183: How The Ambition Penalty Contributes to the Gender Wealth Gap with Stefanie O’Connell

“Women in the U.S. earn $0.82 and own just $0.32 for every $1 earned and owned by a man, and the disparities are even wider for women of color.” - Stefanie O’Connell

Welcome to episode 183 of Profit Boss® Radio! In this episode, we’re talking about the link between gender equity and financial power. As women, our achievements are very different from our grandmothers’—or even our mothers’. However, we’re far more likely to celebrate the women in our lives for getting engaged or having babies than when they do something incredible in their professional life. 

Where did this disconnect come from, and why is it so pervasive in our society? To help me answer this question, I’m speaking with Stefanie O’Connell. Stefanie’s a friend, writer, and financial expert on four big topics: women, money, power, and ambition. She hosts Real Simple Magazine’s Money Confidential Podcast and is the founder of Statement Cards, where she produces greeting cards celebrating milestones that aren’t just marriage and motherhood.

In today’s conversation, we talk about why women are hesitant to negotiate (HINT: it’s not for a lack of confidence), what Stefanie calls the “ambition penalty”, and what needs to be done to close the gender wealth gap.

Here’s what you’ll find out in this week’s episode of Profit Boss® Radio:

• Why we’re all socialized to ask the same questions and celebrate the same milestones—and how this often leaves women uncredited for the books we write, the businesses we launch, and our other achievements.
• Why there’s nothing wrong with celebrating marriages and children—but celebrating only marriages and children limits and reduces us as people.
• What the ambition penalty is and how it reaffirms traditional patriarchal workplace structures—even for business owners and entrepreneurs.
• Why ambition isn’t always perceived as an asset, especially with women.
• How the fear of rejection is not the goal, but is a natural part of the process of being ambitious.
• How a community can offer us constructive criticism, honest feedback, and help us conquer our fear of rejection.

Show Notes

To get access to the full show notes, including all the resources mentioned, visit https://hilaryhendershott.com/stefanie-o’connell-gender-wealth-gap

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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.