Air Farce star's babysitting lesson

Stage and television actress and comedian Luba Goy is best known for her starring role on the Royal Canadian Air Farce. In our series on the financial habits of notable Canadians, Goy told the Star about her art addiction, copying Vogue patterns to save cash as a teenager, and how in her later years she was rescued by an accountant.

Goy will appear in the Air Farce “Not the New Year’s Eve Special” on Jan. 1 at 8 p.m.

How did your family influence your attitude toward money?

I came to Canada as an immigrant child of Ukrainian parents and grew up in Ottawa during the 1950s, when credit cards did not exist. We never had debt, except for my accordion, which was purchased when I was 9. It took two years to pay it off!

I always had shelter, food and clothing. No car, toys or an allowance, but had piano and accordion lessons. We only bought things when we had the money.

The most fun I had as a child was performing for the Ukrainian community, which became my life work after I graduated from the National Theatre School of Canada. My tuition was paid with grants. My girlfriends and I loved to sew our “fancy” dresses and outfits, using Vogue patterns. We knew about fabrics, how to economize and look great! Life was challenging and fun.

What was the best financial advice you ever received?

Twenty-five years ago I opened a closet full of shoe boxes filled with receipts and told a money-savvy friend, “I need help!” She advised me to get an  accountant. He rescued me, gave me an allowance and put me on a budget. He retired last year, so I’m searching for a new accountant. Maybe I’ll get some backstage advice from finance experts Kevin O’Leary and Amanda Lang, who will be guests on our Air Farce New Year’s Day special.

What lessons did you take away from your first job?

I started minding two neighbourhood sisters, ages 6 and 7, after school from 4 to 5:30 p.m. at age 10. I was an only child and adored children. It taught me responsibility and a sense of accomplishment.

The best part was the family had a television and children’s books in English, which I loved to read to the kids. Babysitting was my introduction into the Canadian way of life. I became a favourite sitter and nanny throughout high school for many Ottawa families, many of whom I still keep in touch with.

I loved preparing them for various concerts, music or memorizing plays and recitations. I helped direct and stage musicals at my son Gabriel’s public school, and taught humour and improve at summer day camps.

What was your first big purchase?

My first bicycle at age 12 from a neighbour’s garage cost me $12 and took forever to save up for. The bike was in excellent shape and served as transportation to my school, which was very far from my home.

What has been your savviest investment?

I bought a loft for my son in a great neighbourhood. After eight years it sold for a profit, allowing him and his wife to put a substantial down payment on a beautiful house, located in the perfect neighbourhood for their 9-month-old baby.

What is your best money-saving advice?

Always have a reserve fund for an emergency. My financial manager made sure over the years that a big percentage of my paycheques went into my ACTRA retirement fund. I’ll have it to fall back on when the time comes.

What is your worst spending habit?

Buying art! I started supporting my artist friends and collecting their paintings. I have no walls left, have over 50 paintings in storage but still can’t stop! Every time I’m asked to open an art show I acquire another beautiful work which I adore.

What financial lessons have you learned the hard way?

Cash that paycheque as soon as possible, or it will find its way into some mysterious part of your house, and by the time you discover it, the TV advertising company that issued it is no longer in business!

How do you tip?

Very generously. During my summers holidays through high school and theatre school in Montreal I worked as a waitress in several restaurants. It’s very hard but satisfying work. I love people and will talk to a day-old bagel, but when you give great service and the customer doesn’t leave a tip, you feel used. This happened occasionally when I worked in a Murray’s Restaurant in a big Montreal hotel. Some American tourists with big families would have enormous breakfasts and not leave a tip. It was devastating!

Do you worry about retirement?

Actors and people in creative arts don’t retire. We love our work. I’m currently raising funds for my one-woman play, Luba, Simply Luba, which opens May 9 at the Berkeley Street Theatre for a three-week run.

Then I’m taking the show across Canada, so no worry in the world of retirement.

Are money and success the same thing?

Only when fundraising.