Nicky: I started working fairly young—I think I was 15 and it was in retail. I don’t think I even remember what my first paycheque was because I spent it at the clothing store I was working at. I do remember the great feeling of independence.
What was your first job?
Alana: My first job was in high school at my local tennis club—I was a receptionist at the counter—and I got a lot of free court time, which was fantastic. I spent all the money I saved from this job on my watch.
Nicky: Working in retail was my first paid job. I did make a few contributions to the store’s bottom line with my salary, but I also started learning how to save for things that I wanted in the future.
What was the biggest money lesson you learned as an adult?
Alana: Well, when it comes to making money, the obvious answer is investing or getting started with investing early on. But I don’t think I have regrets with the choices I made when I was younger. Money is essential for covering your expenses and achieving the quality of life you desire, but it’s something you can always do more with. What I’ve grown to learn is how to make the most of the resources available to you. Take advantage of government programs or available investment vehicles that can help you reduce your tax burden. It’s also crucial to be comfortable with and aware of your risk tolerance. Understand how much risk you’re willing to take on when making financial decisions.
Nicky: Money will constantly come and go through a person’s life, and often I’ve seen that people are scared to let it go. I have learned that money needs to flow. When it is restricted, it tends to stagnate. I’ve done my best to consciously spend, wisely and purposefully, without letting it gush out, yet without restricting my money too much.
What’s the best money advice you’ve ever received?
Alana: Nicky once told me money is like energy it ebbs and flows. It’s this thing that you can constantly generate more of. And you don’t have to live in a world of scarcity when you know what you’re capable of achieving. It’s important to set aside some money for the future and to be prepared for unexpected situations. But here’s the key: Don’t restrict yourself from enjoying life within your own means.
Nicky: This was a piece of advice I received in my earlier years and it’s one that’s resonated: respect money, but do not let it control you. I think it stuck with me because of my personal history and the desire to feel free from money but I realized that freedom also needs to be balanced with the requirement to pay for life’s expenses.
What’s the worst money advice you’ve ever received?
Alana: It’s that early relationship I had with money. The mindset of not spending on things you don’t really need, or things you want but don’t necessarily need. Now that my relationship with money has changed, I think it’s absolutely okay to enjoy life because, let’s face it, life is too short. So, strike a balance between being financially conscious and allowing yourself to indulge in the things that truly bring you joy.
