Financial Services

Friends don't let friends stay clueless about money


If you’re a little afraid of the top experts, take heart. “When you hear, ‘I’m doing X-Y-Z with my finances and now I’m a millionaire!’ that really is intimidating,” said McElhaney.

Learning from your peers or from people who look and talk like you — instead of lofty financial experts — has a lot to offer.

The heart of McElhaney’s mission is in the She Spends Facebook group. “Talking to people who are one or two steps ahead of you, that can really help,” McElhaney said. Members tend to check in on each other, McElhaney says, especially when they have similar goals. “Having someone check in is hugely helpful,” she said.

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Group members exchange info and advice on budgeting software, investing in retirement accounts, index funds and exchange-traded funds, and personal finance tracking apps.

Jordan Kifer, 28, is delighted to be more of a financial resource to other women. “Talking about personal finance and education is a big gap that I think is in the process of being filled,” she said. “It’s nice to see women self-educating and passing [that knowledge] on.”

A woman asked the group for advice on whether she should apply for a promising job. “I don’t have every single box checked,” she said. The group pressed her to apply, and she did. She got the job, a 10 percent higher salary than originally offered, as well as a better title than offered because the group encouraged her to negotiate.



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