Pink Tax Podcast

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How Covid-19 will affect your finances? | Episode 20

We've seen significant turbulence in the last week in the markets and most of us have had to make changes to our day to day life and could be now facing concerns over how we pay our bills.  We chat about how this could affect your own finances, what we've been doing, and how we could have set up our society to be more resilient to these kinds of shocks.  We record about a week before posting, so some of the information is behind in terms of closures and travel. This is a great primer for our conversation with Michelle from the Native Calgarian podcast next week. We're all in this together and there's no better time than a pandemic to check your privilege. 

Interview with Tori Dunlap of Her First 100k | Episode 15

Pink Tax Rebate: Smash the patriarchy by sharing your financial know-how with other women.

This week Janine interviews Tori Dunlap a feminist who is working to dismantle the patriarchy through financial education.  Tori is a negotiation expert and we get her take on sharing salaries in the workplace, thoughts on investing, and learn how did she save $100k by the time she turned 25.  We hope that she inspires you to share your knowledge with other women and keep smashing the patriarchy, one dollar at a time. 

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What Government Programs Are You Entitled To? | Episode 10

 

We give a broad overview of a few government programs like the TFSA, RRSP, RESP, etc. and how to avoid common pitfalls. To confirm a couple of things, we did record this before the election was announced and released it after, please don’t be confused by our comments on that.  What year did the government give us $10,000 in contribution room was 2015 - yay for our memories. We touch on the contribution room briefly and there are several sources out there that say you can’t lose your contribution room, which is true unless you invest it into a stock or other instrument that goes to 0.  In the same way the earnings aren’t taxed, the loses within a TFSA aren’t tracked either, once you contribute to your TFSA that’s what is being tracked. Our take away for this week is to open a TFSA! Listen to the full episode for our thoughts on all the other programs and let us know what you think.

Pink Tax Rebate: Get a TFSA! That's it, that's all, we love this for everyone! 

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What is it like living paycheck to paycheck? | Episode 9

 

There is a staggering number of Canadians living paycheque to paycheque and without the resources to use savings for an unexpected expense. We chat about our own experiences and the emotions we went through while living off of savings and earning variable pay as well as some emotions we might feel when making choices between different basic needs when times are tough.  Janine came up with a few ideas to help get out of the paycheque to paycheque cycle and drops a few hints about basic income and minimum wage. We’re looking forward to hearing your suggestions for a system that ensures all Canadians can meet their basic needs and feel secure as well as your personal stories about living paycheque to paycheque or becoming politically active.

Pink Tax Rebate: If you’re living paycheque to paycheque, you’re not alone.  We recommend seeking professional advice, leaning on your support system and getting politically active.

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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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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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