Money, Leaders, and Misguided Virtue
It’s time to wake up to the imperative of financial savvy
Money has been on my mind lately. Yes, in part because, like so many of you, I’ve watched my modest retirement investments take a nosedive over these past few weeks (thanks, Trump tariffs!). Partly because I find it hard to wrap my brain around what 400 billion dollars – the amount Elon Musk is reportedly worth --really means. This post from Instagram helps me with its visuals involving grains of rice. (I would venture to say that most school leaders I know earn somewhere between 1-3 grains of rice; Musk’s rice could fill a decent-sized classroom.) Mainly, though, it’s due to the coaching I’m receiving through Diana Rosberg about financial freedom, juxtaposed with ongoing conversations I have with female school leaders, who tend to have a fraught relationship with money, particularly when it comes to negotiating for salaries that reflect their worth and then investing in their futures.
Why do so many female school leaders view money with such suspicion, as though (as the old adage goes) it is the root of all evil, or at least something we shouldn’t desire if we want to be virtuous.
Sure, the reality that the billionaire class is taking over the functioning of the US government – and with such apparent callousness - doesn’t help with the whole evil thing. Still, it’s not money itself that is bedeviling. It’s what it has come to stand for, which in this case is power. Power over.
Yet money can stand for other things too. I could get very philosophical here, but I want this post to be practical. For school leaders who are in receipt of a job offer, the money in question here – salary along with taxes and benefits that impact your take-home pay – stands for a few things: 1) the value the hiring body places on your expertise and potential contributions to the school, 2) the value you place on your own ability to lead the school, 3) what it will take for you to thrive personally so you can perform at your best professionally, 4) what the school can afford to invest in you. Ideally, you’ll want those things to align.
I often hear from school leaders that they don’t see the point of negotiating their salary offers because they didn’t go into the field of education to make money. Of course not. If money was a motivating factor they might have gone into tech or finance or … politics. Still, getting paid fairly for the job you do isn’t a betrayal of your motivations for entering this field. Denying the importance of money isn’t virtuous. It’s naïve and it’s limiting. And ironically, not placing appropriate emphasis on your earnings may signal that you don’t believe in yourself and/or that you don’t have leadership chops that the school is seeking.
Earning a fair salary is one thing. It’s another to steward that salary wisely. I find myself alarmed at the lack of personal financial savvy among otherwise very savvy female leaders. Too many haven’t even begun to invest for retirement. Even those with investment accounts haven’t necessarily engaged in any long-term financial planning. The excuses I hear range from “Money isn’t a motivator for me” to “I’ll get around to it one of these days” to “I just don’t get the whole financial thing. My brain doesn’t work that way.”
To which I say: Wake up! Denying or ignoring the importance of money and financial literacy won’t make it less important. It will only limit your options and allow others to have undue control of your choices.
The news headlines these days should be a strong motivator for waking up. Even the most talented among us don’t enjoy job security. The price of eggs is beyond our control. Social safety nets are in jeopardy. Billionaires and their government cronies are acting with impunity to privatize or decimate services we’ve taken for granted.
And if those things don’t wake you up, consider this: in addition to sexism, ageism is alive and well in the international school leadership world. Once you hit 50 your chances of landing a leadership role narrow. Wildly unfair, especially for those who have spent years honing their leadership craft.
Please don’t let some misguided idea that money is evil and that denying its importance is virtuous back you into a corner you’ve created for yourself. You owe it to yourself and those within your orbit to get savvy about this topic. Even if you’re well past 50, it’s not too late.
Good news! Sidecar-U offers courses (virtual; a-synchronous; go-at-your-own-pace) that can get you on your way to a better relationship with money, aimed at women leaders in international schools (though suitable for a broader audience).
The Adventurous Woman’s Guide to Negotiating a Job Offer – taught by yours truly, and aimed at the nervous-but-curious negotiator in you.
*I’m offering a special prize for those who register for this course by May 1: I’ll spend 20 mins with you personally to address any issues that arise for you in the course. That can be via a Zoom chat or an a-synchronous exchange of voice messages.
The Adventurous Woman’s Road to Financial Freedom – taught by financial literacy coach Diana Rosberg. (I’m including the link here to the starter course; for additional investment you can take the full course, which will take you even closer to financial freedom.)
And in a timely twist, Diana is presenting a webinar via ISS on March 25 entitled “Empowering Female Leaders: Financial Success.” You’ll not want to miss this. It’s free (so no excuse for those of you who are hesitant to spend money, even for something hugely valuable). You can register via this link.
Getting wise about money will give you a sense of agency over your life that even rice-zillionaires like Elon Musk can’t take away. As with Musk, money will give you power. In this instance, rather than power over, power to [fill in the blank, e.g]: save for a down payment, your children’s eventual university tuition, a rainy day, an emergency stash; invest for eventual financial freedom; establish an ‘F* You Fund’ that allows you to move on from a toxic job or relationship; go on that exotic adventure you’ve always dreamed of. You get the gist. You don’t need too many grains of rice to feel liberated. The value of financial freedom? Priceless!
Yours in valuing the virtue of financial savvy,
Bridget
