FIRST THOUGHT: Putting Your Money Where Your Heart Is
I’ve been thinking about money lately. (Thanks, tax season!) While having a whole lot of cash affords us a certain kind of comfort, I think there’s power in the simple process of earning and owning any amount of money. Back in 1771, New York became the first state to require husbands to get their wives’ consent when selling property she brought into the marriage. Russia was ahead of us, as women were given the right to earn and retain their own income nearly two decades prior. Today, don’t focus on the dollars or rubles you don’t have. Instead, relish in that you’ve earned, and spend it on things you’re passionate about.
WOMEN IN NUMBERS: 76 Percent
A recent survey conducted by Morgan Stanley found that 76 percent of women surveyed were interested in sustainable investing, or investing in companies that aim to make social or environmental change. That’s compared with only 62 percent of male respondents. Basically, women are interested in using our financial power to support companies we’re proud of. Talk about putting our money where our hearts are!
WOMAN TO WATCH: Nancy Pfund, Founder and Managing Partner of DBL Partners
Being the boss of your very own business can give you the perks of spending your profit on things you care about, and the good news is nearly anyone can own her own business. Women-owned businesses are successful for a variety of reasons. Some rely on venture capital and other funds provided to emerging businesses with growth potential. Ladies, that means even if you aren’t a descendent of a generous billionaire, you still have the ability to launch and grow your business on an equal playing field.
One successful businesswoman who knows all the ins and outs of the venture-capital world is the discerning Nancy Pfund, the founder and managing partner of DBL Partners, which is on a mission to raise up do-good businesses through investing. She isn’t interested in investing in companies that only yield a lot of profit, but in those that yield both profit in their industries and result in socially impactful returns.
Nancy is well-versed in the money biz but also became passionate about environmental impact in college. While studying at Stanford University during the gas shortage, she was propelled to do a little research, and discovered gas stations that didn’t advertise their prices actually charged more for gasoline than stations that did post their prices. Nancy’s findings prompted her to testify about her research in front of the California Senate, which ended up passing a bill that required gas stations to post their prices moving forward. The direct impact of her testimonial gave her the push to eventually start DBL Partners.
One aspect of Nancy’s work as an impact investor involves funding companies with climate action goals, but also integrating legislative decisions about environmental policy. As Nancy says, she’s able to show lawmakers black-and-white facts about eco-job creation, profits and so on.
Nancy’s journey proves any woman can own her own business and use her profit for good. It all starts with just an idea, persistence and the willingness to work with others to make the change you wish to see in the world.
Social impact investing is increasingly becoming the norm amongst top investors. Check out these three industries that are creating huge waves in social impact that you need to know about. Click here to learn more or if you’re listening via podcast, head over to OnTheDotWoman.com!
QUITE THE QUOTE
If it weren’t for women like Nancy Pfund who use their talents and skill sets to embolden entrepreneurs, the future would look pretty grim. Let’s conclude with a quote from 19th century French actress Sarah Bernhardt, who said:
“Life engenders life. Energy creates energy. It is by spending oneself that one becomes rich.”
This is Melinda Garvey signing off until next time. Remember, ladies, empowered women empower other women. Share On the Dot so more women can have a voice. Thanks for getting ready with us.