Saturday, 7 April 2012

Fame and Fortune: Luminato CEO offers financial enlightenment

Fame and Fortune: Luminato CEO offers financial enlightenment
Colin McConnell/Toronto Star Sat Apr 7 2012
#luminato @luminato
Janice Price is the chief executive officer of the Luminato Festival, which runs June 8 to 17. Tickets go on sale Saturday, April 14. In the latest instalment of our series on the financial habits of notable Canadians, Price tells the Star’s Emily Mathieu about what she learned from frugal parents, her unbridled approach to shopping for fine food and how her grandmother helped her buy her first car.
How did your family influence your attitude toward money?

My mother and father were both children of Scottish immigrants, raised during the depression. My mother went on to become a bookkeeper, and the combination of her profession and the experience of living in such a challenging economic time meant that my siblings and I were raised with a work ethic that included living within your means and saving for a “rainy day.”
What is the best financial advice you have ever received?
It is vital to pay off all high-interest credit cards and put money either into your savings, mortgage or other financial vehicles that will return income to you in the long term. And that advice has come consistently from Mom, Dad, friends, financial advisers, tax accountants — and most recently, my husband.
Describe your first job, what did it teach you?
My first job was at CFTO-TV, then the flagship station within the CTV network. That job taught me the value of hard work, honing your skills, and that you only achieve advancement when you have earned it. It also taught me that you need to know your market worth, monitor your salary relative to your peers and your contributions to the organization and make sure you are keeping pace with that.
What was your first big purchase?
I bought a 1976 second-hand Monte Carlo as my first car — it was a huge vehicle! I took a loan from my grandmother and paid it back $100 per paycheque for 10 months until I owned it. We kept a careful handwritten ledger, and I remember being so proud and feeling so fiscally responsible as that loan was paid off and the car was truly 100 per cent mine.
What has been your savviest investment?
Real estate, despite being caught in the 1992 crash and being one of the small group of people who actually managed to lose money by owning property. Since then I have bought and sold properties as I have moved from city to city and overall, real estate provided the best return on my investment.
What is your best money-saving advice?
“Pay Yourself First,” put money into savings, your mortgage, or investments before making other discretionary spending decisions.
What is your worst spending habit?
I don’t check food prices when I grocery shop, I just buy what I want and need to make great meals for my husband, nieces and dinner party guests. I also cannot resist buying treats, toys and other items for our toy poodle Tiger, even though the house is littered with them already.
What hard financial lessons have you learned?
Particularly early on in my career, I learned that often women do not get paid as much as men for doing the same jobs. While this has changed over the past several years, there are still discrepancies in many fields and professional women are still dramatically under represented on corporate boards.
What advice would you pass to someone starting a festival?
Start with a vision and passion — as Luminato’s founders did — then add a healthy dose of enlightened philanthropy, public sector investment, corporate partners willing to take unheard of leaps of faith, arts partners with stories to tell, a dedicated and untiring staff: shake, stir — and you have a festival! If only it were that easy.
What is your retirement plan?
To work until at least the age of 70, because I love what I do! My husband’s and my retirement will be funded by our annual RRSP contributions, other savings and investments, and equity in our downtown condo. Upon retirement we would also expect to downsize across a range of expenses to reduce our overall cost of living.
Are money and success the same thing?
No, you should measure success by your sense of personal fulfilment, the contributions you are able to make to your community, a happy home and a joyful life. Money can help ease your ability to achieve some of those things, but without question all can be achieved by individuals and families with different means — and some with huge financial resources will never achieve real personal success.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...