In 2018, Yahoo Finance talked to women from all across the business world, from entrepreneurs to CEOs to financial gurus. And they all had great advice about how to approach your money, your career and your life. Here are a few highlights.
Saving vs. spending
The ultimate debate: Am I saving enough or spending too much? “Shark Tank” star Barbara Corcoran places herself firmly in the latter camp.
“I love to spend. Saving? You’re talking to the wrong gal,” she says. “I never saved in my life. I just have a lot of money now by accident, so I think saving is grossly overrated. I know it’s the prudent thing — that’s the gospel of anyone in finance. I just believe it’s not for everyone.”
It might not be much of a surprise to learn that Suze Orman disagrees. “As I’ve gotten older and richer, I have a hard time spending a lot of money on clothes,” she said. As for a money move she regrets? “I leased a BMW once. What was I thinking?”
Being in control
Many of our guests stressed the importance of financial freedom. “I do believe that women should have their own money and have your own account for the god-forbid-who-knows-what happens down the road,” Natalie Morales says.
Jean Chatzky, CEO of HerMoney.com, stresses that it’s about more than just insurance. It’s about engagement. “If you have an account in your own name, when you know it’s your money and you’re in charge — I don’t care if it’s $100 or $100,000 — you’re going to be more concerned about managing it,” she says.
Many women tied their financial ideals back to their family. For Camila Alves McConaughey, being part of an A-list family means worrying that her kids will end up spoiled. “I literally go to the extreme,” she said. “Like they would have one pair of tennis shoes with holes in them. They’d be like, ‘Mom, I can’t fit in it anymore,’ and then I’ll finally be like, ‘OK, now we can go get another pair of tennis shoes.’”
For Corcoran, the most important thing she’s ever spent money on was “seven years of in vitro [treatment] to give birth to my son, Tommy.”
“I didn’t know where that money would come from, but I knew sure as hell I was going to keep at it till I could become a mother,” she says. “I would have done it a hundred times over. For me, the experience of having my children and raising them has been the most satisfying part of my entire life — and believe me, that says a lot because I’ve had so much fun and satisfaction from everything else I’ve done, but they can’t hold a candle.”
Morales says that she draws inspiration from her family — and hopes to pass that knowledge down. She says her dad taught her to be wise with money but to still acknowledge that it’s there to be enjoyed.
“You’re not going to take it to the grave,” she says. “I want my kids to have a better appreciation and understanding than I did. I want them to know what it means to earn a living and also know what it means to be able to spend the way they want to spend it.”
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This story was originally published December 27, 2018.
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