No one likes to talk about money, not a meaningful way. If you want to bring a dinner party conversation to a screeching halt forget politics, go ahead and ask everyone about their finances. You’re more likely to get people laughing and talking about sex than retirement planning.
Because of our unwillingness to have candid conversations about money fewer of us are fiscally literate and prepared for our futures. This means our sons and daughters are too.
Enter Barb Provost and Purse Strings. Barb has a solution for the financial literacy gap. Purse Strings is a community designed for women who want to master their relationship with money and feel secure about their financial future.
I asked Barb why she launched the Purse Strings community and told us that before Purse Strings, no one had provided tailored financial education to women regarding what they need to be financially successful during different stages in their life – without pushing a product. Purse Strings provides a women-centric education resource, a supportive community, with a women-led viewpoint. Their goal is to provide empowering information while building communities of learning.
We always want to know what leads women to launch businesses after they’ve already had a successful first career. Barbara is a data hound. She found through active research and continuous data gathering activities that women are consistently overlooked by insurance and financial institutions to the tune 14-trillion dollars of untapped sales on the table. Our demographic is underserved and under-planned for our financial futures.
Barbara Provost developed Purse Strings, an empowerment, education, and training tool to earn the vast spending power of the female dollar.
So many businesses, especially those that serve women rise the Phoenix from the ashes. The stories of divorces breaking a person are indeed common enough, but not Barb Provost.
When I was going through my divorce, I realized there were many women that were going through the same thing as I was and as equally as financially unprepared. I was able to leverage my non-tradtional path to my PhD that combined my passions with my real-world examples to plant the seeds for Purse Strings.
Roses do have thorns. Barb warns us that entrepreneurship can be thrilling one day and bring you to your knees the next. Hearing from a great prospect who seems interested, only then be ghosted can send a person onto an emotional roller coaster that she learned to sidestep because a person’s heart can’t take it. Businesses need to be treated with a slight emotional distance. A small support group people around you who will be honest and help you muster through the tough times and celebrate when you have the signature on the contract – not before – is what an entrepreneur truly needs.
Finally, we wanted to know why the women of Midlife would care about PurseStrings.co.
“As 51% of the population, women have never been offered a tailored approach to money and the many issues that surround making it, saving it, investing it, and spending it to achieve personal goals. Take into account the following statistics that illustrate precisely why women need different financial solutions for their entire life:
▪️Immediately after graduating from college, women make 80% less than their male counterpart.
▪️Women typically leave the workforce to care for children or an ill parent or relative, leaving a gap in work history and minimizing their income and benefits.
▪️A woman married today has a 40% chance of becoming divorced.
▪️If they do stay married, women outlive their husbands and often don’t have the savings needed for healthcare and other related costs in their advanced age.
▪️Women will age alone.
Purse Strings‘ goal is to give women the tools they need to tackle each challenge and be financially fearless!