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What is something you post about that you think Canadians need to hear now?
Cave: We think it’s important that Canadians – and young Canadians in particular – know that retirement is a sum of money, not an age. When you retire, you will no longer earn income to meet your expenses, and government funding alone is unlikely to allow you to continue with your current lifestyle. Investing is key to making sure you are in control of your future.
What’s the biggest misconception people have about growing money?
Cave: That if you just work hard enough, you can make it and be financially successful. The problem with this is that it’s not about hard work. If it were, then there wouldn’t be such a gap between the richest people in society and everyone else. That doesn’t mean your hard work isn’t important, but it’s about setting yourself up for success by increasing your income and investing that extra money instead of succumbing to lifestyle slippage. (lifestyle creep is when you make more money, [and] They then spend more money to “keep up” with everyone else.)
Do you use a budget, and if so, how do you budget your money?
steph: Yes. I budget my money monthly using a Google spreadsheet. I create a standard monthly budget that I want to hit each month, and then I adjust it monthly when I know certain expenses are coming up. I definitely invest the same amount of money each month, then assess my fixed expenses before deciding how much wiggle room I have for voluntary or non-essential spending.
Do you invest and if so, what is your investment strategy?
steph: Yes. I use a robo advisor to invest in passive funds that track the markets, which means that after choosing a risk level and setting up automatic monthly transfers to my account, I just sit back and let the platform invest the money for me can.
Cave: I also invest in passive funds that track the market, but I invest a set amount of money each month by buying the same funds myself.
How do you feel about debt?
Cave: Debt is a subject that is misunderstood because it is often viewed as either good or bad. The reality is that debt is a tool and we can either ignore it or learn more about it. Debt can be detrimental to a person’s financial health as well as [beneficial for] Building a financial footprint when used responsibly. In other words, your credit card is paid off in full every month to build credit. Education is the key. We want our videos to remove the anxiety associated with issues like debt and instead empower people to build their financial toolbox. I shared my debt free journey especially with student loan debt on our YouTube channel.