Our very own senior wealth advisor Maili Wong was recently featured in a new series from the Globe and Mail. In the article, Maili is asked about her relationship with money from a young age, lessons learned over the years and how her experience has shaped the advice she gives to her clients today.
Read the whole article here. Here’s a preview of what Maili had to say:
What was your first money lesson?
When I was six years old, my dad started giving me an allowance of $1 a week. I was so excited to earn money and remember offering to do anything I could as a chore including dishes, laundry and watering the plants. I put the money in a children’s bank account, and each transaction was recorded in a paper banking booklet. Then, when I filled the book with deposits, the bank would give me a certificate worth $5. It was a positive reinforcement that taught me the importance of saving and delayed gratification.
How did it influence your money habits as a kid?
It made me think about how to save the most money I could as a child while still doing well in school. I also played piano from a young age, and when I turned 13, I decided to teach piano to the kids in my neighbourhood. I took a course on how to teach kids about music and charged my clients $30 an hour. It was much less than what my parents paid for my lessons but a lot more than I could earn doing chores around the house. I learned about working smarter, not just harder.
What’s the hardest investment advice to follow?
Don’t try to outguess the market. Stay invested and trust the process. Investing is like surfing. The waves are unpredictable and uncontrollable. You need to let go of trying to control the waves and instead, identify patterns, respect the flow of the water and roll with it.
What’s the job you thought you wanted growing up?
I wanted to be a neurosurgeon. I love science and solving problems under pressure. I wanted to be the person people could count on to do the most difficult job when lives were on the line. My dad, an investment advisor, encouraged me to think about a career in business. Being an advisor includes some aspects that attracted me to being a surgeon including handling complex situations with a lot of data, staying focused during chaotic situations [the markets] and making good decisions under pressure.
