June 9, 2025 • 28 mins
What would happen to your business if you couldn't work tomorrow? This question haunts financial advisor Diane Watson, who has witnessed countless entrepreneurs, particularly women, face devastating consequences after failing to plan for unexpected events.
In this eye-opening conversation, Diane shares powerful stories that will make you rethink your approach to financial protection. From the woman evicted from her home just seven days after her partner's unexpected death to the business owner who had to cut cancer treatments short to keep her company afloat, these real-life scenarios illuminate the urgent need for proper planning.
With over 30 years of experience advising entrepreneurs, Diane dispels harmful myths about money management, particularly those affecting women. She explains why the shift from employment to self-employment creates new vulnerabilities and offers practical guidance on establishing essential protections. Her passion for this subject led her to found She Can Prosper and write a book dedicated to empowering women financially.
The discussion covers critical topics including wills, power of attorney, insurance options, and retirement planning strategies. Diane emphasizes that financial capability has nothing to do with mathematical skill, anyone can learn to manage their finances effectively with the right support. Most importantly, she warns against the dangerous "I'll do it next year" mentality that leaves so many vulnerable.
Whether you're just starting your entrepreneurial journey or have been running your business for years, this conversation delivers concrete advice that could save you from financial disaster. Don't wait until crisis strikes—take action today to protect everything you've worked so hard to build. Your future self will thank you.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Donna Eade (00:00):
You're listening to the Mindset in Action podcast,
the place to be to grow andstreamline your business.
I'm your host, donna Eade.
Let's jump into the show.
Welcome back to the podcast,everybody.
I am so glad to have you herefor this episode Now.
(00:24):
Some of you who are listeningat the time of execution will
realise that this episode is alittle bit late, so my apologies
for that.
However, this is the finalepisode in my live Mindset and
Action event series and we havethe fantastic Diane Watson on
(00:46):
the show today Now.
Diane was on just beforeChristmas.
We did a couple of episodestogether then and, my goodness,
you loved hearing from Diane, soI know you're going to enjoy
this episode as well.
Let's listen in to myconversation with Diane Watson.
Diane Watson, come down to thestage, join me, take off your
(01:13):
microphone and remember to eatit, please.
Diane Watson (01:16):
Like that, like really close.
Yeah, I'll do that.
Donna Eade (01:19):
Okay, so okay, let me find the questions for you.
Okay, so this is a big topicthe money topic and I'm really
excited to bring Diane on totalk about it.
So, Diane, why don't youintroduce yourselves and tell
(01:39):
everybody a little bit about whoyou are and what you do?
Diane Watson (01:41):
Okay, so I'm Diane Watson.
I've lived in Yorkshire for 40years, but I'm originally from
Lancashire, so I'm a Lancashiregirl and I'm a career financial
advisor.
I'm actually retiring from myday job, as I call it, at the
end of April.
So just a little bit about mystory.
(02:02):
I went back to train as afinancial advisor when my
children went to school and I'vealways worked equally with men
and women, mainly people who runtheir own businesses or people
who are self-employed.
In the early 90s, I was usuallythe only female self-employed
(02:23):
person in the room, but it's solovely that so many more women
now running their own businesses, which brings its challenges
from a financial perspective.
In 2018, I sold my company andI now work within the business
who bought my business.
I've always been passionateabout women and money, because
(02:49):
I've experienced so manyinstances in my career where
women have really really putthemselves in very vulnerable
situations, and very early on inmy career, I was introduced to
somebody called Pam and I wentto see her and she had lived
with somebody for many years.
She changed her name.
Her partner had gone out intothe garden to mow the lawn and
(03:11):
he died unexpectedly, and sevendays after he died, she was
evicted from the home that she'dlived in with him, and I always
remember her saying to me thisisn't't what Ken would want.
If I'd known that I wasn'tprotected as a cohabitee, things
would have been different, andthat story has been around in my
(03:32):
financial planning world mywhole career, and so in 2020,
unfortunately, as COVID hit Idecided that I would try and
give something back, and I setup a new business which is
called she Can Prosper, and theaim of that has been to rally
(03:53):
it's really a rallying cry forwomen, to encourage and educate
them to make sure that theydon't end up in the same
situation that that Pam was in,and so we I've been working on
that for five years and it'ssomething that I'm going to be
taking forward at the end ofApril.
I've published a book in 2023,which is all about taking women
(04:20):
on a financial journey.
We've got some incredible womenwho shared their stories, and
I'm just about to qualify as aas an NLP coach, so I'm going to
be doing some work with womenaround limiting beliefs, around
money and all the things thatI've learned during my career.
Donna Eade (04:38):
I love that, and a copy of the book is in all your
goodie bags for you to take home.
So, thank you, diane, for that.
Um, I want us to.
I want us to talk about this,and the reason I think that it's
important is, like with allthings, like my podcast has four
pillars planning, productivity,audience building and mindset.
(04:59):
And I think this really comesinto the mindset part of it what
we think, feel and do aboutmoney, and I think we all have
our own money stories.
But I think one of the things isit's quite a taboo subject and
it still is, even in this dayand age.
We still don't really want totalk about the numbers and
things like that.
But I think, aside from thenumbers, what Diane is preaching
(05:23):
here is even more important.
Um, so that is why I wanted tohave this conversation.
So, just like I think we needto spend more time on our health
and well-being, which is why Ibrought the cats in.
I brought diane in to talkabout this topic.
The cats meow, did you likethat?
I called them the cat sessions.
Um, diane, how does the gendergap affect us as entrepreneurs
(05:48):
and business?
Diane Watson (05:49):
owners.
Well, I mean, it affects us morethan ever now because so many
more of us are running our ownbusinesses.
So lots of us have moved awayfrom employment, where we have
all the lovely benefits thatpeople have, who work, work for
big corporates or in the publicsector, and it's made us more
vulnerable than ever, because Italk to women every day who are
(06:11):
not in the least bit thinkingabout their own situation, what
might happen if they can't work,how that might impact on their
family life, on their partners.
So in many ways, we are morevulnerable now than we've ever
been, as more and more of us,you know, set up our own
businesses.
And usually what happens in myexperience and hopefully you can
(06:35):
all think well, that's not mewe embark on a journey of
running our own business and wedon't always think about some of
the things that we need to putin place, because our business
is new and we're getting it offthe ground and we'll think about
that later, and then,unfortunately, things happen,
you know, which can make usincredibly vulnerable.
So part of the challenge is totry and help both male and
(07:02):
female but obviously,particularly for me, women
understand what the sorts ofthings they need to think about
and put into place.
Donna Eade (07:08):
Yeah, yeah, and it is.
It's a two-way street because,you know, men will find
themselves in this situation aswell, possibly.
But um, yeah, it is, it is.
Women are notorious,notoriously not the ones
generally in charge of certainthings.
You know, from that, from thepatriarchal society that we are
(07:29):
moving away from, it has beenthe men that have been in
control of everything, which iswhy I know you've said, a lot of
women that you've connected tothrough your work have found
themselves in these situations,which is why you're so
passionate about bringing it towomen.
But it happens to men as well.
So, as business owners,oftentimes when we think about
(07:49):
money, our focus is how much arewe bringing in, how much can I
spend, what do I do with thesurplus?
And those are the kind ofquestions that we are asking and
focusing on.
So what are the things thatwe're not asking that we should
be?
Diane Watson (08:04):
So typically we're not thinking about the things
that I would want people toaddress, which is what happens
if something goes wrong.
You know what's going to happento my business, what's going to
happen to my?
You know my personal financialsituation.
I mean, typically one in two ofus will get a cancer diagnosis
in our lifetimes a cancerdiagnosis in our lifetimes.
(08:27):
So any vulnerability aroundbeing ill, being unable to work,
is something that I'm reallypassionate about trying to get
women and men to address,because, unfortunately, if you
read the book, you'll seethere's lots of stories of women
in there who have had seriousillnesses and who have been very
vulnerable because they haven'tdone anything about putting
those things in place.
I mean, just as an example, Ihave a lovely client who I went
(08:52):
to see.
She said you need to come andsee me at home with my husband.
And when I went through thethings that she needed to do, he
he was very clear we're notdoing that, she doesn't need
that.
I can sort the will out.
And she got.
She got cancer and I see herregularly and she said if only
I'd listened to what you said, Iwouldn't be in the situation
(09:12):
that I've been in, where I hadto go back to work sooner than I
should have done because Ididn't put those things in place
.
So I think, when you'veexperienced a lot of that and
obviously based on what you weretalking about this morning,
you're so keen to help people atleast understand what they
(09:34):
ought to be thinking about doing.
And you know we are our biggestasset.
I mean, we all insure our cars,we insure our homes, but you
know, without our income whetherit's a combined income or
individually you know we can beput in very perilous situations
(09:54):
if something happens to us, andI'm sure you've got them down
here.
But we have a charity calledMaggie's and they build centres
near oncology units around thecountry and I'm very connected
to the one in Yorkshire andduring the last cost of living
crisis they were telling me thatpeople were cutting short their
treatment, who were runningtheir own businesses because
(10:17):
they felt they couldn't take anymore time off work, and for me
that is such a sad situation foranybody to find themselves in
it's it's.
Donna Eade (10:29):
It's a big one, it really is, and I think it's.
It's so sad that we have tothink about these things, but we
do, and that's why it'simportant to have the
conversations, because, as muchas you know, it'd be nice to
just talk about how much moneyare we bringing in and how much
can I spend, and all of thatgood jazz.
These are the things that wedon't think about and they can
cripple us, like literallycripple us.
(10:51):
So is there anything differentbetween being a woman who is
married and a woman who issingle?
Is the advice different interms of what we need to be
thinking about and looking atwhen it comes to those options?
Diane Watson (11:06):
I mean, I guess if you're a single person, then
you are the only breadwinner inyour family, so you do need to
be really, really careful thatyou are protecting yourself,
need to be really, reallycareful that you are protecting
yourself.
But equally, in most married orcohabiting relationships, and
especially if there are childreninvolved, one or other of you
being unable to work is is canbe catastrophic, particularly as
(11:27):
often happens, the person whoisn't well needs caring for by
the person who is able to work.
So it's really about sittingdown and and making sure that
you understand all the thingsthat can.
You know all the curveballsthat can be thrown at you.
I mean, I know we're talkingfocusing now on illness, but you
know I'm also passionate aboutpeople having wills, about
(11:49):
people making sure that they'vegot shareholder agreements if
they're in businesses with otherpeople.
Most people do none of thesethings and they have no clue
about what might happen, and I'msure lots of you here today
have got children.
I did a talk in Hertfordshirein January and we did a show of
hands how many people hadactually got wills, and I think
(12:10):
about a third of the women inthe room put their hands up.
You know, if you have childrenand you don't have a will, you
leave issues with regards towhat happens to your children
and they were really shocked.
You know, a lot of this is justabout making sure that you
understand, you know thewhat-ifs, the things that might
happen, so they don't give you aproblem yeah, absolutely all
(12:31):
right it's incredible, and.
Donna Eade (12:33):
But the thing and one of the things I want to
point out and and I know thisbecause of people in my network
who, um are will writers, um isthat a will is important, even
if it is not about it's notabout just dying, is it?
That's there is I can'tremember what it is.
Anybody wants to shout it out?
Please do, um.
But if you are taken ill andyou can't look after yourself,
(12:57):
you have to have given somebodyelse the rights to make those
decisions for you, and it needsto be somebody you can trust.
So it's not just about whathappens with all your stuff when
you leave this mortal coil.
So it's really important tohave those things, and I don't
think enough of us think aboutit at all, like, or we do, but
we think, oh, that's not goingto happen to me, it, that's not
(13:17):
my time of life, I can wait, Idon't need to think about that.
So I think it's reallyimportant to consider it.
Um, what do you want women tofocus on when it comes to their
money?
Diane Watson (13:29):
I want?
Well, I want them to be veryclear about what they're
spending, very clear about wherethey where they're heading in
terms of their business, butalso you know if they're we try.
Very clear about where they'reheading in terms of their
business, but also, you know, wetry and help clients plan an
exit or a retirement, wheneverthat is although I know we were
talking about whether retiringis a good idea or not.
I want people to be more womenand men, to be more
understanding of the journeythat they're going on.
(13:51):
And you know, if you startdoing things when you're very
young, you don't need to doanywhere near as much.
So you know, I think sometimespeople feel overwhelmed with
money.
They feel it's something thatthey haven't got their head
around and that maybe it's toolate to do anything.
And it never is.
If you start early enough andyou do small things, then it
does make a huge.
It makes a huge difference.
(14:11):
So I think trying to helppeople understand um, a lot of
people say I'm not, I'm notreally good with money, I don't
really understand money.
We all can.
We just need to put some timein to, to work through those
things and to make it easier toto understand.
I mean, I have a challengebecause I think that there's a
(14:34):
connection with women and maths.
I think a lot of women don'tthink they're very good at maths
and therefore they spill thatinto managing their own
financial affairs.
My mother was the eldest of ninechildren.
She was very poor and my fatherwas also very poor.
My father was a joiner.
He was very militant.
(14:55):
When I was growing up as ajoiner he was very militant in
the when I was growing up as achild.
He was always on strike and mymother decided that she didn't
want to rely on a man to keep usfinancially secure.
So she went back to college andshe trained to be a teacher and
she, you know, was very much ofthe opinion.
So the messaging I was get wasgetting as a child was very much
(15:16):
around the fact that a man'snot a plan.
You need to make sure that yousort your stuff out, don't ever
look at your dad.
I mean, my dad was a verylovely man, but you know, in
terms of the finances my mumtook over and that messaging in
a lot of homes is not there forgirls.
So they grow up thinking ifthey hear things like you know
(15:37):
men sort money out.
If you want anything, go andask your dad or whatever.
They grow up very disconnectedfrom the idea that they can be
responsible for their ownfinancial well-being.
And then when you add into thatthings like this misconception
that lots of young girls havethat they're not very good at
maths and therefore they won'tbe very good at managing their
money, it it makes it muchharder, and it's just not true,
(16:00):
because I'm not very good atmaths and I've been a financial
advisor for 31 years, so you canget your head around it.
Donna Eade (16:07):
Love that, love that .
Ok, so I had a couple ofquestions come in for you.
Is there a certain percentageof our income as business owners
that we should be put in a wayfor retirement?
Diane Watson (16:20):
I mean there is no specific percentage, but you
ought to be doing something, andI think it's about sitting down
with your advisor and workingout what is affordable for you
to do, but not not to doanything you know.
So you know, work out what youcan afford to commit.
I mean, we're at tax year endthis week, so you know, most of
(16:42):
our clients in the last two orthree months have been looking
at what they've, what they'vegot in their business or what,
if they're self-employed, whatthey know, what they've drawn
and what, therefore, they canafford to put aside.
Having said that, if you can dosomething on a regular basis
because when people get to theend of the tax year, there's
always something that they canspend their money on so if you
(17:02):
can get into the habit of doingsmall, regular amounts and then
maybe topping up at the end ofthe year, but just having this
idea that you'll rely onsomething in the future, like I
mean, who knows whether thestate pension will exist in the
future in any event?
But on something in the futurelike I mean, who knows whether
the state pension will exist inthe future in any event?
(17:23):
But you know, we just we don'tknow, we don't know.
I mean, you know, I've juststarted drawing my state pension
, but um, you know, just makingsure that you are committed to
putting something aside is theimportant thing okay.
Donna Eade (17:33):
So the other question was consider, let's
take it that with a pensionsorted and that that's all
growing lovely, if we have aspare hundred pound a month
chance to be a fine thing, um,what would you suggest we do
with it?
Diane Watson (17:49):
so I'm a great believer in in accruing assets
but also paying off debt.
So I would try and encourage myclients to reduce mortgage debt
but also save as well.
So going exclusively for onestrategy rather than another, in
my opinion, is not the rightthing to do, and interest rates
(18:09):
at the minute are higher thanthey have been.
They're nowhere near as high asthey were in the 90s.
But I would say do something ofboth.
So build capital via a pensionor an ISA or a savings account,
but also try and manage yourdebt down at the same time.
Donna Eade (18:25):
Brilliant.
Have we got any questions fromthe audience?
Carly Catherine's coming tograb her mic.
Carli Wall (18:33):
Thank you, diane.
I've read your book and lots ofthe scenarios, um, where the
things have happened are.
A lot of the women are wouldhave been great to put the
advice into place before, andsometimes you don't realize that
you need the things until it'stoo late with your.
So you're giving advice topeople and you've already said
(18:56):
you know you've had thatoccasion where the husband's
like, no, no, she doesn't needall of that.
How do you deal with this?
I think this is something thatwe probably have in similar ways
in our own businesses, when wecan see really clearly what
somebody needs and they're like,yeah, you know what, I'm not
going to do it, um, and it caneat away at us or we just have
to let it go.
How do you deal with that?
Because you can see so clearlywhat they need and you know the
(19:19):
outcome if things don't go wellfor them and they'll be like, oh
, it will never happen to memaybe.
How do you deal with that?
Do you carry that or do you tryand highlight to them, or do
you just have to let it go?
Diane Watson (19:32):
I think telling stories is really helpful.
So I think when I'm talking towomen let's say female clients
and that we're having thatconversation, then I try and
share a story with them thatmight help them see themselves
in that position, because thatis the most powerful thing that
you can actually do.
I'll give you another example,and I have used this in the last
(19:55):
couple of weeks.
So when I published the book,we have a little petrol station
in my village that they fillyour car up for you, and I
always say that if we don't useit, we lose it.
And Louise is the girl thatfills my car up and I gave her a
copy of the book and in Octoberlast year she came out to fill
my car and she said to me I'vegot breast cancer.
(20:22):
I read your book and I didn'tbloody do anything.
Now I'm sharing that story withother people because we all
think that these things won'thappen to us, but they do.
So I think when you can share apowerful story that resonates
to something that you're tryingto help people make decisions on
, it does make a difference.
Lots of my colleagues inprotection, as we call it, I'm
passionate about life insuranceand critical illness cover.
(20:43):
Lots of my colleagues aren't.
It's a much harder sell thanhelping people put me into their
pension, and for me it's thebedrock of everything that we do
for people.
You know, if none of that's inplace and something terrible
happens, you know you really area shit creek without a paddle.
Um.
So I think if you're passionateabout your message, you need to
(21:06):
find a way of telling andsharing the story in a way that
people can buy into and engagewith that that's good.
Carli Wall (21:12):
That's great.
Sharing the story is a goodexample.
Trudie Avery (21:15):
Thank you go for it trudy
if you wanted to makeinvestments like, but have no
clue.
Where do you even start withthat?
Where do you go to get anyinformation that can help?
Diane Watson (21:34):
I mean, ideally, you need to find somebody that
you can trust.
People do do it themselves, andI'm not going to be critical of
that.
Um, I think what disappoints meis that we all have our own
businesses and yet often peoplesay, well, I don't really need
somebody like you because I cando it myself and that's fair
enough.
I think having a relationshipwith someone who who you trust,
(21:57):
who is on your side, is reallyimportant and there's lots of
places you can go to findsomebody to do that and who has
your best interests at heart,because ultimately, that's what
you want.
You want somebody who's therefor you, who you know is giving
you the best advice they can foryou and not for themselves.
Marie - Louise O'Neil (22:21):
So that's what I would I would say, and
marie louise um, last year I waspregnant and in in may I had a
bit of a scare and it made methink about you know what if the
worst could happen?
We live in a modern age withlots of great medical advice and
(22:42):
support, but, you know, givingbirth has its risks and in my
family I'm the main breadwinner.
So at the top of my mind, as Iwas frantically trying to wrap
things up before the birth of mychild my second child, um, I
wanted to make sure that if theworst would happen, that my
(23:03):
husband wouldn't be like well,who are the clients?
What do we do?
What happens with the money?
So I did take out criticalillness cover and life insurance
and I've continued it becauseit's like it's now done.
It was on my to-do list foryears and so I had that, that
push pardon the pun to uh, totake that out.
(23:27):
Uh, we do have a will.
It was one of the first thingsthat we invested in when I got
into do my business andnetworking.
It's like, oh, I know someonewho can do a will.
So we've got a mirrored will,um, which encompassed and
includes any future children,because at the time we just had
the one.
So we'll probably revisit thatat some point, but um, yeah, I
(23:49):
can tick that off.
Do I get a gold star Diane you?
Diane Watson (23:52):
definitely, we get two, two gold stars for that,
actually thanks I actually havea question.
Catherine Chapman (24:00):
That's all right, because I so I'm sat here
listening to you and I'mthinking I'd love to work with
diane, and then I'm starting thewhole.
Perhaps I'll do it next yearwhen I've earned a bit more
money, or or I can't afford her,or what, and I'm and I'm saying
this out loud because I knowthat maybe in this room I'm the
(24:22):
only one, but I know that on thepodcast, I'm not going to be
the only one that's thinkingthis, other than reading the
book which I am halfway through,what's like step one Since this
morning.
Donna Eade (24:33):
Bloody hell, you're amazing.
Catherine Chapman (24:36):
It's on my Kindle.
Oh yeah, I forgot.
Diane Watson (24:38):
Yeah, I pre-ordered it I think the most
important thing is to recognizethat you need to take some
action and there is no pointkeeping on keeping on delaying
it, because literally none of usknow what's around the corner.
Yeah, you know, and I mean I'llgive you another example.
I went to see um a couple forlunch and one of their for lunch
, and one of their colleagues,their lawyers, and one of their
(25:00):
colleagues said to me I thinkthey're going to tell you that
they're having a child.
They've been trying for a babyfor ages.
And I sat down, the guy wasthere first and he said I've got
something to tell you.
And I was really smiley and hesaid I've been diagnosed with
Parkinson's disease and he was39.
And she was pregnant with twins.
Right, he's never worked a daysince Now.
(25:25):
Before that, some months beforethat, when I said to them you've
got a mortgage and you've gotnothing to pay the mortgage off,
they went and talked to theirparents and their parents said
you don't need what she'stelling you to do, right,
fortunately, they did do what Isuggested, and thank goodness
they did, because can youimagine?
I mean, I don't know how oldJohn is now, he's probably in
(25:47):
his late 40s, but he can't work,you know, and for any of us to
be in that.
So I'm not a great lover ofpeople saying I'll do it next
year, I'll think about it then.
You know, because you should bedoing these things now because
we just never know what's.
You know, we could, we could,you know, we're all, most of us
going to drive home tonight.
(26:07):
You know it's not just illness,you know, if you think about I
always use the analogy of KateGarroway's husband who got COVID
, she didn't have a power ofattorney, she couldn't access
his money when he was ill allthat time in hospital, you know,
people have accidents, thingshappen in people's lives and I'm
(26:28):
, you know, to try and encourageanybody to take action and do
something rather than keepsaying I'll do it next year.
I mean, my kids are 37 and 35and both married, both with
children, but they've got wills,they've got powers of attorney,
they've got life.
And critical.
I mean my daughter.
If you read the book, mydaughter talks about how she's
(26:51):
always talking to her friends.
You know, because they, a lotof them, are just so casual
about everything and most ofthem have got children now
because you just never know whatcan happen.
You don't want to be one ofthose people who says I wish I'd
done something amen to thatright.
Donna Eade (27:08):
sorry, that's a bit depressing, but it's.
But it's reality and I think ifwe all take that on board in
this room and do something aboutit, make that phone call to the
financial advisor, to Diane,like reach out to somebody and
start that conversation and getit going, then we all don't have
to be that story and that isamazing.
(27:29):
So thank you, diane, so muchfor coming and speaking on the
stage.
Thank you, thank you so much.
You're listening to the Mindset in Action podcast,
the place to be to grow andstreamline your business.
I'm your host, donna Eade.
Let's jump into the show.
Welcome back to the podcast,everybody.
I am so glad to have you herefor this episode Now.
(00:24):
Some of you who are listeningat the time of execution will
realise that this episode is alittle bit late, so my apologies
for that.
However, this is the finalepisode in my live Mindset and
Action event series and we havethe fantastic Diane Watson on
(00:46):
the show today Now.
Diane was on just beforeChristmas.
We did a couple of episodestogether then and, my goodness,
you loved hearing from Diane, soI know you're going to enjoy
this episode as well.
Let's listen in to myconversation with Diane Watson.
Diane Watson, come down to thestage, join me, take off your
(01:13):
microphone and remember to eatit, please.
Diane Watson (01:16):
Like that, like really close.
Yeah, I'll do that.
Donna Eade (01:19):
Okay, so okay, let me find the questions for you.
Okay, so this is a big topicthe money topic and I'm really
excited to bring Diane on totalk about it.
So, Diane, why don't youintroduce yourselves and tell
(01:39):
everybody a little bit about whoyou are and what you do?
Diane Watson (01:41):
Okay, so I'm Diane Watson.
I've lived in Yorkshire for 40years, but I'm originally from
Lancashire, so I'm a Lancashiregirl and I'm a career financial
advisor.
I'm actually retiring from myday job, as I call it, at the
end of April.
So just a little bit about mystory.
(02:02):
I went back to train as afinancial advisor when my
children went to school and I'vealways worked equally with men
and women, mainly people who runtheir own businesses or people
who are self-employed.
In the early 90s, I was usuallythe only female self-employed
(02:23):
person in the room, but it's solovely that so many more women
now running their own businesses, which brings its challenges
from a financial perspective.
In 2018, I sold my company andI now work within the business
who bought my business.
I've always been passionateabout women and money, because
(02:49):
I've experienced so manyinstances in my career where
women have really really putthemselves in very vulnerable
situations, and very early on inmy career, I was introduced to
somebody called Pam and I wentto see her and she had lived
with somebody for many years.
She changed her name.
Her partner had gone out intothe garden to mow the lawn and
(03:11):
he died unexpectedly, and sevendays after he died, she was
evicted from the home that she'dlived in with him, and I always
remember her saying to me thisisn't't what Ken would want.
If I'd known that I wasn'tprotected as a cohabitee, things
would have been different, andthat story has been around in my
(03:32):
financial planning world mywhole career, and so in 2020,
unfortunately, as COVID hit Idecided that I would try and
give something back, and I setup a new business which is
called she Can Prosper, and theaim of that has been to rally
(03:53):
it's really a rallying cry forwomen, to encourage and educate
them to make sure that theydon't end up in the same
situation that that Pam was in,and so we I've been working on
that for five years and it'ssomething that I'm going to be
taking forward at the end ofApril.
I've published a book in 2023,which is all about taking women
(04:20):
on a financial journey.
We've got some incredible womenwho shared their stories, and
I'm just about to qualify as aas an NLP coach, so I'm going to
be doing some work with womenaround limiting beliefs, around
money and all the things thatI've learned during my career.
Donna Eade (04:38):
I love that, and a copy of the book is in all your
goodie bags for you to take home.
So, thank you, diane, for that.
Um, I want us to.
I want us to talk about this,and the reason I think that it's
important is, like with allthings, like my podcast has four
pillars planning, productivity,audience building and mindset.
(04:59):
And I think this really comesinto the mindset part of it what
we think, feel and do aboutmoney, and I think we all have
our own money stories.
But I think one of the things isit's quite a taboo subject and
it still is, even in this dayand age.
We still don't really want totalk about the numbers and
things like that.
But I think, aside from thenumbers, what Diane is preaching
(05:23):
here is even more important.
Um, so that is why I wanted tohave this conversation.
So, just like I think we needto spend more time on our health
and well-being, which is why Ibrought the cats in.
I brought diane in to talkabout this topic.
The cats meow, did you likethat?
I called them the cat sessions.
Um, diane, how does the gendergap affect us as entrepreneurs
(05:48):
and business?
Diane Watson (05:49):
owners.
Well, I mean, it affects us morethan ever now because so many
more of us are running our ownbusinesses.
So lots of us have moved awayfrom employment, where we have
all the lovely benefits thatpeople have, who work, work for
big corporates or in the publicsector, and it's made us more
vulnerable than ever, because Italk to women every day who are
(06:11):
not in the least bit thinkingabout their own situation, what
might happen if they can't work,how that might impact on their
family life, on their partners.
So in many ways, we are morevulnerable now than we've ever
been, as more and more of us,you know, set up our own
businesses.
And usually what happens in myexperience and hopefully you can
(06:35):
all think well, that's not mewe embark on a journey of
running our own business and wedon't always think about some of
the things that we need to putin place, because our business
is new and we're getting it offthe ground and we'll think about
that later, and then,unfortunately, things happen,
you know, which can make usincredibly vulnerable.
So part of the challenge is totry and help both male and
(07:02):
female but obviously,particularly for me, women
understand what the sorts ofthings they need to think about
and put into place.
Donna Eade (07:08):
Yeah, yeah, and it is.
It's a two-way street because,you know, men will find
themselves in this situation aswell, possibly.
But um, yeah, it is, it is.
Women are notorious,notoriously not the ones
generally in charge of certainthings.
You know, from that, from thepatriarchal society that we are
(07:29):
moving away from, it has beenthe men that have been in
control of everything, which iswhy I know you've said, a lot of
women that you've connected tothrough your work have found
themselves in these situations,which is why you're so
passionate about bringing it towomen.
But it happens to men as well.
So, as business owners,oftentimes when we think about
(07:49):
money, our focus is how much arewe bringing in, how much can I
spend, what do I do with thesurplus?
And those are the kind ofquestions that we are asking and
focusing on.
So what are the things thatwe're not asking that we should
be?
Diane Watson (08:04):
So typically we're not thinking about the things
that I would want people toaddress, which is what happens
if something goes wrong.
You know what's going to happento my business, what's going to
happen to my?
You know my personal financialsituation.
I mean, typically one in two ofus will get a cancer diagnosis
in our lifetimes a cancerdiagnosis in our lifetimes.
(08:27):
So any vulnerability aroundbeing ill, being unable to work,
is something that I'm reallypassionate about trying to get
women and men to address,because, unfortunately, if you
read the book, you'll seethere's lots of stories of women
in there who have had seriousillnesses and who have been very
vulnerable because they haven'tdone anything about putting
those things in place.
I mean, just as an example, Ihave a lovely client who I went
(08:52):
to see.
She said you need to come andsee me at home with my husband.
And when I went through thethings that she needed to do, he
he was very clear we're notdoing that, she doesn't need
that.
I can sort the will out.
And she got.
She got cancer and I see herregularly and she said if only
I'd listened to what you said, Iwouldn't be in the situation
(09:12):
that I've been in, where I hadto go back to work sooner than I
should have done because Ididn't put those things in place
.
So I think, when you'veexperienced a lot of that and
obviously based on what you weretalking about this morning,
you're so keen to help people atleast understand what they
(09:34):
ought to be thinking about doing.
And you know we are our biggestasset.
I mean, we all insure our cars,we insure our homes, but you
know, without our income whetherit's a combined income or
individually you know we can beput in very perilous situations
(09:54):
if something happens to us, andI'm sure you've got them down
here.
But we have a charity calledMaggie's and they build centres
near oncology units around thecountry and I'm very connected
to the one in Yorkshire andduring the last cost of living
crisis they were telling me thatpeople were cutting short their
treatment, who were runningtheir own businesses because
(10:17):
they felt they couldn't take anymore time off work, and for me
that is such a sad situation foranybody to find themselves in
it's it's.
Donna Eade (10:29):
It's a big one, it really is, and I think it's.
It's so sad that we have tothink about these things, but we
do, and that's why it'simportant to have the
conversations, because, as muchas you know, it'd be nice to
just talk about how much moneyare we bringing in and how much
can I spend, and all of thatgood jazz.
These are the things that wedon't think about and they can
cripple us, like literallycripple us.
(10:51):
So is there anything differentbetween being a woman who is
married and a woman who issingle?
Is the advice different interms of what we need to be
thinking about and looking atwhen it comes to those options?
Diane Watson (11:06):
I mean, I guess if you're a single person, then
you are the only breadwinner inyour family, so you do need to
be really, really careful thatyou are protecting yourself,
need to be really, reallycareful that you are protecting
yourself.
But equally, in most married orcohabiting relationships, and
especially if there are childreninvolved, one or other of you
being unable to work is is canbe catastrophic, particularly as
(11:27):
often happens, the person whoisn't well needs caring for by
the person who is able to work.
So it's really about sittingdown and and making sure that
you understand all the thingsthat can.
You know all the curveballsthat can be thrown at you.
I mean, I know we're talkingfocusing now on illness, but you
know I'm also passionate aboutpeople having wills, about
(11:49):
people making sure that they'vegot shareholder agreements if
they're in businesses with otherpeople.
Most people do none of thesethings and they have no clue
about what might happen, and I'msure lots of you here today
have got children.
I did a talk in Hertfordshirein January and we did a show of
hands how many people hadactually got wills, and I think
(12:10):
about a third of the women inthe room put their hands up.
You know, if you have childrenand you don't have a will, you
leave issues with regards towhat happens to your children
and they were really shocked.
You know, a lot of this is justabout making sure that you
understand, you know thewhat-ifs, the things that might
happen, so they don't give you aproblem yeah, absolutely all
(12:31):
right it's incredible, and.
Donna Eade (12:33):
But the thing and one of the things I want to
point out and and I know thisbecause of people in my network
who, um are will writers, um isthat a will is important, even
if it is not about it's notabout just dying, is it?
That's there is I can'tremember what it is.
Anybody wants to shout it out?
Please do, um.
But if you are taken ill andyou can't look after yourself,
(12:57):
you have to have given somebodyelse the rights to make those
decisions for you, and it needsto be somebody you can trust.
So it's not just about whathappens with all your stuff when
you leave this mortal coil.
So it's really important tohave those things, and I don't
think enough of us think aboutit at all, like, or we do, but
we think, oh, that's not goingto happen to me, it, that's not
(13:17):
my time of life, I can wait, Idon't need to think about that.
So I think it's reallyimportant to consider it.
Um, what do you want women tofocus on when it comes to their
money?
Diane Watson (13:29):
I want?
Well, I want them to be veryclear about what they're
spending, very clear about wherethey where they're heading in
terms of their business, butalso you know if they're we try.
Very clear about where they'reheading in terms of their
business, but also, you know, wetry and help clients plan an
exit or a retirement, wheneverthat is although I know we were
talking about whether retiringis a good idea or not.
I want people to be more womenand men, to be more
understanding of the journeythat they're going on.
(13:51):
And you know, if you startdoing things when you're very
young, you don't need to doanywhere near as much.
So you know, I think sometimespeople feel overwhelmed with
money.
They feel it's something thatthey haven't got their head
around and that maybe it's toolate to do anything.
And it never is.
If you start early enough andyou do small things, then it
does make a huge.
It makes a huge difference.
(14:11):
So I think trying to helppeople understand um, a lot of
people say I'm not, I'm notreally good with money, I don't
really understand money.
We all can.
We just need to put some timein to, to work through those
things and to make it easier toto understand.
I mean, I have a challengebecause I think that there's a
(14:34):
connection with women and maths.
I think a lot of women don'tthink they're very good at maths
and therefore they spill thatinto managing their own
financial affairs.
My mother was the eldest of ninechildren.
She was very poor and my fatherwas also very poor.
My father was a joiner.
He was very militant.
(14:55):
When I was growing up as ajoiner he was very militant in
the when I was growing up as achild.
He was always on strike and mymother decided that she didn't
want to rely on a man to keep usfinancially secure.
So she went back to college andshe trained to be a teacher and
she, you know, was very much ofthe opinion.
So the messaging I was get wasgetting as a child was very much
(15:16):
around the fact that a man'snot a plan.
You need to make sure that yousort your stuff out, don't ever
look at your dad.
I mean, my dad was a verylovely man, but you know, in
terms of the finances my mumtook over and that messaging in
a lot of homes is not there forgirls.
So they grow up thinking ifthey hear things like you know
(15:37):
men sort money out.
If you want anything, go andask your dad or whatever.
They grow up very disconnectedfrom the idea that they can be
responsible for their ownfinancial well-being.
And then when you add into thatthings like this misconception
that lots of young girls havethat they're not very good at
maths and therefore they won'tbe very good at managing their
money, it it makes it muchharder, and it's just not true,
(16:00):
because I'm not very good atmaths and I've been a financial
advisor for 31 years, so you canget your head around it.
Donna Eade (16:07):
Love that, love that .
Ok, so I had a couple ofquestions come in for you.
Is there a certain percentageof our income as business owners
that we should be put in a wayfor retirement?
Diane Watson (16:20):
I mean there is no specific percentage, but you
ought to be doing something, andI think it's about sitting down
with your advisor and workingout what is affordable for you
to do, but not not to doanything you know.
So you know, work out what youcan afford to commit.
I mean, we're at tax year endthis week, so you know, most of
(16:42):
our clients in the last two orthree months have been looking
at what they've, what they'vegot in their business or what,
if they're self-employed, whatthey know, what they've drawn
and what, therefore, they canafford to put aside.
Having said that, if you can dosomething on a regular basis
because when people get to theend of the tax year, there's
always something that they canspend their money on so if you
(17:02):
can get into the habit of doingsmall, regular amounts and then
maybe topping up at the end ofthe year, but just having this
idea that you'll rely onsomething in the future, like I
mean, who knows whether thestate pension will exist in the
future in any event?
But on something in the futurelike I mean, who knows whether
the state pension will exist inthe future in any event?
(17:23):
But you know, we just we don'tknow, we don't know.
I mean, you know, I've juststarted drawing my state pension
, but um, you know, just makingsure that you are committed to
putting something aside is theimportant thing okay.
Donna Eade (17:33):
So the other question was consider, let's
take it that with a pensionsorted and that that's all
growing lovely, if we have aspare hundred pound a month
chance to be a fine thing, um,what would you suggest we do
with it?
Diane Watson (17:49):
so I'm a great believer in in accruing assets
but also paying off debt.
So I would try and encourage myclients to reduce mortgage debt
but also save as well.
So going exclusively for onestrategy rather than another, in
my opinion, is not the rightthing to do, and interest rates
(18:09):
at the minute are higher thanthey have been.
They're nowhere near as high asthey were in the 90s.
But I would say do something ofboth.
So build capital via a pensionor an ISA or a savings account,
but also try and manage yourdebt down at the same time.
Donna Eade (18:25):
Brilliant.
Have we got any questions fromthe audience?
Carly Catherine's coming tograb her mic.
Carli Wall (18:33):
Thank you, diane.
I've read your book and lots ofthe scenarios, um, where the
things have happened are.
A lot of the women are wouldhave been great to put the
advice into place before, andsometimes you don't realize that
you need the things until it'stoo late with your.
So you're giving advice topeople and you've already said
(18:56):
you know you've had thatoccasion where the husband's
like, no, no, she doesn't needall of that.
How do you deal with this?
I think this is something thatwe probably have in similar ways
in our own businesses, when wecan see really clearly what
somebody needs and they're like,yeah, you know what, I'm not
going to do it, um, and it caneat away at us or we just have
to let it go.
How do you deal with that?
Because you can see so clearlywhat they need and you know the
(19:19):
outcome if things don't go wellfor them and they'll be like, oh
, it will never happen to memaybe.
How do you deal with that?
Do you carry that or do you tryand highlight to them, or do
you just have to let it go?
Diane Watson (19:32):
I think telling stories is really helpful.
So I think when I'm talking towomen let's say female clients
and that we're having thatconversation, then I try and
share a story with them thatmight help them see themselves
in that position, because thatis the most powerful thing that
you can actually do.
I'll give you another example,and I have used this in the last
(19:55):
couple of weeks.
So when I published the book,we have a little petrol station
in my village that they fillyour car up for you, and I
always say that if we don't useit, we lose it.
And Louise is the girl thatfills my car up and I gave her a
copy of the book and in Octoberlast year she came out to fill
my car and she said to me I'vegot breast cancer.
(20:22):
I read your book and I didn'tbloody do anything.
Now I'm sharing that story withother people because we all
think that these things won'thappen to us, but they do.
So I think when you can share apowerful story that resonates
to something that you're tryingto help people make decisions on
, it does make a difference.
Lots of my colleagues inprotection, as we call it, I'm
passionate about life insuranceand critical illness cover.
(20:43):
Lots of my colleagues aren't.
It's a much harder sell thanhelping people put me into their
pension, and for me it's thebedrock of everything that we do
for people.
You know, if none of that's inplace and something terrible
happens, you know you really area shit creek without a paddle.
Um.
So I think if you're passionateabout your message, you need to
(21:06):
find a way of telling andsharing the story in a way that
people can buy into and engagewith that that's good.
Carli Wall (21:12):
That's great.
Sharing the story is a goodexample.
Trudie Avery (21:15):
Thank you go for it trudy
if you wanted to makeinvestments like, but have no
clue.
Where do you even start withthat?
Where do you go to get anyinformation that can help?
Diane Watson (21:34):
I mean, ideally, you need to find somebody that
you can trust.
People do do it themselves, andI'm not going to be critical of
that.
Um, I think what disappoints meis that we all have our own
businesses and yet often peoplesay, well, I don't really need
somebody like you because I cando it myself and that's fair
enough.
I think having a relationshipwith someone who who you trust,
(21:57):
who is on your side, is reallyimportant and there's lots of
places you can go to findsomebody to do that and who has
your best interests at heart,because ultimately, that's what
you want.
You want somebody who's therefor you, who you know is giving
you the best advice they can foryou and not for themselves.
Marie - Louise O'Neil (22:21):
So that's what I would I would say, and
marie louise um, last year I waspregnant and in in may I had a
bit of a scare and it made methink about you know what if the
worst could happen?
We live in a modern age withlots of great medical advice and
(22:42):
support, but, you know, givingbirth has its risks and in my
family I'm the main breadwinner.
So at the top of my mind, as Iwas frantically trying to wrap
things up before the birth of mychild my second child, um, I
wanted to make sure that if theworst would happen, that my
(23:03):
husband wouldn't be like well,who are the clients?
What do we do?
What happens with the money?
So I did take out criticalillness cover and life insurance
and I've continued it becauseit's like it's now done.
It was on my to-do list foryears and so I had that, that
push pardon the pun to uh, totake that out.
(23:27):
Uh, we do have a will.
It was one of the first thingsthat we invested in when I got
into do my business andnetworking.
It's like, oh, I know someonewho can do a will.
So we've got a mirrored will,um, which encompassed and
includes any future children,because at the time we just had
the one.
So we'll probably revisit thatat some point, but um, yeah, I
(23:49):
can tick that off.
Do I get a gold star Diane you?
Diane Watson (23:52):
definitely, we get two, two gold stars for that,
actually thanks I actually havea question.
Catherine Chapman (24:00):
That's all right, because I so I'm sat here
listening to you and I'mthinking I'd love to work with
diane, and then I'm starting thewhole.
Perhaps I'll do it next yearwhen I've earned a bit more
money, or or I can't afford her,or what, and I'm and I'm saying
this out loud because I knowthat maybe in this room I'm the
(24:22):
only one, but I know that on thepodcast, I'm not going to be
the only one that's thinkingthis, other than reading the
book which I am halfway through,what's like step one Since this
morning.
Donna Eade (24:33):
Bloody hell, you're amazing.
Catherine Chapman (24:36):
It's on my Kindle.
Oh yeah, I forgot.
Diane Watson (24:38):
Yeah, I pre-ordered it I think the most
important thing is to recognizethat you need to take some
action and there is no pointkeeping on keeping on delaying
it, because literally none of usknow what's around the corner.
Yeah, you know, and I mean I'llgive you another example.
I went to see um a couple forlunch and one of their for lunch
, and one of their colleagues,their lawyers, and one of their
(25:00):
colleagues said to me I thinkthey're going to tell you that
they're having a child.
They've been trying for a babyfor ages.
And I sat down, the guy wasthere first and he said I've got
something to tell you.
And I was really smiley and hesaid I've been diagnosed with
Parkinson's disease and he was39.
And she was pregnant with twins.
Right, he's never worked a daysince Now.
(25:25):
Before that, some months beforethat, when I said to them you've
got a mortgage and you've gotnothing to pay the mortgage off,
they went and talked to theirparents and their parents said
you don't need what she'stelling you to do, right,
fortunately, they did do what Isuggested, and thank goodness
they did, because can youimagine?
I mean, I don't know how oldJohn is now, he's probably in
(25:47):
his late 40s, but he can't work,you know, and for any of us to
be in that.
So I'm not a great lover ofpeople saying I'll do it next
year, I'll think about it then.
You know, because you should bedoing these things now because
we just never know what's.
You know, we could, we could,you know, we're all, most of us
going to drive home tonight.
(26:07):
You know it's not just illness,you know, if you think about I
always use the analogy of KateGarroway's husband who got COVID
, she didn't have a power ofattorney, she couldn't access
his money when he was ill allthat time in hospital, you know,
people have accidents, thingshappen in people's lives and I'm
(26:28):
, you know, to try and encourageanybody to take action and do
something rather than keepsaying I'll do it next year.
I mean, my kids are 37 and 35and both married, both with
children, but they've got wills,they've got powers of attorney,
they've got life.
And critical.
I mean my daughter.
If you read the book, mydaughter talks about how she's
(26:51):
always talking to her friends.
You know, because they, a lotof them, are just so casual
about everything and most ofthem have got children now
because you just never know whatcan happen.
You don't want to be one ofthose people who says I wish I'd
done something amen to thatright.
Donna Eade (27:08):
sorry, that's a bit depressing, but it's.
But it's reality and I think ifwe all take that on board in
this room and do something aboutit, make that phone call to the
financial advisor, to Diane,like reach out to somebody and
start that conversation and getit going, then we all don't have
to be that story and that isamazing.
(27:29):
So thank you, diane, so muchfor coming and speaking on the
stage.
Thank you, thank you so much.
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