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Just buy the f***ing latte

By Fast Company

Ellevest’s Sallie Krawcheck has no patience for a brewing trend in personal-finance mansplainingRead full story

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  • The masculinization of money is at the core here. Both explicitly and implicitly, society teaches girls to save carefully and think short term, while boys are taught to take risks and maximize earning potential for the long run. This was particularly acute on the trading floor, where the few women around were in sales roles, while men were swinging around huge amounts of money as proprietary traders.

    Women do not grow up with the language, the tools, or the opportunity to talk to each other and

    The masculinization of money is at the core here. Both explicitly and implicitly, society teaches girls to save carefully and think short term, while boys are taught to take risks and maximize earning potential for the long run. This was particularly acute on the trading floor, where the few women around were in sales roles, while men were swinging around huge amounts of money as proprietary traders.

    Women do not grow up with the language, the tools, or the opportunity to talk to each other and learn about how to reframe our relationship with money. We need to acknowledge this fact so we can move past it and start building frameworks, communities, and career paths that expand our opportunity set to build our own wealth.

  • Allison Schrager
    Allison SchragerReporter at Quartz

    if you don't make a lot of money, $5 a day on coffee is still not a good financial strategy. having no savings doesn't beat the patriarchy.

    This whole mindful spending backlash is so weird. No it won't end inequality or make you a millionaire. but it's still a really good idea.

  • Brilliant piece from Sallie Krawcheck who is a rockstar as she explains the numerous ways in which women are economically disadvantaged.

  • John Gray
    John GrayFormer Banker Risk Management

    First problem is measuring success with money. How do you price a sunset?

    There are too many failures who make lots of money. In short if you can afford a simple luxury enjoy it and anyone tells you different ignore them. They are making themselves feel important at your expense. It doesn't hurt to listen to advice just be selective of the advice you follow. ( that includes this comment )

  • There's a big angle being missed. Yes. Men risk more. They take more dangerous jobs, they throw their money out there more often in hopes that they'll strike it big, but do you know what? That risk has it's downsides. When men lose they lose a lot more. Men are disproportionally more likely to lose in the stock market, they're more likely to be homeless, and don't get me started on the gender death gap. (Taking risks is great unless you die)

    Men take more risks. It's in their nature. They win bigger

    There's a big angle being missed. Yes. Men risk more. They take more dangerous jobs, they throw their money out there more often in hopes that they'll strike it big, but do you know what? That risk has it's downsides. When men lose they lose a lot more. Men are disproportionally more likely to lose in the stock market, they're more likely to be homeless, and don't get me started on the gender death gap. (Taking risks is great unless you die)

    Men take more risks. It's in their nature. They win bigger and fall harder. Women can join if they want. It's a free country, but remember risks increase success and failure.

  • It is 2019 and I am still asked by bank employees to get my "husband or someone" so they can discuss my investment plans.

  • Susan Sons
    Susan SonsChief Security Analyst and occasional CISO

    Me thinks the lady doth protest too much...

    Chase's Twitter advice was directed at *young people*, and it was decent advice. I'm sorry that this author's gender-related insecurities have twisted it somehow, but that's her personal problem, not an indictment of frugality as a strategy.

    I'm happy to see individuals and organizations talking about frugality. It used to be an American value until conspicuous consumption pulled ahead in the 1980s and is now all our young adults know.

    We constantly

    Me thinks the lady doth protest too much...

    Chase's Twitter advice was directed at *young people*, and it was decent advice. I'm sorry that this author's gender-related insecurities have twisted it somehow, but that's her personal problem, not an indictment of frugality as a strategy.

    I'm happy to see individuals and organizations talking about frugality. It used to be an American value until conspicuous consumption pulled ahead in the 1980s and is now all our young adults know.

    We constantly see articles about young professionals' outsized salary expectations. I believe this to be in part due to their high levels of debt, but also in large part to their expectation that they live like middle managers while still at entry level. This is also why young people making more than my parents ever did are living paycheck to paycheck. It's sad and unnecessary.

  • Weiyee IN
    Weiyee INChief Strategy Officer

    In the context of another article on women and math, the disparity and the difference in mindset is very notable:

    https://share.qz.com/news/2425550

    Again just from personal experience on Wall Street, women make phenomenal financial analyst, savvy risk modellers, do amazing things with derivatives as well, but very few step up to take leadership roles. And Banks that have very proactive diversity and inclusion policies still face these challenges. Many of us in management attributed it to the insane

    In the context of another article on women and math, the disparity and the difference in mindset is very notable:

    https://share.qz.com/news/2425550

    Again just from personal experience on Wall Street, women make phenomenal financial analyst, savvy risk modellers, do amazing things with derivatives as well, but very few step up to take leadership roles. And Banks that have very proactive diversity and inclusion policies still face these challenges. Many of us in management attributed it to the insane road warrior 18hrs/day 6days/wk lifestyle, but this definitely needs much more research and new policies to address these issues.

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