The Power of AND

It is fantastic that the media is finally focusing on the personal side of money. Exactly why I started my practice, Emily Scott &. We are taught early on to not talk about money. Our money stories affect everything in our lives and the feelings/emotions we have around money impact our decisions and our relationships.

The Ethicist column in the New York Times recently posted a letter from a son about his parents' trust. I wholeheartedly agree with the Ethicist's response. If the letter writer was my client, I would have us go deeper to learn his money story and how his parents' plan triggers his emotions and feelings about money that he isn't aware of. Given that many are taught to not talk about money, it is understandable that we are unaware of our emotional side of money (also called the human side of money).

At the end of our lives, what do we most wish for? For many, it's simply comfort, respect, love. BJ Miller is a hospice and palliative medicine physician who thinks deeply about how to create a dignified, graceful end of life for his patients. Take the time to savor this moving talk, which asks big questions about how we think on death and honor life.

Esteemed business consultant, author, and lecturer, Jim Collins, has famously said that, “Builders of greatness reject the ‘Tyranny of the OR’ and embrace the ‘Genius of the AND.’” According to this concept, we can “embrace both extremes across a number of dimensions at the same time—purpose AND profit, continuity AND change, freedom AND responsibility, discipline AND creativity, humility AND will, empirical analysis AND decisive action, etc.”

Psychologist Stephen Goldbart and psychotherapist Joan DiFuria have jointly written about the importance of maintaining a mindset that focuses not just on the accumulation or management of wealth, but also on a sense of deep fulfillment.

Emily Scott references this idea as being one of the core beliefs that drives her work and passion. She doesn’t believe that her clients have to choose between honoring and promoting their values and beliefs OR capitalizing on their investments.

“Come to the conversation curious.”

If Emily Scott has a mantra, this is it. No matter what she is doing, the San Francisco-based philanthropist and financial advisor leans into the wisdom of curiosity and growth. Whenever she is faced with a thorny problem, or even an exciting opportunity, she digs into her toolkit of inquiry to figure out what to do next. 

“Ask questions. Ask more questions. Challenge yourself and your perceptions,” Scott says. 

Few people make it to college after growing up like Carida Ward, whose mother sold her at age 8 to a pedophile she didn’t escape from for five years. Or like Tiffany Brown, who was put in a lockdown facility as punishment for running away from home.

But the two are excelling at City College of San Francisco because of a program that has helped hundreds of former foster children on campus for seven years — and which is now in crisis itself as college officials alienate private funders, fail to provide timely services, and treat some students with surliness. Until recently, the Guardian Scholars at City College was reknowned for its warm approach to vulnerable students.

To Give or Not To Give

When asked what one of the bigger personal challenges a philanthropist faces, the answer often is “saying no when asked for funding, board participation, or a time commitment.”  At The Philanthropy Workshop, where I am an alumna, we refer to this as the investment of our time, treasure, and talent.

Meet Emily Scott, guest writer this week. Emily is a humanist, writer, philanthropist and all-around person to know. Emily and Steve Gang of Resonance are engaged in our latest Osbon Capital project.

In some ways, Emily Scott Puttruck, 58, has it all: wealth, years of experience on Wall Street, an expensive co-op apartment in San Francisco, a hybrid car and an MBA from Cornell. "There's no question that the majority of the world would look at me and think I'm crazy to worry about becoming a bag lady," Pottruck says. "My rational mind knows that I have more than enough money for a very comfortable life." But while Pottruck donates plenty of time to nonprofits, she hasn't worked for a paycheck in more than a decade. She's also going through a divorce. "When you're dependent on your investments, control is automatically taken away," she says. "I sit in investment meetings, and I'm the one who says, 'So what happens when there is a crash?'" Pottruck's fear comes in part from a horrible experience.

It is estimated that between 5.5 and 6 million people have died in the war-torn Democratic Republic of the Congo since 1998, half of them children, and at least half a million Congolese women and girls have become victims of sexual violence. Sharing these numbers, and the stories behind them, is something Emily Scott Puttruck '78 does regularly as a board member for V-Day, a global movement to end violence against women and girls.

4 Segments:

1. Choosing a wealth manager, understanding your needs and wants

2. Couples interaction re. financial decisions (starts at 13:45)

3. Philanthropic pursuits and impact, International/Domestic philanthropy, Going outside your comfort zone (starts at 28:47)

4.  Philanthropy and Suggestions for how to become passionate and intention in your philanthropic endeavors (starts at 51:45)