Working Towards a More Empowering Relationship with Money: A YWiB Role Model Interview with Liz Enriquez
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Young Women in Business Toronto (YWiB) aims to provide our diverse community of young, self-identified women with genuine career advice, encouragement, and examples of local role models. That's why, for the next few months, we’ll be interviewing both career professionals and entrepreneurs our community can be inspired by and learn from.
Liz Enriquez, Founder of Ambitious Adulting
Liz, tell us about yourself!
I’m Liz and I am a Canadian Personal Finance Mentor. I was born in Mexico and moved to Canada when I was 5 years old. Despite growing up in a low-income household, dropping out of math classes in high school, and living with anxiety, I reached financial security in my 20s.
I saved aggressively, I started investing at a young age, I worked entry-level jobs and many side-gigs, and then I started a business. By age 26, my net worth grew to 6 figures and I quit my full time job as a data analyst to become a Personal Finance Educator.
How did you come to launch Ambitious Adulting, and what is your vision for helping others?
I started the blog in 2016 after purchasing my first property at age 24. It was a hobby blog where I wrote about my Do-It-Yourself projects and failures and when I saw my analytics, the posts about how I saved for the down payment were the most popular. As such, I started focusing on sharing lessons about investing, budgeting, homeownership, and adulting, and my brand grew.
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You’re very open on your social channels about your personal relationship with money. As well, you’ve talked candidly about your past experiences with living paycheck to paycheck. Why do you feel it’s important to share this with others so openly? How did that experience(s) impact your approach to advising and supporting others?
I want to help people—especially young people—grow without the struggles I went through. Growing up without a lot of money caused me a lot of stress and shame. When I was 17, I started experiencing constant anxiety attacks because I was so worried about money. I wasn't sure how I was going to afford to move out and go to school, and it was a very painful experience physically, emotionally, and mentally.
I believe that everyone has the potential to grow their wealth and if I can share some strategies that worked for me, and hundreds of my clients, then I can help other people reduce some of the stress they have about money.
Some of our community may have lost employment, side hustle, or business revenue during the pandemic, especially early-on. What is your advice for those who are struggling to recover financially as a result of the pandemic?
In tough situations, I personally like to know that it is temporary. We saw mass unemployment in 2008/2009 during the housing crisis and there have been recessions and depressions in the past, but humans have found ways to be resilient.
Tough times don't last forever. It's crucial to cut out all non-essential expenses and negotiate when you can. If you are able to, look into side jobs and increase your income by selling items, delivering food, or starting an online business. I've seen people resell items from thrift stores. I've helped entrepreneurs start online businesses for under $100. I know people moving back in with their parents. These are all ways to get ahead if you are struggling financially.
On the other hand, some young professionals may have more money as a result of working from home and spending less on transit, leisure, and dining out. If someone now has more money at the end of the month than they did before the pandemic hit, what should they do with it to better meet their financial goals?
If you're in a position where you've maintained your employment and income, here are some of my suggestions:
Help the community by shopping local and picking up food instead of ordering in
Focus on paying off any high interest debt (credit card debt)
Build your emergency fund (at least three months of expenses)
Invest once you have tackled your debt and built an emergency fund.
You recently shared your story and advice regarding finances for couples. Do you recommend any strategies or tips for couples as they start to discuss debt, savings, investing, and financial goals? How early should someone speak to their partner about debt or other important areas of their finance that may lead to difficult discussions?
Discussing finances can be awkward when you are first dating. I started talking to my partner about finances because I was working on my budget when he called me to set up a date. He asked what I was doing and I let him know I was updating the spreadsheet I use every month. That naturally led into me asking him if he budgets and it broke the ice early on. You could ask your partner if they've ever heard of a certain budgeting app, or if they recommend a specific credit card or savings account. If you see a future with a partner, start talking about finances as early as possible to ensure you are on the same page. Once you start with the basics like budgeting styles and priorities, it will be easier to talk about some tougher subjects like debt and investing goals.
Read More: Andrea Henry shares tips for protecting your moneymaker and staying true to yourself
Many people with debt experience shame. In your work with clients, do you have any specific approach to reframing debt management/repayment as an experience that empowers, rather than discourages?
Shame is natural and in my opinion, a certain level of shame is healthy. It can be used as a motivational tool for some people (like myself), but other people are motivated by different emotions. When I work with clients, I help them understand what motivates them. I personally need to feel shame to make changes, otherwise if "everything is fine" I don't feel the need to change.
It's important to recognize that we are all humans who make mistakes but we can choose to turn the script around and make changes.
Forgive yourself for mistakes and situations in the past and make a timeline and data-driven goal to help you create a plan for the future. Personal finances are emotional, so if you can add structure with apps, spreadsheets, and accountability, it can really transform your finances.
Who or what is your biggest source of inspiration?
My parents! They immigrated to Canada in 1996 with three young kids. My mom learned English here, she learned how to drive, and she gave up a career as a lawyer in Mexico so we could have a better life. My parents knew how to stretch a dollar and they taught me how to live minimally and be financially responsible. They were very strict, and we didn't always see eye-to-eye, but as I got older, I appreciated all of their sacrifices and lessons.
Liz Enriquez helps Canadian Millennials learn about personal finances in a fun and non-intimidating way. As a young adult, Liz struggled with anxiety around money, and became committed to improving her financial literacy to help her cope. She dove deep into Personal Finance books, blogs, and podcasts and saved $100,000 by the time she was 26. She has been featured in BNN Bloomberg, Globe and Mail, and Apartment Therapy, and hosts her own show "Ambitious Adulting" on Cable 14.