From the C-suite of Nicky Senyard and Alana Levine: Letting go of money’s power, the worst advice and more

Who are your money heroes?

Alana: I am a big fan of Sallie Krawcheck from Ellevest. She’s really changing the game when it comes to helping women create wealth.

Nicky: I enjoy following various individuals and extracting the most effective strategies for myself. One influencer who truly stands out is Jessica Moorhouse. What distinguishes her is her unique approach to discussing financial challenges and achievements. Jessica has a remarkable ability to break down complex concepts without oversimplifying the content, making it accessible to millennials and valuing exactly where they are.

How do you like to spend your free time?

Alana: I absolutely love staying active and trying out different sports like hiking, tennis, swimming, and skiing in the winter. It’s such a great way to have fun and stay fit! And of course, nothing beats the joy of being surrounded by my amazing family and friends.

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

Alana: I’d be on a boat or a plane somewhere. I love to travel.

Nicky: I did a career growth seminar or workshop in my mid-20s and they had an exercise very similar to these questions. If you had all the money in the world, what would you be doing now. At the time, I was able to honestly say doing exactly what I was already doing—even if I didn’t need to work. Now, a good number of years later, I still feel the same way. I love what I’m doing and it’s a major part of my contentment. The only exception is that I would probably be traveling a little more because my son has moved to another country.

What was your earliest memory about money?

Alana: You know, I grew up in a culture where scarcity was a big thing and the idea of saving for a rainy day was deeply ingrained in me. It had a significant impact on how I viewed and dealt with money. But as I’ve grown, my relationship with money has really transformed. It’s become so different now, and I’ve learned to approach it in a whole new way.

Nicky: Money is such a funny thing. It creates struggle, it creates joy, and it shapes most experiences. My earliest memory of money was centered around stress. After much introspection and consideration, I came to a place where money is no longer an element that controls—it’s simply a tool. A tool that allows me to build and a tool that helps create experiences.

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

Alana: I bought a watch from Bloomingdale’s. I used up all the money I earned during the summer before heading off to school. I still wear that watch pretty much every single day.

Nicky: I started working fairly young—I think I was 15 and it was in retail. I don’t think I even remember what my first paycheque was because I spent it at the clothing store I was working at. I do remember the great feeling of independence.

What was your first job?

Alana: My first job was in high school at my local tennis club—I was a receptionist at the counter—and I got a lot of free court time, which was fantastic. I spent all the money I saved from this job on my watch.

Nicky: Working in retail was my first paid job. I did make a few contributions to the store’s bottom line with my salary, but I also started learning how to save for things that I wanted in the future.

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

Alana: Well, when it comes to making money, the obvious answer is investing or getting started with investing early on. But I don’t think I have regrets with the choices I made when I was younger. Money is essential for covering your expenses and achieving the quality of life you desire, but it’s something you can always do more with. What I’ve grown to learn is how to make the most of the resources available to you. Take advantage of government programs or available investment vehicles that can help you reduce your tax burden. It’s also crucial to be comfortable with and aware of your risk tolerance. Understand how much risk you’re willing to take on when making financial decisions.

Nicky: Money will constantly come and go through a person’s life, and often I’ve seen that people are scared to let it go. I have learned that money needs to flow. When it is restricted, it tends to stagnate. I’ve done my best to consciously spend, wisely and purposefully, without letting it gush out, yet without restricting my money too much.

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

Alana: Nicky once told me money is like energy. It ebbs and flows. It’s this thing that you can constantly generate more of. And you don’t have to live in a world of scarcity when you know what you’re capable of achieving. It’s important to set aside some money for the future and to be prepared for unexpected situations. But here’s the key: Don’t restrict yourself from enjoying life within your own means.

Nicky: This was a piece of advice I received in my earlier years and it’s one that’s resonated: respect money, but do not let it control you. I think it stuck with me because of my personal history and the desire to feel free from money but I realized that freedom also needs to be balanced with the requirement to pay for life’s expenses.

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

Alana: It’s that early relationship I had with money. The mindset of not spending on things you don’t really need, or things you want but don’t necessarily need. Now that my relationship with money has changed, I think it’s absolutely okay to enjoy life because, let’s face it, life is too short. So, strike a balance between being financially conscious and allowing yourself to indulge in the things that truly bring you joy.

Nicky: “Always save for a rainy day” is probably the worst piece of money advice I’ve received. The premise is understandable, but it’s a very shallow view on saving. Saving money can be applied in a variety of ways. It could be through saving cash in an interest-bearing account, or it could be something more active, like investing in real estate or through investment funds. It’s better to save and build at the same time to be efficient and effective with funds.

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

Alana: Tough to answer that question in a vacuum, but I’d probably say the lump sum because then you have a lot more flexibility to do what you want with it.

Nicky: Assuming we’re ignoring the time-value of money, I would prefer to receive an equivalent amount of money upfront, or a discounted and tax-reduced amount, over time. By receiving it upfront, I have the freedom to make my own choices and take responsibility for what I do with it.

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

Alana: Take advantage of government programs and understand what you have at your disposal that you can use to create more wealth for yourself.

Nicky: I believe the most underrated advice or strategy is having and encouraging financial transparency with your own money. This involves always knowing where your money is coming from, as well as when and how you’re spending it, whether that is on necessities or extras. It serves as a foundation, providing the knowledge necessary to build any desired financial freedom. Having these foundational pieces is crucial because it makes you comfortable with your own financial situation.

What is the biggest misconception people have about growing money?

Alana: You need to have a lot of money to do it.

Nicky: I think that largely depends on people’s relationship with money and their background. For me, I initially had the perception that growing money is difficult. What I’ve learnt is that if I plan money investments wisely, it will grow. When I started with the goal of money growth, I needed to educate myself on the many options on how to do that and eventually I became comfortable in handling money growth independently.

Can you share a money regret?

Alana: One of the things I regret is not starting to invest earlier and not being as mindful about it. I wish I had taken more control and responsibility for my own financial decisions instead of relying on others to handle it for me.

Nicky: Money regrets, I think, happen to everyone. Whether its buyer’s remorse for something I didn’t need or an investment that didn’t pan out the way I had hoped, the pang of regret does hit me. Instead of dwelling on the regret I try to reframe and learn from the experience.

What does the word “value” mean to you?

Alana: Money is a measure of worth. It represents something that you’re willing to invest your energy, money or time into. For me, personally, I highly value travel and exploring the world, and experiencing new cultures. It’s something I find incredibly rewarding and worthwhile.

Nicky: I have diverse preferences when it comes to spending money, and I don’t mind investing in things that others might not find valuable. What I’ve come to realize is that everyone has their own unique comfort levels and value systems when it comes to finances. My husband and I often differ in our perceptions of what is worth spending on. I’ve observed that individuals with varying financial circumstances can also hold different values. I’ve learned that what may be significant to me might seem trivial to someone else, and vice versa. This understanding has made me more accepting of my own spending choices, even if they differ from others.

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

Alana: I bought myself a car.

Nicky: My first major, significant purchase was also the purchase I was the most nervous about. In the very late ’90s, I decided it was time for me to buy a house. I saved and budgeted, and saved some more. Once I had the deposit together, I needed to apply for the mortgage. It was terrifying. I couldn’t imagine being solely responsible for so much debt. Then going through the process of finding and finally getting the house was another rollercoaster of emotions. My little house in the outer suburbs was an accomplishment that I’m personally proud of.

What’s your take on debt?

Alana: There’s a lot of value to taking on debt, as long as you’re in control.

Nicky: I love it. And the reason I do is because, to me, you can use debt to build your wealth. A lot of people feel uneasy when it comes to debt, but it could be a great tool to be able to grow your wealth.

What was your most recent splurge?

Alana: Plane tickets.

Nicky: I think the definition of a “splurge” is always so subjective. I recently had a milestone birthday and decided that a weekend away with friends was a great way to celebrate. The time and attention my friends and I committed to that weekend felt like a splurge. Experiences aren’t something that can replaced, and I remember them so much more vividly.

What is the last money-related book you read?

Alana: I did read Predictably Irrational (Harper Collins, 2019), which talks a lot about people’s relationships with money, so it’s an interesting read, especially if you’re in a sales or marketing role.

Nicky: Not really a money related book but one on entrepreneurship: The Founders (Simon & Schuster, 2019) by Jimmy Soni. I appreciated learning from others who have travelled down similar paths. There’s always something to grasp from other people’s experiences.

What is something you always have in your wallet?

Alana: A credit card and a business card.

Nicky: Just my credit card. I keep most of my valuables—and my photos—on my phone.

What is your favourite possession?

Alana: My photographs.

Nicky: My yoga mat. A positive from COVID is that I started regularly practicing yoga. I now make time for it most days.

What’s your next money goal?

Alana: Buy a property.

Nicky: I really have a passion for building businesses. I like the problem solving, creating relationships and working toward a goal. My next money goal relates to building a great business that becomes a valuable part of the financial industry.

My MoneySense quick questions

Rent or own?

Alana: Rent where you live. Own for investments.

Nicky: I’ve been in a position where I have both rented and owned property. I think both approaches have their own pros and cons. I do like the feeling of living in a property that I own, and I do appreciate that sometimes renting is the best economic decision.

Buy or lease?

Alana: Buy.

Save or invest?

Alana: Invest.

Nicky: I think I lean towards investing generally. It could be investing in an idea, a business concept or into the markets. I come from the philosophy that you can always build more which I suppose is like investing.

Budget or not?

Alana: Who says no to budget?!

Nicky: Like all things you need to build from stable foundation. I think budgets provide the stable foundation that enable a person to have structure and provides a plan to follow. I think that within the budget you need to have space for the unexpected and the splurges. 

Read more My MoneySense profiles:

• Reni Odetoyinbo on why you should pay yourself first and have multiple streams of income
• The one thing influencers Steph & Den want you to know about retirement
• The Pink Tax author Janine Rogan on how she stopped impulse buying and started building wealth
• Kristy Shen on living the FIRE life and using money to “buy back time”

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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