06 Oct Understanding and Improving your Money Mindset
For women, financial independence isn’t just a matter of strength; it’s a matter of necessity. Given that women still make pennies on the dollar and that our companies are not being funded like our male counterparts, means women need to work harder, save more and be in charge of their finances. Yet, bring up the word money and most women avoid it like the plague – myself included!
Why is that? Well for starters, money has been widely considered the domain of men. Clear my throat (loudly). That has to change ladies. If you’re still hesitant, resistant or on the fence about this call to action. Here’s a few alarming stats that should piss you off enough to move you to start getting comfortable with money, like NOW.
- The gender pay gap, average pay to a man’s dollar: 86 cents for Asian women, 82 cents for women overall, 75 cents for white women, 61 cents for Black women, 58 cents for Native women, and 52 cents for Latinx women.
- Women on average reach their peak earnings at age 44. Men keep climbing for much longer and reach their peak earnings at 55.
- Due to these pay gaps, women on average lose some $900,000 over a 40-year career, according to a recent estimate.
- Women ask for raises as often as men but don’t get them. In one study, women who asked for a raise got one 15% of the time, while men got raises 20% of the time.
- Companies run by women received 2.7% of all venture capital funding in 2019 … and that’s a record high.
- Minority-owned businesses (women and people of color) are three times as likely to be denied loans.
- Women spend an average of two hours a day on unpaid labor like care work, child care, and domestic chores. That’s 95 eight-hour workdays, or almost five months of work.
Umh…after reading these, don’t you agree it’s time to change this all up? Can I get a hell ya?!
Where to start? Just like anything, these outcomes originate from somewhere. For many of us, that begins with our money mindset. A “money mindset” is your subconscious beliefs, thoughts, and habits regarding money. It’s the way you “interact” with money – save, spend, charge and grow – and the visceral emotions it evokes – scarcity or abundance. Your money mindset informs your financial habits and shapes your everyday life, influences the actions you take or don’t take, and determines your money potential.
Truth be told, like everything in life, your money mindset may not always be perfectly balanced – and that’s okay! Things happen and you may revert back to scarcity thinking, the key is being mindful and aware and then self-correcting to get you back on track. We need to stay diligent, focused and moving forward to advance our individual (and collective) financial well being.
If you’re picking up what I’m putting down, you’re going to LOVE the fact that at SecondActWomen, we’re now adding a dedicated Money focus to our workshops, conferences and overall programming agenda. That’s right! We’re going to create spaces for you to comfortably learn, grow and apply money strategies to shed limiting beliefs and step into your new or improved relationship with money. Why? Because you damn well deserve to get paid what you’re worth sister!
For starters, Insider Members now have access to our first Money Mindset worksheets. Just login to your account, download and start learning about your money origin story and tips you can start using right now to mentally reset how you interact with money. Not an Insider? Let’s fix that! Click here to learn more about membership and tap into these and other printables, videos, and resources to level up your game.