Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Cary Carbonaro.
A certified financial planner and author of Women and Wealth.
1. Guest Introduction: Cary Carbonaro
- Certified Financial Planner with 25+ years of experience.
- Leads a multimillion-dollar financial planning practice.
- Focuses on empowering women and increasing financial literacy.
- Promoting her second book: Women and Wealth.
2. Why Cary Wrote the Book
- To share her 25 years of experience working with women.
- To address the lack of female-friendly practices in the financial industry.
- Key stat:
“By 2030, women will control two-thirds of the nation’s wealth—$30 trillion.”
4. Challenges in the Financial Industry
- Industry built by men, for men.
- Not ready for the shift in wealth ownership to women.
- Harvard Business Review (2009):
“Financial services is the least sympathetic to women and has the most to gain if they get it right.”
5. Financial Planning Philosophy
- Everyone deserves a financial plan.
- Quote:
“If you fail to plan, you plan to fail.”
- Financial planning includes:
- Risk management
- Cash flow
- Tax strategy
- Investments
- Retirement
- Estate planning
6. Making the Industry Female-Friendly
- Women often leave their financial advisors after a spouse dies (80% of the time).
- Reasons: lack of connection, poor communication, feeling ignored.
- Not a DEI issue, but a dollars and cents issue:
“What other industry would ignore a $30 trillion opportunity?”
7. Stereotypes and Societal Expectations
- Women face pressure to look attractive in professional settings.
- Stereotypes persist in media and even in AI-generated images.
- Example: AI generated a man when asked for an image of a financial planner with long hair.
8. Cary’s Personal Journey
- Inspired by her father, a JPMorgan Chase executive.
- Grew up learning about money and finance.
- Built her business by focusing on women, not traditional male-dominated marketing.
- Quote:
“Money equals power, and women need more of both.”
9. The Wealth Gap
- Beyond the wage gap, the wealth gap is driven by caregiving responsibilities.
- Termed the “good daughter/spouse penalty.”
- Lifetime cost to women: $1 million.
10. Call to Action
- Women should seek financial literacy and independence.
- Encourage planning before crisis hits.
- Quote:
“Wealth gives you choices in life.”
📌 Key Quotes & Highlights
- “If you don’t start dreaming about what you want today, you will not get it tomorrow.”
- “By 2030, women will control $30 trillion in wealth.”
- “The industry was built by men, for men. But the clients are changing.”
- “Money equals power, and women need more of both.”
- “The wealth gap is generated by caregiving responsibilities, costing women $1 million over a lifetime.”
- “Everyone deserves a financial plan.”
#SHMS #STRAW #BEST
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