3 influential women with financial smarts you can learn from
Did you know that by many measures women are worse with money than men? That was news to me!
With all the advancements women are making in higher education and corporate culture, it seems like financial literacy is one area we should have no problem conquering as well.
In honor of Women's History Month, think of the women in your life that have shown you how to handle money. We’d love to hear their stories so feel free to share in the comments! To give you a few extra female financial mentors to consider, here are three influential women with economic savvy and some key takeaways you can apply to your life.
3 Financial Takeaways From Influential Women
1. Melinda Emerson
The "Small Biz Lady," Melinda Emerson, is a successful entrepreneur who's used what she learned along the way to become one of the main names in small business advice. She focuses on helping small businesses run by women, and encourages more business education and training for women and minorities interested in pursuing entrepreneurship.
Takeaway Tip: When you make business risks, make sure they're calculated
While she's got a blog full of advice for small business owners, she also offers specific advice to those considering starting a business. The first thing you need to do when you have decided to start a business (besides choosing what it should be!) is to have money to put into it. Taking risks is fine, but make sure they're calculated risks that you've really thought out and planned for. If you need to save up money for a new business, or any other goal, she's got some good tips on that as well.
2. Maggie Walker
Not only was Maggie Walker the first woman to become the president of a bank in the United States, she did so as a black woman in 1903. Recognizing the importance that money played in opportunity in American culture, she focused on empowering African Americans economically to help them overcome the laws and policies designed to keep them from finding success.
Takeaway Tip: Take the time to learn about financial literacy
Living in a time and society where economic opportunity was limited considerably by her gender and race, Maggie Walker quickly recognized the importance of using knowledge to her advantage. So she learned her stuff. She figured out how to run a bank successfully and made investments that not only kept her family comfortable, but also allowed her to help other African Americans in her community find financial stability.
3. Sara Blakely
The founder of Spanx, Sara Blakely took a risk on an idea that eventually made her the youngest self-made female billionaire in history. Starting with an idea she believed in and $5,000 in savings, she turned a startup many doubted into a wildly profitable business.
Takeaway Tip: Be persistent
Blakely heard "no" a lot in the early days of launching her business. She needed the help of manufacturers and lawyers to create a prototype of her product. With an unfamiliar name and untested product, no one quite got it. After a persistent appeal to one manufacturer after another, one finally took a chance on her. Don't shy away from trying for that better job or asking for a raise. Even if you get a "no" today, persistence eventually pays off.