In this TGIF (Two Girls Investing Friday) episode, Jess & Colleen catch up on Jess’s music studio recording process. They then explain private equity by contrasting private vs. public companies, using examples like Dragon’s Den and startup investors, and describe how everyday investors can access private equity indirectly by buying publicly traded private equity firms or ETFs that hold them, noting higher potential returns but higher risk and suggesting it as a small, advanced allocation. They answer a question about investing as a single mom by emphasizing a strong foundation including an emergency fund and paying off high-interest debt, and discuss budgeting and portfolio planning using percentages, plus using credit score tracking as a way to gamify debt payoff and motivation.

00:00 Welcome to TGIF

00:34 Studio Recording Recap

00:54 Click Track Check

03:28 Karaoke

04:58 Private Equity Basics

08:10 How You Can Invest

10:56 Returns and Risk Talk

14:47 Portfolio Percent Allocations

16:54 Single Income Listener Question

19:10 Budgeting in Percentages

21:36 Credit Score Motivation Game

23:33 Wrap Up and Next Week

Jess & Colleen discuss unexpected “hidden costs” in investing, homeownership, and business operations. Jess shares surprises from a newly purchased up/down duplex rental property, including an unfinished backyard, choosing gravel over grass to reduce tenant maintenance, and contractor quotes for wood privacy fence and gravel. Colleen shares hidden business costs, moving from manual Excel payroll calculations to scheduling/time-tracking and payroll platforms costing about $70–$80 per month to save time and reduce errors. The episode explains Canada’s First Home Savings Account (FHSA): contributions reduce taxable income like an RRSP, withdrawals are tax-free for a first-time primary home purchase without repayment, the annual limit is $8,000, and the lifetime limit is $40,000; they note investing choices should reflect a homebuying timeline and plan to discuss private equity next episode.

00:00 Welcome to TGIF

00:34 Weekly Catch Up

00:51 Rental Hidden Costs

01:55 Fence Quote Shock

05:43 Business Payroll Costs

07:56 FHSA Basics Explained

10:33 Investing Timeline Tips

12:18 FHSA Limits and CRA

14:43 Primary Home Rules

16:17 Landlords and Balance

17:17 Next Week Preview

17:34 Wrap Up and Follow

Jess and Colleen discuss balancing summer adventures with finances, praising Jess’s discipline after a big Africa trip and her plan to do mostly local activities in Yukon, with only a short, costly trip to Haines, Alaska, while saving vacation money for winter travel. They compare this delayed-gratification approach with the other host’s summer expenses for children, including costly camps ($400–$600 per child per week) and $1,500 in activity fees, noting the childcare challenges for working parents. They share listener comments about the podcast’s global reach and Canadian focus, then answer a question from Kelsey about what to do after maxing TFSA, RRSP, and FHSA: pay down high-interest debt, invest in a non-registered personal account (taxed on sale via capital gains), optionally adjust payroll taxes via TD1, consider real estate or REITs, RESPs for kids, and potentially private equity with higher minimums. They plan a future FHSA episode.

00:00 Welcome to TGIF

00:34 Summer Spending Choices

03:12 Kids and Camp Costs

06:33 Listener Love and Reach

08:12 Maxed Accounts Next Steps

09:14 Non Registered Investing Taxes

11:24 FHSA Explained Briefly

12:07 Real Estate and RESP Options

13:45 Private Equity Teaser

14:57 Wrap Up and Next Episode