Money has always been something of a mystery to me. As the daughter of a financial advisor, I should have an advantage in this arena, but I find myself to be more similar to my good friend who can barely sit through a movie despite her father working in the film industry.
I can understand the simple concepts: the difference between a debit card and a credit card, budgeting, a 401(k); you get it, the list goes on. But it gets to be more complicated with subjects like the stock market. Luckily, I have a grandmother who is always willing to learn from and educate anyone she may encounter. I sat down with my grandma, Bev, to ask her about the women’s investment group she was a part of for almost 30 years This is what I learned.
My grandma joined The Laughing Stocks in the ‘90s after being invited by a friend. She told me financial clubs were all the rage because many were inspired by Peter Lynch, a successful Fidelity economist. The group’s goal was simple: educate other women and make money. There were bylaws and rules and order. The highest order was that no men were allowed. Grandma said that women could be easily intimidated by men’s power, and The Laughing Stocks were not interested in being told what to do by a man. It was the ‘90s, but these women grew up with men in charge. My grandma said they didn’t know much about money because their husbands handled the finances. The women were middle-aged, white, upper-class Jewish Democrats. They had come from lower-middle-class upbringings but now lived just above New York City in the shiny suburbs of Westchester. My grandma described them as “comfortable” but frugal.
In the years my grandma was in The Laughing Stocks, she had adult children who then went on to have children and lives of their own. A new millennium turned, wars raged overseas, recessions struck the market and a pandemic paused the globe. My grandma worked with my mom as a photographer, attended Spanish classes and took up community projects to educate herself and serve others. But in her 54 years predating the financial club, she was a girl from the Bronx who went from her parent’s home to married at 19 and raising three children as a young woman. She was not college-educated, but she was artistic. She was a homemaker, cooking dinner each night with bread and butter and a salad to start. She didn’t know anything about money and was accustomed to the men in her life being in charge of finances. She told me of a distinct memory of her mother asking her father for money to shop. She never had to do such a thing with my grandpa, but she did say it was a groundbreaking moment when she went to a conference and the speaker told the audience to “put the charge cards in your name, not your husbands.” She found it fascinating to gain an understanding of finance.
The women gained a certain level of agency by belonging to The Laughing Stocks. My grandma was an exception given that most of the other women had graduated college, but they all lived similar lives. They were “smart women,” lots of teachers and social workers who did their own research. They had no broker and took most of their investing ideas from their daily lives. Sure, they read the financial page in the newspaper, but if one woman shopped at Costco and saw its success, she’d pitch it to the group.
Each month, they took turns meeting in each other’s homes, with the secretary taking attendance. They did a portfolio review to track what they already owned, “read the minutes,” or notes, from the previous month and then a couple of women would report on a new company. As a group of eight, they would discuss and vote on whether or not to take a given company. They analyzed information from the internet and Value Line, a financial publication. Sometimes they made good choices but also bad ones, my grandma told me. They refused to invest in unethical companies, and they didn’t gamble. “We were conservative,” she said. Instead, they were strategic; rather than investing in Tesla, the club would buy the battery that went into the car. But it’s not just about the economy; the group also focused on “current events, politics, social happenings” and other situations that impacted the market. Gaining an understanding of the global economy is essential to successful investing.
I became curious about The Laughing Stocks after the group dissolved in 2023. She told me they had been dwindling in size because the members were passing away. At the time, their ages ranged from 80 to 94. My grandma was the youngest one. She says, “There were signs that it was time!” She is very excited about this article and is “absolutely confident that investment knowledge should be learned by all women.” She believes it should be part of the high school curriculum, and it’s difficult to disagree with her given all she has learned.
I asked my grandma about the most valuable lessons she has learned from The Laughing Stocks. She shared the following, and I’ve arranged them in order of my favorite leading up to the bottom:
- No matter how much money you make, some should be set aside for investments.
- Always do your research before you invest.
- The younger you start, the better.
- Investing creates generational wealth.
- You must read the climate to know when to get in and when to get out.
- Timing is everything. Trust that your investment will grow with time.
- Don’t gamble your last dollar.
- Money gives you the privilege of choice.
- It’s not just moisturizer and new shoes.
- It is absolutely essential for women of any age to learn how to manage finances and to resist letting the males in their lives assume this responsibility.
- Become savvy and participate.
In a moment of true irony (and sweetness), my grandpa cut in to say that Fortune 500 companies are the most stable in the volatile market. Buying two to three shares of a blue chip stock makes an excellent investment because they’re reliable. An example of a blue chip stock is Apple or Coca-Cola. In response, my grandma said, “See, that’s how the men take over … no, no, I’m teasing.” It was adorable (she hates it when I use this adjective to describe her).
What I found more interesting was what she shared about what it taught her about herself and other women.
- I’m smarter than I thought I was.
- Everyone has something to offer.
- Today’s woman is different, but I wonder how different she really is… it’s still a man’s world.
As I sit here and write this, I’ve become slightly emotional, which is not surprising for me. I’m so proud to come from this woman, and in a strange way that I’m not sure we’re really meant to feel or express about older relatives, I’m so proud of my grandmother. She teaches me every day what it means to be a woman and a great one at that. I’m fortunate to bask in whatever knowledge she has to offer, and I urge you to look to the women in your life this month and honestly every day for wisdom, strength and guidance.
There is always more to learn, and I know that because of my grandma.