Lisa Hannam on measuring time and money, and more

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.

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.”

What’s the best money advice you ever received?

That time is money. It really puts my finances into perspective for me. I remember being in high school and understanding my hourly wage and how many hours I would have to work in order to buy certain things. It made making decisions a lot easier. If I had to spend more than 20 hours in a fast-food uniform, it probably wasn’t worth it. I don’t count my working hours today, but I still look at what it means time-wise to buy something.

What’s the worst money advice you ever received?

That I saved too much. I think this came from a friend who I made feel self-conscious of their own savings. I’m a good saver. That money has moved into better things like my RRSPs and TFSAs. So, sometimes the worst money advice you receive isn’t about the money advice, it’s more about the person giving the advice. Just be critical of why people tell you what to do with your money. 

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

I’ll go for the large sum of money at once, because I feel that I’m already receiving smaller amounts of money every few weeks. I would love to see what I could do with a large sum of money. Where would I put it? What would I invest it in? I’m curious to see what I would do with it.

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

We all say, start saving and investing now—yet we don’t all do it. Working at MoneySense and having worked on our compound interest calculator has really opened my eyes to the cost of waiting. Don’t wait is the most underrated advice.

What are the biggest misconceptions people have about growing money?

The biggest misconception about money is around social media, within friend circles, or even just in general: People who show you their money probably don’t have a lot of it. It’s the people who don’t show off their money that probably have a lot of it. That’s because what you see people spending their money on isn’t necessarily indicative of how wealthy they are.

Can you share a money regret?

I’m not a fan of thinking about regrets, because I don’t love dwelling on things. But I can say I’ve made money mistakes. I’ve bought things I didn’t really want. I could have saved more. I’ve accidentally missed payments. But, I’m pretty conservative with my money. 

What does the word value mean to you?

I value doing things for the first time. Anyone who knows me knows that I’m pretty much a “yes” person. I value learning something new, trying something new. I always have the sense I’m going to fail at something, but I have learned to be okay with it. That’s why I really like trying new things, because even if I do fail, at least I tried.

What was the first major purchase you made as an adult?

Buying a brand-new car. I remember being in my early 20s, sitting at a dealership that my family always went to. I was being up-sold on things, and being like, “yeah, of course I want the best, safest, whatever.” I was about to sign the contract, when I was like, “Wait a second, I’m feeling like this isn’t just me making decisions.” I felt influenced. Did I want to spend $30,000 on a car? 

I ended up buying a used car of the same model.

What’s your take on debt?

The concept of debt and how we process it, to me, changes as you age. When you’re younger and starting to buy major purchases, whether a car, a home, property, even planning a wedding or whatever, it can feel overwhelming. It’s not until you get older, paying things down, that you realize how much debt is a part of Canadian culture. When looking at my bills, it felt like “this can’t be normal” to owe this much money. Turns out, it’s normal. And it can be paid off.

What’s your most recent splurge?

A vacation to Germany to see the Euros. I would say that I’m starting to spend less and less on my vacations, only because the things that felt novel when I was younger don’t anymore. And so, I just look for the time to get away and surround myself with great architecture and eat great food.

What was the last money-related book you read?

The last money-related book I read—this is kind of funny—was the Canadian Securities Course textbook. Admittedly, I didn’t find it an easy read. While I was able to digest everything in the book, I found the testing method to be the skill that I took away from it. I actually had to learn how to take multiple choice quizzes and exams, which was key for me in completing the Canadian Securities Course.

What is something you always have in your wallet?

I always have my PC Financial World Elite Mastercard. I use it throughout the year, and then I redeem my points for groceries for Christmas dinner in December.

What is your favorite possession?

I think it’s my home. It is very comfortable. I like the neighbourhood I live in. Because we climbed the real estate ladder, I feel now that this is my home-home. I never want to leave.

What’s your next money goal?

To grow my ETFs, and to manage a bit of more of that myself.

Quick Questions

Rent or own?

Both. Learn from both.

Buy or lease?

I always buy, for no reason other than I’m afraid of going over the kilometres limit.

Save or invest?

Save first and then invest was my approach. But I don’t see any reason why you wouldn’t want to do both at the same time. I just found learning to save to be an easier first step than learning to invest.

Budget or not?

I don’t love budgeting. I’m much more of a conscious spender and always checking my bills, my bank account, my statements.

More from My MoneySense:

• “Get to know and minimize the investing fees you pay”: Michael McCullough, MoneySense consulting editor
• “I have the dream job”: Brian Scudamore on making meaning with your money
• Hina Khan on how to escape habits that get in the way of success
• Ellyce Fulmore is putting the personal back into personal finance

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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