For a couple of years now I’ve been following a community called BossedUp that aims to help women beat the cycle of burnout and create happy, healthy, and sustainable careers. So often becoming the “boss” of your own life — or even succeeding in your career — is framed as a solo activity. But BossedUp chooses a different framing, inviting us to find our tribe, create communities of courage, and, most importantly, “lift as we climb.”
In commemoration of Martin Luther King, Jr. Day, I’ve been reflecting a lot on privilege. So often, conversations about privilege divide us into “haves” and “have nots.” As a white, heterosexual woman, growing up in a middle-class family, with a regular income, in a partnered relationship, I realize I am often in the “have” category, and the complex feelings (like guilt, frustration, and defensiveness) that come with it. Still, while recognition of privilege is vitally important, this recognition needs to move us to action rather than paralysis.
One way to act is to find ways to “lift as you climb.” How might you lift up those who are less privileged than you as you create a fulfilling financial life? Here are a few suggestions tailored around each of the four money personalities:
· Share: Be thoughtful about where your generosity can make the most impact on the issues you deeply care about. Look for ways you can give that not only address the short-term problems, but also make long-term, sustainable change. A number of years ago, I remember meeting with someone who works to defeat homelessness in the Twin Cities. She recommended giving people who are begging not money, but a card that shares where to find food, shelter, and social services. And then give your own financial support to those places that provide those services.
Tip: If you can, find ways to give not just your money, but your time as well. Walking with people who are affected by the issue you care about can be a life-changing experience. It breaks down walls we didn’t realize were there and causes us to question our own assumptions and understand the issue from a different perspective.
· Spend: The way we spend our money can have an enormous impact on issues of privilege and social justice, especially if you think of your spending as investing in different companies and their practices. Do you want to invest in child labor and unfair wages? Do you want to support companies whose practices are contributing to climate change? With the ease of shopping in today’s world it’s easy to become disconnected from the source you are buying the product from. That’s why conscious, ethical shopping is so important.
Tip: This movement can feel a bit overwhelming since it’s nearly impossible to research each and every product you buy. Why not start with one area of your life, such as clothing, chocolate, or coffee? Commit to making one part of your spending more conscious.
· Save: As you are building up your nest egg, you are making a return by investing in specific companies and making loans to corporations, governments, etc. Your investments have the opportunity to make a big impact for good or for ill. Do you know where your money is invested?
Tip: Consider investing for social impact — earning investment returns while also creating measurable social, environmental, and/or economic impact. See if your employer or other places you invest have such opportunities available. Use the GIIN (Global Impact Investing Network) to see who’s making an impact and how you can get involved.
· Acquire: As you work hard to acquire money, consider how much you are being paid and how much those who work for you (and with you) are being compensated. Advocate to close gender and racial/ethnic-based wage gaps at your workplace.
Tip: While you may not always have an opportunity to affect change at your employer, if you are an entrepreneur or you have a side hustle, you control what those who work for and with you are paid. Just because you can get someone to build you a website on the cheap doesn’t mean you should. By hiring people at low wages, you undervalue the entire industry. Instead, do your research and pay people what their skills are really worth.
Been wondering what my upcoming Love & Money brunch is all about? This Thursday, Jan. 23, I’ll be going Live on Facebook at 8pm Central to give you a behind the scenes look at the event — what we’ll be talking about, what we’ll be munching on, and why I decided to start this event in the first place. PLUS, I’ll be announcing the lucky couple who won a free ticket in my giveaway! Not on Facebook? No worries: I’ll be posting the recording to IGTV afterwards. Still haven’t entered the giveaway? Check out my Facebook or Instagram to learn more!