What Millennial Women Need To Know About Money
Politics and Activism

What Millennial Women Need To Know About Money

"Until we can take control of our money, we won't achieve true equality."

What Millennial Women Need To Know About Money

When I graduated from college, my mother gave me two things. One of them, a women's devotional Bible, and the other was Suze Orman's book, "Women and Money: Owning the Power to Control Your Destiny." Despite these gifts having little importance to me at the time, both books are now sentimental items that I will never discard. The Bible will aid me in keeping faith as I pursue new endeavors. The self-help, informative book reinforces my need to always have control of my finances.

Women are super heroes. We can be delicate, but we are durable. We shed tears, but remain intact. We can nurture, but will fight to protect those we love. We're just amazing at so many things. So why do we lack confidence in managing our own money? Why do we expect someone else to handle our finances when we handle every other aspect of our lives?

Hannah Seligson's article, "What's Keeping You From Making More Money" in July's issue of Cosmopolitan magazine, offers a few reasons for why young women are lagging behind in wealth attainment.

First, women typically have more breaks or interruptions over the course of their careers, but do not plan ahead for these events. Having children, caring for aging parents, unexpected unemployment, etc. can give a serious blow to a woman's income. Even when returning to work, women may make 60 to 70 less than their original salary.

In addition to the tropes and valleys of our income during our working lives, women do not invest their money as aggressively as men. Sallie Krawcheck, founder of Ellevest, assures us that this is not because we are clueless or afraid. Instead, investment firms do a poor job of marketing themselves to women. Eighty-five percent of investment advisers are men; the face of firms are gravid with images of men in suits, speaking financial jargon that most women do not understand. Even if women do understand investment talk, the promotions are not inclusive to the financial goals they are interested in achieving.

Finally, women keep 70 percent of their money in cash, or uninvested. However, men keep less than 60 percent of their portfolio in cash. This is troubling for women because we live longer than men, make less, and as I stated before, we do not invest as aggressively. By aggressively, I mean funds are not invested in options that yield a high rate of return. There is typically higher risk with these kinds of investments.

Women's finances are also fraught with emotion. Meriflor Toneatto, business coach and entrepreneur, suggests there are five emotions that negatively impact our money decisions. Fear, blame, guilt, anger, and shame play can play a significant part in how we view money and relate it to how we feel about ourselves.

This issue isn't about competing with men or obtaining superficial wealth. It's about making financial decisions with an adequate level of awareness and knowledge. When women take control of their money, the financial industry will begin paying more attention to women, and we can achieve true income equality.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.

119 People Reveal How The Pandemic Has Affected Their Love Lives, And Honestly... Relatable

"I haven't been able to get out of the 'talking phase' with anyone."

The reality is, there's no part of life the pandemic hasn't affected. Whether it's your work life, your home life, your social life, or your love life, coronavirus (COVID-19) is wreaking havoc on just about everything — not to mention people's health.

When it comes to romance, in particular, people are all handling things differently and there's no "right way" of making it through, regardless of your relationship status (single, taken, married, divorced, you name it). So, some of Swoon's creators sought out to hear from various individuals on how exactly their love lives have been affected since quarantine began.

Keep Reading... Show less

7 Things You Need To Know About Our NEW Bachelorette, Tayshia Adams

Could THIS be the most dramatic season in "Bachelorette" history?

Bombshell news coming from Bachelor Nation today, Tayshia Adams is replacing Clare Crawley as the bachelorette!

Rumor has it that Clare found her person early on in the process and did not want to continue with the process of leading other men on throughout the season.

Keep Reading... Show less

The NBA is back, and for basketball fans, like myself, it has been the BEST news we have heard since COVID-19 shutdown play indefinitely. I mean, come on, we need to see if James Harden can once again perform so well he has back-to-back 50 point games, Kawhi can lead another team to the championship title, and whether Giannis is going to be back-to-back MVP... among like 500 other things running through our heads!

In the midst of all of the amazing statistics and records that these players are breaking, though, we also just love the NBA because well, there are some pretty good looking guys out there. Here are the 19 hottest NBA players (in no particular order) you would totally let slam dunk on you now that the NBA has returned.

Keep Reading... Show less
Health and Wellness

Everything You Need To Know About Macronutrients, Because A Diet Should Be More Than Calories

Pay attention to what you're eating, not just how much you're eating.

Plenty of people are familiar with the "calories in, calories out" (CICO) method of dieting which can be used for losing, gaining, or maintaining weight. This method relies on calculating a person's total daily energy expenditure (TDEE) to ensure that they are not overeating or undereating to achieve their desired weight. TDEE considers a person's height, weight, age, gender, and level of activity to determine what their caloric intake should be — some calculators can factor in body fat percentage as well. When I used a TDEE calculator online, it said that my TDEE would be 1,990 calories if I was trying to maintain my weight, but are all calories created equal? I'd argue that they're not.

It might seem obvious to some of you that 1,990 calories of macaroni and cheese are not healthy at all compared to 1,990 calories of varied foods (fruit, veggies, meat, bread, etc.).

Keep Reading... Show less

Just Because You're Asked To Be In A Wedding, Doesn't Always Mean You Should Say Yes

If you can't invest time, money, and YOURSELF, maybe say no to the offer for the bride's sake!

Being in a wedding is a really big commitment. I personally think if you've never been in one before, you don't understand the time, money, and energy that goes into being a part of it.

Keep Reading... Show less

- Though as a little girl, I had the silkiest, softest hair that would get compliments everywhere I went, since I turned about thirteen I've since had coarse, dry hair no amount of deep conditioning masks or sulfate-free shampoo could fix.

- I started using the Raincry's Condition Boar Bristle Brush several months ago, and while I noticed that my hair had been softer, silkier, and shinier than it had ever been, I didn't make the connection because I never thought a simple hairbrush could make any difference in my hair texture.

- I will be the first to admit that I thought it was ridiculous to spend nearly a hundred dollars on a hairbrush, but this one eliminates the need for me to use any heat tools or styling products on it.

- I put some oil or a serum in my hair when it's wet, brush my hair with the boar bristle brush once it's dry, and end up with the lowest maintenance, shiniest hair I've had since I was 8 years old.


Keep Reading... Show less

Bingeing a romantic comedy is always a good idea, and during this pandemic, these movies bring us one of the only elements of romance we can get. Through all the break-ups, obstacles, and struggles in our love lives, romantic comedies have always been there to make us laugh and keep us company while we cry.

While we love these movies for the beyond gorgeous male love interests, the female protagonists are still the ones we always remember. Although rom-coms are far from reality, it is always fun to imagine what our life would be like if a cinematic studio was behind our love life. So what does your favorite romantic comedies say about your dream guy?

Keep Reading... Show less

Whether you're in an unhealthy relationship currently, you know someone who is, or you just want to have these numbers saved just in case it could one day save someone's life (if not your own), this article is for you. Here are three numbers to save in your contacts ASAP so you can always be safe, both physically and mentally, in every relationship.

Keep Reading... Show less

As any poor college student, a little kick of caffeine for less than a dollar has always sounded great to me. So, naturally, AriZona Iced Tea has been a go-to for as long as I can remember.

Keep Reading... Show less
Politics and Activism

Dear Closeted Latina,

You were never alone.

Remember how the Latin world got rocked when Ricky Martin came out?

Keep Reading... Show less

If you're anything like me, you're probably anxious about going back to college. The uncertainty of nearly everything is stressful and makes it difficult to prepare for going back to campus. Take it one step at a time and remain calm! If nothing else, take a look at this list of six essentials for living on campus during the COVID-19 pandemic! You got this!

Keep Reading... Show less
Facebook Comments