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

I’ve had multiple people tell me that investing is complicated. Even when I was just starting to build Clearco, I would hear over and over again that I didn’t understand credit, simply because I didn’t look like the typical banker, I didn’t have an Ivy League education, I was a woman from Western Canada. We have a lot of preconceived notions, especially about money, but when we take a step back, money is like anything else. You need research, knowledge and confidence.

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

The entrepreneur in me says a lump sum, never underestimate the power of compounding interest.

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

Diversification. Whether it’s investing in stocks or bonds, real estate or just simply building a rainy-day fund, I discourage everyone to put your eggs in one basket. 

What is the biggest misconception people have about growing money?

There are so many “experts” out there, telling you this or that, about how to grow your money. They used to be called get-rich-quick schemes. Now I feel like there’s a whole subset of social media dedicated to this. The truth is though, there is nothing that doesn’t start with hard work and dedication, that is the only common thread when talking to anyone about growing money.

Can you share a money regret?

Not starting angel investing earlier. The barrier to investing is lower than you would expect. A small amount of money can make a massive difference to an entrepreneur.

What does the word “value” mean to you? 

It’s hard to put a specific price tag on time, but I try to “value” my time as much as possible, knowing everything is a trade-off. For example, I know that cooking can take up an inordinate amount of time, and therefore I choose to splurge and don’t do much cooking. I’ll always spend extra money on delicious food.

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

I am a part of a very different generation that did not buy a lot of assets and was very late to buy houses or cars, and just rented. Renting allowed me to move anywhere, which was great for my career. I went to Chicago after the Groupon acquisition, and San Francisco to start Clearco. In some way, not having assets helped with my career and money management. I could take advantage of a lot of opportunities by not setting down roots, as I was not leaving anything behind. 

I do remember buying two suits for my first real job when one of my companies failed. At the time the recession was so bad, I took a job at a major retailer for a year. They got a year of good use and haven’t been used since.

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