Her mom had a scarcity mindset. Her dad was carefree with money. How this adviser learned to balance the two

In the Behind the Advice series, Globe Advisor asks advisers about their relationship with money from a young age, lessons learned over the years and how their experiences influence the advice they give to clients. We’ve also launched a Behind the Advice podcast – find all the episodes here.
Tiffany Harding, a wealth strategist at Richardson Wealth in Toronto, talks about her decision to move out of her mother’s house as a teenager and be financially independent, what motivated her to earn her own money, and how her life experiences help her connect with clients:
Describe your experience with money growing up.
My parents had me when they were very young. They weren’t ready to raise a kid, so I spent my early childhood living with my aunt and uncle. I never had to worry about money and never really thought about it.
Then, when I moved back in with my mom at age 8, life was a lot different. She was a single mom who struggled with money. She had a scarcity mindset and worked hard to make ends meet. She used to say to me, ‘Tiffany, don’t depend on anyone financially. You have to make sure that you make your own money.’
My dad had a very different lifestyle. He was carefree with money. When I visited him in Toronto (after my mom and I moved to Alberta), he would pick me up in a limousine, and we’d have all these great experiences like eating in nice restaurants.
I experienced a huge contrast between scarcity and abundance. I saw money as freedom, providing you with opportunities and the ability to make choices.
What did you do to earn money growing up?
As a kid, I did everything I could to chase that freedom I experienced with my dad. I had a paper route. I sold flowers on the street corner. I worked at McDonald’s and other restaurants as I got older. I was motivated not only to make money but also to create a different life for myself.
When I was 13, I moved out of my mother’s house and lived with friends. Then, when I was 16, I got myself a bachelor apartment for $500 a month. My mom, who helped me sign the lease, thought I would come back and live with her, but I didn’t. I worked part-time at a restaurant after school on weeknights and on weekends to be able to continue living on my own. It was hard, and I struggled because I didn’t want my mom to be right.
What did you want to be growing up?
I didn’t think about a career growing up; I was trying to stay afloat. I got into finance because I wanted to know more about how money works – and how I could make it work for me. I got a financial planning certificate from George Brown College in Toronto and a job at a small investment firm. From there, I continued to get more financial industry credentials and honed my skills at large and small organizations.
Is your personal history an asset when working with clients?
I think so. I’ve experienced life events many of my clients can relate to, such as being raised by a single mom, suffering financial hardship, getting divorced and job changes. I can leverage those experiences and have the empathy and understanding to support clients who have gone through similar circumstances.
What are you good at when it comes to your own money?
I’m meticulous at tracking my expenses, something I started doing as a teenager trying to be financially independent, and haven’t stopped since – even though I’m much more financially stable today. I can tell you what I’ve spent over the past 25 years. This knowledge helps me protect my income and prepare for upcoming expenses. It also helps to protect my family in case of unexpected events.
What’s your favourite part about being a financial planner?
Every client is different. My focus is on understanding each individual and family’s values. I ask a lot of questions about how they grew up with money. What were their cultural experiences with money? What’s their identity around money? And their emotions around money. What’s the purpose of their wealth? Then, we discuss a plan to help them execute their goals and dreams. What I love is that no two stories are the same.
What’s a common theme that comes up in these conversations?
Early in my career, I thought wealthy people wouldn’t worry as much about money. I’ve since realized that everybody worries about money. Everyone’s looking for peace of mind with their finances. It doesn’t matter if you earn or inherit the money; people want to know if they’ll have enough to support them for their lifetime or to leave a legacy for their children or charities. The common thread is, ‘Do I have enough?’
What advice do you have for people who want to do what you do?
It’s a people business, so you have to understand behavioural finance. You have to understand why people make the decisions they do. You also need to ask the right questions if you’re going to give the right guidance to help people flourish.
This interview has been edited and condensed.