Build Your Squad for Financial Success

It's time for women of color in business to lift each other up.

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
Will be used in accordance with our Privacy Policy
Build Your Squad for Financial Success
Image credit: Klaus Vedfelt | Getty Images
VIP Contributor
CEO and Author of Career Rehab
4 min read
Opinions expressed by Entrepreneur contributors are their own.

It was a fall evening in Washington, D.C., and I was in an Uber on my way to a book-launch event for my good friend, Minda Harts. As I was reading Minda’s book, The Memo: What Women of Color to Need to Know to Secure a Seat at the Table, I was shocked to come across an interesting section called "What About Your Friends?" In this section, she discusses the advantages of women of color sharing their career salaries and financial-management strategies with each other. We all know there is a wage-gap problem amongst women, and an even larger problem amongst women of color.

As a young child, I was always taught to never share my personal finances with my family, friends and co-workers. But, I wonder, what could happen if I did share my career, financial and business failures and successes with them? Maybe I could teach them new ways to advance, or maybe I could learn new tips to facilitate a promotion or create a new product or service for my business. I really like how Minda pushes her readers to be vulnerable, share their salaries and pursue business collaboration with other women of color.

Related: Black Female Founders Face Constant Rejection. They're Thriving Anyway.

Be Vulnerable

We all know that having financial conversations is never easy, especially if we feel like our current financial situation is not in a good place. But I believe that in order for us to move forward, we have to follow Minda’s advice and be vulnerable enough to learn more about how others have improved their credit scores, built a savings strategy and paid off debt. The best way to learn is from others you personally know who have overcome those financial challenges. If we all remain vulnerable, we can share the lessons we have learned and we can be okay asking for help when we need it. Financial vulnerability takes courage, but it also makes you a champion once you learn new ways to manage your money.

Share Your Salary

What if we could be open, with no ego, and didn’t create an environment of competition when it came to how much we earn? Women could advocate for each other on the job and during the hiring process for women of color. As we become more vulnerable as women, we should follow Minda’s advice and share our salary ranges and negotiation tips with each other. If you know a good friend has been having an issue getting promoted and you are constantly getting promoted, share your personal interview tips and job-search strategy.

Pursue Business Collaboration

Business collaboration is the best way to share your products and services with others. Some of us have similar company brands, and that’s okay, but we as women of color have to get to a place of ego-free collaboration. We all place our signature stamp on our products and services. It’s time to stop blocking each other from shining by being scared to share business ideas and strategies that work. If it’s okay to share your salary and credit score with others. It’s perfectly okay to share your speaking-engagement fees and consulting-service fees with others. We get in our own way when we try to outshine each other. We can all shine if we collaborate and market our businesses to the masses.

Related: They're Doing It: Awe-Inspiring Black Female Entrepreneurs

 Are you ready to embrace financial vulnerability for financial stability so you can level up your career, finances and business? The only way to push yourself forward is to shift those conversations during happy hours, birthday dinners and lavish trips. You may also find you have to shift the circle of friends you have now and join forces with women who see life, career advancement and business development the way you do.

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Starting, buying, or growing your small business shouldn’t be hard. Guidant Financial works to make financing easy for current and aspiring small business owners by providing custom funding solutions, financing education, and more.

Latest on Entrepreneur

Entrepreneur Media, Inc. values your privacy. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site (both directly and through our partners). By continuing to use this site, you are agreeing to the use of that data. For more information on our data policies, please visit our Privacy Policy.