MAKERS Money is a new weekly digital series produced by MAKERS and Yahoo Finance that will show women how to achieve one goal: To "live the most badass life possible."
Hosted by Co-Founder and CEO of Ellevest, Sallie Krawcheck, MAKERS Money will help women learn how to invest, ask for a raise, save for retirement and manage your career.
The Latinista founder Yai sat down with Sallie Krawcheck to discuss money, The Latinista and the fact that women don’t invest as much as men do.
“Money is power. Money evens the playing field for us as women. Money is knowledge. Money is confidence. Money is freedom. Money is, ‘Take this job and shove it,’” Krawcheck says. “And ladies, we don’t have as much money as the guys do. We not only earn less, [but] we also invest less,” says Sallie Krawcheck, CEO and Founder of Ellevest, an investing platform for women. The Latinista founder, Yai Vargas was recently featured on the new financial series “MAKERS Money” on Yahoo finance, hosted by Krawcheck to discuss “money,” a topic that seems to be at the very bottom of women’s priority list.
“When is the last time you sat down with a friend over drinks, and talked about money, Sallie asked. “Gosh, never,” our founder replied. Women talk about everything else, from sex, to relationships, to children, to fashion, but we do not talk about money. We are our limiting our financial potential by not investing in our time into learning about key money growing generators, investments being one of them.
Are women investing? What is the number one barrier to investing for women? Krawcheck posed to Yai. “Sadly, we aren’t. The number one barrier is fear, some women are so afraid to lose everything that they are afraid to play the game. Women think their cash is safer in the bank, where they can see it.” Yai, herself has been a victim to this very thing. “The stupidest money mistake I’ve made has been,“working so hard for my money and then keeping it in the bank. I’m one of those women.” According, to Krawcheck, we are losing 9.5 annual return of investment, by keeping our money in the bank. “If you have your money in the bank your earning close to nothing.”
How do we take action? How do we begin to have these conversations? Yai, created The Latinsta for this very purpose, “I wanted to create networks of strong, knowledgeable women, who know better than us, to teach us their ways and help encourage us to take leaps.” Ladies we need to start investing our money and exchanging financial knowledge, so we can really even out the playing field. “The smartest thing I ever did was sit in front of professional to help me understand and manage my money. I sat next to someone and said teach me. I’m all ears,” Yai highlighted.
Check out the latest article on the Investing Gap and how it affects women.