Diversity Woman Magazine

FALL 2015

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

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DW Life > d i v e r s i t y w o m a n . c o m Fa l l 2 0 1 5 D I V E R S I T Y W O M A N 53 SEATTLE SUTTON, owner, Seattle Sutton's Healthy Eating, Marseilles, IL Sutton sewed clothes for herself, her hus- band, and her fve children. She pur- chased used clothing for the kids when they were young. Vacation meant visit- ing relatives in another town. Sutton says she even stopped to pick up a pa- per clip on the sidewalk to the surprise of her children. "When they questioned me, it gave me an opportunity to teach them a lesson in frugality." Her three daughters are in their 50s now, and what she tried to impart to them when they were in their 20s was to be cautious about money, especially borrowing. She set the example: "When I started the business in 1985, I decid- ed to start slowly and move slowly so I wouldn't have to take out any bank loans or put my profts into the interest on that money." Sutton believes in talking openly. "We discussed everything about money around our dinner table." RHONDA OVERBY, president and CEO, Camera Ready Incorporated, a marketing, public relations, and production firm, Glyndon, MD Overby started talking money even be- fore her daughter, Joi Haskins, now 15, could possibly understand what she was saying. While nursing her, Overby would manage her investment portfolio and explain what she was doing. "I can even recall having the television turned to CNBC when she was a toddler. If a stock in my portfolio appeared on the ticker scrolling across the screen, I would ex- plain what that meant in dollars to me at the time." When Joi was eight, after she received hundreds of dollars from relatives and friends for an achievement, Overby asked her what she wanted to do with the money. "She told me she wanted to invest it. I took her to T. Rowe Price to open an account in her name," says Overby. What motivates Overby to open up about money? "I experienced far too many hardships from the lack of money, and even when I was a top earner, I didn't maximize my money due to my lack of understanding fnance at the time. I have left no stone unturned as it relates to teaching Joi about money." JUDE MILLER BURKE, PhD, psychologist and business coach, Paradise Valley, AZ Burke, a self-made millionaire, has urged both her 18-year-old daughter, Shannon, as well as her girl- friends, to make their own money and have a career so they can "choose" wheth- er to marry and/or have children or to stay single. "If a woman cannot support herself, she is vulnerable to bad relation- ships, poor health care, and poverty," Burke says. She preaches the importance of pay- ing bills on time and realizing the power of saving even small amounts monthly. "Saving $100 a month is $1,200 a year." Shannon likely learned much just from observation. "To be honest, she probably has learned that lack of mon- ey, unexpected expenses, or conflict about money can cause great stress," says Burke. Although they've talked extensively about money, there are some things Burke has not touched on. "I did not discuss with her how often women fnd themselves in the position of divorce, displacement, disability, or death of a spouse. I chose to take a positive, en- couraging stance for her. I want her to choose a career that she wants, that she will enjoy." Money matters, Burke notes, but so does fulfllment. ELAINE VARELAS, managing partner, Keystone Partners, provider of career management services, Boston, MA Varelas wants her 19-year-old daugh- ter, Jillian Ryan, to grasp the value of work. "It brings money, and money brings life experience." She has talked to Jillian about money and friends, and how to balance events and activities with what you can aford, as well as knowing how to split checks fairly without being obnoxious. "We have talked money as it relates to college, clothes, presents, and food," Va- relas says. "She has two jobs and is disap- pointed that they do not give her enough hours to actually make some money. We have had very interesting conversations trying to distinguish the complexities be- tween need and want." One thing Ryan wishes her mother had told her, says Varelas, was how little she would make when she frst started working. "She found out how quickly money gets spent. I gave her a debit card, attached to mine, so at the end of the month, she could see all the little things she spends money on and the total costs that so quickly added up." VICKI REECE, founder, Joy of Mom blog, Chicago, IL Reece has been direct with her 22-year-old daughter, Robin. "My parents weren't so transparent about money issues, and I remember, even as a young child, feeling worried from sens- ing the tension about fnancial issues. Tat not knowing, yet feeling something wasn't right, was a difcult thing to navi- gate through. I felt it important for my daughter to know enough to feel empow- ered and in control of her destiny." Robin knows that Reece subscribes to the philosophy of less is more. "I'd rather have

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