Our Money Power

Does thinking about money and building wealth inspire you? Or is it a turn-off?

Is dealing with finances just one more stressful thing you need to worry about in an already busy life? Or is it something that you actually enjoy? Something that brings meaning to your life?

What motivates you to care about money?

My guest today says the reason many women feel disempowered around our personal and family finances is because so much of the financial services industry doesn’t actually address OUR interests and OUR priorities. They aren’t even speaking directly TO us.

Sam Saperstein is Managing Director of Women on the Move, a dedicated initiative at JPMorgan Chase focused on supporting women-run businesses, improving women’s financial health, and advancing women’s career growth. And for Sam, it’s important to ask why—even two decades into the 21st century—women are STILL less likely than men to own our financial futures.

"I think it's complicated. And I think sometimes it's boring. Do you know why it's boring? Women are not motivated by a number out there. You remember the commercials that used to have people walking around with a number over their head, like that was their magic retirement number? Women are motivated by life, by what money can do for them in their life, by their goals, by the freedom, by the flexibility, not by a number. " -Sam Saperstein

Who do you think make better investors--women, or men? Researchers have been asking that question going all the way back to the 90s, and, over and over, studies confirm that women get better investment returns, on average, than men. 

But the differences go beyond net gains and losses. Making money is not enough for most women. We want to invest with our values and create a better world through our money!

Kristin Hull shares her experience as a conscious investor - and encourages women to start their journey now to invest with their values. She leads the way by example at Nia Impact Capital and through her shareholder advocacy. On this episode of OurMoneyPower, hear Kristin’s journey from teacher to asset manager, as well as what women and companies can do now to invest with their values.

Women and people of color, we're controlling decisions for 1.3% of the assets managed in our $70 trillion industry. What would our economy look like if there were more people like us making those investment decisions? I can guarantee you that it'll be really different when we make that shift. - Kristin Hull

Did you know that for every dollar in wealth that men have accumulated—in their retirement accounts, their stock portfolios, in real estate, in the businesses they own—women have just 32 cents? And If you’re a Black woman or Latina, it’s even worse—like pennies on the dollar!

Of course we don’t need the research to tell us what we already know and feel on a daily basis, that women, on average, earn less than men, put their money in savings accounts vs. investing it, and just have less to work with to build wealth. Even talking about our money, investments and salaries can feel taboo. And when it comes to investing in particular, many of us feel overwhelmed, intimidated or excluded in the process. All this to say, if money is indeed power—for many women, this important topic has never felt especially empowering.  That is what we are here to change with the OUR MONEY POWER podcast.

And this is why I was especially excited to talk with Tracy Gray, who is a powerful advocate for women standing in their money power. Tracy is an engineer who helped build Space Shuttles for NASA, a practising Buddhist, and now a venture capitalist who is on her way to becoming the first Black woman to raise a hundred-million-dollar fund. She is a leading voice in a wave of women investing in women - and women of color in particular, and she’s got a lot to say about the ways our country, our planet, and the next generation of young women are better off when women step into our money power.

"I have four goddaughters, ages 15 to 32, and they know, I'm always talking to them about money. And I don't think I ever talked to them about sex. I start with money, right. Because if they understand their money, I'm not going to worry about all that other stuff." - Tracy Gray