What’s the worst money advice you’ve ever received?
Get an adjustable-rate mortgage as a first-time home buyer when the Bank of Canada interest rate is just 0.25%—when it has literally nowhere to go but up. It’s difficult for me to recall what the long-term economic outlook was when we bought our house in 2021. Frankly, I wasn’t working at MoneySense yet, and I wasn’t as plugged in to these things. I still think it was poor advice, because it meant taking more risk than we probably should have for our age and financial situation.
Would you rather receive a large sum of money all at once or a smaller amount of money regularly for life?
All at once. When I worked at Tim Hortons, we used to collect tips in a jar. It was pocket change—not the kind of tips that payment terminals prompt you for these days. Most of my co-workers spent this change on coffee or donuts on their way out, but I collected mine until I had a few hundred dollars. It felt more significant. I would feel the same way about any large sum of money.
What do you think is the most underrated financial tip?
Expect to be the victim of a “cybersecurity incident” at some point in your life. Having a strong password doesn’t cut it anymore. In fact, your online security isn’t even entirely within your control. I’ve been notified three times of data breaches involving my personal information, and none of them was due to having a faulty password. One time, my SIN was leaked, and the impacted company was a technology provider to a third-party vendor used by a mutual fund company I no longer had a relationship with. I didn’t even know that the vendor, or its technology provider, existed. I don’t know what the best cybersecurity action plan looks like—I wish I did. However, being aware of the problem is a good first step. Read my feature: “I’m a victim of CERB fraud—years later, I’m still dealing with the tax implications”.
What is the biggest misconception people have about growing money?
A lot of young people believe it gets easier with age. That’s not always true. If you follow a traditional path, your most expensive years are likely to hit in your 30s or early 40s. But people are increasingly postponing major life events, like having kids or buying a home, which delays those big expenses. It’s important to start saving and investing now, rather than waiting until you’re over your most expensive years.
Can you share a money regret?
Lowballing my salary expectations when applying to my first job in journalism, thinking it would get the employer’s attention. It did. But I’m not a great negotiator, so you can imagine how that worked out.
What does the word “value” mean to you?
You’ll hear people say, “Spend on experiences, not things,” because the former provides more meaning in your life or contributes to long-term feelings of happiness. I believe this is generally true, but it also comes from a place of privilege, because it assumes your basic human needs are already being met. I think it’s more useful to encourage people to rethink the value of goods we take for granted, like a T-shirt. Clothing has a lot of value. It’s our culture of disposability that makes it less valuable. You should be able to buy a T-shirt at a reasonable price and expect to wear it regularly for a decade, if not more.
What’s the first major purchase you made as an adult?
A used Honda HR-V. It was the first time my wife and I financed anything. The previous owner had basically driven it home and back to the dealership, because it had a laughably small amount of kilometres on it. That detail still saved us some money.
What’s your take on debt?
My view of financial success is living stress-free, whatever that means to you. Some people are comfortable with debt, others not so much. As long as your debt doesn’t cause stress for you or others around you, I don’t think there’s anything wrong with it.