Is Becoming a Millionaire the Best Way for Women to Exercise Power?
This is post is one in a series of posts I wrote during International Women’s Month 2022. These posts emerged against the backdrop of the war in Ukraine and explored how women can exercise more power in our world and how that might change things.
“America doesn’t respect anything but money. What our people need is a few millionaires.”
—Madame CJ Walker
Madam CJ Walker was an African American entrepreneur, philanthropist, and political and social activist. She’s also the first female self-made millionaire in America.
Born dirt poor to formerly enslaved people in 1867, she built an empire on cosmetics and hair care for black women.
My mom used to throw her head back and laugh after she joked that the only hero she had was Madam CJ Walker.
Rachel Rodgers opens her book “We Should All Be Millionaires” * with the above quote.
I don’t know if we all need to be millionaires, but I do know money is power and that women need a lot more of it.
Money is also agency and control.
Money allows you to get out of a bad marriage, start a business, leave a shitty job, be choosy about who you work with.
When I met my husband I was senior to him and I earned more. When I quit my job to start my first business we had no kids and no debt.
We could live easily on his salary, I could (and did) pick up freelance work if we needed an infusion of cash.
The first lockdown was a big wakeup call. I was chomping at the business to get this business going, but suddenly my husband was locked away in the bedroom on conference calls all day while I was instantly transformed into a nanny, cook and maid.
I was furious.
It wasn’t my husbands fault. We have an equitable marriage and he’s one of the most hands-on husbands and dads I know.
It was baked into the situation.
I felt like I had no options because I wasn’t bringing in the money. That experience kind of radicalized me.
I vowed to get my earnings on par with my husbands.
I’m not quite there yet, but I’m happy to say my husband is now happily on an 80% contract and I make up the shortfall in our family budget (and pay myself a small but growing salary).
On launch days my husband does kindergarten pick up and is on afternoon child care duty. There’s no discussion - again, it’s baked in because I’m earning money.
When I launched my first business I had a some stock options worth a little over 13k which I cashed out to give myself a little ‘runway’.
Not exactly Series A startup funding but it helped me get things off the ground without having to ask my husband for money.
When I launched this website design business right as Covid hit, I cashed out an IRA that I hadn’t looked at since my 20s. It was lying around in a U.S. E*Trade account that I rarely looked at.
It had a little over 20k in it. Again not major start up money but it helped get things off the ground.
I decided I would not freelance, I would really commit to this business. I wanted the breathing room to be somewhat choosy about the clients and projects I took on so I could get traction quickly.
I also invested in training and coaching to help me avoid the kind of mistakes I made in my first business.
These moves have really paid off and would have not been possible if I hadn’t had access to capital, no matter how modest.
It felt good that it was capital that came from my own efforts.
All women should have this control and flexibility over their lives. I find it most inspiring to see women running small businesses, which is why I make a recurring contribution to a Kiva fund each month supporting women.
This isn’t donating; it’s funding micro-loans.
Every month the money goes to helping women in places like Tajikistan, Rwanda and the United States run their general stores, beauty salons, sell fish or purchase property.
It feels good to know that in my small way I can put some money to work. That I can help other women participate in the gratification of doing purposeful, meaningful work.
I don’t know if we all need to be millionaires to really impact change in this world. I do know that making sure all women have agency and control in their lives - the kind enabled by money - is a good place to start.
*affiliate link
