Women in Business: Keep Your Foot on The Gas Pedal!

 The 1.6 Billion Dollar woman in business, Facebook’s second in command, Sheryl Sandberg says “women need to keep your foot on the gas pedal and aim high.” Ms. Sandberg who was recently speaking at the World Economic Forum in Davos, Switzerland and her subject was women! Should Facebook’s launch go as planned Ms. Sandberg will be worth approximately 1.6 billion.  She’s one of a very few self-made women billionares. Go girl!!

Sheryl Sandberg is to the promotion of women in business as Steve Jobs was to the promotion of Apple. Her focus on women makes perfect business sense for her role in Facebook as 71% of daily fan activity and 62% of all activity is driven by women*. Women need role models who aim high and are super successful. Young women flock to hear her speak because she’s so passionate about empowering them.

All high profile people generate some backlash and there are those that say her wild success is because, as a woman in business, Ms. Sandberg has had luck and advantages others don’t have. It’s true, most women in business don’t attend Harvard or Harvard Business School. But she’s noted to be “super smart and savvy,” has obviously put to good use her business education, training and “luck,” and she’s dedicated to supporting more women into upper echelon positions.  Here’s a link to a YouTube video where Sandra talks about why women don’t make it into top positions and what to do about it. Excellent. http://www.youtube.com/watch?v=18uDutylDa4  (*NY Times, Feb 5^th 2012 The $1.6 Billion Woman, Staying on Message)

Is It True That Nice Girls Don't Get Rich?

Nice Girls Don't Get Rich author Lois Frankel, Ph.D (a rich woman in more ways than one) says that many of the characteristics that make women uniquely feminine are the very same behaviors that prevent them from becoming financially independent. What does she mean by that?

Women are socialized to be the caretakers and still today more women go into the helping professions than men, which don't pay as well as other professions. Ms. Frankel says she spent "the first half her adult life believing that doing good and doing well were mutually exclusive." 

Take a look at this "nice girl" programming and see what you think:

* Money is power, and most little girls are not taught to be powerful - they're taught to be "nice."

Are girls getting a different message today? I'm not so sure. Women are still called the "B" word when they act assertive, and not just by men. My cousin Kim Kelly, a professional polo player (horses not water) was treated bad by the male polo players, but got little support by women players.  It makes me sad when I hear women putting down other women with comments like: "Women are so catty," or I hate working in an office of "backstabbing" women. I've always expected the best from women and that's what I've experienced.

* Girls are socialized to be caretakers, nurturers and accomodators - not necessarily breadwinners. (But many of us are.) 

It's wonderful to be caring and loving. And, we know that taking care of a family, on top of a job, is exactly what it sounds like - 2 jobs!! One solution I'd like to see is better child care help in terms of subsidies. If we can subsidize big business, what about working women with young children? It will take more women in Congress to accomplish this. Currently America has one of the lowest representations of women (16%) of any of the industrialized nations.

* Women are more likely to spend their income on their children and the household, whereas men are more likely to be prudent about investing.  Women ARE the consumers in our culture. Something like 80% of goods bought are bought by women. That's all fine, but we have to get better at saving and thinking of our future - afterall, as I've said before in this blog, all those shoes in our closet won't feed or house us in retirement.

Two questions for you to Consider:  What do you think it will take for us women to be both "nice" and powerful with our money? What would happen if you stopped being so concerned about whether others see you as "nice" and focused more on making and keeping more of your money? 

Women: 5 Steps to Get Money House in Order

If you're self-employed, an entrepreneur or career oriented you've got to get your money house in order.  I know, I know, it's nearly Christmas and you're crazy busy. But, I want to plant an important business seed for 2012 because it'll be here in ten seconds.  

In order to make the most money, have less stress, and achieve your full potential (financial is part of that) and have fun along the way, here are 5 Money things you need to do in 2012.*

1) Get Your Money House in Order:  Assess what's working well financially and what the challenges are. For example, let's start with the basics.  Are you making enough money? No? What do you think/feel are the 3 main reasons for this? Be careful about blaming the economy. I know it's a factor, but I also know many businesses that are booming - mine included.

2)  Know your Money Story: Especially if you're struggling to get to the next level financially and you keep bumping up against the same obstacle or stuck place. I can guarantee you that there's a hidden emotional piece in your history. Yesterday, while going through The Money History with a client, she realized that her "make do and settle" pattern came from resistance to becoming like her mother. A huge ah-ha.

3) Write down your goals for 2012. If you're self-employed and you have a goal of earning $25,000 or $50,000 net income a year, how many clients will it take each week and month to bring in that amount of money. The more specific you are (a spreadsheet is handy) the easier it will be to achieve. Look at your goals each day, visualize the end result as if it's already happened. Then take action each and every day.

4) Realize that you have a RELATIONSHIP with money. As Suze Orman says and I'm paraphrasing: "Women don't show the same care to their relationship with money, as with other relationships, because they have a dysfunctional relationship with money. What are your money dysfunctions: Overspending, debt, avoiding, underearning, not respecting your money so you don't take good care of it?  Identify THE major dysfunction and conquor it this year.

 5) Grow your Wealth: One of the biggest money mistakes I see women make (and I used to also) is to not grow their wealth. Women give too much time, energy and MONEY away to others - primarily children. If they don't they feel guilty. More money comes to us as we learn to respect it, take care of it, grow it. If you haven't started a retirement account or savings account (for emergencies - $1,000 minimum) make it a goal to start this year.

 *If you're in Modesto or close by check out my 2012 4 hour Business Strategy Session for Women). I do this workshop every year and at the end we do a Vision Board with your Goals and Action Steps for 2012)

Greed & The Economic Crisis: Can Women Do It Better?

Could they do any worse? Most of us are rather clueless about what really happened to bring about the crash of 2008, but one thing is clear, while we are all in this mess together, we didn’t all put us in this jeopardy. Greed is the real problem. Yes, individual Americans have a part in creating this calamity. They borrowed more money than they should have. Credit was so easy to get and banks were so happy to push it. But, the real story is more disheartening than just the lack of individual responsibility.

This current economic roller coaster started with the deregulation of the banks in 1999 under President Clinton. This did two things. It unleashed the easy credit frenzy and banks could once again offer stocks for sale. In 1999 the Financial Services Modernization Act was passed which deregulated the old Glass-Steagall Act of 1933. That law was passed after the crash of 1929 to protect the public from banks. With deregulation,  banks were freed to unleash their greediness once again (hmm…. what we don’t learn from our past we are doomed to repeat). Deregulating the banks was like putting the wolf in charge of the chicken coop and expecting them to behave themselves.

The other greed factor and a “hidden cause of the current global financial crisis is that the people who saw it coming had more to gain from it by taking short positions (or by buying credit default insurance- in other words betting against America) than they did by trying to publicize the problem.” (Michael Lewis: Boomerang, 2011)

Here’s my question: If more women were in decision-making roles in Congress, banking institutions and large corporations, would this folly have happened?  One Icelandic woman, Halla Tomasdottir, noticed the financial crisis that was building in her country and quit her high-level position as the CEO for Kaupthing Bank in 2006. She didn’t like the way things were going. She started her own financial services business totally run by women. Her company is one of the few profitable financial businesses left in Iceland today. And, Bloomberg reported that while women make up only 3 % of hedge fund managers, their portfolios profited 55% more than men’s from 2000-2009. (Can Feminine Values Fix Finance? http://www.cnbc.com/id/44860469)  

Women - Put Your Big Girl Money Pants On!

Do you stick your head in the sand when it comes to your money problems? It's a common tendency. We think we can make something go away if we don't think about it. This is magical thinking which is how children operate. It's sad to say that sometimes we grown ups are so afraid of our financial circumstanceswe treat our money like a child would.  I get it - I have been there done that. But, it's time to put your big girl money pants on and look at exactly what's happening with your financial situation.

First, face the fact that your money problems will not get any better until you start dealing with them. Second, look at exactly what your bills are and your income. Then define your options. For example, a woman I spoke with this week has overwhelming credit card debt - not unusual these days.  I advised her to see a bankruptcy attorney to get advice about whether filing is in her best interest.  Another women I spoke with is just barely putting food on the table and she has teenagers that want new clothes. Understandable, but.... Teenagers can be part of their own solution. Don't give them all the gory financial details but let them know there isn't money for extras and if they want new clothes they can babysit, (I printed out flyers and distributed them in my neighborhood when I was 15), or yes, even work at a fast food restaurant. 

Women are smart, creative and full of incredible potential. If you know of a woman that's really good with her money, ask her to give you some mentoring help or support. Read to increase your awareness about how you feel about money, what your behavior patterns and beliefs are that support or limit you, and to know how to manage your money. Books I recommend include Suze Orman's Women & Money, Lynne Twist's, The Soul of Money, Deborah Price's Money Magic and Chellie Campbell's The Wealthy Spirit.  We women have got to take care of ourselves and taking control of our money is an important way to put those big girl pants on!!

Can Women Save the Economy?

Remember Rosie the Riveter from World War II? Six million women strapped on their boots, learned a new skill and went to work building everything from ships to planes. Does the economy need that kind of determination, focus, creativity and strength now? 

This economic time is an opportunity for women to really step up into their own power. Women are super busy and often reluctant - "who am I to run for office, try for a management position, believe I can make $100,000 a year or more?" Women collectively struggle with self-worth and it shows in our expectations and our paychecks.

Right now America needs women to take the promises of the 70s feminist movement to heart and express those ideals in a very bold 2011 manner. Women can save the economy by starting businesses, (More women than men are today) and by hiriing other women and by applauding and supporting successful women rather than bashing them. Women can save the economy by making more money and encouraging other women to make ore money. And, as I shared with my cousin Kim Kelly (K2Sells.com) who is a powerful woman and making plentyof money, by giving back to other women through donations and giving a leg up. For example, if you live in the Central Valley, the West Side Women in Action Business Conference is Friday Oct 7th (www.wswia.org). WSWIA gives money for educational scholarships for girls and women in the Central Valley. Still accepting scholarship applications, by the way.

Kristen Gillibrand, a rising star in Congress, mother of two believes it is vital that women's economic potential be unleashed to bring the country out of it's economic malaise. "If women earned dollar for dollar what men do," she says, "it could raise the GCP by 9%. This affects every American family."

Supporting other women is not about not supporting the men. But, here's the thing - women have only been in the workforce in the numbers they are today, since the 70s. We're playing catch up financially, politically and in the corporate world. There is still a glass ceiling and when a woman breaks through, it's so important for her to mentor other women up the ladder. Every woman we mentor, support or encourage sends a message that women are valuable, worthy and important.  (*From USA Today article "Skilled, savvy women can rescue our sagging economy, Gail Sheehy, Passages author 8/23/11)