Who are your investing heroes?
I gravitate towards those who invest in their passions, cultivate change in an area important to them and who achieve a successful return. I know the term “activist investor” is used often now, but it’s been around for a long time. Reese Witherspoon is a great example, as she invests in producing stories by and for women and ends up with amazing projects.
How do you like to spend your free time?
I describe myself as the laziest active person. I enjoy running, travelling and being social with friends, but I’m also very happy to watch movies at home and hang out with my dogs. My kids are in college now, so it’s been a change to my time—really being my own, not juggling work and their activities all the time.
If money were no object, what would you be doing right now?
I would spend more time with my family and travelling the world. Although there’s always been a part of me that wants to own a restaurant, I know nothing about that type of business. But the idea of being an entrepreneur always lingers in the back of my mind.
What was your earliest memory about money?
I went to the grocery store regularly with my grandmother when I was in elementary school. We would cut coupons and go to multiple stores to get the best quality for the best price. She taught me about which “generic” products to buy and which ones to splurge on. She felt strongly about not wasting money, which I still carry throughout my life today.
What’s the first thing you remember buying with your own money?
I have three older brothers, so I was always influenced by their taste in music, movies and TV. So, I probably didn’t have the most appropriate favourites as a kid. I remember buying a cassette tape by The Cars and being so proud when my brothers wanted to listen to it with me. It was a prized possession.
What was your first job?
My first “real” job was as a dishwasher at a local restaurant. It was great to have the opportunity to earn a paycheque, but it was humbling work. I used every cent to buy new clothes and go to the movies with my friends.
What was the biggest money lesson you learned as an adult?
In college, shortly after turning 18, I opened several low-balance credit cards that were targeted toward students. I quickly maxed them out from shopping and splurging on clothes and was left with lingering bills and fast accumulating finance charges. It took me years to pay off those credit cards. Back then, I didn’t have access to check my credit score, but I’m sure if I were to view my FICO score (Fair Isaac Corporation) back then, it would have been very low. Knowing how much I owed and how much my total increased with interest when it went unpaid was a weight on my shoulders. The feeling of relief I felt after paying off my credit cards and learning to spend within my means is something I’ll never forget. I’m grateful that my lesson learned with credit cards happened at a time in my life when I didn’t have a need for a larger access to credit. It would have been devastating to be denied a mortgage or loan when I really needed it.
What’s the best money advice you’ve ever received?
“Think about it”—meaning, to avoid impulsive spending by being thoughtful about your decisions and the consequences. Even going back to my early learnings of valuing grocery shopping fits into this. And of course, now as a leader in financial education at FICO, I know that knowledge is everything. It doesn’t mean that every decision is the most prudent; just that it’s deliberate. Also, I have learned that the more you are aware of your credit score and financial situation, the more in control you feel about it.
MoneySense Editors
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