JULY 14, 1978 Yesterday marked a HUGE Anniversary! Infact, 40+ years ago, It was the GRAND Opening of the WOMEN'S BANK of Colorado. While women technically could open their own bank accounts in the 1960s, they were often denied or required to have a male co-signer. Single women faced even greater challenges, usually relying on a husband's or father's signature. Imagine being 32 and having to call your dad to co-sign your bank account just to cash your paycheck. This unfair practice persisted until 1974, when the Equal Credit Opportunity Act made it illegal for banks to discriminate based on sex, age, marital status, religion, race, or nationality. This law allowed women to open bank accounts, get credit cards, and secure mortgages independently, marking a significant step towards financial independence.
However, many women were unaware of these new rights.
Carol Green and Bonnie Andrikopoulos recognized this gap and, in 1975, began working towards establishing a bank specifically for women! This law allowed women to open bank accounts, get credit cards, and secure mortgages independently, marking a significant step towards financial independence.
While the average first-day deposits for new banks in the late '70s were under $500,000, The Women's Bank doubled that amount. By 1982, they had amassed $20 million in deposits, and their loan portfolio delinquency rate was under 1%, compared to the national average of 2.5%.
Their success proved that women, when given access to and control over financial resources, could excel in managing financial health and stability.
READ THIS AGAIN, BE INSPIRED!
This Anniversary is dear and near my heart because I lived in Denver, Colorado for 9 years! And it was then that my real Independence journey started! To me, being an INDEPENDENT WOMAN does not mean being a feminist or a powerful female. It means having the "FINANCIAL" independence to be a present and happy wife, mom, What does being an independent woman to you? Reply to this email and let me know! Join me and many other successful female entrepreneurs in growing the number of Financially Independent Women. We have a FREE masterclass tomorrow, Tuesday July 16 at 7PM CST. Sign up below to get the link to attend! |
