Breaking Barriers, Breaking Free

March 2019 is International Women’s Month, and I thought I would take the opportunity to highlight the achievements and challenges of some extraordinary women succeeding in highly competitive fields that have traditionally been viewed as “men’s work”.

With more women than ever, in fact more women than men, are graduating with university degrees, the idea of a male-dominated field should be a thing of the past.

Unfortunately it’s not, and many women still have to struggle to not only break through the glass ceiling, but to be given opportunities on a par with those given to male colleagues. They still face sexism, notably in the STEM fields, and are frequently seen as having “taken a man’s place” in their chosen programs. They have to have perseverance and compete at a higher level in order to be given the same opportunities. This makes it difficult for them to get ahead in their careers, which in turn poses significant challenges when trying to make financial planning decisions.

I spoke to women in traditionally male-dominated fields to find out the barriers they have faced and had to overcome, as well as what challenges are presented on the road to meeting their financial goals. Maria Denegri, is an architect, married with two children. She now owns her own business in partnership with her husband, Denegri Bessai Studio. Dr. Thomas, a dentist, is a mother of three. She owns her own practice, Roycrest Dental Center, and has been in the industry for 25 years. Jas is a physiotherapist with 18 years of experience who recently opened her own clinic, New Age Physio. She is divorced with two young children. They are all women in traditionally male-dominated fields, and you may have noticed they have all branched out on their own to build their careers. We discussed the challenges they’ve faced in education, in business, and on the road to financial independence. Here are some of their insights.

As a woman, you not only have to achieve at a high level, you have to exceed expectations and the achievements of your male counterparts, in both education and business.

In order to achieve their business and financial goals, especially as solopreneurs in male-dominated fields, these women adopted very similar strategies that include hard work, planning, organization, and having a strong support network. Specific tips include:

• When starting your business ensure you have an adequate cash cushion to carry you while the business grows
• Have a strategy for your business’s growth and development over time
• Have a solid team behind you so you can focus on your business’s growth—a nanny or family members for child care support if you want to have both a family and a career, a Certified Public Accountant, and a Financial Planner

As women, no matter your chosen career field, it’s important we also view our finances independently from our partners, not just as part of a whole, especially when you own your own business.

In recognition of International Women’s Month, I will introduce you to Maria, Dr. Thomas, and Jas in more depth in subsequent articles over the next three weeks. I will be presenting more about the challenges they faced in the early years of their education and careers, challenges in juggling family responsibilities while building their businesses in highly competitive, male-dominated industries, and also what steps they have taken for the financial planning for their businesses and their futures. I will also be offering my financial planning recommendations based on their current situations. And please look out for my blog posts about Maria, Dr. Thomas, and Jas, coming in the next few weeks.

This article is intended to provide general information and for discussion purposes only. Accordingly, the information in this article is not intended to constitute accounting, tax, legal, investment, consulting or other professional advice or services. Please consult a qualified professional advisor before making any decision or taking action that might affect your personal finances or business.