In The Community
Years of social turmoil have created a heightened awareness of deep systemic injustices that exist globally. At a time when so many people are asking themselves what they can do to improve any of it, they have found that in the battle against capitalistic greed, their wallet is one of the most powerful weapons they have.
While the pandemic brutalized everyday workers, the richest 1% nabbed nearly two-thirds of all new wealth created since 2020 - a whopping $42 trillion. This amounts to nearly twice as much money as the remaining 99% of the world’s population. The enormity of this wealth transfer has created a burdened and unsustainable economic system that, understandably, has everyday people thinking about their financial stability.
With the threat of a recession constantly looming many have opted to shrink their budgets and curb spending where they can, while others became more focused on retirement and investments. So when you’re trying to not perpetuate the same out-of-control economic system but also make some decent financial decisions, what are you to do? That’s where social impact investing and morally-aligned money management come in.
What is social impact investing?
Social impact investing is simply aligning your investments with businesses and organizations that also align with your social views so that your hard-earned money is not only working for you but also benefitting the causes you want to support. The idea is that you can do well and do good at the same time. More and more people are now becoming much more savvy about how to invest ethically.
Think about what kind of investor you’d like to be
Are you looking to invest for the sake of the planet? Looking at the labor practices of companies and how they treat their employees? Corporate governance (i.e. the board of directors of a company, how they run that company)? Determining what kind of places you’d like to invest in is half the battle, but so is doing some internal self-reflection to determine what is represented in the places you invest in.
Do your research
We know, we know - this is probably the internet’s favorite line when it comes to attempting to win an argument, but the same holds true for investing effectively in line with your social views. Looking into startups, nonprofits, and organizations working on tackling issues close to your heart is a surefire way to put your money where your mouth is to make some real, lasting change. Our favorite resource? Latine finance experts dedicated to advancing our community, SUMA.
Participate in impact banking
Impact banking is just one of the many ways that you can house your money but with a more actionable approach. Move your money out of banks that practice predatory lending or use unethical practices and put it into financial institutions with social justice at the forefront of their priorities.
This includes B Corporations (banks meeting certain metrics that benefit individuals/the environment and have certain levels of both public transparency and accountability by B Lab, a non-profit), Minority Depository institutions (credit unions or banks that are at least 51% owned by certain minority communities, serve mostly minority communities, or have a minority-majority Board of Directors), and Community Development Financial Institutions (banks or credit unions that divert the majority of their financial activities to investing into low-income, underserved areas, with their boards representing those same communities they invest back into).
There are also now alternative banks that are 100% focused on community impact. There are lots of options in the impact banking department.
Become familiar with ESG ETFs.
We know, lots of acronyms, right? ETF stands for "exchange-traded funds," giving investors a way to invest in social issues. These ETFs include environmental, social, and corporate governance considerations (which is where the "ESG" comes from) into their investment approach. There are many options for ESG ETFs you can put your money in, but this list from Bankrate outlines some of the best.
SRI funds can help you achieve your goals.
Socially responsible investing ("SRI") is a part of the ESG investment strategy but focuses more on how businesses run and impact their communities. When you approach your investing with an SRI strategy, you’re investing more into corporate social responsibility or how much a business looks to behave ethically to all of its key stakeholders, the environment, and the market itself.
By investing this way, you’re looking to put your dinero to the challenge of making the world a better place - one dollar at a time.
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Towards the end of every year, Latinas reach their “equal pay day.” This is the day that Latinas “catch up” to the wages that white men earned, on average, for equal work from the year before. These wage disparities are calculated primarily from Census Bureau data, and despite false political extremist rhetoric that attempts to discredit the fact that wage disparities between women and men exist, the data and analysis of that data have been substantiated time and time again.
Latinas are at the bottom of the pay scale among all women
The fact that Latinas don’t reach their equal pay day until the end of the year every single year is an economic travesty. Because the gap fluctuates up or down by a few cents every year, the date consistently changes, but what doesn’t change is that it’s always at the end of the year. Despite Latinas being one of the fastest-growing, most powerful groups in the U.S., they hold strong to their position among the least-paid.
All women should be paid the same as their male counterparts, but we must also confront the disheartening reality that some groups of women are disproportionately affected and why that is.
The American Association of University Women compiled the 2023 equal pay dates and the related wage gaps:
Source: The American Association of University Women Equal Pay Day Calendar
Equal Pay Day—representing all women—is March 14. Women working full-time, year-round are paid 84 cents and all earners (including part-time and seasonal) are paid 77 cents for every dollar paid to men.
Asian American, Native Hawaiian and Pacific Islander Women’s Equal Pay Day is April 5. Asian American, Native Hawaiian and Pacific Islander women working full-time, year-round are paid 92 cents and all earners (including part-time and seasonal) are paid 80 cents for every dollar paid to non-Hispanic white men.
LGBTQIA+ Equal Pay Awareness Day is June 15. Without enough data to make calculations, this day raises awareness about the wage gap experienced by LGBTQIA+ folks.
Black Women’s Equal Pay Day is July 27. Black women working full-time, year-round are paid 67 cents and all earners (including part-time and seasonal) are paid 64 cents for every dollar paid to non-Hispanic white men.
Moms’ Equal Pay Day is August 15. Moms working full-time, year-round are paid 74 cents and all earners (including part-time and seasonal) are paid 62 cents for every dollar paid to dads.
Native Hawaiian and Pacific Islander (NHPI) Women’s Equal Pay Day is August 30. NHPI women working full-time, year-round are paid 65 cents and all earners (including part-time and seasonal) are paid 61 cents for every dollar paid to non-Hispanic white men.
Latina’s Equal Pay Day is October 5. Latinas women working full-time, year-round are paid 57 cents and all earners (including part-time and seasonal) are paid 54 cents for every dollar paid to non-Hispanic white men.
Native Women’s Equal Pay Day is November 30. Native women working full-time, year-round are paid 57 cents and all earners (including part-time and seasonal) are paid 51 cents for every dollar paid to non-Hispanic white men.
In 2022, Latinas came in dead last with the 2022 equal pay day landing on December 8th at a wage gap of 54 cents. While the COVID-19 pandemic and resulting economic hardships affected everyone but millionaires and billionaires who actually added trillions to their wealth, Latinas were hit the hardest out of all women. Currently, Latinas are making waves in every sector and industry, yet they're taking home only a little over half (57 cents) of what their white male counterparts earn. While the over-representation of Latinas in the service sector and lower-wage jobs accounts for some of the disparities, according to a study by UnidosUS and the National Partnership for Women and Families, the Latina pay gap extends beyond low-wage workers and impacts Latinas at every level, including Latinas in executive and other professional roles.
It’s important to note that the further we dig into the data, the more disparities are found. The situation becomes even more dire when part-time and seasonal workers are included in the analysis, bringing the average wage gap down to 54 cents. Due to the illegal and exploitative employer practices who are taking advantage of undocumented labor, it’s impossible to truly document the full extent of the wage gap for undocumented women, but some studies have shown that undocumented Latinas are paid the least among all women, and undocumented Latino men still earn more than them.
When a significant portion of our workforce remains economically disadvantaged, it's not just a personal crisis for those affected. It's an economic crisis for the entire U.S. economy and the stability of our social fabric. Communities suffer, economic growth slows, and collective potential remains unfulfilled. The fact that some women reach their equal pay day much sooner in the year indicates that it’s imperative to understand the context and race-specific reasons that each group’s gap is either improved or worsened throughout the year.
When the cultural, systemic, and unique circumstances of each group are understood, solutions can then be found that address women’s unique needs.
How can we bridge the gap?
The reasons Latinas are paid less than most women are complex. Some of the reasons are cultural and some of the reasons are systemic, which means that the solution for closing the gap will have to include both policy and personal solutions. Some possible solutions that have emerged include:
- New and/or Improved Legislation: The Paycheck Fairness Act and the Raise the Wage Act of 2023 are crucial pieces of legislation that can help bridge the pay gap. Email, call, or write to your federal and state legislators. Make them aware of the importance of these Acts and urge them to support and expedite their passage.
- Support Latina-Owned Businesses: Encourage and uplift Latina entrepreneurs by consciously choosing to support their businesses. Money talks, and where we choose to spend the estimated one trillion dollars + that Latinas control, can send a strong message about the value we place on the Latina economy.
- Educate and Advocate: Share statistics and salary information, host community discussions, and amplify the voices of Latinas in your networks. Often, the disparity persists due to inexperience in how to advocate for yourself or lack of access to information such as salary ranges or workplace protections that may exist in your state.
- Re-evaluate Workplace Practices: If you're in a position of influence in your organization, take a hard look at pay scales, hiring practices, and promotion criteria. Ensuring equity within organizations is a vital step towards a broader societal change.
While Latina Equal Pay Day serves as an annual reminder of the pay disparity that Latinas face, the topic should be one that is discussed year-round, and action should be taken consistently. Gone are the days of calladita te ves mas bonita. Women will never reach wage parity if it isn’t demanded and fought for - history has made that clear. If Latinas organize and gather their collective power, they won’t just see their own wages increase, but also those of other women who are also being robbed of the value they rightly deserve.
- Closing the Gap: 5 Ways to Advocate for Latina Equal Pay Year-Round ›
- Women Reached their “Equal Pay Day” on March 14, Latinas won’t reach theirs until October 5 ›
You know that feeling, right? You dive into a hobby, get hooked, and suddenly you're sharing it with your family and friends. Next thing you know, they're all like, "Hey, you should totally make money from this!" So there you are, sidetracked with business plans, logos, branding, and bank accounts. And suddenly, that thing you adored? It's more stress than fun. How on earth did we end up here?
It makes one wonder: how much of what they do is driven by a genuine love for their craft, and how much is influenced by society's constant message to turn their passions into profit? Why is it such a challenge for us to appreciate someone's talent without pushing them towards commercializing their skills? We’ve probably all been guilty of it at some point.
We're quick to throw around advice like, "You should totally sell those!" or "Why not mix up the colors and rake in more cash?" We mean well, for sure. But what we often miss is how much our well-intended remarks are molded by the whole "buy, buy, buy" mindset. Consumer culture's sneaky like that – making you feel like you're nailing it only if you've got your own biz or you're juggling a million things, even if you're burning out in the process. Don't get us wrong – we're all for those "treat yo' self" moments, but none of us should feel pressured to turn every source of joy into a money-making venture.
In a consumerist-driven world, we might be better off finding joy in things that are simple, without spiraling down a rabbit hole of business plans or dealing with all that legal mumbo-jumbo. Maybe that buzz we're chasing when we think about starting a business can actually be found in just vibing with our hobbies, no strings attached.
During the COVID-19 pandemic, a lot of us stumbled upon some cool new hobbies. It was a welcome change of pace, just what we needed to stay sane during those seemingly endless lockdowns. But in case you missed the memo, your hobbies don't have to be turned into a side gig.
Sure, your hobby could potentially bring in some serious cash, but then again, it might not. It's time we break away from the hustle culture myth that tells us if we work ourselves to the bone, we'll magically erase those student loans or achieve instant financial stability. In reality, pushing too hard might just lead to faster burnout and add even more stress to an already tough situation.
Ultimately, only you can decide what's right for you, but we're here to remind you about the importance of self-care and offer a friendly reminder: it’s okay to embrace your passions purely for the joy they bring.
- "Jefa in Training": The Game-Changing Guidebook ›
- “Girlboss” Culture Reeks of White Privilege and Patriarchy ›
- How to Know the Difference between Hard Work and Burn Out - Luz Media ›