Ambitious Adulting’s Liz Enriquez on growing up low-income, the worst financial advice she’s received and more

Who are your finance heroes? 

When I first started learning about personal finances, I found resources from Canadian content creators like Jessica Moorhouse and Bridget Casey to be super-valuable. 

How do you like to spend your free time?

I’m currently renovating my house and I’m a new mom to a one-year-old… so my free time is limited. But, when I can, I love catching up with friends over dinner and wine.

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

I’d be slow-travelling the world with my family. A few months in each city, and paying for flights for friends and family to come stay with us.

What was your first memory about money?

Very early on in life, I remember feeling like my family didn’t have money. While other kids shopped at the Gap or Old Navy, we only shopped at thrift stores. Other kids went on vacations; we went to the park near my house on school holidays. I felt the lack of money.

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

Candy! I started a paper route when I was around 12 and always bought candy from the convenience store.

What was your first job?

I had a few jobs like my paper route and being a babysitter, but when I was 16, I got my first official job as a waitress.

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

There is an entire world of advanced finances that most people never experience or understand. Like options, trading on margin, private lending, leveraging debt and other strategies. We’re taught the absolute basics and it’s up to us to keep learning. 

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

Spend less than you make. This advice is the reason I always worked multiple jobs and lived minimally. I’ve been saving over 40% of my income since I was 23—and it’s really paid off! 

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

Don’t use credit cards! I get why it’s general advice, but I consider credit cards to be tools in my money toolbox. I know how to use them strategically. (I do have a credit score of 840, after all.) 

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

Diversify your income streams. Most people still only have one source of income. To me, that’s riskier than investing. 

What is the biggest misconception people have about growing money?

That you’re going to lose all of your money if you invest it. Of course there are risks involved but unless you’re investing in high-risk stocks or assets, it’s unlikely you’ll lose all of your money. 

Can you share a money regret?

Investing in meme stocks that were overhyped. 

What does the word “value” mean to you?

Value is something that makes you happy. Some people value time with friends, other people value materialistic things. I value experiences over things so I never feel bad spending money on dinner with friends.

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

My house, when I was 24. 

What’s your take on debt?

Depends on the debt. High-interest debt, tackle it right away. Mortgage debt or student loans are fine. 

What is the last money-related book you read?

With a new baby at home, I haven’t been doing a lot of reading, but I was watching some great YouTube clips about finance. CNBC has a great series called “Make It” and Vice has some nice crypto videos that are a good length for busy people. 

My MoneySense quick questions

Rent or own?

Own.

Buy or lease?

Buy.

Save or invest?

Invest, of course!

Budget or not? 

Nah, but be aware of your spending.

Read more My MoneySense profiles:

• 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
• Jessica Moorhouse on asking for a raise and what she’d do if money were no object

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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