As Tiffany Mane read a personal finance book on her train ride to work, a woman sitting next to her confessed that she, too, knew about the author. Shortly afterwards, several bystanders began to inquire about the contents.
Mane read “Financial Feminist” by Tori Dunlap. The late 2022 release is part of Her First $100K, Dunlap's money-focused education platform aimed at women and other marginalized groups.
This pendulum experience highlights the growing community built on Dunlap's wisdom. And there's a cyclical effect: Women use these resources to improve their financial lives and then pass the information on to others.
“It really changed my life,” said Mane, a 35-year-old human rights investigator from the Washington, D.C., area. “I realized that there are so many women who don't know this and don't have the resources.”
Finance has historically been viewed as a man's responsibility, leading to inequality 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 found that women were less likely to invest in the stock market than their male counterparts.
But Dunlap and her growing fan base want to change that.
Dunlap gained fame by sharing her journey to saving $100,000 as a 25-year-old. She was inspired to document this goal after realizing that many existing resources did not adequately consider the unique experiences of marginalized groups.
In Dunlap's words, much of what was out there felt “fraternal” and out of touch with a young woman's experiences. She said society largely labeled women's spending as “frivolous” and created a critical culture for those seeking relatable financial advice.
“People want to feel seen and heard,” Dunlap said. “This type of identity-focused personal finance is 100% necessary and the future of personal finance.”
“Finances are personal”
What started as a side hustle alongside a marketing job has grown into a multiplatform product since Dunlap made the move to run Her First $100,000 full-time in 2019. Her book “Financial Feminist” sold more than 150,000 print copies in its first year. Dunlap's eponymous podcast, which typically releases one full episode and one mini-episode per week, covers topics such as homeownership and recession planning.
Both Her First $100K's Instagram and TikTok accounts have at least 2 million followers. A Facebook group named after the book has grown to more than 100,000 members, where Mane and others talk about issues that affect their money and careers.
In this group, members share financial gains and trading tips on topics such as which banks or credit cards they should use. Some ask anonymous questions when tackling sensitive topics like debt or the economic realities of divorce. Members have also organized virtual book clubs with other members of the group to expand their knowledge.
Dunlap said she isn't surprised that the space has become more important to members of a society where women are unfairly criticized for their financial decisions. She was also proud to experience a culture without judgment or shame, where participants provide each other with validation and feedback.
Tori Dunlap teaches a money workshop.
Courtesy of Schanilec's work
Fans said they appreciated Dunlap's two-pronged approach to financial education. She offers actionable steps to improve their economic lives, but is also aware of the systematic barriers that make it difficult for women and other marginalized groups to build wealth.
According to Annamaria Lusardi, a senior fellow at the Stanford Institute for Economic Policy Research, women can benefit from specialized advice because research shows they are less confident than men when it comes to money-related issues.
These niche resources are likely to resonate better with marginalized groups because they can address topics or examples that are disproportionately relevant to that population, said Lusardi, who is also founder of the Global Financial Literacy Excellence Center. For women, a focus could be on the economic aspects of bearing or raising children.
“Finances are personal,” Lusardi said. “As a woman, I feel like I have different needs, different circumstances. So I want things to be more targeted to me.”
A “sisterhood”
Those who have engaged with Dunlap's work and the virtual community have seen how the advice has changed their financial lives – and now feel inspired to pay it forward. In Mane’s words, the Facebook group feels like part of a “sisterhood.”
Through Dunlap's advice and subsequent research, Mane implemented a budget plan and opened a high-yield savings account. She also opened a Roth individual retirement account that grows tax-free, and she is starting Dunlap's Stock Market School educational program, which focuses on investing.
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 milestone she never imagined possible.
Mane has given “Financial Feminist” to several women in her life. The human rights investigator keeps a copy in her office for curious colleagues, where she often explains what it is and what it means to her. Beyond the Facebook group, she has begun passing on wisdom to her nieces.
Thousands of kilometers away, Tierney Barker is observing parallel effects. The 32-year-old Canadian initially discovered Her First $100K's resources for budget tracking and debt consolidation.
One of the travel agency's first big changes was the introduction of a savings strategy, where the money was earmarked for living expenses, destinations and fun. Barker has also found time to regularly review her finances. Like Mane, she opened a high-interest savings account.
After seeing its impact on her own life, Barker recommended the book to others and asked for it to be added to her local library in British Columbia. Barker was also better able to talk to other women about money, something that once seemed like a taboo subject reserved for men.
“It was easier to talk about it and be open about it,” Barker said, adding that the availability of resources was “empowering.”
While Dunlap is proud to see individuals benefiting from and sharing her advice with others, she feels the work isn't done yet.
She said the systematic barriers that disproportionately harm women and minorities in the business world continue. Following the Supreme Court's decision to overturn Roe v. Wade, Dunlap said it is more important than ever to advocate for social justice, including in the areas of business and finance.
“I don’t think we have any kind of equality for any marginalized group until we have financial equality,” she said. “Financial education is our best form of protest as women.”