Tori Dunlap is spurring women to maximize savings and invest in stocks

As Tiffany Mane read a book on personal finance on her train ride to work, a woman sitting near her recognized that she, too, knew the author. Shortly after, several passers-by began to inquire about its contents.

Mane was reading “Financial Feminist” by Tori Dunlap. The late 2022 release is a part of Her First $100K, Dunlap’s money-focused educational platform for women and other marginalized groups.

This traveling experience highlights the growing community built around Dunlap’s wisdom. And there’s a cyclical effect at play: Women leverage these resources to improve their financial lives, then share the information with others.

“It really changed my life,” said Mane, a 35-year-old human rights investigator working in the Washington, D.C., area. “I realized there were so many women who didn’t know about this stuff and didn’t have the resources.”

Finance has always been seen as a man’s responsibility, which creates a disparity within the personal economy. New York Life found that the average woman saved less than half as much as a man in 2022, and a 2021 NerdWallet survey showed that women were less likely to be invested in the stock market than their male counterparts.

But Dunlap and his growing fan base are looking to change that.

Dunlap rose to prominence by sharing his journey to saving $100,000 at the age of 25. She was inspired to document this goal after realizing that many existing resources did not adequately account for the unique experiences of marginalized groups.

In Dunlap’s words, much of what was happening seemed “bro” and disconnected from a young woman’s experience. She said society has largely characterized women’s spending as “frivolous,” creating a judgmental culture for those seeking relevant financial advice.

“People want to feel seen and heard,” Dunlap said. “This type of identity-centered personal finance is absolutely necessary and is the future of personal finance.”

What started as a side hustle on top of a marketing job has grown into a multi-platform product since Dunlap took the plunge to manage her first $100,000 full-time in 2019. Her book “Financial Feminist” was published sold over 150,000 copies in its first year in 2019. print. Dunlap’s podcast of the same name, which typically airs one full episode and one mini-episode per week, covers topics like homeownership and recession planning.

The Instagram and TikTok accounts for Her First $100K have amassed at least 2 million followers. A Facebook group named after the book now has more than 100,000 members, where Mane and others discuss issues that impact their money and careers.

In this group, members share their financial gains and exchange advice on topics such as which banks or credit cards to use. Some ask anonymous questions venturing into sensitive subjects such as debt or the economic reality of divorce. Members also held virtual book clubs with other group members to expand their knowledge.

Dunlap said she’s not surprised that this space has become meaningful to members of a society where women are unfairly criticized for their financial choices. She’s also proud to see a culture free of judgment and shame, as participants offer each other validation and feedback.

Fans said they appreciated Dunlap’s two-pronged approach to financial education. She offers concrete steps to improve their economic lives, they say, while being mindful of the systematic barriers that make it harder for women and other marginalized groups to create wealth.

Expert advice can benefit women because research shows they have less confidence than men in money-related topics, according to Annamaria Lusardi, a senior researcher at Stanford’s Institute for Economic Policy Research.

These niche resources are likely to resonate better with marginalized groups because they can address topics or examples that are disproportionately relevant to the specific population, said Lusardi, who is also founder of the Global Financial Literacy Excellence Center. For women, she said the focus could be on the economic aspects of having or raising children.

“Finance is personal,” Lusardi said. “As a woman, I feel like I have different needs, different circumstances. And so I want things to be more targeted to me.”

For those who have participated in Dunlap’s work and the virtual community, they have seen how the advice has changed their financial lives – and now feel inspired to pay it forward. According to Mane, the Facebook group feels like part of a “brotherhood.”

With Dunlap’s advice and subsequent research, Mane implemented a budgeting plan and opened a high-yield savings account. She also opened a Roth individual retirement account, which grows tax-free, and she is starting Dunlap’s investment-focused educational program called Stock Market School.

As a result, Mane, a child of immigrants who grew up below the poverty line, said she has never felt more economically stable. Her upcoming wedding will be paid for in cash, a financial step she never thought possible.

Mane gave “Financial Feminist” to several women in his life. The human rights investigator keeps a copy in her office for curious colleagues, often explaining what it is and what it means to her. Beyond the Facebook group, she began passing on bits of wisdom to her nieces.

Thousands of kilometers away, Tierney Barker sees parallel effects. The 32-year-old Canadian first found her first resources of $100,000 in budget monitoring and debt consolidation.

One of the travel agent’s first big changes was the implementation of a savings “bucket” strategy, in which money is reserved for living expenses, goals and fun. Barker also found time to review his finances regularly. Like Mane, she opened a high-yield savings account.

After seeing the impact on his own life, Barker recommended the book to others and asked that it be added to his local library in British Columbia. Barker also found herself better equipped to discuss money with other women, what once seemed like a taboo subject that was the private preserve of men.

“It’s been easier to talk about it and talk about it openly,” Barker said, adding that having the resources is “empowering.”

Although Dunlap is proud to see individuals benefit from her advice and share it with others, she believes the work is not done.

She said systematic barriers that disproportionately harm women and minorities in business remain. After the Supreme Court’s decision to overturn Roe v. Wade, Dunlap said it is more important than ever to promote social equity, including in economics and finance.

“I don’t believe we can achieve any equality for a marginalized group until we have financial equality,” she said. “Financial education is our best form of protest as women.”