Add another layer to your #Business literacy. We at Serebral360° would love to know if the Forbes – Entrepreneurs article was helpful, leave a comment, like and share. Let’s dive in and discuss the information and put it to use to grow your business. #BusinessStrategy #ContentMarketing #WebDevelopment #BrandStrategy
Info@serebral360.com 762.333.1807 www.serebral360.com
Grap a copy of our NEW Business Stratgety Books #FFSS VOL1 and #FFSS VOL2
Financial services has made a concerted effort over the last couple of decades to engage women around money. While those efforts may sound egalitarian, it’s also self-serving. Per the Economist, “According to the Boston Consulting Group, between 2010 and 2015 private wealth held by women grew from $34 trillion to $51 trillion. Women’s wealth also rose as a share of all private wealth, though less spectacularly, from 28% to 30%. By 2020 they are expected to hold $72trn, 32% of the total.”
So, to not engage with women and money as a financial institution is to shoot yourself in the foot.
In the personal finance sphere, mommy bloggers, military family bloggers, Christian bloggers and, especially, African American women bloggers dominate. All these demographics are talking about their financial condition, what’s working, what they’re learning and sharing these with their readers. If talking about money is the first step in gaining money confidence, these demographics are well on their way.
Despite its nearly $1 trillion in purchasing power, financial services hasn’t engaged the queer community with the same enthusiasm and the queer community, as a whole, doesn’t talk about money on the same scale. Thus, many in the queer community lack money confidence.
If it’s any indication what is important to the queer community, one must look no further than RuPaul’s Drag Race or Queer Eye. Both shows can teach gay and straight people alike how to live and look fabulously, but the topic of money is rarely if ever, broached in a constructive way.
Queer Eye has a food and wine expert, fashion expert, culture and lifestyle expert, design expert and a grooming expert. It doesn’t have a money expert to tell us how to afford these fabulous things or, at the very least, how to not subsidize the Queer Eye lifestyle with credit cards. It’s no surprise, then, that the queer community struggles more with debt, especially credit card debt, than the general population and why we must do more to help our community with its biggest financial struggles.
How can a demographic that doesn’t talk about money, start the conversation and improve its financial condition?
Jen Hemphill is an Accredited Financial Counselor and host of the Her Money Matters podcast, a show dedicated to practical money advice. Hemphill works with clients as a money confidence coach, helping them do the inner work necessary to spend more consciously and reclaim ownership of their financial lives. She is also the author of Her Money Matters: The Missing Truths from Traditional Money Advice.
On this episode of Queer Money™, Hemphill defines what it means to have money confidence and offers advice around spending money with intention. Hemphill shares several simple strategies to gain money confidence, including celebrating financial wins for an instant money confidence boost.
Learn how your money confidence stacks up on this Queer Money™:
What is a money confidence coach?
Hemphill coined the title “money confidence coach” because, as she says, “People’s eyes glaze over when I tell them I’m an accredited financial counselor and, invariably, they confuse me with a financial planner.”
Through her work with her clients, Hemphill saw a recurring theme. Most of them attribute Hemphill, for building their money confidence. This confidence, Hemphill claims, lays the foundation for her client’s financial success, success like so many queer people need.
What is money confidence?
Hemphill finds that even the most confident people, those with successful careers and relationships often lack confidence with their financial lives. For example, Hemphill believes that success with a budget isn’t tied solely to having a good budget but being confident in your budget and your budgeting skills. Lack of confidence is what leads to ignoring your budget and, even sabotaging your budgeting.
Money confidence doesn’t only manifest itself in credit card debt. It can show itself in our earning power, too. Many LGBTQ individuals, especially transgender people, are at the lower end of the earning spectrum because of societal challenges. Having confidence in ourselves and the value we bring to our jobs lets us advocate for our own financial success.
Is money confidence synonymous with financial security?
No, but the two aren’t mutually exclusive. The two can go hand-in-hand and financial confidence can lead to financial security. Money confidence, as Hemphill says, is the first step toward that security.
Building money confidence is a necessary step for LGBTQ people because so many in the LGBTQ community struggle with financial insecurity and, Hemphill says, that a proper financial plan and proper money exercises can create skills that lead to financial security.
Money confidence or lack thereof is often rooted in our childhoods, and childhood experiences affect our money story, how we think about money and the decisions we make about it. Hemphill says it’s important to reflect and understand our childhood experiences with money to understand our adult emotions and feelings about money.
Despite how confident and together many in the LGBTQ community appear, many of us came from times and places when our sexual orientations or gender identities weren’t acceptable, were repressed or violated. The symptoms of these abuses often manifest in our financial lives, such as having more debt than the general population, and for which there are unique solutions.
How does a money confidence coach help?
The first way is that a money confidence coach can help identify where individual strengths and weaknesses lie. As Hemphill helps her clients, she sees them initially focused on what they’re doing wrong and ignoring what they’re doing right. Changing their focus is one of Hemphill’s initial exercises as their coach.
Hemphill wants everyone, including LGBTQ people, to take pride in the good they’ve done with their money, their skills and strengths, rather than focus too much on weaknesses and mistakes.
What money exercises are there to determine what’s important to you?
Doing a spending analysis like this is a start. Hemphill suggests, reviewing your spending on your credit card and checking account statements. Notice what patterns you see. Then, consider how much satisfaction each spend gave you. Over time, then, assess the value of what a pending purchase might provide you and decide to spend or not spend accordingly.
How can we spend more intentionally, and not rack up that credit card debt?
To spend intentionally, Hemphill says, we must be crystal clear on our values and current goals. Hemphill cautions to leave room for reasonable pleasures to keep motivated from financial goal to financial goal? Hemphill challenges people to not feel guilty about these reasonable pleasures because, if used strategically, they can help us reach our financial goals and money confidence.
What are the first steps to gaining money confidence?
Hemphill says, “First, celebrate money wins, regardless of how big or small they are. Keep tabs on your wins and review them regularly, especially when you’re feeling down. Second, talk about money in your language, not the industry or media’s language, regardless of how afraid you are to talk about it. Simply sharing your money journey and money story with friends, family and colleagues can change your feeling toward money. Finally, surround yourself with people who have financial confidence and soak up their confidence, learn from them and let them raise your confidence.”
Don’t worry if you don’t know people with money confidence. Watch personal finance experts on TV. Listen to money podcasts. Read personal finance books and blogs. Unfortunately, neither the mainstream media nor the LGBTQ community is talking about money for the queer community on a practical level. When it is talked about, it’s usually from a place of spending and overextending, rather than being fiscally reasonable.
As with the saying “an object in motion stays in motion,” so too, must we get the ball rolling by engaging and talking more, as a community, about money.
December 16, 2018 at 08:27AM
Forbes – Entrepreneurs