The Power of the Purse

For women, there are always those “things” you say you are going to do but life gets busy, work gets busy, one commitment or another invades your carefully structured day and those “things” get submerged under a sea of others on your To Do list. Sometimes though, something happens and you decide “yup, that’s just the kick in the pants I needed.” Well, it’s here and it’s time. I long ago acknowledged that I can’t change the world as a whole but I could do my best to make a change in my part of the world. Sallie Krawcheck, CEO of Ellevest, wrote a great checklist of how women can use their financial power to make small changes and I feel somewhat obligated to share some of it. I’m not asking you to do anything other than think about our predicament and decide if you are comfortable with the state of things not just for yourself but for your daughters, granddaughters, nieces, and best friends. If you are okay with them, then I stand ready to respect your opinion (because that’s what America is supposed to be about). If, perhaps, you are not complacent with recent events, and their subsequent potential impacts, then here’s a couple of things from Sally’s list to think about (I admit with a little editorializing on my part!). However, if we can just pick one as a start, we can make a change because women are the majority and we have the power to change things.

  • Mentor or sponsor other women, young or old.
  • Donate to a female candidate whose views line up with yours in the next election. Encourage other women to run for office or take a leap and run yourself. It doesn’t have to be President…your local town government impacts your world as well.
  • Buy from companies that promote women (check out BuyUp Index for suggestions).
  • Invest in companies that promote women. Help fund another woman’s business, perhaps a friend who has been thinking about starting her own business. Talk to your advisor about investment options. Perhaps, even, it’s time to switch advisors to someone who understands your concerns.
  • Think hard about not joining or quitting a company that has no successful senior females.
  • Talk to your kids about what’s going on. Help them make smart choices for their future as well as our own. Keep the conversation going by following up with them frequently because if we have had trouble seeing it for ourselves perhaps they will need need some reinforcement as well.

And I add one more to list, one that I feel is most important.
We vote every day, with every dollar we spend. Women make the majority of family spending decisions (over 80% of those decisions). It’s time we start voting with our dollars, every day, with every decision. Perhaps that’s not the easiest thing to do but doing the easy thing is what got us here. When it doesn’t work, it’s time to think about a change.

To view Sally Krawcheck’s full article visit: What Trump Could Mean for Women in Business.

‘Til Next Month,

Kitty Bressington

CERTIFIED FINANCIAL PLANNER™, Certified Divorce Financial Analyst®