18 - Spend on Coffee, Save on Taxes and The RRSP vs. TFSA Guide to Tax Deductions

In this episode, we discuss money mindset and avoiding unnecessary spending by maintaining what you already own, sharing examples and proposing a weekend challenge to refurbish or repair before buying new and to consider the savings and potential investing impact over time. We then explain why “financial advisor” is confusing in Canada, covering common designations (CFP, CFA, and bank-based PFPs), the importance of whether an advisor is a fiduciary, and how product restrictions can steer clients toward higher-fee mutual funds instead of lower-fee ETFs. We outline key questions to ask advisors: credentials and registrations, whether recommendations are limited to in-house products, discretionary vs non-discretionary management, and detailed fee/compensation structures including commissions, AUM percentages, and incentives. 00:00 Welcome to TGIF 00:40 Money Mindset Reset 02:00 Repair Over Replace 05:07 Weekend Savings Challenge 06:50 Financial Advisors Explained 07:30 Designations and Fiduciary Duty 09:24 Fees and AUM Costs 14:26 Questions to Ask Advisors 21:04 Wrap Up and Next Episode

Welcome back to Two Girls Investing Friday! This week, we catch up on the real costs of career growth and business renovations before diving into the foundational steps of investing. If you've ever moved money into a TFSA or RRSP but aren't sure what to do next, this episode will save you from missing out on serious compound growth. This episode covers the hidden costs of career growth and DIY business renovations, plus a beginner-friendly breakdown of what a brokerage is. We also reveal the massive $500k mistake Canadians make by leaving cash uninvested in their TFSA and how to choose the right investing strategy. 00:05 Podcast Intro 00:45 Conference Costs Reality 03:03 Superstore Free Gift Chat 04:14 Retail Costs & Budgeting 08:39 Money Mindset Shift 09:17 What Is a Brokerage 11:32 Accounts vs Investing Mistake 14:21 Cash vs Invested Example 15:50 Brokerage Options Canada 17:33 Self Directed vs Managed 19:25 Mixing Strategies 21:32 Wrap Up Next Episodes 22:26 Final Takeaways Outro

n this episode, we tackle the unglamorous side of homeownership, from the sheer sticker shock of premium paint to the frustrating reality of DIY door handle replacements. Shifting from renovations to wealth building, we break down exactly what we’d do differently if we started investing today. We cover how to strategically hold high-interest savings inside a TFSA to shield your money from taxes, the core flexibility differences between a TFSA and an RRSP, and why keeping a clean ETF portfolio across both accounts is the ultimate play. Most importantly, we highlight why women historically outperform in the stock market: patience, zero panic selling, and ignoring the noise. Start small, let compounding do the heavy lifting, and join us in normalizing everyday money conversations.

In this episode, we (Jess and Colleen) break down the most costly mistakes beginner investors make and how to build a clean, straightforward portfolio today without the noise. Before getting into portfolio pitfalls, we share a quick laugh over local community Facebook drama and break down why switching to the Wealthsimple 2% cash back card beats complicated big-bank points systems. Then, we get honest about where first-time investors lose real money: high MER bank mutual funds, falling for internet hype, accidental ETF duplication, and gambling on penny stocks. Learn why simplifying your holdings into diversified, low-cost ETFs and mastering the emotional side of money is the fastest path to long-term wealth. 00:00 – Intro: What we’d do differently if starting today 00:48 – Unhinged local Facebook community boards & comment wars 05:11 – Credit card switch: Wealthsimple 2% cash back vs. Scotia bank travel points 08:32 – Mistake #1: Bank mutual funds and the hidden drag of 2%+ MER fees 09:44 – Mistake #2: Chasing internet noise, hype, and unresearched tips 11:38 – Mistake #3: Accidental portfolio duplication and ETF overlap 14:15 – Mistake #4: Penny stock gambling and the trap of survivorship bias 17:44 – The hardest part of investing: Managing emotions vs. logic 18:28 – Key takeaways & teaser: How much do you actually need in an emergency fund?

After an unplanned couple-month summer break due to busy schedules, the hosts return, share plans to improve their recording setup, release weekly episodes, seek sponsors, and eventually create courses and educational content for Canadian women. They discuss recent “frivolous” spending they don’t regret. They then outline what they would do if they were starting investing from scratch at 25 in Canada earning $65–70K with $5K saved, $15K student debt, and no investments. Each host shares what they would do and they highlight what they would do the same and what the differences are. They tease a next episode on investing mistakes. Sign up for our monthly newsletter and see our other resources Here Connect with us on: Tik Tok Instagram