“Women have the power to change the world. From our purchasing decisions as consumers to the leadership and employment opportunities we offer as business owners, women are an incredible and undeniable force. More than 11.6 million firms are owned by women, which translates into 9 million jobs and $1.7 trillion in sales. Women reinvest income in their families and communities at higher rates than men. By increasing the wealth and opportunities for women-owned businesses, we can significantly impact our communities for the better.” - The Power of Women Female Founder Collective
Women have confidently and tenaciously risen over the last decade, now controlling more wealth than ever before. We’ve come in waves, showing up for ourselves and each other in our communities and careers. We’ve shifted the political climate, challenged the status quo, and projected our voices as activists, consumers, leaders and business owners.
At Life Proper, we believe in honoring progress and taking a step back to assess how we can positively impact the future. In our fight for equality, we believe in three things: investing, sponsoring and empowering women.
The number of women who are striking out on their own and finding success as entrepreneurs is growing at a rapid rate. Recent studies show that by 2020 two-thirds of America’s wealth will be controlled by women. Between 2007 and 2018, the growth rate of women-owned businesses have gone from 4.6% to 40%. According to a report commissioned by American Express, four out of every ten businesses in the U.S. are now women-owned.
Historically, women have been underrepresented in terms of business ownership. Women-owned businesses now account for 30 percent of all privately-owned enterprises, employing 7.8 million Americans. Supporting women-owned businesses has a ripple effect that radiates growth, job opportunities and a healthy economy.
Women entrepreneurs are taking control of their wealth portfolios. With a holistic approach to managing wealth, women are aligning their investments with their values. According to 2018 Insights on Wealth and Worth conducted by U.S. Trust, women are more likely to build philanthropic wealth and take deliberate action to achieve their goals of making the world a better place. Attaching ourselves to purpose and a mission allows us to keep our power and maintain inner peace.
Women represent almost half of the current workforce. For half of American families, we are the sole or co-breadwinner. Women receive more bachelor and graduate degrees than men. However, women are generally paid less than their male counterparts. This impacts our families, communities and economy. It also greatly impacts our savings and the way we invest our money.
Investing with purpose is at the center of Ellevest interests. They believe that money is power and we agree. By creating an online investing platform that is gender-aware, Ellevest uses an algorithm to calculate financial goals and targets to meet the specific needs of women.
Now more than ever, an essential part of the advancement equation is creating a support network. In response, women are banding together to form symbiotic personal and professional bonds.Sponsorship is taking precedence over mentorship within businesses and organizations. Mentors are exceptional self-esteem builders and sounding boards, while sponsors are advocates and success drivers for their proteges.
Enabling other women to achieve with purpose contributes to future generations of women leaders, increases visibility and diversity within the workplace. A natural group environment enables women to share common best practices, ask for help and not pretend like we know all the answers. Connecting with other women builds energy, support and opportunities for us all.
Our mantra: empowered women empower women. Empowering women fuels our economy, growth and productivity. When we support each other, everybody wins.
Image by Canary Grey