Who wants to pay to learn their credit score? A decade ago, Eva Wong found that idea absurd. She co-founded Borrowell, the first company in Canada to provide free credit scores and credit reports in partnership with Equifax. Borrowell also offers credit-building tools—such as Rent Advantage, which helps renters build credit—and an online marketplace that connects Canadians with loans and other financial products.
Wong is committed to helping Canadians better understand money, credit and personal finance. Her work has been widely recognized, including EY Ontario’s Entrepreneur of the Year award in 2019 and a spot on the 2017 Women in FinTech Powerlist. Below, she shares practical insights on managing money, saving for the future, debt, investing and building financial confidence.
Who are your finance heroes?
David Chilton is one of my finance heroes. In high school I read his book The Wealthy Barber, which gave me a clear, approachable introduction to personal finance. It’s one of Canada’s bestselling personal finance books, and David later became an investor in Borrowell—a memorable moment. I’m grateful to call him a friend.
How do you like to spend your free time?
I enjoy cooking and baking, and I travel whenever I can. Experiences and time with family and friends are important to me.
If money were no object, what would you be doing right now?
I’d probably be doing what I’m doing today. I’m fortunate to be passionate about my work and to feel it’s meaningful. Financial freedom would remove constraints, but the purpose of the work is a major part of why I do it.
What was your first memory about money?
My earliest memory is getting an allowance and the first family trip to Canada’s Wonderland when I was about six. The next day I went to my parents and gave my mother a one-dollar bill as a thank-you. I didn’t understand costs back then, but I knew money had value and wanted to show appreciation.
What’s the first thing you remember buying with your own money?
In high school I saved to participate in an exchange program in France. That experience taught me the value of saving toward a meaningful goal.
What was your first job? What did you do with your first paycheque?
My first job was teaching piano—$5 for a half-hour lesson, later raised to $8 by a student’s mother. My first substantial paycheque came from a summer job at a bank while I was at university. I gave that first cheque to my parents out of respect and gratitude.
What was the biggest money lesson you learned as an adult?
Working with Borrowell and talking to members taught me an important lesson: many people who struggle financially are skilled at managing money but simply lack enough income. I used to assume financial struggles came from poor money habits. In reality, when living on a narrow margin, people become extremely disciplined with every dollar. For many, the core issue is income, not overspending. That perspective changed how I think about financial hardship, the need for credit access, and the importance of safety nets for unexpected emergencies.
What’s the best money advice you’ve ever received?
Start saving early and build the habit of saving at least 10% of your earned income. Small, consistent contributions compound over time and make long-term goals achievable.
What’s the worst money advice you’ve ever received?
Putting a large amount of money into an emergency fund while carrying high-interest debt is often poor advice. If you have debt, especially high-interest debt, use available cash to pay it down first. Debt carries a guaranteed interest cost; reducing that burden usually provides a better return than holding cash that just sits in an account. Once debt is under control, you can build an emergency fund or begin investing.
Would you rather receive a large sum of money all at once or smaller payments for life?
I’d choose a lump sum. Receiving a large amount at once offers flexibility to make impactful choices—investing, paying off debt, or funding meaningful projects—rather than relying on a modest steady income that primarily functions as a safety net.
What do you think is the most underrated financial tip?
Pay off high-interest debts first. Many people focus on retirement accounts or building cash reserves while carrying credit card balances at interest rates of 20% or more. Eliminating high-interest debt provides an immediate, risk-free return and improves cash flow.
What is the biggest misconception people have about growing money?
That investing is too complicated to begin. You don’t need to pick individual stocks or master complex strategies to start growing wealth. For most people, starting with low-cost index funds and contributing regularly is a simple, effective path to long-term growth.
Can you share a money regret?
Not taking bigger risks earlier—specifically, missing opportunities in Toronto real estate in the early 2000s. I was overly cautious, and sometimes measured risks can yield meaningful rewards.
What does the word “value” mean to you?
Value, for me, often equals experiences. My family prioritizes travel and shared experiences over material goods. We spend a meaningful portion of our budget on travel because those memories and time together provide lasting satisfaction.
What’s the first major purchase you made as an adult?
My first major purchase was a customized couch that cost over $1,000 at the time. It was durable and lasted about 20 years—a reminder that investing in quality can be worthwhile.
What’s your take on debt?
My view on debt has evolved. I once believed being debt-free was the clearest path to peace of mind. While that remains valuable, I now recognize that debt—used strategically—can help build wealth. Responsible borrowing for investments like a home or business, with a clear plan to manage risk and repayment, can be appropriate.
What was your most recent splurge?
A family trip to Europe: we flew into and out of Germany and drove through Austria, Liechtenstein and Switzerland. It was time well spent together.
What is the last money-related book you read?
I recently read Die With Zero by Bill Perkins. The book encourages spending thoughtfully while you’re alive instead of hoarding wealth to the end. I didn’t agree with every idea, but I appreciated the emphasis on generosity and making memories rather than accumulating unused wealth.
What is something you always have in your wallet?
I keep a hidden $20 bill tucked away. I don’t carry much cash because I tend to spend it, so I keep that small reserve out of sight for unexpected needs.
What is your favourite possession?
My home. We spent a lot of time there during the pandemic and continue to host friends and family. The memories, gatherings and meals we share make it invaluable.
What’s your next money goal?
My next financial priority is helping my children—ages 10 and 13—become financially savvy. Teaching them habits like budgeting, saving and investing is a long-term goal that matters deeply to me.
MoneySense quick questions
Rent or own?
Own.
Buy or lease?
Buy.
Save or invest?
Invest.
Budget or not?
Budget.
More from My MoneySense:
- Ms. Money and Math adds up the good advice and subtracts the bad
- Taking risks and trusting your gut: Julie Barlow’s self-employment tips
- Tareq Hadhad unpacks his investing journey and how Peace By Chocolate came to be
- Why actor Isabel Kanaan says overnight success and wealth are similar
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