Hello, my name is Narkis.
A few months ago I realized
that I’m afraid of money.
I wasn’t aware in the beginning to the intensity of my fear, it was only when i was sitting on excels with my husband, trying to answer some of his questions for understanding the cash flow of my business I realized that some financial situations are paralyzing for me.
When I tried to track down the reason of my fear, I couldn’t find a reasonable answer; The numbers were never a problem, as a student I was always pretty good at math. The concept of making money wasn’t the problem either, I started to sell things and create small ventures from the age of 16 years old.
I also love money. I love thinking about ideas that can generate it. I love giving it. I love using it for improving the quality of what I do and scaling my impact.
So what is this fear? And why is it important that I overcome it asap?
Although I love money, I realized there are many rules of how to deal with it in the business world, which I didn’t quite understand. And this lack of knowledge, with some fear of something that is unknown, created this feeling of helplessness which led me to avoidance; "let someone else deal with it, I’ll do my thing." I thought to myself
Soon I realized that my fear of money prevented me from doing certain things that were core of my business, it also didn't allow me to really be part of the decision making process regarding money, because how can I make decisions regarding something I don't deal with?
When I think about it now, I become really angry. It is this feeling of having my hands tied.
Money is power. It is one of the few routes to freedom and impact. And if I deny this power from myself, the impact I can make in the world is very limited.
I cannot say this fear of mine has nothing to do with the fact that I’m a woman. In fact, it has everything to do with the fact I’m a woman.
When I look at statistics, I see I’m not the only one.
According to a Study of Fidelity Investments from 2015, majority of women hold back when it comes to talking about money; 8 in 10 women confess they have refrained from discussing their finances with those they are close to. One of the leading reasons for that is lack of financial knowledge and lack of people they feel that can turn to receive guidance.
Although research shows that women have leadership skills needed to build and scale businesses even more than men, and although 171,842 million dollars plus women owned businesses, female founded firms are less likely to raise equity financing (14.4% vs. 3.6%) , less likely to ask close friends and business acquaintances (13.5% vs. 5.4%).
Most of the money in the world is managed by men. According to a study of The European Institute for Gender Equality (EIGE) from 2015, men dominate central banks, finance ministries and boardrooms throughout Europe with only one in every 25 top jobs held by a woman.
Venture capital firms with female partners are two and one half times more likely to invest in companies with women on the management team (34% vs. 13%).
When women make money related decisions, it opens the door for more women to lead in business. As long as we, as women, continue to not feel comfortable with asking for money and making financial decisions, no one is going to change this situation for us.
“Things are not brought into being by thinking about their opposites”. This video blog is NOT going to focus on what women are missing and what opportunities they lack, but rather we are going to study the topic of money (fundraising, asking for a raise, finance and more) from the feminine perspective of how to master it.
And yes, there is a feminine perspective, it is backed by research, and by following and contributing to this blog, you can learn more about it.
Our goal is to create sufficient knowledge together that will provide us as a tool for managing, understanding and asking for money, so we can continue to focus on creating value in the business world, and making more money.
How it works?
Every week we will upload a video that will ignite a discussion around the topic, knowledge will be created in our facebook group in this link. The knowledge we will learn will be shared in our page and in our videos for the benefit of women. And what benefits women- benefits the world.
So here’s to the greater good.