GUEST INTERVIEW: TO MY 16-YEAR-OLD SELF

Earlier this month, we had a special guest, Chris Manning, visit us at our company meeting and speak about his experience in the finance industry. We interviewed him and asked him some interesting questions:

What was your relationship / attitude about money in high school?

When I was in high school, I involved myself within the school by doing multiple activities. The couple of activities that had me related to money the most was my part time job of being a hockey referee and joining JA. Being a hockey referee allowed me to have some spending cash and save for my post-secondary education.

How did you save money for University tuition? Why did you choose that university?

I completed my undergraduate degree at York University and then went straight into working at one of the big 5 banks. I was paying for my tuition while in university by working a part time job. This helped me decrease my student debts, but I am still paying them off to this day. While working full-time at Scotiabank, I completed my MBA at Queen’s University. Both the universities I attended had the content and flexibility I was looking for, along with this they both have solid reputations.

Where and at what age did you open up your first bank account? And what made you go to them?

My first bank account was where my parents banked. I banked with them because of the proximity to my house, because of this it was an obvious choice. But, after I started my career at Scotiabank I have moved my banking over to Scotia. Banking is evolving and “our parents’ bank” isn’t how we customers are making their choices anymore.

Growing up, how’d you get smart on money?

My parents were a large influence on my financial education. They taught me the importance of saving and money management at an early age. My parents’ advice, having a part time job, and participating in Junior Achievement all helped me learn to get smart.

What was your worst purchase ever? What was the best purchase you’ve made?

The worst purchasing decision I have ever made was probably putting money down on a car I didn’t need. Cars are a depreciating asset and anytime you look at a depreciating asset as an investment, it’s probably not a good idea. I only lease now. The best purchase I have made was buying my house in Toronto.The value of real estate is going up, so I know it was a good investment.

What financial or life advice would you give your 16-year-old self?

I would tell myself not worry about pigeonholing myself. At a young age, it is very important to take many risks because it is your only chance to. Being different is so important, make sure to be diverse and always try many new things. Don’t worry too much picking a specific path early on.

If you just won a million dollars, what would you do with it?

I would pay off my mortgage, but that is a classic answer of any person who owns a home in the GTA. With the money left over from paying my debts, I would invest in an early stage technology company. Fin Techs are developing and leveraging some incredible emerging technologies, such as blockchain, artificial intelligence and machine learning.

How do you use your money to make more moments?

To make more moments and achieve my long-term goals, I always contribute to my day-to-day savings account along with my retirement savings plan. It is always important to have funds for unforeseen situations or emergency expenses, that is why regular saving is so important. At the bank, we often talk about “paying yourself first” which means treating savings with the same priority as paying your bills.