Why for women, money should be one of the top goals for the New Year. Part 1
Myths, Magic, Capitalism, and the Patriarchy.
I never thought my first blog in the new year would be about money. Money has always given me a case of the yucks. There’s always been an emotional barrier between the truth of everything I’ve invested to make a career out of teaching yoga, and the kind of monetary value I feel I deserve to ask for in sharing these skills. How can you ask for money, when you’re talking about love, peace, and compassion? This is my money myth. One of them. Personally, I have a lot to detangle, demystify, and acknowledge.
Chances are if you were to take your beliefs by the ankles hang them upside down and gently shake them, some money myths would fall out. These are the tiny obstacles keeping you from your goals. These are the ones causing you to undermine your value and get your self-esteem all caught up in the trappings of capitalism. Ladies, I’m talking to you.
Light your fire. Finances are feminist.
This deep dive is really about more than how I feel as someone trying to make a livelihood in the wellness industry. It’s about the need to step into my own power in this feminine final frontier. Before we unravel our own money mindset, let’s illuminate the root of our collective story.
History of money and women 101:
1848: New York passed the Married Women’s Property Act, which allowed married women to own property. By 1900, most states adopted this act officially into law giving all women the right to pursue their financial independence.
1960s: Women were finally allowed to open checking accounts and apply for loans - yet, most financial institutions still required a man to co-sign.
1963: The Equal Pay Act was established, prohibiting employers to pay different wages to men and women for the same job. Yet the newest pew center research, still indicates a wage gap. Women earn only 82% of what men do.
1972: Congress approved The Equal Rights Amendment to federally recognize “equality of rights under the law” for men and women. It took until January 2020 for the 38th state, Virginia, to ratify the amendment. At least 38 of the 50 states have to ratify for an amendment to become valid. To this date, the amendment is still debated and has not been formally affirmed nor do all 50 states recognize that sex is a legal basis for discrimination.
1974: The Equal Credit Opportunity Act (ECOA) prohibited lenders from requiring male co-signers. Men and women by law have to be treated equally throughout the loan application process.
2007 to Date: The Great Recession of 2007 - 2009, women were the first to lose their jobs and the most targeted in predatory loans that would create the mortgage crisis. During the Covid pandemic, women were the most impacted by the need to stay home to provide childcare - either needing to leave their jobs or juggle working from home with home schooling. The 2020 Census indicates that in the US, women make up only 29% of the those earning a six-figure income.
Thank you, Raija Haughn for this invaluable resource.
The fire to inspire a change for yourself begins with the story of the women who have gone before you. Not only does it spark a responsibility to make a change for ourselves, but the girls who will continue to make their way through the world with this timeline at their back.
Money Myths: What is at the heart of your relationship with money?
This is a tender exercise, but can shed light on the beliefs you are holding about money, value, and self-esteem. Looking back at your childhood, what was the money story of your family? Were you a single or double income home? Were there money worries in your home? Who provided the income for your household? Were they savers or spenders? What was the over-all attitude of your parents/caretakers toward money? How did money effect their relationship or their relationship with themselves?
The matriarch in your family was living through a time of limited attitudes toward women and wealth. In one way or another, her beliefs about money set the tone of a story that still echoes in your money myths. These are the foundations that define your financial wellness.
Mass Market Money Myths VS Milestone Mindset Money Magic.
What mass market beliefs are you buying into? Maybe there are some myths that you’re ready to debunk. A simple change in these money mantras opens you to flow and aligns you with your goals and values.
“Money is power”
For a profound shift, decommission the money myth that dominates our culture. “Money is power,” consolidates and constricts. It keeps you stuck in a cycle of accumulation and competition. You will always want more. Power is relative and there is always someone else to beat. It is similar to trying to keep up with the Joneses and letting money become your outward expression of status. So quickly, self-esteem gets tangled up in what we own, not who we are.
“Money is freedom”
There is a fluidity to money. You can see it in the stock market, you can feel it in your bank account. Money comes through in a paycheck and goes out in a bill. While a certain level of accumulation may provide for us through our entire life, we don’t need to hoard and stockpile. There is more freedom and growth when we let the money flow. It puts you back at the center and lets you define your wealth in terms of your living, not your owning.
Money is neutral, we give it meaning and assign it power. Learn to see the value of money as simply a tool. It can support our experiences, give us freedom from anxiety and a luxury of time. It can be our means to provide for our family or support causes close to our heart. It’s more empowering to accept and know that with money, you have more choice in how you spend your time, where you go, and what you do.
It’s about healing the wounds, acknowledging the stories, and being active in this financial exchange. We have a long way to go to empower women in wealth. Each of us can create a resolution to be fired up about our financial literacy and make a change for all of us. It’s money magic.
Let’s keep this conversation going. In part 2, we’ll get grounded in some practical steps you can take to boost your financial wellness.
