Felicia Lee of Clarity Planning studied electrical engineering because she wanted a steady job after university. 'I was being practical,' she says.Supplied
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In the Behind the Advice series, Globe Advisor asks advisors about their relationship with money from a young age, lessons learned over the years, and how their experiences influence the advice they give clients.
Felicia Lee, principal and certified financial planner at Clarity Planning Inc. in Vancouver, talks about her early experiences with delayed financial gratification, why she studied engineering in university and how she made the transition to financial planning.
What was your first money lesson?
Growing up in Brunei, my parents would give me pocket money. One thing I craved was these fried chicken drumsticks at the canteen at my elementary school. I figured out that if I saved up my money for a few days, I could afford to buy those for lunch (instead of always having what my mom packed). I learned about delayed gratification; that if I really wanted something, I could just save up for it.
What were some of your experiences with money growing up?
When I was 16, my parents moved our family, including me and my younger brother, to Canada. While attending high school in Vancouver, I had a few part-time jobs, including at a pizza shop and Science World. Studying and working part-time was challenging, but it kept me disciplined and meant I could buy a few things I wanted here and there. It also helped me save money for when I went to university, which made me feel really good. I got a scholarship and lived at home while attending university, but I still needed money for transit, school supplies and activities.
What was your career path before becoming an adviser?
I studied electrical engineering at the University of British Columbia because I had strong marks in science, technology, engineering and math. Plus, my English wasn’t very strong and there weren’t a lot of language requirements to get into that program. I didn’t love engineering but knew I would be good at it. I was being practical. As an immigrant kid, I wanted to have a job that would pay well after graduation because my parents made so many sacrifices to bring us to Canada. For example, I couldn’t have taken art history because it had no established career track. That would’ve felt very irresponsible.
I worked as an engineer at Telus Corp. before shifting to marketing and then into business. The company also sponsored my MBA. Later, I got into the business coaching industry before obtaining various financial planning certificates. I started my own company more than three years ago.
What decision around money has made the biggest impact on your life?
I am a big believer in investing in skill sets. Some people are surprised when they hear I transitioned from engineering to business to business coaching and then to financial planning. But I always knew that if I invested in the training, I could do well at whatever I wanted to do next. Studying also comes easy to me, especially after getting an engineering degree, which was very challenging.
What’s your biggest money mistake – and what did you learn from it?
For four years, I took public transit to university. It was a long commute and the days on campus were also long. The first thing I did after I graduated was buy a new car, a Toyota Rav4. I financed it through monthly payments. Having a new car for the first year was fun, but once the honeymoon period wore off, making those high monthly payments for four years was painful. I kept the car for 19 years, so it worked out fine in the end. However, since then, I’ve only purchased good used cars and saved a lot of money up front.
What are you best at when it comes to your finances?
I’m very strategic about what I invest in, which isn’t always easy. For instance, my husband and I bought our first house in Vancouver in 2007 after my daughter was born. It seemed like a crazy decision at the time because the mortgage was a little more than we could afford back then. However, since then, the home has more than doubled in value, so it was worth it in the long run. The same can apply to other long-term financial decisions. It may not always be the cheapest investment, whether it’s a home or a stock, for example, but it may be worth it if you can afford it and believe it will create value over the long term.
This interview has been edited and condensed.
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