Hi there Reader,

Let's take a minute to talk money, power, and progress. 💰💪🏾

The economic landscape for women of color in 2024 is... complicated. We're seeing some wins, but also facing some hard truths about the work that still needs to be done.

So grab your coffee (or wine, no judgment here), and let's dive into what's really going on with our economic power in 2024.

The Good News: We're Making Moves 🚀

First, let's celebrate some wins:

1. We're in the workforce like never before: The labor force participation rate for WOC is nearing historic highs. Black women? Up 1.5% since pre-pandemic. Latinas? Even better, with a 3% climb. We're showing up and showing out, folks!
2. Entrepreneurship is booming: Black business ownership has more than doubled since 2019. Latinx-owned businesses are on the rise too. We're not only joining the table; we're building our own.
3. Policy wins are making a difference: The expanded Child Tax Credit cut child poverty rates among Black and Hispanic families by nearly 60%. That's real money in real families' pockets.

The Reality Check: Persistent Challenges 😤

Now, let's talk about what's still holding us back:

1. The wage gap is frustratingly wide: Black women are earning just 66.5 cents for every dollar white men make. For Latinas, the numbers aren't much better. At this rate, we won't see pay equity for Black women until 2227. Yes, you read that right––2227! 🤬
2. Education isn't closing the gap: Even with a bachelor's degree, Black women earn just 62.5% of what White men with the same degree earn. The "just get more education" advice? Not cutting it.
3. Unemployment is still high: As of September 2024, the unemployment rate for Black women was 5.7%, and 5.1% for Latinas. Compare that to the overall average of 3.6% for adult women. No matter how resilient we are, the system is still stacked against us.
4. Wealth gap? More like a chasm: Thanks to historical and ongoing systemic racism, the wealth gap between White households and Black and Latino households is massive and persistent.

What This Means For You 🤔

1. Your career is a political act: Every time you negotiate a raise, start a business, or mentor another WOC, you are pushing back against centuries of systemic, economic, racial, and gender oppression. Own that power.
2. Education is necessary but not sufficient: Keep learning, but are you learning about the right things? Focus on building networks, attracting sponsors, and advocating for systemic change in your workplace.
3. Entrepreneurship as liberation: Starting your own business (or side hustles) can be a path to building generational wealth. It's not easy, but it's a way to write our own economic stories.
4. Policy matters: Pay attention to local and national policies that affect things like minimum wage, paid family leave, and access to capital for minority-owned businesses. Your vote and your voice will shape these policies.

Your Action Plan 📝

1. Do your due diligence: Use tools like Glassdoor, Payscale, Fairygodboss, and InHerSight to research salaries in your field. Knowledge is power in negotiation.
2. Build your financial literacy: Understanding investing, saving, and wealth-building strategies is crucial. Check out resources like "The Memo" by Minda Harts or "We Should All Be Millionaires" by Rachel Rodgers.
3. Support other WOC: Shop at Black, Indigenous, Latina, AAPI, and other WOC-owned businesses. Mentor other WOC in your field. Our economic power grows when we lift each other up.
4. Advocate for change: Push for pay transparency in your workplace. Support politicians who prioritize economic equity. Our voices matter.
5. Consider entrepreneurship: Even if it's a few one-off independent projects to start, building your own side hustle or business can be a powerful way to take control of your economic future.

Your individual financial success is revolutionary in a system that wasn't built for us.

Every dollar you earn, save, and invest in you and your career is a step towards changing the economic landscape for all women of color.

Now it's your turn! What's one step you're taking this month to boost your economic power? Hit reply and lmk. Your power moves and stories inspire the whole EC community!

Now go and get that bag,
Cynthia
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Ready to supercharge your career? 🚀
Embrace Change offers personalized pathways to success for POC professionals:

1. Connect and grow at our dynamic virtual workshops and networking events for WOC 👋🏾
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2. Secure your spot in our vibrant and empowering WOC-only support network, the EC Collective: Waitlist for Regular Members 🌟
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3. Transform your career with budget-friendly tools, specifically tailored to BIPOC, from Cynthia's Bookstore 📚
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4. Accelerate your professional growth with personalized guidance and strategy from our BIPOC career coaches 📈

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