After a celebrated career in the financial industry, Mary Penny decided to take 10 years off to stay at home with her family.
At the time, her her husband took care of all of the household finances.
“Then my marriage ended. That’s when I really came back into the industry, but financially and budget-wise and what was coming in and out, I left everything up to my husband. He did a great job, but I began to get into how women have got to be in the know and figure it out themselves,” she said during a phone interview.
“Too many times we end up in a situation where we are on our own, and if we don’t know what we are doing we are going to blow through money that we shouldn’t be blowing through.”
Penny’s career spans years really starting off in 1987. Before that, she knew even in high school that she wanted to get into the financial industry and later help women out. She started out in a small boutique firm in Toronto, where she learned how investments worked.
“At the time, I thought if you figure this out, you’ll be able to give back what you know and help people,” she said.
Later she went on work in trading stocks and options and also worked for the Royal Bank of Canada as an associate adviser.
Penny is now an investment adviser at Mackie Research Capital where she focuses her time on helping clients build their short and long term financial goals, and she helps them get to those goals by building an investment strategy.
She said that more often than not she’s met clients that have no idea where to begin and have no idea how to reach their goals.
“[Financial literacy] is important because it puts them in the know. What happens is if you are unaware or not in the know then the chances of falling into a pothole…[and] there is a likelihood of making the wrong mistakes,” Penny said.
The biggest mistake, by far, that Penny has noticed is relying on others for financial stability and not being aware.
“Leaving it up to others, their boyfriends or fathers and just going through life bit by bit without sitting down and saying ‘Where am I? Where do I want to be and how am I going to get there?’” she said. In November, Elena’s Club will host three financial literacy courses that will help young women understand everything there is to know about personal finances.
It includes budgeting, saving and investing, and of course, money manifestation. Penny said she hoped that when women leave her class, they say to themselves: “I am going to save this much money per month...I am going to start building my financial future.”
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