Libsyn Directory

EP066 Living Debt-Free with Shannon Lee Simmons

Release Date: 01/22/2019

Young Money with Tracey Bissett

Today we're celebrating Young Money’s incredible journey. Together, we’ve created 334 episodes, reached listeners in over 40 countries, and surpassed 360,000 downloads! It’s been a privilege to inspire financial fitness through fun, educational content and host amazing guests who’ve shared their insights to help you navigate your financial journey. As I reflect on this milestone, I’m sharing the lessons I’ve learned, the hurdles I’ve overcome (like losing access to Apple Podcasts!), and the community that made it all possible. From loyal listeners to supportive colleagues and...

EP333 Financial Fitness Lessons Learned in Nashville

Young Money with Tracey Bissett

In this episode I’m wrapping up Financial Literacy Month with a musical twist, drawing inspiration from a recent trip to Nashville, Tennessee. Known as a prime bachelorette destination and the heart of country music, Nashville also provided valuable financial fitness lessons applicable to everyone, especially young entrepreneurs and those at the start of their financial journey. Listen in as I share personal stories and insights from my travels, exploring the parallels between the vibrant life of Nashville's music scene and practical financial strategies. You'll learn about the importance of...

EP332 What Finfluencers Overlook with Co-operators

Young Money with Tracey Bissett

As Financial Literacy Month continues, we're diving into the crucial but often overlooked role of insurance for young Canadians. Today we're joined by Jessica Baker, Executive Vice President of Retail Wealth at Co-operators, a trusted, Canadian-owned company providing insurance and financial services since 1945. Listen in as Jessica explains how insurance isn't just about protecting possessions—it's about safeguarding your financial future. She busts common myths, like the idea that insurance is too expensive or unnecessary for healthy young people, and offers valuable insight that could...

EP331 Financial Literacy Month with FCAC

Young Money with Tracey Bissett

In this Financial Literacy Month special of Young Money, we're joined by Rana Abu-Naameh, Director General of Supervision at the Financial Consumer Agency of Canada (FCAC). With her extensive background in public service and financial oversight, Rana sheds light on how FCAC protects consumer rights and enhances financial literacy across Canada. Listen in as Rana dives into the critical aspects of FCAC’s mandate, focusing particularly on the streamlined consumer complaint handling process. She explains the steps consumers should take if they have grievances with financial products or...

EP330 Small Business Path to Impact with Pouya Zangeneh, Scotiabank

Young Money with Tracey Bissett

As we celebrate Small Business Month in Canada, I'm delighted to speak with Pouya Zangeneh, the Senior Vice President of Small Business Banking at Scotiabank. With over a decade of experience in the financial services industry, Pouya shares his insights from Scotiabank's recent report, "Path to Impact 2024: Navigating the Future Succession and Success in the Digital Era." Listen in as Pouya discusses the trends impacting small businesses, including the imminent 'succession tsunami' where many business owners plan to transition their businesses in the next decade. He explores the importance of...

EP329 Canadian Holiday Spending Outlook with PwC

Young Money with Tracey Bissett

In this episode, I’m joined by Elisa Swern, a national retail and consumer leader and partner at PwC Canada. With over 25 years of experience in the retail and consumer goods sectors, Elisa brings her extensive expertise to discuss the findings of PwC's Canadian Holiday Outlook Survey for 2024. Listen in as Elisa dives into the expected increase in consumer spending this holiday season, despite economic challenges. She also highlights the spending behaviors across different generations and provinces and shares insights into the growing importance of sustainability in consumer choices. You'll...

EP328 More Than A Number with Meridian Credit Union

Young Money with Tracey Bissett

Are you feeling overwhelmed by rising living costs and seeking better financial guidance? In this episode, we sit down with Shawn Kauth, Vice President of Wealth at Meridian Credit Union, who brings nearly three decades of experience in the financial industry. Shawn discusses the results of Meridian's 'More Than a Number' survey, revealing critical perspectives on financial insecurity among Canadians. Listen in as Shawn addresses the concerns different demographics face, including the anxiety experienced by Gen Z and the challenges women face regarding long-term financial futures. You will...

EP327 Student Loan Repayment Explored with NerdWallet Canada

Young Money with Tracey Bissett

Are you or someone you know dealing with student loans or getting ready to navigate the world of repayment? In this episode, I sit down with Clay Jarvis, NerdWallet Canada’s mortgage and real estate expert, to discuss essential strategies for managing student loans and making smart financial decisions. We'll dive into practical advice for students just starting their loan repayments, adjusting payments to fit your financial situation, and what to do if you’re struggling to make payments. Clay also highlights the importance of budgeting and why parents should have financial conversations...

EP326 NerdWallet's Guide to the Costs of Fertility Treatments

Young Money with Tracey Bissett

Have you ever wondered about the true costs of fertility treatment in Canada? In today's episode, we sit down with Shannon Terrell, a lead writer and spokesperson for NerdWallet, to explore the financial realities many Canadians face when seeking fertility treatments. With one in six Canadian couples experiencing infertility, understanding the costs and financial options available is crucial. Shannon shares insights from a guide she developed, offering a comprehensive look at the various methods of fertility treatments and their associated costs. Listen in as we discuss where Canadians can...

EP325 Spotlight on V.I.L. Landscaping founder Charlie Kerrigan

Young Money with Tracey Bissett

In this episode, I’m joined by Charlie Kerrigan, the founder of V.I.L Landscaping and host of The Hard Lessons Podcast. Starting his business in 2016 with just a push mower, Charlie has grown V.I.L Landscaping into a thriving enterprise and aims to become one of the top landscaping companies in Canada. Listen in as Charlie shares his journey, from being a young entrepreneur knocking on doors to running a company with multiple locations and a dedicated team. He emphasizes the importance of surrounding yourself with mentors, the necessity of cash flow management, and building a strong team...

More Episodes

Shannon Lee Simmons is the Founder of the New School of Finance, an unbiased advice-only financial planning school. Shannon is a Certified Financial Planner, a Chartered Investment Manager, and a public speaker. She is the celebrated author of the national bestseller Worry-Free Money and has penned a new book called Living Debt Free: The No Shame No Blame Guide to Getting Rid of Debt. Shannon is a financial expert on The Marilyn Denis Show and a columnist for CBC’s On the Money and Metro Morning. She has a BAH in Economics and Finance from Queen’s University.

Shannon joins me today to discuss her new book, which details a practical approach to eliminate debt and work toward living debt-free. She shares the principles of her plan to help people out of debt which includes key strategies and a step-by-step approach that will help you quickly clear your debt. She also shares several vital components of financial planning including creating a ‘Debt Map’ and why ‘Debt Stacking’ is the most efficient approach to reducing debt.

“Mapping out your debt is the first step to getting debt-free. After all, you can’t tackle a problem unless you know what the problem is.” - Shannon Lee Simmons

This Week on Young Money:

The inspiration behind Shannon’s latest book, Living Debt-Free: The No Shame No Blame Guide to Getting Rid of Debt.
Why it’s essential to recognize how and why you got into the debt loop.
How reframing your debt and having a perspective switch will be motivational and help you keep going.
The key strategies for dealing with debt.
Why you should create a ‘Debt Map’ when multiple debts exist and how to prioritize it.
How to figure out what amount of money you can realistically put towards clearing your debt.
How to ensure you don’t suffer debt fatigue and why your repayments need to be palatable.
What ‘Debt Stacking’ means and why it’s the fastest and most effective way to clear your debt.
How consolidation and using your spare savings are two ‘Debt Slammers’ that will help reduce stress and make your debt more manageable.
Why you should continue to build emergency savings and avoid becoming one of the 90% that give up on clearing their debt when a surprise financial expense occurs.
The most common misconceptions that surround debt and the emotional elements to consider when creating a financial plan.

Shannon Lee Simmons’ Advice for Living Debt-Free:

Create a map of your debt.
Figure out the amount that you can put towards clearing your debt.
Tackle one debt at a time and prioritize it with the highest interest rate.
After the first debt is cleared, use those saving to clear the next debt.
Consolidate your debt to the lowest interest rate.
Take spare money out of your savings and use it to lower your debt.
Continue to build an emergency fund.

Resources Mentioned:

Connect with Shannon Lee Simmons:

Rate, Share & Inspire Other Young Millionaires-in-the-Making

Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Visit our website to learn how easy it is to leave a review on iTunes.

Don’t forget to share your favorite episodes on social media!

Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our Linkedin Company Page, or by visiting our website.

TOPICS