Opinionated: The Truth About Love and Money

Plus: Tipping is so much more harmful than you might think. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
 
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Sallie’s Opinion

The Truth About Love and Money

 

We’ve been thinking a lot here at Ellevest of all the things that money is, in addition to just being money.

Last week was “money is power.”

This week is “money is relationships.”

Certainly, there’s our own relationship with money — which can represent our dreams for ourselves and our families, or can be fraught, or can be driven by guilt.

For many of you, your relationship with money has changed during the pandemic, as women+ have taken a disproportionate hit to the wallet. In our recent community survey about financial wellness, many of you told us that your relationship with money was more stressed. Others found the pandemic to be a wake-up call for a more intentional relationship with money — like Noele, who told us, “We’re friends now, instead of mortal enemies.”

Money can also shape our relationships with others. And how.

Even when we don’t immediately see the connection: For example, does anyone really think that women would have been doing so much more of the unpaid child care and home labor during the pandemic if we made more money than the men in our lives?

I didn’t think so.

Because of the often-unspoken power dynamics of money in our relationships, money can be tough to talk about. We hear from many of you that even bringing up money in a relationship can be tough because a partner can view this as questioning their competency or their breadwinning ability. That’s particularly true for people whose partners are cis men: Social norms are still so strong that both partners underreport a breadwinning woman’s earnings.

And some of you have said you’re nervous to bring it up because your partner may think you’re asking because you’re considering a divorce. (I know, that escalated quickly, didn’t it? But it’s true: We hear it all the time.)

And then there are the other truths about love and money — the ones that have to do with how happy you’ll be in a relationship.

 READ THE REST 
 

By the numbers: Tipping

Civil rights advocate Michelle Alexander (author of “The New Jim Crow”) wrote last week that tipping is a legacy of slavery, and its effects are felt across the restaurant industry but especially on Black and brown women.

43 states and the federal government allow the tipped workforce (like waitstaff) to be paid a subminimum wage.

This workforce is nearly 70% women and disproportionately Black and brown people.

The federal minimum wage for tipped workers is $2.13 an hour.

Black women made on average $5 an hour less than white men before COVID.

Nearly 90% of Black tipped workers say their tips have gone down by half or more since COVID, compared to 78% of all workers.

A tweet by Emma Johnson congratulating her “single mom friend” Tanya Van Court of Goalsetter for raising $3.9 million for Goalsetter, her financial literacy app for kids.
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The week in quotes

“We believe everyone should be paid based upon the work they do, not who they are, and invest heavily to make our hiring and compensation processes fair and unbiased.” — Google, after agreeing to pay $2.6 million to settle a wage and job discrimination case that involves 5,500 women employees and job applicants.

“‘Can we unionize mothers?’ I ask my husband, a labor organizer who helps rideshare drivers fight for basic workers’ rights. ‘How about women?’ I am only half joking. He looks at me over his reading glasses. ‘Who would you bring your demands to?’” — Angela Garges, The Cut

“We have about seven women at the organizing committee but everyone understands their place.” — Tokyo Olympic chief Yoshiro Mori at an Olympic board of trustees meeting, quoted in Reuters

“When push comes to shove, we have almost always in our history chosen to prioritize the employment of men and especially white men over women’s employment.” — Jess Calarco, Slate

“That ‘I May Destroy You’ did not get one Golden Globe nod is not only wrong, it’s what is wrong with everything.” — Deborah Copaken, co-writer of “Emily in Paris,” which was nominated for two Golden Globes, in The Guardian

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This week’s newsletter was brought to you while while shopping the Gee’s Bend Quilters. Forward it to your friends who know the importance of “storytelling, resilience, and beauty.”

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DISCLOSURES
 
All opinions and views expressed by Ellevest are current as of the date of this writing, 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 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 there is no assurance that the investment will provide positive performance over any period of time.
Banking products and services are provided by Coastal Community Bank (“Coastal”), Member FDIC, pursuant to license by Mastercard International. Your Ellevest Spend and Save Account deposits will be insured to the regulatory limits by the FDIC through Coastal Community Bank, Member FDIC.
Funds held in your Ellevest investment accounts are not FDIC insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance.
Ellevest Membership fees are as follows: Ellevest Essential is $1 per month, Ellevest Plus is $5 per month, and Ellevest Executive is $9. Other fees as described in Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.
 
 
 

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