Christabelle Mahadeo is an inspiration to other entrepreneurs. Having worked in the financial services industry for over a decade, she established her own business after noticing that many people lacked the financial literacy to solve their big financial problems.
Armed with a degree in business administration and a background in accounting, Mahadeo began offering financial services to clients in 2014. As a broker, Mahadeo had to learn essential skills to enter the financial world. A resilient entrepreneur, Mahadeo quickly established a name for herself in the industry.
Mahadeo spoke to us about a wide range of topics related to personal finance, insurance policies, money management, and protection from scams.
What made you interested in becoming a financial service Professional?
I have a background in business administration. I mostly work in the accounting and finance area, managing accounting departments, but I always wanted to have my own business. Because I have that accounting background, I wanted to help families look after their finances. Working in this industry allowed me to help families. I also noticed a lack of financial education; that’s one of the reasons I went into this industry.
What challenges did you face when starting this business?
I started this business and got my license in Ontario in June 2014. I’ve been in the industry for almost 11 years now. This is something new I had to learn because I am a broker. Being a broker means you have to get training on all the different insurance companies or what products they offer. You have to actually learn all the insurance policies. I also had to learn all the insurance on the investment side, which entailed a lot of training. The biggest challenge is getting clients because you are on your own. You have to meet people; you have to network; you have to do ads; you have to go on social media and post on different social media platforms; and you have to find your niche market.
What type of services does Mahadeo Wealth Management Offer?
We offer life insurance, disability insurance, and critical illness insurance. For instance, if somebody has a house and they have a mortgage for $500,000, and they’re married and have two kids, a 2-year-old and a 4- years-old, if something happens to one of the spouses, and they pass away, the mortgage will be paid for. One of the things I love about being an agent is to provide that kind of protection.
What advice would you give young people seeking financial security?
If they’re over 18, they should first build a financial home. It starts with a foundation. What is the foundation? The foundation is if something happens to you tomorrow, do you have $10,000 to $15,000 for a funeral? Even if they have a part-time job, for example, for an 18-year-old, if they can get a 10-year life insurance for a hundred thousand dollars, even for 10 years, it’s only $10 a month. Life insurance is cheaper when you’re young. The second thing is that they must start saving; even if it is $25, they should start saving in a Tax-Free Savings Account (TFSA) and lock that money away because the money keeps compounding. They must begin with a cheap life insurance. And the second thing is to put away at least $10, $25, $50, or a hundred dollars into a safe and not touch it.
How can seniors protect themselves from scams?
For somebody who knows how to use a computer, check online to ensure the agent is licensed. They should also reach out to check and see if the person or advisor is legitimate. They can always ask a loved one or family member to check out this person for them. If they are not sure, ask someone who knows.
What advice would you give budding entrepreneurs who want to start their own business?
Never give up—that’s number one. This could be challenging when you have to get your own clients and start from scratch. I bought a lot of Amazon Audible books and learned from them. You learn a lot when you hear books. I also attended many trainings. Go to seminars pertaining to your field, attend trainings, self-learn, invest in yourself, take the courses you must take, and learn from the industry.
It’s a lot to do with mindset as well. You have to stay positive, be a good communicator, and have good leadership skills. You have to develop yourself and stay around positive people or people in your field. These are the types of people you can learn from. You have to have mentors. It’s about staying focused, being self-disciplined, and being around the right crowd!
David Messiha | Staff Writer
