Money tips from Jordan Heath-Rawlings: “Make sure you can afford a sudden expense”

Jordan Heath-Rawlings shares your frustration. In November 2023, he launched In This Economy?!, a podcast that helps Canadians tackle financial challenges. Described as “Your guide to understanding an unpredictable economy,” the show explores topics such as inflation, employment, debt, home ownership and repaying CERB.

Heath-Rawlings, who lives in Toronto, is a long-time Canadian journalist—he was a newspaper reporter, a founding editor of Sportsnet, and director of special projects at Rogers Media, among other roles. In 2018, he started Frequency Podcast Network, along with Canada’s first daily news podcast, The Big Story, which he still hosts (he also oversees 30-plus other shows). Below, Heath-Rawlings shares what he thinks about credit, debt, real estate and more—plus why he’s now a “huge points guy.”

Check out In This Economy?!, available on these podcast players. New episodes are released on Thursdays.

Who are your finance heroes?

So, In This Economy?! is designed to come from a curious person, not someone who has studied the financial industry extensively and has formed opinions about it. I don’t really have a finance hero. Except, I’ll say this: My career as a sports journalist, including a lot of time writing about fantasy sports and gambling, has made me keenly aware of the concept of the “mass market miss”—a player or investment that doesn’t seem to match stereotypical norms, so it’s overlooked compared to others, creating easy value for those willing to value results over aesthetics. So, can I say, like, baseball writer Bill James or baseball executive Billy Beane?

How do you like to spend your free time?

I’m a homebody for the most part, so hanging around the house, watching sports, being with family. My partner is a travel junkie, though, so we try to find the time—and money—to take a few trips a year.

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

Golfing—somewhere warm. With my wife and daughter on the beach waiting for me to meet them afterwards. We’ll be doing this in a few weeks from now, and I’m already dreaming about it.

What was your first memory about money?

My first money memory—besides making like 25 cents per row weeding the garden for my grandfather—is my parents wisely not spending $200 to buy me Air Jordans that I would have wrecked in two weeks anyway. I grew up in the burgeoning sneaker era, when they were just becoming big-time status symbols, and I wanted what the cool kids had.

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

Oh, baseball cards. It is absolutely 100% baseball cards. And I still have them in a box in our basement. Sadly, I came of age during the absolute peak popularity for kids collecting cards, so they aren’t worth anything, save for the memories. But in 1988, I—and every other kid I knew—would have told you they’d have made me rich by now.

What was your first job?

My first real job was ushering at the new Scotiabank Theatre in downtown Toronto on opening night in 1999. I think I bought a Detroit Red Wings jersey with my first paycheque.

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

I was one of those gullible university kids that signs up for a credit card in the first week on campus and doesn’t know what to do with it. I got myself into debt that I let accumulate while I was paying for school. It took a long time to pay it off.

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

Buy one good thing that will last, not lots of things that won’t. That usually applied to clothes. This is not original advice, but it’s surprisingly hard to follow in this age of get everything quick.

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

“You’ll get this free T-shirt if you sign up for this credit card, and it’ll help you afford stuff while you’re going through school!” That, or anyone that tells you to save like 40% of your paycheque and not ever indulge yourself. “It’ll pay off in the long run.”

You know what won’t pay off in the long run? Being deprived and sad. Our podcast is the absolute enemy of anyone that tells you to just quit drinking lattes and you’ll own a house one day.

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

I know myself well enough by now to choose the smaller amount every week.

What do you think is the most underrated financial tip?

Have an emergency fund. Make sure you can afford a sudden expense. I spent a lot of years in my 20s living paycheque to paycheque and carrying debt, and it was incredibly stressful—and incredibly hard to get out of the cycle, once you’re in it.

What is the biggest misconception people have about growing money?

What I’m learning hosting In This Economy?! is that a tremendous number of people right now consider their home their chief investment and their retirement plan. This is an incredibly recent phenomenon—and depending on the market, it may not be an investment you can cash in when you need it. Not only has this philosophy contributed to an incredible housing crisis in this country, but it’s got some people who are not in stable financial situations looking at a home with a million-dollar valuation and thinking it will never decline in value and they’ll always be able to afford it.

Can you share a money regret?

I wish I’d opened an RRSP much sooner than I did. Despite having relatively stable employment all through my 20s, I did absolutely no long-term financial thinking.

What does the word “value” mean to you?

I value my time more than my money, as long as I am spending that time wisely. That’s a trade-off I am willing to make almost every time. I can make more money—hopefully—but I can’t get back my time. So, I will order that delivery, pay for a cab to and from the airport, hire a cleaner, if it means I can use that time in a way that I value—with loved ones, pursuing a hobby, getting ready to go out properly rather than dashing out in a rush.

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

I remember spending weeks researching which 24-inch TV to buy when I was in my early 20s, agonizing over what was probably a $300-ish purchase. Hey, it was a big deal to me. In terms of massive purchases, when my wife and I were trying to move from our condo to purchase a home, it took us the better part of a year of constant searching in Toronto, hoping, offering, getting outbid, repeat, before we found something we loved and we could barely afford back in 2019.

What’s your take on debt?

I’d love for everyone to be debt-free, but we do not live in an economy where that’s realistic. Don’t take on debt for things you don’t need and don’t offer any lasting value. But don’t feel guilty in the slightest about debt you need to take on just to live a normal, healthy life in this economy.

What is the last money-related book you read? What did you think of it?

After having a conversation with Shannon Lee Simmons for the podcast, I read her book Worry-Free Money. I love its approach to the emotions that come with choosing what to spend on. (Editor’s note: Read an excerpt from Simmons’ book No-Regret Decisions.)

What is something you always have in your wallet?

My Visa card. I am a huge points guy now—my wife got me into it. It’s the easiest way for me to find a way to occasionally indulge my new gadget habit without feeling guilty. If I’m buying it with gift cards I got with points, it can’t possibly be a bad decision, right?

What’s your next money goal?

A stash of money I can put away on the side, to help ease the inevitable mortgage renewal pain we’re gonna be dealing with later this year.

My MoneySense quick questions

Rent or own?

Own.

Buy or lease?

Buy.

Save or invest?

Save.

Budget or not?

Generally—not.

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• Julie Shipley-Strickland and Bryan Borzykowski: The best money advice from two of the best in the biz
• Chris Guillebeau on Gonzo Capitalism, his $100,000 side hustle, and why average isn’t good enough
• Untangled Money’s Kristine Beese on why financial plans aren’t gender-neutral

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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