Dana discusses Women and Wealth with two local experts who are living examples of “women empowering women.” Her guests have built their careers helping others manage money, especially women. Together they explore the importance of being well versed in money management, and why so many women fall short of educating themselves in their own financial independence.
Guests on the Show
- Anita Knotts, Founder and CEO-Lotus Women’s Institute
- Jennifer Radostits, Financial Representative-Northwestern Mutual
Sex Life vs. Savings
Why is it so hard for women to talk about finances? “Women have been shown to be more at ease talking about their sex lives than they are about money. So what does that tell you? Right? Money is what’s actually going to secure our future. Whether it’s post-divorce, or unfortunately if your spouse dies ahead of you. That’s truly a very important topic, it may not be as exciting but it’s something we need to touch on regardless,” said Anita Knotts.
Top Money Mistake Women Make
Dana asked the group, “What are some of the top mistakes women make when it comes to money?”
“I think the very first mistake that they make is they don’t start. The first thing that women do is they think okay you know I’ll get to that. Once I pay off my debt I’ll talk about that, and once I buy my house then I’ll talk about that. Well the problem with that, is they’re putting time against them. So there are things that you can be doing to create a prosperous financial future, but you gotta start. And so many women just don’t start,” replied Radostits.
Knotts followed that up by saying, “I think the industry has done a great job with the intimidation factor. Really using a lot of jargon making it seem like it’s really complex, I mean for the love of God have you seen CNBC? Throwing ratios every which way. I’m here to tell you and let women in on a big secret…it ain’t that hard. It really isn’t. And to Jen’s point, just start.”
Preparing for the Future
Dana questioned the panel, “Women often outlive their spouses, how can they be best prepared for that outcome?”
“When a catastrophe arrives in your life, or a tragic situation, that is not the time to get a crash course tutorial in financial management. You need to be prepared for that moment and it’s best to start today,” responded Knotts.
Radostits agreed, “It’s about being proactive vs. reactive. You just have to get in and do the work early and set up that foundation for yourself so you are set up at 80.”
Dana Davenport is a Naperville resident who is passionate about life. Originally from the northern suburbs of Chicago, she is now a Naperville resident and a graduate of Spelman College and the University of Chicago Law School. An attorney and mother, Dana divorced in 2015, unleashing a new lease on life. She has a live radio show on intellectualradio.com on Wednesdays at 9 pm and is excited to bring that show to television audiences on Naperville Community Television each month.
Previously, Dana has appeared on “He Said She Said” with Wanda Bee, “The Drive at 5” with Roman, and “Jaw Jackin” with Bob and T.C., and she was a relationship advisor on the “Gift of Gab Show” with Gabby Smith.