Today’s guest being interviewed needs no introduction. She is Canadian Personal Finance Guru, Lesley Scorgie. She provided great investing advice as part of my women in investing collaboration post. Please check out the interview below.
Image courtesy of Lesley Scorgie
1. Growing up, did you always know you wanted to have a career in finance/personal finance and run your own company one day?
I didn’t know that I wanted to have a career in personal finance. But I did know that I wanted to be a writer. Funny enough – I received my first rejection letter from Scholastic Books when I was only 9 years old.
Also, because I grew up in a home with very little money, I knew I didn’t want that same outcome for myself. So I started saving early to avoid what my parents experienced day-in-and-out – feeling broke. I actually purchased my first Canada Savings Bond at 10 years old and continued to grow my savings every year.
2. Some of your titles include best-selling author, popular columnist, professional speaker, television personality and personal finance consultant. Is there a particular job that you enjoy the most?
I enjoy them all. Writing allows me my thinking and researching time. Speaking and television allows me to reach large audiences with a dynamic and empowering message about taking control of one’s finances. Money Coaching and consulting allows me to really help people “move the needle” on their money by creating a plan for their future.
3. Your latest venture is MeVest, Could you provide a brief description of what that is?
MeVest is a Money School for Canadians and we are making a difference through one-on-one Money Coaching as well as through delivering financial literacy through online learning. It has been a project I’ve worked on for years and is now coming to life. I’m very excited by our results to date.
4. You give back to the community by presenting a money managing class, “Money 101” to high school students several times a year and provide financial literacy presentations to students at your alma mater, the University of Alberta. What has the response been like from these young people toward being financially literate?
*Also providing students to my alma mater at Queen’s
Young students today are feeling more broke than ever before. They are graduating with significant loads of student debt, their job prospects are not plentiful and pay grades are lower for entry-level jobs. From the moment they graduate they are also thrown into the “buy now, pay later” society in which we live, often tempting them from taking on consumer debt.
What’s important for students to know is that they have made a huge investment in their education and education is one of the most lucrative and guaranteed investments a person can make. Their long-term income earning ability is much higher than someone without an education. But, in the current economic environment, they need to focus on making as much money and gaining as much experience as they can early in their career so that they will have greater choices later in life. From a financial perspective, this also allows them to pay off their debt quickly and start saving. It’s a little bit of short-term pain for long-term gain.
Students love hearing this message and knowing that they’ve made the right decision to go to school and to focus on earning in the initial stages of their career.
5. Based on your LinkedIn Profile, you also work as a Corporate Strategy Analyst for Encana Corporation. How do you manage a full-time job alongside your various projects?
Hahaha – not anymore. For the past 10 years, I’ve managed both working full-time as a financial analyst and corporate strategist. But, I have too much on my plate now with my business that it has become my number one focus. I had to make the decision because I was NOT managing both very well any longer and it was affecting my health, my family and my future.
6. In 2011, you were named by WXN as one of the Top 100 Canada’s Most Powerful Women. How did that make you feel?
Awesome. It was an honour to be nominated and then to win the award. I was actually nominated by a group of young ladies that I was helping mentor through my volunteer board activities with the YWCA of Canada. The award has really helped open up my networks and allow me to reach more people with financial literacy.
7. What would you consider to be the most difficult thing about running your own company and what advice would you give to women who are trying to run a business?
It is a lot of work and requires far more effort and thoughtfulness than I ever imagined. Every detail matters because it affects your brand. I would always recommend that before you make any big decisions, ask yourself 3 questions:
1) How does this affect my cash flow?
2) How does this advance the strategic direction of my business?
3) How will this affect my brand?
8. Are there any special projects you are currently working on or planning in the near future?
MeVest is my largest project. Following that, I’m also working on a new book (title is a secret at the moment) 🙂
9. What or who would you say contributed the most to your current success?
My mom and both of my grandmothers have had tremendous influence on my success. All have been incredibly encouraging and are sharp as whips when it comes to money management and how to treat people.
10. How do you personally define hard work and success?
I don’t know that I have a great answer for this because I don’t think I’ve achieved this through a balanced approach. So I guess that’s what I would like to incorporate into the definition – that success comes with hard work and smart ideas, but it requires some balance at different junctures of your life. I don’t believe balance is possible all the time. There will be times in life when you can achieve more or less of it depending on what’s happening for you. But ultimately, you must strike a balance where and when you can to ensure your mind and heart are happy.
If you or someone you know would like to be featured on the interview series, please contact me.
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