Cash is Queen by Davinia Tomlinson
In the current economic climate, teaching the next generation about money seems imperative. Managing money, preparing for the future and learning to save are all covered in this new book designed specifically for young girls and women.
The idea for Cash is Queen came from my background as a rare woman, at least then, in the world of finance.
I started my career almost two decades ago in the investment management industry, which globally is responsible for managing trillions of dollars of assets on behalf of investors worldwide.
Instantly I loved it.
I loved the pace, the adrenaline and the perceived glamour and it delivered on all fronts.
But there was something else. Early on, I was captivated by the potential that solid financial foundations and, more specifically, wealth creation possessed, in transforming people’s quality of life. Irrespective of their start point.
When you look at my upbringing, there are clues to the career path that I would go on to pursue.
I was born in Birmingham into a Caribbean immigrant family, typically matriarchal, but with a hugely influential Jamaican dad with strong feminist leanings, though he would never have viewed himself that way! The expectations for my future were high, in common with many second-generation immigrant children – work hard, twice as hard in fact, be proud of who you are and shoot for the stars.
My grandmother was instrumental in giving me first-hand experience of what prudent financial management looked like and the possibilities it opened up. From her, I learned the importance of ‘cutting your cloth according to your size’ (commonly known as budgeting!) yet retaining a desire to strive for more. As a result, she was the first person I knew who had a financial adviser.
We talk all the time now about what it means to have an abundance instead of a scarcity mindset, yet the seeds of possibility, positivity and the importance of aspiring high were planted early within my family, even though we didn’t refer to it in this way then.
There is research that shows children form their earliest money habits by the age of 7, which is a truly sobering thought, particularly for parents. The idea that these tiny people are already learning from us what it means to manage their money lends itself to a creeping dread. On reflection, I was incredibly privileged to have been exposed to such positive behaviours, right from my grandma’s lap!
Needless to say, as a mother of two young daughters, especially one who runs a business designed to help women take control of their financial futures, these lessons have formed the basis for Cash Is Queen.
If you are in any way familiar with the many gender inequalities when it comes to our finances, the focus on women is a no-brainer.
From the gender pay gap, to the gender pensions gap, which sees the average UK woman retire at 65 with a pension pot 1/5th of the size of our male counterparts, one thing is clear: without a strong grasp on our finances from an early age, we run the risk of compromising not just our financial well-being but, given the impact of financial security on our peace of mind, our overall well-being too.
Every day I get the opportunity to work with women all over the world, to help them learn how to organise, manage and grow their money over the long term. Yet one thing comes up consistently in these discussions – I wish I’d learned about this sooner.
Cash Is Queen was written to tackle this head on. By equipping the next generation of young women with the tools, knowledge and mindset to achieve financial mastery at an early age. Not when they leave home for university or get their first jobs. But before they are bombarded with a barrage of financial promotions designed to entice them indebting themselves without understanding the consequences.
For me, the best advice I could give a young women today would be:
1) Treat your budget as a tool of liberation not a stick to beat yourself with – use it to figure out how much is coming in, how much is going out and what’s left. Then make decisions accordingly. For example, how much you can spend on your social activities without worrying.
2) Save from your very first pay cheque. Even if it’s just a fiver a month. Future you will thank you.
3) Pay into your work pension plan or a self-invested. Even if it’s tempting to spend that money now. The compound effect over time will pay dividends.
4) Protect your credit score. Ruining your credit early will store up so many problems for you in future.
5) Don’t be afraid to negotiate in job situations. This is a skill that you can learn so don’t worry about getting it right straightaway. But recognise your skills have a value and it is ok to be paid appropriately for them.
In my view, raising a financially literate generation of young women is a mission that we can all get behind. I am proud that Cash Is Queen is contributing to this important cause.
Davinia Tomlinson
Davinia is the founder of rainchq, a business she set up in 2018 to help women take control of their financial futures.
She is the mother of two daughters and author of Cash Is Queen: a girl’s guide to securing, spending and stashing cash. Cash is Queen is published by Frances Lincoln Children’s Books.