Welcome to our #233 weekly newsletter.
“For women taking control of their financial future”
-Jana Hlistova
From The Purse
In this week’s newsletter, we profile the legendary Sharon Lechter who we interviewed on The Purse Podcast.
Sharon is responsible for building the world’s largest personal finance brand.
Few may know that she is the co-author of Rich Dad Poor Dad (with Robert Kiyosaki), and she ran the organisation for 10 years.
She is a force of nature…at 70 years of age: she is not done yet.
We talk about her journey, women and money, financial education for kids, investing in crypto and much more.
You can listen to the full interview here.
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And you can review the news in brief so you stay on top of global financial, economic and investing trends.
I hope you enjoy this week’s newsletter.
Until next week,
Jana
Sharon Lechter: how money works for women and why financial education is key
Sharon Lecher built the world's largest personal finance brand, Rich Dad Poor Dad.
Sharon co-authored Rich Dad Poor Dad, which has sold over 40m copies since it was published in 1997 (globally).
She ran the organisation for 10 years: 15 books, 110 countries in 51 languages... In her own words: ‘money was flowing, and we were making millions of dollars a month…”
But she had to leave the organisation as she no longer aligned with her business partner, Robert Kiyosaki.
Sharon’s most challenging “money lesson” was actually about life: her happiness and personal growth was more important than her bank account.
And this is why she believes that it is “…really important for women to stand in their own power and not allow yourself to be in a situation that is not supportive and not conducive to growth.”
After she left the organisation, Sharon was asked to reinvigorate one of the world's biggest personal development brands, Think and Grow Rich, by the Napoleon Hill Foundation.
Her best-selling books with the Foundation include Three Feet from Gold, Outwitting the Devil, Think and Grow Rich for Women and Success and Something Greater.
Sharon also got a call from President Bush.
And she was invited to join the Presidential Advisory Council for both President Bush and President Obama to advise on financial literacy.
This led to passing the Credit Card Act in 2009, which includes a clause that prevents credit card companies from soliciting kids on university campuses.
Her own ‘definiteness of purpose’ came after her eldest son returned from his first term at university with credit card bills.
It was then that Sharon decided to dedicate the rest of her career to providing financial literacy for kids.
She’s as passionate about it today as she was in 1992.
And as Sharon often says: she is not done yet…
Listen to the full interview with Sharon Lechter.
News in Brief
Financial news
Nasdaq 100 fared worst weekly drop since Nov 2022 as US 10 years yields pushed 4.6%+.
The S&P 500 is down 5.9% from its peak on March 28, the first pullback of the year. This is the 28th correction 5%+ off of a high since the March 2009 low. They all seemed like the end of the world at the time.
To put things into perspective: fewer than 30% of S&P 500 members trading above the 50-day moving average.
US equity valuations are still high relative to the macro environment, Goldman says. Shiller P/E predicted by Goldman macro model of equity valuations, US stocks are 40% overvalued.
With markets moving to price out future rate cuts (rate cuts of less than 40 basis points are priced in until the end of the year), the US Treasury curve continues to shift higher.
US 10 year yields jump to 4.6% after hot US retail sales. March retail sales rose 0.7% MoM on the headline vs +0.4% expected, while the control group beat by even more: +1.1% vs +0.4%.
A Bank of England deputy governor has predicted that UK inflation will fall back close to the official 2% target in April, for the first time since the summer of 2021 (CPI inflation fell to 3.2% earlier this week).
Retail sales in Great Britain flatline as households continue to feel squeeze. Shoppers cut back in March, with data likely to increase pressure on Bank of England over interest rates.
An exciting statistic from Goldman Sachs: just 10 years ago, the collective market cap of the Mag 7 was $1.5tn. Today, that stands at $13.5tn.
Crypto: bitcoin, ethereum, DeFi & NFTs
Bitcoin completed its fourth halving on Friday (and remained steady), ushering in new era for BTC. After the 840,000th Bitcoin block was created, successful miners now earn 3.125 BTC per block completed, in addition to network transaction fees. Bitcoin is currently trading at $65,074
The bitcoin price fell dramatically, after it got battered last weekend by massive liquidations and trouble in the Middle East. At one point, it dipped below $60,000 for the first time since late February.
Runes Protocol launches on bitcoin, sending fees soaring as users rush to mint tokens.
Ethereum's price has dropped by more than 6%, currently trading at $3,184. A report earlier in the week showed that investors were fast cashing out of digital asset investment products tracking Ethereum.
Pepe, Bonk, and Dogecoin all down significantly—12%, 13%, and 10% respectively over the last week.
ApeCoin got shredded earlier in the week when the wider crypto market took a hit, but it has since recovered from nearly hitting an all-time low.
Worldcoin unveils World Chain, a Layer-2 network ‘built for humans’. World Chain is scheduled to launch later this year in the summer.
Former a16z partner Kathryn Haun to retire from Coinbase board, focus on venture portfolio.
Institutional adoption in blockchain and crypto at its highest point, says BlockDaemon strategist.
The Purse Podcast
We cover the following in this conversation:
The importance of financial education
Women's relationship with money
What are the three biggest financial challenges for women?
What is the money mindset?
How money works for women
Building financial resilience
Creating multiple streams of income
Investing in crypto and digital assets
More+
Please enjoy! Listen on Apple Podcasts and Spotify+
Coffee Break? Read This
We’d love to hear from you. Get in touch with Jana via the The Purse website or tweet @jointhepurse and janicka. We do no provide investment advice. Please do your own research or speak to a financial adviser.
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Sharon Lechter: how money works for women and why financial education is key