By: Emily Mathieu – Staff Writer from the Toronto Star
Ross Petty is a performer, producer and founder of Ross Petty Productions. In our series on the financial habits of notable Canadians, Petty told the Star’s Emily Mathieu about the tricks to working the clutch on his first car, what he learned working a theatre gig at 15 and why he doesn’t plan to retire.
How did your family influence your attitude toward money?
My parents were very frugal. They both worked and I remember how careful they were about spending unnecessarily. They made very safe investment decisions. Nothing more daring than Canada Savings Bonds or GICs. I maintained their direction with regard to spending in that I never buy on impulse and I don’t carry any debt. Unlike my parents however, I do have a propensity for high risk investments.
What is the best financial advice you ever received?
Find a good broker and don’t buy on margin.
Have you found a good broker?
The search for the broker continues with bodies strewn by the wayside. I’ve recently begun a new relationship and being an eternal optimist . . . he may finally be the one!
Describe your first job, what did it teach you?
I was 15 years old and landed a job on the chorus of Winnipeg’s Rainbow Stage Summer Theatre. I was earning $50 a week and thrilled that I was actually being paid to do what I loved. Lesson learned is that no matter what the salary, as long as you have a visceral connection to your work you’ll have a better chance of finding happiness.
What was the first item you purchased with your own money?
A 1956 Morris Minor for $200 — British Racing Green. I loved that car, even though I always had to park it on an incline, throw it into reverse and kick start it by popping the clutch.
What has been your savviest investment?
Real estate. My wife and I have owned three houses over our 28-year marriage and the investment growth has been exemplary. As well, deciding to jump into the market of my own volition in March 2009 was the perfect re-entry point. They say you can’t time the market, but I got lucky.
What is your best money-saving advice?
In producing live theatre I don’t earn a weekly paycheque and therefore can’t put a set amount into savings. For me personally, it’s to adhere to the dictum of not spending irresponsibly.
From a business perspective, attracting corporate sponsors to my productions through a million dollar marketing campaign covers off my pre-production costs.
What is your worst spending habit?
Buying a new car every six months . . . kidding! Buying perennials in plant nurseries is as out of control as I get. I’m an avid gardener and can spend hours on end exploring for new discoveries to add to the existing flora and fauna.
What hard financial lessons have you learned?
Like many people I was hit hard by the technology bust and the 2008 financial crisis. No one knows the eventual impact of the current European debt problem but I think the lesson to be learned is not to be greedy and understand that a changing market can tank just as quickly. Be satisfied with a comfortable return and cash out. Again, bricks and mortar (is the) best place for that cash.
What advice would you give to young people about to enter into entertainment?
To know how tough a life it is. Rejection is constant and an unwavering belief in your talent is of utmost importance. I was fortunate enough to have achieved an international career as an actor and singer but still felt vulnerable and decided to try and mitigate the uncertainty of where the next gig was coming from by creating my own company.
That was in 1986 and my first production as one of the family musicals that I still present today at Toronto’s Elgin Theatre. The determination that is necessary to succeed as a performer is needed in spades when you own your own company. You have to be relentless.
Do you worry about retirement?
In show business one rarely thinks about retiring. As an actor or singer you can perform well into your golden years. My long range goal is to keep creating shows at the Elgin Theatre for as long as I am able. The concept of Freedom 55, or 65, or 75 in these uncertain economic times is a mystery to me. I love what I do. Why would I want to stop?
Are money and success the same thing?
Definitely not. As a young performer in New York I probably believed that money would be the direct result of success. But in the intervening years I’ve come to understand that as long as one is fulfilled by ones vocation money doesn’t play as important a role . . . my original revelation as a 15 year old starting out in the business.
Republished from the Toronto Star on December 10, 2011
