Do you know your money story? Find out how you can transform your financial dialogue in today's HerCsuite™ podcast interview with Morgan Newman. Morgan is Director of Investments at Oppenheimer & Co. Inc. and one half of the Newman Group – a mother-daughter team of financial advisors. Her mom, Cindy, is her business partner. They’ve built our practice in our belief in women’s empowerment through financial education and are dedicated to creating the space or women to talk about money in an open and safe space.
Here are highlights from the podcast interview:
Q: What is a money story and how is created?
A: “Your Money Story is formulated in your early years, often times without you even realizing it, it’s how the values and feelings you inherit about money that carries with you throughout your life and plays a role in the money decisions you make every day.”
Q: Why do you think money defines who we are and how we feel about money?
A: “Keeping up with the Jones to the pressures of social media – sense of inferiority. Don’t compare your behind the scenes to someone else’s highlight reel. People only mention the positive – we don’t like to talk about failure – when was the last time someone mentioned the bought a stock that bombed?”
Q: What are some strategies you do to help women start to have conversations about their wealth management?
A: “The first step in creating open conversations about wealth management is for everyone in the room to recognize that these are just numbers. How much money you have is not indicator on who you are as a person. Your net worth is not your self-worth. So we have to separate our shame, pride, ego, and embarrassment, whatever the emotion might be from our finances. Once we can create that separation, I find that the flood gates open. Women want to see each other succeed, to get make good decisions and to get ahead in life – the idea sharing and support that comes from these conversations, are incredibly inspiring and motivating.”
“Stop saying sorry – in all aspects of your life but especially in your financial life.”-Morgan Newman
Q: Why is it so important that women feel there is a safe space to talk about money?
A: “On an individual level, Money touches all of us, in every aspect of our lives, in almost every decision that we make. So we need to talk about it! By not talking about it, avoiding the subject and putting our head in the sand – it doesn’t go away. It just goes unmanaged and actually creates further stress and anxiety in our lives. Let this be your wake up call that no one else is responsible for your financial life but you and you need to begin to take steps (however small) today to move your financial life forward.
On a gender level – the pay gap, savings, retirement, investment gap all exist and are real – I all too often see the effects of these gaps on women later in life and having difficult conversation with women that maybe no, you can’t afford to retire yet. Or you need to sell your home and look into downsizing. The more we share with each other, the better off we will all be.
Let’s take the pay gap for example – say you share your salary with your coworker – is it uncomfortable? If you aren’t getting paid what you’re worth, you need to know this information so be prepared to advocate and negotiate for a higher salary – your future self deserves it.”
Thank you so much to Morgan Newman for inspiring us to own our money story!
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Natalie founded Herpower2 Lead to create products that empower women to make lasting impacts today and into the future. She takes a ‘serve first’ approach to life and has applied this principle throughout her career, serving in leadership positions in business as well as non-profit organizations.
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