By Dr. Nadine L. Leblanc
Since June 2020, a group of Women of Color across several states and countries have engaged in conversations in a group called “When Women Invest (WWI).” The initiative started as a collective response to yet another killing of an unarmed Black man, George Floyd. The online community challenges the effects of the intersectionality of race and gender on economics. This group engages in daily conversations and monthly virtual meetings about investing, challenging the adage that “women save, men invest.” Foundationally, all the women agree that “it is not enough to be frugal and thrifty” and are embarking on accessing knowledge of investing, while taking courageous actionable steps to create “seven streams of income” and secure financial independence and generational wealth. The group of Black professional women range from ages 26 to 64. As evidence of the need for such engagement, membership has increased from 15 women in the first meeting to 60 currently.
Financial Fitness POWER Process
Here are some strategies garnered from the robust conversations of the women through the acronym P.O.W.E.R (Feldman, 2009) that you may embrace for 2021:
- P- Prepare for 2021 with SMART (Specific, Measurable, Attainable, Realistic and Timely) goal setting and budgeting. Do you have ENOUGH (3-6 months expenses) in your emergency fund?
- O- Organize your financial life- physically and mentally. Do you KNOW what $ you have and where they are: insurance, banks, retirement accounts. Do you know what $ you need?
- W- Werk, werk, werk- Put in the effort for the outcome you desire. Have you READ a book/article, listened to a presentation, or engaged in an online community re improving your finances lately?
- E- Evaluate what financial practices are working for you and what is not. BE REAL about it. Do you have extra savings sitting in a savings account earning miniscule returns? Is it time to elevate from savings to INVESTING?
- R– Rethink your mindset and approach to finances and determine what needs revamping. Are you stuck in a bad relationship with your coins? As they come in, do they go out to retail stores?
If you need a community to explore these questions, this group is HERE for you!
Here are what some of the members are saying about the community:
“A gift from above! Like minded women coming together in pursuing the following goals. Experience financial freedom, end generational cycles, and close the wealth gap amongst minorities.”
“Thanks to the WWI group, I started paying more attention to all areas of my finances and in particular, started focusing on reducing debt. My revolving credit utilization has gone from 70% to 10% and I can now see a path to pay off long standing student loans. My credit score has also gone up 110 points. This group of women have truly been a blessing.”
To view more testimonials: https://www.drnadslearningsolutions.com/projects
Become a Part of the Community
WWI is available as an army of enthusiastic adult lifelong learners to POWER through to a better financial life and as such create generational wealth for self, family, and the community. Women can join the community by texting 718-506-7789 or emailing drnadslearningsolutions.com
Financial Fitness Classes for Youths
Starting January 23, we are hosting a 6-week Financial Fitness class for youths ages 12-21, email/text us for information. Register here:
DISCLAIMER: We are not financial experts. We seek to share our personal experiences to inspire change and break barriers.
Feldman, R. S. (2009). P.O.W.E.R learning: Strategies for success in college and life. Boston: McGraw Hill.