Early this month, both basketball coach and Olympic gold medalist Dawn Staley and Kylie Kelce, known for her podcast and many efforts with the Eagles, called out the WNBA, 76ers owner Josh Harris and his group, Harris Blitzer Sports & Entertainment.
Why? The WNBA is the biggest investment in women’s sports Philadelphia has ever made, and they ‘forgot’ to invite women to the table. Dawn Staley said, point blank: “I don’t want to come back and coach, OK? I want ownership.”
Staley and Kelce surely have many investments. But they aren’t giving quotes to the Philadelphia Inquirer, asking for a piece of GoPuff or other Philly private investments. They’re asking for a stake in Philly’s WNBA team because women’s sports mean something to them.
That’s what impact investing is all about. It’s putting your money into things that reflect your values and shape the world you want to see — and still reaping major financial gains from it. But when it comes to investing, the WNBA is not the only place where too few women are invited into the conversation.
Money talks! But, for women, that conversation rarely goes to investing. Charitable giving? Yes. Retail boycotts? Totally. Spending, shopping, “Voting with your wallet”? You bet! Investing doesn’t always enter the picture, though.
A lack of investment discussion may be why women have tended to invest defensively, making conservative choices like CDs, bonds and savings accounts – even though, when they invest in equities, they outperform men! Over time, risk aversion leaves women at higher risk. The real value of their money goes down as inflation goes up, or their assets aren’t sufficient to last them through their longer lives.
Money is now flowing into women’s hands at the fastest rate of all time. Today, women control $10 trillion in assets worldwide, tripling to $30 trillion by the end of the decade. In the next 30 years, that number keeps exploding as women inherit from Baby Boomers and generate their own wealth as the fastest-growing segment of entrepreneurs.
Internationally, in economic development, the mantra is “invest in women; they invest in us all.” Investing in women takes your money further, with more social impact and improves their lives, their children and their community. Women behave differently with their money than men do.
There are many ways a woman can make a difference with her money. It’s more than just how we save, how we spend, what we give to charity — it’s where we invest, too.
Impact investing has already staked its claim in Philadelphia. ImpactPHL already hosts one of the two most significant impact investment conferences in the country, Total Impact Summit, here in Philly every year.
Share your financial journey and learn from others
Our philanthropic foundations have pushed mission-aligned endowments for decades. Now, with a grant from the Nasdaq Foundation and support from ImpactPHL, Philadelphia has been designated as one of the first regional hubs for Invest for Better, a national nonprofit focused on bringing women into impact investing.
I’m one of the founding organizers for Invest for Better Philadelphia. The idea for regional hubs was inspired by the energy and enthusiasm we unlocked in Philadelphia in just a few short months.
At Invest for Better Philadelphia, we’re building knowledge with conversation and community. We’re building a space for women to talk, learn and share their money stories, their money worries and their money wins!
In circles of 10 to 30 women, we bring together diverse ages, backgrounds and experiences. You can get the benefit of other people’s choices, and find out you’re not alone in the thoughts that might be holding you back.
Our circles are for women of every background and stage in investing.
We’ve had women in our circles who are straight out of school, mostly managing student loans and other debt, but who want to be informed and “get it right the first time.”
We’ve tapped into the local experts working at our foundations. We’ve had incredibly seasoned angel investors and professional investment managers.
We’ve had women who’ve been accruing money in retirement accounts but not really thinking about it, women who are divorcing and realizing they need to step into the driver’s seat, women who have had a financial advisor for years, but never really known what to ask, and so have had perfunctory calls for 10 minutes twice a year.
Joining a circle acknowledges that your money matters to you and creates space for your attention. It gives you time and an accountability group. That leads to action.
An ‘aha!’ moment
Taking action with cash is a big “aha!” moment for almost everyone. We provide the research tools; finding out what a bank has been using customers’ money to fund does the rest.
Many women have broken up with their banks, moving money to local credit unions. But their disgust from lawsuits proving how big banks have screwed their customers didn’t do it; it was realizing the banks were using their cash, and investing in fossil fuel companies instead of small businesses or local mortgages.
We often say, “your money is always acting with someone’s priorities – don’t you want to make sure they’re yours?” The research makes it concrete.
With impact, we talk about reducing harm versus proactive investing. Getting proactive, using your money to fund more of what you want to see in the world, is the moment that electrifies people. Selling generic bond funds and reinvesting into solar projects or local businesses on Honeycomb Credit. Realizing you’re already an accredited investor, and becoming an LP in one of Portfolia’s funds.
We’re committed to doubling our numbers in the next year. We’re connecting conversations with concrete action, and putting women in the driver’s seat with their investments. We know there are more of us out there. And we know that our dollars, moved collectively, can build the Philadelphia and the world we want to see.So, Dawn, Kylie — call me. And, dear reader, even if you’re not one of the greatest basketballers of all time or the People’s Princess, call me, too. We would love to have you join us at Invest for Better.
