Award for Limerick businesswoman who runs money advice class

A LIMERICK businesswoman who gives financial advice classes to Transition Year students has won two awards from her peers.

Leah McMahon of Castle Capital Financial Planning based in Annacotty was named as a shining star in the Network Ireland Limerick awards earlier this year.

And she followed it up this year with a special judges award at the national Network Ireland awards, which are designed to recognise women in business and the arts.

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Mother to Ella, aged 7, Ms McMahon has taken financial exams every year of her life since secondary school and is on the way to becoming one of only 900 certified financial planners (CFP) across Ireland.

This is a level above the role of qualified financial advisor, a recognition held by the majority of the profession in the country.

The businesswoman, who lives in Castleconnell, says she is passionate about getting more females into the financial advice workplace, saying they have something different to offer than men.

“I think this element is needed in financial planning. I do feel women can bring a different level to it,” she told Business Leader.
Ms McMahon has faced many challenges in life.

She did not receive the student support grant she felt she was entitled to after, in her third year of college, she found out she was pregnant.

She said: “It would have been easier just to work in a normal job, but I knew what I wanted for me and my daughter.”

Ms McMahon has taken these setbacks and applied it to her working life.

“What this experience did was, it gave me great empathy with people in financial planning. What you’re doing is you’re planning for any event to bullet-proof them. I didn’t know what to do, and I found a way, and it is this that I pass onto my clients. That no matter what happens, you're always going to be OK, you’re always going to be working to the goals.”

It’s also important to Ms McMahon that youngsters realise the importance of good money management early on in life.

That’s why she has established a financial literacy programme for Transition Year students at Castletroy College.

“It runs like a workshop, two hours over two classes. I’d talk to them about basic money management. It’s the exact same stuff I’d say to adults - when the money comes in, you have to put a portion of it into savings, a portion into bills and a portion into fun stuff.”

Ms McMahon also teaches on Ireland’s tax regime, and what deductions from one’s payslip actually pay for. And she also warns of the pitfalls of taking on loans, or working on credit.

“It’s about trying to get them to be mindful. Just because a student is offered a credit card from a bank doesn’t mean they should take it. I’d explain the impact of not repaying debt. When you’re trying to fund a college lifestyle people get into debt very quickly, and can come out of college with credit issues,” she concluded.