4 Entrepreneurs Talk About How To Make, Spend And Save Your Money
The lack of candid conversation around women's finances has taken an unfair toll for too long.
On a gorgeous Wednesday night earlier this month, Girlboss and Mint joined forces in New York City with the aim of striking up a conversation about a subject that is discussed endlessly, but not always honestly: money.
Especially for women, society has long deemed cash a subject that’s “impolite,” and as such, it’s kept us from having important conversations about negotiating, saving, spending, investing—all topics that are vital to women being in control of their financial futures.
And so Girlboss and Mint set out to have An Impolite Conversation. Hosted by Girlboss founder and CEO Sophia Amoruso, women from all over New York City signed up for this free event featuring sage, honest and even brutal money advice from four successful entrepreneurs: Lisa Price, founder of cult-favorite beauty product company Carol’s Daughter; Mackenzie Barth, co-founder of media company Spoon University; Nina Faulhaber, co-founder of sustainable clothing company ADAY; and Wing Yau, founder of jewelry company WWAKE. The panel was moderated by author, journalist and finance expert Farnoosh Torabi.
In front of a crowded room of ambitious women looking to set themselves on a viable, candid financial path, the conversation was full of incredible insight, honesty and actionable takeaways. Here are some of our favorite moments from the night:
The event was hosted at the gorgeous Launch Collective in Nolita, setting the tone for an intimate, yet relaxed conversation amongst a crowd of ambitious women.
Turns out money talk pairs really well with charcuterie and rosé, handpicked for attendees by the wine pros at The Sauce.
Before getting down to it, attendees crafted gorgeous floral hair combs with the expert guidance and vision of the Popup Florist.
And then they popped over to the hair whizzes from Dry Bar, who incorporated their flower headpieces into sweet braids.
After everyone was sufficiently rosé’d and braided, they took their seats to get ready for the host, Sophia Amoruso (left), to introduce the moderator, Farnoosh Torabi, the incredible panelists. From left to right: Sophia Amoruso, CEO and founder of Girlboss; Mackenzie Barth, CEO and co-founder of Spoon University; Wing Yau, founder of jewelry company WWAKE; Lisa Price, founder of Carol’s Daughter; finance expert Farnoosh Torabi; and Nina Faulhaber, co-founder of clothing brand ADAY.
Lisa Price brought the real talk on how to deal with friends and family asking to borrow money: “If someone asks you to borrow money, no matter how close they are to you, no matter how important they are to you, if you can’t afford to give them that money, do not loan it to them. I still have that same philosophy today, even though I have more.”
Wing Yau discussed the importance of having a backup plan: “I always have a contingency plan. I always have a backup, because I have a bad habit of being lazy about doing my projections regularly. Those projections allow me to easily see my cash flow and be able to predict what to spend and when things are going to be tight for a bit. So I always have a contingency plan, and I’m always going through my books and touching everything myself so that I’m aware of it.“
Mackenzie Barth spoke to the struggles of starting a business with a friend: “It’s so hard to [have someone who is just a friend] and then go on to work with them without testing the waters first. That was really tough. My advice would be to walk before you run. Some relationships, it just can’t work.”
Nina Faulhaber discussed the importance of being able to view money objectively and separating your emotions from your finance: “I’ve done a ton of work completely unpacking my feelings about money. And I’m probably 90% there, I would say, because [letting emotion enter the picture] happens in the business all the time. And I can now kind of go through it. I think of money as a utility. My feelings are not really bitter anymore, and it fits a lot better in my life philosophy. I don’t think money is actually that important. I think it’s really important to find happiness independent of money.”
Attendees were gifted these darling gold wallets, courtesy of Mint, that featured some words of wisdom from Sophia: “When your time spent making money is significantly greater than your time spent spending money, you will be amazed at how much you can save without even really thinking about it.”
The attentive audience lets all this impolite conversation really sink in.
And lastly, moderator Farnoosh Torabi did what she does best: speak honestly about taking an honest look at your financial situation: “Have a runway. Do the math and figure out how much money you need in your bank account so that you can give myself the freedom to make choices, make mistakes and still get yourself back up and continue, because you’re going to make mistakes. There are going to be stupid money mistakes you’ll make along the way, and you’ll need to have a cushion for that so you’re not continuing your debt.”
The evening was made possible by our partners at Mint, and with generous help from Flow Water, The Sauce, Dry Bar and Launch Collective. Stay tuned for future events and more in-depth advice from our panelists.
Words: Deena Drewis
Photos: Jacqueline Harriet