Latest posts by Natalie Leonidou (see all)
Terhi Majasalmi, with the sponsorship of the Driven Woman network, came to London to educate members on wealth creation with a mission to change women’s ideas about money. She spoke to Finbuzz about what does it take to make a wealthy woman.
What inspired you to become a wealth coach for women?
My father was unemployed 20 years ago when I was 17 years old. Therefore I started to think that if I would ever be in the same situation, what would I do. I thought what would be the answer if I wouldn’t have a job, how would money come into my account. I studied Masters of Economics in Helsinki and graduated in 2002. It was hard, there were no jobs available and the economy took a long time to recover. I figured out I had eight euros in my bank account. However, I had decided that I don’t want to be without a job. In Finland there is good social security system, you can go straight to the job office but I didn’t want that because I think it was an easy answer. So I took a job I didn’t really want and started selling investment products, such as pension plans, funds, and insurance products. I really didn’t want to do a sales job but it was the only job available. And I needed the money. As my experience grew I started to invest in the stock market, gold, real estate and businesses. I have later found out that my real love is real estate, I bought my first property about 12 years ago in Finland. I realised that I could become financially independent.Please share with our readers about your recent career development and progress.
After selling investment products, I started to work with real estate. My first daughter was born in 2008. During my maternity, I had time to think what I want to do in life and my idea was to become a women’s wealth coach. My first coaching session took place in 2009, then I started producing success seminars in Finland and I wrote my first book “The Truth About Your Economy.” My second book is a money book for children and it will be published in October.DrivenWoman is members’ network that helps women define their own success, become accountable to their goals and make dreams happen. We get together once a month to create positive habits and put plans into action, one small step at a time. We do this by sharing our progress and inspiring each other. This method of ‘LifeWorking’ creates accountability, removes fear of failure and builds a strong sense of commitment. www.drivenwoman.co.uk
I have been in the Finnish TV in a programme called ‘Addicted to Shopping’ and I was the expert on how not to spend money excessively in shops. Also I have a money column at the biggest tabloid newspaper in Finland. When I first decided to coach women I thought I have the right experience and I would be the role model for them. I think for women it is easier to talk to me because I am a woman with an ordinary background. If there are only women in the room it is easier for them to speak openly.
You’re an entrepreneur, a professional investor, and wealth coach, how do you manage it effectively?
It is quite hard because it is easier to focus on one thing, you have to change your mind-set doing many things and it is difficult. I noticed it is hard when you have many roles. Actually now that I am getting older, I take better care of myself and so I also emphasise the overall balance in life, not just work. Money is important because it enables you to do more things that bring joy to your life. I think that it is important to have savings before you jump in. You can build your business alongside your day job.
If you are an entrepreneur you have to put aside some amount of money for a rainy day, always have a second plan. Me and my husband, with some portion of our money we buy continually real estate to generate a passive income stream. Nowadays we buy mainly in the United States.
If you had the affluence and opportunity to embark upon a different career, what would you choose to pursue?
Actually the money book for children was my dream. I started to look for an illustrator two years ago. I became a friend with this wonderful woman who is very a talented illustrator. I asked her what would she be interested in and our ambitions were aligned, we started creating the book. Wealth and money are an enabler to me. I can do things I love, they may not bring income immediately, but it is possible to create something totally new. I like to enjoy life, travelling and creating innovative businesses. I think all my life I wanted to keep improving myself, such as to speak to bigger audiences and to publish books.