The Female Dollar: Dr. Barbara Provost and Maggie Nielsen's Financial Revolution
Modern finance has been a labyrinth that often seems designed to keep women in the dark. But there's a bright, resourceful beacon in this complex world: Purse Strings. On an inspiring episode of The Amber Stitt Show, I had the pleasure of hosting Dr. Barbara Provost and her daughter Maggie Nielsen, co-founders of Purse Strings, an organization dedicated to financially empowering women.
Our conversation was as enlightening as it was empowering. Dr. Provost, with decades of experience in the financial industry, recognized a critical gap 20-25 years ago—financial services just weren't catering to women. After observing the same issue across multiple financial organizations, she launched Provost Consulting to address it head-on. But it was her personal experience with divorce and the financial turmoil that followed, combined with stories of other women in similar plights, that illuminated the dire need for focused financial education for women.
Enter Purse Strings. A resource-rich platform, it stands as a testament to what Dr. Provost and Nielsen believe in: building a world where women are equally knowledgeable and equipped to handle their finances. With Purse Strings, they provide free tools, a podcast called "Women & Money: The Shit We Don't Talk About," and a directory of vetted financial professionals who focus on serving women, spanning over 150 experts—a true community of allies for women navigating the fiscal waters.
Nielsen's role in the business came naturally. With her fresh MBA in hand, she joined focus groups for Purse Strings and quickly realized that financial education for women was needed at even younger ages. This intergenerational team's mother-daughter dynamics add a unique depth to their mission. On the show, they discuss how personality assessments like the Enneagram have helped them understand each other and strengthened their communication—a key in any successful family business.
Marketing, branding, and innovation in business was another hot topic. These business mavens emphasize telling one's authentic story through blogging, podcasting, and social media. They champion ideas like content repurposing and leveraging AI or virtual assistants to keep up with the fast-paced digital landscape. Delegation becomes their creed for workload management, especially in a world on the lookout for quick, relevant content.
The Purse Strings co-founders also credit their business success to the sage advice of coaches and the wisdom to hire experts for areas outside their expertise. They shine a spotlight on the power of community—as mentors, peers, and cheerleaders in their venture, highlighting the satisfaction of empowering others and the cascading effect of positive feedback and success stories.
Our episode took a more profound turn when Dr. Provost and Nielsen discussed covert messaging and the financial inequalities women face. They brought attention to systemic issues like the "pink tax" and the wage gap, challenges that underscore the need for their work. Dr. Provost reflects on working with The World Bank, taking her advocacy global, addressing financial inequality for women in developing countries.
Their goal? Changing the male-dominated narrative of the financial industry with a unifying message: this is about inclusion. It's not about being anti-male, but about bringing women to the table where they've been noticeably absent. They evoke the examples laid out in "Invisible Women," which reveals embedded gender bias and its material repercussions on women's lives.
The Amber Stitt Show episode with Dr. Barbara Provost and Maggie Nielsen was not just a podcast slot; it was a clarion call for all women to seize control of their financial narratives. As we wrapped up the talk, I couldn't help but feel a surge of gratitude for their groundbreaking work and for the actionable insight they gifted our listeners. The future is indeed female, and with Purse Strings, it's also financially brighter.
To all the women out there, remember: knowledge is your purse, and it's time to fill it to the brim. Visit http://www.pursestrings.co for more information and be sure to listen to "Women & Money: The Shit We Don't Talk About" for your weekly dose of financial empowerment.
Timestamped Overview:
00:00 Former financial consultant with expertise in education.
03:25 Women unprepared for financial future, seek support.
09:07 World Bank sought educator, overlooked female market.
11:25 Acknowledging gender bias and striving for progress.
14:09 Discovering my "Enneagram 6" personality helped communication.
16:22 Consulting experience led to needed financial industry change.
19:24 Find authentic, consistent content that feels good.
23:12 Delegating work allows for professional growth.
26:04 Inspiring work driven by passion and mission.
🔗 Connect with Purse Strings:
- Website: https://pursestrings.co/
- Social Media: @PurseStringsCo
- Podcast: "Women & Money: The Shit We Don't Talk About" -- https://pursestrings.co/podcast/