From Hairdresser to Entrepreneur “I Was Dismissed When I Asked for a Loan”
Age-related poverty – having no money left in your account? The very thought worries many of us. In fact, almost half of all women in Germany fear this scenario. But it doesn’t have to be this way. Katharina Lages-Willner reveals in this BRIGITTE interview how You can achieve financial independence.
Age-related poverty – having no money left in your account? The very thought worries many of us. In fact, almost half of all women in Germany fear this scenario. But it doesn’t have to be this way. Katharina Lages-Willner reveals in this BRIGITTE interview how You can achieve financial independence.
Reinventing yourself is something Katharina Lages-Willner can do. Today’s Co-President of BPW Germany, an association that initiates Equal Pay Day in Germany and advocates for women’s participation in working life, has already had several careers behind her. Starting as a master hairdresser and make-up artist, her path led her to the top management of large corporations. She then founded her own company and is now active as a business consultant. Her mission: she advocates for fair pay, more women in leadership positions and, above all, closing all gender gaps. In the BRIGITTE interview, she talks about her journey and makes it clear: a lot is possible, even with little money!
BRIGITTE: What does financial independence indicate to you?
Katharina Lages-Willner: Since 1977, women in Germany have only been allowed to pursue their own profession without their husband’s consent. This means that the women who are now 60 years old were already young adults when this right was introduced. This generation raised the Millennial generation and passed on their experiences and imprints. Financial independence is therefore unfortunately not a matter of course. Being financially independent means independence and the possibility of a free life – travelling, studying, pursuing a profession, saving, moving out and so on.
Masterclass Finanzen: Become Financially Fit!
Our self-learning course: Secure an overview of your financial situation, determine your market value and develop from a saver to an investor. Four financial experts will accompany you – flexibly and at your own pace!
Why is it so important today?
The most important factor for me is independence from partnerships. We know that financial dependence on a partner disproportionately increases the experience of violence and oppression. The BKA’s dark field study (LeSuBiA) shows that “women are particularly affected in their lives by having financial information withheld from them against their will (6.9 percent; men: 3.0 percent, note: editor).
The gender pay gap is still 16%. What advice do you give women to conduct salary negotiations?
The basis of a successful negotiation is a strong and confident personality and the ability to decide individually. This means that negotiations are strongly dependent on preparation. It is important to know the counterpart. How do they function and what are their needs? I repeatedly experience that women, especially, fall into a mode of justification to explain their performance, which has been devalued by others.
What helps to achieve long-term financial independence?
It is better to be aware of one’s own abilities and benefits for the employer. This creates no feeling of having to prove oneself. Women who know beforehand what they bring to the table can lean back confidently and openly state what they should earn. Salary is a compensation paid by the employer for the genius brought in.
Around half of all women have financial worries. How can we deal with them?
Checking online banking is for many like opening the mailbox – often with worries. I can retrospectively understand that well. No one spoke to me about money in a positive way. I do things differently with my daughter today. We talk openly about money because I want to give her a sense of ease and confidence regarding finances. In general, we should talk more openly about money and earnings in society. Only when these topics are visible can things change for women. Here I too observe a duty for companies. The more employers address the issue openly, the more others will follow and set a new standard.
What steps help to strengthen one’s own financial independence?
Talking about it is one of the most important conditions for stable financial situations of women. So, speak positively about money, start with small amounts, invest, and demand pay transparency. I started my professional career with an apprenticeship as a hairdresser. With a net salary of 170 euros, there wasn’t much possible. Nevertheless, I could have started an equity savings plan with 10 or 20 euros. We always think we have to be wealthy to build wealth. That doesn’t have to be the case.
Financial knowledge is often associated with uncertainty. Why is that?
I see the problem more in the fact that women or girls are not trusted to work with finances. As long as successors for companies are still more likely to be entrusted to the son-in-law than to the daughter, we have a problem in society and economically. Whoever tells women: “Find a wealthy man who will provide for you and a job for yourself where you can be there for your children part-time” produces financial inequality in the system. In Germany, we have the highest part-time rate in Europe – usually caused by a lack of care, a lack of appreciation of employees after the birth of a child and, above all, rigid job concepts. Yet, women in part-time jobs often work full-time. “That you work part-time, you hardly notice…” is not a compliment, but a request to finally be paid for the full performance.
What was your boldest decision for your financial independence?
I founded my own company, HeartBrain Consulting, almost six years ago. When I asked banks for a loan, I was simply dismissed by most of them. One institution even told me that I had very little chance of getting a founding loan as a woman. Simply because I am a woman. The boldest thing was probably that I didn’t let myself be influenced and asked for a slightly higher amount at each subsequent bank. I was in a good position at the time.
What did you learn from that?
It wasn’t about my gross income, but clearly about the attitude towards me as a woman. The success gives us right. Women act more intuitively when investing and therefore often have greater success in the stock market. Starting small and becoming bolder pays off. Setting up a savings plan and seeking advice from a consultant I trust helped me a lot. For me, that was important to have a good feeling, and I actively demanded that. Companies can also support their employees in this. Providing for retirement is even valuable for companies for several reasons: such benefits attract and retain employees and support them, allowing them to use their energy more effectively. That should be the highest economic priority.
What message do you want to send on International Women’s Day?
Women must become the norm in our economy. We are 50 percent. Anyone who still thinks about giving up half of the potential is not thinking correctly. I wish all women tailwind. Let us leave old patterns behind. To all those who have already made it to the tree: hang ladders for those who come after. Let us be role models and conversation partners for each other to make greater demands and negotiate our conditions more clearly. It is not just a day, it is a whole life – and that of our daughters. Only when we talk openly can we solve the challenges. And that requires much more open conversations, recommendations and stock portfolios.
