November 2022 Newsletter
November 2022?
News and updates
November was all about finance at The Next Women! This month we asked questions about investment, financial planning, money and behaviour and overall decision-making in finance. We also had the privilege of showcasing two of our members, Lieke Danenberg and Puck Landewé who are co-founders of ELFIN, a Dutch company with the mission of helping women to take charge of their finances. Women continue to be behind in terms of financial independence, security and investment. Research shows that not only is this due to the gender pay gap but also in part due to the lack of confidence women feel about investing. That said, women's portfolios outperform men's and Warwick Business School found that per year female investors had returns around 1.8% higher than those of men. It is clear that as women we have the ability to prosper in our financial lives, and when given the right tools that's exactly what we'll do.?
Although November is almost over, the topic of finances will not be left behind. The Next Women is hosting coaching hours about financial planning, business development and growth on December 15. So, when looking ahead to 2023, what are you going to do to set yourself up for growth in the new year??
If you are looking for advice or connections you can always reach our team [email protected].
Hope to see you at one of the upcoming events!
"Because as long as money rules the world, we women should have more of it."
-Puck Landewe
With Love,
Mandy and Maiya
The Next Women Team
Moving from MD to Circles
Anne-Marie Twigge has decided to end her interim term as Managing Director of The Next Women. She has worked tirelessly on creating a more digitally connected platform and her passion and drive to fight for female entrepreneurs have inspired all those around her. Her contributions as a Managing Director to The Next Women and its community have been invaluable.
She will stay on as a facilitator to our circle of visionaries.?Find out more and sign up using this link!
The Next Women will continue with a new Managing Director that we will be announcing soon.
The Platform
Finally, the time has come! After months of designing, integrating and testing we are going to welcome our members to our new platform. This will initially provide an overview for all members with the ability to directly connect with each other. In addition, we will give different communities and working groups (circles) the space to share content and discuss with each other. Later, the Academy and Marketplace will take shape to encourage interaction among members of The Next Women.?
If you also want to participate on the platform, become a member of The Next Women now and register through the site.?
November News
Getting inflation down: why this will take a long time and what we can expect in the near future
Inflation experts expect us to hit all-time highs before the end of the year. But returning to a healthy level of around 2% is going to take some time.??
Although conditions are still very uncertain, experts expect inflation to return to the 2% level during 2024. This is the level that the ECB is aiming for in the medium term, and which best contributes to the prosperity of people in Europe.?But to get back to that level, and really bring down the large price increases of today, necessary steps are still needed.?
In 2022, the European Central Bank (ECB) took some tough measures to combat high inflation. For example, the ECB has recently accelerated the tapering of purchase programs designed to stimulate the economy in the wake of the debt and corona crises, among others. In July, new purchases came to an end and the ECB raised interest rates by 0.5% for the first time in 11 years. In September and October both months with another 0.75% - the largest rate hike by the ECB ever.??
Despite these robust measures, we are not there yet. Further follow-up steps are needed to slow down the economy so that demand starts to fall and prices follow. Interest rates must be raised further to slow demand and "tighten" the economy. However, in doing so, Klaas Knot said it is obvious that we will take smaller interest rate steps than we have done in recent months. Incidentally, just raising interest rates is not enough. The ECB has more possibilities to influence inflation and will have to look into that. Similarly, the bond portfolios created by the purchase program and now on our balance sheets will have to be reduced over time.?Read more...
The difference between the current situation and the crisis in the 70s and 80s: how inflation can hit banks
The starting position of Dutch banks to resist the effects of high inflation differs on many fronts from the situation in the 1970s and 1980s when there were also rapidly rising consumer prices. This is according to a?DNBA analysis ?that provides insight into the channels through which high inflation can hit the banking sector.
The analysis makes it clear that there is less room for banks to cut costs now than then. On the other hand, a steady rise in interest rates may actually have a positive effect on banks' interest margins this time around. How profitability will evolve will also strongly depend on the course of real interest rates, which rose sharply forty years ago with all the negative consequences for employment and the housing market that this entailed. Given the uncertainties surrounding the current economic environment, banks would do well to keep their capital buffers in order.??Read more...
Special Programs
FEMPOWER YOUR GROWTH | Recap
The program for passionate women entrepreneurs and experienced bankers looking for business and personal growth.
Fempower your Growth was a huge success thanks to all the amazing entrepreneurs, bankers and speakers that participated.?
Upcoming Events
Coaching Hours
Dec 15 | 15:30 - 17:15
With the New Year just around the corner, the upcoming Coaching Hours are all about planning ahead for 2023. Get advice on financial planning, business development and growth from experienced entrepreneurs and professionals.
Member Drinks
Dec 15 | 17:00
Time to network, socialize, connect, share and get inspired over a bite to eat and a drink! Location will be announced soon.?Read More...
Meet the Members
Lieke Danenberg?Co-Owner of Elfin
About Lieke Danenberg
Lieke has been helping 1 million women become financially independent as co-owner of ELFIN. ELFIN helps women organize their personal finances, increase their income and put their money to work by investing.
?What inspired you to start your business?
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"When I started my life as an entrepreneur, my accountant told me to figure out how I want to create my own pension plan. I never thought about it and dived into the subject and found out it was easier than I thought. Also because I already had a financial plan for myself and my family. I could easily figure out how I wanted to invest my money and build wealth. I thought every woman should know this. It is not super difficult, but it is a lot and money is kind of a taboo subject. So what if we make this information more accessible??
What are the values of your business?
"Independent, trustworthy and accessible."
What do you think the key to success is?
"Never give up. I sounds like a no brainer, but your mindset and how you look at yourself and your business are essential for success. So are you hard on yourself and if things go wrong, do you want to quit? Then I think it is more difficult to move forward. Do you accept things how they come and do you want to learn from fuck ups and find out how you can succeed despite things go wrong? Then you keep moving towards your goals." "
What is your #1 tip for other female entrepreneurs??
"Be bold. It was quite a journey for myself to become bolder about our vision. But this really changes your mindset and it attracts partners and employees who love this energy. So I decided to focus on our BHAG and never make it smaller because it then stays in my own comfort zone. So embrace being uncomfortable and reach for the stars."
Puck Landewe?Co-Owner of Elfin
About Puck Landewé
Puck is a Dutch woman with the mission to help women to become financially independent. She has 10+ years experience in Brand Publishing and co-founded ELFIN to support women around the world to take charge of their financial future.
What inspired you to start your business?
"I made a career in corporate, earned a high salary, but at the end of the month: nothing was left. I felt stuck in a golden cage, and I realised the only way to create freedom (to do what I want, when I want, with who I want) was to create financial freedom. I started to invest and in my search for reliable information about this topic that would resonate with my values, I only found male-focused platforms and media. I knew I wasn't the only woman who felt frustrated by this financial industry made by men, for men. It was at that moment I decided to create a safe platform for women where they can learn and ask all about money and investing."
What are the values of your business?
"Ownership, leadership, connection and trust. You can tell by how people treat themselves, how they will treat others and their business. So start showing up, take responsibility, lead the way and never step aside when you have a strong vision. Trust yourself and surround yourself with people you trust."
What do you think the key to success is?
"Be humble, ask for help, build relationships and create a big, bold and long-term vision and strategy. No success story was ever created overnight with somebody doing a one-man show."
What is your #1 tip for other female entrepreneurs??
"Let go of any self-doubt. Everybody who has a successful business started with zero. Trust yourself, surround yourself with other good people and ask for help. But please dear women, stop doubting yourself. I see so many amazing women with ever more amazing ideas who lack confidence. You already have it in you. Go for it!"
Want more tips from Lieke and Puck? Be sure to attend the Coaching Hours on December 15!
Member Chat
Lieke Danenberg on calm in times of financial turmoil
You only have to open a newspaper and you see it: 'inflation, price increases, decline in purchasing power'. Various articles, terms and experts report on the seriousness of the situation right now. But of course you already know this, because you see prices going up.
?How do you keep calm in times of financial turmoil? Lieke Danenberg herself does not like fear-mongering and prefers to look ahead: what should I do, what should I leave and what can I create?
Do:
? Review your income and expenses. Are you happy with your spending? Did the things you purchase make you feel good? Then focus on those. How can you keep money for that?
? Check your subscriptions and contracts. Are there things among them that don't bring you joy? See if you can skip them, cancel them or arrange a discount.
? Check your buffer. Does it give you enough peace of mind? If not, how can you replenish it?
Don't:
? Thoughtlessly spend money on stuff that you forget about immediately afterwards. Set a cool down period of about 24 hours. If you want it after that and get really happy about it, go for it.
? Get scared. Fear will not make you make better decisions. Think about where your biggest fears are right now, write them down and ask yourself if it's realistic AND what you can do to eliminate those fears.
Create:
? Create or update a financial plan. You can always fall back on this, even when things aren't going as well. This gives you peace of mind and ensures you make the right decisions.
? Think of 3 ways to increase your income. Start negotiating your salary, start a side hustle, sell old stuff. There are dozens of ways to make extra money.
In short, don't get scared, but keep taking steps that give you peace. Even when the world is very unsettled.
How do you become financially intelligent? Tips from Puck Landewé?
1. Surround yourself with other women. No joke, this is beyond powerful.
Talking to other women who face the same challenges and are on the same journey as you are, gives you confidence and makes you feel less alone.
2. Set clear goals. A sabbatical? A cabin in the woods? Early retirement? Set goals and include a price tag.
Only if you have it clear how much money you need to fulfill your dreams, you can allocate your money accordingly. Do you need to invest €100 or €500 a month? This makes a big difference in your budget.
3. Become confident about your goals and knowledge. Do you want to invest to reach your financial goals? No successful investor was born with the knowledge to invest. You can invest too!
The world of investing, and finance in general, was built by men, for men. That doesn't mean it's not for us. The opposite: women are proven to be better investors and have a higher return on investments because we first make a solid strategy, gain knowledge and are able to invest without too much ego. It is a fact that by letting FOMO decide your investments, you are more likely to lose money instead of building wealth.
4. Create a system of accountability. Financial goal-crushing doesn't happen in a week, a month or a year. Create money systems that work for you so you can never cheat on your own dreams and desires.
Start with easy-to-handle budget systems, like the 50/30/20 rule. Allocate 50% of your income to fixed expenses, like rent. Use 30% for your daily life, like groceries. Make sure you allocate 20% of your monthly income to your future. Invest or save this money.
Financial power to all: the rise of female investors?
Looking at our data from the past years, we noticed that an increasing number of women opened investment accounts with us. Considering that still only 1 in 5 investors is female, this is a positive trend that we want to encourage. That is why we dove deeper into the data, and this is what we found.?Read more...
DEGIRO X TNW
DEGIRO is Europe's leading online broker. DEGIRO's goal is to empower people to shape their own financial future, by investing responsibly and smartly. But still only 1 in 5 investors are women!?
Together with LINDA. and The Next Women, they want to change that. Because together you are stronger than alone. Financial power to women, financial power to you.