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

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

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