In this episode of Sally Hubbard’s Women Killing It! podcast, listen for lessons from Sallie Krawcheck on overcoming failure, seizing the power women already have, and “the most important career advice women aren’t getting.”
“[Investing] is about feminism, because we still accept these old 1950s perspectives as truth and because money is power, and because this keeps us from being fully equal with men. If you don’t have that financial equality, you don’t have equality.”
As a woman who ascended to the highest ranks of Wall Street as CEO of Smith Barney, Merrill Lynch and Citi Private, Sallie Krawcheck has a tremendous amount of wisdom to impart. She shares life lessons in her book Own It: The Power of Women at Work and explains why we have reason to be optimistic for the future.
“I don’t think we as women tend to recognize how much power we have. We don’t have to act like men to be successful…we make companies better but somehow all of the advice is telling us to act like men.”
Sallie also talks about Ellevest, a platform she has developed to close the gender investment gap. Men tend to invest to a greater degree than do women, which amplifies the effects of the gender pay gap. Although the financial services industry caters to men, women in the United States control $5 trillion of investable assets and jointly control an additional $6 trillion with partners. Women also control over 80% of all consumer spending. With Ellevest, Sallie created an investing platform that caters specifically to women, even taking into account their longer life spans.
Sallie Krawcheck on success…
“We tend to think of success and failure as black and white, and we tend to think of them as endpoints. What has taken me a long time to recognize is that success is not an endpoint and failure is not fatal. These happen all day and I have had public success and super public failures. You can survive it…even being in the arena to fight is such a privilege.”