As a community of women who have come together with the same common goal of enhancing our lives, we each have our own individual WHY that keeps us progressing forward toward that goal. And, while we each have our own perspective of success that we aspire to achieve, we all agree that attaining six figures as mothers is nothing short of life changing. As we come together to empower one another with real stories, real inspiration, and real resources, we find ourselves asking, how many women in the US have actually reached the ‘big exhale’ on the other side of earning six-figures? And, perhaps more importantly, how can we help more women experience that same success, stability, and sense of peace that comes with the ‘6-Figure Safety Net’ for themselves?
In a recent study conducted by SmartAsset, experienced financial writer and CEPF®
Ben Geier states, “Fewer than one in every eight female workers in the U.S. are six-figure earners”. This means that throughout “the largest 100 U.S. cities, the average percentage of female workers who earn at least $100,000 is less than 12%”. When considering the data, initially it may seem as though, as women, we’re making significant headway in achieving financial security and success, but with a closer look, it becomes obvious that we still have a long way to go in shattering those ever-elusive glass ceilings. According to Kristin Myers, reporter for Yahoo Finance, in IRS reported figures for the tax year 2016, “of the 9% [of the population] earning at least $100,000 or more, more than twice as many men earn a six-figure salary than women”.
That should not sit well with us, particularly when we consider that leading non-profit organizations like Heifer International, know and practice what we already know intuitively as successful women and mothers: “when women have control over their assets and incomes, they reinvest in their families”. That is wildly powerful. The ‘6-Figure Safety Net’ is more than a number, and it is more than a goal we set for ourselves; achieving six-figures means modeling for our community and our children that financial security is a pathway to ending significant global issues like hunger and poverty. And when empowered women, particularly mothers, have both financial and social capital, “Everyone eats more nutritious food. Kids go to school. Families get better access to health care” and, as further affirmed by UN Women, they begin to have “control over their own time, lives, and bodies; and increased voice, agency and meaningful participation in economic decision-making at all levels from the household to international institutions”
We have work to do: for ourselves, for women, for our children and for our communities. Attaining a higher salary provides us with financial independence in the short term, but also allows us to pursue long-term financial goals and to make significant strides forward for humanity and equity. On the heels of a particularly devastating year, it is more important than ever that we enable and empower women to chase after, and to achieve a six-figure salary. Over “thirty-one percent of both millennials and Gen X-ers [don’t] believe they [will] ever achieve a six-figure salary”. Let’s change that narrative starting within our own homes.