Your Path to Wealth: Is it Blocked?
Does building wealth simply equate to frugal decision-making? Will foregoing that Starbucks latte really allow you to fully fund your retirement account?
What began as an exasperated conversation about the rife scarcity mindset among those of us socialized as women, evolved into a conversation about the history of female oppression and how women are taught to save and shrink, while men are taught to expand, take risks, and make more money.
Why do we see so many conversations, workshops, and courses for women on budgeting and clipping coupons, but so few on building wealth and investing?
In this episode, we explore how the society we live in has shaped our mindsets around making money, saving money, and building wealth.
Women have typically been encouraged to scrimp and save, praised for knowing how to run a household on a shoestring. Being loud is not “good.” Even taking up space is a no-no. And building something big? How dare you.
At the same time, men receive their own limiting beliefs of ‘provider or failure’ (go big or go home).
Women get shamed for “splurging” while men are encouraged to show off that new car from that big deal or promotion.
Here’s a peek at what else we discuss:
Women are focused on the wrong metrics.
How our cultures have shaped this behavior.
How through thousands of years of history, women have been financially incapacitated.
It’s not that long since women in the UK, US, and Ireland could not own property or even drink in a bar without a man! (Seriously).
How women’s magazines have (even recently) taught us how to look pretty, buy soap, and clean house – not build wealth or businesses.
The actual cost of constantly being focussed on saving money in business.
How the time spent over-thinking your expenses could be better used to grow your business.
The importance of uncovering subconscious beliefs and normalizing conversations around women and money.
The pitfalls of an “everybody else first” mindset.
The importance of investing in yourself.
Resources:
(Guardian Article) Women's rights and their money: a timeline from Cleopatra to Lilly Ledbetter
You can hear our own money stories back in And She Spoke episode 130
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This week’s Joy:
Sandy’s joy is bee-keeping. She’s been reading everything she possibly can about bee-keeping and wants to have a hive in her yard (something the law allows in Calgary).
The usual process of harvesting honey is very messy and takes a lot of work but Sandy found “Flow-hive”, a company that has made the process so much easier and less stressful for the bee-keeper and the bees.
This week’s Hustle:
Jeni’s hustle (which could also be a joy) is an article in the New York Times, called “Gotta Have That Cute Mug? Act Fast.” It’s all about the cult behavior around “dirt drops.” What’s a Dirt drop? We’ll let Jeni explain in the episode. The article showcases artisanal potters who, during the pandemic, have seen an explosion in their businesses as people became obsessed with hand-made things and pottery. Jeni thinks the Dirt Drop is a great way to hustle because the business model is so fascinating and it’s a really fun way to support artists and local and small businesses.
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