Important Ways to Financially Empower Your Daughter

We live in a world where women are 80% more likely to live in poverty after retirement, make only 85% of what their male counterparts earn, and sit in the CEO position of just 7% of Fortune 500 companies. Put simply, it’s a world without equality, and it’s a world in which we should refuse to raise our daughters. It’s true that we are progressively moving in the direction of a better future for our girls, but having these conversations with future women is absolutely crucial to continue our societal growth toward equality. 

In order to have a generation of women who are financially secure, self-reliant, and empower with their money choices, parents today must consciously make decisions that support this. Financial empowerment isn’t something that happens by itself. Instead, we must make the intentional decision to open up and have these conversations, leading by example, and teaching as we go.

Open a Savings Account for Her

Learning to actually save money is probably one of the most challenging lessons for people, so why not introduce the idea from an early age? A savings account is a great way to help make your daughter’s funds feel more “official”, while also relaying the message that you are confident in her ability to understand and manage money. In the beginning, before she has a job or other reliable income, this may just be a place for your daughter to save gifts or allowances she receives over the years. That’s okay! This is an account designed to grow as she does, providing a safe place for her money, allowing her a sense of independence and self-reliance. 

Teach Her to Challenge Gender Stereotypes

While it might seem easy to get caught in the societal trap of perceived gender roles, using phrases like “girl chores” and “boy toys” around your daughters can cause significantly more harm than you might believe. Think about the message you’re sending before you make comments relating to gender, and consider the way it may make your daughter think and feel. 

Instead of simply going with what society has always done, encouraging girls to only nurture baby dolls, dress up in princess dresses, and practice their makeup, make the effort to also surround her with STEM games and financial decisions. Discuss gender roles, and how you see them in the world and on TV. Assure that she is having conversations with male and female role models about money being a shared resource and how everyone can contribute equally. Make sure the conversation always stays open so she knows that she can come to you with any concerns. 

…make the intentional decision to open up and have these conversations, leading by example, and teaching as we go.

Talk With Her about Money

Personal finance can be a touchy and stressful topic for many people to discuss, so it’s no wonder parents naturally feel inclined to shelter their children from the discussion. However, this is probably one of the biggest disservices we can be doing for our daughters, as it is a parent’s job to prepare her to deal with money. 

Of course, there is no reason for your daughter to feel anxiety or any other negative emotion surrounding money, so your discussions should mostly highlight topics like the importance of having an emergency fund, preparing for job loss, and talking about where money actually comes from. Many experts are even beginning to agree that there is no age too early to begin talking with our daughters about money and preparing them to make it.

…there is no age too early to begin talking with our daughters about money and preparing them to make it.

4 Forward-Thinking Reasons to Support Women-Owned Business

Believe it or not, women-owned businesses are a vital part of the economy, making up approximately 40% of all privately-held firms, and employing more than 9 million people, according to the National Association of Women Business Owners (NAWBO). Women are the rising entrepreneurial stars of our economy, generating trillions of dollars of revenue per year. Just last year, the US was named the top country for female entrepreneurs by the Mastercard Index of Women Entrepreneurs.

But, there are always two sides to every story, and women entrepreneurs continue to be underrepresented and face obstacles that their male counterparts do not. For example, women are much more likely to face a lending gap, being offered loans that are, on average, 31% smaller than those offered to male-owned businesses. They also experience significant bias when it comes to media reporting, being featured in only 5% of economic news stories, according to The Global Media Monitoring Project. 

Despite the adversities, women-owned businesses continue to drive substantial economic growth, paving the way for the future female entrepreneurs, and shaking up the traditionally seen male-owned economy. There really are a number of reasons why we should be making conscious decisions to support women-owned companies, but these are our top five. 

1. Women are Better at Building Customer Relationships

In the traditional sense, women are often perceived as the more nurturing and empathetic gender, often being portrayed in roles like nursing and childcare. But the truth of the matter is, empathy is required in all industries, from teaching to construction. In order for any business to do well out there, the owner and employees must be able to connect and communicate with their customers, allowing them to feel valued and appreciated. And research says that women exceed in this arena. Because women tend to be better at multitasking and more empathetic than men, they tend to find common ground with their customers more quickly, looking for solutions to meet the initial problem and help their clients feel whole again. 

Another great reason women are more successful in customer service is that, in a wide range of industries, women are the primary customers. They know what people are looking for and how they want to be treated, giving customers a different experience than what they’re used to having. 

2. Women are Incredibly Innovative

When it comes to penetrating new economic markets, growing a company from the ground-up, and keeping organizations relevant in today’s ever-changing world, innovation is absolutely critical. Today’s entrepreneurs must be adaptable while continuously providing creative solutions for their consumers. From brand-new products and processes to imaginative marketing approaches and business practices, organizations today must constantly be bringing innovation to the market. And, though they may not own quite as much of the market as men, women consistently show that they are just as innovative. 

Research has revealed that, despite the existence of an innovation gap, women entrepreneurs continue to put their innovative ideas into practice just as much as their male peers. There actually are no real gender differences when it comes to implementing creativity into action, with approximately 8 in 10 female entrepreneurs implementing a product or service innovation in their business. 

…women entrepreneurs continue to be underrepresented and face obstacles that their male counterparts do not.

4. Women Entrepreneurs Often Outperform Men

Despite the fact that men seem to own more businesses (more than 75% of businesses are owned by males), and have had the opportunity much longer, than women, female business owners seem to generate more revenue and create more jobs than those owned by their male counterparts. Some data even suggest that women are more effective leaders, with their startups significantly outperforming those owned by males, and many of their companies making the ranks as some of the most valuable organizations in the country. 

Some of the reasons why women seem to outperform men in the leadership sector are due to their higher levels of emotional intelligence and seemingly inborn negotiation skills. Women seem to value relationships more than “winning”, or simply doing business and, in the long run, catering to the human side of business comes out on top.

There actually are no real gender differences when it comes to implementing creativity into action…

We need to rethink everything.

How tired are you of hearing the word “unprecedented“? Do you wish you had never heard the phrase “social distancing“? Remember when one of our biggest concerns was cutting back on the use of plastic straws?

As surreal as this new world is, we are all learning that our lives won’t go back to how they used to be, but that we will need to move forward into a new way of living. We are not quite certain if face masks will become a casual and expected part of our outerwear, like hats, or gloves in winter. Or, what if we continue to have dedicated tape lines on the floor to stand on when we are waiting in line? Will we always need reminders not to get too close to one another? How quickly our lives have changed.

So how do we navigate this new world? I’m sure you’re as concerned about the economy as I am, and more so, your personal finances. We need to rethink everything, but especially our financial plan, starting with what is most important for us to survive in these trying times.

Let’s take a deep breath and realize that there are a lot of things that are not within our control. On the flip side, we ARE in control of so much still. As women, our minds automatically go to the health and safety of our families. I have some suggestions for how we can get through this, and it boils down to controlling those things that are most important to us. Here are some ideas you can implement to create a sense of normalcy for your family.

We need to rethink everything, but especially our financial plan…

Stick with a Routine

Establishing a routine is so important, especially when you have children. It helps them know what is coming next and gives them a feeling of security in their day.

Prioritize Healthy Meals

Coming together at prescribed times of day gives us the opportunity to make healthy eats, chat with one another and provide sustenance that will nourish our minds and bodies.

Share Your Feelings and Your Time

I shared with my husband that I’ve had a headache almost every day – and I never get headaches. He suggested we turn off the news (which I have on all day, every day) and we started doing 20 minutes of yoga and 10 minutes of meditation. We are both fairly new to this, but we know we need to take actionable steps toward managing our stress. That and watching HGTV together are currently working for us! What can you do to share more with your family?

Make the Most of Your Money

Many of us received a stimulus check; others applied for small business loans (some were lucky enough to get them, but many were not). We need to look at our own finances and minimize expenses so that we can stretch our incoming funds as well as emergency funds or savings we already have. We must do this until we learn more about the future of our jobs, income, schooling, childcare, healthcare…everything that has been tossed into the air like a 52-card pickup game. Except that this isn’t a game.

What can you do to share more with your family?

Draw on Past Experience

I have been through a lot of periods of uncertainty in my life. There were times when I’ve not known where my next meal will come from! Long story short, I worked through it and survived. If I can get through that, I know I can work through this. So, fall back on those times you’ve worked through struggles and came out on the other end. How can you apply what you learned before to what is going on with our finances during coronavirus?

Here are some actionable steps you can take right now:

• Get a solid understanding of the money coming into your household and the bills you need to pay. Use this handy tool entitled “Where’s your money going?”
• Review this list of 50 things you can do to minimize expenses.
• Schedule dedicated time to sit down with your partner or others in your household who have a role in financial decisions and decide where you can cut or limit expenses.
• Put a monthly financial plan in place, work the plan and then come together to see how the plan is working and if you should make additional adjustments.
• Food, shelter, healthcare and transportation costs are the primary expenses that should be attended to first.

We got this – one day at a time!
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