Diversity Woman Magazine

FALL 2015

Leadership and Executive Development for women of all races, cultures and backgrounds

Issue link: https://diversitywoman.epubxp.com/i/579568

Contents of this Issue

Navigation

Page 53 of 67

52 D I V E R S I T Y W O M A N Fall 2015 d i v e r s i t y w o m a n . c o m DW Life > widowhood. I don't want Shayna to have any regrets from money mistakes." PAULA BOGGS, singer-songwriter; former executive vice president, general counsel and secre- tary, Starbucks, Seattle, WA Two years ago, Boggs adopted her niece, Jada, who is now 12. "I told her right out of the gate that most people on this planet never come close to living in a home, attending a school, or living her kind of lifestyle. When much is given, much is expected, and she started chores and volunteer activity right away." Jada gets an allowance for chores and got her own bank account at 10 years old. Talking openly about money has had an impact. "She is a great shopper and is for- ever looking for 'the deal.' She's good at math, and it doesn't matter whether it's grocery shopping or clothing. She's acute- ly aware of comparative pricing." JIMMIE WALTON PASCHALL, executive vice president, head of enterprise diversity inclusion, Wells Fargo Bank, Wash- ington, DC "Te three most important things I've shared with my 12-year-old daughter, Carly, is that she will need to fnd ways to make money, to save, and to spend wisely," says Paschall. Paschall hates paying full price, for any- thing. "I try to instill in her the idea of buying things on sale. I want her to know that she can have nice things, but with a little extra efort, she can pay less." Paschall takes advantage of everyday opportunities. When Carly was hired by a neighbor to take care of two dogs and a cat for 10 days, Paschall asked her how much she was getting paid. Carly didn't know because she was uncom- fortable asking what they were willing to give her. "I thought this was a good opportunity to talk about what women typically have a hard time doing in the workplace—negotiating up front what they want to be paid for a job. Taking care of those pets turned out to be a big job, and she hadn't thought to discuss pay beforehand. It was a good learning opportunity, and one I think will beneft her in the future." VIVIANA RUSSELL, council- woman, North Hempstead, NY, resident, New Cassel/Westbury, NY At seven, Russell's daughter, Imani, was counting the money she got for her birth- day and Christmas and had to put at least half in the bank. She could spend the rest. One thing Russell says she should have talked to her about earlier was cred- it cards. Russell says that when she was 19, she had thousands of dollars in credit card debt because she spent more than she could aford and lacked discipline. "I have paid double and maybe even triple for things because my credit was bad. I wish I had instilled this earlier not only in her, but in my 25-year-old son. I am doing so now with my youngest, who is 11." Now that Imani, age 20, is working, Russell has raised the bar, expecting her to pay tithes, contribute 10 percent to household expenses, and save 15 to 20 percent. Te 60 to 65 percent left of her income is plenty, says Russell, since she lives at home. "Imani asked me why I was doing this, and I told her this is good practice. She can use this formula when she is on her own." RHONDA MIMS, managing director, corporate social responsibility, Paul Hastings, LLP, New York, NY Te majority of Mims's career has been spent in fnancial services, so it's not surprising that, at two, her daugh- ter had a piggy bank. Because Mims was involved with Girls Inc., a program that teaches young girls about money, her daughter had heard about investing by the time she was four. When she was seven, Mims gave her a wallet so that she would have to take money out of it and pay for items herself. "Tat helped her re- alize that when you shop, you can't buy everything because money doesn't grow on trees." She also explains that even though you may have money, there are long- term priorities, like saving for college. Today, the nine-year-old is planning to make money from a lemonade stand. "I want her to pay her own way, to tutor and babysit when she is older. I come from a family where we worked early. I was 15." [My daughter] is forever looking for "the deal." She is acutely aware of comparative pricing.

Articles in this issue

Links on this page

Archives of this issue

view archives of Diversity Woman Magazine - FALL 2015