Women’s History Month: Women In Finance


Because March is Women’s History Month, we’re taking a moment to reflect on many of the important contributions women have made to society. At Destinations Credit Union, we’re proud to be a part of the nationwide celebration of women. 

As part of this effort, we’d like to take time to recognize a few important women in the history of finance and entrepreneurship. Here are five lesser-known and underappreciated women who are sometimes left out of the popular economics conversation. That, of course, does not diminish the importance of their trailblazing efforts and work.

1.) Maggie Lena Walker, first female bank president
Maggie Lena Walker was the first woman to charter a bank. The St. Luke’s Penny Savings Bank was a community lending institution designed to promote savings and homeownership, especially among women and racial minorities. Founded in 1902, the bank served the Richmond, Virginia area for several years before it merged with two other banks. Walker went on to serve as chair of the board for the consolidated bank.
By 1920, St. Luke’s had helped more than 600 people buy homes. Walker’s vision and leadership set the standard for community lending institutions. Her bravery and trailblazing business spirit, at a time when women didn’t yet have the right to vote, is truly commendable.
2.) Marie Van Brittan Brown, inventor of the home security system
While few museums will showcase her work, nearly all of them have some modern iteration of the device Marie Van Brittan Brown pioneered. She was the original architect of the home security system. Her system was devised in response to the dangers she perceived in her own neighborhood.
Concerned about the length of time it would take police to respond to a call for help, Brown put a camera on a mobile swivel to enable it to view the front door through each of four peepholes. A motion sensor triggered a recording device, and the system also enabled the homeowner to view and listen to the cameras by using a television set. Brown’s original home security system soon caught on in businesses around the country. She was given an award from the National Science Committee for her work.
3.) Victoria Woodhall and Tennessee Clafin, first female stock brokers
These two pioneering sisters broke the gender barrier on Wall Street. They ran the first female-owned brokerage. Despite the blatant sexism they faced in their struggle, the two sisters made millions advising clients like Cornelius Vanderbilt. While enduring headlines like “Wall Street Aroused,” the two sisters quietly made enough money to put their male counterparts to shame.
Woodhall would go on to be a polarizing figure in the suffrage movement. She made the first recorded run for president as a woman, doing so a full 50 years before women were legally allowed to vote! While her suffrage-based platform didn’t carry the election, her intellect and force of persuasion were instrumental to the passage of the 19th Amendment.
4.) Rosemary McFadden, first female exchange president
Rosemary McFadden broke another gender barrier in finance. She was the first woman to serve as president of any American exchange. Starting her career as a staff attorney for the New York Mercantile Exchange, she climbed the career ladder to become the first female president of that organization or any other trading exchange in American history in 1984.
Despite the steep resistance she encountered as the first woman in a traditionally male position, McFadden was a strong and effective leader. When her term was up, she continued to climb towards greatness. She now serves as deputy mayor of Jersey City, New Jersey.
5.) Abigail Adams, first female investor
The wife of President John Adams is mostly noted for her documentation of the home front of the Revolutionary War and for her strident advocacy for women’s rights in the early years of the country’s founding. A little-known tidbit, though, is that she’s also America’s first documented female investor.
Adams managed the financial affairs for the household while her husband served in war and, later, in the White House. She was quite a shrewd woman, making a great deal of money investing in government bonds. In one exchange in 1783, her husband advised her to invest some money in farmland. She ignored the advice, buying bonds instead. The move made her family quite a bit more money in the long run!
Your Turn: What influential women in your life would you like to honor this month? Let us know in the comments about the women that have played a big part in shaping who you are!

Investing In Your Career


When you think of your investment portfolio, you probably think of stocks, savings and maybe a few other financial products you own or things you’re planning to use for buying a house, fund retirement, or to keep yourself protected.  What you might overlook is the investment you’ve made in your career. You’ve invested time in your career, and if you’re still paying off student loans, you definitely know you’ve spent money on it as well.  Just like any other investment, your career has risk and return.  If you want to get the best return on your investment in your career, then here are a few tips that can help: 

Get a degree.  If you haven’t finished college, you might have found yourself bumping up against a glass ceiling.  You can finish your degree online, often in a short amount of time and without spending a ton of money.  If you’d rather go back to school in person, talk to us about student loan options.  

Get an advanced degree.  It’s no surprise that the average income goes up with each advanced degree that individuals earn.  If you’re looking to advance your career, consider using one of our loansto finance an MBA, which is useful in virtually every field. 
Build your brand.  More and more, career changes and advancement can be built through the Internet and social media.  You can work on building your personal online brand or get training and a certification in all sorts of software and design to help others build their brand, making money in the process.
Learn another language or another culture.  There are very few job skills as portable as language and communication.  If you find yourself out of a job, knowing another language can help you get that next one lined up. Understanding different cultures makes it easy to move if the next job is across the country or even elsewhere in the world.
There are a lot of ways to invest in your future, but the one we tend to overlook is spending money to develop our jobs.  Unless you got in on the ground floor of investing in Google, you’re probably never going to find an investment that pays you more over the course of your life than the one you’ve made in your career. Don’t neglect it.