Having gone through a nasty and public divorce, former Los Angeles Dodgers CEO Jamie McCourt is now on a mission to educate women about financial literacy.
In a conversation with HuffPost Live’s Caroline Modarressy-Tehrani on Monday, McCourt — who reached a $131 million divorce settlement with Frank McCourt in 2011 after 32 years of marriage — said that in making “so many mistakes along the way,” she’s now in a position to impart her knowledge onto others. Her big advice: Be aware of your finances.
“If I tell people anything, it’s if you have a dollar, you have $1,000 [or] you have more than that, have a lawyer,” she said. “Have your own accountant. Follow where it’s going. Understand how to invest it. Understand what you’re giving up.”
At a MIT conference late last year, McCourt said she “could not have been more ignorant or naïve about my own personal situation, and I ended up paying dearly for that mistake.”
The business executive acknowledged to HuffPost Live that it “doesn’t sound romantic” to inquire about the ins and outs of your financial situation with your spouse. But she said it “can’t hurt to understand what’s happening.” She made one point quite clear: “Marriage is big business.”
“It’s business and it’s romantic business, but it’s business, so understand the business,” McCourt said, “I mean, it’s a contract.”
McCourt also outlined her three big pieces of advice when it comes to financial literacy: Figure out how to become self-sufficient; understand what you want in terms of controlling the conversation; and pay attention to your best skills and leverage them.
“Use what you have and rely on it,” she said. “Be your own startup.”
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