As women, we already get the short end of the stick financially. We get paid less than men for the same jobs. We have to purchase female specific things like menstrual products and bras that add up over time. Not to mention, paying for childcare, diapers, and a lot of single moms that are the primary breadwinners for their families. And the pink tax where women pay more for something just because it’s made for women is also an unfortunate thing.
So, where do we go from here? We can look at our legislators for future laws to cross the pay gap. We can even seek higher education, which results in higher salaries and positions. But those things take time, and while those things run its course, our money can build up for the future.
This is where Ellevest comes in. A financial investment institution created for the sole purpose of bridging the gap between gender investments. Sallie Krawcheck, founder and CEO, has been involved in finances since the beginning, being one of the most senior women on Wall Street.
Krawcheck realized the primary way finances were handled, by men, for men. That mentality wasn’t going to cut it for women. In fact, 86 percent of investment advisors are men. A gender-neutral approach for investing in tandem with the gender pay gap robs women ultimately.
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An example of that loss reflects in the scenario of a woman having the same exact age, bachelor’s degree, salary, and 10 percent investment of that salary as a man. The woman ends up having $320,000 less than the man when they retire at 67-years-old.
This shows that this system is only out to benefit men. So, Krawcheck set out to change just that.
Ellevest gets women to invest online. It could be for a house, future business, retirement, and even women that have a great wealth of over one million dollars.
The typical Ellevest investment model calculates your future plan online. You simply fill in the blanks about your age, education status, zip code, number of children, current salary, and work position. They also ask about your life goals before they recommend a personalized investment portfolio for those goals.
Of course, just like life forces you to changes your plans, these goals, and portfolio can be changed. The original timeline, target goals, amount of contribution, and deposit amount can be altered to work for and with you.
This investment can start with no minimum balance, a free emergency fund, and no penalties for withdrawing your money at any time. Ellevest Digital has an annual fee at .25 percent with no minimum investment amount. Ellevest Premium has an annual fee at .50 percent with a minimum $50,000 investment. And the Private Wealth plan requires some one-on-one communication for those millions of dollars.
For more information, check out the Ellevest website. If you want some inspiration for why you should consider financial investments as a woman and more statistics, scroll through their Instagram page. It’ll make you stop and think about how important your money and your future collide together.