Joanna Griffiths on the money lessons that shaped her life and business

Joanna first appeared on Dragons’ Den in season 9, where she made a deal with Jim Treliving. In 2022 they sold a majority stake in Knix for $410 million CAD– the largest publicly disclosed sale of a private direct-to-consumer brand by a female founder in Canadian history. She retained a 20% stake and remains president of the company.

This week she returns to the lair as a dragon. We caught up with her to hear about the money lessons, habits and heroes that have shaped her approach to wealth, entrepreneurship and life.

Who are your financial heroes?

I am deeply inspired by entrepreneurs who have had the conviction to believe in something and have the dedication to follow through to financial success. If I had to name one person right now, it would be Codie Sanchez. Not only has she single-handedly built an incredible business and media empire, but she also uses her platform to educate and inspire the next generation about what is possible. Her advice is practical, tangible and on point.

How do you prefer to spend your free time?

When I have free time it’s about spending time with my children, my wider family and my friends. I value experiences over physical things. I like traveling, skiing, hiking, reading and moving my body.

If money were no object, what would you be doing now?

I’m fortunate that I had a very successful exit and didn’t have to work, and so I can say with 100% certainty that I would still build Knix – because I do. I am committed to creating and have been fortunate to build a company that aligns so closely with the many topics that are important to me: women’s health, self-confidence, advocacy, storytelling, community connection and more.

What’s the first thing you remember buying with your own money?

I want to say Roots Tuff boots when I was in 5th grade. They were iconic.

What was your first job?

My very first paycheck was sweeping the floors at a hairstyling school at the end of the block near my house, which was part of a small shopping center.

What was the biggest money lesson you learned as an adult?

To always save some money for a rainy day.

What’s the best money advice you’ve ever received?

It sounds crazy, but don’t spend beyond your means. It may feel good at the time, but the stress that follows is never worth it. I think social media has started to glorify spending in a way that’s really not sustainable. My value is never tied to physical objects, but rather to the impact I create and the integrity of the relationships that matter to me. Those are the things that ultimately make you richer.

What’s the worst money advice you’ve ever received?

I’m not sure if it’s ever been said directly, but growing up – especially as a girl – money just wasn’t something you talked about. I think it’s important to talk about money and have a healthy dialogue about it. Financial literacy is so important and we need to feel empowered to be curious, ask questions and learn.

What do you think is the most underrated financial advice?

Understand your numbers. Whether it’s personal finance or a company’s income statement, financial literacy is critical.

What’s the biggest misconception people have about growing money?

That it happens quickly. Sustainable wealth is built patiently and purposefully.

What is your opinion on debt?

Strategic debt can be a tool. Uncontrolled debt can be a trap. The key is intention. When I started Knix, I was very afraid of debt, I think in many ways because I misunderstood it.

I love The psychology of money by Morgan Housel. Our relationship with money is so deeply personal, and we all have different thresholds for risk, success, and the importance we place on it. I think The psychology of money is a must read.

What do you always have in your wallet?

A credit card and ID.

What’s your next money goal?

Continue to build long-term, sustainable value personally and through the companies and causes I support. To ensure that my children have a healthy relationship with money – one where they appreciate the hard work that goes into creating it and never take it for granted.