I was very prepared for my meeting, with notes explaining my value-add to the firm and why I deserved a raise, but I didn’t even need that at the end of the day. Asking for a raise is one of the things I coach my clients on. I’ve helped a lot of women get raises by preparing them for their meetings and helping them realize their worth.
What’s the worst money advice you’ve ever received?
I was a camp counsellor and I learned how to use a credit card from a colleague at camp when I was 17 years old. He told me he would max out his credit card, and then when he got paid he would use his entire paycheque to pay off the card. That was the worst advice ever because I followed a similar path, except my paycheques weren’t as big as the credit limit I received.
Would you rather receive a large sum of money all at once or a smaller amount of money regularly for life?
A large sum of money all at once, because I’d want to manage it on my own.
What do you think is the most underrated financial advice, tip or strategy?
That you can’t invest in both the stock market and real estate. There’s this misconception out there that you must choose one or the other, or that one is better than the other. They’re very different products, and they are not mutually exclusive. You can invest in both if you’re financially able to!
What is the biggest misconception people have about growing money?
That you need to start with a lot of money and that it takes a lot of time to get started. With the platforms that are available today, anyone can get started with very little money, even $20. It’s slow growth at first, and it may seem like it’s not worth it, but with time and consistency, eventually the money compounds. Investing in some ETFs [exchange-traded funds] will go a long way, and I believe it is the easiest (and least labour-intensive) way to grow money.
Can you share a money regret?
Lending money to my ex-boyfriend. I helped him out a lot during university, but even after he got a full-time job and was making a lot of money, he didn’t even attempt to pay me back, because we thought we were going to be together forever. We never had good conversations about money, and when I did ask for my money back, he got defensive. There were so many red flags, but I was young and didn’t know any better. He still owes me money, and the thought of the future value of it makes me want to vomit.
What does the word “value” mean to you?
Value means the amount of joy or utility I receive when I pay for something. Value can be as simple as a meal—was the meal worth it? Or a vacation I really needed in order to reset and have a great time with other people.
Some things I would spend money on that someone else might not would be a designer purse. I own a few that are over 10 years old that I still wear and are in excellent condition. When I do the math and amortize it, it works out to be great value each year.
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