On this Sound Money segment, MPR’s Bob Potter interviews Ruth Hayden, author of “How to Turn Your Money Life Around.” Ruth discusses the obstacles and mindsets that face women regarding money.
Hayden is a nationally recognized financial consultant, educator, and author. She lives in St. Paul.
Awarded:
1993 The National AWRT Commendation Award, honorable mention in Radio category
RUTH HAYDEN: 80% of the women who are 65 and older have no pension plan. The average Social Security for women over 65 is $365 a month. Less than 2% of women in this country earn more than $25,000 a year.
SPEAKER 2: Why are these things true?
RUTH HAYDEN: Because women have learned by their training and their beliefs that they can avoid working with money, that this is not their job, it's not their task to do. It's part of the training of women in the society that this area can be avoided, and women still will be secure.
SPEAKER 2: But that's obviously not the case, is it?
RUTH HAYDEN: One of the things I work with in my business and in the book is that what the head knows, the facts, the rational part of us doesn't always match what we believe, what we want to be true. And many, many women, even though they know that they ought to be saving money, they ought to be putting money away into retirement, they wake up at 2 o'clock in the morning with a panic attack because they're scared because they have no money. There's still a very strong part of them, the belief system that says, I shouldn't have to do this. Someone else will. This is not my job. And I'm not capable.
SPEAKER 2: How do you encourage women to get beyond that mental block?
RUTH HAYDEN: What I do in the book, and what I do in my business, is rather than starting with what they should be doing, I start with their thinking about money, their attitudes about money, their beliefs. If the thinking process can change, if the beliefs can change, if the attitudes can change, the behavior will change. Otherwise, it will not.
SPEAKER 2: And what should women be thinking about money?
RUTH HAYDEN: I believe that there are three core beliefs that women have that need to be changed. One is, I shouldn't have to do this. Someone else will. The second one is I don't want to do this. If I do, I will change, and I will become like them.
SPEAKER 2: Them being men.
RUTH HAYDEN: Well, most women have had experiences where money and/or power have hurt them. And they've seen it manipulated and misused. And they don't want to be like them. I get that phrase many, many times from women.
SPEAKER 2: And the third belief?
RUTH HAYDEN: The third one is I can't. I can't. I'm not left brained enough. I have math anxiety. I'm not good with numbers. I can't. And these three beliefs, if women change them-- and the second half of the book works with changing them. If women change them to, I have to. it's not working. the statistics say it's not working. I'm still me. So even though I don't want to, I will. I will stay who I am with my value system. And I can do this.
SPEAKER 2: You, obviously, Ruth, have gotten to the point where you can deal with money. How did you get to that point?
RUTH HAYDEN: I think that there's a decision. I think I made a decision somewhere in my 20s and early 30s that it wasn't working. And I have never done powerlessness well. And I think that somewhere in that period of time, I decided that there had to be a different way to think about many things in life, money and how to get what I want and need being one of them.
In 2008, Minnesota's voters passed the Clean Water, Land and Legacy Amendment to the Minnesota Constitution: to protect drinking water sources; to protect, enhance, and restore wetlands, prairies, forests, and fish, game, and wildlife habitat; to preserve arts and cultural heritage; to support parks and trails; and to protect, enhance, and restore lakes, rivers, streams, and groundwater.
Efforts to digitize this initial assortment of thousands of historical audio material was made possible through the Minnesota Legacy Amendment’s Arts and Cultural Heritage Fund. A wide range of Minnesota subject matter is represented within this collection.
Views and opinions expressed in the content do not represent the opinions of APMG. APMG is not responsible for objectionable content and language represented on the site. Please use the "Contact Us" button if you'd like to report a piece of content. Thank you.
Transcriptions provided are machine generated, and while APMG makes the best effort for accuracy, mistakes will happen. Please excuse these errors and use the "Contact Us" button if you'd like to report an error. Thank you.