Women and men have very different attitudes about money, according to Margaret May Damen. Women look at money as a means to an end, while men look at money as the end with the success and power it can buy. Margaret May is the founder and CEO of The Institute for Women and Wealth, an inspiring speaker and co-author of Women, Wealth and Giving: The Virtuous Legacy of the Boom Generation.
Margaret came to her passion and purpose of helping women discover how to create their legacies early in her career as a Senior Financial Advisor with American Express. She says that she asks women to tell their stories about who was a hero to them or what event changed their life. The answers they give help them decide what touches their heart in a way to create their personal legacy.
Dr. Nancy expresses her view that people who have money have a responsibility to do something with it to help others. She asks Margaret how to get the younger generation involved. Margaret says the old kitchen table values discussion is best. She remembers sitting around the kitchen table with the family talking about things that matter. She also suggests having children participate with a portion of their allowance or setting an example for them of giving at the Christmas kettle. She says that if the family is involved in a foundation, it’s a good idea to allow the children a portion of the money for a cause they want to support and let them do the research and make the decision of who they want to help.
Why Boomer Women Want to Make a Difference
Margaret is a Boomer and works with other Boomer women, which she says spans the ages of 49 to 67 right now. Boomer women no longer look for material things as a means to happiness. She notes the trend in simplicity and less is more lifestyle ideas that populate magazines and other popular media. Women look at money as what it will do, rather than what it will buy. We have moved from conspicuous consumption to conspicuous compassion. Increasingly women are finding that helping others through their passion and purpose makes them happier.
Dr. Nancy adds that once you get involved in helping your community, you find out all of the wonderful things your community is doing and you make friends with the other women who are helping too. In fact, she feels that she receives three-times more than she gives. The rewards are powerful. She also says that it’s a wonderful networking tool. Women refer other women and it’s fun to work with a powerful group who are truly making a difference in meaningful ways.
There’s much more great information about how to get younger women involved, and how the attitudes of scarcity have developed into mindset of abundance in recent years. Check out Margaret’s website www.margaret-may.com to learn about her workshops and more of her amazing work.