Money Talks: Exploring Women’s Relationship with Money – Featuring: Maria Doughty

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. Due to an overwhelming response, we have extended the series to give all women an opportunity to share their money stories. Today we are featuring Maria Doughty, Corporate Counsel at Allstate, 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?

My first experience with money was when I was 11 years old and started to babysit.  I did not receive an allowance.  My parents provided for all my necessities, but as I grew older, what I considered a necessity did not match that of my parents.  It was then that I realized that I needed to take charge of the situation.  As soon as I was old enough to get a steady part-time job at the mall, I did.  I worked as many hours as I could (while maintaining good grades), continued to babysit (realizing that the income was not taxed), and saved every penny (well, not every penny).  I quickly realized that money provided me freedom and choices.

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

My parents, particularly my mother, were tremendous role models as it related to money.  As Italian immigrants, who spoke no English, they came to America for opportunity and a better life.  They instilled in me a strong work ethic.  The key messages around money were save more than you spend, make conservative investments (real estate vs. stock exchange), pay in cash, don’t use credit cards, use coupons or buy on sale, and focus on quality over quantity.

What is your current relationship with money like?

I have maintained many of the values that my family instilled in me.  At this point in my life, I recognize that financial and physical health are critical to a comfortable and happy retirement.  As such, I know that I cannot be complacent and need to continuously improve my knowledge of managing money.  There are certainly times that I am not as respectful as I should be with money.  But, I tend to bounce back much faster than in my early adult life.  Additionally, it is empowering to know that I can use money to help make a difference in my family and others in need.