5 Money Truths You Need to Know Now from The Money Script Podcast
Back in April, our founder Christa Clarke was a featured guest on The Money Script podcast hosted by power couple Yohance and Alisha Harrison. This was such an important conversation with so many truth bombs about the current reality of women of color and money such as having to work “twice as hard” and structural racism. They dived in and went there, so we want to highlight 5 gems for you here as part of our Money Issue.
1.) The Gender Pay Gap Is Real: The gender pay gap or gender wage gap is the average difference between the remuneration for men and women who are working. It is no surprise that women of color fall very behind when the numbers are released every year. Unfortunately, the wage gap for many women of color is not only wider than the overall gender wage gap, but it is also closing more slowly. For example, this month marks Black Women’s Equal Pay Day on August 3rd – this is the approximate day a Black woman must work into the new year to make what white non-Hispanic man-made at the end of the previous year. Based on ACS Census data, the 2021 wage gap for Black women compared to non-Hispanic white men is $0.63 (cents).
2.) We Need to Talk Openly About Money: We need to talk about our salaries, our career paths, our debts, and our goals with one another. We need to stop making money a taboo subject if we want to be empowered by one another. Open the dialogue with your close friends and start talking about how we can learn from one another and discover you are not on this money journey alone.
3.) Get Yourself Some “Goal Friends”: The podcast hosts loved the term “goal friends” and you will too! Goal friends are friends you can grow with. They are people that can help you with your life, career, and long-term money goals. Share your goals with one another and watch your goals come to fruition and your friendship blossom. The path to money goals can be achieved through your own “goal friends” – get some!
4.) The “She-Cession” Will Have Long-Term Impact: Did you get a chance to read all about the latest exodus of women of color from the workforce during this last year? As more women of color drop out of the workforce due to fatigue and burnout, the long-term impact means economic recovery will be more difficult without us and a retirement crisis is looming on the horizon.
5.) 3 Steps to Financial Independence: Want to know the three ways to achieve financial independence? We got them on the podcast: Get yourself some real estate, invest your money and add another source of income to your money portfolio, whether it be a side business or a full-time business – the point is to find multiple streams of income to start your path to financial independence.
**BONUS** Best Show Shout Out: “[Christa's] empowering women to use the voice and platform that we already have. It is not that we have to create anything new. It is just opening your eyes to what we have, the ability, and the possibility that we have within us. Linking arms with each other so that we can create that change.” - Sums up the power of the Cubicles to Cocktails community so beautifully!
To hear the entire podcast and more gems, download it here.