Purpose: Putting Your Money with Your Why

WEBVTT

1
00:00:05.200 --> 00:00:09.119
There are some people that make their
work just another thing they have to do,

2
00:00:09.560 --> 00:00:12.759
and there are those that make their
work something that they want to do.

3
00:00:13.519 --> 00:00:19.000
Welcome to Working on Purpose with your
host Elise Cortes. In our program,

4
00:00:19.039 --> 00:00:23.879
we provide guidance and inspiration from those
people who have found deeper meaning and

5
00:00:24.079 --> 00:00:29.079
personal connection to their work life.
It's beyond nine to five, it's working

6
00:00:29.120 --> 00:00:37.479
on Purpose. Now Here is your
host, Elise Cortes. Welcome back to

7
00:00:37.520 --> 00:00:39.840
the Working on a Purpose Show.
Thanks for tuning in again this week.

8
00:00:39.880 --> 00:00:43.119
I'm your host Elis Cortes. Joany
you live from Dallas, Texas, which

9
00:00:43.119 --> 00:00:45.799
is home base for me. If
you've been tuning in for a while,

10
00:00:45.880 --> 00:00:49.679
then you know this program is all
about helping people create more meaningful and productive

11
00:00:49.679 --> 00:00:54.119
personal and work lives and equipping leaders
insight organizations to cultivate meaning and purpose that

12
00:00:54.159 --> 00:00:59.079
a list's passion inspired contribution, innovation, and persevering performance. I talk with

13
00:00:59.119 --> 00:01:02.719
my guests to draw on their expertise
and share my own experience consulting, speaking

14
00:01:02.759 --> 00:01:07.239
and developing workforces across the globe.
Every week. In these conversations, I

15
00:01:07.239 --> 00:01:08.959
hope you walk away with something you
can immediately put to use in your life,

16
00:01:10.079 --> 00:01:12.239
that you come alive with the possibility
of living with passion, working on

17
00:01:12.280 --> 00:01:15.799
purpose, and are inspired to discover
for yourself just how big and fulfilling your

18
00:01:15.840 --> 00:01:19.480
life, work and leadership can be. And if you do catch fire from

19
00:01:19.480 --> 00:01:23.400
anything you hear, reach out and
tell me about it. Email me at

20
00:01:23.400 --> 00:01:26.439
a lease at least coortes dot com, or use the contact me feature on

21
00:01:26.480 --> 00:01:30.680
my website to message me tell me
how I can help. Whether you want

22
00:01:30.680 --> 00:01:34.480
to join the distribution list to stay
informed of these weekly radio show conversations,

23
00:01:34.799 --> 00:01:38.560
you want to see about joining a
catch fire online inspiration, accountability or mastermind

24
00:01:38.560 --> 00:01:42.799
community. You want information on my
purpose driven leadership programs for individuals or companies

25
00:01:42.120 --> 00:01:46.680
offered on site or via webcast,
or on the retreats that we're offering these

26
00:01:46.760 --> 00:01:49.879
days, or you want to seebout
having me speak for your company or conference.

27
00:01:49.159 --> 00:01:53.599
Either way, I'm glad we're connected
and thanks for listening. Now onto

28
00:01:53.599 --> 00:01:56.640
this week's program. What with Us
Today? Is Michelle Connell. She's a

29
00:01:56.719 --> 00:02:00.760
chartered financial analyst and the president and
owner of Portscha Capital manas LC. Her

30
00:02:00.799 --> 00:02:04.959
company is thought to be the only
registered investment management firm in the Dallas Fort

31
00:02:04.959 --> 00:02:08.240
Worth area to be owned by a
female CFA charter holder. She specializes in

32
00:02:08.240 --> 00:02:14.080
addressing the unique financial needs of the
burgeoning underserved markets of female investors, charities

33
00:02:14.120 --> 00:02:16.800
and foundations. She joined us today
from Fort Worth, Texas. Michelle,

34
00:02:16.879 --> 00:02:21.879
Welcome to Working on Purpose. Good
afternoon, Elise, Thank you for having

35
00:02:21.919 --> 00:02:25.360
me. Is this so fun?
You know? I just I so appreciate

36
00:02:25.479 --> 00:02:29.599
just the whole notion of network.
And we need to first thank Ashley Lindsay

37
00:02:29.599 --> 00:02:32.280
for bringing us together. Thank you
Ashley for being a fantastic talent scout and

38
00:02:32.319 --> 00:02:37.039
bringing Michelle to me. Right,
we have to thank if we have to

39
00:02:37.039 --> 00:02:40.759
start there with gratitude, Elise.
Ashley, as you know, is the

40
00:02:40.759 --> 00:02:45.680
best at bringing people together, probably
one of the best women to do that

41
00:02:45.800 --> 00:02:50.080
in Dallas. I would say so
as well. So about you now focusing

42
00:02:50.159 --> 00:02:52.240
the rest of the show, then
about you, and you know, it's

43
00:02:52.319 --> 00:02:54.280
kind of interesting the topics that I've
had on the show and the four years

44
00:02:54.280 --> 00:02:58.680
of been hosting it. The reason
I wanted to have you on the show,

45
00:02:58.719 --> 00:03:01.639
Michelle, is that I want to
to talk about how money relates to

46
00:03:01.719 --> 00:03:06.000
us pursuing and ultimately living our purpose. That's going to be the background of

47
00:03:06.039 --> 00:03:08.840
our conversation here as we go along. So for our listeners are scratching their

48
00:03:08.840 --> 00:03:12.240
head, going, I don't get
it, you know, capital management and

49
00:03:12.240 --> 00:03:15.199
purpose, I don't get it.
Trust us listeners will make the connection for

50
00:03:15.280 --> 00:03:19.759
you. So before we get into
some of the dialogue we want to have

51
00:03:19.840 --> 00:03:22.159
here, Michelle, I just think
it's good for you could just say a

52
00:03:22.199 --> 00:03:24.560
little bit about your background and how
you got into this business, your why

53
00:03:24.719 --> 00:03:29.759
for becoming an investment and wealth management
professional. Well, Alis, I've been

54
00:03:29.759 --> 00:03:34.039
in the business for about twenty five
years. Born and raised on the West

55
00:03:34.080 --> 00:03:38.000
Coast. Let's see, have an
MBA in finance, and as you said,

56
00:03:38.039 --> 00:03:45.199
I have a CFA or Chartered Financial
Analyst designation. I always knew that

57
00:03:45.240 --> 00:03:47.960
I wanted to be in this business, so that's required if you want to

58
00:03:49.000 --> 00:03:53.800
work on Wall Street and institutional money
management. I've been the head of a

59
00:03:53.800 --> 00:03:59.439
tech sector for a major bank during
the fall of the tech bubble back in

60
00:03:59.479 --> 00:04:04.560
two and one. Relocated to Chicago
and did private equity and private debt there

61
00:04:04.599 --> 00:04:11.520
before I moved to Texas. And
since I relocated to Texas in the last

62
00:04:11.639 --> 00:04:15.639
probably eight or so years, I
found in my own firm and I'm also

63
00:04:16.000 --> 00:04:21.759
a adjunct finance professor at UTD Dallas
and teach the CFA And as you said,

64
00:04:23.160 --> 00:04:28.000
I am believed to be the only
female CFA who has our own firm

65
00:04:28.439 --> 00:04:31.519
in North Texas. Well. Congratulations. You know I love everything about that

66
00:04:31.639 --> 00:04:34.800
one. It's just outstanding. When
I see people going for what they want

67
00:04:34.839 --> 00:04:39.600
in their lives. I appreciate that
tremendously. And I know it was a

68
00:04:39.680 --> 00:04:42.240
ton of hard work and effort,
blood, sweat and tears, Michelle,

69
00:04:42.279 --> 00:04:45.319
So I just want to applaud all
of that effort. I appreciate that.

70
00:04:45.399 --> 00:04:50.040
It's inspiring right there. And yeah, you're welcome. And will you say

71
00:04:50.079 --> 00:04:55.279
a little bit about however you're connected
to this notion of the money part of

72
00:04:55.319 --> 00:05:00.879
our lives. Why is protecting and
managing wealth management important to you? Well?

73
00:05:00.079 --> 00:05:02.879
Why didn't I get to that point
and tell you how I figured that

74
00:05:03.000 --> 00:05:08.560
out at an early age. My
mom tells me that at the age of

75
00:05:08.639 --> 00:05:13.000
five, I liked the stock market. I would watch the ticker go across

76
00:05:13.439 --> 00:05:18.000
the buildings in downtown Seattle. I
had a father who was a business professor,

77
00:05:18.720 --> 00:05:21.759
a dean of a business school,
and then a chancellor, and so

78
00:05:21.839 --> 00:05:28.560
I come by finance and business it's
in my DNA, and about the age

79
00:05:28.600 --> 00:05:32.839
of twelve, my parents divorced and
my mother demon have a high school degree,

80
00:05:33.680 --> 00:05:40.160
and I found out close and personally
that if you do not have a

81
00:05:40.240 --> 00:05:45.519
plan as a woman in terms of
a career or how to handle your finances,

82
00:05:46.079 --> 00:05:50.759
it's very overwhelming and it creates a
crisis situation for your family. So

83
00:05:50.839 --> 00:05:56.959
I was determined, after living that
as a child, that that was not

84
00:05:57.079 --> 00:06:00.720
going to happen to me. Oh
my gosh, Michelle, you know you're

85
00:06:00.720 --> 00:06:02.480
speaking to my heart. And you
and I had a first conversation about what

86
00:06:02.519 --> 00:06:05.000
we might be speaking about on the
show as it was, And I have

87
00:06:05.279 --> 00:06:10.439
such a thing about women being able
to stand on their own because we just

88
00:06:10.519 --> 00:06:13.720
don't know how long where we have
a partner in life, and it's just

89
00:06:13.839 --> 00:06:16.000
so important to have an avenue here. So I'm so happy to have you

90
00:06:16.040 --> 00:06:19.959
come on and share your expertise.
And in fact, I know you specialize

91
00:06:19.959 --> 00:06:25.040
in helping charities, foundations, and
women, especially those who are divorced or

92
00:06:25.079 --> 00:06:29.399
newly on their own, and I'm
curious just how you found that particular vein

93
00:06:29.560 --> 00:06:33.680
to serve. I think I probably
keme to it, especially with helping women

94
00:06:34.160 --> 00:06:38.360
and by the way, women,
most of us, ninety percent of us,

95
00:06:38.360 --> 00:06:42.600
at some point in our life,
will be responsible for our family finances.

96
00:06:42.680 --> 00:06:46.240
So it doesn't have to happen through
divorce, it doesn't have to happen

97
00:06:46.319 --> 00:06:51.920
through an untimely death. Something will
happen in your family where you, as

98
00:06:51.959 --> 00:06:59.360
a woman, will be responsible for
the health of your family's financial situation.

99
00:07:00.480 --> 00:07:04.360
And I wanted to make sure that
other women got that message loud and clear.

100
00:07:05.839 --> 00:07:11.639
In terms of dealing and working with
charities. My first job at a

101
00:07:11.759 --> 00:07:17.399
graduate school was taking a museum in
San Diego out of bankruptcy. I watched

102
00:07:18.000 --> 00:07:24.759
a lot of nonprofits and charity that
if they're smaller, they don't get the

103
00:07:24.839 --> 00:07:30.680
service and the investment advice that they
should, and therefore they aren't able to

104
00:07:30.920 --> 00:07:35.759
help their communities. And a lot
of times that schools that children and that's

105
00:07:35.920 --> 00:07:42.319
other women the way that they would
like to because their finances aren't in order.

106
00:07:42.920 --> 00:07:46.120
Mm hm, And I so get
that, really get that. I

107
00:07:46.120 --> 00:07:48.759
think you know and we spoke about
this that both of my parents passed away

108
00:07:48.759 --> 00:07:54.079
in January of this year, and
it's really interesting to notice how you know

109
00:07:54.399 --> 00:07:59.600
what's left behind when people actually move
on from this world, and they were

110
00:07:59.600 --> 00:08:03.040
actually pretty in pretty good shape.
But still it's amazing just the sheer number

111
00:08:03.079 --> 00:08:07.720
of things that need to be handled. I think that's very true. And

112
00:08:07.920 --> 00:08:13.480
even if you have your financial house
in order, having communicated what you have

113
00:08:15.079 --> 00:08:20.680
to your partner or in your case, your child, so they know where

114
00:08:20.720 --> 00:08:26.319
the information is, who their experts
are that they're dealing with, so if

115
00:08:26.360 --> 00:08:33.039
something does happen that they're prepared and
you're prepared, it's really quite amazing.

116
00:08:33.039 --> 00:08:37.559
And again, my mother was extremely
organized, but it still was amazing the

117
00:08:37.639 --> 00:08:41.360
number of steps we had to go
through to handle everything. And it's still

118
00:08:41.360 --> 00:08:46.759
happening, of course. So the
next thing I wanted to talk about is

119
00:08:46.799 --> 00:08:48.919
kind of related to that. She
died obviously at age seventy three, my

120
00:08:48.960 --> 00:08:54.440
father at seventy eight. But what
I'm interested in here is when you started

121
00:08:54.440 --> 00:08:58.080
talking about it's not just divorce that
puts women in charge of finances. There's

122
00:08:58.120 --> 00:09:03.759
many other things. So as a
social scientist myself, I'm really interested in

123
00:09:03.759 --> 00:09:07.840
some of the changing social demographics today
that are probably affecting some of those things,

124
00:09:07.879 --> 00:09:11.279
and people starting, they're having their
careers for longer, waiting, they're

125
00:09:11.320 --> 00:09:16.159
putting off marriage, and they're being
much more mobile in their careers. And

126
00:09:16.200 --> 00:09:20.519
so since you do focus on women
specifically, and I want I know that

127
00:09:20.559 --> 00:09:26.200
you're inch into helping women prepare for
financial security, I'd like to understand what

128
00:09:26.279 --> 00:09:28.720
do you see women doing? And
I don't know if you want to break

129
00:09:28.759 --> 00:09:31.399
that down by generation or anything,
but what do you see people? What

130
00:09:31.480 --> 00:09:35.440
do you see them doing? And
i'd also and when you think about that,

131
00:09:35.559 --> 00:09:37.840
what I'm also looking for is what
do they need to be doing differently

132
00:09:37.879 --> 00:09:43.720
than they're currently doing today? Okay, there's lots of layers beneath those questions

133
00:09:43.720 --> 00:09:50.919
relief, So I know I'll start
with the statistics and then work down to

134
00:09:52.240 --> 00:09:54.759
you know, how each generation is
dealing with that or not dealing with that.

135
00:09:56.440 --> 00:10:00.360
I think the thing that a lot
of us aren't aware of is women

136
00:10:00.399 --> 00:10:03.679
are living longer. We've always lived
longer than men, but the chances are

137
00:10:03.879 --> 00:10:09.720
is that we're going to far live
our spouse, probably like five to eight

138
00:10:09.039 --> 00:10:13.120
years. We have that first of
all that we're dealing with, we have

139
00:10:13.279 --> 00:10:20.480
longer lifespans. Number one. Number
two, most of us know that women

140
00:10:20.559 --> 00:10:24.720
make less than men. Okay,
so that means you're putting even if you

141
00:10:24.759 --> 00:10:31.360
put everything away that you can.
It's got to last you longer than it

142
00:10:31.399 --> 00:10:37.759
does for a man. Number than
probably number three is that women don't invest

143
00:10:39.080 --> 00:10:43.360
the way that they should. They
typically sit in cash. We're very risk

144
00:10:43.440 --> 00:10:52.799
adverse, and that goes across generations. So while all those factors come into

145
00:10:52.799 --> 00:10:58.279
play for many generating across the generations
for women, for women that are younger,

146
00:10:58.399 --> 00:11:03.279
I think they even have more that
they're dealing with. They have to

147
00:11:03.600 --> 00:11:11.440
debt that they're saddled with, and
from that, they also have childcare which

148
00:11:11.480 --> 00:11:16.080
is becoming so expensive, as well
as rent, and so that means they

149
00:11:16.120 --> 00:11:20.039
have even less to invest. So
while we have less to invest, we

150
00:11:20.120 --> 00:11:26.679
have longer lifespans that we're taking less
risk. And the only way you're going

151
00:11:26.080 --> 00:11:33.120
to make a good return for your
portfolio that's going to last you enough time

152
00:11:33.519 --> 00:11:39.000
is by taking risk, albeit educated
risk. I want to go back to

153
00:11:39.080 --> 00:11:43.080
something that you said earlier about living
longer that I think is really important emphasize

154
00:11:43.080 --> 00:11:46.679
and I do say this too oftentimes
when I'm out speaking, especially to groups

155
00:11:46.679 --> 00:11:50.639
of women, and that is a
couple of years ago, I was at

156
00:11:50.679 --> 00:11:56.440
a women's leadership conference and the speaker
was a futurist speaking, and she looked

157
00:11:56.440 --> 00:11:58.840
around the room and she said,
you know, if you are a fifty

158
00:11:58.960 --> 00:12:01.600
year old woman here in this room, as most of us were, and

159
00:12:01.639 --> 00:12:05.440
you're in pretty good health, it's
likely that you're going to live close to

160
00:12:05.480 --> 00:12:09.159
one hundred years of age. And
I thought immediately two things, Michelle,

161
00:12:09.159 --> 00:12:11.039
One hot dog, I have more
time to get my go after my dreams

162
00:12:11.039 --> 00:12:15.000
and my goals to make these things
actually come into fruition. And then two,

163
00:12:15.720 --> 00:12:20.200
wow, I better take much better
care of myself physically and financially to

164
00:12:20.240 --> 00:12:24.480
get myself there. So it's kind
of sobering when you think about it.

165
00:12:24.480 --> 00:12:26.480
It's a long time to live.
It mighty's got to last a long time.

166
00:12:28.039 --> 00:12:31.360
You're right about that, LEAs.
And what I'm also reading is that

167
00:12:33.080 --> 00:12:39.000
when women, because most of us
aren't entrepreneurs and or were not independently wealthy,

168
00:12:39.639 --> 00:12:43.919
when women get laid off in their
middle age, they and especially in

169
00:12:43.960 --> 00:12:50.279
the South, by the way,
we are unemployed a lot longer than men

170
00:12:50.759 --> 00:12:56.639
in the same positions. I think
maybe it's because like hires, like I

171
00:12:56.679 --> 00:13:03.840
don't know that you have. You
know, as we are with a technology,

172
00:13:03.480 --> 00:13:07.320
none of us are ever going to
sit in a chair for a corporation

173
00:13:07.600 --> 00:13:13.120
like our parents did for twenty thirty
forty years. Most of us are going

174
00:13:13.159 --> 00:13:18.600
to have many positions in the same
career. And as technology is changing,

175
00:13:18.360 --> 00:13:22.799
the amount of time that you're sitting
in a particular position is becoming smaller,

176
00:13:24.600 --> 00:13:28.279
and so you don't even have to
go through a bad economy. You can

177
00:13:28.320 --> 00:13:33.320
have mergers and acquisitions. Your company
could be acquired, technology change could take

178
00:13:33.360 --> 00:13:41.120
place, your company may have to
downside. And typically when women get displaced

179
00:13:41.399 --> 00:13:46.840
in those situations, they are sitting
on the sidelines longer, and when they

180
00:13:46.879 --> 00:13:50.879
do get back in to a position, they are making less. So put

181
00:13:50.919 --> 00:13:56.840
all those factors into play. What
I said earlier, we have even less

182
00:13:56.919 --> 00:14:03.320
money to work with for those remaining
for to fifty years that are male peers.

183
00:14:03.519 --> 00:14:07.360
Wow. Well, and then there
was one other really very interesting,

184
00:14:07.480 --> 00:14:11.200
complicating factor that you and I spoke
about. If if you don't mind mentioning

185
00:14:11.240 --> 00:14:15.879
it, and if we want to
treat it after the break, we can.

186
00:14:16.720 --> 00:14:20.279
But if you're comfortable talking about how
women are handling or dealing with when

187
00:14:20.360 --> 00:14:26.039
they are laid off and they're in
inition the me too aspect of what's been

188
00:14:26.080 --> 00:14:28.879
playing into that, well, if
you're top, how about we? I

189
00:14:28.919 --> 00:14:33.159
think I referenced my specific industry,
and I'm sure it's true in a lot

190
00:14:33.200 --> 00:14:41.360
of professions, but for science and
investments. In banking, the male peers

191
00:14:41.440 --> 00:14:46.240
or the typically right, the people
that are in charge of men at higher

192
00:14:46.320 --> 00:14:52.919
levels their response to the me too
situation if they can get away with it,

193
00:14:52.080 --> 00:14:58.519
and the firms are a little a
certain point from government regulation, they're

194
00:14:58.519 --> 00:15:03.000
just not going to hire women.
And there have been firms that have let

195
00:15:03.039 --> 00:15:07.200
themselves be named because they're below I
don't know the exact point where you don't

196
00:15:07.200 --> 00:15:11.679
have to have equal opportunity and parity, but they come out and said,

197
00:15:11.159 --> 00:15:15.200
we're not going to take the risk. We're just not going to hire women.

198
00:15:15.840 --> 00:15:22.200
So that handicaps us even further.
And frankly, that's one reason why

199
00:15:22.240 --> 00:15:26.519
I decided to start my own firms, is because that has been the answer.

200
00:15:26.799 --> 00:15:33.159
Especially in finance and investments, you
don't see a lot of women for

201
00:15:33.919 --> 00:15:39.000
this particular field. I can understand
why that's the case. It's still very

202
00:15:39.080 --> 00:15:43.519
much a bastion of white, middle
aged men. I do have to cavey

203
00:15:43.519 --> 00:15:50.120
out that I don't like to take
an entire segret the population and bash them.

204
00:15:50.720 --> 00:15:54.879
I will say that some of my
biggest advocates and helped me start my

205
00:15:54.960 --> 00:15:58.720
firm are men who've been in this
business for a long period of time.

206
00:15:58.200 --> 00:16:03.360
But in general that's still something that
we also as women have to deal with

207
00:16:04.039 --> 00:16:07.039
very very important set of points.
Michelle and balanced as well. I thank

208
00:16:07.080 --> 00:16:10.240
you for that, and let's go
ahead and grab our first break. On

209
00:16:10.320 --> 00:16:12.039
that note, I'm Alise Cortez,
your host. We're on the air with

210
00:16:12.080 --> 00:16:15.679
Michelle Connell. She is a certified
financial analyst and the president and owner of

211
00:16:15.759 --> 00:16:21.279
Portia Capital Management, LLC. She
focuses on addressing the unique financial needs of

212
00:16:21.279 --> 00:16:25.799
the burgeoning underserved markets of female investors, charities and foundations. She joined us

213
00:16:25.799 --> 00:16:27.440
today from Fort Worth, Texas.
We've been talking a little bit about how

214
00:16:27.440 --> 00:16:30.600
she got into the space, why
it's important in some of her unique focus

215
00:16:30.919 --> 00:16:52.960
stay with us. We'll be right
back. Alice Cortez is a speaker and

216
00:16:53.120 --> 00:17:00.000
engagement and development catalyst. She designs
and delivers professional development, leadership and engagement

217
00:17:00.159 --> 00:17:03.920
workshops and can bring her expertise to
your organization. She will help ignite meaningful

218
00:17:04.000 --> 00:17:10.680
development within your workforce that will increase
employee engagement performance and retention. To learn

219
00:17:10.680 --> 00:17:14.559
more or to invite Elise to speak
to your organization, please visit her at

220
00:17:14.680 --> 00:17:19.079
www dot Elise Coortes dot com.
She would welcome the opportunity to help get

221
00:17:19.119 --> 00:17:30.920
your employees working on purpose. This
is working on Purpose with Elise Cortes.

222
00:17:30.400 --> 00:17:37.519
To reach our program today, send
an email to a lease Alise at Aleasecortes

223
00:17:37.599 --> 00:17:48.519
dot com. Now back to working
on purpose. Thanks for stating with us,

224
00:17:48.559 --> 00:17:51.160
and welcome back to working on purpose
if you're just joining us. My

225
00:17:51.160 --> 00:17:53.839
guest is Michelle Connell. She's a
certified financial analyst and the president and owner

226
00:17:53.880 --> 00:17:59.480
of Porscha Capital Management, LLC.
She focuses on addressing unique financial needs at

227
00:17:59.480 --> 00:18:03.359
the burgeoning underserved markets of female investors, charities, and foundations, and as

228
00:18:03.400 --> 00:18:07.519
more than twenty years of financial experience
in management positions with large investment boutiques and

229
00:18:07.599 --> 00:18:11.799
private banks, where she managed investment
portfolios and excessive two billion dollars. She's

230
00:18:11.839 --> 00:18:15.160
also the highest rated finance professors in
the United States, serving as an adjunct

231
00:18:15.240 --> 00:18:19.039
professor at the University of Texas at
Dallas. I'm your host at last Cortes.

232
00:18:19.200 --> 00:18:22.000
All right, Michelle, So from
here, I'd love to hear a

233
00:18:22.000 --> 00:18:26.160
bit more about just getting us really
in the monetary part of our lives,

234
00:18:26.160 --> 00:18:30.519
and again as we'll go on and
talk about how that can really anchor our

235
00:18:30.559 --> 00:18:33.160
direction as we want to pursue things
that are meaningful to us in our lives,

236
00:18:33.200 --> 00:18:36.400
including our purpose. So what are
some of the things that get in

237
00:18:36.440 --> 00:18:40.400
the way of people not focusing on
their financial lives and money management. I

238
00:18:40.400 --> 00:18:42.440
think it's just the rest of our
lives. At least most of us are

239
00:18:42.559 --> 00:18:48.079
really good at putting it off to
the side. And I read it sounds

240
00:18:48.119 --> 00:18:52.640
pretty simple, but the truth we
just constantly say, you know, I'll

241
00:18:52.680 --> 00:18:57.039
get to it. I've got thirty
years, and then I've got twenty years,

242
00:18:57.119 --> 00:19:00.440
and then I've got ten. Now, wow, I only have a

243
00:19:00.440 --> 00:19:04.799
few years left until I'm fifty five
or sixty, and I don't have enough

244
00:19:04.880 --> 00:19:11.559
money put away. The average IRA
in the United States is roughly one hundred

245
00:19:11.839 --> 00:19:18.640
thousand dollars. That is nothing in
terms of what the average person will need,

246
00:19:18.079 --> 00:19:26.440
obviously to live even below the poverty
line for a long lifespan. I

247
00:19:26.440 --> 00:19:29.000
think that's such a good point,
you know, I think I really appreciate

248
00:19:29.039 --> 00:19:30.319
how you presents that. For us, it's just life we're just you know,

249
00:19:30.519 --> 00:19:33.759
we're just on the on the hamster
wheel and trying to get through each

250
00:19:33.799 --> 00:19:37.759
day, and becomes a lower priority
after we pay the mortgage and try to

251
00:19:37.759 --> 00:19:41.160
get food on the table for our
family, et cetera. So I get

252
00:19:41.200 --> 00:19:44.359
that, and although more reason it's
important to bring it back up to the

253
00:19:44.440 --> 00:19:48.720
higher level of priority. And so
along those lines as well, I'm interested

254
00:19:48.759 --> 00:19:52.480
and I want to probably just go
ahead and start my cringing process now because

255
00:19:52.480 --> 00:19:55.559
I know I'm going to recognize some
of the things that you say in some

256
00:19:55.640 --> 00:19:59.880
of my own behaviors. But what
errors do you see investors male and fem

257
00:20:00.359 --> 00:20:07.279
actually making Number One, going back
to not starting early enough, most basic,

258
00:20:07.640 --> 00:20:14.039
most profound concept in finance and simple
concept is the power of compounding.

259
00:20:14.519 --> 00:20:18.400
So the sooner you start with small
amounts, the more it's going to be

260
00:20:18.519 --> 00:20:23.599
worth over a long period of time. Not going to recite numbers for you,

261
00:20:23.680 --> 00:20:29.559
but if you just put small amounts
away and you're disciplined, now when

262
00:20:29.599 --> 00:20:33.480
you put money into your IRA,
in addition to a four oh one K,

263
00:20:33.640 --> 00:20:37.599
if you're lucky enough to be at
a company that does you know have

264
00:20:37.680 --> 00:20:41.880
a four oh one K where they
also match you know, max those things

265
00:20:41.920 --> 00:20:48.440
out now while you are young.
The people that I know that are comfortable

266
00:20:48.519 --> 00:20:53.839
and have peace of mind are those
individuals that started that early and gave up

267
00:20:55.119 --> 00:21:00.480
something in their life if they were
able to, you know, some sort

268
00:21:00.519 --> 00:21:04.680
of discretionary item for saving, because
they knew if they put something away now,

269
00:21:06.200 --> 00:21:11.039
they'd have to put away less later. And it's a very simple comp

270
00:21:11.480 --> 00:21:17.400
And I would also say I also
think it's fear and not understanding investing or

271
00:21:17.440 --> 00:21:22.920
financing. And I've seen this with
men and women. They don't understand it,

272
00:21:22.119 --> 00:21:26.279
so they just don't do it.
You know, they'll just worry about

273
00:21:26.279 --> 00:21:29.680
it later, or they put the
bare minimum the side here and there when

274
00:21:29.720 --> 00:21:33.039
they think about it, but they
don't want to address it because they think

275
00:21:33.079 --> 00:21:38.960
it's too onerous or too difficult.
It's really not you know, start now

276
00:21:40.440 --> 00:21:44.880
and it's okay. We're all going
to make mistakes. Everybody loses money in

277
00:21:45.000 --> 00:21:49.039
investments. Markets go down. The
name of the game is losing less over

278
00:21:49.119 --> 00:21:57.200
time and being disappointed about following an
investment plan where you put away something on

279
00:21:57.240 --> 00:22:02.400
a regular basis. Okay, this
is where we get to thread purpose with

280
00:22:02.480 --> 00:22:07.039
intentionality. So when we think about
in fact, for me, when I

281
00:22:07.079 --> 00:22:10.039
was going through and planning and thinking
about my own business and what I'm doing

282
00:22:10.079 --> 00:22:14.240
around meaning passionate, inspiration and purpose. I really got to a place,

283
00:22:14.319 --> 00:22:17.119
Michelle where I was like, I
knew what I wanted my life to stand

284
00:22:17.119 --> 00:22:18.200
for. I knew what I wanted
to do in this life, what contribution

285
00:22:18.279 --> 00:22:22.680
I wanted to make, and what
kind of philanthropy I wanted to be up

286
00:22:22.720 --> 00:22:26.119
to. And when I looked at
that, it became really obvious what I

287
00:22:26.160 --> 00:22:30.920
needed to do to handle my finances
to pull that off. And so again

288
00:22:30.000 --> 00:22:33.200
this is where I want to thread
the theme of the show back into what

289
00:22:33.240 --> 00:22:37.440
we're talking about here. It's so
important to be mindful and intentional about how

290
00:22:37.480 --> 00:22:41.920
we handle and manage our moneies to
actually create the life that we want.

291
00:22:41.640 --> 00:22:47.039
I couldn't agree more. Yeah,
but it's very it's very easy, especially

292
00:22:47.079 --> 00:22:51.559
as women, because most of us
are not just responsible for our children,

293
00:22:52.559 --> 00:22:56.640
Especially if you're forty or over.
You have your children that you're managing,

294
00:22:56.960 --> 00:23:02.000
you have your household, and the
odds are that at some point you're going

295
00:23:02.079 --> 00:23:06.839
to be helping one or both of
your parents or relatives, so you're juggling

296
00:23:06.920 --> 00:23:11.319
a lot, and so it's very
hard to be mindful when you don't even

297
00:23:11.359 --> 00:23:17.359
have in that bandwidth some days to
hold all that together right, right.

298
00:23:17.400 --> 00:23:18.759
And I go back to something my
boss said years and years ago. We

299
00:23:18.799 --> 00:23:22.960
talked about how, you know,
we're so busy trudging through the forest of

300
00:23:22.000 --> 00:23:25.440
life that we forget to, you
know, look up and actually notice that

301
00:23:25.480 --> 00:23:29.519
we're in an actual forest of trees. We takes literally picking our head up

302
00:23:29.559 --> 00:23:33.359
and looking across the horizon to notice
that. And I do think it's something

303
00:23:33.400 --> 00:23:34.559
we just have to be reminded of, and which is why all of my

304
00:23:34.680 --> 00:23:37.960
reason, I think it helps to
work with someone who knows what they're up

305
00:23:37.960 --> 00:23:41.279
to, and and it can kind
of keep us on track because I think

306
00:23:41.359 --> 00:23:45.000
I think the other thing that probably
happens is we just get intimidated by it

307
00:23:45.039 --> 00:23:48.000
just seems so large and overwhelming that
we just kind of maybe don't want to

308
00:23:48.039 --> 00:23:53.319
look at it exactly, or we
don't want to ask the questions because we

309
00:23:53.400 --> 00:23:57.599
think we're going to like anything.
You don't under if you don't understand it,

310
00:23:57.960 --> 00:24:00.839
you don't want to ask because you
think you're going to be stupid.

311
00:24:00.880 --> 00:24:07.920
And then maybe something is going on
with the investments you have because you haven't

312
00:24:07.960 --> 00:24:11.119
asked, you haven't spoken up,
and like anything else for women, we

313
00:24:11.440 --> 00:24:18.480
are very good at sitting there and
just accepting what's given to us, be

314
00:24:18.559 --> 00:24:22.720
it a job, a situation,
life, or an investment portfolio that someone

315
00:24:22.799 --> 00:24:29.400
put together for us or dictated from
a company plan. Yes, I totally

316
00:24:29.400 --> 00:24:33.119
can see that. And now along
those lines, mich Do, I'm really

317
00:24:33.119 --> 00:24:37.440
interested, especially given volatility of the
markets here. We're having this conversation in

318
00:24:37.480 --> 00:24:41.000
March of twenty nineteen, and coming
off of the end of twenty eighteen for

319
00:24:41.039 --> 00:24:45.640
a lot of people it was probably
pretty scary. So I'm interested in your

320
00:24:45.759 --> 00:24:51.680
current view of the investment markets.
I think in terms of valuation, we

321
00:24:51.799 --> 00:24:56.319
are expensive again, just like we
were before the selloff at the end of

322
00:24:56.440 --> 00:25:03.480
last year release the market in December
was over nine percent. International markets were

323
00:25:03.519 --> 00:25:11.119
down probably double that last year.
But if you look at most markets and

324
00:25:11.240 --> 00:25:15.680
most steptors or industries within those markets
by technology, et cetera, they have

325
00:25:15.880 --> 00:25:25.920
bounced back and so the possibility for
downside again is very high today. I

326
00:25:26.039 --> 00:25:33.160
had a conversation with a group of
institutional investors I use research services out of

327
00:25:33.200 --> 00:25:40.279
the North frequently, and they said, we are already at their target in

328
00:25:40.400 --> 00:25:47.279
terms of return potential for twenty nineteen, and that kind of gave me pause

329
00:25:47.359 --> 00:25:51.440
that what that means at least is
that we may have made everything we're going

330
00:25:51.519 --> 00:25:59.200
to make, and as investors it's
up to us to minimize the downside so

331
00:25:59.240 --> 00:26:04.240
that when the market hits go down
our portfolios are we minimize the damage as

332
00:26:04.279 --> 00:26:08.480
much as we can. And you
can do that with the types of investments

333
00:26:08.519 --> 00:26:14.279
that you're invested in. But if
you're in the pool with everybody else in

334
00:26:14.359 --> 00:26:18.319
the indices and a lot of the
mutual funds, when the market goes down,

335
00:26:18.359 --> 00:26:22.720
you're going to go down just as
much as they do. So that

336
00:26:22.799 --> 00:26:29.400
would be my caution. My cautionary
note is that we probably have made what

337
00:26:29.400 --> 00:26:33.839
we're going to mate this year.
If we do have more upside, it's

338
00:26:33.920 --> 00:26:38.559
not going to be a lot.
The belief is also if you look at

339
00:26:38.759 --> 00:26:45.240
the biggest procrastinators or forecasters on Wall
Street, we're going to be lucky if

340
00:26:45.279 --> 00:26:48.640
we make five percent a year going
forward in the equity markets. In the

341
00:26:48.759 --> 00:26:53.359
last ten years, we've made ten
percent on average, if not more,

342
00:26:53.559 --> 00:26:57.880
it's ten to twelve. So if
we are living longer as women, the

343
00:26:59.000 --> 00:27:04.440
markets are making less. We're going
to have to be even more vigilant about

344
00:27:04.480 --> 00:27:08.720
we own. You're not just going
to be able to hit the boxes with

345
00:27:08.839 --> 00:27:15.920
your four oh one K or your
IRAH choices or go along with your advisor's

346
00:27:15.960 --> 00:27:19.880
recommendations and not understand them and just
blindly go along, because you could get

347
00:27:19.960 --> 00:27:25.319
blind You know, you could get
blind sided if there's another downdraft, because

348
00:27:25.359 --> 00:27:27.720
the more you go down, the
more you have to make up, and

349
00:27:27.759 --> 00:27:33.680
the less compounding and the less progress
you're making in your portfolio. Well give

350
00:27:33.720 --> 00:27:37.319
it now, that's great, that's
great. It's really helps us kind of

351
00:27:37.319 --> 00:27:42.039
rely understand the situation and kind of
where at least your perspectives coming from.

352
00:27:42.079 --> 00:27:48.680
So given that cautionary note, then
what are your long term expectations and your

353
00:27:48.680 --> 00:27:52.200
advice for helping us prepare for these
future kinds of conditions. My background is

354
00:27:52.440 --> 00:27:56.440
a value manager and what does that
mean? Like most people that want to

355
00:27:56.599 --> 00:28:02.400
run households and corporations, I like
cash flow, positive cash flow. And

356
00:28:03.240 --> 00:28:07.680
last year and now to a degree, since the beginning of the year,

357
00:28:07.279 --> 00:28:14.400
we're back at the market overall.
The stock market overall is getting behind the

358
00:28:14.440 --> 00:28:19.599
stocks. Debt don't have positive cash
flow. Those would be names like Netflix

359
00:28:21.039 --> 00:28:25.440
and Tesla, and those products are
great. You know, I love as

360
00:28:25.480 --> 00:28:27.200
I say to my students, I
love Netflix, I love their content.

361
00:28:27.680 --> 00:28:33.279
But their businesses aren't making money.
They're not cash flow positive. But you

362
00:28:33.359 --> 00:28:37.480
and I we have to pay our
bills. Companies have to pay their bills.

363
00:28:37.599 --> 00:28:41.720
The only organization I know that doesn't
have to is the US government because

364
00:28:41.759 --> 00:28:45.200
they can keep printing money. But
I say it in a foot point,

365
00:28:45.599 --> 00:28:49.319
I would not want to own a
lot of companies that cannot pay their bills

366
00:28:49.359 --> 00:28:53.240
and have a lot of debt on
the books. If the economy goes down

367
00:28:53.279 --> 00:28:59.839
into recession, which we will eventually
we haven't this is in June. This

368
00:29:00.039 --> 00:29:06.599
will be the longest expansion on records
economically in the nation. We have to

369
00:29:06.640 --> 00:29:11.559
have some sort of a period of
time where we experience negative growth. It's

370
00:29:11.680 --> 00:29:15.400
just natural. Nothing goes up and
the economy will not expand forever. So

371
00:29:15.480 --> 00:29:22.400
I think you want to own companies
and companies within mutual funds that are more

372
00:29:22.440 --> 00:29:29.440
oriented towards strong cash flows, because
those are the companies that hold up during

373
00:29:29.519 --> 00:29:33.559
recessions. That is golden Michelle,
Thank you so much for that insight In

374
00:29:33.599 --> 00:29:37.000
that advice that makes complete sense to
me and it's very accessible to any of

375
00:29:37.079 --> 00:29:38.240
us listening. So thank you for
that and a great way for us to

376
00:29:38.279 --> 00:29:41.599
take us into our last break.
I'm Elise Cortez, your host. We

377
00:29:41.680 --> 00:29:47.359
are there with Michelle Connell. She
is a chartered financial analyst and the president

378
00:29:47.359 --> 00:29:51.720
and owner of Porsche Capital Management,
LLC. She is focused on addressing the

379
00:29:51.799 --> 00:29:56.119
unique financial needs of the virgin the
underserved markets of female investors, charities and

380
00:29:56.160 --> 00:29:59.359
foundations, and joined us today from
Fort Worth, Texas. Stay with us,

381
00:29:59.440 --> 00:30:22.759
We'll be right back. Elise Cortes
is a speaker and engagement and development

382
00:30:22.839 --> 00:30:29.559
catalyst. She designs and delivers professional
development, leadership and engagement workshops and can

383
00:30:29.559 --> 00:30:33.400
bring her expertise to your organization.
She will help ignite meaningful development within your

384
00:30:33.440 --> 00:30:38.599
workforce that will increase employee engagement,
performance and retention. To learn more or

385
00:30:38.640 --> 00:30:44.359
to invite Elise to speak to your
organization, please visit her at www dot

386
00:30:44.440 --> 00:30:49.000
Elisecortes dot com. She would welcome
the opportunity to help get your employees working

387
00:30:49.119 --> 00:31:00.799
on purpose. This is working on
purpose with Elise Cortes. To reach our

388
00:31:00.839 --> 00:31:07.559
program today, send an email to
a lease Alise at a Leasecortes dot com.

389
00:31:07.640 --> 00:31:17.279
Now back to working on Purpose.
Thanks for staying with us, and

390
00:31:17.319 --> 00:31:19.119
welcome back to working on Purpose.
If you're just tuning in. My guess

391
00:31:19.240 --> 00:31:22.759
is Michelle Connell. She's a chartered
financial analyst and the president and owner of

392
00:31:22.799 --> 00:31:27.160
Portscha Capital Management, LLC. She's
also one of the highest rated finance professors

393
00:31:27.200 --> 00:31:30.720
in the United States, serving as
an adjunct professor at the University of Texas

394
00:31:30.720 --> 00:31:34.359
at Dallas. I'm your host,
Elise Cortes. So, Michelle, we

395
00:31:34.359 --> 00:31:37.599
were talking a little bit on the
break here and we wanted to go back

396
00:31:37.599 --> 00:31:41.559
and reinforce what we talked about how
women and men invest differently and whether that's

397
00:31:41.599 --> 00:31:45.279
good or bad. So will you
say just a little bit more about what

398
00:31:45.319 --> 00:31:48.559
you see in terms of the differences
there. Well, I feel like I've

399
00:31:48.640 --> 00:31:52.319
hit too much on the nagative.
Let me tell you what we do right

400
00:31:52.440 --> 00:31:59.160
as women men will put all their
eggs in one basket or with a few

401
00:31:59.200 --> 00:32:02.319
eggs. Let me give you for
an example. I had appear recently who

402
00:32:02.359 --> 00:32:07.240
asked me if I had a tip
on a stock that was going to go

403
00:32:07.440 --> 00:32:10.920
up. And this man who is
in the business has seven kids, and

404
00:32:10.960 --> 00:32:14.880
he said well, I've got three
hundred and fifty thousand laying around. I

405
00:32:14.960 --> 00:32:17.319
just want to put it to work. I don't think I would ever hear

406
00:32:17.400 --> 00:32:21.799
that coming out of a woman's mouth. There's no way we would risk that

407
00:32:21.880 --> 00:32:25.119
kind of money, especially when we
have a lot of children that we're responsible

408
00:32:25.119 --> 00:32:30.480
for. So women, while we're
risk adverse, and that can be bad

409
00:32:30.519 --> 00:32:35.720
in terms that we don't take enough
risk, we take educated risks and when

410
00:32:35.759 --> 00:32:42.880
we do educate ourselves. It's proven
that the best HEDGEPHND managers on Law Street

411
00:32:43.079 --> 00:32:47.559
are women. There aren't a lot
of them that they outperform men because they

412
00:32:47.640 --> 00:32:52.920
won't make bets, they will do
their research. So I say that because

413
00:32:52.960 --> 00:33:00.680
women need to be more confident in
their analytical abilities and their ability to understand

414
00:33:00.319 --> 00:33:07.839
and buy something what they know.
So it's kind of like the Warren Buffet

415
00:33:07.880 --> 00:33:13.039
principle. Buy what you know.
So, if you understand healthcare because you

416
00:33:13.119 --> 00:33:16.000
happen to work in a healthcare field, look at some companies that you like,

417
00:33:16.559 --> 00:33:21.200
buy some of those in addition to
the mutual funds and put them in

418
00:33:21.240 --> 00:33:27.440
your IRA. You'll probably do fairly
well. If you buy several things in

419
00:33:27.480 --> 00:33:32.880
an area, again that you understand
what women don't do that men do is

420
00:33:34.000 --> 00:33:36.920
men will put all their money to
work, whether it's in their IRA,

421
00:33:37.039 --> 00:33:42.519
their four to one K, or
in their taxable accounts. The women will

422
00:33:42.759 --> 00:33:47.880
put on average seventy percent of their
money combine their entire investments in cash.

423
00:33:49.200 --> 00:33:52.720
Now, that's going to do nothing
when the market goes up on average,

424
00:33:53.160 --> 00:33:58.920
the average male or female over time, because they sit in cash or they

425
00:33:58.960 --> 00:34:01.240
try to time the market, it
will only make two percent a least.

426
00:34:02.519 --> 00:34:07.320
Wow, that's in the past.
That's in the past twenty years. So

427
00:34:07.440 --> 00:34:12.000
imagine if the markets are making less
we're going to make If we're sitting in

428
00:34:12.039 --> 00:34:15.480
cash, we're not going to make
anything. And the same time, inflation

429
00:34:15.599 --> 00:34:19.280
is going up, healthcare, especially
as we're getting older, is going up.

430
00:34:19.559 --> 00:34:22.400
And so we need to be cognizant
to have that money work for us

431
00:34:22.960 --> 00:34:28.840
the best way that we can,
and in putting it in groups of investments

432
00:34:28.880 --> 00:34:32.760
that we understand, but not sitting
idly in something that's not making you any

433
00:34:32.800 --> 00:34:37.039
money. You hit on something that
is striking me. If we can't just

434
00:34:37.079 --> 00:34:39.880
take this really quick here, Since
again I wanted to make sure that we

435
00:34:39.920 --> 00:34:45.440
always situate this conversation around purpose and
intentionality. When you talked about investing in

436
00:34:45.440 --> 00:34:47.280
healthcare or something that you know.
Now it strikes me, as you know,

437
00:34:47.280 --> 00:34:51.800
if there is something that we're passionate
about in life, whether it's maybe

438
00:34:51.840 --> 00:34:55.599
biotechnology or healthcare, whatever it might
be, and you know, maybe it's

439
00:34:55.639 --> 00:35:00.639
chemicals, who knows, oil,
who knows. It's interesting I hadn't thought

440
00:35:00.639 --> 00:35:04.639
about investing in things that are that
I'm really really passionate about that. This

441
00:35:04.719 --> 00:35:07.719
is not where I'm at just yet, but obviously, if I need to

442
00:35:07.800 --> 00:35:09.519
know something about that market, I
need to know how those businesses are run

443
00:35:09.639 --> 00:35:13.599
in order to invest in them.
But it does strike me that that could

444
00:35:13.599 --> 00:35:17.480
be a strategy to help people extend
how it is that they live their purpose.

445
00:35:19.000 --> 00:35:21.840
Well, it's interesting you say that, because I put that in my

446
00:35:21.960 --> 00:35:29.079
notes to discuss at some point.
Today, I'm seeing more investors, especially

447
00:35:29.199 --> 00:35:34.320
those under thirty five, that are
more purpose driven. They want to know

448
00:35:35.039 --> 00:35:39.960
that the companies that they own are
making a difference and a positive difference in

449
00:35:40.079 --> 00:35:46.400
society or the environment, and those
are socially conscious or social impact funds.

450
00:35:46.800 --> 00:35:52.079
Now, I'm not seeing a push
from that as much from middle aged and

451
00:35:52.199 --> 00:35:55.320
older people, but I find it
very fascinating and it gives me a lot

452
00:35:55.360 --> 00:36:00.400
of hope that if you ask someone
who's younger what will you invest in?

453
00:36:00.800 --> 00:36:06.360
They will think about, Now,
does that royal company do they pollute?

454
00:36:06.840 --> 00:36:14.760
Or what does that healthcare company do? Are they gouging their patients with the

455
00:36:14.840 --> 00:36:21.599
cost of the pharmaceutical? Those are
things that they asked that older investors have

456
00:36:21.760 --> 00:36:27.920
never asked. I think that's fascinating
and I do understand that I from working,

457
00:36:27.960 --> 00:36:30.519
of course with some of the younger
generations, I do understand that those

458
00:36:30.519 --> 00:36:34.840
are very important considerations for them.
Gives me a lot of hope that they're

459
00:36:34.880 --> 00:36:37.280
going to make a difference and they
don't just want to make money, they

460
00:36:37.320 --> 00:36:43.559
also want to have an impact,
and you can do both well. So

461
00:36:43.639 --> 00:36:45.400
speaking of that, one of the
things I wanted to ask you was if

462
00:36:45.440 --> 00:36:49.920
you have any examples or an example
of someone that you've worked with who has

463
00:36:49.960 --> 00:36:52.159
had a dream or a purpose they
were pursuing and was able to launch it

464
00:36:52.880 --> 00:36:58.519
into the world through their management money
management practices in a way that actually made

465
00:36:58.559 --> 00:37:00.000
a difference to how they were living
or what they were up to do.

466
00:37:00.519 --> 00:37:04.880
Is there something or someone you can
share with us, maybe without giving away

467
00:37:04.920 --> 00:37:08.199
their identity. Thinking about an older
couple that I worked with in I was

468
00:37:08.239 --> 00:37:14.440
born and raised in the Pacific Northwest, specifically Seattle, and I managed money

469
00:37:14.480 --> 00:37:20.480
for some families there whose one family
member so had done well in Microsoft,

470
00:37:20.840 --> 00:37:24.440
and in that part of the world. A lot of those clients want to

471
00:37:24.480 --> 00:37:30.800
make a difference with their monies.
So not only did they have me do

472
00:37:31.000 --> 00:37:37.199
some screening when I put together their
portfolios, they wanted to make sure that

473
00:37:37.239 --> 00:37:42.760
the companies they own did not pollute
and were making a difference. They also

474
00:37:42.800 --> 00:37:50.239
took some of the moneies they had
made for Microsoft, diversified that those moneies

475
00:37:50.239 --> 00:37:57.079
and those profits, and put it
into a family foundation that would help environmental

476
00:37:57.119 --> 00:38:04.519
causes. I see wealthy families doing
that frequently, and you know, it's

477
00:38:04.559 --> 00:38:08.519
not just the fact that somebody wants
to make money and for the just for

478
00:38:08.599 --> 00:38:15.880
the purpose of making money. I'm
seeing more families setting up foundations and also

479
00:38:15.519 --> 00:38:21.440
using those foundations as a way to
teach their children how to be charitable,

480
00:38:22.039 --> 00:38:29.000
making those children responsible for determining determining
how those monies are used in their communities.

481
00:38:29.400 --> 00:38:31.719
So they're taught from an early age
that they have to give back.

482
00:38:31.840 --> 00:38:37.639
That's part of their responsibility. I
like that. That's actually very inspiring to

483
00:38:37.679 --> 00:38:39.480
me. I quite like that.
I think that would be something that I

484
00:38:39.519 --> 00:38:43.480
would be interested as well. I
have some friends who are doing something similar

485
00:38:43.800 --> 00:38:46.880
and they inspire me to no end. Michelle. I just really appreciate it

486
00:38:46.920 --> 00:38:50.440
and apply what they're up to.
And I know they don't do it by

487
00:38:50.480 --> 00:38:52.639
themselves. You know, they get
very good advice and don't they don't do

488
00:38:52.639 --> 00:38:58.199
it themselves exactly. So speaking of
that, maybe taking it maybe a step

489
00:38:58.239 --> 00:39:00.960
back here really quick here, because
we were talking pretty high level, and

490
00:39:00.000 --> 00:39:04.119
I don't want to say grandiose,
but really quite high and lofty, if

491
00:39:04.119 --> 00:39:07.239
you will. We're talking about purpose
and foundations, et cetera. But you

492
00:39:07.280 --> 00:39:10.800
and I when we first met,
we're talking a bit about why it was

493
00:39:10.840 --> 00:39:16.400
even more important for women to prepare
for their investment competency versus men. Say

494
00:39:16.440 --> 00:39:21.719
more about that. Why is that
important? Again, It's important because the

495
00:39:21.760 --> 00:39:25.159
fact that we are going to live
longer. I don't know. I don't

496
00:39:25.199 --> 00:39:30.360
know when it's going to change a
lease that we make more than men or

497
00:39:30.400 --> 00:39:36.559
make. I think I read that
by the time women have parity with men

498
00:39:36.599 --> 00:39:40.840
in terms of income, the estimates
are like two hundred years plus will have

499
00:39:42.480 --> 00:39:47.079
the comparisons that I've read what we'll
have colonies on Mars, we will be

500
00:39:47.159 --> 00:39:52.920
flying with we will Mars. Rather, we will be able to drive a

501
00:39:53.000 --> 00:39:58.920
car or fly a car. All
these technology technology advances are going to take

502
00:39:59.000 --> 00:40:04.960
place while before we have parity with
men. I recently wrote a blog in

503
00:40:05.000 --> 00:40:09.480
the last few days because this was
horrifying to me. Women have made no

504
00:40:10.000 --> 00:40:16.400
progress in the last twenty years into
the elite one percent income tax bracket.

505
00:40:16.920 --> 00:40:22.840
That's the only way that the only
way women are continuing to get in that

506
00:40:22.280 --> 00:40:29.119
bracket, Elise, is marriage.
You know. It's interesting to me about

507
00:40:29.159 --> 00:40:32.480
that, Michelle, is that as
a person who's also an adjutant professor and

508
00:40:32.760 --> 00:40:36.440
I do look at some of the
stats. We see more and more women

509
00:40:36.559 --> 00:40:38.320
graduating from college. And there was
just something out I think in the Wall

510
00:40:38.320 --> 00:40:44.760
Street Journal last week talking about how
more women are entering the job market than

511
00:40:44.840 --> 00:40:49.800
men. Its just so I guess
what that would mean is if we want

512
00:40:49.840 --> 00:40:52.880
to extrapolate with what's the other side
of that is is that sure there's greater

513
00:40:53.000 --> 00:40:58.159
numbers coming into the marketplace, but
they're still not being paid at parity as

514
00:40:58.239 --> 00:41:04.159
men. Exactly. We're not being
given We're not being given the opportunities.

515
00:41:04.320 --> 00:41:10.000
You don't see more women becoming sea
level executives. Most people that are in

516
00:41:10.039 --> 00:41:17.039
the one percent bracket are either at
sea level or they have been entrepreneurs that

517
00:41:17.119 --> 00:41:22.960
have done very well. Yes,
we have women starting smaller businesses, but

518
00:41:23.239 --> 00:41:29.039
they are not succeeding at the level
men do. And part of the reason

519
00:41:29.199 --> 00:41:35.599
is that we're not given the support, especially from lending institutions when we start

520
00:41:35.639 --> 00:41:39.280
our businesses, not the same amount
of support in that area as men do.

521
00:41:39.400 --> 00:41:45.639
And that's a big problem. Mm
hmm. I do a lot of

522
00:41:45.679 --> 00:41:49.760
work with groups of women and women's
women's leadership groups, et cetera. In

523
00:41:49.760 --> 00:41:52.079
fact, I was just speaking to
a group on Sunday. I'll speak to

524
00:41:52.119 --> 00:41:54.519
another group on Thursday. And part
of what I do advocate for is the

525
00:41:54.559 --> 00:42:00.800
importance of becoming financially astute, of
asking for what you're worth and getting educated

526
00:42:00.800 --> 00:42:05.679
on what you're worth asking and looking
for resources. So the other part of

527
00:42:05.719 --> 00:42:10.639
that conversation for me is, you
know, championing ourselves or together because well,

528
00:42:10.639 --> 00:42:14.079
we know, I just was I'm
just reading another book. You know,

529
00:42:14.119 --> 00:42:15.960
your people are not going to concede
power. If they've got the ability

530
00:42:15.960 --> 00:42:20.480
to deny something and it's in there, it's in their best interest, why

531
00:42:20.480 --> 00:42:22.000
would they change otherwise. So we
have to be able to compel that.

532
00:42:22.159 --> 00:42:24.519
And so, of course, the
work that I'm doing, and I know

533
00:42:24.679 --> 00:42:29.840
the work right, the work you're
doing is to educate women, give them

534
00:42:29.880 --> 00:42:32.239
a voice, give them choices,
get them connected to resources, so that

535
00:42:32.239 --> 00:42:36.679
we can begin to change that tide
exactly. It's going to It will take

536
00:42:36.760 --> 00:42:42.480
time, but you know it will
be done. Yeah, well, we're

537
00:42:42.480 --> 00:42:45.280
getting close to the end. Here
already goes so fast I can hardly imagine,

538
00:42:45.400 --> 00:42:49.639
but a couple of times really quick
here. Right back, still on

539
00:42:49.679 --> 00:42:52.599
the women front here, since I
did want to make sure and keep true

540
00:42:52.599 --> 00:42:57.559
to some of your focus, how
have you seen women, especially manage their

541
00:42:57.559 --> 00:43:01.960
money well throughout their life when they've
navigated purpose or intentionality. What kinds of

542
00:43:02.000 --> 00:43:06.280
things have you've seen them do well
that we can learn from. I think

543
00:43:06.800 --> 00:43:10.679
they realize that they need to be
educated if they aren't in the field.

544
00:43:12.280 --> 00:43:17.079
I see women that will go out
and hire the right people. We're so

545
00:43:17.360 --> 00:43:24.280
busy, and the investment world and
all the options that are available to us

546
00:43:24.599 --> 00:43:30.519
continue to grow. We now have
international markets that are available to us.

547
00:43:30.880 --> 00:43:37.679
We all Actually the private market is
growing faster than the stock market and the

548
00:43:37.800 --> 00:43:44.599
debt market. So I'm talking things
like real estate, being participating in the

549
00:43:44.679 --> 00:43:51.239
venture capital, of participating in the
equity of a private company. That seems

550
00:43:51.280 --> 00:43:58.599
to be areas where we have more
opportunity. So I see women realizing that

551
00:43:58.960 --> 00:44:04.440
they don't know everything that available as
well as what those risks are, and

552
00:44:04.519 --> 00:44:08.440
so they find somebody that can educate
them in that area, and somebody who's

553
00:44:08.480 --> 00:44:14.599
on the same side as a table
as them, and who's not motivated by

554
00:44:15.000 --> 00:44:19.760
a commission or one time fee,
but somebody who's a fiduciary. And that's

555
00:44:19.800 --> 00:44:28.400
a term that's thrown around very loosely
in my industry. Fiduciary basically means that

556
00:44:28.519 --> 00:44:35.079
the clients' interests are put before the
advisors. So ask the questions, hire

557
00:44:35.119 --> 00:44:39.800
the right advisor, and that advisor
should be educating you so that you're asking

558
00:44:40.000 --> 00:44:45.719
better questions and they're giving you a
voice and you are a partner with them.

559
00:44:45.000 --> 00:44:50.719
Those are the women that I see
succeeding. That's so great, so

560
00:44:50.840 --> 00:44:55.119
important to continue getting educated. I
just took a course last month on financial

561
00:44:55.119 --> 00:45:00.000
investing, etc. And in my
own leadership course, especially for women,

562
00:45:00.000 --> 00:45:02.159
and I have a section where we
talk about the importance of being able to

563
00:45:02.199 --> 00:45:07.199
be financially astute in an organization because
I think women get passed over because they

564
00:45:07.239 --> 00:45:10.679
don't understand the business of what they're
actually up to either. So that's also

565
00:45:10.679 --> 00:45:14.920
the inside of their career piece that
can be limiting if they're not continually working

566
00:45:15.440 --> 00:45:20.639
at learning this stuff. Now that
makes sense, right, Well, we've

567
00:45:20.679 --> 00:45:23.599
got just really probably one minute left
here. If Michelle, if i'd like

568
00:45:23.639 --> 00:45:25.480
to be able to give you the
last word, and I know there's so

569
00:45:25.559 --> 00:45:30.159
much you can draw from from your
years of experience, but knowing this show

570
00:45:30.239 --> 00:45:32.559
is listened to across the globe,
what would you like to leave our listeners

571
00:45:32.599 --> 00:45:38.519
with. Don't sit there and expect
this to take or this being your investment

572
00:45:38.800 --> 00:45:44.079
health to take care of itself.
It may have in the past and you

573
00:45:44.159 --> 00:45:47.960
might have done well enough, you
could have done better going forward. The

574
00:45:49.039 --> 00:45:52.480
markets are going to be more volatile
and have less return, and we're going

575
00:45:52.519 --> 00:46:00.639
to have more disruption the more technology
that becomes available to us as and beings.

576
00:46:00.000 --> 00:46:06.880
So don't placate yourself into thinking that
it's all going to be okay,

577
00:46:07.480 --> 00:46:13.280
and then you hit retirement and then
you don't have enough money. The statistics

578
00:46:13.320 --> 00:46:19.400
say that at least sixty percent of
women will retire into poverty, and that

579
00:46:19.519 --> 00:46:22.880
usually means that they have to get
some sort of part time menial job.

580
00:46:22.519 --> 00:46:27.880
That's a high percent, a least, and sure is. I don't think

581
00:46:27.920 --> 00:46:32.360
it needs to be that high.
I think if we realized the opportunities that

582
00:46:32.480 --> 00:46:37.480
we would give ourselves, if we
did become educated and we're proactive, that

583
00:46:37.639 --> 00:46:42.639
number would be a lot lower.
Okay, great way to finish. Michelle,

584
00:46:42.679 --> 00:46:45.039
Thank you so much for being my
guest and sharing your heart, your

585
00:46:45.039 --> 00:46:49.519
mind, your expertise and educating us. Really appreciate you being on Atlease.

586
00:46:49.559 --> 00:46:52.199
Thank you for having me today.
It was fun enjoying it. Yeah,

587
00:46:52.280 --> 00:46:54.360
it was fun. And listeners,
you want to learn more about Michelle Connell

588
00:46:54.440 --> 00:46:58.519
or the work she does at Porsche
Capital Management, visit her website. It's

589
00:46:58.639 --> 00:47:04.599
Porsche h Capital dot com. So
that's p O R t I A dash

590
00:47:04.760 --> 00:47:09.079
c A p I t A L
Porsche Dashcapital dot com. See next week.

591
00:47:09.119 --> 00:47:12.440
Remember that work is at least one
through our life, so let's work

592
00:47:12.480 --> 00:47:20.880
on purpose, we hope you've enjoyed
this week's program, be sure to tune

593
00:47:20.880 --> 00:47:24.639
in to Working on Purpose, featuring
your host, Alis Cortes, each week

594
00:47:24.719 --> 00:47:51.039
on the Voice America Empowerment Channel.
This week, find your life's purpose at work.