#001: Spending Wisely and Living Frugally with Miriam - a podcast by The Richard Dri Podcast

Miriam grew up in very modest circumstances, with her family living in the basement of a synagogue during her early years and her mother having to get by on credit and good will. While Miriam’s parents were able to to provide for their family, their ups and downs pushed her to live frugally and invest her money. Thanks to an accelerated track in high school, spending wisely, and jobs in insurance and the Canada-Israel Committee, she was able to put her daughter through private school and comfortably retire. In our first episode, Miriam describes how her experiences growing up convinced her to live below her means, explains why her divorce ended up working out in the long run, and relates how she finds joy and satisfaction in her later years. Lessons: Miriam’s family's financial struggles during her childhood convinced her to always stay on top of her debt as an adult. Pay off credit cards off every month, not just the interest; avoid carrying a balance. Live below your means and avoid non-essential purchases (e.g. borrow books rather than buy them). Her divorce was a necessary decision, and she was able to invest her settlement, which she considers to be one of her smartest decisions. Never borrow money and use an investment advisor so you can make the most of what you have. Find ways to reduce stress and take joy in life; you should be able to appreciate it rather than see it as a struggle; she would tell her younger self to take life less seriously. Miriam maintains strong ties to her family, though in her golden years she does worry about health; wants to take advantage of her time and travel. Make sound long-term investments to have a cushion in case your circumstances suddenly change; this really helped when she wasn't able to buy a house. Last but not least: trust your investment advisor; they’re trained and paid to keep you solvent and secure. Quotes: “I didn't feel deprived of anything because I had all the essentials.” “I always had enough for what I needed, and didn't live above my means.” “It wasn't a matter of my mother not being good with money. She had to live this way to survive.” “You greet the morning again and say ‘Thank goodness, I get to go out’.” Richard is giving away 100 copies of his book, Introduction to the Investment Mindset! To secure your copy, email him directly at Richard.dri@scotiawealth.com Richard Dri, is a Portfolio Manager and founder of Dri Financial Group at Scotia Wealth Management. By listening to Dri’s podcasts, you will learn the strategies that successful investors use to become financially independent. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of Scotia Capital Inc. For more information visit www.scotiawealthmanagement.com. Dri Financial Group is a personal trade name of Richard Dri.

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