From being wired to spend to the emotional attachment to money, Shaun Maslyk unpacks how psychology can affect finances

Who are your finance heroes?

David Chilton. When I was growing up, my dad gave me an unsigned cheque for $50 and a copy of David Chilton’s The Wealthy Barber. The deal was that if I read the book in two weeks, he would sign the cheque. As a kid interested in money, this seemed like a no-brainer. I appreciated Chilton’s desire to avoid using complex and intimidating financial terms to create a financial book that is accessible and digestible for many. Now, as a father myself, I appreciate my dad setting me on the path of reading to gain financial literacy in such a fun, light-hearted way.  

Andrew Hallam. The book The Millionaire Teacher had a similar feel as The Wealthy Barber. In a sense, Hallam wrote a finance book filled with exceptional advice given in an approachable, funny and engaging manner. Andrew is a master at storytelling and he makes understanding money and investing—believe it or not—simple.

As my relationship with money evolved, I wanted more. Enter Dr. Brad Klontz [author of Mind Over Money]. He’s an expert in financial psychology and applied behavioural finance. Dr. Klontz’s books, research, and work have helped me transform my relationship with money. His research around money scripts has helped me re-write my money story.

How do you like to spend your free time? 

Time is the elusive finite resource that just may be our most important asset. Inspired by the ancient teachings of the Stoic philosopher Seneca, my outlook and relationship with time has been changing. 

Seneca said, “It is not that we have a short time to live, but that we waste a lot of it.”

Lately, I have been trying to become more mindful and aware of how I am spending my time. I like to spend my time with my wife and kids, working on creative tasks or my podcast, savouring delicious coffee, experiencing the outdoors, running, biking, camping and exploring the world.

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

Is money the only thing keeping us from doing what we truly want to do?

First, I think it’s important to recognize that, as a white male, I have an enormous privilege around money. Still, I feel like when we take the time to understand our relationship with money and what’s important, our entire money framework changes in a healthy manner.

Perhaps to be truly wealthy—or rather truly financially independent—we need to develop a financially free mind, where we see money as simply an ingredient to accomplish fulfilling things in our lives. It’s part of the recipe. 

And maybe, just maybe, it’s at this point where we realize money isn’t the only thing stopping us from doing what we truly want to spend our time on.

For me, that would be spending quality time with my family, being outside, experiencing the world, sitting on my front porch with good company, podcasting, learning and creating environments that facilitate people awakening their money stories.

What was your first memory about money? 

My first real money memory was when I was seven. We were at a family reunion in British Columbia. I was bored. So, I decided to do what any seven-year-old would do and collected rocks from the nearby riverbank. Inspired by my grandpa’s entrepreneurial spirit, I blessed the rocks with my non-existent artistic skills and drew pictures on them. I decided to sell them as souvenirs to all my relatives. I thought it was genius! By the end of the week, I had collected around $75.

Despite having a sub-par product and only one customer, my grandpa, I remember feeling exhilarated. It was the first time I made money. When my grandpa asked what I was going to buy with it? I remember saying, “Nothing! I just made this money; I want to keep it!”

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

Aside from slurpees and candy from the local gas station, the first real thing I bought with my own money was EA Sports NHL 1993 for Sega Genesis. I laid awake all night thinking about taking the game off the shelf, bringing it up to the counter and paying for it with my own money. As I thought about it, I was filled with pride that I was paying with my own money.

What was your first job? 

My first job was delivering the local newspaper on Wednesday mornings when I was 14. I remember dreading each Wednesday as I delivered papers to our neighbours. Within a few weeks—what seemed like an eternity—I retired from the paper delivery business and spent the next few years as a hockey referee. I loved it. I got paid to skate and watch people play hockey. As for how I spent my money, I can’t remember outside of a few video games and Alanis Morisette’s album Jagged Little Pill.

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

The power of understanding my money story and repairing my relationship with money. I realized that we all have a relationship with money, like it or not. And for the most part, it’s a complicated one—this was certainly the case for me.

Despite all the personal finance information I consumed—and still do—I fell into the rat-race trap. I felt frustrated and stuck. I realized it was time to dive deeper into my relationship with money to really find out what I wanted.  

After taking the time to explore things—like how money actually made me feel, what emotions it evoked, what I learned from my parents around money, the role money played in my house as a child, what my relationship with money was, how I used money—I discovered and recognized my own money story. 

I started to uncover my true values. I realized how I was spending my time and how my money wasn’t in line with the most important things to me, and that the last thing I needed was more personal finance information. My soul was seeking more than “how to save more” and “how to invest more.”

I believe when we understand our relationship with money and know what’s important to us, our entire framework around finances changes in a healthy manner. It’s there, from that healthy space, that we can experience financial independence.

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

Anything that starts out with “if you wanna double your money quickly, do this…” For many, getting rich quickly has always been this cool, sexy aspiration. It seems as though, with our emerging love for instant gratification—thanks social media!—making money and doubling your money isn’t good to do if it takes time. Instead, we obsess over finding ways, strategies, and programs—you name it—that promise to get you rich quickly. 

Not only is it bad advice when someone promises you instant or quick above-average returns, but it focuses us on the wrong things. Money wasn’t—and isn’t—the purpose of life. Sure, it is essential and makes life easier; however, when we are obsessing over how much money we need to make, we forget to do the very thing that makes life “rich” and enjoyable to live. 

Let’s first find out what we want from this beautiful life, and then use appropriate and proven tools such as investing that have worked for decades to enjoy the process and stop fixating on the end. Because, when does the end really come? All we have is the process or the journey.  

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

So many variables! Keeping it simple, leaving out taxes, time value or money, etc., I would take the lump sum. I would spend a little bit on my family and friends, take a couple of fantastic trips and then set up a smaller monthly income for life. 

Plenty of research has shown the benefits to our well-being and happiness when we receive a reliable and guaranteed amount of money. And perhaps having that guaranteed income for life would give me the security and permission to act on my deepest desires now, knowing that everything will be alright financially.

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

Automate. Don’t just talk about it, do it. Science has shown us that we are wired to spend. Money serves as a conduit for our underlying human needs to be heard, seen and valued. 

While short-lived and fleeting, spending money increases our dopamine levels, making us temporarily feel good. We aren’t wired to save. From an evolutionary perspective, we would have been shunned from the tribe for saving, known to our ancestors as hoarding. So, the simple yet often looked at strategy of automating savings and debt payments, and automating our entire financial lives, is one of the most effective strategies.

What’s the biggest misconception people have about growing money?

Growing money will make you happier than you are today. If you are unhappy today, it is unlikely that money will make you happy in the future. 

While some research confirms we can become happier when we make more money, there are essential elements that are often overlooked. It is not as simple as making more money and becoming happier.

Evidence-based research around happiness, well-being and money shows us that understanding our relationship with money and spending our money can help us become happier. Money in and of itself isn’t happy, sad or angry. It’s just paper—or electronic numbers these days—and it does not have feelings. We are the ones who attach emotions to it.

However, with some knowledge and practice on spending our money, we can all experience a little more happiness. And the good news is that it does not necessarily mean more money. Research shows that spending money on experiences, a “treat,” buying time, paying now and consuming later, and investing in others all lead to increased happiness levels.

Can you share a money regret?

Despite being a financial planner, I could probably write a book on the number of financial mistakes I’ve made, if I’m honest with myself. My money regret isn’t a “situation.” Instead, it’s the overall manner of how I would respond to myself for making mistakes. I wasn’t kind or compassionate to myself. Rather, I would blame and judge myself, feel guilty, shameful and flawed, when it came to money. The more time I spend healing and creating a positive relationship with money, the more I can remove those harmful money beliefs. 

Now, I try to operate with kindness and compassion, allowing myself to make mistakes because, after all, I am human.

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

My first condo. I was so focused on making sure my girlfriend (now wife) and I got a good deal that we bought a condo that needed several repairs. I convinced her—and myself!—that despite having no experience with renovations, I could tackle them in two weeks. Well, four months later and testing our relationship to the max, we finally finished the renovations. And it definitely wasn’t the deal I hoped.

Do you have a budget? 

Having a plan and knowing where your money is going is critical, but tracking every last dollar isn’t part of my financial system. I don’t really budget.

Instead, I believe in automating all essential expenses, such as saving, investing, paying down debt, fixed costs, meaningful family fun adventures, enjoyable activities etc., and then spending what’s left. I treat meaningful activities as fixed expenses, otherwise they won’t happen. 

I might decide to spend less on housing or food to ensure some of my meaningful life expenses stay in my plan. I review my plan and financial system one a quarterly basis and I observe without judgement how my finances are doing. This is a time for me to pause, observe and course-correct, if needed. 

Plans, budgets etc. are worthless if you aren’t following through with them. That’s why I take the easy way and automate everything.

My MoneySense quick questions

Most recent splurge?

A hot tub to celebrate selling a house. It will provide warmth in our cool Edmonton winters and lots of time to connect with my wife, kids and friends.

Something you always have in your wallet?

My ID.

Favourite possession? 

My bicycles. Or my Breville Barista Espresso machine.

Rent or own?

It depends. I’m not trying to take the easy way out of this question, but it depends on so many factors—personal finances are “personal.” The key is to know what you want and do your research.

Buy or lease?

Same answer!

Save or invest?

Saving for unexpected things and into emergency funds and investing for the future.

Read more My MoneySense profiles:

• Ambitious Adulting’s Liz Enriquez on growing up low-income, the worst financial advice she’s received and more
• What a mutual fund flop, part-time jobs and a box of Nerds taught Sandy Yong about managing her money
• “I took a break from Bay Street to co-write a musical”: Myron Genyk on his money values and getting financially cut off at 20
• Erin Bury on quitting a stable job for a risky paycheque, investing in her 20s and more

About MoneySense Editors

MoneySense editors and journalists work closely with leading personal finance experts in Canada. Since 1999, our award-winning magazine has helped Canadians navigate money matters.

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