Money Talks: Exploring Women’s Relationship with Money – Featuring: Mary Lou Giustini

At DyMynd we focus on a woman’s relationship with money to break down the barrier for financial empowerment. Money has culturally been a taboo subject and we have found that women are told not to talk about it in public. This leads women to feel uncomfortable about their finances and uneasy to share their stories and experiences.
 
This year it is important that we breakdown these barriers so that we can all rise and stand together. DyMynd wants to bust the myth that “money isn’t for women” and help women forge new relationships with their money messages and experiences. 
 
In honor of Women’s Month, we have asked leading women to answer a few questions about their experiences with money. Today we are featuring Mary Lou Giustini, Founding Partner of Invessence, Member of the Board of Directors at the Chicago Stock Exchange as well as a Member of the U.S. Fund for UNICEF Board of Director, to share insights into her relationship with money. We invite you to read her responses and hope you get inspired and empowered to strengthen your own financial relationships.
What were your first experiences with money?

I grew up in immigrant family and am first generation.  My parents had 5 children. My mom stayed at home while my dad worked as a laborer and went to school at night.  My elderly grandparents lived with us as well.  My parents worked hard and I understood how far they could stretch a dollar. They had a strong discipline to save money; we had needs but we were happy.  I walked to the bank every week with my mom to cash my dad’s paycheck. She would always leave something at the bank, write it in her pass savings book and take the rest home.

What were the key messages around money that your family instilled in you?

Growing up as described, everything was homemade (this is why I know and love cooking).  We always had a garden (ate mostly fruit and vegetables…so trendy now).  Any work like painting or repairs were sourced together with other family and friends helping each other.  I was the only daughter, my mom made my clothes…I had a say in fabric and style!  Nothing went to waste.  The only time we ate out was when we attended a wedding.  Our vacations were to drive to visit other relatives in nearby states.

My parents set priorities on what to spend money on; they avoided any type of credit except for a mortgage, which they paid fairly quickly.   They purchased only what they truly needed. My mom was the decision maker thankfully which meant we did get one birthday present and Christmas gift a year.

They never fought about money and never really talked about it to us.  However we all knew about it as they led by example, such as the weekly trip to the bank.

What is your current relationship with money like?

My current relationship with money pretty much followed the lessons growing up.  I did my best to save but rather than leave it sitting in cash, I learned to invest it and understood taking risk for possible greater returns.  My firm offered a 401k and I always took advantage of the full match offered.  As I received bonuses they were invested and I stayed disciplined to living in my net paycheck.  We loved owning our homes but never would get too attached; we were able to build equity to reinvest through a couple of moves.

We did periodically splurge; beach vacations, occasional new car (BMW’s never financed) and I truly loved my retail shopping therapy, but I always searched for the sales.  My husband and I worked and raised 2 children; they received catholic school educations and private university without debt or student loans.

My early savings and investment strategy, through both bull and bear market cycles over 40 years, truly helped to ensure our comfortable retirement today.