What’s the worst money advice you’ve ever received?
While not necessarily bad money advice, I think there’s too much of a focus on buying a home as a way to demonstrate financial stability or success. The rent-vs.-buy conversation is exhausting, and in today’s climate, it puts a lot of unnecessary pressure on younger generations. Decide what’s right for you and your finances.
Would you rather receive a large sum of money all at once or a smaller amount of money every week/month for life?
Large sum of money for sure. You could deposit a bunch in an automated portfolio, and then start to invest in projects and businesses that make your wealth grow further.
What do you think is the most underrated financial advice, tip or strategy?
Prioritize your quality of life just as much as your investments. We have one life to live, and you should craft a life that you can enjoy. Whether that’s allowing yourself a daily latte at your local coffee shop or saving to take your family to Italy, make sure you enjoy the money you earn.
What is the biggest misconception people have about growing money?
That it’s complicated. Automate your investments and remain consistent, and you will see your wealth grow over time.
Can you share a money regret?
I used to spend my work bonuses like I was on the Forbes billionaire list! I gained a lot of experiences out of that, which I’m grateful for, but I could’ve set some money aside for the future, too.
What does the word “value” mean to you?
I’m very focused on how my time is spent. I put a value to my time and then compare it to hiring someone else to help me with that task, especially if it’s not something I particularly enjoy doing. I also look at value in terms of time saved. So, for example, I’ll pay $20 extra to get an assigned parking spot at the airport, so I don’t waste my time going up and down the rows. These small decisions provide great value to me.
What purchase took the most amount of time for you to decide to buy?
Probably my car. I spent a lot of time researching brands, safety and overall ratings. And then, of course, there was the dreadful process of going to the dealerships to negotiate.
What’s your take on debt?
I find a lot of conversation around debt based on shame, which I don’t think is the right approach to helping to empower people. Most Canadians have debt, yet it’s so vilified. There is debt that can contribute towards improving your financial future, and it can be leveraged in smart ways.