Considering she built her first website at the ripe old age of nine, it’s no surprise that Tiffany daSilva grew up to be a tech whiz. Since hitting the double digits, Tiffany has continued her foray into the tech space through a myriad of opportunities that have helped her develop the chops to launch her own marketing publishing company, Flowjo. When she
Read MoreWith a laugh that resonates through the office, Rona Shoaienia is an integral part of the Achievers team - which as one of Achievers in-house recruiters, she has helped build. Fascinated by the science of those wild things called people, Rona pursued her
Read MoreThis month Young Women in Business Toronto will be hosting its first financial literacy event. We are very excited about this topic and believe it is vital for all young women in business to be as proficient as possible in their personal financial matters. We are honoured to have Jessica Moorhouse as our keynote speaker at this event. Jessica is a full-time (award winning) blogger, podcast host of Mo’ Money and founder of the Millennial Money Meetup. She is in the process of being certified as a financial counsellor and will soon be publishing an e-course on personal finance. Despite this busy schedule, YWIB is very pleased that Jessica will be taking the time to pass on her extensive knowledge to our audience.
I had the pleasure of asking Jessica about financial literacy and its significance to the young women of today. Here’s what she had to say;
How and why did you get involved in financial literacy?
I’ve always been pretty frugal. It’s just how I was raised, so I’m thankful for learning that habit early in life. But my family never really talked about money. So when I graduated university, got my first job and moved out on my own, I had a lot to learn. I was tired of being the poor student and always feeling broke. So, I started reading books, blogs and educating myself on personal finance...and I got hooked. I realized that it wasn’t just about numbers, it was about creating habits, understanding the psychology of spending, and being smart and patient with your money so you could achieve some really big goals (like owning a home or retiring early). I realized that living an awesome life wasn’t just for those lucky enough to have been born rich. Anyone can achieve that life if they managed their money well.
Do you think most young people today have a good grasp of financial literacy?
Yes and no. Some people like me have good habits that they were passed down from their parents, and some people are starting their personal finance journeys well into their 30s. But what I am seeing more of is a hunger to learn, especially from millennials. The feedback that I’m constantly getting from readers of my blog, listeners of my podcast or members of my Facebook group is that people are tired of feeling broke all the time and not living the life they really want. And luckily now there are so many great resources around that can help people, if they actually put the work into it.
What do you think a young person just starting out on their career should know more about investing?
The first thing I think young people really need to understand is fees. Most people have no idea that they are paying fees on their investments, and those fees could take the form of thousands of dollars. And you still pay those high fees even if you lose money on your investments. That’s why I think it’s so important to look into investments with low fees, like index funds and ETFs.
Besides fees, I want young people to know that investing is complicated or only for people with MBAs to truly understand. In my early 20s, I thought I’d never make any money through investing because I had no idea what I was doing. I thought I had to be a CFP to really know what to do, but that’s just not the case. It is more complex than learning how to budget or pay down debt, but it’s nothing a good investing book or two can’t help with.
Saving or investing, which do you think is more important for a member of our audience, who lives in Toronto and wants to have a house, car, vacation and comfortable life?
Both. With personal finance, I don’t believe it should ever be one or the other. You don’t live your life “all or nothing”, so why would you try that with your money?
As far as saving, first things first start an emergency fund that 3-6 months’ worth of your cost of living. Make that a priority, because it’s usually the biggest reason people fall into debt. Once that’s taken care of, start saving for your financial goals. And that doesn’t mean just lumping cash into a few savings accounts. It may take that form for your short-term financial goals, but for your long-term investing goals (e.g. buying a home, retirement), invest that money so it can grow. And the sooner the better!
What is a personal lesson you learned about financial saving or investing that you want to pass onto a our audience?
The biggest financial lesson I’ve learned over the years is that the sky really is the limit for your life when you take control of your money. I didn’t grow up rich. Far from it. We lived very frugally all my life, and I continued to do so as an adult. But then I realized you need to be more than frugal to live a life that was truly free. You needed to have a spending plan (budget), you need to track every dollar you spent, you needed to change your spending habits so they aligned with your goals, you needed to pay off and avoid debt at all costs, and you needed to invest your money wisely as young as possible so it can grow and grow over the years. When you put all these elements into practice, you’ll be surprised how your life can change. You’re life will no longer be dictated by fear or stress. Instead, you’ll have the freedom of choice, financial security and the freedom to take risks and take on new opportunities.
I never thought I could be doing what I am right now, self-employed running my own business that I’m incredibly passionate about. But I did it on my own because I followed those key principles of personal finance. I’m nobody special, so if I can do it, I truly believe anyone else who doesn’t mind putting the hard work and effort into it can too.
Anything else you want to tell us about financial literacy?
Just that it’s never done. Like fitness, personal finance is something you need to constantly work out to get the results you desire. It doesn’t mean you have to be constantly reading The Financial Post or know everything about the stock market, but putting those practices into play is constant work. But if you’re consistent and mindful with your money, you’ll be surprised how far you can take yourself in 5, 10, 50 years!
Thank you Jessica for this advice, and for more information come out May 30th to hear Jessica speak. Tickets available online now.
Miranda from YWiB works at Softchoice and is also a member of the Shades of Orange ERG (Employee Resource Group) that I am the Executive Sponsor for at Softchoice. Being the father of a young lady (12 but going on 18!) I have become a lot more sensitive to issues involving women and visible minorities in recent years. I do believe that furthering these important social issues is a responsibility of anyone who seeks change. I also have a very male heavy management team at Softchoice, something that I’d like to see change.
I am an avid fish keeper. I have 10 fish tanks in my basement that keep me very busy when I’m not working. Currently I keep fish species exclusively from Lake Tanganyika, which is one of the Rift Lakes in Africa. I like keeping and breeding fish that are uncommon and difficult to keep. Between fishkeeping and my daughter’s synchronized swimming, that takes up a lot of my time outside of work!
I grew up and went to school in Toronto. I graduated from the University of Toronto with a HBA in Economics & Political Science. When I started out in University I thought I was either going to be an Accountant or a Lawyer, potentially in Public Service. I quickly discovered that I wasn’t very good in Accounting and the thought of going to Law School following graduation from University didn’t sit well with me either. So, I completed my degree not knowing exactly what I wanted to do but did feel strongly that I wanted a University degree.
I spent my early working years with Staples, a big box office supplies retailer. The majority of my time there was spent as a Buyer for Technology. As a Buyer I had responsibility for vendor relationships, MDF planning and supply chain management. For the past 15 years I have been at Softchoice in a number of different positions. I’ve spent time in Operations, Marketing/Business Development, Sales and now IT Leadership.
As for travel, I’ve travelled fairly extensively within Canada, the US and the Caribbean. I’ve been fortunate that I’ve had jobs that have allowed me to travel regularly during the early part of my career. I’ve also spent some time in Germany, UK, France and Russia!
I’ve actually written about the parallels of learning how to be a better husband and father and how this same learning had helped me be a better IT Leader. I was fortunate enough to have a Manager/mentor at Softchoice that helped me look inwards for the answer more often and developing my empathy. When I became more self-aware, it was empowering, and allowed me to grow as a Leader and individual.
I was not always very self-aware. Truthfully it was a bit of a blind spot. My journey to increase my self-awareness would not have been possible without my wife and my Manager at Softchoice.
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Tell us a bit about Ingram Micro. What kind of products and services do you offer?
As #64 on 2016 Fortune 100, Ingram Micro delivers a full spectrum of global technology and supply chain services to businesses around the world. Our deep expertise in technology solutions, mobility, cloud, and supply chain solutions enables our business partners to operate efficiently and successfully. End-to-end solutions and distinct market insights allows us to forge forward with decades of strong and dependable partner relationships. With sales in over 160 countries and operations in over 45 countries Ingram helps businesses “Realize the Promise of Technology”. More at www.ca.ingrammicro.com
What does it mean to you, to have an employer who supports diversity in the workplace?
“We are trained to find things that are wrong, but we’d be far better off trying to celebrate what’s right.” Lori Scarlett, Director, Human Resources Canada, Ingram Micro Inc. “Empowering women and paving the way to leadership is one of Ingram Micro’s priorities. Each day we strive to support and celebrate women in our organization.”
What kind of engagement and outreach does Ingram Micro make within the GTA community?
Ingram Micro encourages all its associates to participate in volunteer activities. Additionally Ingram Micro aids in United Way collections, events and campaigns.
Why is Ingram Micro excited to support Young Women in Business, and the Women in Tech panel discussion?
Ingram Micro has partnered with IT World Canada since 2011 for the Women in IT Channel event. As well, Ingram Micro Canada recently launched its first inaugural Trust X Alliance (TXA)Canadian Women in IT event to promote unity and inspiration throughout women either just starting off in the field or veterans who need positivity and encouragement to continue to follow their passion, dedication and commitment to work life balance. Ingram Micro believes diversity and integration is a necessity to a great workplace environment and that’s why we are excited to support the Women in Tech event. We are strong. We are motivated. We will be equal.
I had initially heard about YWiB through my network friends in the IT industry at Oracle and had seen a few of your events being featured. I immediately began to follow along on your Social Media platforms and was really impressed by the vision and work by YWiB. That same network of friends recommended me as a future panelist.
I really do enjoy travelling and am fortunate that my current role sends me to a few different places annually in addition to my personal family travel. Exploring different local communities really brings to light the importance of diversity in thought and an appreciation of my own community. Recently I made my first trip to East Coast Canada to Fredericton ,NB! ....and of course, top of the list is spending quality 'down' time with my teenage daughter reconnecting, cooking and binge watching our favourite tv shows!
I started IBM 20 years ago as a new University grad thinking this would be a temporary role as I prepared to apply for teachers college. What I did not factor in was the various roles I would be exposed to at IBM. I have had the pleasure of working in roles in Operations, Business Management, Sales Management and HR. A few years ago I did some soul searching that led me back to my passion for teaching. I went back to school through distance learning to increase my skills and became a Certified Adult Instructor, leading to my current role as a Learning Consultant at IBM.
In 2015, I was selected to represent Canada in IBM's prestigious pro-bono Corporate Service Corp program, living and consulting in Belgrade, Serbia for one month partnering with NGO SMart Kolektiv delivering expertise-based service to improving their economic and societal challenges. This leadership opportunity was a truly life changing experience both professionally and personally.
Saying yes when new opportunities were presented in front of me. Sometimes they seemed out of my realm or scope of expertise, but I learned to trust the people that champion for me and dive into new areas that have been the best growth and learning. Getting out of your comfort zone is not easy but the benefits always pay off!
Networking is huge - but look for ways to network outside of traditional channels. Start small, follow companies or influential people on twitter or LinkedIn- engage in conversations then build from that. Know the trends, keep your skills up date and participate in any local events happening to get involved. For those recent University graduates, your alumni groups are also a great source of contacts in the industry that could be willing to help. Organizations such as YwIB is a great starting point to expose you to people and corporations that may be looking for new talent. Events such as Information Technology Association of Canada - ITAC/WCT – Women in Leadership Speaker Series, Catalyst regional events, and those hosted by Women in Communication and Technology are also great local opportunities. Don't be afraid to ask for assistance. Start with people you know and trust, ask their network to be your network and seek introductions. You'd be amazed at how much people are willing to help those that are willing to put the effort in.
The IBM STEM 4 Girls initiative empowers girls with STEM knowledge to unleash their unlimited potential and open more doors for their future. It is designed to include content covering all parts of STEM. Workshops include Design Thinking sessions, DNA experiments and opportunities to learn and ask questions about IBM Watson, The Internet of Things, Cybersecurity and cognitive computing. Girls gain experience with circuits,robotics and coding. Participants learn about engineering through hands-on challenges such as tower building and shoe design. We also run a workshop on self-esteem which is integral to ensuring girls have the confidence in themselves to pursue studies in STEM, which is typically considered “for boys”. In January we held private screenings of the movie Hidden Figures, for middle school girls across Canada where we also conducted a dialogue about women in science and overcoming obstacles one may face. I manage the IBM Canada STEM 4 Girls initiative in the GTA, which:
There is a lot going on with our IBM STEM4GIRLS program all the time! We are just coming off a few IBMSTEM4GIRL events in the GTA in recognition of International Women's Month. You can follow along using the #IBMSTEM4GIRLS or my twitter handle at @HelenMitres. We are planning some exciting things in celebration of Canada's 150th Birthday and IBM Canada's 100th birthday over the coming months.
I'm currently working with one of your members Zahra, and she’s shared the exciting things that YWiB are up to.
I'm kept busy raising two young boys, volunteering in my community and playing hard on either the slopes or in the yoga studios.
That’s a pretty big question. Simply put, I got into business to prove to my father that I’d hate it. That was after studying psychology, sociology and social work. After finding our quickly that I loved the business world (despite starting out on the phones in a call center) I moved around across functions. Starting in service, I’ve also been in IT, Mergers and Acquisitions, Sales support, Operations and Marketing. The only consistencies in my career have been working in technology and focused on the Canadian business market.
When I first realized that fear would only hold me back. I use the “1-minute, 1-hour, 1-day… trick” all the time. How much will this matter in X time?
I’ve never been afraid to admit when I don’t know something, or when I’ve made a mistake. Humility makes it easier for people to work with you.
Network. Pick up the phone. Ask. People inherently want to help others. But if you don’t make it easy for them to do so or don’t ask in the first place, they won’t. and take control of your career. Nobody is more accountable for it than you are. And who cares that you’re a woman. It won’t have any impact unless we let it.
Young Women in Business is a community for emerging female leaders and young professionals who want to create their own success.
We believe every woman and young professional stepping into the workforce or growing in their career should be well equipped with the proper set of tools and knowledge to reach their fullest personal and professional potential.
We provide young women and professionals with events, programs and an engaged network of ambitious women, to help them become successful in their careers, take on new challenges and develop skills.
