Why Canada AM host Marci Ien banks at 4 a.m.

Marci Ien is the host of CTV’s Canada AM. In our series on the financial habits of notable Canadians, Ien told the Star’s Emily Mathieu about the importance of diversification, how working in retail taught her work life balance and that, with her odd hours, she banks online at 4 a.m.

How did your family influence your attitude toward money?

My mom is an accountant and took care of the household finances when I was growing up. She was and still is a budgeter. I have a budget — I just don’t always stick to it as much as I should. Let’s just say I have a bit of an issue with shoes.

What was the best financial advice you ever received?

Pay yourself first. That way you’ll always have a rainy-day fund.

What was your first job and what did it teach you?

My first job was at a now-defunct clothing store called Willy Wonderful, kind of a precursor to Winners. I was in high school. It quickly put into perspective how hard I had to work for my money but also taught me important lessons about balancing my time. I was able to work part-time, go to school full-time and still have a social life.

What was your first big purchase?

Jordache jeans!

What was your savviest investment?

Our house.

What was your best money-saving advice?

Really think about your purchases, especially big ones. Walk away if you’re not sure. It’ll most likely still be there if you decide to buy it.

What is your worst spending habit?

(With emphasis) Shoes, and purses.

Have you learned any financial lessons the hard way?

Never to put all my eggs in one basket. Diversification is key.

What advice would you pass on to young people who want to enter your profession?

To make sure to save what you can while you can. It’s a fickle business.

Have you reached the point in your career where you feel financially stable?

Yes. I feel financially stable but want to make sure that my kids’ post-secondary education is secure. So (I’m) always saving extra for that.

Do you bank online?

Yes, I can pay all the bills at 4 a.m. before I go to work.

Do you worry about retirement?

I’m not overly worried about retirement at this point. We sock money away — RRSPs, real estate, GICs. I’m a couple decades away, so I’ll just try to stay on track with our plan.

Are money and success the same thing?

Money and success are absolutely not the same thing. Success is raising healthy, happy, responsible kids. Money is the thing that allows you to do that.

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