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Women Who Lead: Debunking Misconceptions about Women and Money--with Amanda Steinberg

Women Who Lead: Debunking Misconceptions about Women and Money--with Amanda Steinberg

By Christine Condon

Amanda Steinberg, personal finance expert and the founder and CEO of DailyWorth.com, a financial media company, has always been fascinated by the subject of women and their relationship with money. In the latest “Women Who Lead” video, produced by Ellevate Network and 92Y, Steinberg debunks two common misconceptions about women and money.

The first misconception is that women aren’t interested in money. Steinberg shares a personal story that, about a year ago, when she was riding a train from New York City to Philadelphia, she told the investment banker seated next to her that she runs a financial media company. He responded, “Don’t you just want to be be taken care of?” But when DailyWorth.com surveyed their subscribers, more than 75% of women said that they enjoy and get a lot of pleasure out of thinking about money. Steinberg states, “So there’s this interesting misconception that when given the choice [between] ‘do you want to be in the being cared for role?, or ‘do you want to understand money?’...that women don’t want to think about money but the reality is that they actually do,” states Steinberg.

The second misconception is that women are more risk averse than men. Steinberg states, “This is kind of a silly box that they put us into...when you compare men and women who have the same education level and the same financial aptitude, they actually demonstrate the same level of financial risk. Women have been outside the conversation for so long they may appear [risk averse], but as women read DailyWorth more and Ellevate more, I’m sure those profiles are going to change--and that will be eliminated.”

And finally, as a woman who leads, Amanda leaves us with advice one of her managers gave to her when she was just starting out, which was, “Amanda, if you want to be successful, whenever you’re talking to your superior, always bring solutions, not problems.” She’s amazed by how many people bring her problems, and she makes it a point to ask them to bring in an array of solutions to discuss. Steinberg believes that teaching this solutions-oriented mindset, as opposed to solving people’s problems for them, helps them become problem solvers--and helps them become successful. 

Learn more about the 92nd Street Y and Ellevate Network Video Series that gives voice to women leaders.