Lamar Harris – Money talks

SHE’S the general manager of Stocks & Securities Limited (SSL), and Lamar Harris says the financial landscape is changing. Women are holding positions of power, and it will be these women who make an impact in male-dominated industries.

Harris said she got to her current position through grace and lots of hard work, and cautioned that many women are intimidated by handling their finances because too often they are taught that they will have a provider.

“They are cared for by their fathers and then taught that they will get married and their husband will take on that role,” she said.

“I believe that this stems from one’s youth. Women are not taught to be aware of finances from an early age; the men handle that. Fathers bring their sons into their businesses and teach them the ropes. Men are exposed to the ‘business talk’.”

But, she said, “Each individual has to decide how badly they want something and the ones who are willing to actually do the work are the ones who will succeed.”

Initially, Harris wanted to study law, but ended up in finance.

“I did not let go of my dream to study law. I worked in the financial sector for 10 years before breaking to study law. I have now been given the opportunity to incorporate law and finance; it is a blessing when you enjoy your work,” she said.

Below, Harris answers five questions about women and money fielded by All Woman.

AW: Why are women intimidated by handling their finances? Is this feeling justified?

There is a saying, “Give a woman anything and she will multiply it”, so there is no reason for women to be intimidated by finance. Once she has been exposed to a qualified professional who takes the time to explain to her how to make money, she will have the capacity to multiply that as well. The economic climate is such that families require both the husband and the wife to work. But what if the husband loses his job or they get a divorce?

AW: What resources are available to help women manage their money?

“There are a plethora of financial budgeting tools online, but I find a face-to-face approach works best. SSL offers free consultations which we encourage people to take advantage of. Let someone who knows what they are doing explain the process. It really isn’t that intimidating when explained properly without the financial jargon. Let us do an assessment of your risk tolerance and help you develop your own investment policy.

AW: What kinds of investment products are available that will help women feel comfortable knowing that their money is being looked after?

Investment products are not one size fits all, but there is something for everyone. The important thing is just to start. There are managed plans that allow investors who do not have time to watch the markets be comforted in knowing they have a dedicated team of experts watching their money for them and realigning their portfolio to meet their objectives.

What many people don’t realise is that they can start investing with $5000. The local equities market has provided access to all Jamaicans to invest in local companies that we patronise every day. Many of us buy Kremi ice cream or Lasco products, why not buy their shares? You would have more than doubled your money already had you invested in them at the beginning of the year.

AW: What is the message you would like to send to women to help empower them?

My general message, financial or otherwise, is that women must know their worth. An understanding of self will impact how we govern our affairs. The quality of your life will naturally be impacted by your finances. Women are more than capable of managing their own money. They manage it every time they go to the grocery store and have to decide what to buy. They manage it every time they have to provide for the needs of their children. These are all investments into daily life.

AW: What is the most important lesson you have learned with regards to managing your own money?

We have a tendency to spend first and then look to save later, but this has to be inverted. Further, we have to understand the difference between saving and investing. Saving alone will not get you to where you want to be. You must save to invest. Lord knows, I love shoes as much as the next woman, but I have always had goals that would last much longer than shoes ever will. First it was my education and now I would rather own property than a fancy car that will depreciate. We need to change our perspective and assess what is really important for us. Our money follows our priorities.