Long before the #metoo movement and before Oprah gave her speech at the Golden Globes, I have been working to help women become “financially fearless!” I created Purse Strings, just over two years ago, to help women learn how to make smart financial decisions for themselves and their families. This work is woven into my DNA.
As an educator, working in the insurance and financial industry, I could clearly see how the financial needs of women were not being addressed. Nothing’s changed so I took on this task.
Purse Strings is my mission. I created the model and fully bootstrapped the effort. (Don’t even get me started on the difficulty for women entrepreneurs getting funding! We will save that topic for another blog!)
Purse Strings was created for all women who want to get a handle on their finances. Too often I saw women in their retirement years bagging groceries at Target or young women who must work two jobs to make ends meet. I would think, do they want to be doing this? Or, do they have to do it to pay their bills?
So, I did the research and report after report stated that women are financially behind. For instance, women are not paid on par with men; women are farther back because they leave the workforce to care for children, minimizing contributions to their retirement funds; many women slip into poverty after death or divorce of their spouse.
The problem was bigger and wider than I was even aware.
Women are in control of 14 trillion dollars…. And growing…
Moreover, the data also showed that the insurance and financial industry wins the award for being the least sympathetic to women. When I tell that to women they just nod their head in agreement. Yet, (wait for it….) women are in control of 14 trillion dollars…. And growing. There is a HUGE disconnect here!
Every day, really EVERY DAY, I hear stories of how women have been underserved, overlooked, dismissed, and ignored by their financial professional. I hired a researcher to help me validate my information and even she sent me this story. Here’s what she told me.
“I wanted to tell you about a conversation with a friend over Christmas that in a personal way validates the research I did for you. She’s pretty financially savvy and was in an investment club but when she and her husband hired a new financial adviser, the adviser talked just to the husband. The husband said, ‘Don’t tell me, she’s the one with the financial background here.’ But the adviser kept ignoring the wife and talking only to the husband. Neither the husband nor the wife liked that. A couple months later they took their entire retirement savings to another investment service. Good for them, right!?”
Women tell me the first thing they would do is fire their financial planner if anything happened to their husband. Others tell me that it was too late before they saw fees rack up on their investments, buys and sells that seemed to serve their advisor, and not them. Some tell me they give the financial responsibility of their money to their spouse, partner, friend or other.
Ladies, I am here to support and provide you what you need be in control of your financial future. I am making it even easier for you by putting the necessary information right at your fingertips. We’ve asked you what you want to learn, did the research, and provided you easy-to-use tools and information you can access 24 x 7.
My focus is on all women; from women going through transitions to those newly minted college graduates who are launching a new career. Read the valuable information on our site. Participate in the #Money Diaries and reach out and Ask an Expert any financial question you have. It’s free and it’s built for you.
So, how can we give these resources at no cost to you? Well, at Purse Strings we are always looking for insurance and financial providers who want to serve the female market. We want to give the women in our community access to professionals who know how to partner with you on your financial goals.
Financial professionals pay to attend our Purse Strings Approved education that teaches them just how to do all that. Then, if they are serious about making changes to go above and beyond to serve women they can apply to be a Purse Strings Approved Provider. This means we put them through a rigorous assessment and vetting process. If they pass, they can then become a part of the Purse Strings community. There is an annual fee which provides them access and promotion to our community of women. This creates a unique income stream for financial professionals.
Does this mean these financial professionals can reach out and sell to women in the Purse Strings community? NO! It means women can access the cadre of Purse Strings Approved professionals, and with one click directly from the Purse Strings site, connect with a professional via email and ask a question or set up an appointment.
We are helping women become financially fearless by giving them the tools and resources right at their fingertips and providing them high-caliber financial professionals who are all about serving women!
Help yourself to Purse Strings. And, help Purse Strings by only doing business with Financial Professionals who are Purse Strings Approved!
Please share Purse Strings with your friends, moms, aunts, and daughters. The future is female and the future is now!
Be Financially Fearless!
People say that money is not the key to happiness, but I always figured if you have enough money, you can have a key made.
– Joan Rivers
We will provide you useful and timely information you can use to be #financiallyfearless