The Akron Beacon Journal Betty Lin-Fisher column
So when a panel of accomplished businesswomen convened recently to discuss their career experiences, the conversation offered a treasure trove of wisdom that I felt compelled to spread beyond the 100 women in the room that day.
I had been invited by
Albanese had invited me to just come and experience the event, which was organized through the
Albanese served as moderator, and the panelists were:
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Albanese asked the panel to discuss when women should seek professional help for their finances and legal issues.
Haws Falasco said even though women play an important role in finances and spending for their family, they often wait to seek financial help until they are what she called "suddenly single" from divorce or death.
"That's the absolute worst time," said Haws Falasco. She later added: "both divorce and death creates the distress of 'Oh my gosh, am I going to be OK?' You have to learn that you're going to be OK."
Haws Falasco and I discussed how there are women in every generation who take the lead in family finances, but many who don't know anything about the family's finances until they are forced by circumstances.
She said it's actually not just a generational thing.
"The senior citizen women definitely are worse than us in our 40s. We're a little more progressive. But I have seen a shift back where some of these young moms say, 'I'm not worried about it, my husband just takes care of it all.' This isn't really good. We need to get progressively more and more aware of our money whether we take care of it or not. Its OK if he takes care of it, you just need to know where it's at."
Haws Falasco said not talking about money or planning is "like driving across the country without a map. It'll get you there, but not by the best route."
Drake, the certified financial planner told the attendees that "once you begin, it's a lot easier than you think it will be."
Financial planning
Albanese also asked whether people can afford a financial planner since people often think they don't make enough to warrant such services. But Albanese argues that: "at any [salary] level you should start."
Draks said to start by identifying a few planners to interview, and on the phone ask: "Do you have other clients like me?"
Haws Falasco added that "if you are ever in a situation where the person doesn't look at you directly or you're not comfortable, you need to leave."
Added Albanese: "Ask questions. This is your money."
Attorney Pacenta agreed that estate planning should also occur sooner rather than later.
"There's not just one right time. A lot of people do it for the first time once they have kids, but it's helpful to review it every few years," she said.
Climbing the ladder
Albanese asked the panel for tips on negotiating a salary or new position.
Drake said, "we negotiate well, but not for ourselves. We need to ask 'What am I giving up, but what am I getting?'?"
"They expect negotiation and women don't do it. We're grateful," she continued. "Be aware of your total compensation and look for a win-win opportunity."
Haws Falasco said "the reason we have a pay disparity is because we never negotiated that first salary. Ask for a raise. It's OK to get a no, but ask."
Looking back
Albanese asked the panelists "What do you wish you knew 25 year ago?"
Haws Falasco: "I wish I knew the value of networking."
Drake: "The importance of having champions and I don't have to be perfect."
Pacenta: "That I don't have to prove myself. The deck is not stacked against you. Don't be afraid to be yourself. And you can feel lucky with what you've got instead of I want more."
Looking forward
Engels shared the story of how she decided to take a leap after early retirement from Timken in 2013 following 29 years.
"I realized that I had to overcome my fear -- not so much a fear of jumping but a fear of where I might land," she said.
Engels said part of what helped her was a strong network and financial security.
"I would advise any of you -- but especially those of you in your early career -- to carefully nurture both of these resources. They will give you freedom.
"It is so easy to get caught up in work and lose sight of the importance of saving for the future and establishing a financial safety net and to lose sight of the importance of establishing a strong network of support. Get a financial planner to help you with the first and reach out to the women in this room to help you with the second. Don't put these things off as they will be lifelines for you in the future."
Engels encouraged the women to figure out what important people are on "your list."
"It's like the lifeline list you take into a game show."</p>
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