Tareq Hadhad unpacks his investing journey and how Peace By Chocolate came to be

Three years later, he and his family moved to Antigonish, Nova Scotia, as refugees. As they settled into their new home, Hadhad had the idea to re-establish the family chocolate business. He was named one of RBC’s Top 25 Canadian Immigrants and RBC’s Entrepreneur of the Year in 2020, and he has been awarded the Queen Elizabeth II’s Platinum Jubilee Medal. His family’s story is the subject of the best-selling book Peace by Chocolate, as well as a feature film by the same name. 

Who is your investing hero?

Warren Buffett for his massively known successful investing approach. I am also inspired by how celebrities like Oprah Winfrey and Ryan Reynolds use their wealth and platforms to serve their community.

How do you like to spend your free time?

I enjoy spending my free time learning new skills, staying active and exploring nature. I also like to explore new hobbies and spend quality time with family and friends.

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

I would likely be writing and blogging more, exploring different cultures, and pursuing new passions while focusing on serving others.

What was your earliest memory about money? 

My first memory is learning to save with the money box that my grandmother bought me when I was eight years old. It’s the most significant gift of my childhood. It taught me to save up my allowance to buy a special toy I wanted. I also learned the value of patience and the satisfaction of achieving a financial goal because I couldn’t open it until it was full.

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

When I opened my money box, I bought a bicycle, Pokémon cards and LEGO sets. This was a significant purchase for me, and I had to save for a while to afford it.

What was your first job? 

My first job was working at my father’s chocolate factory when I was a teenager, helping in the packaging department. The first part of my job was enjoyable since I was always eating chocolate while I worked. The first real paycheque I earned, I saved a portion and treated my friends to a nice dinner.

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

The importance of financial planning, budgeting and living within my means. I realized the significance of saving for the future and avoiding unnecessary debt. If I could do anything differently, I would have started investing earlier.

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

The best money advice I’ve received is to diversify your earnings streams and never put your eggs all in one basket. As my father used to always tell me, just like in the business world, “If your financial advisor isn’t smarter than you, you are doing it wrong.”

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

The worst money advice I’ve received is to always buy the cheapest option. A piece of less bad advice was to invest only in the stocks of big companies.

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

I can make use of both scenarios, but I would prefer receiving a smaller amount of money regularly for life. It provides financial security and a consistent income stream, which is important for long-term financial planning.

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

The most underrated financial advice is the power of investing early. Many people underestimate how small consistent savings and investments can grow significantly over time.

What is the biggest misconception people have about growing money?

That you need a financial advisor to grow money. While financial advisors can provide guidance, you don’t really need one to grow your money especially if you are in a low-to-mid income bracket. Nowadays, using technology and the internet, anyone can find many trustworthy resources available for self-education. With careful research and a clear financial plan, you can manage your finances and investments effectively on your own until bringing in experts and advisors becomes necessary to have a customized plan.

Can you share a money regret?

One of my money regrets is not investing early enough in some of the areas I am very passionate about.

What does the word “value” mean to you? 

Value means getting the most out of every penny that’s spent. I’m okay with spending money on quality education and experiences, even if it seems expensive at first, because they can give lasting value and personal growth.

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

My first car. It took me a lot of time to research and decide on the right vehicle that matched my needs and budget. I had to compromise on some features to make sure I paid for it all upfront. 

What’s your take on debt?

Debt can be used as you want. It can help you grow or it can have severe consequences and become a burden. Like every other aspect of money, debt should be used strategically and responsibly. Good debt can be an investment in one’s future. However, our societies struggle with consumerism and we buy a lot of things we don’t need. That’s why excessive consumer debt should be avoided.

What is the last money-related book you read?

The Year of Less by Cait Flanders. While I didn’t agree with all of it, I learned about mindful consumption and regaining financial control. The book encouraged my goal-setting and discipline and underscored the importance of community.

What’s your next money goal?

To learn how I can achieve my financial targets and give back to the community for the causes that I am passionate about.

My MoneySense quick questions:

Rent or own? 

I prefer to own a home for long-term stability, but as someone on the move, I know rent is a good option as well to achieve short-term goals.

Buy or lease? 

Buying is generally my preference, but it depends on the asset.

Save or invest? 

Both are essential. Saving provides liquidity and a safety net while investing is important for growth over time.

Budget or not? 

Budgeting is crucial for managing finances effectively.

More from My MoneySense: 

• Allan Small on his glass-half-full view of the markets and managing risk
• 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
• Reni Odetoyinbo on why you should pay yourself first and have multiple streams of income 

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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