E027 Jill Melanson Intro to Savings Concepts Part 1
Let’s Be Well Together Podcast - Episode 27
Date: August 2, 2022
Participants: John Webster, Sammy Damaren, Cameron Earnshaw and Sheila Webster
Guest: Jill Melanson
Start times and Segment Segments:
[0:00:43] What’s On Your Mind: We introduce our Sammy Travel Series. Sammy just got back from a trip to Greece. John wonders what it felt like to have her travel frame of mind. It’s been a while since he felt it.
[0:13:49] Expanding Minds Interview: [Economic Wellness] Jill Melanson introduces financial savings concepts. It’s the first of two interviews on this subject. In this one, we cover general approaches to saving, different reasons to save, connections between levels of risk and what you’re saving for, and how you find someone to help you with finances.
[0:28:48] Adventures of the Starving Artist: Cameron made it through a busy time and finally got a chance to rest and recuperate. He’s grateful to have the rest time.
Spotify link to Natalia Zuk’s new song: Unbreakable You
[0:32:27] Move That Body: We’re talking about gardening again. Not only is it a great way to Move That Body, but a study found that it improves mental health, even for novices. Fifteen participants who gardened twice a week, for eight weeks, reported lower levels of stress, anxiety and depression.
[0:37:41] Running Popup: John talks about the “I Feel Amazing” scale he’s developing. He’s trying to figure out what combination of activities he’s doing when he feels amazing physically and mentally. Getting too much of a good thing might drive him lower on the scale. What’s the right mix?
[0:40:54] Flipside of the Coin: Sheila and John really appreciate living in a place where we have four distinct seasons.
Quotes and Take-Aways:
Jill – When I worked at the bank, and when people came in who were starting on their savings and investment journey, my first stop was always at the rainy-day account. You need to have that account. The rainy-day account sits in a bank savings account. It’s there the days you need it for unexpected emergencies.
Jill – People suggest holding 3 to 6 months of living expenses in a rainy-day fund.
Jill – After the rainy-day fund, the earlier you start saving and investing the better. The longer you are saving, the more your money is going to work for you, so compounding on top of each other, on whatever rate of return you’re earning.
Jill – A talked-about target amount to put into savings for investment is 10% of your take home pay (i.e., after income taxes are paid, also called after-tax dollars or net pay).
Jill – People that start saving feel good about it. That breeds good habits and more savings. Once you see your money grow, then you really start to understand it – when it’s your savings.
Bulletin Board Quote brought to you by John: We’d like to go on a trip. Would anyone like to buy some brownies from us?
Guest Information: Jill Melanson is a licensed Mortgage Agent who works with Invis, a large and respected Canadian mortgage brokerage. Jill guides her clients through the mortgage process and helps them make informed choices, including after a mortgage closes, providing tips and strategies to build long-term wealth. Jill spent most of her career with TD Canada Trust as a Financial Advisor. She also worked at RBC as a Financial Advisor in a more remote role. She completed her Canadian Securities Course among other investment courses throughout her tenure in banking. Jill has been married for 10 years and has two beautiful kids. Her contact information:
Jill Melanson – Mortgage Agent with Invis (Kitchener, Ontario office)
Website: https://jillmelanson.ca/
email: jillmelanson@invis.ca
Tel: (519) 502-5259
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Thanks for joining us,
(-(-_(-_-)_-)-) Your wellness check-in team
John, Sammy, Cameron, Sheila and Julie