David Labistour is the chief executive officer of Mountain Equipment Co-op. In our series on the financial habits of notable Canadians Labistour told the Star’s Emily Mathieu how growing up on a farm influenced his spending habits, his lime green bell bottoms and his unexpected financial struggles when he first moved to Canada.

How did your family influence your attitude toward money?

I grew up on a farm and there was always a direct correlation between work and money. There was also the unpredictability of the weather and the need to be financially adaptable

What is the best financial advice you ever received?

“If your outgo exceed your income then your upkeep be your downfall”

Describe your first job, what did it teach you?

My first job was working in a garage each Saturday at the age of 7. My earnings bought me a meat pie, pop and a movie ticket. It taught me the satisfaction of being independent.

What was the first item you purchased with your own money?

Outside of a meat pie and pop . . . I don’t remember. I do remember a pair of lime green pinstripe bell bottoms but that was a few years later. I thought I looked awesome in them . . . I have been wrong often

What has been your savviest investment?

Investing time in my wife and family. My wife is incredibly financially astute and she balances out my generous ways

What is your best money-saving advice?

One day you will be old . . .

What is your worst spending habit?

Toys, good food and wine — the meat pie and pop theme all grown up — and more toys. Bikes, skis, kites, boards and so on. The saying goes that “he who dies with the most toys wins.” I am doing quite well in this regard

What hard financial lessons have you learned?

When I came to Canada I did so without a job or any contacts. I left a very privileged and affluent lifestyle and started at the bottom again in Vancouver in my 40s. I could not get a job interview, let alone a job for six months. I assumed my international resume would open doors, was I ever wrong.

I was struggling to make ends meet and burning through my savings while living frugally. I remember having to make sacrifices to fill up the car with gas to get to interviews.

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Brian Hill of Aritizia gave me my first break and things started easing up but I have never forgotten what it feels like to struggle to make ends meet. I never assume anything anymore.

How do you prefer to pay, cash, card or debit?

Debit and credit, but the credit card is paid off each month

Do you bank online?

I find it inconvenient to walk into a bank today. Everything is online.

How do you tip?

Minimum of 15 per cent. The upside depends on the effort

Do you worry about retirement?

Starting from the bottom again in my 40s put me behind the eight ball but we live well within our means and are making good progress on ensuring we have long term financial security. So yes, we plan conservatively but I never think of retiring. Today is too valuable to yearn for tomorrow.

Are money and success the same thing?

No. Success is dependent on way more things than just money