Magazine

Money Is Not Just Money

By Sallie Krawcheck

One thing we believe at Ellevest: money is not just money. It can be a lot more than just money.

It’s a theme we’re going to be exploring during the month of February, starting with “money is power.”

A collage of a Black woman’s hands holding a fan of bills with a blue sky behind it and the words “money is power.”

I like to say that money can be the power to live the lives we want.

To leave the job you hate, leave the relationship that no longer works for you, start the business you’re dreaming about, take that trip around the world (post-pandemic, of course, but a girl’s gotta dream).

Money can also be the power of protest.

We saw that last week, with the Redditors buying up GameStop stock. Regardless of whether you saw it as a powerful protest against “the man” (in this case, Wall Street hedge funds) or market manipulation — and it really was a bit of a Rorschach test — it demonstrated the power of money coming together.

And it can be the power of the positive.

One good thing to come out of 2020 was a significant increase in “impact investing,” which is simply aligning your investment dollars with your values to drive positive social and environmental change along with a financial return.

Investing your money in stocks and funds with better policies and practices on gender diversity, for example. Or companies that are doing right by the environment, that have a strong stance on social issues like human rights and racial justice, companies that have strong corporate governance.

That also means divesting — or taking your investment dollars out of — companies with policies and practices that don’t align with your values. Refusing to let the status quo stay the status quo.

If we collectively get capital to companies that align with our values — and starve those that don’t — it can make a difference.

In our financial wellness community survey, we asked you to tell us what money means to you.

I like the way that Jessica from California put it: that money can be “power, possibility, progress, execution of vision, creation of beauty, enabler of creativity.”

(PS: If you haven’t taken the survey yet, you can complete it by midnight tonight to be entered to win a free year of Ellevest Executive membership.* And we’d love to hear how you’re doing and feeling about your money and career right now.)


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*NO PURCHASE OR MEMBERSHIP NECESSARY. Void where prohibited. Open to legal residents of U.S. and D.C. 18 years or older. Begins 01/26/21 at 9:00 AM ET and ends on 02/02/21 at 11:59 PM ET. Prizes/Odds: ARV per Prize $108 USD. Total ARV of all Prizes: $324 USD. Odds of winning depend on the total number of eligible entries received. Subject to Official Rules located at http://production.assets.ellevest.com/documents/Ellevest-Community-Survey-Sweepstakes-Official-Rules-01262021.pdf
Sponsor: Ellevest, Inc., 228 Park Ave S, PMB 94932, New York, NY 10003-1502.

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Sallie Krawcheck

Sallie Krawcheck is the Co-Founder & CEO of Ellevest. Her life’s mission is to help women to reach their financial and professional goals.