Her mother had a scarcity mentality. Her father was careless with money. How this consultant learned to balance the two

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In the Behind the Advice series, Globe Advisor interviews advisors about their relationship with money from a young age, the lessons they’ve learned over the years, and how their experiences influence the advice they give their clients. We also started a Behind the Advice podcast – You can find all episodes here.

Tiffany Harding, wealth strategist at Richardson Wealth in Toronto, discusses her decision to move out of her mother’s house as a teenager and become financially independent, what motivated her to make her own money, and how her life experiences help her work with clients in To get in touch:

Describe your experiences with money as an adult.

My parents had me when they were very young. They weren’t ready to raise a child yet, so I spent my early childhood with my aunt and uncle. I never had to worry about money and never really thought about it.

When I moved back in with my mother at the age of 8, life was completely different. She was a single mother struggling with money. She had a scarcity mentality and worked hard to make ends meet. She always said to me, “Tiffany, don’t depend on anyone financially.” “You have to make sure you make your own money.”

My father had a completely different lifestyle. He was careless with money. When I would visit him in Toronto (after my mother and I moved to Alberta), he would pick me up in a limousine and we would have all these great experiences, like eating at nice restaurants.

I experienced a great contrast between scarcity and abundance. I saw money as freedom that gives you opportunities and the ability to make decisions.

What did you do to earn money as a child?

As a child, I did everything I could to pursue the freedom I experienced with my father. I had a paper route. I sold flowers on the street corner. As I got older, I worked at McDonald’s and other restaurants. I was motivated not only to make money, but also to create a different life for myself.

When I was 13, I moved out of my mother’s house and lived with friends. Then when I was 16, I bought a bachelor pad for $500 a month. My mother, who helped me sign the lease, thought I would come back and live with her, but I didn’t. In order to continue living on my own, I worked part-time in a restaurant after school on weekdays and weekends. It was hard and I struggled because I didn’t want my mother to be right.

What did you want to be when you grew up?

Growing up, I didn’t think about a career; I tried to stay afloat. I got into finance because I wanted to know more about how money works – and how I can use it for my own benefit. I received a financial planning certificate from George Brown College in Toronto and a job at a small investment firm. From there, I gained further qualifications in the finance industry and honed my skills with organizations large and small.

Is your personal history an advantage when working with clients?

I think so. I have experienced life events that many of my clients can relate to, such as: B. growing up with a single mother, financial difficulties, a divorce and a job change. I can draw on these experiences and have the empathy and understanding to support clients who have been through similar circumstances.

What are you good at when it comes to your own money?

I track my spending meticulously, something I did as a teenager to be financially independent and haven’t stopped since – even though I’m much more financially stable today. I can tell you what I’ve spent over the last 25 years. This knowledge helps me protect my income and prepare for upcoming expenses. It also helps protect my family in case of unexpected events.

What do you like most about being a financial planner?

Every customer is different. My focus is on understanding the values ​​of each individual and family. I ask a lot of questions about how they grew up with money. What cultural experiences did they have with money? What is their identity in relation to money? And their emotions around money. What is the purpose of their wealth? We then discuss a plan to help them achieve their goals and dreams. What I love is that no two stories are the same.

What is a common theme that comes up in these conversations?

When I started my career, I thought wealthy people didn’t worry so much about money. Since then, I’ve realized that everyone worries about money. Everyone wants to be safe with their finances. It doesn’t matter whether you earn or inherit the money; People want to know if they have enough to last a lifetime or leave a legacy to their children or charities. The common thread is: “Do I have enough?”

What advice do you have for people who want to do what you do?

Since it is a people business, you need to understand behavioral finance. You have to understand why people make the decisions they do. You also need to ask the right questions if you want to give people the right guidance to help them thrive.

This interview has been edited and condensed.