Ellevest

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6 Ways Your Friends Are Your Financial Feminist Superpower

By Ellevest Team

Is there anything more inspiring than watching women absolutely crushing it? And when they’re your BFF, it’s even sweeter. Seeing them dream big dreams, make big plans, going after it with everything they have — chills.

6 Ways Your Friends Are Your Financial Feminist Superpower

We know this in our personal lives … but it’s also 100% true in our financial lives as well. And this isn’t just an opinion — it’s backed by actual research. Slack this one to the friends who always have your back.

1. Work wives are amazing.

Seriously. Work wives make you better. Much better. They give you confidence, make you more collaborative, and help you get ahead. When we’re in each other’s corners, we can amplify one another’s voices, like women in the Obama administration did.

Gallup, which has helped companies understand their employees’ engagement levels for decades, asks a simple question in their survey: “Do you have a best friend at work?” They found that women who answer “yes” are more than twice as likely to feel engaged ... and they perform better.

And like Gabby Noone famously said: “Behind every strong woman is five other strong women who proofread her email real quick when they had a second.”

2. We help each other find our dream jobs.

Recent research tells us that in order for women to get ahead in their careers, we can’t rely on the networking techniques that work for men — namely, meeting a ton of people and building broad connections. Instead, women need to network widely and have a tight inner circle of other women.

Because when we have a team like that, we keep your eyes peeled for opportunities that would be perfect for our friends. We tell them about good jobs, and filter out the bad. We help them think through big career risk decisions and shape their own paths.

3. We provide much-needed perspective.

Friends are good for your mental health. At the office, our work wives know our tells, and can keep an eye out for signs that we’re overly stressed or approaching burnout and gently remind us to care of us.

Away from the office, sometimes you just need someone who knows you really well to tell you what’s what. Things like: “Hey, you know, it isn’t actually normal for that terrible manager to treat you that way. I’m starting to think you’ve got Stockholm Syndrome.” Or maybe “Hmmmmm, do you think it’s possible you’re standing in your own way on this one?” Or “OH HELL YES, you’re an incredibly capable and valuable person and I pity the fate of anyone or anything that stands between you and the life you deserve.”

4. We talk about money.

OK, maybe you’re not talking money with every friend you’ve got — because talking about money is one of our society’s last taboos. But with our close friends, it doesn’t have to be.

Your wider circle of friends can also bring great insight about how you might negotiate a raise, ask for a promotion, pitch a new project, and so on. And, if it seems right, you might even compare salaries. Because friends don’t let friends negotiate a raise without all the info they can possibly provide.

5. We hold each other accountable.

One study found that people who put their goals on paper and sent weekly updates to a friend had 33% more slay than people who kept their goals in their heads. Another found that having a friend present made women better entrepreneurs. Another found that surrounding yourself with strong-willed friends can help if you’re not so great with self-control. Yet another found that you may be more likely to take unwise financial risks if you’ve got fewer friends. (Seriously, we could go on and on with the data on this one.)

6. We rise together.

You didn’t think we were going to leave investing off this list, did you? Ellevest’s Refer a Friend program literally exists so you and your friends can help lift each other up financially. (And to give you both a referral bonus,* too.) Plus, once you refer two friends you’ll be called an Elle Raisers Ambassador, which is just a thank-you from us (and the broader Elle Raiser community) to tell the world how great you are.

Friends bring friends along when they rise. Because what’s better than crushing your goals, living the life you want, and someday being a badass grandma? Enjoying that success with your BFFs by your side.


Disclosures

© 2019 Ellevest, Inc. All Rights Reserved.

*Clients who refer others to Ellevest’s Refer a Friend program agree to serve as solicitors to the program and provide the email contact of individuals who would be happy to receive such information. As of May 29, 2019, when a referred client enrolls in Ellevest and funds their account as a result of the referral, the referrer and the referred client will be paid $20, added either to their highest-priority goal in their Ellevest account or a $20 Amazon gift card if a retirement account. Ellevest’s processing time for depositing $20 into a client’s Ellevest account or delivery of an Amazon gift card may be up to 90 days.

Your highest-priority goal must be funded before we process the credit to qualify for the $20, and must stay funded throughout the 90 days while we process the referral credit.

Ellevest reserves the right to change, at any time, the amount paid to you for referring a client, or withhold payment of compensation to you if it determines the referral was made under wrongful or fraudulent circumstances, that your participation is against the spirit of the program, that making payment would constitute a violation of your Ellevest Client Agreement or applicable federal or state law, or that incomplete or inaccurate information was provided. Examples of incomplete or inaccurate information include, but are not limited to, incorrect personal information (such as an address or Social Security number) or incorrect bank link.

At Ellevest, our primary goal is to help women take control of their financial future through investing. In order to do this, helping our community become investors and encouraging them to overcome money taboos and share the benefits of investing is essential, and that is the spirit behind our Refer a Friend program.

We believe it is against this spirit to promote the program to third parties for any purposes other than encouraging them to become investors with Ellevest. For example, it is not intended for people whose primary motivation is to collect signup or referral bonuses.

How many friends can you invite? All of them! But you’ll only be compensated for up to 20 friends who fund their accounts in each calendar year.

The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice.

The information provided does not take into account the specific objectives, financial situation or particular needs of any specific person.

Investing entails risk including the possible loss of principal and there is no assurance that the investment will provide positive performance over any period of time.

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Ellevest Team

The Ellevest team is working to help women reach their financial and professional goals.