In this episode of TGIF: Two Girls Investing Friday, Jess and Colleen catch up and share some massive weekly wins! One paid off a huge chunk of personal debt in about three months by focusing on lowering credit utilization and tackling higher-interest balances, while the other successfully claimed airfare compensation after an overnight delay (pro-tip: delays over three hours may qualify!).

They then walk through setting up automated, recurring investments in a Wealthsimple RRSP to help reduce taxable income, explaining ETFs and key index concepts along the way. Using examples like VFV (Vanguard S&P 500 ETF), VDY (high dividend Canadian ETF), and adding XAW (global equities), they demonstrate exactly how to select “buy on a schedule,” choose your frequency and start date, and ensure your purchases occur inside an RRSP or TFSA rather than a non-registered account.

Finally, they preview a future episode on investment options and portfolio considerations so you can keep building your confidence!

Note: In the episode, we refer to a global ETF excluding North America as "VI"—the correct ticker symbol is VIU!

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00:00 Welcome to TGIF

00:34 Sunny Catch Up

01:04 Debt Payoff Win

02:01 ADHD Debt Strategy

03:35 Investing for Taxes

04:08 Flight Delay Payout

05:55 Automation Setup Intro

06:47 VFV and Index Basics

08:23 VDY Dividends Explained

09:01 Recurring Buys Walkthrough

10:17 Add Global ETF XAW

12:13 Next Episode Teaser

Jess hosts TGIF solo while Colleen is away and answers a listener question from Pam about using Wealthsimple and whether to invest through a TFSA or RRSP. She explains Wealthsimple as a Canadian fintech offering chequing and investing accounts, and reviews three investing approaches: traditional financial advisors, robo-advisors, and self-directed investing, emphasizing how higher fees can significantly reduce long-term returns. Jess breaks down how TFSAs work and how RRSPs differ. She shares a common guideline of using $50,000 income to help decide, notes many people use a hybrid approach, clarifies RRSP withdrawal options including the Lifelong Learning Plan and First-Time Home Buyers Plan, and reminds listeners they can hold multiple TFSA/RRSP accounts without overcontributing.

00:00 Welcome to TGIF

00:34 Jess Solo Update

00:54 Listener Question Setup

01:17 What Is Wealthsimple

02:34 Ways to Invest

03:48 Why Fees Matter

06:36 TFSA Explained

09:29 RRSP Explained

12:14 TFSA vs RRSP Rules

14:19 RRSP Withdrawal Options

16:41 Multiple Accounts Limits

17:49 Wrap Up and Thanks

Jess and Colleen catch up on busy family schedules and rising costs, then discuss tax surprises when owning businesses, prompting plans to calculate and set aside amounts monthly and contribute more to RRSPs while balancing liquidity. They continue their “money myths” series, emphasizing that budgeting and saving are essential foundations but not enough for wealth and time freedom; investing to outpace inflation and increasing income through job changes, negotiating (especially for women), or side hustles are key accelerators. They also challenge the idea that all debt is bad, distinguishing high-interest consumer debt from productive debt like mortgages or business loans, and describe how wealthy people may borrow against assets to avoid selling and triggering taxes. Next episode addresses TFSA vs RRSP and Wealthsimple.

00:00 TGIF Podcast Intro

00:34 May Schedule Chaos

01:07 Kids Sports Costs

02:33 Tax Season Surprises

04:22 RRSP Planning Balance

06:24 Money Myth Budgeting

08:30 Boost Income Strategies

11:26 Money Myth Debt

13:38 Rich Use Leverage

15:19 Wrap Up Listener Qs