Happy Sunday, friends! Here are my thoughts on this week’s hot topics covering the intersection of women, money, sex and power.
Topic 1: Paris Hilton releases Best Friend’s Ass music video
In celebrity news, DJ Paris Hilton teamed up with producers Dimitri Vegas and Like Mike to release her newest music video. Its been thirteen years since Paris came out with her self-titled debut album. Her lastest single entitled B.F.A (Best Friend’s Ass), dropped last month and the music video aired this week. A satire on the VIP club scene and insta-famous lifestyle, the video appears to be a battle cry against all the boys who hit on Paris while she is only interested in her best friend’s ass.
Who is the best friend? Kim Kardashian West.
In her interview on the BUILD Series, Paris explains that the video is about women’s empowerment. Because it shows how best friends stick together and boost each other’s confidence.
My Two Cents
Whether or not this video is an example of women’s empowerment or a bored, spoiled rich girl is up for debate. What IS fascinating to me are the business lessons we can continue to learn from Paris.
Combine playfulness with purpose. Paris could have created a music video simply for entertainment. Instead, she made the endeavor more holistic, by adding the women’s empowerment narrative. Is it authentic or is she jumping on the #womensupportingwomen bandwagon to remain relevant? Who knows. The point is that we can learn from her approach. Purpose without playfulness, and playfulness without purpose, will only take you so far. The combination of the two is powerful.
Diversification. As a Money & Mimosas reader, and hopefully you are also a subscriber to our weekly newsletter, you are most likely a woman with a lot of passions, skills and talents. Why not use them all to build wealth for yourself and create a meaningful impact? This is what Paris is teaching all of us with her perfume lines, her DJ business, music career and the list goes on. You don’t have to have been born a Hilton in order to do this. You have the power to be a blogger, photographer, speaker, artist, influencer, model - and monetize all of it.
Collaboration is golden. Teaming up with Kim Kardashian West elevated the music video’s reach and appeal. Think about ways you can take your brand to the next level by collaborating with others in your community. Not sure who you can collab with? Consider auditioning to be one of the Socialites! These women are the official Money & Mimosas ambassadors and support each other’s events and brands. Auditions are held every January. Join our weekly newsletter to be the first to know when the audition dates are released.
Topic 2: Robert Smith and Philanthropy
Robert Smith is a private equity baron, investor and philanthropist. Listed as one of the richest people in the world, he is an African-American man with a net worth of over $5 billion.
This week he made news by announcing to the 2019 graduating class at Morehouse that he would pay off all of their student loans.
Each person. Every penny.
Now THAT is how you make an impact with your money.
My Two Cents
The student loan debt is now over $1.5 TRILLION in the United States. The default rate stands at around 40%. It is crippling millennials and the younger generation, financially, and emotionally. The financial industry has failed these generations, and the older community has yet to acknowledge the fact that they have built their fortunes on the backs of their kids. I hope that other philanthropists follow Smith’s lead. Additionally, there needs to be a major reform on the current outstanding student loans and a complete overhaul of the higher education system. The very system that was created to launch dreams, is now robbing the hope from its future.
Topic 3: Sallie Krawcheck and the “Latte Factor”
Earlier this month, David Bach released his twelfth book entitled, "The Latte Factor”. You may remember him from his other financial books such as “Smart Women Finish Rich” and the “Automatic Millionaire”.
This book is told in a parable format where a young women in her twenties is taught how to become rich. Ultimately learning that you don’t have to be rich, in order to live rich.
Seems harmless enough, until Queen Sallie Krawcheck ripped the book into shreds. Interviewed by Fast Company, Krawcheck reveals that the math in the book doesn’t work. And that the book is just another patronizing example of men trying to say that women spend frivolously. Which is not the case. As we continue to point out here on Money & Mimosas.
My Two Cents
To be fair, I have not read this book. It’s on my ever-growing list. But, I have read Bach’s other books. I 1000% understand where Krawcheck is coming from and there absolutely needs to be more financial education literature that speaks to women as the bosses that we are. (Hint: like Money & Mimosas). Not hopeless little Rapunzels waiting for their prince to save them.
The financial system has not been built in our favor. However, despite the cards being stacked against us, women continue to rise to the top. Many of us are now calling the shots as investors, C-level executives, entrepreneurs and philanthropists. From what I’ve read about the book, it does appear that Bach is continuing to perpetuate the false generalization that women are mindless spenders and bad with money.
With that said, I do believe that there is a place for all financial education literature. When I first started reaching Bach’s books in high school, they were just what I needed. I enjoyed the material and still believe it added a positive building block to my financial foundation.
So, maybe the issue isn’t that this book exists. Maybe the issue is that we need more diversity in the financial books that are written FOR women. Maybe the issue is that we need more financial books written BY women. Maybe we need to elevate the visibility of all the rich women in the world and give them a platform to share how they built their wealth.
What are your thoughts on this week’s hot topics on the intersection of women, money, sex and power? Let me know in the comments below.
About Danetha: Danetha is a small business consultant, serial entrepreneur, investor and philanthropic advisor to women who want to make a BIG impact in their community. Money & Mimosas, her lifestyle brand, is a social club and financial education blog for ambitious women. Her work has been featured in Fast Company, Cosmopolitan and Entrepreneur. Danetha has been named a top 40 under 40 accounting professional by CPA Practice Advisor and a millennial entrepreneur to watch by the office of Congresswoman Barbara Lee.
To find out how to work directly with Danetha, email hello(at) moneyandmimosas (dot)com.