Venus Williams, a world-renowned tennis champion, is one of many investors investing millions of dollars into a unique woman-owned company called Ellevest – a digital investing platform and app that empowers women financially and helps them save for retirement. The founder of the company, Sallie Krawcheck, is known as one of the top women on Wall Street.
She made a name for herself when she worked at Citigroup and Bank of America, and the funding for her company will be used to develop financial planning services and portfolios designed for women professionals and entrepreneurs.
What exactly does Ellevest do?
Based in New York City, Ellevest helps women to get started with investing, but unlike other male-dominated companies, no minimum amount of money is required to get started. In addition, Ellevest makes the investing process very simple and easy to follow.
It’s also goal-based, rather than centered on the performance of a particular product or portfolio, and the algorithms factor in women’s superior longevity – which is about five years longer than that of men – and the fact that women tend to earn less than men during their careers.
Why women should invest
Sallie says that an important financial lesson that many fail to understand is that it’s never too early to begin investing. “Even if you’re thinking, ‘I don’t have a lot of money right now,’ you need to save for your future,” she says.
Her advice is that even if you can only contribute $50 or $100, start there.
She is very determined to “end the gender gap in investing and personal finance,” and has made it her life’s mission to unleash women’s financial power and get them invested in their biggest goals.
Venus comments, “I invested in Ellevest because I believe in women, and I believe in our potential, and I believe that its time to change the game.”
Her interview below:
Story from Business Women.