Issue #45 / March 16, 2018

✨ Catch up on what ya missed this week ✨

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  • BIOTECH BOMBSHELL: Theranos executives Elizabeth Holmes and Ramesh “Sunny” Balwani have been charged with "massive fraud" by the SEC,Institutional Investor reports. This is after the two claimed for years that their purportedly revolutionary blood testing device actually worked. Spoiler alert: it didn't.
  • THE END: Toys 'R' Us will soon close its doors, but Amazon isn't to blame, CNNreports. Instead, blame the private equity firms that saddled the toy retailer with debt through a leveraged buyout
  • THE TIPPING EQUATION: The New York Times released an investigative report this week on the ways servers have to endure sexual harassment to ensure they are well-tipped. 
  • THE MEDICAL WAGE GAP: Female doctors are paid far less than male doctors, according to Bloomberg. Related: The wage gap starts when we're teens, according to the Guardian
  • 21 SAVAGE ON MONEY: Rapper 21 Savage has announced that he's launching a financial literacy program for kids, according to All Black Media
  • TESLA EXODUS: Another Tesla executive has left the company, Markets Insiderreports. This is the second finance executive to leave the tech company in the past week. 
  • SNAP BETTER HAVE RIH'S MONEY: Snapchat's stock fell nearly 5% on  Thursday after the app ran a problematic af ad about Rihanna's abuse by Chris Brown, Reuters reports. This isn't the first time the app's stock has fallen on celebrity input. In February, Kylie Jenner tweeted about Snapchat's updates and the app's stock lost $1.3 billion in value, according to Time

Sallie Krawcheck on Helping Women Create Wealth

Women who talk about money are crass and unattractive, at least according to some.

Sallie Krawcheck, CEO and co-founder of Ellevest, a digital investment platform for women, wants to flip that social cue, partially because she knows it is far from the truth.

Girls are about equal to boys in math skills, but outperform in every other school subject. Meanwhile, the majority of women manage their family’s household income; at every age level, women show they are capable, yet the financial services industry was built for men.

“It’s all about outperforming,” she said at the UJA-Federation of New York’s i3 Summit on Tuesday. “Did you know the percent of women who said their goal is to outperform the market? Zero percent.”

Rather, women think of the market as something that will get them a home, their dream wedding or a thriving business, or pay for their kids’ education or their own retirement, Krawcheck said. And yet women tend to outperform men in the stock market once they determine their risk tolerance, Krawcheck said.

That mentality is best shown in her investing platform, Ellevest, where investors can choose which goals they want to invest in; those goals generate a performance forecast and a portfolio composition, which outlines how much money is invested in stocks, bonds and alternative assets like real estate, private equity or venture capital.

“If you don’t have a financial plan, you won’t achieve the things you want,” she said.

Krawcheck, who previously held the title of CEO at Merrill Lynch Wealth Management, aspires to close the investment gap that separates men and women and to offer more financial literacy.

“What I often start off with is the concept that money is power,” she said. “Women who have been able to call out their harassers have not been financially independent, but they have been financially stable. This lack of money vis a vis between the boys and the men have left us in vulnerable positions.”

Disclosure: She Spends is an affiliate of Ellevest, which means we make a small commission if our readers choose to invest with the robo-adviser. However, this does not affect our editorial judgment. To learn more, please read our values page.

- Amanda Eisenberg / She Spends Issue 45


How To Negotiate As A Freelancer

Many members of the She Spends community are freelancers in some way or another. Some are writers who are paid on a per story basis by publications. Others are yoga instructors who may book classes for a certain number of weeks but are often dealing with the ebb and flow of clientele. Some are consultants, marketing professionals or designers who are paid based on projects, rather than a pre-specified yearly salary. 

With this in mind, we’ve created a guide to salary negotiation for our readers whose jobs are non-traditional. Below you’ll find resources for determining your market rate as a freelancer, ideas for how you can ask for more and what to do when you get pushback from your clients.

Determine your market rate. 

This advice is just as important for freelance salary negotiations as it is for typical negotiations. As always, you can use FairyGodboss or Glassdoor to find out how much others in your field are getting paid. There are also some industry-specific options out there. For writers, Who Pays Writers and Study Hall are awesome resources, whilePayscale gives granular information on rates for fitness instructors, among other jobs.Consultant Journal has an awesome calculator for fees, as well. 

Based on this information — and the knowledge that you have to cover things like healthcare, time off and other benefits normally included in yearly salary packages — you can begin determining rates. You can offer rates based on projects or you can offer hourly rates. It may be best to determine what you would like to be paid for each in the case that a client asks for one or the other.

Negotiate per assignment. 
With this in mind, you can easily negotiate for more money based on each project or assignment. As you pitch new ideas or expand your offerings, share with each new client your newly determined rates. Most will bite; freelancers are often woefully underpaid. If they don’t, consider backing off slightly, or hit them with this kicker: “I’ll be able to do the best work for you if I am paid $X. Is there any way you can budge on what you’re offering me?”

For ongoing clients, reach out to say your rates are changing.
This can be done via a phone call or an email, but with existing clients that you have ongoing work with, you can often share a simple message notifying them that your rates are changing. Give notice about a month in advance in case any of your clients are not OK with these changes. If that is the case, refer to step four. 

If you get pushback, you can totally adjust rates. 
To start, remind your clients that you can do the best job if you’re paid that initial rate. If they continue to push back on it, consider adjusting them for just that client. Do the work, but spend a bit less time on it if you can; use your extra time to search for other client options who may pay you a better rate. 

To be sure, you don’t want to burn relationships with long-standing clients. But those long-standing clients should also be willing to pay you your market rate. 



We're sharing the spending secrets of one woman each week - completely anonymously. This section draws inspiration from Refinery29's Money Diaries and New York magazine's Spending Diaries (gotta give credit where it's due, right?) Click here to take our anonymous survey on spending habits. 

How a 26-year-old San Francisco-based account manager spends:

  • SALARY: I make $80,000 a year as an account manager based in San Francisco. I have never asked for a raise. 
  • SAVINGS: I have about $21,000 between my savings account and 401(k).
  • MONTHLY EXPENSES: I spend $1,570 each month on rent. I contribute to a 401(k) and I pay for my health insurance. I share Netflix with my sister so I only pay $5 each month. I’m on the Spotify family plan, which also cuts costs. I pay $90 per month for a gym membership. My phone plan, which is $60 per month, is reimbursed by my employer. I pay $50 per month in gas, power and internet bills.
  • DEBT: I am not in debt. 
  • INVESTING: I invest. I have a 401(k), an account with Betterment that automatically invests my money, and about $500 in stocks that I picked and invested in myself. 
  • SPENDING VICTORY: Travel, always. I recently spent almost a month traveling around Spain!
  • SPENDING REGRET: Cheap clothes. I tend to impulse buy clothes I like and ended up only wearing them once or twice and donating. I am working on becoming a minimalist, though. 
  • CHARITY: I donate to KCRW and to my friend’s theater class. My friend is a theater teacher in Brooklyn and they always need money for costumes and supplies so I send $10 a month.
  • IF I WON THE LOTTERY: I would buy a Tempur-Pedic mattress and a Tesla Model 3.
  • GOALS: I want to get $15,000 in my emergency savings and build a travel fund.

Updates, blog posts and other important things:

  • FACEBOOKIN': We talked about the importance of regular dermatologist appointments and how to find references for job hunting this week in the Facebook group. Join us
  • SUITED FOR CHANGE: Reader Ilana shared two bar night dates that benefitSuited for Change, a nonprofit in Washington, D.C., in the Facebook group. The first is on March 20 at Service Bar from 5 p.m. to 8 p.m. The second will take place on March 27 from 4 p.m. to 8 p.m. at Dacha Beer Garden. 

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