Introducing Our Women’s Wealth Initiative
Savant’s vision is to help build ideal futures for our clients, our team, and the communities we serve. As a part of that vision, our Women’s Wealth Initiative was created to inspire, inform, and empower women to pursue their best financial futures. Through educational events, networking opportunities, and resources on financial topics specific to women, we hope to empower women to feel confident in taking ownership of their personal finances.
Kicking off our Women’s Wealth Initiative was an insightful presentation by Kathleen Burns Kingsbury. Kathleen is a wealth psychology expert, founder of KBK Wealth Connection, host of the Breaking Money SilenceTM podcast, and an internationally published author and speaker.
Savant’s Women’s Wealth Initiative committee is pictured with guest speaker Kathleen Burns Kingsbury
Left to Right: Ambari Prakash Pinto, Stephanie Abbott, Allison Alexander, Sarah McGinniss, Kathleen Burns Kingsbury, Nicholas De Jong, Theresa Harezlak, Teryn Fitzgerald, Perla Rodriguez, Deidra Hayes. (Not pictured: Libby Muldowney and Kathryn Pirtle)
Do you ever start to squirm and feel uncomfortable when someone begins to talk about money or salaries? Kathleen describes the silence that comes when we become uncomfortable talking about finances as money silence. Half of Americans say talking about money is harder than talking about religion, death, or politics. Because we feel uncomfortable talking about it, we don’t address the subject of finances or take steps to help ourselves prepare for the future. As a result, a large number of families fail to transfer their wealth to the next generation.
We each have our own money mindset, which is the way we view, talk about, and feel about money. Societal money taboos, family messages about money, individual money shame, and the financial services industry have all helped to shape your money mindset.
Society has taught us that is it is rude and unnecessary to talk about money or salaries. When salaries are not discussed it may be difficult to know what you should be asking for from an employer. Kathleen suggests researching your job title and getting an idea about what others are making in your area.
Your own family has taught you many messages about money, and you may not realize how much it has shaped your money mindset. The way your parents earned and spent money affects how you feel about money.
Lastly, many perceive that the financial industry has a male voice. When speaking about money, women are often seen as bossy, difficult, or greedy, while men are seen as capable, assertive, and good providers. So when it comes to finances, women may feel less eager to discuss the subject.
So what can you do? Examine your own money mindset. Consider these questions: What roadblocks may be present in my money mindset? What strengths could my money mindset offer me? Is my money mindset costing me and my family? How could I benefit from daring to have that difficult discussion about finances?
Whatever financial circumstance you find yourself in, speak up and break the silence. Once you have success, share what worked for you with others. Doing something small to move this revolution forward will empower people to talk more about money and break money silence for good.