Discussing Financial Education with Jessica Moorhouse
Interviewed by Morgan Pankarican, Editor-in-Chief
The Canadian Young Investors Society had the amazing opportunity to interview the Canadian money expert and Accredited Financial Counsellor, Jessica Moorhouse. Jessica is the host of the More Money Podcast and posts regularly on her instagram to her over fourteen thousand followers. She has taught countless Canadians how to better manage their finances with her wealth building online course, and is an inspiration for many Canadians as a figurehead for financial education. Here are each of Jessica’s responses to our questions:
Morgan: Where would you say your passion for financial education comes from?
Jessica: I’ve always wanted to help people in some way. I never knew exactly how that would manifest in terms of a career, and when I was in university I thought maybe I could make documentaries that would make a difference, but [that] wasn’t in the cards for me. After I graduated and abandoned my dreams of being a filmmaker, I felt lost. It wasn’t until my older sister told me about this personal finance blog that she was reading that I discovered the world of personal finance. I thought it was so interesting that people were sharing their numbers and how they did things, it ignited a new passion in me. So once I learned enough to help myself, I wanted to give back and help others as so many authors and content creators had helped me. Now, helping people with their finances is literally what gets me excited to wake up each day. It’s the most fulfilling thing for me
Morgan: What is one piece of advice you would give to young Canadians just starting to manage their own finances?
Jessica: It can feel overwhelming at first because there is so much to know and so much information out there, but don’t let that intimidate you. Just know that personal finance is for everyone and it’s a skill that everyone can learn (it’s not a talent you’re born with!). But to lessen that feeling of overwhelm, start small.
One strategy is to make a running list of all the things you don’t understand or wish you knew more about, such as how do budgets work or how to invest for retirement. Write down everything you can think of stream-of-consciousness, then arrange them by level of importance to you. One by one, go down the list and start researching. Find credible resources such as books, financial news outlets, and even financial institution white papers, and combine that with less traditional resources such as blogs, podcasts, YouTube channels and Instagram accounts that can be good for translating some of the financial jargon that can trip people up. Make this a regular habit and soon you’ll know so much more and have built up more confidence in your own level of financial literacy.
My other suggestion would be to never stop learning. That doesn’t mean you have to be fully immersed in the personal finance sphere and make it an intense hobby. But just stay curious and once in a while, pick up a new book or check out another resource to make sure you’re keeping up with any new developments in the financial world.
Morgan: What is one thing you love about being a “finfluencer” (finance influencer)?
Jessica: Making financial education more accessible and less-judgemental for sure. When I started learning about personal finance, I either felt like the information was too difficult to understand because of all the terminology or the tone was very much one of shame and blame. That’s one reason I wanted to create content myself. I wanted to change that narrative and make everyone feel welcome and capable of learning how to manage their money.
Morgan: What would you say are the benefits and drawbacks of self-educating (taking courses and earning certifications) instead of completing a bachelor's degree in business/finance?
Jessica: Depending on what you want to learn, there can be some limitations when self-educating by reading books or finding information online. I definitely came to that point in my late 20s when I still had a lot of questions that I couldn’t seem to find the answers to. That’s what ultimately led me to start taking traditional coursework and certifications to try to find those answers, which is how I ended up with my Accredited Financial Counsellor Canada® (AFCC) designation and am on track to get my Qualified Associate Financial Planner™ (QAFP) designation next year. So if you feel like you still want to learn more and you’ve hit a ceiling from self-education, I’d highly recommend going a more traditional route. With that said, that doesn’t mean you need a degree in finance. Most professionals who work in financial planning or investment management don’t have degrees in finance, since often those degrees focus more on business management instead of personal finance and financial planning. Instead, most professionals get their AFCC, QAFP, CFP, PFP, CPA, CIM, or CFA designations. With that, if you just want to test the waters and see if you actually want to go down one of those paths, I’d suggest starting with the Canadian Securities Course as a starting point.
Morgan: What do you hope to achieve with your podcast?
Jessicsa: It’s been amazing having the podcast for over 8 years now and being able to reach millions of listeners. What I aimed to achieve when I first started is still the same goal I have today and why I keep putting out new episodes. I want to teach, inspire and motivate listeners and make them feel heard and seen. I think it’s also really important that I have a Canadian perspective since so many personal finance podcasts are U.S.-based, so I know my listeners who are predominantly Canadian really appreciate that.
Morgan: What are some of the best tools you’ve used/seen regarding financial education, and how did they inspire you to create your company MoorMoney Media Inc.?
Jessica: For tools, I’ve honestly always kept it simple and have always preferred creating my own. For budgeting, I started with a simple spreadsheet in my early 20s, which over the years has evolved into my line-up of 7 budget spreadsheets anyone can download for themselves. Same with my investments. I manage my own portfolio of ETFs and developed my own spreadsheets to keep track of and rebalance my portfolio, which are available to students in my Wealth Building Blueprint for Canadians course. In the past, I’ve dabbled with tools like Mint and YNAB but they just weren’t for me. But everyone has different needs, so I think it’s important for people to try out different tools and see which ones work with them. And if you don’t find anything you like, make something yourself so it can be just right.
Morgan: You embody the idea that “education is an ongoing process”, what is one piece of knowledge, regarding finance, that you’ve only recently learned and how has it impacted you?
Jessica: The biggest thing I’ve learned, largely because of the book I’m writing, is that our struggles with money are deeper than we think. I used to believe when I was younger, and these were the messages from all the money experts at the time, that if I was struggling with managing my money or earning a higher income, it was my fault. I was wasting my money on take-out coffee or was strict enough with my budget. I just needed to do better and work harder! Then I started speaking to people in my audience and working clients as a financial counsellor, and I realized that is not the answer at all. Most people don’t struggle with money because they are financially illiterate, lazy, or have no self-control. They struggle with money because of much deeper issues such as trauma, societal barriers, behavioural biases, and so much more.
Morgan: Can you tell us a bit about the book you’re writing?
Jessica: Well, I sort of tease this already, but my book isn’t going to be another how-to money book (there are plenty of those out there!). Instead, my book is about helping you answer why no matter what you do, you still can’t get ahead with your finances. For example, most of us have a complicated or even toxic relationship with money. We may not even realize it, and until we do some digging, you can read a thousand books on money management and still keep making the same mistakes. So essentially, my book will help you discover the deep-rooted cause of your financial struggles and then offer solutions on how to develop a healthy relationship with money so you can achieve your goals and ultimately live the life you want using money to help you get there.
A huge thank-you to Jessica for participating in our interview. She is a much appreciated voice for Canadians in the personal finance industry, a market largely dominated by Americans. Jessica’s views on personal finance are much needed, expanding traditional views providing education opportunities for individuals eager to learn more about personal finance. Follow her on Instagram and check out her Podcast, so you can learn more about personal finance through a lens specifically tailored to Canadians.