Magazine

This Is Big: We Launched a Money Membership

By Sallie Krawcheck

I know. We didn’t expect 2020 to play out like this either.

And whenever I’ve found myself staring at the ceiling at 3:30 AM with a racing mind this year, it’s been a lot about how Ellevest can be part of the positive change that we all want to see coming out of this pain.

At Ellevest, our mission is getting more money in the hands of women. This has weight — a lot of weight. It’s big at the macro level, because only good things happen for our society when women have more money. And it’s big at the individual level: Money is women’s #1 source of stress, while taking action to save and invest is the #1 driver of confidence that we’ll achieve our goals.

What was true before 2020 is in even sharper relief now.

Our research shows that the pandemic has driven nearly all the women we talked with to deeply rethink their relationship with money, and they are looking for help building their own financial safety net.1

At the same time, the finance industry hasn’t been serving women’s needs. How could it be, when 99% (!) of investment dollars are managed by firms owned by white men? (How can that even make any sense??? The answer is that it doesn’t — not even for the white men themselves. The research points to a connection between more diversity and better investment returns.)

Our financial systems have cost women and non-binary people money. Big time. And most especially Black and Latinx people.

Enough. It’s time to do something about it.

So while you’ve been rethinking your relationship with money, we’ve been rethinking what we do at Ellevest. How could we do more for you? How could we do more for more women+? How could we help you deal with more of your money stress and help you feel better about achieving more of your goals?

So your friends at Ellevest have spent 2020 working from quarantine, engaging with you on what you need, and then building a “money membership” — the first of its kind — that is squarely targeted at getting more money in the hands of women+.

We published an article today that dives into why we’re launching this membership, and how it works. You can read it here, but the key point is this:

Over four years of talking with our community of 3 million followers, we saw so much interest in learning more, and doing more with their money than just investing. When the pandemic hit, women+ told us that they were deeply rethinking their relationship with money and were looking for help building their own safety net. Our community also told us that they find talking about money together is an incredibly powerful act.

So we wanted to rethink Ellevest as the place where women money. Where women could go to get the tools to save more, invest more, and earn more. To make money decisions and spend intentionally. To get started on their money if they haven’t yet, and to rebuild financially if necessary. To do a lot of different things easily, in one place. And to talk honestly about it when they need to.

Yes, this membership includes the investing service that we’re known for: our proprietary algorithm that takes gender into account in our investing advice. (Why does that matter? Find out here.)

AND we have a new (and gorgeous, if we do say so ourselves) Ellevest debit card that can help you save sooner through the roundup option— you can direct your change into an Ellevest Save account to build up an emergency fund.2 With lots of Mastercard World Debit benefits for the VIP you are. And contactless tap to pay, because we’re all about social distancing.

AND Learning at Ellevest to help you make your next career and money moves, because you’re never not self-improving. AND access to 1:1 sessions with experienced career and money coaches, if you want them, because you’re never not finding a way to move forward.

Starting for less than the price of the latte.

And, I would argue, for less than the price of doing nothing. Because you deserve to be paid what you’re worth as soon as possible. Because if you have debt, every day you wait to manage it can really cost you in interest. Because you could have invested in the stock market on any given day since the mid-1920s, and if you had stayed invested for 15 years, your chances of a positive return historically were 99% — for any 15-year period.

Whether or not you were investing with Ellevest before now, you can become a member in minutes today. I hope you do. Let’s do this thing.


Sallie Krawcheck Signature


Disclosures

All women, non-binary people, and anyone else who identifies as underrepresented because of their gender identity.

The Ellevest 2020 Coronavirus Pandemic Survey (the “Survey”) was sent on May 16, 2020 by Ellevest to all subscribers to Ellevest’s What the Elle newsletter, Money Cheat Sheet edition. 3,300 people responded to the online survey. The majority of respondents were in their 30s, with 25% under the age of 30 and 30% over the age of 40. 25% of respondents reported earning less than $50,000 a year. 37.7% reported earning between $50,000 and 75,000 a year, with the rest earning over $75,000. Not all questions were answered by survey participants.

Banking products and services are provided by Coastal Community Bank (“Coastal”), Member FDIC, pursuant to license by Mastercard International. Your Ellevest Save and Ellevest Spend account deposits will be insured to the regulatory limits by the FDIC through Coastal Community Bank, Member FDIC.

Funds held in your Ellevest investment accounts are not FDIC insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance.

Ellevest Membership fees are as follows: Ellevest Essential is $1 per month, Ellevest Plus is $5 per month, and Ellevest Executive is $9. Other fees as described in Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.

If you activate the Ellevest roundup feature for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest Debit Card will be rounded up to the nearest whole US dollar. The amount rounded up will be transferred from your Ellevest Spend account to your Ellevest Save account (a "Transfer"). Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to U.S. dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00, are excluded from the Ellevest roundup program. If, at the time of settlement of a purchase, your Ellevest Spend Account has insufficient available funds to cover the full amount of the Transfer, the Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Transfer will not be reversed. You can opt out of the Ellevest roundup feature at any time.

© 2020 Ellevest, Inc. All Rights Reserved.

1 The Ellevest 2020 Coronavirus Pandemic Survey (the “Survey”) was sent on May 16, 2020 by Ellevest to all subscribers to Ellevest’s What the Elle newsletter, Money Cheat Sheet edition. 3,300 people responded to the online survey. The majority of respondents were in their 30s, with 25% under the age of 30 and 30% over the age of 40. 25% of respondents reported earning less than $50,000 a year. 37.7% reported earning between $50,000 and 75,000 a year, with the rest earning over $75,000. Not all questions were answered by survey participants.

2 Banking products and services are provided by Coastal Community Bank (“Coastal”), Member FDIC, pursuant to license by Mastercard International. Your Ellevest Save and Ellevest Spend account deposits will be insured to the regulatory limits by the FDIC through Coastal Community Bank, Member FDIC.

Funds held in your Ellevest investment accounts are not FDIC insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance.

Ellevest Membership fees are as follows: Ellevest Essential is $1 per month, Ellevest Plus is $5 per month, and Ellevest Executive is $9. Other fees as described in Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.

If you activate the Ellevest roundup feature for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest Debit Card will be rounded up to the nearest whole US dollar. The amount rounded up will be transferred from your Ellevest Spend account to your Ellevest Save account (a "Transfer"). Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to U.S. dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00, are excluded from the Ellevest roundup program. If, at the time of settlement of a purchase, your Ellevest Spend Account has insufficient available funds to cover the full amount of the Transfer, the Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Transfer will not be reversed. You can opt out of the Ellevest roundup feature at any time.

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

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.

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.

Diversification does not ensure a profit or protect against a loss in a declining market. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income.

Forecasts or projections of investment outcomes are estimates only, based upon numerous assumptions about future capital markets returns and economic factors. As estimates, they are imprecise and hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.

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.

Go ahead, invest in yourself

Kick your money and career goals into high gear with the Ellevest membership. Start investing, save for the short term, and help set Future You up for success with just $1/month.

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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.