#77 Fixes for Feminists in a Time of Trump: Sallie Krawcheck

Anyone who cares about diversity, feminism and closing the gender gap should be fired up about this show.

Author, entrepreneur and - yes provocateur - Sallie Krawcheck is our guest.  Her forthcoming 2017 book is "Own It: The Power of Women at Work."  Sallie is CEO and Co-Founder of Ellevest, a digital investment platform and wealth management site for women.  

For years, she has been well known as one of the most senior women on Wall Street and was called "the last honest analyst" by Fortune Magazine after the 2008 financial crisis.  She has deep experience in "the biggest boys club in the world" - the financial industry, where 86% of investment advisers are men.

 First off we talk about why the Trump Presidency could be good for feminists.  “It’s (locker room talk) on the table now,"  she says. The infamous conversation with Billie Bush, and the widely discussed New York Times column "How Wall Street Bro Talk Keeps Women Down" are both "a really important wake up call."

 Sallie lists the many benefits of true diversity. Organizations where many different voices are respected perform better than those with narrow like-minded leaders from the same gender and social class. 

 Being successful does not mean acting like men, Sallie tells us. "The power of diversity is not bringing a bunch of women or people of difference together and having them act like middle-aged white guys."

Sallie’s Solutions: 

  • For women: Make sure your work gets noticed your supervisors and make sure goals are quantified and acknowledged. 
  • For men:  Be a fully equal partner with your spouse:  do the laundry.
  • For companies: Diversity is a crucial ingredient to a firm's success, but it won't happen without clear leadership from the top. 
  • Investing: Diversify your portfolio and save for the long term.  Instead of trying to beat the market, invest in a range of mutual funds that include U.S. and international sources plus large and small companies.

#68 Why Economic Growth Is Slowing Down: Ruchir Sharma

Get ready for slower economic growth and de-globalization, says investor and writer Ruchir Sharma. 

Ruchir invited us to his New York office, where he is the head of emerging markets and chief global strategist at Morgan Stanley Investment Management. He is also the author of "The Rise and Fall of Nations: Forces of Change in the Post-Crisis World."

Our interview looks at Ruchir's rules for spotting political, economic and social change. They include:

  • The depopulation bomb: If the working population shrinks, so does the economy.
  • Good versus bad billionaires: Wealth inequality is exploding, but some types of tycoons are viewed very differently than others.
  • The curse of the cover story: Ruchir looked at every Time Magazine cover on the economy going back to 1980. If the cover was downbeat the economy grew faster 55% of the time. If it was upbeat, the economy slowed in 66% in the following years.
  • Why democratic capitalism beats the Chinese brand: Postwar booms in democratic nations were usually stronger and longer than under authoritarian regimes. 

"What's very apparent and under-appreciated is the major drop off that we've seen in the world's working age population growth rate," Ruchir tells us. "I think that is a major drag on global economic growth currently."

#66 Fixing Everyday Money Mistakes: ABC News Correspondent, Rebecca Jarvis

How much do you know about money?  Many of us make simple mistakes that cost us hundreds, if not thousands of dollars a year.

According to a recent study by The FINRA Investor Education Foundation, only 37% of Americans have high financial literacy. 29% of 18-34 year-olds with a mortgage have been late with a monthly payment and more than one in four people use high-cost forms of borrowing like pawn shops and payday loans.

And even worse, many of us think we know much more about personal finance than we do.

In this episode we have simple fixes for money mistakes.  Our guest, ABC News Chief Business, Technology and Economics Correspondent Rebecca Jarvis, explains how a few simple steps will improve our chances of staying out debt and avoiding scams.  

"One of the things that drives me nuts is the number of charlatans out there who are selling products saying it can't lose it can't fail you're going to make money no matter what, " Rebecca tells us.  "Anyone who tells you that... run in the opposite direction." 

Solutions:

  •  Never use credit cards to borrow money.  Most have very high interest rates.
  • Understand why compound interest hurts borrowers and helps savers.
  • Fix it and forget it: How everyday habits automatic saving - putting a small amount of money away each week - can lead to a secure retirement.
  • How employers can help workers to save money.
  • Why better financial education should be a priority for schools and colleges. 

Useful websites:  Mint Quicken and other websites can help you with a weekly budget. Betterment and Wealthfront are savings and investment sites. Blooom offers advice about how to improve the rate of return on 401k and other retirement savings funds.