Money Wise


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Your plan for keeping your children busy all summer is now in effect. Camps, your library’s summer reading program, maybe a summer job, will keep them occupied and gathering new input they can use during the next school year. Have you factored teaching them how to manage money into your summer plans?

The Sooner The Better

You may feeI they are too young to learn about budgeting, but spending and saving money is not really about money. It’s about how you feel about money. Even if your children’s school gave them an age-appropriate course on money management this year, don’t rely on it to teach them financial literacy. You want to be your children’s guide to managing both their emotions and expectations. By age three, most children recognize money. Between ages five and seven they understand the concept of working to get it, so start teaching money management skills from an early age and prepare to make money an ongoing conversation.

Practice, Practice, Practice

As your children mature, their critical thinking around money should too. For example, give your kindergartner a specific chore (e.g., putting their toys away) and a weekly allowance for it. Help your second-grader create a simple budget by labeling three envelopes: Spend, Save, Taxes. If they receive $10 every two weeks, then $8 goes to Spend, $1 goes to Save, and $1 goes to Taxes. You will have plenty of conversations about those envelopes over the course of the summer. You can introduce concepts like opportunity cost and delayed gratification. You can talk about the importance of thoughtful planning, disciplined spending habits and why you pay taxes. Let your middle-schooler eavesdrop on family finance discussions like, will the household budget allow you to go out to eat tonight? Buy a new car next month? Pay for extracurricular school activities next year? By the time you have a high-school freshman, it’s time to make borrowing money part of the conversation.

Give Them Some Credit

While it can be a powerful tool for achieving financial goals, borrowing requires being a bit of a futurist. You have to teach your teen to weigh the benefits of debt against its risks while simultaneously helping them avoid potential pitfalls. You can do this by teaching them how to manage credit cards. Your bank/credit union/financial institution can add a card for them to your account. You can set a credit limit, monitor their spending, and set their payment schedule. Now you have four years to help them practice determining how much debt is realistically sustainable given their income, expenses, and long-term goals. You expose them to concepts like interest rates and how much it really costs them when they don’t pay off their balance every month. The closer they get to graduating, the more concepts you can introduce. For example, what a FICO score is and how to keep an eye on it. If college is a goal, managing credit card debt gives your children practice for managing student loans. This is also a good time for your family to periodically evaluate your financial strategies, analyze current priorities, and question assumptions. For example, is going to college your child’s goal? What are the alternatives? Gap year? Internship? Trade apprenticeship? Full-time employment? In light of your financial situation, what makes the most sense? This type of discussion is a good example of when managing money is really about managing emotions and expectations rather than finances.

How do you teach your children to manage money? Please share in the comments.

Lead Me On


Photo by Ron Lach

The first leader you ever followed was your mother. From the time you were born she managed, coached, and developed you. It may have felt restrictive, nagging, and painful for both of you while growing up, but today those behaviors she modeled will pay off for you on the job. If you are hiring managerial positions, what qualities should you look for in a candidate that will help you retain your individual contributors? If you are an individual contributor looking to move up, what skills should you hone to supervise direct reports?

Empathy

Mothers learn active listening and how to connect with people on a personal level. These qualities help them understand both the needs of their direct reports and the concerns of their stakeholders. This creates a positive and supportive work environment where employees feel valued and motivated to succeed. These feelings make them want to keep working for your organization. This research says relationships with colleagues is one of the top reasons employees stay with a company. Empathy is considered a soft skill which masks the reality that it requires a thick skin. A leader has to make hard decisions that are best for the company, and may be unpopular with the staff. For example, at home Mom stands firm on her decision prohibiting her teenager from riding in a car with a driver who only has their temps. At work, this is the leader who prohibits her team from delivering a subpar-quality project to the client. Both situations require Mom to get comfortable with people’s disappointment.

Coaching

Whether the piano, your volleyball serve, or multiplication tables, a coach makes you practice. Repetition not only increases muscle memory, but also reveals where processes need improved. For example, Mom trains her child to take out the trash every week. Not only does her child learn the chore needs done, but also if once a week is enough. At work, Mom trains her team to meet for a status update every week. Not only does the team learn what progress was made, but also if meeting once a week is enough. A coaching manager knows you need not only hard skills like learning a second language, profit forecasting, and SEO, but also soft skills like communication, conflict management, and critical thinking. Mothers have years of practice training their children to have a growth mindset. They develop strong communication skills enabling them to constructively articulate their expectations. In the workplace this translates into guidance and encouragement which builds trust and respect with their staff.

Foresight

Mothers have a long-term perspective when it comes to their children’s well-being. This skill can be applied to leading a team, where it’s essential to make decisions that benefit the organization’s future growth and success while balancing competing staffing demands and prioritizing tasks effectively, especially when it comes to crisis management. Mothers put systems in place to handle unexpected challenges such as a sick child. In the workplace, these are the leaders who anticipate what complex emotions from stakeholders they may have to face if they make a certain decision.

Mothers are adept at communicating, motivating, forecasting, navigating conflicts, and fostering relationships. All these are signs of a good manager.

What leadership qualities did I forget? Please share in the comments.

Passed Examples 

Photo by Kampus Production

The Sunday after Labor Day is Grandparents Day in America. This resonates with me because as I was growing up all of my grandparents worked. From birth to age thirteen, I had four grandparents. One set of maternal and one set of fraternal. The two sets were very different from one another.

  • Stoic vs. Emotional
  • Never went to church vs. Went to church every time the doors were open
  • Mail carrier and former U.S. Army Air Corp captain married to a children’s librarian turned bank employee vs. Factory worker and former marine married to a waitress turned factory worker
  • One set paid for my freshman year of college vs. One set invited me to do my laundry at their house every week
  • Lawrence Welk vs. Hee-Haw

Grandparents have seen more of society’s evolution, experienced more heartache, strived more to make ends meet, and learned more lessons on setting priorities. Here are things I learned about work from my grandparents.

Sometimes Your Job is Just a Job

When I was a child, my maternal grandfather worked at a car manufacturing plant. He did not talk a lot about his job. He did not love his job. He did not expect it to be his calling. He worked so his family had food, clothing, shelter, and fun. He found his greatest fulfillment in God. His love of the Bible, his church, and its people was his calling. It is where he invested his T.E.A.M. From him I learned that work can simply be a means to an end.

People Come First

When I was a child, my maternal grandmother was employed at the same car manufacturing plant as my maternal grandfather. My fraternal grandmother worked at a bank. On occasion, both babysat me when my school was on a break and my parents were at work. I remember watching television at my maternal grandparents’ house while my grandmother cooked and did laundry because for her a day off from the factory meant a day working at home. I also remember going to the local bank with my fraternal grandmother with a tote bag full of snacks, books, and seek-and-find word puzzles to keep me busy in the break room while she did her job. (This was waaaaaay before Bring Your Child to Work Day.) Both women found ways to help my parents watch over me. From them I learned helping people takes priority over work.

The Correct Way to Cut a Pie

When I was a child, my fraternal grandfather was a mail carrier. Before I was born, he was a POW during WWII for 11 months. During that time, food was scarce for him. When my parents and I spent Thanksgivings with my fraternal grandparents, my grandmother always made two pumpkin pies for the five of us. My grandfather got one all to himself. After dinner, he settled in front of the television with his pie to watch football and say, “There’s only one way to cut a pie. In half. One for the first half and one for the second half.” From him I learned to reward myself for putting in the work.

What did you learn about work from your grandparents? Please share in the comments.

Fiscal Finesse 

Photo by Karolina Grabowska

If you work for a business, then you are either trying to bring revenue to it or cut its expenses. If you work for a non-profit, then you participate in fund-raising efforts. If you work for a government agency, then you try to spend as little of its budget as possible.

It’s a Job

Managing money isn’t the first skill we associate with motherhood, but motherhood is a job, and every job is about money. Mom has to learn how to pay for the things her baby needs (e.g., diapers, formula). She has to learn how to pay for the things her child needs (e.g., school supplies, clothes). She has to learn how to teach her teenager how to pay for the things they need (e.g., too many to list). These skills transfer to the workplace where Mom uses them to budget for her team. 

Disclaimer

ICYMI, I’m not suggesting that every woman needs to have a child in order to be a good leader. I’m saying that motherhood is, by default, leadership training. In the final installment of this series, let’s look at how moms learn about handling money both for the short-term and the long-term. 

Short-term Savings at Home

Everyone needs to learn how to live within their means. At home moms have extra decisions to make regarding the household budget. For example, when buying clothing for her rapidly growing toddler, must the clothes be brand new? If her child is going to outgrow their clothes in a few months, then why not thrift shop? 

Short-term Savings at Work

Leaders have to learn how to stretch a dollar. At work leaders have extra decisions to make regarding the office budget. For example, when purchasing furniture for the break room, must the tables and chairs be brand new? If clients aren’t going to see them, then would refurbished or gently used tables and chairs work? 

Long-term Savings at Home

Moms have to prepare their children for the future. This is not always fun. At home this may look like teaching a child delayed gratification. For example, Mom stays strong and denies her child permission to buy the $60 video game now because that money would have to come from the savings account set aside to buy her child a car in two years. 

Long-term Savings at Work

Leaders have to prepare their team for the future. This is not always fun. At work this may look like teaching the team delayed gratification. For example, a leader stays strong and denies her team permission to leave work early on the Friday before a holiday weekend because there is a backlog of sales calls to follow up on. Those follow-ups could fill next week’s pipeline.

It Isn’t Really About the Money

Money isn’t really about money. It’s about what you can do when you have money and what you can’t do when you don’t. A mom learns to consider her child’s feelings when making money decisions at home. When Mom is a leader at work, she’s practiced at considering her staff’s feelings. In terms of money, motherhood teaches women to influence through vision casting not force. It trains women to learn their team members’ emotional reactions to stimuli and use them to push the team to do good work. It reminds them that the only failure is to stop trying.

How do you think motherhood prepares a woman to handle a budget at work? Please share in the comments.

SOS Emergency 

Photo by Kindel Media

Welcome to part three of the Motherhood is Leadership Training Series. Disclaimer: I’m not suggesting that every woman needs to have a child in order to be a good leader. I’m saying that motherhood is, by default, leadership training. In parts one and two we discussed how motherhood trains women to build confidence and develop their coaching skills. This week let’s examine how it inherently produces crisis managers. Take the pandemic for example. Twice as many people died of COVID-19 in countries led by men than in countries led by women and at least three of these leaders are mothers: Prime Minister Mette Frederiksen of Denmark, Prime Minister Sanna Marin of Finland, and Chancellor of Germany Angela Merkel. Let’s examine five areas of crisis management that motherhood innately teaches: plan, prevent, practice, perform, and polish.

Plan

Moms learn to keep over-the-counter children’s pain reliever, band-aids, a thermometer, etc., on hand to address their child’s middle-of-the-night health emergencies. Moms apply this principle at work by learning to keep alternative workflows on hand to address their team’s middle-of-the-project emergencies. 

Prevent

Moms learn the best way to deal with a crisis is to keep it from happening. For example, at home Mom may buy a few duplicates of her toddler’s favorite T-Shirt. This makes negotiating what clothes to wear easier. At work Mom may share feedback with the team regarding what the client liked about their last campaign. This makes achieving the tone of the next campaign easier.

Practice

Moms learn that practicing what to do in a crisis when there isn’t one allows people to fall back on their training. For example, Mom may hold monthly fire drills to teach her child how to get out of the house in case of a real fire. At work, Mom may occasionally ask a team member for a last minute report to train them what to do if the CEO asks for a similar report while Mom is on vacation.

Perform

Moms learn how to execute the crisis procedure effectively. Each child has a different asset. For example, maybe one child is an athlete, another is an artist, etc. This gives Mom clues as to how to motivate them and boost their self-confidence during a crisis. Each employee has a different asset. At work, Mom identifies each team member’s talent. For example, maybe one staff member is good at calming an upset customer, another is good at spotting accounting errors. Mom knows how to appropriately assign tasks to motivate them and boost their self-confidence in a crisis.

Polish

Moms learn from mistakes. They constantly ask themselves whether or not they are doing a good job. They question: What can I do to be better prepared next time? At work, Mom holds post-event reviews to allow the team to vent, but not complain. Then incorporates the feedback to be better prepared for the next crisis.

Some keys to crisis management? Be gracious and empathic. Listen more than talk. Work together to solve problems both at home and at work.

Do you agree with this sentence? Proper planning prevents poor performance. Please tell us why or why not in the comments.

Put Me in Coach

Photo by RODNAE Productions

Last week we looked at how women build confidence when they become mothers and how that skill transfers to leadership at work. I’m not suggesting that every woman needs to have a child in order to be a good leader. I’m saying that motherhood is, by default, leadership training. Here in Part Two, let’s examine how motherhood trains moms to become coaches and how that set of skills makes them influential leaders at work. 

Moms learn that their children all react differently to the same situation. Managers learn that the members of their teams respond differently to the same situation. For example, at home when Mom says to her two children, “Let’s go to the library.” One child may jump off the couch and the other may refuse to budge. At work when Manager says to her two employees, “Let’s go to the conference.” One coworker may start registering and the other may start making excuses for why they can’t go. In both of these situations, the people need a coach to inspire, encourage, and motivate them.

Inspire

A mom models the way she wants her child to behave. If a child sees Mom celebrating successes both big and small, asking questions instead of blaming, and managing inconveniences with a positive attitude, then that child is inspired to act the way Mom does when they find themselves in similar situations. A mom who is a leader in the workplace operates the same way. For example, a leader gives her direct report credit for a job well done in front of the CEO. A leader asks an individual contributor why the deadline was missed instead of blaming them for missing it. A leader responds to a complaint by assuring the client that they are heard and working through lunch with her staff to rectify the situation.

Encourage

A mom helps her child achieve goals. She learns to recognize when more training is necessary versus when it is time to gently push her child to accomplish a task on their own. A mom who leads in the workplace believes her team can accomplish their goals. She supports their efforts whether they need mentoring or monitoring and guides each team member accordingly.

Motivate

A mom uses what is important to her child as incentive. For example, Mom at home may say, “If you finish your homework now, then you can spend an extra thirty minutes playing Forza Horizon 4.” This same mom will use that skill to learn what is important to her direct reports. At work she may say, “If you work on Independence Day, you can have July 5th off with pay as compensation.” In both scenarios, everyone feels like they were treated fairly.

Inspiring, encouraging, and motivating require the capability to delay gratification. Moms labor for years to raise a child. There is no guarantee that child will learn what Mom is teaching and use it to become a productive member of society. Day after day moms model respect, positivity, and, hope. These are attributes every coach should have. A woman who can do that at home is an effective leader in any workplace.

Does your organization have people who are recognized, or unrecognized, as coaches? How many of them are moms? Please share what they do that makes you think of them as coaches in the comments.

Transferable Skills

Photo by Sarah Chai

My mom’s birthday is this week. When I think about celebrating her, the usual motherly attributes come to mind. She is kind, supportive, available, etc. But none of those characteristics are number one on my list. The first thing I remember about growing up with my mother is leadership. Now, maybe that’s because leadership is always on my mind, but hear, er, read me out. A woman who chooses to raise a child is one of the first people to lead that child. Mothers teach how to eat, speak, walk, etc. When raising a child, a mother must learn skills that, coincidentally, make her an effective leader in the workforce. I’m not suggesting that every woman needs to have a child in order to be a good leader. I’m saying that motherhood is, by default, leadership training.

For the next month, we’ll examine some of the leadership skills a woman cultivates when she becomes a mother. In part one of this series, let’s look at how developing confidence through raising a child produces a confident leader in the workforce. Moms learn what works best for their families through trial and error. This gives them confidence to rely on their instincts in similar situations at work.

Flexibility

A mom must adapt to the circumstances and situations around her. For example, she is up every two hours during the night to comfort her child. The next day she is at work giving a presentation. Being flexible also fosters a growth mindset which is critical both for raising children and for leading coworkers. When a mom trains her child to be a life-longer learner, the child believes they can train to do whatever interests them. When a manager who happens to be a mom arranges upskilling for her staff, they believe they have the capacity to learn, unlearn, and relearn hard-skills like computer languages.

Analysis

A mom must make rational decisions for her child’s physical, emotional, and mental health. When researching options, she filters information through that lens. She collects feedback employing the scientific method: who, what, when, where, why, and how. She customizes that knowledge, data, and opinion to build a plan unique to her child. A mom in the workplace can apply this process when she decides what project to assign to which of her employees.

Juggling

A mom handles multiple tasks simultaneously. This requires her to learn how to determine what is important and what isn’t. Once she decides what tasks are important, then she can prioritize them. After that, she can organize multiple resources to accomplish what needs done. At home this may look like packing the same meal for both her and her child’s lunch because she is crunched for time. At work this may look like pulling certain team members from their work to contribute to a last-minute presentation requested by a client. This level of organizational dexterity builds trust with both children and coworkers.

What other aspects of motherhood do you think builds the confidence necessary to be an effective leader in the workplace? Please share in the comments.

The Home Team

Photo by August de Richelieu

While at the grocery store, I passed the coffee kiosk. It was fairly busy. The barista was at the register taking orders. A couple of women waited near the pick-up counter. A man with a sleeping baby in a carrier approached the pickup counter and found his coffee. He excused himself around the two women waiting for their orders. One of the women said, “What a good daddy you are!” I silently wondered, if it was a woman with an iced grande caramel macchiato in one hand and a baby carrier in the other, would the speaker have said, “What a good mommy you are!”? I hope so, but society does not train us to praise mothers for parenting.

From the Beginning

Let’s normalize a team approach to getting the invisible, unpaid work done; especially when it comes to parenting. In a heterosexual, two-parent household, when a baby is born the only thing the mother can do that the father cannot is feed the baby with her own body. Everything else is a level playing field. Mothers don’t instinctively know what a baby needs. For example, when a baby cries in the middle of the night, waking up, getting out of bed, and soothing that baby is not a talent unique to mothers.

In this Together

Let’s stop perceiving domestic work through the lens that society perpetually trains us to use. All genders can learn to change diapers, wash dishes, do laundry, take out the trash, get the kids to school, rehearsal, practice, the dentist, etc. Let’s rethink the assumption that the person in the couple with the lowest income (typically the woman) is by default the family manager. In a heterosexual household, let’s stop sending the message to men that they are “helping” around the house. Even if he takes on the burden of the physical work, the mental and emotional burden is still on the woman if she has to know and decide what, where, when, and how that work gets done.

For the Future

When/If you become a parent, if you have a partner, please normalize co-parenting. In learning to navigate the world they live in, children need each parent’s strength and time. One partner should not be limited to the role of financial provider. The other should not be limited to the role of domestic provider. Doing so denies parents the opportunity to model genderless behavior to their children. For example, it is extremely beneficial for children to witness their father supporting their mother’s passions and goals while managing his daily routines. When they see their father being patient, unselfish, kind, and collaborative, then they look for those qualities in the people they choose to be in their lives.

What are some things you do to promote co-parenting? Please share in the comments.

Setting the Standards 

Photo by MSH

If your husband is also a father, do you get him a gift for Father’s Day? Why do we lump husband and father together? The roles are very different. Here’s what I’m thinking.

Criteria for Husbands

Be a friend – Your wife should be the first person who hears your breaking news, whether good or bad. You are the person your wife should be able to trust the most, so keep her secrets. Everyone has faults, and your wife is probably painfully aware of hers, so resist pointing them out.

No wife jokes – Like these. I propose the traditional marriage vows be amended to say, “to love, cherish, and respect until parted by death.”

Ride or die – You and your wife are a team. Your first loyalty is to her for better for worse, for richer, for poorer, in sickness and in health, yada, yada, yada.

Responsible – Do what you say you’re going to do. If you tell her you’re going to mow the lawn today, do it. If you change your mind, tell her.

Unselfish – Put your wife’s needs ahead of your own. Has she worked overtime this week? Then suggest she stay home from your company softball game tonight.

Affection – This isn’t necessarily public displays of physical affection or mushy social media posts. It can be as simple as letting her know you’re paying attention. For example, my husband doesn’t usually tell me when he’s read something I wrote. After I published this he bought me a coffee mug. I thanked him and mentioned that it matched the article’s specifications. In his best Han Solo  imitation, he said, “I know.” I not only love the mug, (and him!) but I also love knowing that he read something I wrote.

Communication – Disagreements are a given, but fights don’t have to be. It helps to remember that it is the two of you against the challenge not the two of you against each other. Even when the challenge is your wife, speaking the truth in love will resolve an issue faster.

BTW, You should expect these same considerations from your wife. 

Criteria for Fathers

Physical security – You contribute to the provision of food, clothing, and shelter.

Emotional safety – You enforce the rules. When you show your children where their boundaries are, it instills confidence in them. Kids want to make dad proud and now they know how.

Relationship role model – If you are loving and kind, then your children will seek those qualities in the people they choose to allow into their lives. Their behavior in their relationships will also be loving and kind because they saw their father model it.

Unconditional love – Consistently reassuring your children that you will love them no matter what gives your kids peace of mind.

Proactive parenting – You are raising your children to be adults capable of functioning without you. You plan your time with them to achieve that goal.

Present and involved – You set aside time (and your phone, and your laptop, etc.) to focus on your children and what they are interested in and/or struggling with.

Respects the mother – Whether you live with your children and their mother or not, you present a united front with her. You keep your disagreements between the two of you and resolve them in private.

Do you agree with these theories? What did I get wrong or forget to mention? Please share in the comments.

Child-free by Choice 

Photo by MSH with Canva

WARNINGS: In honor of Mother’s Day, this is a woman-centric conversation. Also, I have a lot of questions.

Why do people assume that women have a responsibility to reproduce? Men get questioned, but do they get shamed for not having children? Parenthood is a social convention not a natural condition. Raising children in America is arduous and, if you participate in the workforce, it’s difficult to be both a mother and an employee.

The Way It Is

From birth, society bombards females with the message that job, marriage, and kids are what make you successful and therefore, happy. Women who intentionally choose a child-free lifestyle inevitably deal with periods of powerful anxiety and self-doubt regarding their decision because culture warns women that they will eventually regret not becoming a mother. Those who choose not to have children get labeled selfish, self-absorbed, and shallow. They are accused of hating children, but child-free represents a lifestyle choice not animosity. For example, Betty White supported St. Jude Children’s Research Hospital, Dolly Parton founded Dolly’s Imagination Library, and Oprah Winfrey built The Oprah Winfrey Leadership Academy for Girls.

Let’s Be Honest

Parenting is really hard – The United States does not have a national paid parental-leave program, childcare is expensive and hard to find, and mothers are expected to assume the bulk of the responsibility for raising children. The pandemic threw a spotlight on these barriers to mothers’ participation in the workforce challenging women to seriously reconsider what responsibilities they can realistically manage.

Motherhood does not make you content – Women are increasingly defying societal conventions en masse and thinking about their “why” in terms of motherhood. Research shows that in the 1970s one out of 10 women reached menopause without giving birth. In 2010, the rate was one out of five.

The biological clock is a myth – Not every woman has an innate desire to reproduce, but if your friends are having babies, you may feel left out. Ask yourself, “Do I really want to be a mother? Or do I just want to want to be a mother?”

The Decision

There are plenty of reasons for remaining child-free:

  • You are a complete human without the experience of motherhood
  • You do not have adequate support and/or resources
  • You have trouble taking care of yourself
  • You’re considering motherhood because others expect it from you
  • 270 more 

If you like your life the way it is (you travel, value freedom and spontaneity, need lots of alone time), then it is better to not have kids and regret it later than to have kids and regret it later.

If you are a woman living in America and considering motherhood, take a listen to the We Can Do Hard Things Podcast Episode 6 OVERWHELM especially the beginning of the Hard Questions segment starting at 31:03. This is an honest conversation around what is considered normal regarding “the gig” of motherhood as it currently exists in American society.

What do you think of the state of motherhood in America? Please share in the comments.