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⚡ Please Forward Me to A Friend! ⚡
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“I like to think this is my second brand, but the first I created on purpose. I have a chip on my shoulder to get it right.” -- Sophia Amoruso, #girlboss founder on the cover of Money talking about failure ⚡
Good morning,
Some bad news this week for female founders: according to data from PitchBook and All Raise, the organization supporting women in venture capital and startups, the money raised by female founders in 2018 stalled at 2.2% of the $130 billion total in venture capital money invested over the year. At least the total amount increased so female founders received $2.9 billion vs. $1.9 billion in 2017.
Why is that? There are ongoing issues that are not new such as investor bias, women’s pitching style, fewer women VCs and investors than men etc. On the plus side, 36 women were added as investment partners at venture capital firms in Silicon Valley.
Almost no progress is made on closing the funding gap. But let’s not despair, we’re seeing more and more amazing businesses built by women (The Wing, Glossier, Ellevest) and more and more of us becoming investors. So let’s change the rules of the game, slowly but surely!
Also, we interviewed hugely inspiring Sally Kettle, a two-time Atlantic ocean rower, adventurer and mum. She talks about her passion and achievements, but also her money mindset and getting paid for the work she’s doing.
⚡ Have a good week!
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What On Earth
Are We Doing With Our Money?
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Welcome to our new money section! You may already know Refinery29’s Money Diaries… this is our own version of it! We’ve put together a few questions to understand what women are doing with their money. Let’s break the taboo and talk more about finances!
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On our minds this week:
💸 Women act more like men when they have to ask women for money. Quartz
📒 There is a new edition of Vogue for fashion professionals, check it out: Vogue Business.
👊 The Wing launches a new space for kids and working parents. Vogue
🏠 Letting fees ban is good news for tenants – but beware a backlash. The Guardian
🔜 U.S. contemplates appointing First Female President of World Bank. WSJ
🙋 No idea is off limits for IMF's first woman Chief Economist. Bloomberg
👶 Working mothers ‘up to 40% more stressed’. The Guardian
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MoneyTalk With Sally Kettle
Inspirational & Motivational Speaker, Author & Adventurer
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What does financial independence mean to you? "It’s hugely important. I’m very happily married, and so it could be easy for me to over-rely on my husband, but I’ve hate the idea of going cap-in-hand to him for money. Also, you never know what life will throw at you. We may split up, or he may die… it’s important not to be squeamish about these possibilities. If I’ve learnt anything usual from ocean rowing and adventuring it’s to be pragmatic. "
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Why Do We Live Beyond
Our Means?
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It’s a shocking fact, but most UK households are currently spending more than they earn. Nearly a thousand pounds a year more, on average. Thanks to low interest rates, borrowing has become more attractive than spending for the first time in decades, and we have blindly slipped down the slope of financial responsibility and become a nation running on credit. To the tune of £25 billion nationally each year – about a fifth of the annual NHS budget (Source: ONS).
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