Magazine

6 Ways Your Friends Are Your Money and Career Superpower

By Ellevest Team

Is there anything more inspiring than watching other women+ absolutely crushing it? Dreaming the big dreams, making the big plans, deciding to change things and then actually doing it? Well, yeah — but only when it’s your besties doing the crushing.

A diverse group of women walking together in a line and holding hands. Illustration.

We know this is true in our personal lives … but it also 100% goes for our financial lives as well. And this isn’t just an opinion — it’s supported by actual research. Drop this one in the gang’s Discord and see where it takes you.

1. Work wives just work.

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. And even though they might take a little extra effort to maintain nowadays, in this era of more remote work, it’s worth it.

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 while also maintaining a tight inner circle of other women.

Because when we have a team like that, we tend to keep our eyes peeled for opportunities that would be perfect for our friends. We tell them about good jobs, pass along each other’s resumes, and filter for red flags. We help them think through big career risk decisions and shape their own paths. Who better to help us put our best selves in perspective for a bomb opportunity than the ladies and gentle-thems who know us best?

3. We provide much-needed perspective.

Friends are good for your mental health, that much is obvious. But that goes for the workplace, too, where our work wives know our tells. They 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 work, 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 this situation isn’t great for you anymore.” Or maybe “Hmm, do you think it’s possible you’re standing in your own way on this one?” Or “Uh, yeah, that’s because you’re an all-powerful sorceress and I pity the  mere mortal that tries to stand 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 — talking about money is one of our society’s last taboos, after all. (And true, some friendships just aren’t like that!) 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.

(Psst: Want help breaking the ice? Our money coaches are hosting a special Q&A event on how to navigate money convos with friends!)

5. We hold each other accountable.

One 2019 study found that women who communicate regularly with women friends are more likely to land a higher leadership position at work. Another found that having friends present made women better entrepreneurs. Yet another found that, if you’re not so great with self-control, surrounding yourself with strong-willed friends can help. 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.) Good buds (of the non-male variety) are good business (also of the non-male variety).

6. We rise together.

You didn’t think we were going to leave investing off this list, did you? When women have more money, everyone wins — and we all rise.

Ellevest members: Invite a friend to join and we’ll give them three months of membership free.* That way, you’ll both have the tools that can help you start building the futures you want. It’s just one more way you can help get more money in the hands of the women who always have your back.


Disclosures

© 2022 Ellevest, Inc. All Rights Reserved.

*The “Invite a Friend” Promotional offer is offered to those who sign up for an Ellevest Membership service (Ellevest Essential, Ellevest Plus, or Ellevest Executive) by clicking on the designated referral link above on or before 11:59 PM ET on 12/31/2022 (the “Promotional Period”). Clients who enroll before the end of the Promotional Period will pay no Ellevest Membership fee for the first three months of their membership period, starting on the date the membership agreement is acknowledged. After three months from this date, the applicable fees for the Membership service selected will be reinstated.

Ellevest reserves the right to refuse to award you the Promotional Offer if it determines, in its sole discretion, that the promotion was claimed 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 Membership Terms and Conditions Agreement or applicable federal or state law, that the Promotional Offer is not applicable to the particular Ellevest membership service, or that incomplete or inaccurate information was provided. Ellevest reserves the right to end or modify any promotion at any time.

All opinions and views expressed by Ellevest are current as of the date of this writing, for informational purposes only, and do not constitute or imply an endorsement of any third party’s products or services.

Information was obtained from third-party sources, which we believe to be reliable but not guaranteed for accuracy or completeness.

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.