Pink Tax Podcast

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Does Being A Millennial Affect Your Finances? | Episode 8


All things millennial money. Housing affordability, wage stagnation, tuition increases, and student debt. We took a quick peek at this infographic from stats Canada on how millennials are doing in terms of numbers.  The income distribution is worrying to say the least, so is this chart comparing income to housing affordability. Speaking of disparity, the top ten percent of millennials held 55% of the total net worth of all Canadian millennials.  We don’t dig into it, but it’s tough to say if this is due just to income disparity or inherited wealth as well. It’s a scary thought to think of what is left of the middle class for the millennial generation and generations to come. We’re talking about issues that are bigger than what any one millennial can resolve.  To look at issues of equality and equity we need to work together to ensure that companies and governments are meeting the needs of millennials.

Pink Tax Rebate: There is no magic bullet. We need to work together to rise up to meet the challenges of our generation

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Do You Have a Money Disorder? | Episode 7


This week we chat a little bit about money disorders and how we can see a little bit of these disorders in ourselves.   We chat about how our families can influence how we understand and use money in our adulthoods, changing mindsets, and being kind to yourself when you just don't have enough.  It's a little bit of a therapy session for us and we hope you have one with your money friends this week too.

Pink Tax Rebate: Build a good relationship with money and surround yourself with people who love and care for you.

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LGBTQ+ Investing | Mini Epsiode


Update: There’s a little bit of (American) data on the LGBTQ+ and investing.  We found an index that rates public companies on their LGBTQ+ policies, this could help direct you invest in companies that are LGBTQ+ friendly.  We think that all companies should be LGBTQ+ friendly in 2019/2020 but the reality is they’re not. We learned some shocking facts about LGBTQ+ benefits that can also affect any women who needs fertility treatment or wants to adopt.  We missed the part about the coverage of birth control, but at the end of the day if employer health insurance could just cover health care costs for everyone’s needs we think that be great. At a personal level, we talk about being out with your advisor.  We’re both cis-hetero so we haven’t directly experienced having to do this but can see in the value in being out with your advisor and how awful any bigoted responses from advisors would be.  

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What’s stopping You From Investing? | Episode 6 - Part 2


*This is the second part of a two part series on investing! 

Investments - Part 2!  We hope you enjoyed our intro to investing in part one. 

This next part we chat about higher-risk options that you may have heard about, how investing can be intimidating and the invisible women when we went looking for studies on gender and investing.  We’re looking for your feedback, do you find investing intimidating or do you feel uncomfortable going to see a financial advisor?

If you’re new to the investment game, we wanted to leave you with some resources to get started.  Terminology, how to compare ETFs and funds, and tax implications.   

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What’s stopping You From Investing? | Episode 6 - Part 1


*This is a 2 part series on investing! 

In this weeks episode (part 1) we talk about investment options you have as well as risk. 

Tara and I discuss how we got into investing and our journey investing to date. 

We talk about the investment gap for women, and how investing means you have to save less money.

Should you invest in your TFSA, RRSP, or an unregistered account and when should you look at contribute to these accounts for investing?

Tara and I agree that you should be contributing to both the TFSA and the RRSP; if you were 18 as of 2009 you have the ability to contribute $63,500. 

We discuss where you can invest your money:

- Hiring a financial planner 

- Financial Institution 

- Roboadvisor

- DIY 

We also discuss investments you can make within these accounts:

- Individual Stocks  

- ETFs and Index Funds - passively managed 

- Mutual Funds - actively managed

Check out the Canadian Couch Potato for mock portfolios.

Check back soon for part 2! 

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Can You Divorce Proof Your Relationship? | Episode 5

Divorce. What does a relationship split mean for a woman's financial future? Statistically women are financially worse off and worse off if they divorce earlier. The studies split by gender but a lot of this has to do with the lower income earning partner, and the cost of childcare both in dollars spent and career impact of being the primary caregiver. All studies we found seemed to have a cis-hetero bias, but the findings can be applied to the lower income earning partner. 

Most financial planner prior to marriage focuses on protecting assets or the income of the higher income earning. Looking at the data that practice is a bit backwards. The lower income partner has more to lose in a separation, it will be more difficult for that person to get back on track after a split. How can you divorce-proof your marriage/partnership? Speaking openly about finances, financial stressors, and be flexible with each other. 

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How Affordable Is Home Ownership? | Mini Episode


We missed addressing some systemic issues when it comes to housing affordability in Canadian markets. Check out this housing update to talk about the barriers Canadians face when saving for a home, making ends meet, and the generational differences when it comes to home ownership. We touch on the future of home ownership being female, women are the largest upcoming group of homeowners, and these women are entering home ownership without needing anyone to "put a ring on it".

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So You Want To Buy A Home? | Episode 4


Home ownership. Will you or won't you?

This week we chat about everything home ownership. Our own personal experiences and the costs associated with owning a home. We talk about the nitty gritty so you can decide if home ownership is a goal that you even want to have. We talk about the lack of choice on the rental market, especially if you have a family and work near a city centre. 

TFSA or RRSP. We each used one for different reasons. Janine loves the first time home buyers RRSP withdrawal, but Tara used her TFSA to build up a down payment for the second property. We discuss the bare bones of affordability and whether or not to use the full amount you qualify for when getting a mortgage. We talk about the hidden risk of investing in real estate and compare it to the cost of renting. Let us know if you would like to buy a home and what barriers are getting in your way.

Pink Tax Rebate: Do the math, figure out how much you can afford. Even if you aren't purchasing a home in the near future it's a good idea to have an understanding of where you stand. 

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What’s hurting your credit? | Episode 3


The practical side of the Pink Tax podcast. This week we tackle the financial literacy topic of credit and credit cards.  Have you learned how to game you credit use and optimize your spending and repayment plan? Tune in for credit facts and tips to take control of your credit use.  

How does building a good credit history impact marginalized groups and those who don't have an ability to save? Good credit health is so important for individuals without a savings safety net or a support network that can financial support them through tough times. Knowing how to use your credit now, can help you get lower interest credit in the future if you need to use it through tough times. Setting up credit safety nets before you need them can be something to look at too. While this will look different for each person, a good credit history can help anyone access credit when or before they need it. 

 Things we reference in this podcast episode are the credit utilization ratio. This only matters for credit cards, lines of credit, or anything else that you pay down and have access to the limit again. A percentage 30% to 70% in each item is what you're looking for, just take your balance due and divide by the limit and there you go. This only works if do not pay more than the balance due on or before the due date. We talk about how scores are calculated, 35% repayment history, 30% credit utilization, 15% history, 10% different types of credit, 10% times your credit has been pulled. You can get all this info from Equifax or TransUnion, too

Our thoughts on co-signing and adding authorized users on your credit cards and loans. We share our personal experiences and a few things to think about before you allow someone to impact your credit history. For couples, we think it's important to have individual credit options rather than only joint options. If you don't feel comfortable talking about money with someone, it's probably best to not give them access to your credit history.

Pink Tax Rebate: Take a look at your credit history, get rid of any cards that aren't working for you. If you are using more than 70% of your limit either increase your limit or decrease your spending. 

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What’s Stopping You From Saving? | Episode 2


This week we dug into what holds us back from saving the money that we earn.  We touched on the different relationships a person can have with money, whether they associate it more with security or status and the importance of saving overall.  Our conversation centered around the wage gap and pink tax and how we can work to overcome those barriers to create a sense of financial security.

When it comes to the wage gap, we know that women are earning less than men are on average for the exact same type of work.  Knowing that women have a higher chance of earning less the cost of saving money is higher than it is for men. Since our incomes are not as secure or as lucrative on average it makes savings more important for women but at the same time more costly and difficult to achieve.  We can find more sponsors in our workplace, talk about what we are getting paid and demand more as we know the value of our work, as individuals and in whole industries that employ more women than men.  

The pink tax is another tricky one.  So ladies on average are earning less and at the same time having to spend more on their everyday purchases.  This is the exact opposite of what you want to have money left over for savings. We need to ask more of the companies creating these products.  As consumers, we’re not receiving the options we need to have a real choice in this. In the meantime, we can purchase men’s or gender-neutral to get by.  Also, pocket equality. Pockets of a reasonable size in clothing for all humans in all age groups. Not a huge ask here.

Pink Tax Rebate: View your net worth as a status symbol as much as the car you drive or the purse that you carry.  We are all for net worth parties to celebrate each other as we work towards a positive net worth or increasing the positive net worth that we have. We’re for financial mindfulness too.  Creating spending and savings habits that are true to your own values and set you up for success now and in the future.  

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