Opinionated: The 6 Money Lies Told to Women

Plus: What you need to know about cryptocurrency. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
 
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Sallie’s Opinion

The 6 Money Lies

 

Women earn less money than men do. And women keep less of the money they earn than men do.

This can mean dreams not realized, bad relationships stayed in, dead-end jobs not left, companies not founded, families making do with less.

It may be no wonder, then, that money is women’s #1 source of stress. When asked what words come to mind when they hear the word “money,” so many women say “shame,” “loneliness,” and “uncertainty.” (For men, the synonyms tend to be “power,” “strength,” and “independence.”) And women prefer to talk about any topic other than money — including their own death.

Part of the problem is that women are told, again and again, a series of money lies. We first hear some of these lies as children. They continue through to when we are knocking on the door to the C-suite.

These are six big lies that we come to believe. And lies that cost us. Big-time. They are:

1. “You’re not really that good with money. Or math. Or math-like things.”

In households across our country, families talk with their little boys about money more often and differently than they do with their little girls. For boys, it’s more about how to build wealth, while for girls it’s more about saving and budgeting. Boys learn from their fathers and see their fathers investing, while girls tend to learn from their mothers — and in only 16% of US households does the mother direct the investing — so existing gender differences are reinforced.

At the same time, little girls receive not just a lower allowance than their brothers for the same chores; they also receive lower grades in math at school for the same answers as boys. (You read that right.)

From there, the other money lies begin — and there’s a disturbing throughline through them all.

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A tweet by Bumble CEO Whitney Wolfe Herd on Feb. 11, the day Bumble became one of the few women-led companies to go public.
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Financial feminist: Sharon Chuter

The founder and CEO of UOMA Beauty is on a mission to stand up and stand out. Her Pull Up for Change campaign is challenging beauty brands to share the number of Black people on their leadership teams. This month, she launched #MakeItBlack, a partnership with major brands to release their hero products in all-black packaging, with 100% of profits to emerging Black founders.

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6 things worth reading this week

“The Exodus of Women from the Workforce Is a National Emergency,” Kamala Harris, Washington Post

“Student Debt Is Driving More Americans to Donate Their Eggs — and Some Suffer Lasting Complications,” Diane Tober, Salon

“What to Do If You Can't Find Your Passion,” Taylor Trudon, MM LaFleur

“My Mom Has Always Foraged — a Year Into the Pandemic, I Understand Why,” Dakota Kim, Food52

“Britney Spears Was Yet Another Promising Young Woman,” Anne Cohen, Refinery29

“The Big Business of Manifesting Money,” Amelia Harnish (with some real-world advice by Sallie Krawcheck), Cosmopolitan

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