Many women, especially in the South, were raised to believe that openly discussing money matters is “impolite.” And many never learn the ins and outs of personal finance for this very reason. Enter Lauren Reed and Teresa Bailey — they’re here to break the ice. The pair not only spearhead successful businesses in Nashville (REED Public Relations and Waddell & Associates, respectively), but they’ve also teamed up to launch Wealth of a Woman, an initiative to help women develop healthier relationships with money. And their goal is to reach women across the country.
We’re excited to explore finance topics further with Lauren and Teresa in the coming month, but first, let’s introduce them. Get to know these inspiring FACES of the South!
How did you two begin collaborating?
Lauren: We met years ago when Teresa moved to Nashville, establishing a fast friendship and a mutually professional relationship. I took on Waddell & Associates’s public relations needs, and Teresa was brought on as financial counsel for my team and me at REED.
Since then, we’ve experienced many modern-day women’s life events, such as growing families, divorce, second marriages, career shifts, and 40th birthday celebrations in the South of France!
Our years of living life together have proved extremely beneficial as we take on this initiative, and we’re so grateful to be doing this together.
What inspired you to launch Wealth of a Woman (WoaW)?
Lauren: We’ve been having conversations for years about the relationship between women and finances and the importance of creating a safe space to talk about this “taboo” topic we all experience daily. I’m personally inspired to do this to heal my own anxiety around finances so that I do not pass it on to the next generation of women, particularly my daughter.
Teresa and I are both moms to daughters. While preparing our daughters to be the next generation of inspired female entrepreneurs and way-makers, we felt the gravity of generational financial traumas. We recognized the impact this has on too many women.
This was the catalyst for Wealth of a Woman, a space for women to grow, learn, and create a community around healthy relationships with finances.
Can you tell us about the mission of WoaW?
Lauren: As we celebrate the 50th anniversary of the Equal Credit Opportunity Act (ECOA), we are reminded of how far we’ve come and still have to go. To honor this significant milestone and foster healthier relationships between women and money, we have created Wealth of a Woman, a grassroots storytelling initiative designed to empower and inspire women worldwide. Our movement begins this fall, marking the anniversary of the ECOA.
To help spread the word, we’re launching the “Bring Back the Dinner Party — But Make It Taboo” campaign in collaboration with StyleBlueprint. We will provide free dinner party kits with conversation starters and hosting tips.
When I dream about what Wealth a Woman could be, the most important metric is the number of women sitting around a table and eliminating shame by having honest conversations about things they previously kept inside because money talk is “taboo.”
What are some common financial missteps you see women making?
Teresa: From my experience, women tend to hide where they spend their money for fear of judgment, which I call shame spending. They also often participate in what I like to call head-in-the-sand investing — not investing at all because of a lack of understanding. Some women never get the experience of reviewing investment accounts because they lack an overall understanding of the details or defer decisions entirely to a spouse or parent.
Hypervigilant hoarding is another habit I see among many female clients. As women, we might accumulate as much cash as possible for fear of not having enough. This stems from a history of relying on our spouses or sons for our financial assets.
Have you uncovered any interesting stats about women and finance?
Teresa: The staggering statistics we’ve researched motivated us to assemble a resource like Wealth of Woman.
- In 2022, only 2.4% of capital in the U.S. went to female founders; with the Great Wealth Transfer, women will have the opportunity to funnel money back into women-owned businesses and support female entrepreneurs.
- While women will own most of this investable wealth, only 28% of women feel confident in investing their money, mainly due to the gap in financial education and experiences we have faced.
While those were some staggering statistics, one of the most impactful was that women spend almost $132,000 more than men on basic grooming products — known as the “pink tax” — according to Boston Consulting Group, PEW Research, and Ellevest.
What is the most important step women can take for financial wellness?
Teresa: The most important step we can take for financial self-care is to change how we think about our money and create systems for financial hygiene that support us in feeling calm, empowered, and grateful.
This might be a moment of mindfulness focused on appreciation for resources just before reviewing your monthly expenses, or it can be a gratitude journal exercise while reviewing your expenses where you call out transactions that made you feel grateful that you had the resources to fund the cost.
What’s the best piece of advice you’ve ever received?
Lauren: This advice came from my mentor and dear friend Hannah Paramore Breen right after I started REED. She told me about a conversation with her dad, which relieved my guilt about the time I spent outside the office for marathon training.
“Once, when I was dealing with very heavy issues at work and home, I told my dad that I felt like I was the one holding it all together for everyone. He said, ‘Honey, you have to find something that will feed your soul, something that will give you time and space away from the demands of your life so that you can handle your responsibilities.’”
Teresa: The best advice I’ve ever received came from a question at lunch with one of Nashville’s extraordinary women in executive coaching. In response to a challenge I was having, she asked me, “What would your life look like if you showed up every day 100% authentically you?” The nugget of advice layered into the question was to stand in my power … Sometimes, we need to be reminded we already have everything we need within ourselves.
Name three things can’t you live without.
Lauren: Trail running/hiking at Percy Warner Park or Beaman Park (Nashville’s hidden jewel), skiing down a mountain without a care in the world, and deep conversations about our existence
Teresa: Hikes in Highlands, NC, almond croissants in Menton, France, and a sunrise while writing a story
LIGHTNING ROUND
Favorite finance book or podcast:
Lauren: I love You Are a Badass at Making Money by Jen Sincero
Teresa: I’m a pod gal! I love listening to Jean Chatzsky’s HerMoney and Farnoosh Torabi’s So Money
One thing you will always splurge on:
Lauren: I will always be down for creating memorable experiences with my family. I have an innate curiosity and a burning need to experience new cultures and see the world.
Teresa: I will always splurge on good food and special experiences. I would rather go to one concert and sit in the front row than a concert every weekend, and I will go without a glass of wine at every dinner so that I can have a very special glass on a special occasion.
One thing you would NEVER splurge on:
Lauren: I have never felt a need to buy luxury or brand-name items. I have found myself investing more in quality items that I know will last.
Teresa: One thing that has shifted for me is not wanting to splurge on the car I drive. My energy around the cost of tires and maintenance shifted in the last few years.
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Southern women are doing inspiring work. Meet more of them over at our FACES archives!
