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Marie: Hey! It's Marie and you are watching MarieTV another very special episode and today,
we are talking about one of my favorite topics in the whole wide world – Women and Money.
And I've got one of my great friends who's also the CEO and founder of an amazing site,
dailyworth.com: Miss Amanda Steinberg.
Amanda: Hello!
Marie: So Amanda, I was checking out Time Magazine not very long ago and they have this
incredible cover and it says, "The Richer Sex: Women Are Overtaking Men as America's
Breadwinners. Why That's Good for Everyone." Then, I was on Daily Worth and I saw that
you published, Daily Worth published a response piece to this. And I have a feeling that you
thought they missed something big in Time and it was all about the financial female
paradox.
Amanda: Right!
Marie: So let's talk about that a little bit.
Amanda: Sure! Well, first of all, isn't it a little crazy to think about the fact that
women might overtake men as breadwinners?
Marie: That I've been feeling that for a long time. As women's roles are changing and it
seems like there's just a whole bunch of stuff happening in society and I think that's exciting.
Amanda: It is definitely exciting it's also somewhat of an existential crisis for some
men and women but hey! Isn't it exciting to have existential crisis?
Marie: Yeah!
Amanda: I think so.
Marie: No, it's good. I mean a while back we did a call I think you and I have talked
about this over drinks called the Paradox of Highly Successful Women: How To Be Driven
Without Driving Men Away because I have experienced it my own life. My own internal stuff around
becoming more successful and not wanting to emasculate my man.
Amanda: Of course!
Marie: All the different things with gender role shifting. You know, it throws us all
into a tizzy. So specifically around money, tell me your take on this.
Amanda: Sure. So there's a you may or may not know that women in the majority of households
actually manage the day to day finances already. Different studies say between 65% and 75%
of households the day to day spending is specifically managed by women, but what's interesting about
this article is they are saying that the earning is going to become primarily the responsibility
or greater responsibility to women over the course of the next generation. Now the question
that we had for Time Magazine was that they declared the women in richer sex but women
are still really confused by investing and not actually focused on wealth building and
actually on the value of their net worth and how much money they are saving and women still
overall save less money than men do in terms of the value of our investment accounts. So
we said, yeah we might be earning more money, it doesn't necessarily make us the richer
sex, we're not actually doing ourselves a great financial service if you think about
when we're spending all the money that we make.
Marie: Yeah!
Amanda: So you know one of the things that fascinates me? I'll put out my little iPad
because I took my notes. I know that you said women now earn more college and graduate degrees
and in 40% of marriages earn more than their husbands.
Amanda: It's already the way it is.
Marie: And this is what shocked me. I thought this was fascinating. According to the Wall
Street Journal by the year 2030, women could control two-thirds of the nation's wealth.
What I loved about your piece is that you are saying that we are stuck in a financial
time warp and then you did a survey with your readers and I know you guys are reaching,
right, close to a half-million mark in terms of subscribers.
Amanda: By the end of the year we'll have five hundred thousand subscribers.
Marie: It's incredible! So if you have ten thousand women replied to your survey and
it said 90% of them identified themselves as the chief bill payer and purchaser, 76%
say that the primary retirement planner and this is what really got me. This is what I
want to talk today. 60% admit their investing in planning skills are below average. Amazing!
And I am telling you that.
Amanda: And I'm sure no one finds that surprising like who taught us? Whoever told us about
investing like whoever, uhm. Yup!
Marie: But all of us even myself know over the years of my own ability to not only earn
money, use my money wisely, invest my money has grown but if I say, you know, what level
of investor am I? I'll admit it. I feel like I'm below average. Oh my God! We need to change
this. We absolutely need to change this. So whata ya say? I mean we got an audience here,
women in 188 countries around the world.
Amanda: Wow!
Marie: What are three things that any woman can do to take charge of her own economy?
Amanda: Sure! And this is a really interesting question to ask because women taking responsibility
and being interested honestly when I hear the term personal finance, it kind of puts
me to sleep. But then when I think about the things I can do in my life because I have
money,I really get excited by those things. So really it's about saying, I can have more
money at the end of the day. I can save more money. I can have more freedom in my life
if I choose to engage with my money and not just live in that kind of antiquated princess,
rescue fantasy thing that's still sold to us through the media like over and over again.
So if you..
Marie: What that prince charming is coming and he's gonna take care of everything and
you'll be fine.
Amanda: Absolutely, and I lived there even having always been work focused. I definitely
lived there in my 20s waiting for my Mr. prince charming to come and pay off all my credit
card bills. You know? But I think if you are saying to yourself listening to us my money
is really important to me. I don't want to be that person that is giving all my power
away. There are a few things that you can do. So the first is, of course, sign up for
Daily Worth.
Marie: Yes! I want to make this point. Dailyworth.com it's free like every single day
Amanda: You get an e-mail with just a short point about some aspect of money in a very
entertaining and engaging way.
Marie: I will tell you if you like MarieTV you like the fun stuff that we do, the tone
and the language and the kind of spirit with which you give financial advice through daily
worth is awesome so again it's free and educational, go do it.
Amanda: We try to keep it entertaining and humorous and ironic because honestly money
can be kinda boring and weird but it can also be really emotional and kinda depressing.
Marie: Absolutely!
Amanda: So we got to keep it light.. And we kinda work really hard not to be like other
finance media companies which deliver the same kind of formula and boring stuff over
and over again.
Marie: Yeah! Which I love, so number one and again, daily worth even it's not your cup
of tea like you've got to get yourself educated this is what we recommend because again it's
free it's coming into the box everyday. You have to start ingesting positive information
to learn about personal finance. [Amanda: Absolutely.] Second thing, what's the second
thing any woman can do?
Amanda: So the second thing any woman can do is set up two accounts specifically every
woman needs these two accounts. The first is a curveball account.
Marie: I love this. Okay, "Curveball Account" write this one down. You need a curveball
account ladies.
Amanda: So a curveball account is a bank account with five-hundred dollars in it that is actually
short term savings that is meant to be spent on something unexpected. An example of that
can be you go to a dentist I mean this happens to me more often that I like to admit and
suddenly you have a $1500 bill or whatever and it's just the savings to handle this kind
of oops moments or it might be kind of a weekend beach house in August where we didn't plan
ahead and suddenly you go you know what I really want to take that vacation, you can
use your curveball account might as well that keeps you from going into debt or further
into debt when you are in debt.
Marie: I love it. So obviously you can add more than five hundred but having five-hundred
is the idea.
Amanda: That's the baseline. For like oops.
Marie: Awesome!
Amanda: So curveball account that's the one account. What's the second account that we
need?
Gabby: The second account is you know, survey after survey from all of the women who were
like yes! I am earning more money, I'm responsible for my spending, I'm trying to figure out
the whole budgeting thing, women are still having trouble crossing that moat into the
land of investor, so here's the thing. I've checked out all the online do-it-yourself
investing platforms and the one that I'm currently liking is Etrade because it's so easy to use
with especially if you just kinda choose their beginning path so just go on in Etrade like
open up an new account so there's no minimum so you can just put hundred dollars in there.
Marie: That's awesome!
Gabby: Exactly! And if you make a combined household income of less than a hundred and
sixty nine thousand dollars, choose the Roth IRA which is a better tax situation than a
traditional IRA so what's an IRA? See? This is part of the problem of the financial surges
and it's like IRA? Like why would people name them these things but anyway, they have.
Marie: We keep going on and on and on.
Amanda: So an IRA is an individual retirement account and just start getting into the habit
of building that worth, of building your own retirement. No one's gonna be taking care
of you except for you at the end of the today, we have to get this in our heads. So opening
up an ira and just fund it with something so that you and they are gonna ask you all
those questions like are you interest in this puts? Are you interested in calls? No! Just
pick the beginner option like I don't know what the player call is, I'll figure that
out later and keep going through the process.
Marie: It's really a good advice and I know for any of you, that feel like you maybe a
little lost right now, it's okay. That is again why you wanna sign up for dailyworth.com,
that's why you wanna start educating yourself so you understand this. None of us are born
knowing this knowledge, right? And 99 % of us, I bet, especially in our generation maybe
it's different for some of the younger folks coming up but we're not taught this in school
and most parents never talked to us about it, and that's why it's so important, if any
of these sounds like Chinese to you and you are not Chinese, don't speak Chinese then
you need to really get on daily worth and just start to understand these terms and go
oh yeah!
Amanda: Just surrounding yourself with it, opening up the email, absorbing some of the
language. You know, we keep it really simple which had it keeping jargon out of it. And
we just launched an addition called More Worth which is more advanced information if you
want to kind of deepen your knowledge around investing.
Marie: So, number three. What's the third thing that anyone can do to take charge of
her own economy?
Amanda: So, as women, we need to start to embrace our ambition more. Women have such
a weird, messed up relationship with this word ambition like we get to be kind of of
ambitious, we set some goals but oh no! Like can't be the next Martha Stewart
Marie: Don't get too big.
Amanda: Like you know millions dollars like oh no! We're gonna screw with everything,
the whole power dynamic, oh it's going to hell. You know, it's like what's up with this
word ambition and why does it make us twitch a little bit?
Marie: I think it's such an important point you know, before we even started shooting
this, we are talking about all the ideas that we wanted to share to you today like owning
your ambition like that's huge and I know again, when I first started my business, I
was really thinking like Oh God! How big do I want this to be? And I still can feel those
tremors inside when I think about everything that we are doing regarding how big the company's
getting and then how far are we reaching like I can still hear that little voice like Oh,
is Josh going to think it's okay and he actually has said verbally and many times like as big
as you want it like I'm behind you. But I think we all can have that it's just so far
back there and I know you were telling me the story about your company, you started
daily worth you were giving birth.
Amanda: Oh yeah! I gave birth to my second child the same week I launched my website.
Of course!
Marie: And what were you doing?
Amanda: Oh yes! So I was actually sending emails to our like 12 subscribers from the
delivery room and I remember the nurse came in and she's like, “Can I give you your
epidural now?” and I was like “No! I'm sending an email, come back in 20 minutes.”
And she rolled her eyes at me and left the room. I was like whatever! Ahaha!
Marie: No, seriously but owning your ambition that's huge because you know and again it
doesn't have to want to be the next Martha Stewart however, if that fire is burning in
you and you want to go that big, you need to own that. Now the same token if you're
like, I want this really profitable small business that I love, that's owning your ambition.
Amanda: Absolutely!
Marie: So it's really in this case size doesn't matter but we just want to make sure we don't
have any lids on it. And you know, this was funny, think about anyone who you love that's
out in the world who's very big and I was thinking to myself, you know, imagine if Oprah
thought to herself like, “Oh! You know I don't want to upset Stedman. Let me just keep
this thing small.” Like how much have we all missed out?
Amanda: That would have been a tragedy.
Marie: No freakin' big O. I love my O!
Amanda: And you could be the next Oprah. So don't deprive us of who you are.
Marie: Yeah! Big time! So owning the ambition so that's really great so let's review so
number one, sign up for dailyworth.com – it's all about educating yourself and really feeding
your brain, your soul with good financial information on a consistent basis.
Amanda: And just to clarify, it's a daily email to help you earn more, save more and
spend smarter. That's the specifically what it is.
Marie: In fact, that's gonna be our tweetable: “Earn more, save more, spend smarter!”
- Amanda Steinberg. Number two, we got two accounts, right ladies? Two accounts that
we are gonna open. One, curveball account. Love the curveball account idea and number
two, individual retirement account. Awesome because we are all gonna get old hopefully.
Amanda: Yes!
Marie: And look really cute.
Amanda: And we all have to take care of ourselves at the end of the day.
Marie: We all gotta go and have cute food and cute little outfits and big sneakers you
know, all that stuff. Right? I do!
Amanda: Clearly!
Marie: Clearly! I actually think about that sometimes because I was think about me with
like all gray hair and there's gonna be a lot of it and I wonder if I'm gonna still
be making hip hop videos which I probably will they just look very different. Ahmm.
Anyway, number three is about
Amanda: I can't wait to see that.
Marie: It's gonna be awesome! MarieTV granny style. Fabulous. Number three is really about
owning your ambition so really being honest right? About how big you want to be in the
world?
Amanda: I read a story recently about a wife who took a lower salary at work because she
didn't want her husband to feel bad. Please don't do that!
Marie: Oh! Lord Jesus!
Amanda: We'll support him too. We'll support him in understanding the way the world is
going. We'll all work together and make sure there are too many you know mental breakdowns
in the process but like you know the world is changing and we need to keep up with it.
Marie: Absolutely.
Amanda: Lead it! In fact.
Marie: Yes! Leading and that is what we are going to talk about next as we wrap this up
so I know that have the four vision project. You sent me an email about it and I was so
inspired that it brought tears to my eyes. Can you tell us a little bit about what it
is.
Amanda: Absolutely. So if you go to dailyworth.com/vision, you'll see this project that we just launched
which is we're asking women everywhere to contribute one idea so we're becoming the
richer sex. So what? The question we have for you is what's one thing you would like
see change in your world as a result of having more influences? As a result of having more
money? So for example, I would like to see one thing changed where women have spend more
on their investments accounts every year than we do on their wardrobes.
Marie: Love it.
Amanda: That's one thing and then in a more serious note, it would be amazing in our world,
in this future world, mystical world that women, there are no women who stay in abusive
marriages specifically because they are financially dependent.
Marie: So Amanda and I have a challenge for you for watching MarieTV today. So right,
we gave you three things to do to own your own economy. Now we want to hear about your
future vision. Think about this, we are all becoming the richer sex. What is the one change
that you'd like to see in the world. What do you envision happening when we all have
more money?
Amanda: It could be in the workplace, it could be in your family, you could think on a micro
level or macro level.
Marie: And leave a comment below this video and tell us! We want to know about it. I think
this is really exciting.
Amanda: It's the best. I love the reading responses.
Marie: It really is the best and if this gets you pumped up, please share it with your friends.
You can take this video, retweet it, share it on facebook, anywhere you want to share
it and that's awesome. So Amanda, thank you so much for being here tonight.
Amanda: Anytime! Can we do this again soon?
Marie: Yes! We'll really do this again. We'll drill this down in a super-specific way something
about earning more.
Amanda: More about that ambition or and earning topic, I think we could we do a lot there.
Marie: Yeah! Sounds good! So if you like this video, subscribe to the channel and do make
sure you share it with your friends and as always, if you want more tips to improve your
business and your life and you want some good stuff from me, come on over to marieforleo.com,
jump on the newsletter list and I will see you next time. Thanks so much for watching.
Amanda: thank you!