Yahoo Finance SALLIE KRAWCHECK: There's a critical piece of career advice women aren't getting
Former Wall Street exec Sallie Krawcheck, the CEO of women-led investment platform Ellevest, says there’s one piece of crucial career advice that women aren’t getting.
“The best career advice women aren’t getting is to invest,” Krawcheck tells Yahoo Finance in the video above. “There is a gender investing gap in this country. That’s why I founded Ellevest because Wall Street today does a better job for men than for women.”
For a professional woman, not investing can cost hundreds of thousands of millions of dollars over the course of a lifetime.
“If you’re making $85,000 a year, you’re putting aside 20% into a checking account. You don’t invest for ten years because you haven’t found the right adviser or you haven’t found the right firm, there’s too much talk about outperforming the market and it just doesn’t hit to the right way. You wait ten years, on average, historically, it cost you one hundred dollars a day. It’s a lot of money,” she explains.
The point Krawcheck is making is that women and men aren’t going to be equal until they’re financially equal.
“In your career, do you feel better going into your boss’s office and asking for the new assignment if you have more money or less money? Asking for, heck, the raise even, if you have more money or less money? Starting your own business that you’ve dreamed about if you have more money or less money? Leaving the jerk boyfriend, who was so nice in the beginning he was so great when you started dating him but—, when you have more money or less money?”
“Today, when men and women are divorced, the man’s standard of living goes up significantly and the woman’s goes down. By investing, by closing our gender money gaps etc., by becoming equal with men financially, we level out that playing field.”
Krawcheck just released her first book, “Own It: The Power of Women at Work.”
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Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.
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