Women Building Wealth with Kelly Gushue and Catherine Gray Ep. 496

Speaker A: Welcome to our world renowned podcast, Invest in Her. I'm your host, Kathryn gray. I'm a TEDx and keynote speaker and author. Also I'm executive producer of the movie show her the Money. Plus founder of SHE Angel Investors and co founder of the she Angels Foundation. Our weekly show features interviews with powerhouse women founders, funders and change makers that are sure to inspire you. Uh, let's go foreign. Welcome to this week's edition of um Invest In Her. I'm your host, Katherine Gray, founder of she Angel Investors and co founder of the she Angels foundation as well as executive producer of um show her the Money. As most of you know, hope you've seen that movie. If not, we are now on Amazon and Apple tv so be sure to check it out. We've been on that hundred city tour around the world and uh, won a lot of awards and gotten a lot of great feedback and hopefully we're encouraging more women and men to invest in women. And that's what my guest is all about today, investing in women. So today I have on Kelly Gashu. She is a Wall street wealth coach for women and uh, I can't wait to share her story with you. Let's welcome to the show Kelly Gashu. Hi Kelly, how are you?

Speaker B: Katherine, great to see you again.

Speaker A: Good, good, great to see you too. I know we were just at this wonderful LA event, uh, put on by Chalene who actually I'm seeing for lunch today. And um, yeah, we actually though met in New York and like me, you're always traveling but uh, you, you hail from, is it Boston?

Speaker B: Yes, yeah, I'm from Boston and I spend time between Boston and uh, la. My sister lives in la and we um, we met original uh, documentary, um, nearly two years ago in August. And that is um, you know, a catalyst for me to invest in women founders and so we can talk a bit more about that.

Speaker A: Oh my gosh, I love that feedback Kelly, because uh, that's exactly the whole mission of our film and that tour. And I have met the most incredible women like yourself at these screenings and I think it's so great for us to have something like a movie that you know, is something that is an engaging storytelling way of us learning about investing. And I love your journey and uh, I want to talk about it today because I just loved reading your bio about where you came from and how it affected what you do today. So let's talk about that. Let's talk about your childhood. Our childhood definitely in most cases tremendously impacts the way we think about investing and Money, doesn't it?

Speaker B: Absolutely. And for me, money is very personal. When I was two years old, I'm, um, the youngest of four children. My mom needed to leave my dad and was frozen out of the bank account and, singular, only one bank account. And she needed to make the tough decision of whether to start all over again on her own with four children. And so she did that and, and juggled three different jobs to get us back on our feet. And so that experience instilled in me the importance of financial independence. And so I knew that I wanted to learn about how money works. Um, and then, um, subsequently, um, another money story. And for those out there, just as Katherine and I are talking about what, um, is your first vivid money store, uh, memory with money. And so for me, I'll never forget, in fourth grade, we had a half day at school, and there was a pizza special for $2. And so I went into the kitchen the night before, and I asked my mom, mom, do you have $2 for the pizza special? And she shook her head and said, unfortunately, I don't have $2. And I didn't really believe her. Um, what do you mean? I was in fourth grade. And so, um, she actually showed me, even with more embarrassment, her empty wallet because it wasn't yet Friday when she would get paid. And that's another, um, that money memory, um, made me realize that money, um, is really. It's about choices. And at that time, I didn't feel like we really had as many choices. And the real positive catalyst from that was, I'm going to get my own job. And so at school they had a paper route. And there are many entrepreneurs out there where their first job was a paper route. And so in fifth grade, um, I had a paper route to start making my own money. But I was earning money, and in a way, like working hard for my money. And it wasn't until, um, really, um, after college that I learned about the power of investing and how to make my money work for me. And so I can share some stories about, you know, about that, that it was. I took a job learning how to invest, but it wasn't until I really gave myself permission to invest. Um, and for those out there where maybe you're a little bit hesitant to invest it, and that might be in financial markets that might be thinking about your first in, you know, investment in maybe a company, even in, uh, a venture capital fund, supporting women that we can talk more about. Katherine, the importance of giving yourself permission for. Especially for women to invest. And I love the Idea of building wealth that step by step building wealth.

Speaker A: You know, one of the things I enjoyed most about your story, your bio that I read. Um, and you did share in it, that story you just shared with me. Um, but your determination, like you did a roadmap to Harvard, um, you, where you were, you know, doing Asian studies. And then at 25 you moved to Shanghai with no job, no, no understanding of Mandarin. Um, which I think was really bold. Like you have, you have been bold from day, from uh, you know, day one. I ah, think it's in your DNA, Kelly. Um, but you know, that led to you uh, getting a job at one of China's largest investment firms. I think this story is so incredible. And then you help them launch their international division. Like I'm sure all this didn't happen overnight. But the story is so incredible and uh, what resilience, what focus you had. But I can see how that childhood experience made you think that's not going to be me. Right?

Speaker B: Yes. And then can talk a bit about. I think that my experience of um. When I was growing up I was um, fascinated by economic, by economic development, reading about it. And um, I took a class on China my junior year in college and that's where the light bulb went on. So there. When I was growing up, Japan was um, the, was the story about economic development. I took a class on China and I was fascinated and so I knew that I wanted to spend some time in China. And I do feel like I'm a, I'm a dreamer. And so for those out there, it starts with the dream and then it's about finding a way to make it

Speaker A: happen and usually taking action. Like I believe it's, you know, a dream can't happen without action.

Speaker B: Right Katherine? Absolutely. I call it co creation. Co creation of there's the dream and the action and. Absolutely. Um, but it starts with, it really starts with the idea. So I wanted to spend some time in China. So from the U.S. i was, I interviewed a couple of companies and they said the obvious, you don't really speak Chinese, so why would we bring you to China? So I did move there on my own with my determination and I did feel like I would be able to network and I know I had some experience from the US I started my career, JP Morgan as a research analyst and I was going to go literally knock on, you know, in a way knock on doors. Um, and so the Chinese firms were um, starting international divisions and so I was brought in as a research analyst to help train um, the division of an investment firm. And so I then ended up spending three years in China. And it's just early on in my career. And so, um, it tends in a way to be a side story. And I'm glad, Catherine, that we were able to talk about it, um, because I do feel like it's part of my entrepreneurial journey. So years later, when I had an idea of I don't see, um, with the wealth transfer in 2030, I read about that in 2016. And as I was looking around for resources, I worked at several different big firms. Um, I didn't see that there were really resources dedicated to women. And that's where I thought, well, I don't see we need more financial education for women, whatever format that may look like. And I don't see that that really exists at firms. So I need to start that. And was really the catalyst to start Personal Finance Warrior was to provide more financial training about, uh, about investing. And today, um, I talk about, uh, investing in traditional markets. Um, it could be digital assets and then in alternative investments. And, um, my career path has involved experiences at different firms, um, writing research reports, um, at a pro at a venture capital firm. So I did a short stint when I was in Shanghai. I worked at the investment. The Chinese, um, investment firm. I then was recruited to work at a venture capital firm, uh, to write private. Private, um, placement memorandums on some private.

Speaker A: What a great opportunity that was with so women knowing, especially then when you were doing it, so little women knowing about venture capital. Like it's only been in the last 10 or 15 years that women have really been introduced to it. So you were really a pioneer in that space just out of kind of luck, uh, since you took that leap to. To go to China and work and help build this international division and then on to that opportunity, which sounds like it found you, right? Um, and one of the things you talk about in your bio that I really think is so important is that there was a time when you had, you know, you say, you know, we. If we had an extra thousand dollars, we could spend it or we can invest it. You invested $1,000 that gave you a $50,000 return to then buy a condo to start your real estate investing. I love that story. I had to share it because it's such a great story, but it's so true that too often, uh, we're going out and buying shoes instead of investing in another woman or some sort of. That could bring us more wealth to be able to buy all the shoes you want. But hopefully you'll do something better with it than that.

Speaker B: And so I can talk a bit more about that. So when I graduated from business school, I had $120,000 in debt. And I was a bit naive. I did not expect to have so much in, um, in, in student loan debt. And that's when I realized that I have to dig myself out of this hole. And I started and I was investing for clients. And that's when I had to. I literally was there on a Sunday doing some research for, um, for some investments for a client. And I was thinking to myself, how do I dig myself out of my own hole? And I realized I need to spend Sundays investing for myself, for my own ideas. And so that's when I started to spend Sundays looking at ideas. And at that time there was a company that was on the verge of bankruptcy, Americ and airlines. And that's when I took a small amount, $1,000 at that time. And for me it wasn't. That was actually my monthly amount for my student loan payment. So it actually was a bit of a sum of money. But I typically was investing in more traditional investments. But I did think that, um, there was an opportunity here and we can think about today. There are some, not only just AI opportunities, tech opportunities in financial markets, publicly traded companies that are. And some of the names we feel really comfortable with, like a Google, a Microsoft, and then some of the newer AI companies that are publicly traded where a small amount over a period of time. So it was on the verge of bankruptcy, I put in $1,000 and it could have gone to zero. So in a bankruptcy is a high risk situation. So that's why, um, the government ended up bailing them out. And two years later I just held it and I didn't really follow it too closely and it turned into $50,000.

Speaker A: That is such a great story and I think hits home. The point I always try to make to people is that, um, that's why it's so important to have alternative investments, right? It's, it's not just the typical things that your, you know, manager might be putting you into stocks and bonds and so forth. That's what I love about venture capital and angel investing. The upside. Incredible that at least a part of your portfolio should be in that. Um, that's how people build so much wealth. It's, uh, you know, you don't want to just be earning 4% interest on your money market account. And today it's not even that. But you've got to take a little risk and, uh, you know, women have to be willing to take a little more risk, to have a lot more return and also to make an impact on what it is we're investing in. You know, um, I'm a big proponent of are we investing in something that's going to make a difference in the world, Like a woman who has some sort of innovation that is like a game changer, let's say in women's health. You know, that way you're making an impact and you're making a profit. This is what I think you and I both love about also opportunities in women founded funds, uh, in venture capital that are investing in women. Women, uh, you, you and I know tend to make a, ah, better investment. Uh, they have a better return, a faster turnaround, often a higher return. So um, this is something that you know, I'm passionate about and I know you are too and I know you're trying to get women to think out of the box. Especially as we both agree here's this big transfer of wealth. It's an opportunity for women, if they educate themselves and if they work with wealth advisors, coaches like yourself, that we can actually utilize those funds that they'll be either inheriting or making on their own, uh, for the greater good and to build more wealth so that their children and their generations to come are also in a good position.

Speaker B: Yes, and I'll jump in on several of those points. Um, so first is I'm a believer in uh, a financial, what I like to describe with clients, a financial, financial foundation, especially with traditional investments. And then to add on some of these higher risk investments where there can be a higher rate of return, alternative investments, a venture capital, um, fund ideally, um, as Katherine and I are passionate about women founders, um, it also can be private companies and typically those are higher um, risk investments and higher risk. The idea is that there also can be a higher rate of return. Um, and then in talking about, about the opportunities with women founders. So I have a, I'm a big believer in, as I mentioned, why I started my company Personal Finance warriors to provide more financial education for women. Um, and so I'll talk about that on my uh, on my Instagram there's a link tree and there are a couple of articles that I've written. One on the wealth transfer, I call it the women's wealth shift. And so there's more background about uh, how, why that's happening, what these powerful numbers look like. And basically women will control majority of investable assets. So this unprecedented financial power and why Catherine and I get so excited is because we want women to direct this capital to areas that they really care about. And often women founders are creating business models in the areas that we need more attention that are underserved for women and women's healthcare. Less than 5% of healthcare research goes to women. It's really shocking and bewildering. And once I heard that, when I then thought about how do I want to invest? And maybe we can just take a step back. So when I saw the show her the Money documentary, I was, um, fortunate to be at a phase where I was looking at more. I was looking at alternative investments. I wanted to make an investment in a venture capital fund. Um, I was interested in even maybe private companies, and that's also known as angel investing. And when I saw the documentary, I felt like it filled in a key gap for me of how do I go about doing this? And as an insider, having worked at a venture capital firm, I actually helped to launch the alternatives group at Fidelity. It was still, how, as an individual do I invest? And I felt like the documentary showed that had. First of all, it can be small increments my previous experience from coming from the industry and I think just working with larger investors. I thought the minimum was a hundred thousand dollars, which was way beyond. Like, that was going to take me a really long time. And I think for some women, that's exactly. It's like, this isn't relevant to me. And the documentary showed that it actually can be much smaller increments. And so when I heard $10,000, I said, okay, I. That sounds like something I can get my hands around. And so my process was. And Catherine, I don't think we've had a chance to actually walk through is so Nassim Sayani is one of the venture capitalists it featured in the documentary. And so I then reached out to her, um, and was curious, learning more about the industry. And she sat down and we did a zoom. We did a. We, um, did a. And what are the next steps? She gave an overview, uh, of. Of her firm and how to get started. And then, then. And then I said, and so I felt comfortable having a personal contact. And then as the research analyst that I am, I did want to learn a little bit more. So when I asked her what conferences does she go to? She mentioned the women's, um, Venture Summit hosted by the Stella Foundation. And so that was just like the next month because it went to the event in August, and then that conference was in September. And so I invested in going to a conference. So That I could learn more. And what was amazing is listening, um, to speakers, learning more about some different funds. I met Julie Castro Adams How Women Invest. Um, and so I then felt much more comfortable taking the next step of evaluating, okay, what fund do I then want to invest in? $10,000? Do I invest in my IRA? Do I invest in my main fund? And so I was able to answer these questions. And so when I made my investment and I decided on two different strategies, I wanted to invest in a tech fund. And so how women invest is, is it more of a general tech fund? Um, their fund three, they're raising a hundred million dollars. Yes. And then I, I, then I wanted women's health care and portfolio has a dedicated women's health that was, I just wanted to share my process for others. Of those were the steps, right after viewing the documentary of the uh, of, of how I did in a way my homework so that I felt more comfortable putting money to work.

Speaker A: Love that, Love that. And I'm so glad the film was a catalyst to your getting started. That makes me over the moon because that's why we made the film was to educate women, um, in an engaging storytelling way about venture capital. How simple it is to understand what low barrier it is to enter and what an impact it can make while also helping to build someone's wealth. And so, uh, we now have a college program out because I think it's so important that women at that age learn about venture capital as a career path or as a investment and funding path. And so this will be a generational game changer between the big transfer of wealth, the education that we have out there with our movie and other programs, and college women learning about it, and groups like Girls, uh, into vc, which is also a program that's teaching, uh, college girls about venture capital. With all of these things taking place, this, uh, generation's going to have a leg up on making venture capital more women friendly, more women focused. So that in that uh, arena we won't be getting just 2% of venture capital with men getting 98%. It will change to be a much greater percentage going to women. Because you and I know it's the people deciding where the money goes that makes the outcome of, you know, where this money is going to go. So in other words, people tend to invest in people they identify with. As I've said in my TED talk, uh, fund women save the world. And it's so true. We have to have women at the decision making table deciding who gets the money. And, and that could Be us the listeners. You can jump in and learn about it through our movie, through our website showherthemoneymovie.com through she angel investors and of course through personal advisors like uh, Kelly and her personal finance warrior. Uh, so we are thrilled to have this invest in her platform to talk about what are the resources to help you get started. So, so great to have you on the show Kelly. How did they reach you if they would like to work with you?

Speaker B: Sure. And um, I just wanted to add on um, Catherine that I was one of a handful of women in my college's um, investment group. And so just like you said, that general generational change. So that was an investment group and so now they're a venture capital group so that we do train that next generation. And especially um, I speak on stages about what I call the women's wealth shift because it impacts all of us. Yes there'll be some women who transfer wealth but it really is this unprecedented financial power that women have that Catherine I are both, both advocates for of women have this opportunity to direct capital and venture capital firms that tend to invest in a number of um, women founders. That's a nice diversification and also gives them the capital to grow these companies that ideally are supporting underserved areas. And so it's just a really exciting time and can see that Katherine's um initiative on several different fronts personal finance we're providing that financial education. How I typically work with clients is they may have a pool of capital. It could be from a wealth event, it could be ah, an entrepreneur who has an exit. And so they have a pool of money and I help to educate them about the different opportunities from traditional investment. Two alternative investments ideally really helping them to understand the opportunity with women founders what are the causes that they care about and usually there's alignment. Um, but taking a step back, if they just um approach someone in the industry, they just may be selling them what's available on their platform rather than what may be available in the industry as part of the this financial education. And so this is why um where women are at this very exciting opportunity. But the learning part of it is really valuable and so I'm so glad to be part of this podcast. There are so many amazing speakers Katherine on your podcast as part of this education process. And so I have some additional resources. My website is, is personal finance warrior.com on my Instagram on my link tree I have some articles that I've written. I also have the five steps to start getting you know um, to start investing. So for those who want to, you know, what really are the initial five steps? You can get started there. Um, and then on LinkedIn, I tend to write articles and have some videos on YouTube on personal finance. Finance Warrior.

Speaker A: I love that. Well, my listeners, this is some great resources for you. Be sure to look up Kelly Gashu on LinkedIn. She spells that for those just listening. G U S H U E. And of course, you can find me Catherine with a C, Gray with an A on LinkedIn as well. We love LinkedIn. Great way to connect with people. Great way to get messages. I think it's actually even better than email. I don't know about you, but I think we all get inundated with emails, so LinkedIn Messages is always great. So we want to thank everybody for tuning in. Uh, Kelly, uh, thank you so much for being a great guest, everybody. Be sure to see show her the Money movie. Uh, you can check out our website or check it out on Amazon or Apple. Make it a great day, everybody. Thanks again, Kelly.