YWiB T.O. Interviews Jessica Moorhouse

This month Young Women in Business Toronto will be hosting its first financial literacy event. We are very excited about this topic and believe it is vital for all young women in business to be as proficient as possible in their personal financial matters. We are honoured to have Jessica Moorhouse as our keynote speaker at this event. Jessica is a full-time (award winning) blogger, podcast host of Mo’ Money and founder of the Millennial Money Meetup. She is in the process of being certified as a financial counsellor and will soon be publishing an e-course on personal finance. Despite this busy schedule, YWIB is very pleased that Jessica will be taking the time to pass on her extensive knowledge to our audience.

I had the pleasure of asking Jessica about financial literacy and its significance to the young women of today. Here’s what she had to say;

How and why did you get involved in financial literacy?

I’ve always been pretty frugal. It’s just how I was raised, so I’m thankful for learning that habit early in life. But my family never really talked about money. So when I graduated university, got my first job and moved out on my own, I had a lot to learn. I was tired of being the poor student and always feeling broke. So, I started reading books, blogs and educating myself on personal finance...and I got hooked. I realized that it wasn’t just about numbers, it was about creating habits, understanding the psychology of spending, and being smart and patient with your money so you could achieve some really big goals (like owning a home or retiring early). I realized that living an awesome life wasn’t just for those lucky enough to have been born rich. Anyone can achieve that life if they managed their money well.

Do you think most young people today have a good grasp of financial literacy?

Yes and no. Some people like me have good habits that they were passed down from their parents, and some people are starting their personal finance journeys well into their 30s. But what I am seeing more of is a hunger to learn, especially from millennials. The feedback that I’m constantly getting from readers of my blog, listeners of my podcast or members of my Facebook group is that people are tired of feeling broke all the time and not living the life they really want. And luckily now there are so many great resources around that can help people, if they actually put the work into it.

What do you think a young person just starting out on their career should know more about investing?

The first thing I think young people really need to understand is fees. Most people have no idea that they are paying fees on their investments, and those fees could take the form of thousands of dollars. And you still pay those high fees even if you lose money on your investments. That’s why I think it’s so important to look into investments with low fees, like index funds and ETFs.

Besides fees, I want young people to know that investing is complicated or only for people with MBAs to truly understand. In my early 20s, I thought I’d never make any money through investing because I had no idea what I was doing. I thought I had to be a CFP to really know what to do, but that’s just not the case. It is more complex than learning how to budget or pay down debt, but it’s nothing a good investing book or two can’t help with.

Saving or investing, which do you think is more important for a member of our audience, who lives  in Toronto and wants to have a house, car, vacation and comfortable life?

Both. With personal finance, I don’t believe it should ever be one or the other. You don’t live your life “all or nothing”, so why would you try that with your money?

As far as saving, first things first start an emergency fund that 3-6 months’ worth of your cost of living. Make that a priority, because it’s usually the biggest reason people fall into debt. Once that’s taken care of, start saving for your financial goals. And that doesn’t mean just lumping cash into a few savings accounts. It may take that form for your short-term financial goals, but for your long-term investing goals (e.g. buying a home, retirement), invest that money so it can grow. And the sooner the better!

What is a personal lesson you learned about financial saving or investing that you want to pass onto a our audience?

The biggest financial lesson I’ve learned over the years is that the sky really is the limit for your life when you take control of your money. I didn’t grow up rich. Far from it. We lived very frugally all my life, and I continued to do so as an adult. But then I realized you need to be more than frugal to live a life that was truly free. You needed to have a spending plan (budget), you need to track every dollar you spent, you needed to change your spending habits so they aligned with your goals, you needed to pay off and avoid debt at all costs, and you needed to invest your money wisely as young as possible so it can grow and grow over the years. When you put all these elements into practice, you’ll be surprised how your life can change. You’re life will no longer be dictated by fear or stress. Instead, you’ll have the freedom of choice, financial security and the freedom to take risks and take on new opportunities.

I never thought I could be doing what I am right now, self-employed running my own business that I’m incredibly passionate about. But I did it on my own because I followed those key principles of personal finance. I’m nobody special, so if I can do it, I truly believe anyone else who doesn’t mind putting the hard work and effort into it can too.

Anything else you want to tell us about financial literacy?

Just that it’s never done. Like fitness, personal finance is something you need to constantly work out to get the results you desire. It doesn’t mean you have to be constantly reading The Financial Post or know everything about the stock market, but putting those practices into play is constant work. But if you’re consistent and mindful with your money, you’ll be surprised how far you can take yourself in 5, 10, 50 years!

Thank you Jessica for this advice, and for more information come out May 30th to hear Jessica speak. Tickets available online now.

Meet our Panelist: Francis Li

Conversations around inclusiveness in the workplace for women and minorities needs to be just that- inclusive. We’re excited to have Francis Li as a panelist for our Women in Tech : A Panel Discussion happening this Thursday. Francis will bring his expertise in IT and management, as Vice President of Information Technology at Softchoice. Today though, he tells us about how balance in life can make you a better leader, the importance of self awareness, and his avid aquatic avocation.

We’re so excited to have you on our panel. How did you hear about YWiB, and what inspired you to participate in our Women in Tech panel discussion?

Miranda from YWiB works at Softchoice and is also a member of the Shades of Orange ERG (Employee Resource Group) that I am the Executive Sponsor for at Softchoice. Being the father of a young lady (12 but going on 18!) I have become a lot more sensitive to issues involving women and visible minorities in recent years. I do believe that furthering these important social issues is a responsibility of anyone who seeks change. I also have a very male heavy management team at Softchoice, something that I’d like to see change.

Aside from your role as Vice President of Information technology at Softchoice, how do you like to spend your free time?

I am an avid fish keeper. I have 10 fish tanks in my basement that keep me very busy when I’m not working. Currently I keep fish species exclusively from Lake Tanganyika, which is one of the Rift Lakes in Africa. I like keeping and breeding fish that are uncommon and difficult to keep. Between fishkeeping and my daughter’s synchronized swimming, that takes up a lot of my time outside of work!

Tell me about your story. How did you get to be where you are today? 

I grew up and went to school in Toronto. I graduated from the University of Toronto with a HBA in Economics & Political Science. When I started out in University I thought I was either going to be an Accountant or a Lawyer, potentially in Public Service. I quickly discovered that I wasn’t very good in Accounting and the thought of going to Law School following graduation from University didn’t sit well with me either. So, I completed my degree not knowing exactly what I wanted to do but did feel strongly that I wanted a University degree.

I spent my early working years with Staples, a big box office supplies retailer. The majority of my time there was spent as a Buyer for Technology. As a Buyer I had responsibility for vendor relationships, MDF planning and supply chain management. For the past 15 years I have been at Softchoice in a number of different positions. I’ve spent time in Operations, Marketing/Business Development, Sales and now IT Leadership.

As for travel, I’ve travelled fairly extensively within Canada, the US and the Caribbean. I’ve been fortunate that I’ve had jobs that have allowed me to travel regularly during the early part of my career. I’ve also spent some time in Germany, UK, France and Russia!

When you look back on your career to date, what is one important challenge, event, or achievement that stands out as a milestone?

I’ve actually written about the parallels of learning how to be a better husband and father and how this same learning had helped me be a better IT Leader. I was fortunate enough to have a Manager/mentor at Softchoice that helped me look inwards for the answer more often and developing my empathy. When I became more self-aware, it was empowering, and allowed me to grow as a Leader and individual.

When you think about your journey, what would you say was the one trait that helped you get you to where you are today. Was this a learned trait, or did you have it from day one?

I was not always very self-aware. Truthfully it was a bit of a blind spot. My journey to increase my self-awareness would not have been possible without my wife and my Manager at Softchoice.

Keep an eye out for Francis on an upcoming podcast with Neil Hughes, a tech blogger and podcaster on iTunes. Check out our Women in Tech: A Panel Discussion on Thursday, March 30th at RED Academy to keep the conversation going. You can buy tickets here