What Women’s History Month Means to Me: SaverLife’s Coaches Reflect on Their Financial Journeys
This year’s Women’s History Month is special, coming only a few months after our country inaugurated our first female vice president. The strides we’ve made in the 100 years since the passing of the 19th Amendment granting women the right to vote have been incredible. 40% of business owners are women. There are 114% more women entrepreneurs than there were 20 years ago.
But as great as these strides are, we still have a long way to go to achieve financial equality. The numbers vary, but statistics show a gap between how much women and men earn. We reached out to several SaverLife financial coaches to learn what Women’s History Month means to them.
My Financial Advice for Women, by Tania Brown, CFP
Women’s History Month inspires me to empower women financially. Here is my financial advice for my female clients.
1. Know Your Worth
Don’t assume your employer is paying you what you’re worth. Most likely, they aren’t. I encourage women to use salary calculators on websites like Glassdoor, Payscale, and Career Contessa to estimate the average pay for your job.
2. Get Paid What You’re Worth
When I worked for a recruiting agency, I was amazed at how many men had fewer job qualifications yet demanded more money. Even when women met all of the job qualifications, they rarely negotiated their salaries. If you’re underpaid, make your case, and ask for more money. You’re worth it.
3. Be Your Own Financial Advocate
When using financial services, do not assume the first offer you get is the only option. Single women pay more for mortgage loans than men. Women make up 57% of all higher education students but hold nearly ⅔ of all debt. I feel honored to work with SaverLife to help women make informed financial decisions.
Stand at the Helm of Your Own Financial Journey, by Maureen Paley, AFC
Women and their finances are relevant and imperative all year round, not just during Women’s History Month. That said, it’s important to remember that this is a month where we celebrate the successes, triumphs, sacrifices, and resilience of women around the world. Many of these victories have been connected to women’s fight for financial independence and self-sufficiency. When a woman’s financial well-being is intact, she is in touch with her values and makes her best decisions. She determines how her money engages with the world.
When I work with female clients, I usually find them excited when they discover or rediscover their birthright to manage their money: to call the shots on how their money gets spent and saved, to stand at the helm of their financial journey. When women get in touch with this internal and innate power, they often meet their goals. In fact, the help, support, and conditions needed to meet those goals tend to materialize on her path. It’s as if the financial goal is cheering that woman on and ready to work for her!
The more we can support the financial wellbeing of women, the more our communities will share in the successes, triumphs, sacrifices, and resilience that we honor during Women’s History Month.
Finding My Financial Confidence, by Lorna Saboe-Wounded Head, AFC
It has taken me years to be confident in my financial decisions. As a young adult, I was unsure of my financial abilities and had a feeling that I wasn’t doing things the right way. It has taken time to become confident in making personal financial decisions and to accept the mistake I have made. In fact, my confidence has increased because I learned from my mistakes.
The women highlighted during Women’s History Month have taken remarkable actions to improve the well-being of women and mothers. Their confidence to pursue their goals and learn from mistakes inspires me to empower women to be confident in making financial decisions.
So, where do we go from here?
We become each other’s top advocates and work together to achieve equality. First, we will have to become our own financial advocates and commit to educating ourselves and the next generation. SaverLife offers a ton of resources to help you become financially secure. Second, it’s encouraging and supporting each other in the marketplace. No one will understand the struggles of being a woman in the marketplace or working mom, other than us. The more women we can build up and grow in leadership positions, the quicker we can make the workplace more inclusive.