Did you ever want a mentor to help you with attaining financial stability? If so, you’re not alone. Financial stability is one thing almost everyone wishes they had learned at a young age but were not given enough education or advice to do so. However, one non-profit aims to change that. And its mission is to help women to become financially stable. Their name? Savvy Ladies. But what are Savvy Ladies, and what do they do to help others?
The Story Behind Savvy Ladies
It all started with the story of Stacy Francis’ grandmother. Having seen her grandmother, Myra, go through abuse made her realize the career she would undertake. Seeing her grandmother feel powerless, she made it her mission to help women achieve financial stability.
In her interview on CNBC, she says that the non-profit she established is a love letter to her grandmother.
Another point she mentioned in her interview is that women should consider investing and start young while they’re at it. Francis mentioned that it was important for women to start younger because women live longer. With a lower income than men, they needed assets that would last them until age 95. However, one reason why some women are hesitant to invest is because of their inexperience with it and the volatility that comes with investing.
The Numbers
- According to the executive director, Judy Herbst, they were able to connect 600 women to financial advisors. In April, they received around 170+ calls.
- Most women they talk to say that their annual income is $74,000 and that around 60% of them are the only people in their household.
- According to the site, they have already helped 25,000 women and counting.
What Assistance Do They Offer?
- Free Financial Hotline – Their hotline is available nationwide. Anyone can call in to ask for help with their financial needs. But first, callers should complete an intake form before getting a call from one of their financial experts. They cover topics such as family and personal finances, budgeting, divorce and finances, retirement, investment, home finances, and marriage and financial planning.
- Webinars – Anyone who wants to learn more about insurance planning, investment, and other financial-related topics can attend their webinars. One of their experts will head their webinars, and they will guide attendees and give them tips.
Helping Women Become Entrepreneurs
Savvy Ladies know the struggle of leaving a corporate job and starting from scratch. Francis reminds new entrepreneurs they should have emergency funds divided into two categories. One is personal, and the other is a business cushion. They also stressed the importance of having a stable income after leaving a steady corporate job.
She said they should have at least 6 to 12 months’ worth of savings for expenses, investments, and portfolio withdrawals. To curb possible setbacks, she advises that women should have a timeline for their income. Another way to do so is to have a side business that would help them with their savings.
How Has The Non-Profit Helped Other Ladies?
- Denise – She has become more confident with financial decisions. With the help of Savvy Ladies, she knows better how to save and ask questions about financial-related concerns she isn’t familiar with.
- Elizabeth – Now that she’s older and with the help of Savvy Ladies, she can become financially stable. Plus, she’s happy that young women will finally get the help they never had when she was young.
- Nancy – Although she has a background in finance, she went through a divorce and became a single mother. Savvy Ladies helped her with education via webinars and seminars.
How Can You Help Savvy Ladies?
The non-profit is looking for volunteers for their helpline. If you’re not a financially-inclined person but want to support the non-profit through shopping, you can buy a jigsaw puzzle. They collaborated with Jiggy for this project, and half of the proceeds go to the non-profit.
