Podcast Summary: "Work-Life Balance Is a Lie with Thasunda Brown Duckett"
Podcast Information:
- Title: My So-Called Midlife with Reshma Saujani
- Host: Reshma Saujani (Lemonada Media)
- Guest: Thasunda Brown Duckett
- Episode Title: Work-Life Balance Is a Lie with Thasunda Brown Duckett
- Release Date: April 16, 2025
Introduction to the Episode
In this compelling episode of "My So-Called Midlife," host Reshma Saujani engages in an insightful conversation with Thasunda Brown Duckett, President and CEO of TIAA. The discussion delves deep into the myths of work-life balance, the challenges women, particularly women of color, face in achieving financial security, and the profound impact of grief and leadership in midlife.
Personal Reflections and Leadership
The Essence of Leadership
Reshma opens the conversation by sharing how her dialogue with Thasunda provided her with much-needed clarity during a tough week. She reflects on leadership, emphasizing that titles are temporary, but owning one's values is eternal.
Reshma Saujani [05:20]: "You rent your title, but you own your values."
Thasunda echoes this sentiment, highlighting that true leadership is defined by character and purpose rather than merely holding a prestigious position.
Purpose-Driven Success
Thasunda discusses her definition of success, which transcends accolades and is deeply rooted in purpose and the positive impact one can make in the world.
Thasunda Brown Duckett [10:18]: "Success to me is not measured by the accolades. It's measured by this purpose. This purpose to inspire and make a positive impact in the world."
Financial Empowerment and Wealth Building
Understanding Wealth Beyond Numbers
Reshma and Thasunda explore the concept of wealth, moving beyond just the amount of money one has to what wealth truly means in terms of power, agency, and freedom.
Thasunda Brown Duckett [07:11]: "We need a conversation that's about power, one that's about agency, one that's about getting over our fear of risk, one that's about designing a life that gives us freedom."
Challenges for Women in Midlife
Thasunda addresses the stark reality that women, especially women of color, retire with significantly less savings than men. She attributes this disparity to structural issues such as the pay gap, higher rates of workforce exit, and lack of access to financial education.
Thasunda Brown Duckett [26:42]: "Women retire with 30% less than men. This is due to structural factors like the pay gap, workforce exits, and lack of targeted financial resources."
Sisterhood and Community
Creating Financial Support Systems
The conversation shifts to the importance of building supportive communities among women to discuss finances openly. Thasunda emphasizes the power of "sisterhood chats," where women can share their financial journeys, support each other, and seek expert advice together.
Thasunda Brown Duckett [36:06]: "We do it with wine, we do it with tears, we do it with laughter. And then we do the research and we get going. That, to me, is the power of sisterhood."
Practical Steps to Financial Health
Thasunda offers actionable advice for women to take control of their finances, such as maximizing employer retirement contributions, adopting the 24-hour rule for online purchases to curb impulse spending, and starting small with savings to build an emergency fund.
Thasunda Brown Duckett [31:48]: "Click all you want and wait a day... Instead of checking out, move $50 into your savings account."
Handling Grief in Midlife
Navigating Personal Loss
Thasunda shares her personal experience of losing her brother in 2022, discussing how grief intersects with leadership and personal identity. She emphasizes that acknowledging and sharing grief can lead to deeper human connections and collective healing.
Thasunda Brown Duckett [50:01]: "Grief is love with no place to go... I am living my best life because everything that brings me joy is in my allocation."
Integrating Grief into Professional Life
Rather than masking her grief, Thasunda chose to be vulnerable in her professional setting, which not only humanized her but also encouraged others to acknowledge their own struggles.
Thasunda Brown Duckett [54:16]: "I shared it. Do you know so many people came back, the number of people that added their beneficiary went up."
Debunking the Work-Life Balance Myth
Redefining Balance
Thasunda candidly addresses the elusive nature of work-life balance, sharing her personal struggles of juggling a demanding career with motherhood. She introduces a transformative concept: treating life like a diversified portfolio where each aspect—be it work, family, or personal interests—receives intentional allocation.
Thasunda Brown Duckett [44:22]: "Work life balance is a lie... Think about everything that matters to me... being a mom, an executive, a philanthropist..."
Practical Allocation of Time and Energy
By adopting this portfolio mindset, Thasunda explains how she became more present in her roles, ensuring that each part of her life receives dedicated attention without overextending herself.
Thasunda Brown Duckett [47:03]: "If I give you those 15 more minutes on my mentor allocation, I'm taking away from my family time because I will be under allocated in another area that brings me joy."
Practical Financial Advice for Midlife Women
Building an Emergency Fund
Thasunda underscores the importance of having an emergency fund, especially for women who often face financial uncertainties. She advises starting small by cutting non-essential expenses and gradually increasing savings.
Thasunda Brown Duckett [33:41]: "Start small, take action, and over time you can get to that $400. Start with adjusting your financial habits to save more."
Maximizing Retirement Contributions
She emphasizes the critical step of ensuring that one maximizes their employer’s retirement match, highlighting that failing to do so is leaving significant money unclaimed.
Thasunda Brown Duckett [30:20]: "Check your company and make sure you are at least maxing out to the point of their match. If not, you're leaving coins on the table."
Conclusion and Key Takeaways
This episode of "My So-Called Midlife" offers a rich tapestry of insights into navigating midlife challenges, particularly for women of color. Thasunda Brown Duckett provides a blend of personal anecdotes, professional wisdom, and actionable advice that empowers listeners to redefine success, build financial resilience, and foster supportive communities.
Key Takeaways:
- Redefine Success: Focus on purpose and positive impact rather than titles and accolades.
- Financial Empowerment: Understand wealth beyond numbers and take proactive steps to secure financial future.
- Community Support: Build supportive sisterhoods to openly discuss and navigate financial challenges.
- Embrace Vulnerability: Acknowledge and share personal grief to foster deeper connections and authenticity.
- Rethink Balance: Adopt a diversified portfolio mindset to allocate time and energy effectively across all life domains.
Notable Quotes:
- Reshma Saujani [05:20]: "You rent your title, but you own your values."
- Thasunda Brown Duckett [10:18]: "Success to me is not measured by the accolades. It's measured by this purpose."
- Thasunda Brown Duckett [36:06]: "That, to me, is the power of sisterhood."
- Thasunda Brown Duckett [44:22]: "Work life balance is a lie."
- Thasunda Brown Duckett [50:01]: "Grief is love with no place to go."
This episode serves as a beacon for midlife women seeking to navigate the intricate dance of personal fulfillment and professional achievement. By sharing her journey, Thasunda Brown Duckett not only inspires but also equips listeners with the tools to live authentically and purposefully.