Liz rides the subway is a series containing thoughts I have on the subway, mostly as an experiment to get me to write more. Today's ride home from choir practice:
Former Citigroup CFO Sallie Krawcheck launched Ellevest yesterday. Ellevest differs from other investment platforms because it focuses on women's investment needs:
Women, for example, need a platform that takes into account not only her earnings, but also her salary arc - which is different from men's. It needs to account for the fact that women live longer than men, on average, when planning for retirement. It needs to understand the salary differentials between a womans pay and her male counterpart's pay and how that impacts her strategies.
Matt Levine counters:
People overrate the importance of an adviser who understands an investor's unique needs, because what all investors need is as much money as possible without losing any. (The financial solution to the loss of income from taking time off to raise children is to have more money, but that is the financial solution to every problem.)
Levine's response tricks you by letting you take “without losing any [money]” completely for granted, but investments aren't risk free. Ultimately, the risk you're willing to take on is influenced by how much money you have to invest - which is largely influenced by your earnings and career arc - and how much you cannot afford to lose - which is closely tied to how many more years you need to be able to support yourself. Seems to me that Krawcheck has a point, whether or not Ellevest is the solution.
Liz rides the subway is a series containing thoughts I have on the subway, mostly as an experiment to get me to write more. On today's commutes to and from work:
A Fine Frenzy's "Rangers" is a much more poetic song than Taylor Swift's awkwardly similar "I Know Places". A hunted rabbit is a tighter analogy than a hunted fox. Also, I sure haven't looked for any new music lately...
Naomi Novik writes fanfic! Fanfic is my new favorite commute buddy.
It would be really rad if Matt Levine's daily Money Stuff email was sent out before I got on the subway each morning instead of after I got off it.
I feel lucky that it made more sense to drive than take the train every time I left the house last weekend, since I certainly would have been a lot grumpier about not getting a seat then than today. The bruises from falling down a flight of stairs last Friday does not a happy standing Liz commute make. Dreaming of a passive, low effort way to signal invisible pain that is easily understood and widely respected.
Cate Huston's recent article on saying "no" comes at a time when multiple women I care about have hit the same wall from putting in unsustainable amounts of emotional labor to improve tech for women. A choice quote from Huston's writing that can apply to anything:
Saying no is a powerful thing. Refusing obligations and choosing your own priorities is an act of self care and an expression of hope. Saying no is an act of strength. A peaceful resistance. I embrace it, and as with all things, the more I do it the easier it gets.