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Day 175: f*ing friday :: fiduciary

24 Jun

TGIF.
Today continues the weekly series, F*ing Fridays, which will coincidentally occur on Friday. I mentioned some of my favorite F words back on Day 5, including: Fearless, Fabulous, Fine, Fun, Faith, Freedom, Forgiveness, to name a Few.

Last week I dove into the word Feet.

Today’s F*ing Friday is dedicated to the word:
Fiduciary

As in, fiduciary responsibility.

It was about twelve years ago when I first heard him echo the phrase fiduciary responsibility.

He sat across a little table from me in a Cambridge coffee shop.  It was the height of the first internet boom and money was flying everywhere, and it was up to each of us to think big, reach out and grab some.

I was a mid-twenty something starting a small internet media company, the old kind of internet start-up company with an advertising backed business model  (back in the day of this brand new invention called a “banner ad”).

As the “angel” investor grilled me about our projections, P&L, stock offerings, all the other ins and outs of the business plan I couldn’t keep up.  I couldn’t answer his questions fast enough.  He couldn’t get information out of me in time to satisfy his curiosity.

He soon made it clear that he was not impressed. 
His exact words were:
“Young lady, it is your fiduciary responsibility to have this information at your fingertips.”

At the time I had no idea what “fiduciary” meant or what it was. 
I went home dejected, defeated, embarrassed and immediately “Google’d” it.

I have never forgot the meaning of that word.  Years after the internet boom, bust, and the eventual (2.0, social, mobile, etc.) phases of internet waves that followed.

Today I was thinking of “fiduciary responsibility” again, but in a different way.

Thanks to Manisha Thakor I watched this video:

Women & Retirement Investing for the Life You Want
“Strategies to help women plan for the post-career life they want, as moderator Charles Gibson explores how retirement planning is different for men and women.”

It’s a great conversation about the state of women, retirement, earnings and what’s next.

You might be surprised by some of the statistics: 
more jobs are held by women, 58% of college grads are women, more professional and managerial jobs are held by women, for every 3 degrees that women get men get 2, and while men’s wages have been declining women’s have been soaring.

Even still, women are not saving enough for retirement, are living longer in which they have less and earn less.

As The Promise 365 creeps along I think more and more about investments. 

The kind I make everyday whether it is in my head, heart, body, soul or my relationships or my bank account.

Watching this video today made me flashback to that ill-fated day in a Cambridge coffee shop where my naive little ego was smacked upside the head with a wake-up call from the business world.

Except today, it was a wake-up call of the retirement kind.
It was like hearing that “angel” investor’s voice all over again:
“Young lady, it is your fiduciary responsibility to have this information at your fingertips.”

And, you know what?
In both instances he was f*ing right.

Resources:
To sign up for Manisha’s newsletter just click: Sugar Mamma Chronicles.
And if you want to watch the Charles Gibson interview just click on the image below.

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