5 Money Lessons I've Learned From WSJ's "Secrets of Wealthy Women" Podcast

If you're a frequent MyDomaine reader, you've no doubt noticed I've made a conscious effort to take control of my finances this year. In the interest of empowering myself financially, I've tested out pretty much every money-management app on the market, filled my shelves with personal finance books, and even asked an expert all my most pressing questions about investing for beginners. In search of even more financial wisdom, I turned to podcasts to delve deeper into the subjects of budgeting, saving, and investing.

Enter Secrets of Wealthy Women, a binge-worthy podcast from The Wall Street Journal aimed at "helping women empower themselves financially." One of those rare podcasts that's as informative as it is entertaining, Secrets of Wealthy Women boasts interviews with the likes of wildly successful Dottie Herman, deemed "the richest self-made woman in real estate" by Forbes, and Carla Harris, the Morgan Stanley executive who also just so happened to be President Obama's appointee to chair the National Women's Business Council. In short, every episode features a money-savvy woman with a wealth of financial knowledge (and, well, wealth).

Spanning asking for a raise and negotiating transparently to investing a bit of every paycheck, here are just a few of the valuable money lessons I've learned since adding Secrets of Wealthy Women podcast to my queue.


Money Lesson #1: Have a Conversation About Compensation


The Wealthy Woman: Carla Harris, vice chairman, managing director, and senior client advisor at Morgan Stanley

The Money Lesson: "I learned, probably midway through my career, that it was important that you make the ask. There are ways that you can ask around pay. You can say things like, What would it take for me to get at the top end? Because it's my desire to be at the top of my field… I got the courage to go and have that conversation… and sometimes it's just as simple as having that conversation… that will hold you in good stead."

The Full Episode: "Carla Harris: The Secret to Taking on Wall Street"

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Money Lesson #2: Invest a Bit of Every Paycheck

Honey & Silk

The Wealthy Woman: Sallie Krawcheck, CEO and co-founder of Ellevest, a digital investment platform for women, and best-selling author of Own It: The Power of Women at Work

The Money Lesson: "We tend to think of investing as one-and-done. What if I put the money in and the market crashes? Okay, but what if you put a bit of every paycheck in? Then, if the market crashes, you buy high, then you buy low, you buy low, you buy low-and that can even it out for you."

The Full Episode: "Sallie Krawcheck: The Secret to Financial Feminism"

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Money Lesson #3: Be Direct, Transparent, and Authentic in Your Negotiations


The Wealthy Woman: Amy Nauiokas, president and co-founder of Anthemis Group, a digital investment and firm

The Money Lesson: "I'm a big fan of transparency and authenticity in the deal-making process.… I like to just say it straight… Being direct, and being transparent, and being authentic in your deal-making is hugely important. And asking for what you want as opposed to just assuming that people are going to read your mind."

The Full Episode: "Amy Nauiokas: The Secret to Picking Winning Investments"

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Money Lesson #4: Know the Market


The Wealthy Woman: Dottie Herman, CEO of Douglas Elliman, a residential real estate company

The Money Lesson: "Know the market, especially the market we're in now (we're in a tight market, so there's not a lot of inventory)… With the internet, you can go on, you can see what's sold, you can take pinpoints and point out areas and what price points they sold for. I tell people you should go to open houses and see a lot of them, and then ask your broker to tell you how long the houses or apartments have been on the market… The best advice I give buyers is to know the market."

The Full Episode: "Dottie Herman: The Secret to Real Estate Risk-Taking"

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Money Lesson #5: Do as Much as You Can of What You Love


The Wealthy Woman: Gloria Steinem, writer, activist, and feminist organizer

The Money Lesson: "You may not at any given moment-you probably won't-have saved enough money to the end of your life, most folks do not. But if you're doing what you love, you're likely to excel at it and you will be rewarded in a way that is not monetary-and I think you'll have the best chance of monetary success too."

The Full Episode: "Gloria Steinem: Finding Strength at Any Age"

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