This is The #1 Confidence Booster for Women, According to Research

The #1 Confidence Booster for Women Is Money, According to Research

2017 was a year of awakening for women across the world, and therefore a perfect time to ask us about our outlook on the future.

Ellevest, a digital investment platform made with women in mind, recently released the results of its 2018 Census to gain insight on how women really feel about topics like money and confidence compared to their male counterparts.

The major takeaway?

The #1 thing that makes women feel in charge of their futures is “putting away money for financial goals.”

Taking positive action with their money is a huge confidence booster for the 1,000 women surveyed.  The #1 thing that makes women feel in charge of their futures is “putting away money for financial goals,” followed by how much we save (#2) and how much we invest (#3). In fact, getting involved with our finances had a bigger positive impact and confidence boost on how in charge we feel about our future — even more than our educations (#8) and the support we get from our families (spouse/partner, family/parents and even being a mother or a father) (#6, #9, #10).

That’s right: it wasn’t our salaries, levels of education, or the health of the economy, but saving and investing the money we make.

If there was one good thing to come out of the 2016 election, it has been convincing women to take control of their own finances through investing, since [we] have actually been both talking about it and doing more of it since then. In this way, according to the research:  women are just like men.

Click here to create your free Investment Plan from Ellevest

But, then:  (there’s that “but”), the issue is we don’t realize how much we’re missing out by not taking control of our financial futures today.  For far too long — and even today — [we] women simply are not investing  — and therefore we’re losing out on a lot of money  — and we mean a lot.

The opportunities in money being left on the table are what Ellevest calls: women’s blind spot. And this blind spot can be very (very) expensive, especially when it comes to not investing. Nearly half the womenEllevest surveyed weren’t aware that, besides the wage gap, there’s also an investing gap, where men invest more than women. We’re so used to thinking that investing is something men do and do better. (Not true). Females’ investing habits are every bit as good as males’ — actually, better — yup, this is data too, and the effect of not investing can really cost us — big time.

So, how much are we talking here? Ellevest asked the women who did know about the investing gap what they thought this gap might cost them over a lifetime — and the difference between their way too-low estimates and the projected cost is shocking.

Here’s the truth: For women earning $50,000 to $70,000 a year, the projected individual cost of the investing gap starts in the hundreds of thousands. And for the average woman in the survey, whose salary was just over $100,000, the cost of the investment gap came out to more than $1 million — or 10 times their estimate.**

Let’s take for example: if your salary is $85,000 and you simply save 20% of it instead of investing it, you’re actually missing out on $1.1 million or even more over the next 40 years. Put another way, you’re losing $100 a day by not investing it.

Ellevest ends the gender investing gap

Bottom line: Investing is a powerful tool to help you save up for your biggest goals and wildest dreams, and that’s precisely how your money is your power. There’s no need to deny yourself the money — and confidence boost —that you absolutely deserve.

Click here to create your free Investment Plan from Ellevest

Sure, we’re risk-averse. But don’t conflate investing with gambling your money in a Las Vegas casino. An Ellevest portfolio, for example, gives you a diverse array of low-risk ETFs so that you don’t feel like you’re betting your money on one thing — or you can lose it all in one shot. Don’t worry about wading through pages of complex financial jargon, either. If you invest with Ellevest, it means having a support team in place so you can keep your eye on the prize, be it a dream vacation, buy a home, or opening up your own business.

Oh, and what about the 1,000 men that Ellevest surveyed in its 2018 Census? While they’re happier with their financial statuses, they don’t see gender inequality the way that women do. So why would you trust your money with one of those boys? Ellevest takes into consideration the unique challenges that [we] face, like more frequent career breaks, salary peaks, and longer life expectancy, to generate realistic portfolios to make your money work for you.

Because if you’re going to live longer, you’ll need more money: amirite?

And the one who needs to be in charge of your money is YOU. Just you. Right now. If you’ve outsourced it to someone else in your life, you need to be massively involved: they don’t call them individual retirement accounts for anything.

A few thoughts to — from us here at Style Salute — to motivate you to invest in fabulous Future You:

Your Questions About Investing Answered

Stay In the Know—Your Questions About Investing Answered

First things first: It’s 2018, and it’s the year we have to stop being embarrassed about money.

This is going to be the year we start taking what we deserve and living our full boss-lady lives. That means taking control of our financial future. One of the biggest steps in fulfilling this money resolution is to manage our money in the smartest way possible  — like a woman. Gone are the days when we’re embarrassed to talk money (it’s rude, it’s crass, it not feminine — we call bull****). Hello? Money is power. There, I said it. Money. Is. Power. (say it with me). Everyone knows it; just ask any man. It’s in the way we make our hard earned money, the way we spend it and the way we put it to work. That’s why 2018 is the year you need to make your money move.

Just ask Sallie Krawcheck, former equity analyst and CFO of Citigroup turned founder and CEO of Ellevest, a digital investment platform for women.

https://www.instagram.com/p/Bd_dycpBOLx/?hl=en&taken-by=ellevest

Bottom line: Getting in financial control is the resolution we should keep, together. That’s why Ellevest is making investing accessible to every woman — sans the  Wall Street jargon. Instead of jargon and unnecessary confusion, Krawcheck and the team of female-led advisors at Ellevest can help guide you towards a healthy financial future.

https://www.instagram.com/p/BeUCJfMBVJD/?hl=en&taken-by=ellevest

If you feel completely lost or don’t know how investing can help you, you’re not alone. Investing in the stock market is scary stuff (to say the least), especially as a woman.

I mean really — just one look at the Wall Street Bull is reminder enough that the financial sector is a man’s world. But, we’re not going to let that stop us. Knowing how to navigate the investment market is entirely doable, and it can make you some real money (the kind that makes a difference) in the long run  — not to mention, it’ll make you feel incredibly confident knowing that you’re in control of your financial future. Besides shaking at the knees, we had so many questions for Krawcheck when we sat down with her at Ellevest’s New York headquarters, and she was happy to share with us, not only how her company benefits women, but also why we shouldn’t be afraid to take control of our hard-earned money. Her straight-forward, easy to understand answers will propel you forward into your investing future.

(Heck ya!)

Read on as Krawcheck relieves all your financial fears.

ON WHAT IT IS

Style Salute: What is investing?
Sallie Krawcheck: “Investing, unlike saving will earn you money over time. When you invest, you can earn a return on your money because of the power of compounding over time.”

Style Salute: Why is it important to invest? 
Sallie Krawcheck:  “
If we’re not investing, we’re doing most of the hard work around money (you know, going to work every day, turning in that amazing design, landing the difficult-to-close client, beating our sales projections)… but we’re only getting about half the reward. And so we’re depriving ourselves of the ability to take on more risks in our career if we don’t have a financial cushion built up.” Krawhceck went on to explain that despite the persistence of the investment gap, women are actually better investors than men.

Ellevest free financial plan

Style Salute: What is the investment gap?
Sallie Krawcheck: “Women today keep more than 70% of their money in cash (meaning your cash is probably in some low yielding savings account somewhere). Men keep a much smaller percentage of their money in cash.

Cash today earns about 0%. The female-led team at Ellevest believes a diversified investment portfolio, stocks, and bonds, will return — about7%. The difference between 7% and 0% on a double-digit percentage of your wealth is huge. Put another way, if you’re on $85,000 a year, [and] you wait 10 years to invest—if you’re putting aside 20% of your income as experts tell you to and you leave it in cash instead of investing—over that decade while you’re waiting, it’ll cost you $100 a day.”

Style Salute: How should I go about choosing a financial advisor?
Sallie Krawcheck: Krawcheck explains, “I think it’s helpful to take a look at where your money is today. Do you know what companies you’re supporting? Do you know what they’re involved in? Do they align with your values? Can you name the top three holdings of your investments? Take a look at where you’re investing today, and determine how comfortable are you with where your money is going. Ask yourself, where do I want to be investing as an individual? What do I value in the world.”

If you want to get an idea of where your money is at today, you can get a free financial plan from Ellevest in less time than it takes to brew a cup of coffee. “All you have to do is set up a username and password at ellevest.com then answer a few basic questions about yourself. From there, you’ll choose which goals you want to achieve, and we’ll show you how much you’ll need to invest to reach those goals. You’ll see a personalized investment portfolio for every goal, plus the details of each portfolio,” says Krawcheck.

Get your complimentary financial plan from Ellevest today — you literally have nothing to lose.

ON GETTING STARTED

Style Salute: How much do I need to get started?
Sallie Krawcheck: You don’t have to have a lot of money to start investing. Ellevest has no minimum to open an account. The fee for their services is also only .50%, unlike the typical 1%-2% most traditional advisors charge. Ellevest also has no hidden fees so you really don’t have to worry about spending a ton of money. But, if you want to just get an idea of where your money is at today, you can get a free financial plan from Ellevest.

Style Salute:  What are the rules I need to know about investing
Sallie Krawcheck: There are five key “rules” about investing.

1) Make it a habit: the best way to invest in a little from each paycheck (more on that here).

2) Diversify: All investing involves risk, but you may reduce that risk with a diversified portfolio of different assets, like U.S. and international stocks, global bonds, and real estate.

3) Keep costs low: You can’t control the markets (no one can), but you can control how much you pay your advisor.

4) Look for a fiduciary: a fiduciary is a legal designation that requires investment advisors to put their clients’ interests ahead of their own.

5) Balance risk & times: The longer your investment timeline, you may be able to take on more risk in pursuit of higher returns since you are further away from needing that money. In other words, start investing as early as you can.

https://www.instagram.com/p/BeRkOv3Bmqg/?hl=en&taken-by=ellevest

ON TRANSPARENCY

Style Salute: Once I invest, how will I know that it’s in the right hands?
Sallie Krawcheck: Find a fiduciary. “We started the Ellevest to solve a problem — for all the attention paid to the gender pay gap, there’s also a gender investing gap that can cost women even more over the course of their lives. Ellevest’s mission is to close that gap by helping women to take control of their investments. We’re busy waging war to help you close your personal “gender investing gap” and take control of your financial future.

Every woman should have a plan — that’s why our plan is totally free and takes less time to customize than watching an episode of The Handmaid’s Tale. (We also think financial plans are way more uplifting.) You can save your Ellevest financial plan, come back to it, adjust it, or share it, whether you invest with Ellevest or not.”  We’re incredibly proud of what we’ve built behind the scenes. Many traditional advisors charge upwards of $1,000 for a financial plan.

Ellevest free financial plan

ON RISK

Style Salute: Is investing really that risky?
Sallie Krawcheck: “On average, the market has returned 9.5% annually since 1928 so you don’t have to necessarily have a ton of knowledge to get a return on your investment and in general, the reward outperforms the risk of investing,” says Krawcheck. Couple this with the fact that women are better investors than men, and we’re solid.

Afterall,  it’s 2018, and it’s the year we have to stop being embarrassed about money. Welcome to the year of power.

Have any more lingering questions about investing? Ask below!

The Cool New Jewelry Line That's Already Celeb-Approved

The Cool New Jewelry Line That’s Already Celeb-Approved

What’s better than timeless, stylish jewelry? Not much, if you ask us. If you’re looking for some playful and pretty baubles to add to your accessory lineup, let us introduce Kukka Jewelry.

While the made-in-Spain line just landed in North America in November 2017, the line has already become a cult favorite among the celebrity crowd — and for good reason — the pieces are unique, delicate, and crazy beautiful. It’s currently in the spotlight thanks to Amanda Steele and Niecy Nash and more celebrities, who have been spotted wearing the below pieces.

From classic drop earrings to sleek and colorful power rings, these pieces will carry you from day to night.

Scroll on to see your favorite celebs wearing Kukka Jewelry, and then shop a piece for yourself.

The Money Habit Every Millennial Woman Needs to Start Now

The Money Habit Every Millennial Woman Needs to Start Now

Let’s first be clear: This is the best time in history to be a professional woman.

The number of women CEOs in the Fortune 500 is at an all-time high; gender equality is in the spotlight like never before, and the #MeToo movement has encouraged countless women to share their stories about being harassed at work. It’s been incredible. And it’s just the beginning.

Yet with all of the discussion we’re having on closing gender gaps, one area that has received little attention—and which can have a big impact on our lives—is the gender investing gap. What does this mean exactly? Maybe you’ve heard of the gender pay gap. Frustrating, right? And costly. But there are more gaps at play: Women pay more for the same things as men (hello, pink tax), and they don’t invest as much as men do.

So, yes, we’ve come to a long, long ways, but we still have a ways to go until we reach true gender equality, but as barriers are coming down—you have the opportunity to take control of your future. Because let’s be honest: It’s your life if you don’t plan for it. Who will?

This realization is what led former equity analyst and CFO of Citigroup turned founder and CEO, Sallie Krawcheck to create Ellevest, the digital investment platform built by, for, and with women. While Ellevest’s goal is to help individual women make smart investments, the company’s larger mission is to help close the investment gender gap, which can cost women thousands or even millions of dollars over the course of their lives.

You may not be able to close all the gender money gaps immediately, but you can take action right now and start investing, and you should. It’s life-changing.

No more excuses — keep reading for how to turn your savings into a small fortune.

Why is investing important?

Simply put, women don’t invest as much as men do. And they don’t invest as early as men do, either.  As a result, women retire with two-thirds the money of men. . . even though we live longer. Don’t believe me? Head down to your local nursing home: 80% of women die single, and according to a recent report, we’re also 80% more likely to be impoverished in retirement than men.

Click here to get your personalized financial plan from Ellevest

Why aren’t women investing?

“Women tend to think of saving as the “safer” route, but it’s not that simple. If you have your money in the bank, you’re earning almost nothing, which means that on a day-to-day, day-to-week basis, you’re actually going backward, because the slight bit of inflation we have eats that away,” Krawcheck advises. This means that even with low inflation, the purchasing power of that cash will decline over time.

So, what’s the price of certainty? In a recently published the 2018 Money Census which asked 1,000 women about all things money. Nearly half of women weren’t even aware there was an investing gap. And when asked to estimate how much they thought they were losing by not investing, their average guess was $113,00.

Not even close. Ellevest ran some projections based on the wage gap, typical asset allocation strategies, and a gender-specific salary curve, and the true cost for the average woman at the time she retires may run two to seven times that amount. Depending on your salary and the market’s performance, the real cost of the investment gap over a 35-year career span could be more than $1 million. You read that right. $1 million. Here’s the chart to prove it:

How can we women start investing?

How can we women start investing?

“If we’re not investing, we’re doing most of the hard work around money. You know, going to work every day, turning in that amazing design, landing the difficult-to-close client, beating our sales projections. . . but we’re only getting about half the reward. And so we’re depriving ourselves of the ability to take on more risks in our career if we don’t have a financial cushion built up,” says Krawcheck.  Need some numbers to make it believable?

Here they are: Suppose you’re making $85,000 a year and putting 20% of your income in the bank, instead of investing it. Wait five years to invest and that just cost you more than $170,000 when it’s time to retire. Wait ten years, and you’re down more than $337,00.

Get your free financial plan from Ellevest today — you literally have nothing to lose.

After #MeToo, The Power of Investing in Your Future

After #MeToo, The Power of Investing in Your Future

If 2017 was the year of #MeToo, then 2018 is shaping up to be the year of #TimesUp—a movement started by 300 distinguished women actors, directors, and producers, including Rosario Dawson, Eva Longoria, Shonda Rhimes, America Ferrera, Emma Stone, and Jennifer Lawrence, among others to take down sexual harassment and end injustice against women.

While pundits and journalists posit the question, “Is ‘Time’s Up’ the next phase of #MeToo?” those within the movement already know it is. But, more than just being a response to the “Me Too” movement on social media channels like Twitter, Instagram, and Facebook, “Time’s Up” offers up a dynamic mission to end the era of misplacing, taking advantage of, and victimizing women physically, emotionally, mentally and financially. Powerful women are now using their collective clout and economic power to catalyze real change together for women around the world.

Click here to create your free Investment Plan from Ellevest

Complete with sisterly solidarity, a legal defense fund, and millions of dollars in donations from women and men around the world, the #TimesUp campaign has been far more than a cry for help or a mere attention call to injustice—it’s a call to arms for women across the globe who are tired of the status quo in any industrynot just Hollywood.

Sallie Krawcheck Instagram quote about Times Up

That’s right, the work is not done. We have a long, long way to go.

Why Time’s Up wields more power

The “Time’s Up” campaign is a crusade to help women in what are typically less powerful positions, like blue collar jobs at restaurants, hotels, factories, and farms, among other parts of the workforce. The idea is to get women the emotional support and financial help they need to face their aggressors while also funding progressive new legislation to support zero tolerance for sexual misconduct and harassment in workplaces across the country.

Click here to create your free Investment Plan from Ellevest

The “Time’s Up” action plan includes funding for gender equality within Hollywood’s many niches, including talent agencies, film studios, and even the cutting room. And, #TimesUp is mustering awareness by asking the women of Hollywood’s elite to wear black on red carpets like the one at the Golden Globes this past Sunday night.

But, while it’s critically important to help women face the influential people who abuse their power and mistreat and attack women, it’s also crucial for women to grow their own power by knowing how to save for their future, how to plan for retirement, and how to intelligently invest with access to all the same tools men have access to.

Yet, even in 2018, investment firms and financial planners don’t offer tools for saving and investing money tailored specifically to women.

Click here to create your free Investment Plan from Ellevest

Enter Sallie Krawcheck, the most powerful woman on Wall Street, and CEO and co-founder of Ellevest, an investment platform designed with the modern woman in mind.

Krawcheck does more than just explain why and how women’s financial needs are different than those of their male counterparts — she has successfully brought to market the tools and technology for investment that women today need to grow, manage, and maintain 401(k)s, individual retirement accounts (IRAs), private wealth, and other funds.

Click here to create your free Investment Plan from Ellevest

The female-led team at Ellevest knows that nearly 90 percent of money managers are men in their 50s. Women need women financial advisors, and Krawcheck understands this in a way other investment firms simply do not. Krawcheck notes, “We’re not your dad’s old investing firm—and we’re not a tech-bro startup either. We’re busy waging war to help you close your personal ‘gender investing gap‘ and take control of your financial future.”

Financial power is true freedom for women in every walk of life.

To maximize your efficacy within whatever sphere you operate, you must have financial autonomy, and you must be able to manage your investments and wealth. Because when you understand how investing works and know how to put a dollar to work, you become a powerful agent for change.

This is the part of the “Time’s Up” movement that puts you in charge of your destinies because it empowers us to make all of our own decisions.

With powerful ways to enhance personal revenue like Ellevest’s “Yes, ME!” wealth building plan and investment tools like Ellevest’s recurring contributions and goal-targeting, women learn to invest while living within their means and balancing their budgets wisely.

Click here to create your free Investment Plan from Ellevest

But this is not the first time you’ve heard us discuss financial freedomFinancial feminism is something you need to be a part of.  As we wrote in an earlier foray into women in investing, women now control more than 50 percent of the wealth within the U.S., according to the National Institute on Retirement Security.

So, doesn’t it make sense that there would be more women in the financial planning sector and that there would be more tools for investing that cater specifically to women?

Ellevest is unique in that way that it offers savvy with money advice from women who get it. They specialize in money growth strategies that address the realities of being a woman.

Ellevest is advancing the way women want and need to invest.

Sallie Krawcheck and Ellevest understand how to make women’s money go further and last longer. What’s more, Ellevest is all about making investments work to make women more powerful by growing the money they’ve invested in themselves.

For hundreds of years, women [we]  have been told to put themselves last and everything else on their to-do list first. Ellevest stomps this cultural fallacy out by offering women everything they need to start investing in tomorrow, today.

Krawcheck explains, “We’re incredibly proud of what we’ve built behind the scenes. These are the industry-tested, Ellevest-enhanced concepts and tools at the heart of every customized investment portfolio.” Ellevest is about so much more than stuffy rooms filled with leather chairs where women are separated from their money by men sitting behind bespoke mahogany desks. Ellevest stays with women every step of the way, offering them advice on consolidating retirement accounts, customizing accounts, and creating goals that work for unique individual women.

Access to a team of female-led financial professionals who can help shape how your money works for you is an important cornerstone of the Ellevest platform. By phone, email, or text, your financial concierge is right at your fingertips when you need their advice on financial decisions of any size or scope.

Begin your personal #TimesUp campaign and become a catalyst for positive change by speaking with the Ellevest Concierge team today. You’ll continue to enjoy unlimited support as you grow your portfolio and your personal wealth regardless of where you are with your career or finances.

This is your chance to reach for the brass ring and obtain the kind of financial freedom that gives you the authentic power to shape your own destiny. So, keep tweeting and snapping inspiring photos for Instagram, but have a plan for your future and retirement. You can get yours once you sign up with Ellevest. And it’s always  because what’s most important to us is that you’re planning for your future.

Ready?

For more money saving tips, see 5 transformative money resolutions – and how to achieve them

Disclosures: We’re excited to be working with the team at Ellevest to start this conversation about women and money. We may receive compensation if you become an Ellevest client. 

Opening image: Chriselle Lim

Oprah's Golden Globes Speech Preaches a Feminist Mantra and Here's Why

Oprah’s Golden Globes Speech Preaches a Feminist Mantra and Here’s Why

Just when we thought there were no more glass ceilings for Oprah to decimate, last night she became the first Black woman to receive the coveted Cecil B. deMille award for lifetime achievement. But, the tiny Golden Globe award she held in her hands paled in the wake of her incredibly powerful Golden Globes acceptance speech.

Click here to create your free Investment Plan from Ellevest

Everyone in the room seemed to be frozen as Oprah built up the anticipation, which reached its fever pitch when she exclaimed, “A new day is on the horizon!”

https://www.youtube.com/watch?v=fN5HV79_8B8

But let’s backtrack for just a moment. For those who don’t know about Oprah’s seemingly meteoric rise to fame and fortune, she wasn’t always fabulously well-to-do.

Born on January 29, 1954, in rural Kosciusko, Mississippi, Oprah wasn’t blessed with a simple or easy beginning. One could easily argue that her rise to power was entirely rooted in her personal strength, her faith, and her unmitigated ability to know her own power even when others questioned it. And while it may seem she was born holding a lucky horseshoe, Oprah had to work for every good tiding that came her way.

During her speech, Oprah harkened back to a name most of us do not know and told the story of Recy Taylor, who, after being abducted and raped by six white men on her way home from church in Abbeville, Alabama, fought bravely against the injustices of the Jim Crow era. Oprah stated, “For too long, women have not been heard or believed if they dare speak the truth to the power of those men, (…) But their time is up. Their time is up.” The Golden Globes audience rose to its feet like a singular monolith united inequality, and everyone knew exactly what Oprah meant when she referred to “Time’s Up” — the movement that inspired every woman in attendance on Sunday night to wear black, and what drove every man at the 2018 Golden Globes to wear a black-and-white pin that read, “Time’s Up” on their lapels.

Male actors, directors, and producers showed their support by wearing "Time’s Up" lapel pins to the 2018 Golden Globes.
Male actors, directors, and producers showed their support by wearing “Time’s Up” lapel pins to the 2018 Golden Globes. Photo courtesy of Getty.

Beyond the presidency: First and Second Wave Feminism

On the Monday following her 2018 Golden Globes acceptance speech, her words are resonating so stirringly that most popular news outlets are discussing Oprah as the next Commander-in-Chief. And while it’s true that she has typically denounced any rumors of a presidential campaign, it’s certainly true that she has the following to give the current president a run for his money in 2020. Beyond the presidency of the United States, there’s actually something a lot more profound happening — women like Oprah are using their power to exclaim from the proverbial mountaintops exactly why and how women need to stand together against injustice, inequality, the gender pay gap, and violence against women and minorities, and so much more.

But Oprah’s story is singular for a few reasons — important reasons that put movements like “Time’s Up,” and #MeToo on the map in the 2000s and important feminists like Sojourner Truth, bell hooks, and Alice Walker on the map from the 1700s through the 1970s.

It’s about feminism, yes, but it’s more importantly about intersectional feminism. That is to say, it’s about the kind of feminism that’s about all of us, not just white women, as it was during the First Wave of feminism in the late 1800s and early 1900s. Time’s up for the kind of discrimination and misogyny that affects all women and is inclusive of all women — not in spite of, but because of their race, ethnicity, religion, education, class, culture, sexual orientation, or the language they speak.

The days of Jim Crow and women as the underdogs may finally be behind us

Interestingly, Oprah’s acceptance speech did not begin by discussing women of color, but by ruminating on the night Sidney Poitier won the Cecile B. deMille award at the Golden Globes in 1964 as a young Oprah watched from her mother’s house in Milwaukee. Oprah noted that this night changed the trajectory of her life, and that the celebration of Poitier’s achievements filled her with hope for a brighter tomorrow.

But from there, Oprah turned the spotlight on to the domestic workers, farm workers, and factory workers of today, all of whom deserve the equality that people like Recy Taylor and Rosa Parks fought for. Oprah is quick to explain that feminism and equal rights just weren’t a part of the Jim Crow culture, but now… Time’s Up. Time’s up for all the men who create the power structure we adhere to in this country and abroad. Time is up for the social constructs who define men as the winners and women as the losers.

And, time is up for the fiscal bind women find themselves in because of the cultural “norms” that make us the underdogs. And to that end, how we win as women will be up to us. How we overcome will have to be intersectional, inclusive, and with our own buck. And this is exactly what Oprah meant when she stormed, “A new day is on the horizon!”

And it’s exactly what women like Sallie Krawcheck have been fighting for by giving women their own platform for investing and prospering with tools and technology created with women in mind. It’s what Ellevest has made possible through its important fight against the male-dominated investing and personal wealth industries. Today, smart women understand that “gender-neutral investing” is a sham that works against women, not with or for them.

Click here to create your free Investment Plan from Ellevest

Myths that keep women we’ll never know from investing

And there are tomes of other myths that hold women back from investing, but they are just that—myths.

And, just as Oprah stated during her Golden Globes acceptance speech, “I want tonight to express gratitude to all the women who have endured years of abuse and assault because of they, like my mother, had children to feed and bills to pay and dreams to pursue. They’re the women whose names we’ll never know.” These are the women who need to know about investing in their futures the most. Women who may not necessarily have a mountain of money, but who do have a hope and a dream for tomorrow.

Women who think of themselves so rarely that they need the help of other women to focus on their financial goals and the day when they might actually be prepared to retire.

Thanks to women like Sallie Krawcheck and the female-led team at Ellevest, this doesn’t have to be a story that ends tragically — women are in business, politics, science, and at the pulpit — doesn’t it make sense that they would have a seat at the investing table tailored to their unique needs as women? Indeed, it does make sense, and not just for young Millennial women, but for Generation X women and even Baby Boomers who still have a wish for the day they can actually stop working. The investing tools these women need cannot be built by men, regulated by men, or owned by men; they need to be provided by women, for women, and that’s precisely what Ellevest does.

Click here to create your free Investment Plan from Ellevest

Are you ready for the new day Oprah so eloquently discussed in her speech? We at Style Salute certainly are. We hope you’ll join us in planning your financial future with Ellevest and get the job done the Go Getter way. And of course, if you have any questions, you can let the Ellevest team know by sending them a note, or you can call them toll-free at 1-844-ELL-7100.

And that is why Oprah’s 2018 Golden Globes speech makes us hopeful that in 2018, we’ll do more than imagine ‘that’ future. We’ll start making it a reality. Salute brighter tomorrow for all women!

Next up, the best ways to spend your holiday bonus to put that extra ca-ching to good use.

Ready to take control of your financial future?

Disclosures: We’re excited to be working with the team at Ellevest to start this conversation about women and money. We may receive compensation if you become an Ellevest client. 

How To Invest Like a Woman: 5 Things You Need To Know

How To Invest Like a Woman: 5 Things You Need To Know

Investing your money — when done right — is one of the best ways to build wealth.

But the uncertainty, lack of knowledge, and “risk” that comes with the markets is very often a major obstacle ⏤  especially for women.  Data suggests that 80% of women do not have an investment portfolio, compared to 66% of men. But we want to change that statistic.  

We all know the stats about the gender pay gap, but the gender investment gap is costing us far more over the course of our lives. According to Sallie Krawcheck, co-founder and CEO of Ellevest, an investment service designed for women. “We can’t make the market go up but we can actively make the decision to invest,” she said. “If you want a pay raise, your boss has to decide if that should happen. Investing is an action you can take on your own.”

“All the evidence demonstrates that men feel more financially confident, but that doesn’t mean they are better at it or more knowledgeable about investing, they just go for it even if they don’t particularly understand,” Krawcheck says. Nobody can play the market. But the FTSE 100, which is composed of the largest companies listed on the London Stock Exchange, has gone up more than 600% since 1984, and that includes the tech bubble of the early 2000s and the financial crisis of 2008.

In other words, keeping your money in your current bank account won’t make it grow. It will only reduce in value as inflation rises (truth). This is why successful women use financial technology – or “FinTech” – to streamline their finances.

We’ve already covered how to slay student loans and pay down those high-interest loans and what to do with your retirement savings, now we’re tackling what you need to know before you invest.

We hear from a lot of women that they think they need to be a financial expert before they get started investing. You don’t. You really only need to know 5 things. 

1. Work with a Fiduciary

Fiduciaries are advisors who are legally bound to put their clients’ interests above their own. This is important for trust and peace of mind as a new investor. Contrary to belief, not all firms are fiduciaries and legally obligated to tell you when they have a conflict of interest like getting paid for the investment product they are selling you.

You should ask any investment providers you use or are considering, whether they are a fiduciary.

2. Keep Costs Low.

Since markets are unpredictable, we know we can’t control them. One thing we can control? The fees we’re paying. Research shows that fees are negatively correlated with investment performance, meaning funds with the highest fees generally do worst, and vice versa. What’s a low fee? At Ellevest, they believe you shouldn’t pay more than 0.20% overall for the funds in your portfolio, no more than .5% for a digital advisor, and if you use a human advisor, no more than 1% in advisory fees.

Digital platforms such as Ellevest keep costs low by offering managed assets at an affordable rate.

Bottom line: learn what questions to ask up front so you know what you’re paying in fees.

3. Diversify

As women, we are risk aware, and because of that investing scares many of us. But, think about it: no risk, no reward.  All investing inherently involves risk — if there was no risk, you’d just be “saving,” earning almost zero return, and actually losing money over time (what you may be doing now if you’re keeping your cash in the bank).

Since markets can get volatile, and we can’t really predict which investments will perform the best, the key to reducing risk is to diversify across different asset classes, like U.S. and international stocks, global bonds, and real estate. There are literally thousands of investments to choose from these days. Some try to predict which stocks will do the best in the coming year, others try to choose asset classes that will outperform, and some have strategies with made-up names I can’t even pronounce. Research shows, however, that straightforward, low-cost index funds outperform nearly all of those strategies in the long run. At Ellevest, they allocate across 21 different asset classes in their goal-based portfolios. Just like how in work diversity makes for better teams, when you’re investing, it makes for better investment portfolios too.

4. Change Gears as You Get Older

Buy low! Sell high! We’ve all heard those not-so-useful investing clichés, usually in cartoonish depictions of Wall Street. While market timing — knowing when the market will be “low” or “high” — is the holy grail of investing, it’s nearly impossible to do. Very, very, very few people can time the market well, and even fewer can do it consistently.

Wondering what your money goals should even be at your age? You’re not alone. Here are some smart moves to make in every decade, starting with your 20s, from our friends at Ellevest.

At Ellevest, they’re all about getting you to realize your biggest goals — whether that be planning for retirement, saving for that Aussie vacation, or starting a family. So with Ellevest, you’ll hear the phrase “goals-based investing.”  Basically, what this means is that their investment objective is to help you reach your goals. That’s very different from trying to outperform some market index. Makes sense. Doesn’t it?

Questions on this?  See how goals-based investing works. The takeaway: learn how to make smart decisions about risk for different kinds of financial goals and how to think about that risk over time. Which leads us to the next rule…

5. Don’t Wait to Invest

Don’t think you have enough to invest. You do have enough. With a Robo-advisor like Ellevest, there’s no minimum to get started, so you can start wherever you are. (Seriously — start with $1, $5, or $500 … all good.) The point is to start and to invest regularly, whether it’s with every paycheck, every week, month, or quarter. The goal is to eventually be setting aside 20% of every paycheck to Future You. Follow this rule of thumb, says founder of Ellevest, Sallie Krawcheck, and you’ll be set for financial success over the course of your life.

Not sure how much to invest? Learn the smart way to break down your monthly income so you don’t keep waiting to invest.

In a planning mood? See how an investment plan could help you manage your finances.You can get a personalized portfolio in under 10 min. And it’s made by women, for women.

The Bottom Line:

Make investing a routine like brushing your teeth or happy hour on Tuesday.  Although there are risks that come with investing your money, there is also the potential for rewards — namely, helping you grow your money so you can meet your financial goals faster than if you had, say, put your money away in a basic savings account. So start today, even if you put away 2% of your income into a 401(k) or an IRA. Your future self will thank you.

The Get-Started Guide to Investing: 5 Things All Investors Need to Know from Ellevest on Vimeo.

For when you don’t have a retirement fund… 

Don’t sound the alarm – yet.  Ellevest can get you set up in less than 10 minutes so you can reach all of your money goals. Sans judgment, finance jargon, and trust issues. Crisis averted. Get into it  here.* 

PHOTO: Ellevest

In search of even more financial wisdom, here are more personal finance topics for you:

The One Money-Habit All Wildly Successful Women Share

5 Simple Steps: How to Start Budgeting for the First Time

3 Reasons Why You Need a Roth IRA- Even If You Have a 401(k)

Disclosures: We’re excited to be working with Ellevest to start this conversation about women and money. We receive compensation if you become an Ellevest client.

Questions? We’re here to help. Leave us a comment and we’ll get back to you!