The hosts, Jess and Colleen, of TGIF Two Girls Investing Friday discuss actionable ways to start investing in real estate, focusing first on house hacking—buying a primary residence (including duplexes, triplexes, or suites) and renting part of it to help cover the mortgage—highlighting access to lower down payments (5% up to $500,000 and 10% up to $1,000,000), lower interest rates, and the rule to live in the home for a year. They share alternative strategies for saving a down payment, like house sitting or living with family, and cover renovations as “sweat equity.” They compare primary residences versus rentals, explaining capital gains tax on rental property sales, rules discouraging quick flips, and how taxes apply when a property is partly rented over time. They also discuss short-term rental restrictions in Whitehorse and using RRSP contributions and write-offs to reduce taxable rental income.

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00:00 Welcome to TGIF

00:34 Real Estate Game Plan

00:58 House Hacking Basics

04:41 Saving for a Down Payment

06:47 Renovate and Flip Lessons

09:22 Rentals and Capital Gains

12:34 Airbnb Rules and Balance

15:36 Rental Income Tax Strategy

18:06 Wrap Up and Next Episode

In this TGIF episode of Two Girls Investing, Jess & Colleen draw parallels between Olympic progression and the investing mindset. Using their backgrounds as figure skaters, they highlight athletes like 42-year-old Deanna Stellato-Dudek to prove that it’s never too late to start, whether in sports or finance.

Key Highlights:

• Celebrating Wins: The hosts share a listener's success in paying off a car and hitting financial milestones early, emphasizing the power of small victories.
• Credit & Debt: Expert tips on managing debt and improving credit utilization (aiming for under 50%) to prep for mortgage renewals and negotiations.
• Real Estate Basics: A guide to down payments (5% for primary vs. 20% for rentals) and a candid debate on whether a primary home is a "true" investment given taxes, maintenance, and interest.
• Market Insights: How real estate serves as a diversification tool, the impact of the 2008 financial crisis, and the roles of character and integrity in the financial world.

The episode wraps with a look at real estate as a "next step" after maxing out TFSAs and RRSPs. For more, follow the show on Spotify, TikTok, and Instagram.

0:00 Welcome to TGIF: Investing Made Simple (Not Financial Advice)

00:34 Today’s Agenda: Olympics, Listener Win, and a Real Estate Series

01:08 How We Met: Competitive Figure Skating Rivals Turned Friends

01:29 Olympic Figure Skating Glow-Up: Quads, Quad Axels & New Scoring Tricks

03:18 Age Isn’t a Limit: The 42-Year-Old Olympian That Changed Our Mindset

07:35 From Athletic Longevity to Money Mindset: It’s Never Too Late to Invest

08:16 Listener Win of the Week: Paying Off a Car + Hitting a Big Goal Early

08:53 Celebrate the Small Money Wins: Debt Progress, Mindset & Accountability

10:47 Boosting Your Credit Score Before Mortgage Renewal

11:21 Debt Payoff Strategy Shift: Getting Balances Under 50%

12:06 Real Estate Basics: Personal Home vs. Rental Property Rules

13:14 Is Your Primary Residence Really an Investment?

14:40 Hidden Costs of Homeownership (Taxes, Insurance, Maintenance)

15:58 Jess’s Real Estate Path: Renting + Airbnb + New Build Rentals

16:30 Why Rental Properties Need 20% Down (and Higher Rates)

17:05 Real Estate as Portfolio Diversification After TFSA/RRSP

19:24 Do Real Estate and Stocks Crash Together

21:01 2008 Crisis Explained: Subprime Mortgages & Mortgage-Backed Securities

21:59 Money, Greed, and Character: The Ethics Behind Financial Decisions

23:31 Wrap-Up: Listener Qs, Where to Comment, and Next Episode Teaser

In this episode of 'TGIF Two Girls Investing Friday,' Jess and Colleen dive into personal finance strategies with a focus on the everyday choices that can impact financial health. They begin with a light-hearted chat about balancing life's small luxuries, like coffee outings, with broader financial goals. The conversation then transitions into detailed discussions on saving on taxes, the benefits and differences between RRSPs and TFSAs, and strategies for doing taxes either independently or with professional help. The episode wraps up with a teaser for their next discussion on real estate investing, inviting listeners to contribute their questions on the topic.

00:00 Welcome to TGIF: Two Girls Investing Friday

00:36 Personal Finance and Lifestyle Choices

00:54 Moments of Magic: Finding Joy in Everyday Expenses

03:49 Personal Finance is Personal

08:17 Diving into Taxes: Tips and Tools

13:04 Exploring TurboTax and Wealthsimpe for Taxes

13:36 Rental Income and Taxes

15:18 Tax-Saving Strategies and Credits

16:43 Understanding RRSPs and TFSAs for Tax Benefits

20:45 Claiming Work-Related Expenses and Union Fees

25:28 Final Thoughts and Upcoming Real Estate Episode