Money Myths: Why Budgeting Alone Won’t Build Wealth and When Debt Can Be Good

Money Myths: Why Budgeting Alone Won’t Build Wealth and When Debt Can Be Good

From Two Girls Investing Podcast by Two Girls Investing Co.

May 15, 2026 · 16 min · Episode 30

About this episode

Jess and Colleen discuss the limitations of budgeting for wealth building and the nuances of debt in their latest episode.

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

People in this episode

Hosts: Jess, Colleen

Topics covered

Keywords

Mentioned in this episode

Organizations: RRSP, TFSA, Wealthsimple

More episodes of Two Girls Investing Podcast

Explore listener stats, chart rankings, contacts and more on the Two Girls Investing Podcast podcast page.