The best money advice from two of the best in the biz

Who are your money heroes?

Bryan Borzykowski: Julie Shipley-Strickland, of course. 

Julie Shipley-Strickland: My paternal grandma. She invested steadily for the long term and researched thoroughly what she invested in. She believed in it and had confidence it would be successful—and it was. Also, Warren Buffett. He keeps it simple, he invests in what he knows and what he likes, and he’s confident will do well over the long term. I share the same beliefs. Here’s one of my fave Warren Buffett quotes: “If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”

How do you like to spend your free time?

BB: Playing guitar, writing music and sitting on my deck in Winnipeg Beach. 

JSS: Spending time with my family, travelling, hiking, skiing and just spending time together in the city and at our cottage. I also love exercising, doing Muay Thai, lifting weights, running, yoga, Pilates and spinning. And, of course, socializing, enjoying restaurants. I’m a self-professed foodie, so I love cooking at home. I enjoy my time with friends and family.

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

BB: Swimming in my pool at my luxurious home in Puerto Vallarta.  

JSS: Making the world a better place through charitable work in Canada within the financial literacy space. Oh, and travelling even more with my fam.

What was your first memory about money? 

JSS: Seeing my dad always having cash. Cash is queen/king, but I’m one of the few that still carry some cash.

BB: Babysitting. Getting those dollars was awesome. Also learned how great it feels to spend money.

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

BB: I think it may have been a Beach Boys CD.

JSS: Going to the dépanneur—we call it “the dep” in Montreal. It’s the corner store. I went to buy five-cent candies. I learned that I still love five-cent candies.

What was your first job?

JSS: I worked at a summer camp in my community for July and August, and my hours were 10 a.m. to 3:30 p.m. Can we talk about those hours?! I started saving 20% of each paycheque—the rest I definitely shopped with. I was 15.

BB: I worked at Camp Massad, a Jewish summer camp in Manitoba. I made $800 for the summer and spent it on a Fender Deluxe amp the moment camp ended. I still have the amp today.

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

BB: The more money you make in your career, the easier it is to spend. Your cup, as someone once told me, gets more full as you get older. So, it’s important to budget and not get carried away.  

JSS: To always have a slush fund for emergencies and opportunities. In my mid-20s, I missed a great real estate opportunity because I didn’t have the cash to invest. The opportunity fund is key.

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

JSS: Save a portion of everything you make—the portion can change through the years depending on what stage you are in, but always save something.

BB: Start investing early. I did not heed that advice. 

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

JSS: Debt is always negative. It’s not—as long as it’s used properly.

BB: Buy Delta 9, a cannabis stock that went bust immediately after I bought it. But it’s OK, I only put in like $500 for fun. 

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

BB: All at once. Easier to spend for sure, but if you invest it properly, it’ll grow far more than if you got a cheque once a week.

JSS: I’d rather get the large sum, because then it’s in my control right from the start. But I’d invest it slowly to dollar-cost average and take advantage of changing/fluctuating markets.

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

BB: A little bit of savings can go a long way over time. 

JSS: Start saving something, anything, as young as you can. I don’t think many understand compound interest, and how valuable time is in the market and to your investments.

What is the biggest misconception people have about growing money?

BB: That it’ll just all work out, and you don’t need to plan. 

JSS: That the rate of return is the key. It’s one of many factors that contribute to the growth of your wealth, but it’s not everything. Time in the market, regular contributions, increasing amounts over time, speed at which non-deductible debt can be paid down—these all play into one’s wealth building.

Can you share a money regret?

JSS: I used to purchase items that I liked but didn’t love. Now, if it’s not a “hell yes,” it’s an “eff no.”

BB: I’m dealing with one now. I’ll write about it for MoneySense one day.

What does the word “value” mean to you? 

JSS: Value to me is placing an importance on an item or experience that makes your heart feel whole. For either, I love saving for something that I really want and then being able to purchase it outright—it’s such a good feeling. For an item, I love my shoes, and I love a bag or two. The classics are my favourite. For an experience, it’s to travel with my husband and kids. How good is it to be on a trip and know it’s already paid for? So good.

BB: To me it means buying something you like that can last a long time. Like my $800 guitar amp. 

What was your first major purchase as an adult? 

BB: Probably my first house in 2006. It was scary to spend so much, but looking back now, it was quite the deal.

JSS: The responsible thing to say is buying my first home with my husband in Calgary when I was 24. But, just after graduating from university, the most fun first thing was purchasing a Louis Vuitton bag on Rodeo Drive with money I saved from my waitressing job. I worked so hard to save for that, and I still have it and that memory always puts a big smile on my face.

What’s your take on debt?

BB: It can be good when buying a home or if it’s needed to make a purchase fast, but it can get out of control very quickly. 

JSS: It’s not all “bad.” If it’s being accrued against an asset, I’m all for it. Using other people’s money—or that from a lender—is often much more fruitful than using your own.

What was your most recent splurge? 

JSS: Physical thing? Shoes. It‘s always shoes. Experience? Travel with my family. It’s always travel.

BB: Taylor Swift tickets! 

What is the last money-related book you read?

JSS: Gosh, I haven’t read a money book in ages. I have three books on the go, though. One I’m reading is The Supernova Advisor (Wiley, 2007) by Rob Knapp. It’s about giving exceptional client service, and I’m loving it. Two, Quit Like a Woman (Penguin Random House, 2021) by Holly Whitaker. A girlfriend recommended it as it’s about women’s relationship with alcohol coupled with the patriarchy—a fascinating read. Three, The Highly Sensitive Child (Penguin Random House, 2002) by Elaine N. Aron, which gives support, ideas and collaborative tactics to parents for children who are on the sensitive spectrum. It’s got many wonderful tips in it.

BB: This is totally self-serving, but Personal Finance for Singles. I don’t get to read a lot, so, actually, my book was the last financial book I read cover to cover. I’m in the middle of some others. 

What is something you always have in your wallet?

JSS: Cash. I know, I know. Who carries that these days? But I’m rarely without it.

BB: My Nexus card. 

What is your favourite possession? 

BB: My 1996 Mexican Strat and my more recent Taylor acoustic guitar. 

JSS: I’m not tied to possessions, but I’m very strongly tied to experiences. A few of my faves? My husband making me my coffee in the morning, looking deep into my children’s eyes and connecting with them, hearing how the world is seen by them, a quiet night chatting with my husband, and enjoying a glass of wine while catching up with friends.

What’s your next money goal?

BB: Saving more for retirement. 

JSS: Answering these MoneySense quick questions.

My MoneySense quick questions

Rent or own?

BB: Own.

JSS: Own. All day, every day. Unless it’s a boat or a plane—for now.

Buy or lease?

BB: Buy.

JSS: Buy. My Volvo is 12 years old. I paid it off in 2015, and now it’s been amortized down to $0. The value of this depreciating asset makes me so proud that I’ve spent $5,000 on that vehicle since 2015. Although, to be truthful, I may have to lease my next car. 

Save or invest?

BB: Invest.

JSS: Same, same in my books. Saved money should always be invested, even if simply in a HISA—high-interest savings account.

To budget or not? 

BB: Budget.

JSS: Not. I prefer a balance between saving and spending; putting aside a portion of what you earn is essential every time you earn it. It’s such a valuable habit to engrain in your behaviours.

More from My MoneySense: 

• Chris Guillebeau on Gonzo Capitalism, his $100,000 side hustle, and why average isn’t good enough
• Reni Odetoyinbo on why you should pay yourself first and have multiple streams of income 
• Kristy Shen on living the FIRE life and using money to “buy back time”
• Shane Murphy: “Real value lies in giving people meaningful work and helping them avoid burnout” 

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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