Wall Street and the financial sector have long been seen as a “boy’s club.” There are lots of reasons for this. Wall Street was built before women were allowed to vote and long before women were entering the work force en masse. There is also the vicious (and false!) stereotype that girls aren’t as good at math as boys. Add to this the widespread notion that the husband should manage a family’s finances and it’s no wonder women often feel disenfranchised when it comes to money–even the money they earn themselves!
It is important that today’s women stand up to these stereotypes and stupid “traditions.” Never let anybody else have total control over your income and where it goes. For one thing, you don’t want to feel lost if you are suddenly put in charge of your family’s monetary health. For another, you shouldn’t be waiting until you are partnered up to start thinking about your financial future. Take control of this yourself!
Nowhere is this more important than with your investments. Understanding how to get started with and build a good investment portfolio is important for everyone, particularly women who want to ensure their future solvency. The more you know about, for instance, the difference between binary trading and traditional stock trading, the better off you and your family will be. 24Option gives a good definition of this type of investing here: 24option.com/binary-options/.
And if anybody tries to force those old stereotypes in your face? Tell them about the following women who are changing the face of finance as we know it.
Suzanne Shank is the CEO of Siebert Financial Corporation and the CEO of Siebert, Brandford, Shank and Co. LLC. In these roles, Shank has helped her firm underwrite more than a trillion dollars of municipal bond transactions. This makes her and her firm one of the top municipal bond firms in the world. She also holds and MBA from Wharton and a Civil Engineering degree from GIT.
Karen Peetz is the Vice Chairperson for BNY Mellon and in that role, she not only generates roughly 50% of her company’s pre-tax income, she also manages more than 17,000 of her company’s 52,000 employees (located all over the world) and founded Mellon’s Successful Women Network. She was also named one of American Banker’s 25 Most Powerful Women in Banking.
Ellen Costello is another woman on American Banker’s 25 Most Powerful Woman in Banking list and for good reason! Costello is the founder and CEO of Harris Financial. Harris Financial is the 12th largest commercial bank within the US and is the US Company Head of the BMO Financial Group, the group that plays a large role in the oversight of how the federal government operates.
Carla Harris was listed as one of Business Insider’s 25 Most Powerful Women on Wall Street in 2013. Carla Harris is Morgan Stanley Investment Management’s Managing Director for their Emerging Managers Platform. She is the woman who built IPOs for Oprah Winfrey, Martha Stewart, UPS, GM and more.
One of Morgan Stanley’s most resiliant CFOs, Ruth Porat survived the 2008 stock market crash unscathed and went on to advise the US Treasury on how to handle the Fannie Mae, Freddie Mac, and AIG disasters. She raised Morgan Stanley’s wealth management and trading profits by 60% in the first quarter of 2015 before moving on to Google where experts believe she’ll bring in more than $70 million within two years.
Though she’s the last on this list she is arguably the most powerful person in the US’s financial world. Janet Yellen was one of the first people to predict the crash of 2008 and in 2014 became the first woman in history to be named the Chairperson of the US Federal Reserve. In this role she has worked tirelessly to reduce unemployment and to deal with the inflation rate in a positive way.
The next time someone tells you that you can’t manage your own money, or that women aren’t as good at finance as men, tell that person about the women on this list and then prove them wrong by successfully building your own savings and investment portfolio!