Why actor Isabel Kanaan says overnight success and wealth are similar
Isabel Kanaan doesn’t take laughing lightly. In fact, she’s made it her business to make people laugh. The award-winning Filipina-Canadian is a film and theatre actor who came to Canada in 2008. Through humour and the arts, Kannan challenges her perspective to think bigger and better. She is also part of the Simplii Financial Bags 2 Riches video series, featuring newcomers to Canada and their stories. You can also watch her as the host of the sketch comedy show Abroad on OMNI Television. But for now, check out how she feels about money, investing and her biggest lesson around finances.
How do you like to spend your free time?
I like experiencing life with the people I love. We travel together, explore new foods together or have a night in, where we all just talk and enjoy each other’s company.
If money were no object, what would you be doing right now?
My day-to-day would stay the same, because I like what I do. But I would send money back home more often to my family in the Philippines and help contribute to their educational needs, and I would support them as much as I can from far away.
What was your earliest memory about money?
My earliest memory was being given money during early birthday years. My mom told me I can spend it, or save it and spend it on something big later on. The latter appealed to me, so I learned to save at a young age.
What’s the first thing you remember buying with your own money?
Iced tea from the school cafeteria. But if we’re talking “big money,” probably clothes.
What was your first job?
I worked at Wendy’s, and I just saved my paycheque. I was 16, so I didn’t want or need much.
What was the biggest money lesson you learned as an adult?
I learned about investing, and that has been a game changer for me. If I could go back, I would have invested my money as soon as I got it, instead of saving it for years, not doing anything in the account.
What’s the best money advice you’ve ever received?
Make a budget.
What’s the worst money advice you’ve ever received?
“What’s the point in saving, you could die tomorrow.”
Although this is the worst advice I’ve received, it still taught me that I can let go and not keep thinking about the future but live in the present as well.
Would you rather receive a large sum of money all at once or a smaller amount of money regularly?
I’d rather receive a smaller amount of money every week or month for life.
What do you think is the most underrated financial tip?
Financial literacy is your friend. We live in a day and age where the internet has all the answers. Use that to your advantage. How to spend and save is going to differ from person to person, so it’s best to learn what strategies work for you.
What is the biggest misconception people have about growing money?
Believing in overnight wealth or success. There’s this misconception that as soon as you start investing, or as soon as you get a job with a big paycheque, or even if you win the lottery, all your money problems will go away. No, not at all. It takes time and effort. You need to keep working to sustain that lifestyle.
Can you share a money regret?
Not investing sooner.
What does the word “value” mean to you?
Value to me is usage, plus time, plus experience. For example, someone might rather save money by opting for cheaper winter boots. I would rather buy a sturdy quality pair. The lower-quality boots would have lower usage since they would break faster, use up my time more because then I’d have to buy new ones, and limit me from experiencing winter by being cautious of breaking the cheap boots. The higher-quality winter boots would have more usage and save me time, and I can maximize my experience with it with no hesitations.
What’s the first major purchase you made as an adult?
I’ve been saving for most of my life and have refrained from making any luxurious purchases, and that put me in a position where I was able to buy my first house.
What’s your take on debt?
Sometimes debt is needed. In life, we need capital for investments, for business, for education. If there’s no money at the start, learn about what loans you can receive, and plan out how you can pay that off once you’ve received the investment/business/education venture. As long as there is a plan to pay the debt, you don’t take out more than you need, and you don’t use multiple lines of debt all at once, debt can be your friend. Once you’ve paid off your debt, you’re free to move on, but always work to pay your debts.
What was your most recent splurge?
I bought a treadmill.
What is something you always have in your wallet?
A little bit of cash for emergencies, my credit card and my ID.
What is your favourite possession?
I’d have to say my house. It’s the biggest purchase I’ve ever made, and it took a while to find it, but I found the perfect one that works for me. And I have no regrets.
What’s your next money goal?
Earn enough passive income to sustain my family through my retirement.
My MoneySense quick questions
Rent or own?
It depends.
Buy or lease?
It depends.
Save or invest?
Invest.
Budget or not?
Budget.
Read more My MoneySense profiles:
- Tareq Hadhad unpacks his investing journey and how Peace By Chocolate came to be
- Allan Small on his glass-half-full view of the markets and managing risk
- The best money advice from two of the best in the biz
- Chris Guillebeau on Gonzo Capitalism, his $100,000 side hustle, and why average isn’t good enough
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