Is investing just for the rich or the fearless? Why is it that more men invest than women? And would more people invest if they knew it could help change the world for the better?
AllBright recently partnered with BNY Mellon Investment Management to explore such topics. The two hosted a series of workshops called Investing In You, the aim of which was to change the narrative around investments, empowering women to invest in themselves.
Investing In You was founded on recent research from BNY Mellon Investment Management which found that more women would invest if the impact of such investments aligned with their personal values. Similarly, 53% of women surveyed for the report said they would invest (or invest more) if it had a clear goal or purpose for good.
Following the success of Investing In You, AllBright sat down with five of the panellists that participated in the workshops to ask them about their careers, their thoughts on investing and their advice for other women.
Miriam González Durantéz, founder and chair of Inspiring Girls International
What lead you to where you are today?
I spent years working as an international relations adviser for two EU Commissioners in Brussels. I then decided to move with my family to London, so I left the EU and moved to private practice, setting up the first trade-only practice in the City. I am now investing in my own advisory firms.
What have been some of your biggest highlights in your career so far?
I have had my fair deal of professional successes, but my biggest highlight is always the one yet to come!
In your experience, how can encouraging young girls to talk about money empower them to take control of their future finances?
It is absurd that people still see jobs related to finance as 'male jobs'. Finance is power and that power is as much for boys as it is for girls. Besides, understanding basic notions of finance is a skill everybody needs (regardless of their economic level). All schools should be teaching all students about finance.
Do you think making more diverse role models visible to young girls can change attitudes?
There are great female role models in the world of finance, but very few of them are visible. For girls to want to have a career in finance, they need to see there are women working in finance that they can relate to.
You created an online video hub as a way to inspire young girls into different careers. How does this work?
The Inspiring Girls Video Hub is one way for girls - wherever they are in the world - to view female role models. Women self-record their videos, talking about what they do, how they became what they are, explaining what their jobs entail, share their advice, and so on. Girls can then watch these videos and, if the role models agree, schools can also contact them for a virtual session. It is a fantastically easy way for women to be visible to girls. With very little effort, we can all help the next generation.
Bola Sol, finance coach and author of How To Save It
What lead you to where you are today?
I've been a finance coach for seven years now. My foundation in personal finance came from asking my family questions, along with studying Mathematics and Finance at university. My debut book, 'How to Save It', published by Merky Books, came out in January 2021. I've had the pleasure of delivering workshops and panel talks with some of the biggest companies in the world, and the best communities in London. It's an honour to do what I do for a living.
What is your current role(s) and what do you love about it?
There are so many different hats to wear in my day-to-day life, but I'll say I'm a Finance Coach through and through. Giving people the confidence and tools required to make better steps financially is what I love about my role. Anything that lessens people's anxiety about money is a great job in my opinion. I love hearing good news such as: "I paid off my credit card debt/I bought a house/my credit score went up!" Those wins can make my day.
Why is it important for people to know their money personality?
It enables you to understand why you act in certain ways with your money. For example, I used to be an emotional spender, and over time, I've learned how to curb this by becoming more conscious of my triggers. Knowing my money personality allows me to have conversations with myself about what I'm doing with my money and why. Understanding your ‘why’ is always vital.
What are some examples of unhealthy financial habits?
Not budgeting is number one. You need to have a very good understanding of where your money is going and why. Then, it's about checking your transactions. What happens if a company is taking out more money than expected? What if you were charged for something twice? Check your transactions! Lastly, I'd say it's always thinking you can put off important things like saving, investing regularly or understanding how your pension pot(s) are doing.
What is your advice for women who want to take control of their financial future by having healthier financial habits?
My advice for women is to never depend solely on someone else to make the financial future you want to happen. No matter who they are, always be self-sufficient and know what's going on with your money. Some healthy habits would be to learn about investing, budget, negotiate on a regular basis and be grateful for what you have, because more is on the way.
Tiwalola Ogunlesi, confidence coach, speaker and founder of Confident and Killing It
What lead you to where you are today?
My career as a confidence coach was sparked by the first personal growth book I read when I was 21. The book taught me growth doesn’t come with age; it’s something to be intentional about. I learnt that confidence (which I didn’t have at the time) was a practice and skill you can nurture. This realisation was a lightbulb moment for me. I’ve always been ambitious and I knew that if I were to reach my potential, I would have to start investing in my mindset.
I’ve spent time articulating and identifying my strengths and passions, looking for opportunities that existed at the intersection of both areas. This led me to the world of female empowerment. When I saw how much joy, freedom, confidence and resilience I unlocked from building a growth mindset, I made it my mission to empower other women to do the same. It turns out I also had the strengths and skills I needed to be good at it!
In December 2019 I started running my business Confident and Killing It full-time!
Throughout this journey I never waited for people to give me opportunities, I always went out and created my own.
What have been some of your biggest highlights in your career so far?
It still feels so surreal but signing a two-book deal with Harper Collins has definitely been the biggest highlight of my career so far. My debut book is a practical guide to overcoming fear, getting sassy with negative thoughts and becoming your most empowered self. It’s a game plan for confidence that mixes the science of positive psychology with uplifting stories from everyday women to show you that there are no limits to who you can become. My hope is that after reading it, you wake up and realise you don’t have to settle with a life that’s unfulfilling.
Starting a podcast was another big career highlight. I put it off for a long time because I thought I wouldn’t have enough to say to sustain it and even if I did, no one would listen. The thing about confidence is that it’s not an absence of fear or self-doubt; it’s about feeling the insecurities but doing it anyway. After procrastinating for months, I reconnected with my purpose and realised the message I wanted to bring to the world was way more important than the fears I was feeling. Plus, what if people loved it and did listen, what if it changed people’s lives? I’m happy to say the podcast now has 100,000 downloads and is being listened to in over 120 countries.
What methods do you use to help reduce any financial stress you face?
One of the biggest money misconceptions I had was that I had to earn a certain amount of money before I could save and be good with money in general. But the truth is that everyone can be good with money. It’s not a personality trait or something reserved only for wealthy people. Your financial wellbeing is a form of self-care and it should be prioritised as much as you do your mental, physical and emotional health. So to reduce financial stress, I’ve learnt to start small and start with what I have. Doing things like…
• Reviewing my bank statements regularly to make sure I’m not getting overcharged or becoming a victim of fraud.
• Learning to live within my means. Before I buy anything I always ask myself, do I really need this? Spotting the difference between wants and needs is crucial for stopping overspending.
• Having open and honest conversations about money and not being afraid to ask and seek out advice. Knowledge is power!
Please tell us about your biggest goals, and how you’re hoping to use investing to achieve them?
Investing and saving have really given me a lot of freedom to pursue my goals. I was able to quit my job and dive full-time into my business because I had three months’ worth of savings to live off. Aside from starting and building a successful business, my next big goal is to buy a house! To do this I started investing.
What is your advice for women who want to invest in their own financial wellness?
Money isn’t a man's world. You deserve to have an abundant life, so don’t feel guilty about wanting good things for yourself. So step one is to get comfortable with having and growing money.
Next, I’d say if money management seems scary and overwhelming to you, do something about it. Don’t make excuses that don’t serve you in any way. You are always capable of learning more about it, growing your confidence and making better decisions. The best time to start is now!
Finally, set yourself up for success by considering your short and long-term needs and goals so you can have peace of mind for today and for the future. When it comes to saving and investing for your future, small amounts can become life-changing amounts over time (although you can also lose money in investments). Make sure you set goals you really care about so that on the days you feel like giving up, you can think of your future self who could be either thriving or stressed based on the decisions you make today.
Simran Kaur and Sonya Gupthan, founders of the Girls That Invest podcast
What led you both to start this podcast?
Sim has a background in healthcare and took a keen interest in personal finance at an early age. She started a Girls That Invest Instagram page back in March 2020 (one of those great lockdown ideas!). In August 2020, after a conversation with Sonya, the Girls That Invest podcast was launched.
Sonya has been working since the age of 16, starting out in hospitality and retail jobs. For the past four years, she has worked for a health insurance company, making her way up the corporate leadership ladder. She recently left her full-time role to pursue self-employment. She is currently the client & partnerships director of Girls That Invest.
What have you learned about investing on your journey so far? What have been some of the positives and negatives?
Sim: The positives include feeling more in control of my finances and achieving financial freedom. The negatives are knowing I am investing for my future, which sometimes takes away from living in the present and enjoying my current life.
Sonya: The positives include feeling more empowered, now that I’m focusing on wealth creation rather than just saving; I feel more in control of my finances. The negatives are finding the balance of being appropriately informed and being overwhelmed.
What are your future goals for investing?
Sim: I’m investing to be financially free, so that I can be in the position to rely on my investments after retirement.
Sonya: I am in it for the long-term. I'd like to think that in five to 10 years I can use my investments to go towards a house deposit and then it would be to enjoy the gains after retirement.
What is your advice for women who are interested in learning more about investing but are unsure where to start?
We always encourage you to start off by reflecting on what your money mindset is, how money was taught to you - and what you may need to potentially unlearn - and what your investing goals are. This foundation will be extremely helpful in figuring out what your risk tolerance is and what your investing strategy will be. In terms of where to start your learning journey, our podcast is a great free resource! We also run paid investing masterclasses throughout the year and have a beginner’s investing book set for release later this year.
Disclaimer
AllBright cannot guarantee that all of the information provided in this video or article is accurate. Use the information provided on our website at your own risk. If you wish to make an investment you should seek independent financial advice before doing so, and ensure that you have carried out your own research on the product or company that you are investing in. Any advice provided is not tailored to anyone’s individual situation, as each individual is in a different situation. AllBright does not accept any liability whatsoever for any action taken or losses incurred as a result of the information provided on our site.