Calladitas No More

Today Is Equal Pay Day For The Average White Woman, For Latinas The Gap Closes Nine Months From Now

As companies across the country take part in conversations spurred by Equal Pay Day, it’s a good opportunity for Latinas to remember why exactly today is not entirely inclusive of them.

April 10 marks a day in the United States that signifies how far into a calendar year the average white woman must work to earn the wages earned by their male counterparts from the previous year. For Latinas, that number stretches far into the month of November.

A new report by PayScale reveals that this gap does not get easier as we age.

In fact, the study shows that for women, in general, the gender pay gap actually widens over the course of our careers.

Over the course of a 40-year career, the average Latina will lose $1,056,120 of her potential salary earnings. For the average Black woman, it is $867,920. And for the average white woman, it is $403,440. PayScale’s study took a deep dive into how those numbers add up over time, and the findings revealed that the losses start from Day 1 on the job.

Today, men and women in similar job positions enter the workforce as equals in terms of career titles and positions. Despite this, white women start off by getting paid nearly $0.82 for every dollar made by their male counterparts. The cents go down for women who are Black and even more for those who are Latina. As the years pass, so do climbing up opportunities for women. As our male co-workers scale up in position and pay, we remain stuck in our cubicles rigorously working for small promotions with often smaller pay raises.

By the time women reach their mid-40s, the pay gap widens to $0.76 on a white man’s dollar.

Still, striving to reach managerial and director positions at this point, women will pass the halls to find former male counterparts propping their heels on the desks of their new VP or C-suite offices. Later in our careers, it gets worse.

By the time the average woman reaches 45, she will only earn $0.69 on a man’s dollar. At this time, a man’s likelihood of obtaining a higher-paying position than a female colleague is 142 percent.

Overall, the study is a reminder that women face more obstacles than just the pay gap. There’s the gap of opportunity as well.

In 2017, even despite making up 44 percent of the Standard & Poor’s 500 labor force, women accounted for only 25 percent of executive and senior-level positions. That same year, only  20 percent of board seats were occupied by women and only 6 percent were CEOs. Geisha Williams became the first Latina CEO of a Fortune 500 just last year.


Read: How To Support Latinas And Close The Wage Gap For Equal Pay Day

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Alexandria Ocasio-Cortez Called The Gender Wage Gap A “Generational Issue” And This Is Why She’s Right

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Alexandria Ocasio-Cortez Called The Gender Wage Gap A “Generational Issue” And This Is Why She’s Right

Pay discrimination is illegal in the United States, but women are still largely making less money than men for the same job and sometimes with even more credentials and experience. This week, Congress reintroduced the Lilly Ledbetter Paycheck Fairness Act, a bill that would offer employees “new tools” to achieve equal pay.

On Tuesday, House Democrats stood alongside Lilly Ledbetter, a woman’s rights activist and the namesake of the act, to reintroduce the bill originally signed by President Barack Obama in 2009, his first while stepping into his historic term.

The act, which overturned a decision by the Supreme Court that restricted the time period for employees seeking to file complaints of discrimination based on compensation, strengthens the Equal Pay Act of 1963 by allowing employees to compare salaries without retaliation and creating stricter penalties against companies that violate equal pay legislation. It would also provide training to help business owners and staff better identify pay disparities and address them.

“We implicitly recognize as women that the pay gap and wage gap is an injustice that persists through secrecy and it’s an injustice that persists to the present day,” Rep. Alexandria Ocasio-Cortez, D-New York, said at the conference, where 240 representatives co-sponsored the bill. “We cannot ask for salary history and pay people depending on their salary history anymore, because it is time that we pay people what they are worth and not how little they are desperate enough to accept.”

While women of all ages have confronted the gender pay gap, Ocasio-Cortez called it a “generational issue,” and in many ways it is, especially for Latinas. The bill would go a long way in helping the demographic, which oftentimes comes in last in regards to the pay gap. On average, Latinas earn just 53 cents for every dollar a white, non-Latinx man makes. And we’re going backwards, as the wage gap before 2018 was 54 cents — making the decades-long problem increasingly important today.

Ledbetter said that the Fair Pay Act, signed by President Kennedy, was the “first step but not the last,” because it did not offer women the tools they need to challenge the gap.

“We cannot subject another generation of women to this injustice,” Ledbetter said.

Read: We Asked 7 Latinas About Salary Negotiation Strategies And Pay Equality

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The Hottest Financial Tips to Help You Jumpstart 2019

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The Hottest Financial Tips to Help You Jumpstart 2019

The start of a new year is exciting but can be stressful. This is the time of year people make impossible resolutions that become overwhelming before the end of January.

When it comes to personal finances, you can avoid the resolution trap by keeping it real. Instead of making big impossible promises to yourself, try making a number of small changes you can actually handle.

Wondering what makes me credible in this area? Well here goes: I’m debt free, have a great credit score (above 800), am self-employed, and get no help from my family. Yes, I’m married, but my husband and I merged accounts only recently. I agreed to do this because sending each other money for groceries, house bills, and the mortgage was becoming annoying! But, as God is my witness, I’ve always paid my proper portion. I am a firm believer in being as independent as possible, because, as my mom always said, “uno nunca sabe.”

Here’s what’s worked for me to stay financially healthy…

Prioritize paying off loans.

Instagram @peachtreedebtrelief

One thing I’ll say repeatedly is that you must make it your number one priority to pay off every loan you have. If you’re paying just the minimum, you’ll never get out from under that debt. Put as much as you can into each monthly payment. Even $10 extra per month makes a difference over time.

Use a balance transfer card.

Instagram @iin.lam

There’s a slew of cards that offer transfer balance deals at low or zero APR for the first year. I have taken advantage of these deals especially when there’s a big charge on my card. For example, during a recent move I had to buy lots of furniture and stuff for the new house, so once I was done with that big spending, I transferred the balance onto a zero-interest Citibank card. Now I have a whole year to pay off that amount with no interest rate. But don’t let zero-interest make you lazy. You have to pay it off, because if you don’t within the year, the interest rate will begin to accumulate, and then there’s no point. Citibank continues to offer me these no-APR deals every six months because they want to keep me as a customer, so now I know they are there just in case a financial burden comes up.

If you’re self-employed, put away 20 percent from each paycheck for taxes.

Instagram @chase

I’ve been freelancing full-time for more than 2 years now, and each check I get includes the full amount, meaning I don’t get charged a tax. But that doesn’t mean I don’t have to pay taxes on it. So, in order for me to pay taxes on each paycheck, I take out 20 percent of the amount and put it in another account. When it’s time to pay annual taxes, I have my money ready to go.

Make a habit of putting 10 percent of every paycheck into a separate savings account.

Instagram @southbayfinancialpartners

Saving money is difficult, especially if you need every cent of it. If you get into the habit of putting money away the moment you get paid, it will add up and you will be amazed at how quickly that happens. If 10 percent is too much for you, try getting there slowly by putting in at least 5 percent.

Get started on that 401(k).

Instagram @_ladyjavi

Do not plan on social security or that million-dollar business idea to keep you looking fly in your golden years.  Federal social security is slowly becoming nonexistent, and the likelihood of you inventing the next fidget spinner is looking slimmer and slimmer, which means you must start planning for retirement now, on your own terms. One financial institution that can help you make sense of retirement is Fidelity Investments. Honestly, without Fidelity, I never would have started not only a 401(k) tax-advantaged savings account, but I wouldn’t have a small stock portfolio I can occasionally check on.

Start separate savings account for that special thing.

Instagram @adebtfreelife

If you love to travel or buy expensive things that seem unattainable, start separate savings account for that special thing. This account is different from your real savings account because you can use this money for something you truly want. Your primary savings account should be for unexpected expenses like getting laid off, breaking your leg, facing an unexpected car repair, etc. But your secondary savings account is money you can actually use for that special thing. Each week put as much or as little as you can into the account. You’ll actually end up putting more once you see the amount increasing.

Don’t be afraid of having multiple accounts.

Instagram @merch_pay

Having multiple accounts is nothing new. In fact, it’s a thing of the past to just have one checking and one for savings. Most banks require that you have just $50 in the account at all times, which isn’t hard to manage. I have multiple accounts, and it helps to keep track of where my money is going. One account is for taxes, another for savings, and another for that special thing I really want.

Make sure you pay each card ASAP.

Instagram @jackiemckeeverspeaks

Be careful not to overspend. Charge the card for the amount you can pay off. If you’re spending more than you have, you will always get into trouble. If you’re spending a lot, and don’t have enough to pay it back, be sure to then use the transfer balance in order to not get killed by APR on those charges. It’s always safe to never have more than one transfer balance in a year.

Get Mint.

Instagram @mintapp

A helpful app that is useful for sorting out where your money is going is Mint. It tracks your monthly bills, gives you your latest credit score and assists with budgeting. We use so many apps all the time, so why not use one that is actually making your life better and less stressful?

Learn how to party when you don’t have money to go out.

Instagram @discover

There’s a misconception that if you’re living on a budget, you can’t have fun. That’s so untrue! On a recent night out, I asked the bartender how much a shot of tequila cost (about $8). But why buy a shot when you can get a whole bottle for $35? I’m not saying to get drunk in your kitchen, but it can be fun to host gatherings at home — and less expensive. Not only that but if people come over BYOB, it’s likely that you will keep all of the leftovers. So really, it’s a win-win.

Don’t show off on social media.

Instagram @citibank

If your life is trying to keep up with the Kardashians, it may be affecting your wallet. Do you really need every Kylie Lip Kit? Must you truly have that beach front AirBnB just so you can blow up your Instagram? I’m not saying it’s not amazing to treat yourself to cool stuff or travel to the Bahamas during winter break. But, if your spending habits are putting you in debt just so your social media can be on point, is it really worth it? If you can do that splashy stuff and still have money to pay utilities, rent, and groceries, then by all means — enjoy.

Shop thrift.

Instagram @alexasunshine83

Save serious (and I mean serious) money by finding your look at a thrift store. Urban Outfitters, H&M, American Eagle, Forever 21 brands, they’re all at thrift—and often just months or a year after they were at retail.  If you can’t abide sifting through other people’s giveaway items, check out upscale resale shops and consignment stores. My husband and I have found family-heirloom-quality furniture at antique stores and estate sales. The last day of an estate sale, when they’re trying to clear everything out, can be a real score. I know this isn’t for everyone, so take it or leave it. But if you’re really trying to keep that budget in check while living well, this is not a bad strategy.

READ: She Struggled To Pay For College Because She Was Undocumented, So This Latina Created An App To Make The Process Easier For The Next Generation

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