What The Elle - 🤦🏼‍♀️ A Woke Bank Crash? (Smh.)

Plus, $100K jobs, five years of Ellevest Impact Portfolios, and how to protect your data. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
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What the Elle logo
 

SALLIE'S OPINION

The Problem with Blaming SVB’s Collapse on “Diversity”

The banking-industry contagion that started with a run on Silicon Valley Bank earlier this month made the jump to Europe over the weekend. So much for the pundits’ view that Silicon Valley Bank was an idiosyncratic one-off. Financial wildfires like this one are almost never isolated events, given the interconnectedness of the banking business.

Through all of this, I’ve gotta be honest, I’m still SMH — and sort of laughing, but not really laughing — over that WSJ Op-Ed that implied that the implosion of Silicon Valley Bank was caused by wokeness and too much diversity. I guess the thinking behind that Op-Ed was: “Silicon Valley Bank is in California. By definition, it’s woke, amirite?”

Let me get this straight: The argument was that a bank that served the *venture capital industry* was too diverse??

A bank built on servicing an industry where women-founded start-ups get 2% of funding and Black founders get 1% and women of color get as-close-to-0%-as-you-can-get-without-it-actually-being-0%? Where some venture capitalists actually, literally describe their investment approach as “pattern recognition”?

No, the problem wasn’t that there was too much diversity at Silicon Valley Bank — it was the opposite.

 
Read the rest
 
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CEO AND CO-FOUNDER
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5 YEARS OF ELLEVEST IMPACT PORTFOLIOS

Our impact investing option was designed to be a win-win

Five years ago this month, we launched our Ellevest Impact Portfolios. Learn about aligning your money with your values — and why we believe those values can reduce risk in your portfolio.

Learn more >

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What does it mean to ‘invest intentionally’?

Every dollar you invest, spend, or save has an impact, on you and on the world. That’s why we believe in intentional investing. Here’s what that means.

Read it >

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Want proof ESG investing can change the world?

Here are 11 stories that show its impact, from the market level all the way down to individual businesses with big influence.

Get the good news >

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Skeptical about impact investing?

Even our CEO Sallie Krawcheck was an impact investing skeptic for years. Here’s what changed her mind. (Hint: The data is solid.)

Worth it >

What’s happening at Ellevest this week

  • Workshop: Investing, Part I: How it Works: Wanna learn more about compounding, diversification, and other investing concepts? Get the lowdown in this 60-minute workshop. 📚

    FRIDAY 3 PM ET: Sign up

  • Workshop: All About Membership at Ellevest: Join this 30-minute presentation to learn everything you need to know about making the most of membership at Ellevest. 🔓

    MONDAY 12:30 PM ET: Sign up for free

Busy this week? Check out all upcoming workshop dates and times.

💡Money Tip of the Week

Ellevest is all about getting more money into the hands of women. But you know what else we’re all about? Protecting that money once you’ve got it. (Yep, this week, your money tip is also a cybersecurity tip.)


Ellevest takes your security seriously — we’re continuously improving and exploring new methods of keeping your account safe from unauthorized access. Currently, that includes two-step authentication (aka 2FA), alerts when your password has been compromised, and occasional requests to update your login credentials.


But you can (and should!) do even more to protect your personal information, with Ellevest and beyond. Some good housekeeping items include:


  • Keeping your contact info up to date across your accounts (with Ellevest and elsewhere)

  • Turning on phone or email alerts, if available, for any account editing or new transactions

  • Opting in to multi-factor authentication whenever possible, including 2FA, authenticator apps, and biometrics (FaceID, etc)

  • Only storing your passwords and / or PINs in a password manager app (and not in your Notes app or on a sticky note on your desk, OK?)

  • Looking extra carefully at sender email addresses before replying or clicking on attachments or links

  • Knowing the usual outreach policies of the companies and providers you pay money to and / or have accounts with (especially when they’re asking for your personal info, online or on the phone)

Scammers and bad actors tend to come out of the woodwork when the economy is volatile — last year saw a whopping $8.8 billion in fraud losses, according to one estimate. Stay alert — and you can trust that Ellevest will, too. 🔎


Links to lead with

  • Sallie joined CNBC’s Squawk Box this morning to discuss how this current moment compares to 2008 and more. Watch her here.
  • New data suggests that women apply less often to jobs that pay $100,000 or more, but when they do, they get offered those jobs more often than men.
  • One reason women may be behind in retirement savings, according to a recent survey from TIAA: worries about being able to afford child care.
  • We’re thrilled to be partnering with non-profit Commonwealth on a research project designed to deepen our understanding of the barriers that keep people, particularly women of color, from building wealth through investing. Read more about the partnership here.
  • On reeling your spending back in after a few years of pandemic-fueled “revenge spending.”

Start investing toward your impact on the world.

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This week’s newsletter was brought to you while making a to-don’t list. Forward it to your friends who believe in the power of spite.

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DISCLOSURES
 
© 2023 Ellevest, Inc. All Rights Reserved.
All opinions and views expressed by Ellevest are current as of the date of this writing, are for informational purposes only, and do not constitute or imply an endorsement of any third party’s products or services.
Information was obtained from third-party sources, which we believe to be reliable but are not guaranteed for accuracy or completeness.
The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities, and should not be considered specific legal, investment, or tax advice.
The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person.
Investing entails risk, including the possible loss of principal, and past performance is not predictive of future results.
Ellevest, Inc. is an SEC-registered investment adviser. Membership fees and additional information can be found at www.ellevest.com.
 
 
 

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Older messages

📍SVB: What Happened, and What's Next

Tuesday, March 14, 2023

Plus, Equal Pay Day: what you need to know about the gender pay gap and your rights at work. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

⌛ 10 Years Later, What ‘Lean In’ Left Out

Wednesday, March 8, 2023

Plus, International Women's Day, tax refunds, and high short-term interest rates. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

🤷🏻‍♀️ What’s Women’s History Month Really For?

Wednesday, March 1, 2023

Plus, supporting young female entrepreneurs, a pro-tip for tax season, and why no-spend is no fun. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

⛏️ Budget Hack: Sinking Funds

Wednesday, February 22, 2023

Plus, rolling recessions, what makes a savings account “high-yield,” and the case for girlsplaining. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

💘 For Love *and* Money

Wednesday, February 15, 2023

Plus, everyone has impostor syndrome, Valentine's Day advice, and a (love) boatload of relationship tips. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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