This past weekend I had the incredible luck to share the stage with Sallie Krawcheck, founder of Ellevest, and Ashley of The Fiscal Femme. Sallie also chairs the Ellevate Network, and she was formerly the CEO of Merrill Lynch Wealth Management and US Trust, and formerly the CEO of Citi Wealth Management. Ashley graduated from the Wharton School at the University of Pennsylvania with a degree in finance and was formerly an investment banker at Jefferies & Co. Both of these women are extremely knowledgeable in teaching you to own your money, so that it is no longer running your life.
Given the new year, I asked both of these ladies to share with me thoughts on how we can take the new year’s momentum to kick start our way towards having money success. The audience consisted of about 100+ trailblazing Dreamers and Doers, a network that I’m a member of. The responses have been shortened for length.
What are some of the most common money pitfalls that hold women back?
Sallie: We think that we are not good at investing. The industry tells us that it is not for us because this industry historically has been run by men. That is incorrect. Women are good at investing. We are risk aware. We evaluate and are careful with how we spend our money, as we manage homes.
Ashley: Oftentimes we think that it’s too hard. That I’m not good at math. The truth is, you don’t need a lot to get started. However, it is important that you surround yourself with a community that can help support you, that is going to make this easier.
How can women manage their fears around money in what appears to be a year of uncertainty? Who is crushing this?
Ashley: Do more saving, and do more investing. Understand the risks of what you can do with your money, but also, have fun with it! If there are terms that sound unfamiliar to you, get educated. As for who is crushing it? All of you are crushing it.
Sallie: When I started in this business in 1995, someone told me that this was going to be a really uncertain year. Then they said the same thing in 1996… 1998. In fact, the year that someone told me was going to be the best year ever was right before the 2008 recession. I don’t know what is going to happen in 2017, and neither do you. The thing is, you have to be in this for the long run, both the ups and downs. Some years are up, some years are down. However, if you invest consistently, that risk will average, and you will rise with the market in the long-run.
What are some practical things that we can do now for 2017?
Ashley: Have a money mantra! Commit to taking 1 action next week, and find someone who is going to hold you accountable. Create the time to pay attention to your money, with bi-weekly money parties. Make this a time to handle all of your financial to-dos. Share your goals with your Dream Team (the people who love you most and you spend the most time with) so they can support you in what you are out to accomplish. They might even share their goals with you!
Sallie: Start now, when you are in your 20s and 30s. Compounding is going to work for you. Write down your goals, and put together a financial plan. Pay off your credit card debt. Starting investing 1% of your paycheck. Do something great for another woman. Have the courageous conversations you need. You can do this, you can own it.
Thank you Ashley and Sallie for all that you do, you are an inspiration!
Ashley offers a 30 day money cleanse (going on right now) to help you detox from your current money habits.
Sallie’s book Own It: The Power of Women at Work is coming to bookshelves near you on January 17, 2017. Consider using Ellevest as an online digital platform to invest your money. To make an even greater investment in yourself, consider joining the Ellevate Network, whose mission is to help women advance in the workplace, both for themselves and the greater good.
Saavvy Cents currently offers an introductory Saavvy10 coaching program for beginners who wish to change their relationship with money and learn how to save 10% or more of their income. Join the Saavvy Cents Facebook group to keep up with the latest!
