? Was I […]

6 Ways I Set Up My Finances For Self-Employment

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I know many of you are curious about how my finances will be impacted by my jump to self-employment next week — and no wonder, because it’s going to be a pretty BIG impact! For the past 4 years, I’ve always earned two incomes, and my website and freelancing always came second to my full-time income. And no wonder: it’s half the size. I’ve never earned more than $35,000 in one year online… but I’ve also never devoted full-time hours to my online endeavors. I’m hoping if I can do 40 hours a week instead of 15, that the money will follow suit. In the meantime, I’ll be living lean. Below are the six ways I set up my finances to take this leap! 1. My essential monthly expenses are super low My husband and I each contribute $2,000 per month to our joint accounts. Of this, $1,800 goes into the […]