Women & Money

    Lately, there has been a lot of discussion around pay parity. Some studies have shown that women in the Western world women make $ 0.7  for every $1 a man makes for the same job. There is little data for other parts of the world, but pay parity is much more likely. For centuries, women have been doing farm work, all household work, and raising kids, which takes up as much work as a full-time job, if not more. And now most of us are doing all that plus full-time or part-time employment. Sometimes it feels overwhelming, and I do not even have kids. So why do women even need to make money? As I grow older, I have started to think about financial security and the value of money in our lives. What does money bring to my life, and why must I make my own money? Of course, there are tangible basic needs: food, shelter, clothing. In addition, there are zillions of things you can buy and travel to different places, which can be made possible by money. But that is not it. Financial empowerment gives freedom in life. It gives you the power to be self-sufficient and be in charge. It gives you a mindset that you do not necessarily need anyone to sustain and maintain your life. And being financially independent is the most powerful thing to own and live your life to the fullest. In addition, it brings a balance of power and gives you equality in your marriage and family.

    I had an interesting conversation with one of my friends a few years back. She had difficulty juggling her two kids, house, and work. She told me almost all her salary goes to the daycare for her kids. I just asked her why not leave her job and care for the kids. She told me she might lose her identity if she quit her job. She told me that once the kids are grown up, they will no longer need as much attention and be busy in their lives. What would she do because she would be out of the workforce for a few years and unable to keep up with all the changes? That was an insightful perspective for me. In retrospect, I wondered why I would give such advice to one of my oldest and closest friends, knowing how much we worked hard to get our degrees and license. I know the answer today because we grew up in a society where our parents sent us to the best school they could afford and made us believe we could have our dreams and be independent. However, at the same time, a notion was instigated in our brains that it is also ok and acceptable if women do not make money or do not have a career. I do not think men ever had that option. So recently, when another close friend asked for advice about a similar dilemma (choosing a job over family), I shared that conversation with her. She decided not to quit working. I know a lot of women in my friends and family circle who constantly struggle with this dilemma. I have a lot of respect for these women who made all these difficult choices in life.

    I am aware and not oblivious that not all women have the opportunity and resources to be financially independent, and they have circumstances that hinder them from doing so. Many people have different opinions than mine and have different views on finances and money. I have respect for those different views and ideas too. However, one piece of advice for all the little girls growing up, like my 2-year-old niece and my friend's three-year-old daughter (who loves to bake cupcakes with me), is to  Make your own money!