How often do you check in with yourself? With your finances? How often do you stop to consider how you are feeling, what is fueling you at the moment, and what is driving your financial status? When was the last time you gave yourself space to consider what your priorities are? More specifically, what needs to change, in your life and in the world around you to support your priorities?
In a world of endless possibilities, I find women often leaning into the hope of change and the what-ifs:
What if….
You could grow anything, build anything.
What if….
More than only 2% of venture capital money went to women and more women were approved for bank loans.
What if…
A shift in the mindset, education, and advocacy for women could be the difference between women’s forward economic mobility.
SHIFTS in the MINDSET
With the significant increase in women’s entrepreneurship seen over the last several years, there is a growing trend in the perception of how women see themselves in the business arena. This is an important note for all individuals, especially young women looking to take control of not only their economic mobility but also their financial freedom.
Shifts in the mindset are a direct result of environmental factors and what is widely understood is that all zip codes are not created equally. The resources you receive, the experiences you have, and the neighborhood storefronts you are exposed to dramatically influence how you see life including money. Our relationship with money could vary tremendously depending on how and where we grew up.
A key shift in our mindsets to drive forward financial progression centers around understanding the use of money as a necessary tool for basic necessities and being realistic about how we leverage it for the new age “fast life luxury lifestyle”. Though in reality for many, the shift toward thinking about legacy wealth could be an additional aspect of one’s financial vision, one that can leave a tremendous mark on our ability to progress women’s financial status and leave the next generation of women with the opportunity to take it a step further.
SHIFTS in the EDUCATION
While there has certainly been an influx of innovation in the financial tools, platforms, and banks servicing women in the past decade, financial education still has a long way to go in twofold: systematic education and personal interest. The more financial acumen exposure young women can experience prior to college when they step out on their own, the better prepared they can be to handle the financial aspects of life.
Alternatively, the internet has allowed information to be more accessible than ever before. While it minimizes the excuses to say someone doesn’t have access to financial education, it doesn’t solve it. You could still struggle with moving the needle if you don’t know what you’re looking to be educated on as it pertains to your financial situation or if you don’t have the go get it mindset to take the leap and ask someone for information or what you should be looking for.
Nevertheless, women should find ways to integrate financial education into their personal lives regardless of if they were a business major or own a business. It is essential to understand and build wealth to educate oneself especially since the financial options and rules change quite often.
SHIFTS in the ADVOCACY
Education ties hand in hand with advocacy in two parts: self-advocacy and political advocacy.
The tall tale of you don’t know what you don’t highlights the need for education to be a cornerstone of self-advocacy. You can only advocate for what you know, yet advocate from a place of self-confidence. Even if you know what you deserve and what you need, you must believe in yourself enough to go after it in a way that clearly articulates your message.
Outside of self-advocacy, there are clear areas of systematic changes that are needed in order to propel women to the next level. This advocacy looks a bit different across racial groups but we must continue to do our part to support women who are dispropriated impacted by financial inequalities including the gender gap. Initiatives like Closing the Women’s Wealth Gap are a great starting point for reports and resources to support women who are economically marginalized and work towards propelling their financial stance.
SHIFTS in Us
Although shifts in mindsets, education, and advocacy are needed to move the needle for women to expand their economic state forward, there are shifts happening within us every day. We are the sum total of our experiences that work together to land us to our ultimate goals. Even the smallest step today whether it is watching a YouTube video on budgeting, opening a Roth IRA, or finding groups of individuals to invest in the things you care about, each step matters and can drive you towards fulfilling your financial vision. What if we really slow down, take time to identify our reason for economic mobility, and actively work to secure it? Taking a leap of faith today, can allow us to feel safe and secure and become the change we’ve been desiring.
