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How to Invest: Avoiding Beginner Mistakes & Earning Cash Back with Wealthsimple

How to Invest: Avoiding Beginner Mistakes & Earning Cash Back with Wealthsimple

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In this episode, we (Jess and Colleen) break down the most costly mistakes beginner investors make and how to build a clean, straightforward portfolio today without the noise. Before getting into portfolio pitfalls, we share a quick laugh over local community Facebook drama and break down why switching to the Wealthsimple 2% cash back card beats complicated big-bank points systems. Then, we get honest about where first-time investors lose real money: high MER bank mutual funds, falling for internet hype, accidental ETF duplication, and gambling on penny stocks. Learn why simplifying your holdings into diversified, low-cost ETFs and mastering the emotional side of money is the fastest path to long-term wealth.

00:00 – Intro: What we’d do differently if starting today

00:48 – Unhinged local Facebook community boards & comment wars

05:11 – Credit card switch: Wealthsimple 2% cash back vs. Scotia bank travel points

08:32 – Mistake #1: Bank mutual funds and the hidden drag of 2%+ MER fees

09:44 – Mistake #2: Chasing internet noise, hype, and unresearched tips

11:38 – Mistake #3: Accidental portfolio duplication and ETF overlap

14:15 – Mistake #4: Penny stock gambling and the trap of survivorship bias

17:44 – The hardest part of investing: Managing emotions vs. logic

18:28 – Key takeaways & teaser: How much do you actually need in an emergency fund?

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