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Tag: my moneysense

  • Lisa Hannam on measuring time and money, and more – MoneySense

    Lisa Hannam on measuring time and money, and more – MoneySense

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    Who are your money heroes?

    The perk of being a finance journalist is having access to different people—whether it’s an economist, a financial planner or other Canadians—who share what they’ve learned from their own lives and areas of expertise. And as a service journalist who works on how-tos and explainers, there’s always that question in the back of my mind: “How can I apply this to my own life?” I take a little bit from every interview and story that I read.

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    How do you like to spend your free time?

    I love reading. I love writing. I like to stay active. I try to balance out mind and body activities in my free time. I want to ensure that I’m taking care of both sides of my health.

    If money were no object, what would you be doing right now?

    Honestly, I would love to say, “exactly what I’m doing right now.” But I think money allows us to do things, which is why we work. While I do love working, and I definitely don’t shy away from it, if money were no object, I would want to explore things that I couldn’t in my everyday life, that I can’t do while working, like travelling.

    However, that said, I would probably be bored three months in and end up working again.

    What was your first memory about money?

    Obviously, there are things like lemonade stands or asking mom and dad for a treat, but I think the most impactful memory around money was babysitting. I worked for an amazing woman. She was a single mom, and I had a regular gig with her two kids every weekend. She paid me pretty well. Another family asked me to babysit. And they got the neighbourhood together, I guess whoever was going out with them that night, and got all their kids together. So, I ended up babysitting five kids for half the rate of my regular gig. I hard-learned the value of money and my time and stress. I never went back to that house. That was a good lesson there.

    What’s the first thing you remember buying with your own money?

    Magazines. I was obsessed with magazines, and I found that magazines were a better value for me as a teenage girl, because I could see different ways to wear my clothes, as opposed to going out and buying things that I saw in the mall. The amount of time I would spend with a magazine was a lot. I would read it from cover to cover multiple times. I was just so amazed with how the editors would anticipate my questions and made everything so seamless and flawless to read, whether it was learning a new skill or learning about a new trend or music group or whatever. I was just so impressed in how they answered every question before I had it. I try to be that type of editor today.

    What was your first job?

    I worked all through high school and university at my first “real” job. I worked at Kentucky Fried Chicken. With my first paycheque, I took all my friends out for my birthday to Mother’s Pizza. It was a lot of fun, and I remember how cool it felt to be able to buy my friends dinner.

    What was the biggest money lesson you learned as an adult?

    I remember learning what a pension was and realizing that I didn’t have one, and that being in journalism, I probably would never have one. I saw an ad on the TTC, which is the Toronto subway, quickly explaining RRSPs. So I made an appointment at my bank where I had my bank account and my credit card, and I went in and said, “I need an RRSP. Just put gold in it.”

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  • “Get to know and minimize the investing fees you pay”: Michael McCullough, MoneySense contributing editor – MoneySense

    “Get to know and minimize the investing fees you pay”: Michael McCullough, MoneySense contributing editor – MoneySense

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    Image courtesy of Wiley

    Recently, Michael helped to update the Canadian version of Personal Finance for Dummies (7th edition), a comprehensive guide to everything from budgeting and spending to taxes and retirement. Below, he shares his own money experiences and what he thinks is the most underrated financial advice.

    Who are your finance or investing heroes?

    Maybe John Bogle, who founded The Vanguard Group, an investment firm in the U.S. that created the first index funds for retail investors. He was driven by more than self-interest. He wanted to empower small investors. Bogle also wrote The Little Book of Common Sense Investing, which made it into MoneySense’s list of 25 timeless personal finance books.

    How do you like to spend your free time?

    Cycling, hiking, running. I live in the Cowichan Valley on Vancouver Island, which has amazing trails right outside your door.

    If money were no object, what would you be doing right now?

    Michael McCullough stands on a hiking trail in front of mountains.
    Hiking in Tofino, B.C. Photo courtesy of Michael McCullough.

    Travelling to expensive destinations like Paris, Japan and the South Pacific.

    What was your first memory about money?

    I seemed to “get” money from a young age. I’d save it and loan it to my teenaged siblings at pretty high rates of interest. This was the late 1970s and early ’80s, when interest rates were sky-high. Then I learned about credit risk!

    What’s the first thing you remember buying with your own money?

    A K-tel compilation record full of one-hit wonders from the 1970s.

    What was your first job?

    I sold service-station coupons door-to-door on commission. It was a racket. I quit after two weeks.

    What was the biggest money lesson you learned as an adult?

    When I was 22, I got ripped off by a criminal gang in Thailand. I basically had to buy my way out of possible captivity with gold, paid for with an American Express card my dad had given me for emergencies. It took me months to pay my dad back, but I knew even then that it’s only money.

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  • “I have the dream job”: Brian Scudamore on making meaning with your money – MoneySense

    “I have the dream job”: Brian Scudamore on making meaning with your money – MoneySense

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    Dragon’s Den cast: Wes Hall, Michele Romanow, Arlene Dickinson, Brian Scudamore and Manjit Minhas.

    Who is your money hero?

    One of my fellow “dragons,” Wes Hall, who I got to know a little bit this year, during filming. I’m so inspired with how he spends money. He’s very different from me in the sense that he’s got the fancy cars and the big mansion and so on. I drive my Ford pickup truck and I have a modest home. But I’m inspired by how he puts charity first. He takes care of other people before he takes care of himself. He grew up in Jamaica. He didn’t have a lot, but he says, “This is about helping others.” He’s made it, and I think that’s what money is all about.

    How do you like to spend your free time?

    I love traveling. I love eating. For example, this summer, I went to France with my family. It was just a combination of family, friends, great food, some wine, practicing my French. That ties in everything I love.

    My wife and three kids—we were in Paris as a base, we went down to Cap Ferret, which is just south of Bordeaux—a beautiful little peninsula, beach town. We hung out in Lille for a little bit to watch the Olympic basketball. We spent time in Bordeaux and went to some wineries. Paris is such a well-travelled place, so we had dinners with different friends and their families who were in town. I just I love that country.

    What’s your first memory about money?

    My dad, who’s a liver transplant surgeon, is not an entrepreneur or a business person. But he taught me early on to be purposeful with money. What am I doing with even the cheques I would get from aunts, uncles and grandparents for the holidays? He had me write thank-you notes, which no kid likes to do. I had to tell them how I was using the money they gave me.

    My dad really hammered into me to save that money for education. And I did, but it was really ironic, because here I am, a high school dropout, a university dropout. But I valued learning about money from my dad and just being wise with how I spend it and being purposeful.

    But one of my early memories was when I saved up my life savings as an eight-year-old and bought a brand-new bike. A couple of days later, I put a big basket on it so I could deliver newspapers more efficiently. I put that prized bike to work. I learned from my dad that money was about investment—a purposeful investment.

    There’s also a frugal side of me that thinks, “Do I really need that?” Fancy cars wouldn’t bring me joy. Would I rent a Ferrari for a day on the coast of Italy? Heck, yeah. Would I ever buy one? No. And he got me to think about the value of money and what you can do with it.

    If money were no object, what would you be doing right now?

    Nothing different. I have the dream job. I am so excited to be a “dragon” and to help inspire others, give some wisdom, shared learnings to the pitchers on Dragon’s Den. I love building and growing my companies. Not to make more money, but to grow opportunities and possibilities for other people, and for the freedom to travel and spend time with family and friends, which I love to do.

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  • “My take on debt has changed over time”: Eva Wong on saving and investing – MoneySense

    “My take on debt has changed over time”: Eva Wong on saving and investing – MoneySense

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    What was the biggest money lesson you learned as an adult? 

    The biggest money lesson I’ve learned as an adult, I learned at Borrowell and through our members. What I’ve learned from interviewing some of them is that a lot of people who struggle with money are actually very good at managing money, but they don’t have enough income. 

    I probably had prejudices before, thinking that people who struggle with money just aren’t managing their money well. But what I’ve found is that when you live on a very narrow margin, you actually have to be very good at managing your money. If you’re like me, making a salary that covers my expenses, I don’t have to be good at managing my grocery bill, or worry about my car breaking down, because I know I have enough money to pay for it. I don’t have to be that good with my money because I have an income that’s higher than my expenses.

    But for people who are living paycheque-to-paycheque, a lot of them are very good at managing their money because they have to be. It was good for me to learn that, because it can be easy to say that someone has a spending problem but, for a lot of people, they actually have an income problem, and it doesn’t mean that they’re not diligent with managing their money. That’s why it’s important to have good credit, so that people can access funds if there is an emergency, because they often don’t have savings to fall back on.

    What’s the best money advice you’ve ever received?

    To start from a young age the habit of saving at least 10% from your earned money. 

    What’s the worst money advice you’ve ever received?

    Having an emergency fund when you have outstanding debt, and if you have access to a line of credit, doesn’t make sense. So, the worst money advice is putting a significant amount of money into an emergency fund of cash that just sits there.

    If you have a line of credit you could draw from in case of emergency, I would use the [emergency fund] money to pay off debt. If you have debt, that’s a guaranteed interest cost, as opposed to just paying interest when you use your line of credit. Later, when you’ve paid your debt, you can start an emergency fund or invest your money. But pay off your debt first. 

    Would you rather receive a large sum of money all at once or a smaller amount regularly for life? 

    I’d rather receive a lump sum all at once. It gives you more flexibility to do something impactful and meaningful with it. I feel like having a smaller amount every week or month is more like a safety net and more of a safe answer. 

    What do you think is the most underrated financial tip?

    Paying off debts, especially the ones with high interest, like credit card debt, is underrated. A lot of people get caught up in thinking they have to contribute to an RRSP, or they have to save, or they need an emergency fund, but if you’re carrying a balance on a credit card and paying 20% interest, I think the better financial choice is to pay off debt. 

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  • Ms. Money and Math adds up the good advice and subtracts the bad – MoneySense

    Ms. Money and Math adds up the good advice and subtracts the bad – MoneySense

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    Who are your money heroes?  

    I don’t have any famous ones really. I have a few investor friends that have built eight-figure real estate portfolios and worked themselves out of their full time jobs.

    How do you like to spend your free time? 

    At my cottage by the lake, riding my bike, catching sunsets, hiking with my dog.

    If money were no object, what would you be doing right now? 

    The same thing, I just wouldn’t be renting. I’d own my house, my cottage would be fully renovated, and I’d be travelling a bit more: Three months in South Africa during the winter and my dog would come, too, flying in the cabin with me.

    What was your first memory about money?

    Receiving an allowance for doing chores around the house. I remember that you had to work for money.

    What’s the first thing you remember buying with your own money? 

    Candy. 

    What was your first job? 

    I think I babysat first and then I worked at the library. I was the loudest chatterbox working at the library.

    What was the biggest money lesson you learned as an adult? 

    Start early and stay out of debt from credit cards.  

    What’s the best money advice you’ve ever received?

    Spend less than you make and prioritize investing early and consistently and planning retirement will be a breeze.

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  • Saving on purchases and for emergency funds, Canada’s extreme couponer shares her secrets – MoneySense

    Saving on purchases and for emergency funds, Canada’s extreme couponer shares her secrets – MoneySense

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    Now, being more budget-conscious, I love using my PC Mastercard. It allows me to earn PC Optimum points on my everyday purchases, everywhere I spend. And the best part is, not only can I redeem those points for free groceries and other essentials, sometimes I like to treat myself and redeem on items that I’ve been vying for, like a cute outfit from Joe Fresh or the season’s hottest perfume scent.

    What’s the best money advice you’ve ever received?

    There’s no way to “get rich quick.” It takes time and planning to grow your money and make it work for you.

    What’s the worst money advice you’ve ever received?

    It’s not necessarily advice, but just the peer pressure to measure up to others. This can cause individuals to make financial decisions that don’t work for them or their lifestyle.

    If you’ve ever experienced this, my piece of advice is whenever you are feeling FOMO (fear of missing out), take a step back and get a better understanding of your personal goals versus what the people around you are doing. 

    Would you rather receive a large sum of money all at once or a smaller amount of money regularly for life?

    Receive a large sum of money all at once. This way I can build a plan around the dollars I receive and make them work for me.

    What do you think is the most underrated financial advice, tip or strategy?

    Couponing. And I’m not only talking about the paper coupons you clip from newspapers. Couponing and budgeting has evolved a lot since, you can find an app for everything! Like the PC Financial app that shows you customized offers based on your spending habits.  

    My strategy is finding programs that fit your spending habits. From loyalty points programs, price matching or cash back apps, I recommend shifting to a strategy that works with your everyday purchases.

    For me, that’s the PC Mastercard and PC Optimum program. I’ve been using this program for years and it’s helped me save hundreds of dollars and save every month. By earning PC Optimum points everywhere I shop using my PC Mastercard, I’m able to fast forward to free and redeem on essentials like groceries, or reward myself with items I want, like face masks and makeup from Shoppers Drug Mart.

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  • Money tips from Jordan Heath-Rawlings: “Make sure you can afford a sudden expense” – MoneySense

    Money tips from Jordan Heath-Rawlings: “Make sure you can afford a sudden expense” – MoneySense

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    Jordan Heath-Rawlings shares your frustration. In November 2023, he launched In This Economy?!, a podcast that helps Canadians tackle financial challenges. Described as “Your guide to understanding an unpredictable economy,” the show explores topics such as inflation, employment, debt, home ownership and repaying CERB.

    Heath-Rawlings, who lives in Toronto, is a long-time Canadian journalist—he was a newspaper reporter, a founding editor of Sportsnet, and director of special projects at Rogers Media, among other roles. In 2018, he started Frequency Podcast Network, along with Canada’s first daily news podcast, The Big Story, which he still hosts (he also oversees 30-plus other shows). Below, Heath-Rawlings shares what he thinks about credit, debt, real estate and more—plus why he’s now a “huge points guy.”

    Check out In This Economy?!, available on these podcast players. New episodes are released on Thursdays.

    Who are your finance heroes?

    So, In This Economy?! is designed to come from a curious person, not someone who has studied the financial industry extensively and has formed opinions about it. I don’t really have a finance hero. Except, I’ll say this: My career as a sports journalist, including a lot of time writing about fantasy sports and gambling, has made me keenly aware of the concept of the “mass market miss”—a player or investment that doesn’t seem to match stereotypical norms, so it’s overlooked compared to others, creating easy value for those willing to value results over aesthetics. So, can I say, like, baseball writer Bill James or baseball executive Billy Beane?

    How do you like to spend your free time?

    I’m a homebody for the most part, so hanging around the house, watching sports, being with family. My partner is a travel junkie, though, so we try to find the time—and money—to take a few trips a year.

    If money were no object, what would you be doing right now?

    Golfing—somewhere warm. With my wife and daughter on the beach waiting for me to meet them afterwards. We’ll be doing this in a few weeks from now, and I’m already dreaming about it.

    What was your first memory about money?

    My first money memory—besides making like 25 cents per row weeding the garden for my grandfather—is my parents wisely not spending $200 to buy me Air Jordans that I would have wrecked in two weeks anyway. I grew up in the burgeoning sneaker era, when they were just becoming big-time status symbols, and I wanted what the cool kids had.

    What’s the first thing you remember buying with your own money?

    Oh, baseball cards. It is absolutely 100% baseball cards. And I still have them in a box in our basement. Sadly, I came of age during the absolute peak popularity for kids collecting cards, so they aren’t worth anything, save for the memories. But in 1988, I—and every other kid I knew—would have told you they’d have made me rich by now.

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  • Why actor Isabel Kanaan says overnight success and wealth are similar – MoneySense

    Why actor Isabel Kanaan says overnight success and wealth are similar – MoneySense

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    What’s the worst money advice you’ve ever received?

    “What’s the point in saving, you could die tomorrow.” 

    Although this is the worst advice I’ve received, it still taught me that I can let go and not keep thinking about the future but live in the present as well.

    Would you rather receive a large sum of money all at once or a smaller amount of money regularly?

    I’d rather receive a smaller amount of money every week or month for life.

    What do you think is the most underrated financial tip?

    Financial literacy is your friend. We live in a day and age where the internet has all the answers. Use that to your advantage. How to spend and save is going to differ from person to person, so it’s best to learn what strategies work for you.

    What is the biggest misconception people have about growing money?

    Believing in overnight wealth or success. There’s this misconception that as soon as you start investing, or as soon as you get a job with a big paycheque, or even if you win the lottery, all your money problems will go away. No, not at all. It takes time and effort. You need to keep working to sustain that lifestyle.

    Can you share a money regret?

    Not investing sooner.

    What does the word “value” mean to you?

    Value to me is usage, plus time, plus experience. For example, someone might rather save money by opting for cheaper winter boots. I would rather buy a sturdy quality pair. The lower-quality boots would have lower usage since they would break faster, use up my time more because then I’d have to buy new ones, and limit me from experiencing winter by being cautious of breaking the cheap boots. The higher-quality winter boots would have more usage and save me time, and I can maximize my experience with it with no hesitations.

    What’s the first major purchase you made as an adult? 

    I’ve been saving for most of my life and have refrained from making any luxurious purchases, and that put me in a position where I was able to buy my first house.

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    Lisa Hannam

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