Spotlight: Brandesha Sinclair from The Working Millennial

Earlier this year I sat down with Cassondra Kyra from The Working Millennial to discuss navigating through finances as a young woman and her journey to become financially literate. In a follow-up to that interview I meet with Brandesha Sinclair, the creator of The Working Millennial to discuss why millennials need an employment website catered to them, how she sees the job market changing in the future and the challenges faced during the job search. She is a Job Coach, Facilitator and Content Creator.

On creating The Working Millennial

Why did you decide to make an employment focused website?

I’ve always had the idea in my head, but I never really saw myself taking the action to do it. One day I was browsing and Wix was having a promotion so something in my gut told me to just go for it. I always had the idea and notes for it, but I wasn’t putting in the effort to pursue it. As of Fall 2017, theworkingmillennial.org has been up, and right now I’m just learning and working on implementing the other ideas I have for the website.

...And what other ideas do you have for the website?

So with what I do, my passions lie with career development and media. I want to bring those together on to one platform where I can provide information to millennials. I think millennials are different, we are multidimensional, so I want to provide information that is relevant but also has personality and is informative. For the website I want to add things such as a job board for jobs available in the GTA, a spotlight for millennials making big moves in their careers or startup companies, to give them some recognition and help build that network for young professionals in Toronto. I will also be creating more visual content such as videos just to make the site more engaging.

Why do you think millennials need a website catered specifically to them?

In terms of the type of information we are offering, employment and financial literacy, there is definitely a gap in comparison to the older generation, especially in terms of finance. For example, the idea of buying a house is almost a myth for us, so just having those conversations. I find in terms of employment and career development, in speaking with my circle of friends and people I’ve gone to school with, it’s something that everyone seems to have a challenge with. Having those conversations where it’s not an older person who is more distant from the workforce and might not know what the experience is like. Whereas I’ve experienced it, and it’s something where we are able to have that conversation and exchange those tips and tricks so that all of us can succeed. We are the future, we are very present in the market right now and I think it’s very important for us to have those connections and to help each other grow in society.  And to continue that to the next generation, generation z, to help them with that transition as well.   

Do you see the working millennial as eventually being your full-time job?

What I envision for myself, I don’t see myself sitting at the desk I am right now. I do want to have something for myself and what I have going, I think there is so much potential for it. I’m learning as I go, and I just want to see it flourish and have something of my own, I don't want your typical 9 to 5. Although you see a lot of people saying they want to be an entrepreneur, they don’t really know what being an entrepreneur entails. Right now, I’m just going with the flow but eventually I would want that to be my full time thing.

On millennials in the workforce

What do you think is missing in our generation when it comes to becoming an entrepreneur?

Everyone has the idea; especially with social media and seeing all these images it's very glamorized. I can even say myself that I’m a victim to it. You see everyone living this glamorous life, but you don’t ever see what’s behind it. You don’t see that people are up until 3am answering emails or making sure shipments get to where they need to be. It’s different because you don’t know where your next dollar is going to come from and a lot of people don’t realize that. You need to have a foundation started because a lot of people just jump into something, which, I understand taking those risks for your dreams, but at the same time you need to be strategic. I would suggest transitioning into it, start it out as your side hustle and see if it’s something you can see yourself doing because some people don’t have that work ethic. I think a lot of millennials are fascinated by the idea of it but not willing to create a plan.

How do you see the workplace changing for millennials in the future?

I definitely see a shift in the demographics, different barriers being broken. So, in my experience I’ve only had one person in power that was a woman of colour. I definitely see that changing with race(s), gender, etc. In terms of the barriers I see today with gender, there’s so many women that are just so hard working yet receiving small salaries, I definitely see that changing. Diversity in terms of race, and ways of becoming more accommodating of individuals identifying with disabilities. We are much more open minded and willing to listen to what the concerns are and find innovative ways of incorporating those things and bridging those gaps.

What changes do you currently see happening with millennials entering the workforce?

Definitely with millennials I’m seeing a broader spectrum of what people are going for, especially with technology. It’s not just gender specific, anyone can do it. Even if you were to go a more traditional route like education or healthcare, technology is heavily invested in that. But with the people I cross paths with, there is definitely a more traditional lens, so with social work, nursing, ECE, there’s still a lot of women. But with immigrants and international students there is definitely a difference, you see more women in math, science and technology. It seems to be more normalized with women. In terms of the educational path there seems to be a shift but there is still a traditional route.

On the challenges of employment/unemployment

What is some advice you would give to someone that is currently unemployed?

You have to be super driven, even if you go to access career services or an employment coach; they aren’t going to hold your hand. The only person standing between you and your career opportunity is you, you have to make sure you're doing your part. Having someone create your resume for you can only get you so far. I can do your resume but if you don’t take the time to go through your career history and guide someone through your experiences, it's inconsistent. For example, when you’re in an interview and you don’t know what you're talking about. Also, be clear about what you want, even if you are at an indecisive phase in your career; have somewhat of an idea on what you are willing to explore. Having a focus helps guide your job search because you'll know where to look, you’ll know what these employers are looking for and you’ll be able to provide more quality information rather than have a generic resume applying for all these positions and being overlooked because it’s not as concrete as someone else who has the experience. And don’t be discouraged!

Since Toronto is a very diverse city with people coming from other countries, what do you see in terms of employment/unemployment for immigrants?

In a way for a lot of them coming to a new country is a lot. You don’t know how to really navigate the system and with the whole credential system you never know what you’re going to get. Sometimes it is equivalent, sometimes it is not. But the market is so competitive over here as it is, and you might not know who the top competitors are, or what the norms are, and you don’t have connections because with employment networking is a really big thing. Sometimes they are coming by themselves and they just get lost in the sauce.

Once again there are two types of mindsets you go, some who think they are going to get the top position because this is Canada and the land of opportunity, and you have others that would be happy with a cashier job even if they’ve had years of experience in a top-level position. Working in employment I see the realities of it and sometimes they do have to take more of a survival job. Not knowing the market, not having connections, sometimes that is used as a barrier, having your credentials from somewhere. But at the same time some individuals just don’t know how to market themselves and that’s the same for people born and raised here. You can have that credential but if you don’t know how to market those things you’re kind of stuck. You are your brand.  

Do you find that people are willing to take any job that comes to them rather than waiting it out for what they actually want to do?

That’s an interesting question because you get both ends of the spectrum. You get people that will take whatever comes to them and have kind of given up hope or just aren’t patient. In which case you’ll see people take on survival jobs until they get the opportunity they are looking for which is understandable and I kind of recommended at this time with living expenses. But don’t get comfortable in that survival job, keep looking for what you want. But you also get people that feel entitled and they’re so focused on getting a specific role, but they have some serious gaps. I’ve had some people that are super picky, and have so many great opportunities that just go out the window. So, you have those that are resistant, and those that are flexible but lose focus.

And what kind of advice would you give to each type of person?

For both individuals keep an open mind, learn what you can as you go. Definitely be determined but try not to be idle or resistant. You have to be fluid in this day and age, there are always transferable skills you can get whether it’s a survival job or not. Just learn what you can and make the most out of it.    

Written by: Ashleigh H.

Introducing: YWiB Toronto President, Sandra Riano

Sandra, our new Toronto Chapter President, has been with Young Women in Business since March of this year. An exceptional marketer and leader, she has extensive experience leading the successful development of marketing and business strategies for medium-sized organizations and Fortune 500 companies. A visionary and master collaborator, she specializes in Strategic Planning, Branding and Communications. Having recently completed her Master of Arts, Professional Communications program, at Royal Roads University, she brings to YWiB her fresh perspective, big picture thinking, and knowledge of the real-world truths faced by young women. Personally, she is dog-obsessed, but also an equal opportunity hugger of all species. On top of that, she loves food, comedy, travelling, dancing, meeting new people, and forgetting their names the second after she meets them (Yes, she’s working on that!).

Describe what you're working on and why it's important to you?

I’m working on taking the right steps to advance my career. Two years ago I took a break from the workforce to work on my Masters of Professional Communication. I wanted to add a robust educational foundation to my already extensive experience in the marketing strategy field, and gained so much more. A challenging and invigorating experience, I expanded my theoretical and work-related skills, while gaining insights into the complexity of human communications and the nuances that impact organizations, society, and personal relationships.

Afterwards, I decided to continue to look deeper, and started by enrolling in a career advancement program run by working with an amazing leadership coach. I was able to uncover what fulfills me career-wise, and the values that underscore how I want to lead my personal and professional life. I discovered that I thrive most when leading teams, and helping organizations and their staff realize their potential. Most of all, I learned that female empowerment, inclusion and diversity are core to my identity, and instrumental to the organizations I want to work with moving forward.

How does your role empower you?

My role is driven by long term impact and short term results, so being able to immerse myself into a project, program, or organization to set its strategic direction is very empowering. Leading teams to be the best they can be and helping achieve career and personal heights they thought unreachable, fills me with joy and motivates me everyday. Understanding the marketplace, societal forces, trends, stakeholders and their motivations, the internal workings of each department, relationships, etc., to craft the right approach and being able to adjust and tweak as conditions change -- and they always do! -- is vital to my success. In fact, I see myself as a master Lego builder. While most people build what’s shown on the box and then move on to the next set, I see beyond. I take what could be generic, and turn it into masterpieces that are robust, awe-inspiring, and withstand the test of time. Isn’t that better?

What advice do you have for other young women looking to get involved in your field of work?

Take some time upfront in discovering what you’re passionate about. Forget about fads, what’s cool to your peers, or trying to emulate someone else’s path. Cultivate a curious mindset and take a ‘try it all’ approach to find your own path.

Knowledge is everything so take classes about the topics and skills you’re interested about - if they bore you to tears, move one! You can do this inexpensively: scour the web for webinars, use your Library card to access free courses in Lynda.com, enroll in open education classes at Coursera.org, or volunteer with organizations such as YWiB (join us!) which let you sharpen your skills and gain new ones.

If you want to explore the marketing field, take classes at the Canadian Marketing Association (www.the-cma.org) or the American Marketing Association (www.ama.org). If you’re looking for knowledge about a specific industry, search online for their trade magazines which are often free to access. There you’ll find information to help you understand the industry lingo, and more importantly, keep up to date on industry trends. Also, get as many coffee chats with marketing people in different industries. Doing so will help you gain a realistic perspective of their workdays, corporate culture and small nuances in each industry. The bonus? Doing so will help you build your network!

Who is your biggest role model, why?

This is always a hard question for me because I believe everyone has something worth learning from. For example: my mom and my sisters who have taught me to be strong, resilient, and not to take myself too seriously. My husband, from whom I’ve learned the value of meaningful connections and stillness. My female friends have taught me the value of thoughtful conversations and shared experiences. My male friends from whom I’ve learned to appreciate easy laughs and how to unwind. Their combined teachings and continued support propels me to continue to work to become a better human being. The process is never over -- don’t believe anyone who tells you otherwise! -- and I’m immensely happy to have them in my life.

What book do you recommend every young professional should read?

Getting to Yes: Negotiating Agreement without Giving In by Roger Fisher and William Ury. It covers something that most people struggle with: win-win negotiations. The books covers the negative connotations associated with negotiation, its roots, how to turn them into tools for understanding rather than domination. It explains the concept of ‘principled negotiation,’ aka how to navigate conflict at work, home, etc., without getting lost in the minutiae or losing sight of who we are as people. It’s practical, insightful and uncomplicated. The latest editions have even more insights so I’d recommend to read those. The book has helped me deal with tough situations, fine tune my negotiation style, has broadened my understanding of the topic as a whole, all this while opening my eyes to how we all need to get better at it - go read it!

If you could go back to your 16 year old self, what would you say?

You are a work in progress and always will be, because the self-discovery journey never ends and that is okay! Life would lose its luster otherwise.

Why do you think groups like YWiB are important?

Organizations like YWiB are important because they give access to women to the tools and strategies to help them realize their potential, in a supportive and caring community of like-minded peers. What I particularly enjoy about YWiB is how it recognizes that we are complex and multilayered beings, and works to provide content that covers all facets, in meaningful and thoughtful ways.

What can our readers do to help you?

I love meeting new people from all walks of life so drop me a line and we’ll chat. I’m currently seeking my next opportunity. If you, your company or the company you work for is seeking to hire a masterful marketer and strategist, connect with me at sandra.riano@ywib.ca or smriano@gmail.com

You can follow me at my Instagram at @sandraandmaple. Fair warning though, it’s mostly pictures of dogs and food, heh.

Beauty and the Boss Babes

What I love about being part of YWiB is the positive support. No matter what you want to accomplish, learn or focus on; women are fully supporting women. Girl Power if you will.

Speaking of Girl Power, I want to share two awesome Boss Babes in the Beauty Industry: Laura and Connie of NIU BODY.  NIU BODY is a 100% natural, vegan, and cruelty-free skincare company based in Toronto. They offer affordable and effective skincare without the fancy fluff. Since launching in March of 2017, the line consists of makeup remover oils, toning mists, serums, clay face masks, and lip polishes. An exciting new product is also coming soon, which we can’t wait to check out!

The story behind NIU BODY started in 2016. Laura had this amazing idea for a natural, coconut oil-based makeup remover wipe but couldn’t find one on the market. She was looking for someone to run the idea by, and a mutual friend recommended she chat with Connie because she was the ideal consumer (Connie is into wellness, skincare, and all things natural). The girls had dinner which turned into a 3-hour business meeting. By the end of the night, they agreed to partner and start NIU BODY.

If you are interested in trying some of NIU BODY’s products, Glow Luminizing Facial Serum is their best seller. It contains organic jojoba oil (to minimize the appearance of pores), organic camellia seed oil (packed with antioxidants and Omegas), organic bergamot essential oil (a citrusy scent that relieves stress), and Vitamin E. It’s extremely light weight, moisturizing, and absorbs quickly, leaving your skin radiant and bright. Pro Tip that Connie and Laura learned from one of their customers is to use their serums before applying makeup, to give your skin a dewy, youthful look! Connie’s fav product is the Awake Rose Toning Mist. It’s perfect for travel, post-workout, or just as a mid-day refresher. She’s a sucker for floral scents –  and bonus points for reducing skin pigmentation.

Since we are on the topic of  beauty, I couldn’t help but ask Connie for some skin care tips. Connie says it’s important to develop a skincare routine that works for you. It’s great reading from different magazines and blogs on what products work for different celebrities or influencers, but at the end of the day, you know what works best for your skin.  She also suggests sticking to something simple and preferably natural that you know you will be able to accomplish (i.e. never go to bed with makeup, always wear sunscreen) and you’ll see the results.

Now, for those aspiring Girl Bosses out there this is for you. If you are looking to start your own business, Connie’s advice to you is to have confidence. She thinks a lot of women don’t give themselves enough credit (she’s guilty as charged!) and set smaller goals as a result. When she first started NIU BODY, her original target was just to sell one product to someone who wasn’t a friend. Looking back, it seemed like a ridiculously small goal that Laura and Connie quickly surpassed. Connie also says to set your bar high, vocalize your dreams, and smash those goals!

Connie’s most rewarding part of having a business is hearing such positive feedback from NIU BODY customers. She and Laura were at a market in the fall, and a girl came up to them to show how her skin had changed after using NIU BODY for a few months. She explained how it had boosted her confidence and she needed to share her positive results. Laura and Connie received a message from a customer in BC, praising NIU BODY’s clean products and revealing that before NIU BODY she had such a difficult time finding affordable but also good quality, natural skincare products. Connie says “it sounds cheesy, but moments like this are what keep us so motivated!”

After learning about NIU BODY from Connie and exploring NIU BODY’s natural and affordable products online, I was tempted to try a couple of products myself. With an education and background in beauty, I had more than one reason to add a few items to my cart and proceed to checkout!

The excitement of having a package arrive gives me all kinds of feels; like a kid ready to open their gifts on Christmas morning, which I know some of you can relate to. When I opened the package I loved the message card from Laura and Connie themselves hoping I’ll enjoy their products, and a brief background on what NIU BODY has to offer. I was even more excited to try my new skin care products that evening.

Product number one was the Detox Green Clay Mask. The mask contains kaolin and French green clay and green tea extract that draws out impurities and oil and leaves your skin detoxified and purified. What’s cool about this product is it’s in a powder form. All you have to do is mix a few drops of water to get that mask like consistency and voila, you have yourself a facial mask. I loved how it was easy to apply and it helped with my congested skin.

Calm Lavender Toning Mist was product number two. I have a soft spot for lavender scented products and my bucket list consists of a walk in a lavender field, so naturally this product was a must try. The toning mist has a blend of lavender floral water, aloe vera and witch hazel. When I tried it for the first time, it was love at first smell; I felt like I was walking in lavender fields already! Both products are now a staple in my skincare routine. I always appreciate affordable skin care products that contain natural ingredients.

Thank you Connie for sharing NIU BODY’s story, your recommendations and advice on being a Beauty Boss Babe.  NIU BODY is located in Toronto, You can purchase their products here and from their stocklists.

 Written By: Margaret Saliba 

All Personal Series: (Pod)casting Our Skills Muscles

YWiB Toronto has partnered with Roxana, Founder of bespoke training and coaching agency All Personal, for a blog series written by her. She helps individuals (re)discover and work-out their personal skills ‘muscles’, so they increase their self-awareness and improve their confidence, impact, relationships and, ultimately, quality of life. This series will provide insight into how you can do the same, and ideally walk away with tips, tricks, and advice that you can apply to your own life and career. 

She trains and coaches executives, business owners and professionals on practical techniques that they can easily use and apply in any area of their life, with a strong focus on communication (verbal and non-verbal), change, feedback, presenting & speaking, team & self management, teamwork, leadership.

Roxana is a TEDx speaker, a certified coach and trainer, and a Learning & Development professional. She holds a diploma in Learning & Development and a certificate in Human Resources from the Chartered Institute for Personnel and Development in the UK, as well as a Master of Arts in Knowledge, Information and Project Management from the University of Bucharest, Romania.

Did you ever think about our skills as being muscles? Mind muscles, actually, because, ultimately, it’s all wired there, inside our brain.

I had this epiphany after I ran my first half-marathon some years ago. I’d been constantly running on the treadmill my 5 km twice a week, and it was this regular exercise that had my muscles trained and ready to run 21 km when I decided I’d give it a go. And it worked – as in, I survived! And that’s when I thought that the things we ‘train’ for everyday, the things we have a habit of doing, are the ones that make us prepared to face the unexpected in our life. You can hear all about it in my TEDx talk on How our skills muscles change the way we deal with Change.

Back to this article, as adults, we train our body muscles when we want to be fit and feel healthy. We also tend to train our skills muscles when the company we work for sends us on a training session or when we need that training for progress in our career. And so the entire perception on learning is that it is an event we go TO, spend some time there and then, it’s over, we don’t have to do anything about it anymore.

Now, the whole point of learning is seeing it as a process, not as an event. Let me explain: during a training session we learn ‘about’ new things, or theories, or concepts. We do not learn them (as in master them), we learn about them (as in find out about them). Training is where we become aware that certain concepts exist which we can use.

But it is the aftermath that makes the difference between full learning and learning ‘about’. It’s the practice. Being aware that you can give feedback in a way that doesn’t harm the other, for instance, is not the same with actually giving it properly. So what I do after a feedback training session is, often, more important than the training itself. It’s ‘how’ and ‘how often’ I use that information that matters. And it’s that kind of exercise that will take me to master that particular topic.

Think about cooking – when we learn how to cook something for the first time we usually go for the recipe. We read it (or watch it), that’s the formal training side of things. That alone doesn’t mean we now know ‘how’ to cook that recipe. So we get down to work, follow the instructions and start cooking. Now, depending on how many skills we have and which we can use in the process, the result will be a better or, let’s say, an average one. And then, we cook it again and again until we’re happy with the result. That’s the practice, which leads to full learning. Once we’ve cooked that recipe enough times, we start to contribute our own ideas to it. We start playing and improvising, using less of one spice and more of the other. That’s mastery. That’s also the point where it starts to be difficult to return to the beginner’s mind we had at the beginning of the process and unlearn the whole thing, but that’s another discussion. Idea is: it took practice to get to the mastery bit.

Why, then, do we think that we are going to be master communicators once we’ve attended a communication training?

I think we need to look at our skills from a different perspective and have an honest discussion with ourselves.

• What are my strong skills muscles?
• What skills am I comfortable using and why?
• How does that make me feel?
• Can I still improve my strong skills muscles?
• What are those skills muscles I’ve left asleep and haven’t used in a long time?
• What could they do to help me?
• How can I train them now so they serve me later?
• And how can I do that regularly?

Well (apart from working with me, of course:)) the good news is half of the job is done by answering some of these questions and becoming aware of your own skills muscles. Actually seeing them, feeling that you use them and seeing the difference they make in your life. And then, constantly deciding to practice, to train them.

If I want to improve my listening skills, the first thing to do is be aware that this is the skill I want to improve. And then, I shut up more and speak less. I pay attention to what people are saying to me instead of thinking about what I’m going to say the second they’ve finished their sentence (oh, and maybe even sooner than that, why wait?!).

And then you may be surprised to see that the practice payed off. Because one day you have a talk with a client or team mate or even friend. And you stop thinking about your list of questions, stop ticking points off that list and start having a real conversation. One that lands you a happy client, team mate or friend. One real dialogue that ends with them saying: ‘yes, that’s exactly what I meant, thanks for listening!’. All because you’ve trained that skill muscle until you don’t even realize you’re using it anymore, while it does its job brilliantly.

So, is it worth training our skills muscles? My wild guess is, well, you’ve guessed… Point is, they’re very much attached to us and yes, they can make us look good, too:). So train them on and show them off!

Her podcast series, All Personal, turns the good old saying ‘nothing personal, just business’ upside down, and proves that, in fact, it’s all personal, nothing is just business. Because it’s all about those personal skills that we bring to the table every day, and which can make the difference between us feeling successful or maybe not so much. The All Personal podcast series features entrepreneurs and professionals who discovered their unique skillset, and who are on a continuous learning journey. We recommend starting with her very first podcast, which features our very own: Diviya Lewis of YWiB Toronto and Choose Gratitude.

Spotlight: Cassondra Kyra from The Working Millennial

With the information from our Financial Fitness Bootcamp still buzzing in my head, I was in the process of looking for resources to further help me on my journey to financial freedom. As fate would have it, one of my friends introduced me to The Working Millennial, a site focused on helping millennials navigate through the current economy. 

“Millennials are different from the previous generations and the economy is extremely different from their time as well. With precarious work, high tuition costs, increasing debts, living costs and competition in the market, it's easy to feel lost and alone. The mission of The Working Millennial is to collect and provide information and resources to help guide and empower millennials to be the influential, innovative go-getters that we're born to be."

After looking at the website, I was interested in learning how the website's Financial Literacy Coach, Cass, became so interested in finances at such a young age. As someone who does not work in the financial industry, and who is essentially self-taught, I thought she would be a great resource for those of us on our own journey to financial literacy. Recently, I had the opportunity to sit down with her to discuss her financial journey.

When and how did you start your financial literacy journey, and was there something in particular that sparked your interest?

I started 2-3 years ago. What sparked my interests was when I received my annual statement from my workplace pension plan and, while I was investing, I didn’t really understand anything about it. I had always relied on my grandma who was very financially literate, but at the time she had some health concerns that left her unable to help me.  After a quick pity party, I decided I needed to jump right in and learn as much as I could, having the opportunity to practice both with my own and my now fiance’s finances. From there what started as an obligation quickly developed into a passion.

What kind of resources did you use when learning about finances?

I used quite a few resources such as books, YouTube, and blogs. A major resource for me was Dave Ramsey. Dave is millionaire who lost most of his wealth young and had to build it all back. That story really resonated with me. He created the “baby steps” and he has this “debt snowball” technique where you pay off debts smallest to largest; that has proven to be really effective. The most useful thing I've learned though is that you need to have a zero dollar budget, which means it is important that every dollar has a home or responsibility. It is also really important to give yourself some spending money. There are many budgeting tools that can assist you with this like apps, excel sheets, Pinterest etc. Personally I’ve found that I’m very much a pen-to-paper kind of person; for me it's more focused which helps me process the information.

What kind of tips or tricks would you suggest to others when it comes to sticking to a budget?

I think tricks are silly when it comes to money - you either focus and do it or you fail at it (which is fine if you’re fine with it). For instance I could tell you “Leave your debit or credit card at home and only use cash” and, yeah, that could help you not spend money; but that's not discipline and  won't sustain itself in the long run. It tricks you into thinking you’re focused as opposed to actually being focused. Now for tips, it has to be creating a budget and sticking to it. Sticking to the budget helps take the pressure off.  There’s a feeling of accomplishment you get when you are able to survive to your next pay within your budget, but if you do mess up don’t be afraid to double back and readjust. You’re going to make mistakes, it's part of the process.

One of the biggest themes in our Financial Fitness Bootcamp was addressing how your relationship with money was influenced by your childhood. How would you say your upbringing affected your relationship with money?

Growing up I lived with both my mother and grandmother, who had vastly different attitudes towards money. While my grandmother was very rigid in her financial planning/well being my mother was not, she had this go-with-the-flow attitude and it seemed to work out for her. I truly believe at different times in my life I've had both of those attitudes towards money. What I realize now is the value of money to you as an individual will change over time. My relationship with finances as changed significantly as I've gotten older and had to take on more responsibility. When I was younger I was more “free-spirited” when it came to money but now as an adult I look at my grandmother who at one time supported three households financially and I’m in awe. She’s retired now and still makes more than me, #goals. She definitely shaped how I look at money and finances now.

What is one major mistake you see young people making with their finances now?

This idea of ignorance is bliss, not looking at your credit card statements, not opening up that banking app. Not knowing where to place your money, not investing money or pension planning. I have a pension plan that is matched by work, and I’ve made a point of maxing out those contributions. I also think people need to spend more time researching and maxing out their Tax Free Savings Accounts or Registered Retirement Saving Plans. I see a lot of people my age holding their money in chequing accounts, meanwhile they could be making a lot more by investing it or at minimum throwing the money into a high interest savings account.

What would you say is your biggest takeaway?

You need to budget. That needs to be done, whether it’s once or twice a month, so that you know where your money goes. Even if you make a mistake and are scared to go back and look at it, it is time to "adult".  

Where do you see yourself in 10 years?

While I love finances, I don’t typically think about my life financially. I’m more focused on goals in life (money just helps us get there sometimes). In 10 years I will hopefully have a family with some kids and be passing on some good money management habits to them. I would also like to use this financial knowledge to help people in some way whether it's through workshops or consulting. I’m really open to the possibilities.

Is there anything else you would like to add?

A lot of people feel like investing is hard and have someone at the bank manage it for them. Most people don’t need someone to manage their money, with the tools available to us today like Wealthsimple or Questtrade you can just lock in your investments, check on it yearly and readjust when necessary. The Wealthy Barber (by: David Chilton) and Millionaire Teacher (by: Andrew Hallam) taught me about my personal investments and switching up my pension; these resources can help you learn how to make your money make you money.

Something I did notice in my research is that I did not come across many, if any, women of colour talking about finances, that had larger followings. Now while that could be me not digging deep enough, it was part of the reason I stepped out and joined The Working Millennial. My hope is that someone can one day see me and can relate. Hopefully one day I’ll be able to publish a book geared towards young people and children of colour.

In her early 20’s, Cass came to an understanding that she knew too little about her own financial wellbeing. What started as curiosity, quickly became active interest in her pension plan. Over the years, this interest developed into a pursuit of strong financial literacy for both her and her loved ones. As a Child & Youth Worker, Cass realized this was a way to give back to her community both professionally & personally. Her hope is that young people will not have to arrive at their mid-twenties without practical knowledge surrounding their finances.

Written by: Ashleigh H.

Financial Fitness Bootcamp: Event Recap

As a young woman starting out on my journey to adulthood, I’ve slowly come to the realization that it is a lot harder than anyone ever told me. Case in point: my finances. Growing up we are hardly taught in school how to be financially responsible, so unless you are lucky enough to have parents that would discuss finances, most of us are left to figure it out on our own. This is especially hard for women as the traditional role in the household has not been one responsible for financial decisions.

This past weekend, with the help of Darlene Patgunarajah, Melanie Laing, and Emilia Romano, YWiB Toronto held its Financial Fitness Bootcamp to help introduce key concepts and important information to a group of women (and men) interested in taking control of their finances. Some of the takeaways from the workshop include:

Pay yourself first

Savings and investments are an important part of building a financial safeguard. Having a mix of savings (RSPs, TFSA, long-term, short-term and emergency funds) and investments (mutual funds, GICs, stocks, etc.), are key to becoming financially secure, but having all these accounts can leave you feeling overwhelmed and intimidated. To combat this, our financial advisors suggest setting up automatic transfers to your savings and investment accounts. At first it might seem scary having money automatically come out of your account, but after a while you adjust and learn to live within what’s left. Remember it’s not about how much you make, but how much you spend.

Get a Financial Planner that suits you

For many of us, finances is a stressful topic, especially when we deal with it on our own. Luckily, there are people out there to support you. Financial Planners/Advisors are a great resource for helping you derive a plan for your future by looking at the big picture. The key is finding one that reflects your comfort level. If you are a conservative investor, a Financial Planner that is more aggressive isn’t for you, and vise-versa. Money and finances are already anxiety-provoking topics so finding someone that you are comfortable with is key to creating a financial plan suited for you and your needs. When looking for a Financial Planner, don’t be afraid to shop around and even interview them, they are there to provide a service that you are paying for, so don’t settle for the first one you meet.

Get insured

Like many others my age, I didn’t really think I needed insurance because I don’t have any dependents or assets that may be at risk if something were to happen to me. But the truth is you do, and it’s actually better to get it at a younger age. Not only are you more likely to pay lower premiums (because you are young and healthy), but it also helps when you are ready to buy a house and it will help your family with any remaining costs/debts (i.e. funeral costs, remaining student debt, co-signers on your mortgage, etc.).

Re-evaluate your Mindset

As one of our facilitators Darlene put it “the biggest detractor to success in financial health is mindset”. With that said, it’s important that as young women we take the time to think about our relationship with money and address our unhealthy habits/attitudes. Whether you grew up with parents who were tight with their money, or ones that bought any and everything, we all hold certain ideologies towards our finances. Deciphering those attitudes is as much a part of financial planning as budgeting and saving; no matter how good your financial plan is, it is useless if we can’t follow through with it. Do you really need that new pair of shoes? Can you wait a couple more months for that vacation? Changing your relationship with money changes your priorities.

Leaving the workshop, I felt empowered and excited about conquering my financials. For me, the biggest take away from the workshop was realizing that it’s okay to not know everything, because there are people out there to help. There is an abundance of information available to you - all you must do is ask. Taking on the challenge that is financial planning becomes a lot easier when you start asking questions because once you start you’ll never stop.  

Other Resources:

The Wealthy Barber & The Wealthy Barber Returns - David Chilton

The Debt Escape Plan - Beverly Harzog

It's Your Money: Becoming a Woman of Independent Means - Gail Vaz-Oxlade

Nudge - Richard Thaler and Cass Sunstein

The Art of Money - by Bari Tessler

Written by: Ashleigh H.

Financial Fitness Bootcamp: Darlene Patgunarajah

Ready to get your finances in order? Join our Financial Fitness Bootcamp on January 27th to tackle those holiday bills and start your year right. Get your ticket now.

It’s 2018 which means it’s time to set some goals! Whether you are looking to pay off that school loan or open your own business, getting your finances in order is a pivotal part of your success in the new year. That’s why YWiB Toronto has teamed up with Darlene Patgunarajah  to talk about the importance of financial literacy and the misconceptions young people have about their finances.

How and why did you get involved in financial literacy?

Education has always been a common thread throughout my career.  In healthcare, teaching is an important part of the health professional’s relationship with their patients.  As a financial advisor, education is also a significant part of the client-advisor relationship.  Without knowledge and some basic literacy - whether in relation to your health or your finances - you can’t make informed and educated decisions about either.

Do you think most young people today have a grasp on their finances?

My short answer is “No”, but it depends on the person. With young people there are a lot of misconceptions around finances tied in with the need for immediate gratification. People are looking for a quick buck, and not at the long-term planning it usually takes.  We were never taught about finances at any point during our school years, so there is very poor financial literacy going into adulthood. People are learning through observing what their friends and family are doing, or hearing through media the hottest stock picks while at the same time becoming disillusioned by insane house prices. Learning it as you face the realities of being an adult isn’t the best way to go about it.

What do you think is the biggest misconception young people have when it comes to finances?

There’s this consumer mentality that everyone needs to have the latest tech, trendiest clothes or most epic experience.  With the blow up of social media it takes “keeping up with the Joneses’” to a whole new level. It screws up their perception of reality and they’re not being smart about their choices and priorities. They’re afraid to say no to the bachelorette party in Miami and there’s a pressure there.  It’s that whole YOLO or FOMO culture. That, combined with money having been so cheap to borrow, snowballs into a huge problem with debt and financial stability.

Why do you think financial literacy is particularly important for women?

Women are now equal in terms of their economic power.  We (women) are making the money and the decisions around it.  There is no longer a dependency on a partner for our financial stability.   Combined with the fact that women are also becoming more entrepreneurial, its even more important now that we have a solid understanding of how money works.

What is a personal lesson you learned about financials, saving or investing that you want to pass to our audience?

The biggest detractor to success in financial health is mindset.  As children we’ve internalized the relationship our parents had with money, their beliefs and values, which then informs our own relationship with money. In many cases, our handling of money is a reflection of our own self-worth and beliefs about ourselves. Unless part of your financial coaching or planning addresses the emotions around money, you won’t have the discipline or the emotional capacity to follow it. It’s not just about getting a plan in place or saving money, its about figuring out what are your deep-down money scripts and dialogues are making conscious efforts to reprogram it.

Darlene's professional experience is rooted in healthcare and teaching - which has given her a unique perspective and passionate approach to financial health and financial literacy.  She believes that at the heart of the financial advising profession is education, collaboration, and relationship building.  She is enthusiastic about integrating technology not only into her practice for efficient administration but also for enabling better client engagement.   She serves clients all over the GTA, developing a niche in the small business owner community.  She lives with her husband and her two young and very energetic sons in Vaughan.

Written by: Ashleigh H.