S3 E3 Transcript: Learning to Think Like a Breadwinner

Welcome to the Financial Finesse podcast, where we’ll be discussing tips on how to handle your money and life with skill and style. Your host, Cathy Curtis CSP has been helping make finance accessible and intriguing for women for almost 20 years. You will get savvy actionable ideas, listening to her conversations with some of the coolest and smartest women on the planet. And now, here’s your host, Cathy Curtis.

00:50 Cathy: Hi, I’m Cathy Curtis, host of the Financial Finesse podcast and founder of Curtis Financial Planning, an independent financial planning firm that specializes in the unique financial needs of women. As a CERTIFIED FINANCIAL PLANNER™, I partner with women who take the lead in their household finances, and I help them secure their futures while getting more enjoyment from their money today. So whether you’re single, the primary earner in your family, or simply take an interest in personal financial management, this podcast is for you. 

With April being National Financial Literacy Month, my conversation with today’s guest is even more meaningful and relevant. Jennifer Barrett is an award-winning financial journalist and digital strategist with more than 15 years of experience in print and digital media and a passion for personal finance. She is currently Chief Education Officer at Acorns, a growing financial wellness startup with more than 9 million subscribers. 

But more importantly to today’s podcast, she’s the author of a new book called Think Like a Breadwinner: A Wealth-Building Manifesto for Women Who Want to Earn More (and Worry Less). This book is available starting April 6, anywhere books are sold. 

In this episode, we focus on some of the most important concepts Jennifer writes about in Think Like a Breadwinner, including the financial literacy gap in this country and its impact on women, specifically; the importance of dispelling the myths that prevent many women from making good decisions with their money; and the one mindset shift that will not only give women a more active role in creating their own future, but can also create a positive ripple effect on every aspect of your life. 

I think Jennifer’s message is so important, and I encourage all of you to read her book as soon as it’s available. I promise it will change the way you think. With that, I hope you enjoy my conversation with Jennifer Barrett as much as I did. And be sure to check the show notes at curtisfinancialplanning.com for more personal finance resources.

03:02 Cathy: Jen, it’s so good to see you. I think it’s been, I don’t know, eight years. I’m reading your book. And I think I knew you back when you were in financial journalism at CNBC here. And that would have been six, seven years ago. And then you’ve changed jobs. And about your book, Think Like a Breadwinner, I love that you weaved in your own personal story and that you are so vulnerable about the things that you’ve experienced in your journey to be a breadwinner and feel power around your money. 

Jennifer: Yes. Yeah, it’s definitely been…there was a learning curve there.

03:54 Cathy: Was it hard to do that? Did you think twice about doing it that way? To be that vulnerable? 

04:04 Jennifer: Yeah. A little bit, but I think, I didn’t want it to be a preachy kind of book or the kind of book where it sounds like I’ve got it all figured out, and I’m going to tell you how to do it. It I really wanted it to be more authentic in the sense that I’m not just an expert, I’ve lived it. So, I can speak from both perspectives. And I just thought it was important because so many of us feel so uncomfortable talking about money. And a lot of women feel such a lack of confidence around managing their money, you know this. 

So I just think it’s important for us to admit that we don’t know everything, too. And we’re learning, too. And, you know, we’re all kind of part of the same journey and hopefully the destination. To get control of our finances and feel really good about where we are financially. 

05:00 Cathy: So, yes, I agree with you being relatable. And women don’t want to feel bad when, you know, they don’t want to read a book and go oh, my god, I’m terrible. I’m not doing anything right. 

Because money is so complicated. I mean, when you think about all the little acronyms you need to know, and all the tax laws that have “if yes, then do this, if no, but if that happens, do that.” And learning about all the different retirement plans, it’s a lot. So nobody needs to feel bad because they don’t know it. 

Although I think it could be better in our country, if we had more financial literacy classes, like you hear that a lot. And it never seems to happen. 

Jennifer: Oh, I completely agree. And we still have not made a lot of progress there. And I think there’s so many people who care passionately about that, and really are trying to get that implemented in school curriculums, and I have a feeling the pandemic may have put some of those efforts on hold. 

But I don’t know, either. Everyone seems to be in agreement that this is a life skill that we all need to learn. And yet I think it’s only 17 states that have it as a requirement in their high school curriculum. So yeah, there’s a gap for, you know, there’s a financial literacy gap, period. It’s not just a matter of whether you’re a woman or a man. 

But we do know, I mean, there’s research that shows that parents actually do speak to their sons differently than they do to their daughters about money. And so I think that plays into it, to where they are more apt to talk to their sons about investing and building credit. And they are more apt to talk to their daughters about saving and spending smartly. 

Cathy: And this all goes back to budgeting. 

Jennifer: Yes. And it all kind of goes back to this. You know, this old conventional model where the man was the breadwinner, the woman was the caregiver, took care of the house, you know. So being able to budget and clip coupons and count your pennies was really important if you were in that role. But those skills don’t translate as well anymore, because now women are moving into the breadwinning role. And regardless, we need the skills to build our own wealth. 

And so, there’s a lot of work to be done there, I thin—in terms of the messaging, and not just the financial literacy piece of it. 

Cathy: Yeah, that’s still stuck in the 50s. A woman at home with the apron, but managing the budget, getting an allowance. My mom was right there. She got her little allowance, and she managed it really well. You know, but my dad handled all the finances. 

But why are we still stuck in the 50s? How many years ago was that now? Really?

Jennifer: The conventional breadwinning model rose to prominence in the 50s and 60s. So it’s been like 70 years, and we’re seeing a paradigm shift in the model itself. But our attitudes have not caught up to that. Our culture has not caught up to that. Our corporate policies have not caught up to that. And so, you know, we have some ground to cover, I think, there. And it really just starts with the way that we talk to women and the way that we message them around money. 

And so, I’m not surprised at all that a lot of women actually don’t think that they need to have these skills. They think that, you know, they’re going to get married, and the man will take care of a lot of this stuff. 

08:10 Jennifer: You know this, right, because a lot of women are also really wary of investing, certainly investing in the stock market. And that is probably one of the best places to put your money in order for it to grow. And so if you are already wary of doing that, you think it may be too risky, too complex, whatever the reason is, so you put off doing that. And on top of that, you’re sort of thinking, “alright, I’ll get married, and my husband will probably be the one to manage the finances anyway.” 

Cathy: That could be an unconscious thought, too. So I want to read you a few things about how women are different from men that, as I’m reading your book, I picked them out. And women listening, I don’t mean this to be depressing. But research backs up every single one of these things, and Jennifer, you did a great job pulling in all this research out there. It’s so appreciated. I’m going to use it as a reference guide, I know it. 

09:17 Cathy: Women…

Earn 20% less than men for the same jobs in nearly every single occupation
Have lower levels of financial literacy
Higher credit card debt
Less likely to ask for a raise or promotion
Lower average credit scores
More afraid to say no to projects at work
Concentrated in the lowest paying master’s fields
Career tracks are usually things like human resources
Have less money saved at retirement: one in five women have nothing saved for retirement.
40% more likely to live in poverty in old age
Carry more student loan debt
Not invest, leave money in cash

A lot of women are more likely to tap into retirement accounts early, even though there’s penalties and tax. 

Jennifer: And I did that, like in my 20s. 

Cathy: Are less likely to take any finance classes in school. And I didn’t even write down the stats in the caretaker chapter about how many women take the caretaker role and leave work for children or older parents and therefore get retirement savings interrupted and all that. So I couldn’t help it. I read the book, and I was framing it. And I thought, there’s a lot of not good stats about women and wealth in this country. I don’t know what it’s like everywhere else. 

Jennifer: It’s not all that much better. I think Nordic countries have it a little better. They have more egalitarian policies that have held. 

Cathy: Yes, like childcare and all that. So anyway, as I’m thinking about this—I’ve been a financial advisor for almost 20 years. And I work mainly with women, and I work with a lot of single women. So I see many of these things happening. And I just keep asking my question over and over. When are these statistics going to start turning? 

And yeah, writing a book like you did with, you don’t only have the stats, you’ve got action steps in almost every area. That’s really important. So anyway, I want you to be able to talk. Talk to me more about, I know your personal story inspired you. But let’s talk a little bit more about that. 

11:41 Jennifer: Sure, well, I had my own wake up call. And that was really the genesis of the book. I was in my early 30s, I was an editor at a national news magazine, and I had a great job. You know, from the outside, it looked like I had it all together. 

But I was sharing a one-bedroom apartment with my husband and our toddler at the time. And I remember one night, when he woke up, I was kind of pacing back and forth in our bedroom trying to get him back to sleep. And I just had this moment where I looked around and I thought, we are in a completely unsustainable situation. And I don’t have the means to help us get out of it. 

And it was such a crushing moment. I mean, honestly, when I still think about it, I’m like, because I had thought I’m such an independent woman. I have a 401k, I have a little bit in a savings account. I’m paying half the bills. You know, I had credit card debt, but I was paying it down. And I thought I was sort of doing everything right. And it was in that moment that I realized I had missed a huge piece of the puzzle, which was, I was not investing for the midterm. I did not have the kind of savings that would help us buy our own place. I didn’t even have enough set aside to help us really afford to have a second child, which I badly, badly wanted. We both did. And here we were in a situation where we were about to outgrow our apartment, and I wasn’t even sure we could afford to rent a bigger place. 

Cathy: Let me stop you right there. Because what it sounds to me like, is that you realized that you had these super important goals. Having a second child and having your own place to live, which are pretty important things to me, really were at stake. And somehow those goals became paramount. So your epiphany was, oh my God, I’m not going to ever have this unless something changes. 

13:38 Jennifer: Yes. And to be fair, my husband, when we first met, his income far exceeded mine. He worked at a startup; the startup went under and he went back into journalism. So our incomes were much closer together.

And so, you know, he was contributing as well. But it did occur to me that neither of us were really prepared to buy this house. And there was no way that I could slough that off on him or assume that he would be the one to do this. What I really realized was, I had left myself in an incredibly vulnerable position, where the things that were most important to me, were now at stake because I had not taken a proactive approach to my finances to make sure that they came to pass. And that was just a huge wake up call for me. 

And then the next question was, why in the heck did I make these money choices? Like why would I ever have made money choices that leave me in this position? And as I started to really think about it, the turning point question was, I asked myself if I had been raised to think like a breadwinner. Like so many of the guys that I had dated in my 20s, who were all about, like I need to buy a house, I need to save money so I can get married, and all these things. I thought if I had been raised to think like a breadwinner, how would that change the choices I made with my money and even my career? And that was literally the turning point because I realized I hadn’t been thinking that way at all. 

15:00 Cathy: And also, you mentioned that you realized you were getting resentful towards your husband, that he wasn’t taking on the traditional bread winner role. And you realized that there’s two of you, it’s your goal too, and you decided to take the reins. I couldn’t help but thinking too when I was reading the book, that “think like a breadwinner” could be replaced by “think like a man.” And then I thought, no, that’s not it. It’s: think about how men have been raised in our culture and in our institutions and the things that they have been taught, versus the things that women were raised to think about and prioritize. 

Jennifer: Yeah. 100%. A man sort of grows up thinking, what do I want in my life? And how am I going to get it? And we may think that way about our career, but I think we’re still not brought up to think that way about our life in general. About like, this is what I want my life to look like. How much money am I going to need to make to support this lifestyle? I know that’s a question that I didn’t ask. 

I certainly, I mean, I went into journalism, no idea how badly it paid. There’s lots of men in journalism, but it’s more, there are a lot of women in journalism, and you see more men in management in journalism than you see women. I mean, women tend to be more on the reporter side, the writers, the writer track. That’s shifting, obviously. Now, there are a lot more women in management. But certainly when I first got into journalism, there were definitely more men at the top of the masthead, and those are the jobs that pay well. Or they were on the business side. And those were the jobs that paid really well. I only learned that later, of course. 

16:56 Jennifer: I moved into management shortly after I had that epiphany. And that wasn’t the only reason why, but it was a big reason. I realized, you know, these things are so important to me that I don’t want to put them at risk. And I need to get a job that pays well. And initially, I thought, well, this will be a temporary situation. I’ll move into management, and then maybe I’ll go back to writing. But once I was in that role, and on that track, I found I really enjoyed it. I loved the challenges. I loved how it sort of stretched my idea of what my capabilities were. 

It was very interesting how it actually started to shift my mindset even more in terms of what I thought I was capable of and how I envisioned my career. So in a lot of ways, that was a big step as well. 

17:47 Cathy: I think that happens to a lot of women that step up. I mean, that’s true for me. I think if women could get into more of a wealth mindset mode, breadwinner mode, combined with their personal skills that they already have in spades, right? The good communication skills, the caretaker skills, all those things, they’re gonna be unstoppable.

This is a challenge. And going back to your mindset growing up was not that you were going to be this person to build the wealth. And I’m thinking back to my childhood, because I had a little different trajectory for some reason. Wealth has always been important to me. I can’t figure out why. I’m thinking about it now that I read your book. 

But I do remember one message from my father. He always told me, Cath, you could do anything you want. He always said that. That was one of the key messages from my father, you know, the dominant male figure my life. And I’m not sure how many women are told that when they’re young? So my answer could be that my upbringing created the groundwork for me. But I know that’s not typical. And in the things I just read, the statistics about women are showing that that is not typical. 

Jennifer: That’s true. I interviewed a number of women who did have a breadwinning mindset from the beginning. And I can think of one in particular where she told me her dad actually sat down with her, taught her how to invest. He invested in real estate. So he taught her how to invest in real estate. He told her what capital was, he told her that when you have anything outside of your paycheck, that’s capital, you don’t touch it, you invest it. You leave your investment alone until you need it. 

He taught her how to separate her money into different piles for savings, charity investing, you know. So very early on, she got these lessons from her dad. And she was the oldest of three girls, and part of me thinks that maybe he was imparting the lessons on her that he might have done with a son.

20:00 Jennifer: In other cases, I talked to women whose parents divorced and the mom had been quite reliant on the dad. And after the divorce, they saw the impact on their mom and consciously decided, I am never going to allow myself to be in a vulnerable position like that. It wasn’t that they disrespected their mom, there was nothing like that. It was more like, oh, my poor mom, she ends up in this situation because she stopped working, because she wasn’t involved in the finances. They saw that unfold in front of them and how painful it was for their mom. And so they consciously decided, I am not going to do that. I’m going to take care of myself, I’m going to have my own money. And so they made very different decisions. 

And I would say I mean, my parents, I grew up in a middle-class household. Both my parents were professors of accounting at one point, so yeah, I did great in math. It wasn’t like a lack of skills. I knew about the stock market. But there was a disconnect for me between sort of knowing the stock market existed and realizing what an incredibly powerful tool it was, and building wealth from the get go and how important that was. 

21:10 Cathy: Yeah. Let’s talk about that. Because that’s a really key thing for women to understand. Because I still see women who are really afraid of investing and who keep way too much money in low interest-bearing bank accounts. And you have some stats about that in the book that that’s a true phenomenon. And, so you talk about compounding and all that. I mean, the book is such a great resource. If a woman read that chapter on why investing your money is so important, even if you just simply put it in an S&P 500 fund and let it sit for years, if you just did something as simple as that, it will change everything. 

Jennifer: Yes, because there’s no comparison. We know that, on average, the S&P 500 Index rises about 7% per year, right, on average. Obviously, some years it goes down. But you take an average 7-7.5% return, which is what it is. And then you look at a savings account, which right now is paying .05% for a traditional savings account and only like 0.4 or 0.5% for a high yield savings account. 

So we’re talking about a difference of 6.5 to nearly 7%. There’s no comparison. And when you run the numbers, and you look out five or 10 years, you’re talking about the difference sometimes of tens or hundreds of thousands of dollars, depending on how much money you have. And that accounts for a lot of the difference between what men have saved and what women have saved a lot of times. 

I don’t know where that comes from. But I did interview a lot of women who say that they take comfort in knowing that the money is there and accessible at any time and, so there’s definitely something in there that’s more emotional and more psychological. 

23:02 Cathy: You know that’s a really good point. When I talk to women who have that fear, they don’t understand that investing is very liquid. There’s this myth. And this is a financial literacy piece. Some people think if you put money in an investment account, you can’t get it back easily. When I realized that myth exists, it makes it a lot easier to explain that no, it’s completely liquid. You might sell when the market’s down. But you know, you can get your money out whenever you want. And you write about a lot of the myths of investing in your book, which I think is really helpful, because they’re out there and they persist. 

Jennifer: They do. We still have this idea that it’s complex and risky. And to me, I mean, I tell people this—I think you may agree—is I think it’s more risky to leave your money in savings for too long, because you don’t give it the opportunity to grow. And so if you want, certainly put some in savings. Enough to cover, you know, we usually say three to six months of expenses. 

But if you’re not investing the rest, you are missing out on all this potential growth and putting yourself at a disadvantage. I mean, right now, savings accounts pay less than the rate of inflation. So your money is actually losing value sitting in a savings account. And that’s, it’s really hard to wrap your head around that. And I get it, and I say if you’re nervous about the stock market being down, then invest in bonds or bond funds, but really almost anything has a better return than savings accounts right now. 

Cathy: Well, you know, and maybe the other thing too is, we’re talking about the now and investing now. The reason you invest is for when you can’t earn a paycheck anymore. And in this country, we don’t have as many safety nets anymore, right? The companies don’t have pensions. You know, what’s that old saying? A man is not a retirement plan? 

25:06 Cathy: Your dad is not gonna be around anymore. And so you have to think about it. And then for some women, younger women, that may seem way, way far in the future. But it takes years of compounding to get quite a chunk of money that you need to live out that—who knows how long it’s going to be, because we’re all living longer—30, 40, 50 years where you may be earning nothing or a fraction of what you’re earning in your prime working years. And so that’s that stuff that, unfortunately, women end up living in poverty. The bag lady syndrome is real still. I don’t know how many years it’s gonna take for all those trends to like, start reversing.

26:07 Jennifer: I’m determined in our lifetime. I mean, that’s my goal. I want to do everything in my power. I’m sure you do, too. I mean, to your point too, time is one of the most important factors in investing. So even if you’re investing $25 a month, if you’re 22, I mean, that money compounds. So it’s like, if you’re living paycheck to paycheck, or you perceive that you are and you think you can’t afford it, I would challenge anyone who says that to just put aside 5, 10, 15, $20 in investments. 

And the psychological, you know, just the benefit psychologically of seeing that money grow is so incredible. And then it serves as such an incentive to continue to do that. And you can actually see how people shift their habits. And we see this at Acorns where people sign up for roundups, and they’re usually at about 30 to $35 a month that they invest. So they sign up for just roundups, nothing else. And then they see that money start to grow. And we see after 3, 6, 9 months, they start putting more and more money in because they understand, you know, the power of compounding and the power of putting your money in. 

And also, they realize, you know, I don’t miss that. I don’t miss that spare change. I don’t miss that $35. So what’s another $5 here, or $10 there? And that is so beneficial to you to learn that lesson early on and then just start piling more money in as you can. It’s just huge to start early and have the advantage of time and compounding. And I know you know this too, but it’s like one of those things that drives me nuts when people feel like oh, no, no, I have to have a lot of money to invest. And I’m like, no, no, no, you won’t have a lot of money unless you invest. You’ve got it backwards.

27:43 Cathy: Okay, I have a story to tell you about Acorns. So I teach a personal finance class in the summer at a woman’s college here. And these are all college age and graduate level. And I’m teaching really basic personal finance, and they’re learning all new things. And one of the women told me, we were talking about savings apps and Acorns came up in the conversation—that she really likes using that app to save. 

And the other tool that I like talking about with women is Roth IRAs. You know, they fit the fear mentality perfectly for women because it’s a way to start getting invested because it’s a retirement account. So theoretically, you don’t touch it till retirement. But you can withdraw what you put in any time, without penalty and without tax, and you can invest it. And so I think it’s important to pick out things that are really easy to understand and explain the concepts and speak to those fears about not having access, or I’m going to lose it, or I’m never going to get it again. 

And the other financial literacy thing that drives me nuts is some people think an IRA is the investment. If you have an IRA, you have an investment. 

29:13 Jennifer: Yeah, you have to invest the money you put in. I actually had a conversation with someone not that long ago, where I had told her about the Roth and I was like, you should do this, you qualify. You know, like we checked her income because there is that income threshold. But then she said, oh, I had put all this money in my Roth. And I said, great, how did you invest it? And she said, I didn’t know I was supposed to invest it. It was just sitting in a money market fund. 

Because no one ever explains the second part of that. You’re like, I want to open a Roth IRA, and Fidelity or whoever says—or, you know, Acorns, we do it but we invest it for you, so we’re a little different—but in most brokerages, you open it up and they’re like okay, we’ve opened your account. And they send you on your way. And they don’t tell you, you have to invest it yourself. 

30:05 Cathy: Like the 401k. Now, there’s a default, it has to be invested. Right? It’s almost like that should happen with Roths. 

Well, let me let me ask you something. So your message is so strong in this book and so helpful. What is your plan to get the word out and the book out to as many people as possible? Are you gonna, you can’t be on the road right now, right? 

Jennifer: Okay, this my little studio, my makeshift studio. We actually just did the audio book, and I had to create a studio in our closet, which was funny.

30:42 Cathy: So you read the whole book? How was that? I’ve always been curious about that. Was it fun? Was it a drag?

Jennifer: It was fun. I mean, I’m an editor at heart. So there were parts where I thought, oh, I could have streamlined that. Or, you know, it’s hard to turn that part of you off. But it was a much more intimate, you have a much more intimate relationship with the book, when you’re reading it. And it’s like you’re talking to someone, you know, as you’re reading it. So that was a really incredible experience, because I was on with a producer and with an audio engineer, and they kept saying, you know, just imagine you’re talking to someone, you know, you’re telling them this. And so then you really kind of get into it, and you’re absorbed in the material. 

Cathy: Oh, that’s fascinating. I think this would be a great book to listen to on Audible. But I also think it’d be a great workbook where you actually write. You know, somebody that’s learning about finance actually buys a book and writes notes in it. I mean, I’m gonna buy it for me, because I want to use it as a reference guide. 

Jennifer: Yes, write in it. I encourage you to. 

31:58 Cathy: Your point about reading and editing—that’s why it’s so important. Anything you write, you read it out loud, right? 

Jennifer: So yeah, also, there were a number of things that I actually didn’t know how to pronounce. So many names. But no, it was a great experience. And so I’m doing that, I’m doing podcasts. And I mean, I’m trying to get the word out as much as I can. 

And I’ve joined some initiatives with some other women primarily, and some men who are in the space of really trying to advocate for paid leave and some of these policies that will help women better. So that’s a part of it, too. And I’m going in and speaking to companies about this, speaking to women’s employee resource groups, about this kind of stuff. 

You know, I was passionate about this before I wrote the book, but I hope that this book gives me the opportunity or the excuse to talk about it even more, though.

Cathy: It will. You have a platform now, which I’m so grateful to you for taking the time to write this because really, it’s like a manual to start growing wealth. It replaces like, I remember, there was this really thick book written. Now I’m not gonna remember the name. But I mean, it was, you know, a bomb of a book. And your book is still quite a long book. But it’s organized in such a way. And the storytelling in it about your life, and about other women and their money journeys, makes it an interesting read, which is not easy to say for a lot of finance books.

33:38 Jennifer: Thank you, I appreciate that. I did try to weave in as many stories as I could. And also the mindset piece, I think makes it more interesting, because it’s a message that a lot of people haven’t heard before. 

And just to go back to what you’d mentioned at the beginning about people being kind of embarrassed about money or not comfortable talking about it, I think we do a lot of money shaming. And so one of the things I really wanted to do with the book was to not make anyone feel ashamed of the money choices they’ve made. And help women understand that so much of it comes from the cultural conditioning that we’ve gotten, and the messaging that we got as kids. And so even if we know what we’re supposed to do, those, you know, this kind of conditioning can get in the way of that, and in a really subconscious way. 

It’s really hard to see that sometimes, you know, to understand like, why am I making these money choices, and not those money choices? A lot of us don’t stop and question that. And if we did, you know, it might take some digging to realize, oh, I put my money in savings because I’m terrified I’m going to lose it. Because maybe their parents had, you know, maybe their parents lost money or they had some experience, they were exposed to something, and so that has lodged in their brain. And so they’re afraid of investing themselves. 

So many of us carry around these stories, whether you’re a man or a woman, and it’s so important to examine those, especially if they kind of get in the way of your wealth building efforts. And it’s hard to do that on your own. 

35:00 Jennifer: I think you probably have tons of stories of people you’ve talked to because that’s part of what you do, right, is unpacking that. 

Cathy: You know, I really read your chapter on values and goals with great interest because I actually have an e-book called The Happiness Spreadsheet. And I have an exercise almost exactly like yours, where I list the 100 values. And I’m trying to get people to really think about what they want in their life. So I can so much relate to that. 

I laughed, though, because I was thinking about my book. It kind of is a budgeting book. That made me think it’s not an investing book. But one of the values is growing wealth. And I do interweave that in there a little bit. But I laughed at myself when I read that. But so I think that’s the core work for women. It’s worth figuring out where you got your money mindset from, and then doing the work to let go of that stuff. And realize who you are now. 

So many of our values could be from our parents. I mean, I even think about why I went into business, because I did the exercises in my own book. So I think I went into business because I love, my dad was on a pedestal, he was a businessman. And I turned it into a success. But as I was doing my exercises, I thought, would I have chosen a business career if it wasn’t for my dad? 

Because I love creativity. And you can make this work creative in certain ways. And that’s what you do. You compensate, once you get somewhere, because your point in the book, too, was choosing a career that can make you a living. 

36:56 Jennifer: Yes. Right. Yes, that piece is often missing in the advice that we give to women. And I love the idea of you can be anything you want. But a lot of times, and there is actual data around this, is that girls are less likely to have conversations about how they’ll be compensated in the careers that they’re interested in than boys are. 

So I mean, it all comes back to the same thing. We are still not thinking of women as breadwinners. We are still not setting up women to succeed in that role. Even though more women are moving into that role than ever before. More than 40% of moms in the country right now are the main or sole breadwinners for their families. 

So it’s happening. Whether or not they’re prepared, women are moving into those roles for a variety of reasons. We are still not preparing them for that role. And we’re not thinking about women being in that role or about their income being so critical with the policies that we have and the perceptions and biases that get carried into the workplace. And so you see that sort of play out in all these ways. 

38:00 Cathy: In your opinion, do you think that, given there’s a new administration, that there’ll be more focus on family policies that help women breadwinners? 

Jennifer: That’s the hope. Yes. We’re advocating pretty hard for that. And I do think, I mean, Biden did push for paid leave in the stimulus bill, and it didn’t end up in the bill in the form that he had proposed, which was kind of a mandatory leave. Now it’s an incentivized leave around with tax credits. And it’s really tied to the Coronavirus, not the kind of blanket paid leave that that we’re really advocating for. But I think he’s open to it. He said he’s open to it. You’ve got a lot of senior lawmakers right now talking about it. So I’m hopeful. 

Cathy: We’re the only country in the world that doesn’t have it—the only industrialized country in the world. 

Jennifer: Yeah, the only industrialized one. It’s so fascinating to me, because I studied Norway, and we’re where Norway was in the 1970s. So they implemented these policies in the 70s and men didn’t take paternity leave. So 20 years later, they completely revamped those policies and made it mandatory for men to take a certain amount of paternity leave. Or it was sort of a use it all or lose it policy. 

And they started this whole public awareness campaign to try and shift the perception of men as caregivers. And now they have one of the highest participation rates in the world for fathers and mothers. I mean, it has completely changed the game. And we would be smart to learn from their experience. But we’re still having the conversations they were having in the 1970s.

39:32 Cathy: Because we have a patriarchal society. It needs to shift.

Jennifer: It really needs to shift. And it’s good for men too. I mean, there’s so much research around the importance of men having that time to bond with their kids. Being able to be caregivers without feeling stigma or anything like that. It’s really, this is not just about women. 

40:00 Cathy: No, I know a lot of my peers in the financial world are men with young children. And one of the things I hear the most is how happy they were during COVID. Because they had to be at home, they got to see their kids and bond with their kids more. You know that must be so awful, to feel like you have to leave the house every day early in the morning, and you don’t get home till late. And you miss out on so many things that happen with your children. Good family policies are good for everybody, not just women.

40:37 Jennifer: I’ve seen it play out with my husband, because as I moved into the breadwinning role, I took jobs that had me traveling and were a little more demanding. He started working from home, and he was able to spend more time with them. And I saw how he bonded with our two sons. And I just thought, I don’t know. I was so grateful that he has that relationship with them. 

And I had this moment, this one phone call where I called my dad, I mentioned in the book where I was really stressed out, I was working really long hours in this one job. And I felt like I wasn’t getting a lot of time with the kids. And I was describing it to him. And he said to me, now you know how I felt. And I just burst into tears. It was the first time I really realized what a sacrifice he had made, certainly in his own mind that he thought would benefit us, and that we’d appreciate down the road. But he really was not around very much when we were kids. 

And you think like, I’m so close to him now. But I didn’t really get a chance to build that relationship until I was already in college and then spending like long amounts of time with him. And I just think, gosh, what he missed out on, you know, as a younger dad. 

Cathy: And what the kids miss out on not being able to get close to their dad. You cannot do that in two quick days, you know, a weekend. It takes more time than, you know, a week vacation in the summer. So all of the things we’re talking about are really good for everybody. The whole family system. So I love that. I mean, I could cry thinking about how little time I got to spend with my dad. And that creates its own set of issues where you miss somebody all the time. It’s just not, it’s not a good thing. 

42:32 Jennifer: No, and I think about, we have the opportunity now to change. That is really what it comes down to. I see how my kids are with my husband. And we’ll flip flop. I mean, I will not always be the main earner. Probably, who knows. I mean, it’s fine if I am. But I mean, just because you move into the main earner role doesn’t mean you’re there for life. 

And certainly, during the pandemic, we’ve shifted back to almost a 50/50 caregiving model, which has been wonderful. So I know what your colleagues are talking about. But I had plenty of time with them too. I feel like each of us are really getting the opportunity to bond with our kids and spend a lot of time with them. And that they really know each of us well and know that we’re accessible to them. And that’s so important. 

And watching that in contrast to how it was when I was growing up. Or even my husband and his dad. His dad was a pilot. He was never around. So I feel like we just have a tremendous opportunity here to ship that for the next generation. 

Cathy: I do too. You know, it could be so great if it was a partnership, not this, you know, the woman is the breadwinner in a marriage but also has to do all the housework. 

Jennifer: Yes. Which is what’s happening now if you look at the stats. It was happening throughout the pandemic too. And even when women earn more, as you said, they’re still doing more of the housework, the childcare. 

And it’s not all the men. I will say I will say this, that part of it is yes, the partner needs to step up as well. But I can speak from my own experience that letting go of the caregiving piece of it, even like letting go of the idea of yourself being you know, being the main caregiver. For me, my identity was so intertwined with that as a mother. I felt so deeply like that was my responsibility, that actually letting go of being the primary caregiver there for a few years was tremendously hard. 

Cathy: Really hard. And I get it in a lot of women to feel that way. I know that they want that role. And you know, there’s nothing wrong with being a caregiver. 

Jennifer: No, I mean, I think the whole problem is we aren’t valuing caregiving enough in this country. Right? And we and we pin it all on one gender, which doesn’t, you know, it’s a disservice to everybody. 

44:53 Cathy: I think it is too. You know, in my own experience, I switched careers and started from scratch. My husband was a breadwinner in those years. I built up my career, he wanted to retire because he’s older than me. I said, fine. Now I’m the breadwinner. It works so well, it’s great. Everybody gets what they want, and it creates a more loving relationship, more trusting, and it sounds like you navigated your own situation really well. And I’m sure it wasn’t easy at times. And you’re very open about it too. Because I know your husband’s read your book. So he’s fine with having a more equal paradigm in the marriage?

45:32 Jennifer: Yeah, I had him read the book proposal before I ever submitted it, because I wanted to make sure he was okay with it. And my whole point for him, too, is that this was not in any way meant to make him feel bad about not earning more. That’s not even what the book is about, at all. 

Cathy: No, it’s really about portraying a marriage that was working towards more equality so that you can both reach your goals. And give up on the princess mindset.

46:07 Jennifer: I didn’t even think of it as that. But it’s true, deep down. I don’t think I would have admitted it. But deep down, I think I was just assuming that. And he learned to embrace a childcare role, which I love. 

Cathy: I love this, what we’re talking about right now. This, it really came out in the book. So I don’t want to make this too long, or we’re gonna lose our listeners. I could talk to you all day about these things. So let me ask you this. So tell me about your role at Acorns. And also give info on how people can access your book. And any other, if you have a blog, or those kinds of things. 

Jennifer: You can go to jenniferbarrett.com. There’s a lot of information on the book there. There’s a form you can fill out if you have questions. I do coaching too. I’m just getting my performance and leadership coaching certification. So I started coaching primarily female startup founders and senior leaders. So I do some of that as well.

Cathy: I want to hear more about that. Let’s just talk about that for a couple of minutes.

Jennifer: Sure. I mean, I’ve always been interested in coaching, and I took an intensive last year. And then as I pulled back on my hours to work on the book, of course, I have to immediately fill them with something else. So I signed up, I applied for this. It’s Brown and ACT. It’s a joint program. And it’s really focused on performance and leadership coaching, grounded in neuroscience. I thought it was a really fantastic program. And I’ve just finished all the requirements for that. 

I actually thought even if I didn’t end up coaching, it was really fascinating to do that work as I was going back and kind of looking at the book, because so much of what I talked about was mindset. So I was really fascinated to see, how do you really help to shift somebody’s mindset? You know, first you have to make them aware that they even are holding this mindset that may not be benefiting them. But then how do you actually shift it? So that work was fascinating. And I figured there’s no downside to having that. 

Cathy: I love that, how much work is being done in brain science right now. That’s fascinating. 

Jennifer: Well, so often it comes down to that, right? Because we sort of know what to do. But then why aren’t we doing it? I mean, with our health, with our money. So it’s not necessarily a lack of information. Sometimes it’s the lack of knowing where to go for the right information. But so often, it’s a behavioral issue. It’s there’s some blocker, some mental blocker that is keeping us from taking the steps we know we need to take. And so I thought it was really important for me to dig into that. 

Cathy: You’re gonna write another book. I know that. You’re gonna solve the problem of how to get the breadwinner mindset.

48:59 Jennifer: I sure hope so. I don’t know that it’ll be fixed that quickly. It may be years in the making. But yeah, I would love to see that if more women start thinking that way. 

Cathy: Okay, great. And then your book is on all the platforms, I saw. It’s not available quite yet, right? 

Jennifer: April 6, but you can preorder it on Amazon. And I mean, on any bookseller, really. Barnes and Noble, my publishers Penguin Random House, there’s a page there too you can preorder from. So if you want it, you can preorder it now. 

Cathy: Excellent. Well, I can’t wait to delve into the book even more. It’s a wonderful, wonderful book. And thank you so much for writing it and for being on my podcast. 

Jennifer: I’m thrilled to be here. 

Cathy: So great to see you. 

Jennifer: So great to see you too. Cathy.

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