On another note, I am starting my women and money ongoing group this fall. This is a group for women only as all the research and my personal experience leads me to believe that women work best on subjects that are considered “Male-expert” (math, computers, finance) in small same sex groups. This is an ongoing group that follows after two years of offering one day workshops. I feel the one day workshop format does not work as well to sustain ongoing changes as the open-ended group. The group will meet 2 times monthly on wed evenings from 6:30 to 8:00 and is both educational and psychotherapeutic in nature. This is unusual but I think it will be a powerful combination and is modelled on the program at Onsite. The charge for the group is 65 per session and the initial committment is for 6 groups

. The group will be diverse in nature and is appropriate for a variety of issues and ages. Some referrals may be for younger women who want to prevent the problems they see in others; some will be women who have money but are afraid to invest it or use it; some may be for women who are afraid to negotiate or market on their own behalf; some may be for overspending problems, some may be for women who are in partnerships where there is severe conflict about money, etc. If you have a colleague, partner or client or client’s spouse that you believe is a good fit for this program, please have them contact me

Please contact me at mg@doctorgresham.com if you are interested in the mailing for these workshops.

What does the research tell us about how to make sure your business is one of the successful ones? Dr. Edward Hess who is the Goizueta School of Business’ Adjunct Professor in Entrepreneurship recently presented the results of his 30 years review of the research to a group of us,women alums from Emory. The news is both good and bad. He finds that there is no correlation to personality,age, IQ, education and numerous other variables for successful business owners. Rather he finds that there are several processes that are essential: being good at “iterative” processing and taking a series of small risks. The iterative process is one that develops through trial and error and is constantly being refined over time. It is not rigid and final but is constantly taking in new information and responding to that. The small risks are a more cautious outlook;risks that don’t bet everything on one outcome and can afford to fail without a wipeout. This may go against the typical stereotype of the wheeler dealer but it is a finding that should encourage women as we are especially strong with this kind of process.

The disadvantage of being a women relates to the existence of the “boys” network and the facility with which men are able to give each other a boost along the way and create a network of people who owe each other favors. Hopefully as we women get better and better at network creation and have more resources with which to help each other this will begin to shift. In the meantime, there are many men who are interested in mentoring women and who are helpful to us and the trick is to find one who takes an interest in your project. Also as you move forward in your success, make a committment to help the other women who are coming behind you.

This is how most women build their emotional and relationship skills. They discuss every detail of conversations with others and then ask their friends about it. A money group that you form with your group of girlfriends where you begin to share the skills that you are developing is really a great way for women to begin to overcome this. If you think about it, invite a friend over and have her/him teach you how to use financial software or how to balance your checkbook..in exchange you can do something for your friend. This is the way that women learn best and stay motivated. There’s nothing wrong with Suze’s book but most of the women I end up working with already have the money management books on their shelves, unread and it is not until we start exchanging small bits of information through personal contact that the real changes begin.

Where does the resistance come from? I think from my own analysis that many women are willing to trade competence for the feeling of “being taken care of” and loved by having their money managed by someone else…and if no one else is there to do it, they would prefer not to be reminded of that. This is one of the last hallmarks of “feminine privilege”..that we will worry about everything and take on every task except the money…..and turning it over reminds us that we don’t have to do it all. We feel loved and cared about in this way and that feeling is just too pleasurable to question too much. Many times it doesn’t matter to us to whom we have turned it over..to a partner, a parent, a professional…as long as we do not have to worry about it. If you examine it, most adults at some level have dependent longings..it looks so easy and inviting. Men long just as much as women to “be taken care of” but they have less permission to enact it.

The difficulty with this option is that we are exchanging genuine adulthood for dependent pleasure and along with that we also sacrifice self-esteem, power and control over our lives. Money is like oxygen in contemporary society…it sustains and supports your life by buying you food, shelter, medicine, transportation,recreation, utilities, social connection in the form of phones, etc. It is too important to turn it over and risk that you may end up without enough to sustain your life through to it’s natural conclusion. It also takes 2 adult partners working in sync with each other to learn all the skills necessary to make the complex decisions they need to make about their resources and their life paths.

the 20’s: student loans, travel, have fun, buy clothes, go out to eat and drink. This fits our culture’s ideas of the young years when one is supposed to be free before settling down.There is a lot of support for this way of being.

You may be hearing, “do it now before you are tied down.”

This is also a great time to get really serious about your money life.

Why now?

The 20’s are a time when you are laying down life patterns that will be in place for decades.

You can see this time as an investment in yourself, setting your self up to have options later.

You can get going on a career path and take the lower jobs that will take you up later.This is harder to do later on. Getting into a new system often means starting at the bottom.

You can live cheaply with roommates to share the cost.
You can use your natural ability to play and have low- cost fun.
You can use your free time to learn about investing and get started making your money work for you.
You can start a retirement account that will be working for you for 40 years.
You can question the ways you see and come up with original life patterns.
You can develop good habits of understanding your money to be sure you will have what you need when you need to be free later on in life..whether that means quitting a job, starting a business, staying with children, leaving a partnership or staying single.
You will have money to put into the opportunities that come your way…and they will come if you are watching for them.
You can see how your parents did it with more clarity and question to see if that is right for you.

You give yourself more choices down the line when you learn to think independently about money and don’t follow the current forces. This is the first mantra of succesful investors and there is no better investment than using this stage of your life to lay the foundation for a solid future with choices and options.

Responsible giving to dysfunctional members often comes with conditions and strings attached. This goes against the conventional wisdom of the best way to give things but makes sense given the situation. Many people with chronic money and work problems are creating their own difficulties and so bailing them out must be done with caution in order to be of most use to them and to you. After all, the feeling of wasting your money is a terrible feeling. And continuing to reward others for their problems and dysfunctions is hurtful to them and not helpful.

Examples of useful contingencies vary in each situation . They tend to work best if the conditon is related to the other person’s problem. Here are some examples of contingencies related to giving or lending money:
1. Random drug testing with a stoppage in the assistance if the test is failed.
2. Consumer credit counseling programs.
3. Presenting you with a detailed budget of expenses and ideas of how to reduce their expenses.
4. Payment of part of their loan when they have reached a goal (finishing school, getting a job).
5. A written account of all assets and liabilities.
6. Completion of a money management continuing education class in a local college.
7. Entering counseling or therapy.

There are of course any number of ways to be both responsible in your giving and motivating to the other person at the same time. Many family members are generous with things but not generous with honest communications and concerns as this can be so difficult.

What are the 3 biggest money mistakes that women make repeatedly?

They do not plan their money lives. By that I mean they are not taught to look at the big picture from a young age and see the whole in front of them. Women are generally encouraged to look at the details (“Watch the pennies and the dollars will take care of themselves”). The big picture determines whether we enter a high-paying field, how much student loan debt one can carry with that career, how we view advertising about fashion and beauty expenditures, learning to take appropriate investment risk and understanding the challenges of a longer life span.

They do not count. Women are socialized away from numbers and math beginning in middle school and taught that counting and figuring are boring and burdensome. Many families do not put young college women on a budget and do not insist that they plan and count the family money they receive. To begin to relate to money in the real world it must be counted, managed and looked after. This can be time consuming to start up when one has let it go for a period of time. But we have such wonderful technologies now with Quicken programs and internet online trading and brokerage sites that it has become within most people’s skill range to do a good job with it. I wish I had learned that investing is fun and interesting before I heard about the Beardstown Ladies!!! And guess what ….it is more like a puzzle to be solved that it is a drag to be endured.

The third biggest mistake women make with money is to worry too much about being seen as a nice person who is ever nurturing and generous. Women give away too much of their money for unnecessary expenditures when often they cannot afford it. I remember sitting with a young woman as she cried over the amount of money she felt obligated to spend on a friend’s wedding and bachelorette party when she could not afford it ….and the resulting credit card debt that became a burden to her. Women are afraid to confront the money question more directly as it often creates an awkward and uncomfortable tension in the room. But there is no shame in saying that “I care about you and I have to do something more in line with my budget right now”. The competition in women’s groups is not about who is most successful as it is in men’s groups..it is about who is the nicest, the most caring, the most generous.

Think about your own life and your learnings and see what of this applies to you and your own relationship with money. If changes are needed, notice that too. If you are on track, then congratulate yourself!