Sep 24, 2020
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10 History-Making Money Milestones

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By Elyse Moody When it comes to women and money we ve come a long way baby. And do you know that today marks a necessary date in that thorny history? Fifty years ago—on June 10 1963—President John F. Kennedy signed the Equal Pay Act the law which first got around to creating it illegal to discriminate against women based on pay

 

While we haven t quite reached parity yet (today a working woman still makes 77 cents on the dollar when compared with a man) the law was a landmark achievement for women. And it s not the sole shockingly recent development. RELATED: A Guy Confides: I Make More Than My Female Coworker Imagine that being in debt will possibly not were possible on your mom because she couldn t get a mastercard in her name

 

However she could legally lose her job if she were pregnant with you. And no matter your gender 401(k)s just plain didn t exist. Fifty years ago it was an additional financial landscape to be sure. This slide show marks some key milestones along the trail to women s financial independence

 

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Putting Lives Back Together In Lebanon Image source: Library of Congress Women Can Now Own Land Before the 1850s getting married basically meant a woman handed over everything she owned and inherited to her husband who could then dispense together with her belongings land and money as he liked

 

But by the mid-nineteenth century states began enacting common law statutes allowing women to write down wills and claim other property rights. RELATED: 7 Top Home-Buying Mistakes People Often Make Then in 1862 the Homestead Act broke new ground for all pioneers trying to remake their lives within the American West—including women

 

The law made it possible for unmarried widowed or divorced women regardless of social standing to say homestead land as a head of household a key step toward financial independence and potential prosperity. Banks Extend the First Loans to Women It s something we take for granted: in case you deposit your personal money into a checking account in your own name you ought to be capable of withdraw it yourself

 

But that hasn t always been the case. RELATED: 5 Times to Second-Guess Your Bank In 1862 California passed a law that established its savings and loan industry and guaranteed the financial independence of women—single or married. The San Francisco Savings Union the first such institution to form under the law readily advertised its services for women customers and approved its first loan to a woman shortly after it opened

 

Finally Women Get a Vote It took decades of struggle for all women in the united states to be allowed to vote. Many Western states which include Wyoming Colorado and Idaho gave women the correct to the ballot box within the late nineteenth century. RELATED: What Does Gender Equality Mean Anyway? After massive marches in 1913 and 1915 Congress eventually passed the 19th Amendment in 1919 guaranteeing that each one women have the correct to vote

 

The amendment was ratified in 1920. Mississippi was the last state to ratify the amendment in a symbolic vote in 1984. Thanks Mississippi. Equal Work Equal Pay As mentioned it was fifty years ago today that JFK signed the Equal Pay Act making it illegal for employers to pay a woman below what a man would receive for doing an identical job

 

At the moment women earned 58. 9% of the wages men earned. According to a report by the National Partnership for Women and Families released earlier this year women now make 77 cents for every dollar paid to men. It s progress however it s also OK to be outraged that there s still a niche at all

 

RELATED: Closing the Gender Gap Can Help the Economy Report Says Image source: John F. Kennedy Presidential Library Women Need Not Apply Back when the best way to discover a new job was to buy a newspaper it was standard practice to list employment opportunities for individuals in separate columns: Male Help Wanted and Female Help Wanted (some even specified married men)

 

Often the roles listed for women required lower-level skills and paid less. The system served to dam women from better-paying jobs with room for advancement. RELATED: 11 Things Hiring Managers Won t Tell You In 1968 the Equal Employment Opportunity Commission struck down these segregated ads ruling them illegal. The united states Supreme Court upheld the ruling in 1973

 

Women Get Their First Credit Cards Are you able to believe that every woman who is 38 or older today was born into a worldwide where she couldn t own a credit card? Regardless it s every American woman s right to have one—or a minimum of it has been since 1974

 

RELATED: 6 Ways Credit Cards Can Be Good for Your Finances That s when Congress passed the Equal Credit Opportunity Act which mandated that issuers could not take gender under consideration when deciding whether to issue credit to an applicant. The 401(k) Is Born The Revenue Act of 1978 established 401(k) plans as we all know them today

 

They began as a fringe benefit but grew quickly to exchange employer-sponsored pension plans. Now the 401(k) retirement plan system holds $2. 8 trillion in assets on behalf of more than 50 million women and men. RELATED: The Roth 401(k): What Is It and Should You Sign Up? Are you able to believe there was actually a time once we didn t have to worry about our retirement savings? Gasp

 

Pregnant Women Can No Longer Be Fired Another jaw-dropper: Are you able to imagine being fired or denied insurance benefits because you are pregnant? Not so long ago Congress deemed it necessary to protect Americans against being mistreated by their employers via pregnancy childbirth or related conditions. It passed the Pregnancy Discrimination Act in 1978 paving the way for mothers who value their careers and families equally to have both

 

RELATED: Real Moms Real Work-Life Balance: What It Looks Like Marital Consent Imagine in the event that your husband had total control over property you owned jointly. He could decide to take out a second mortgage without your permission and you couldn t do a darn thing about it. That was the case in Louisiana until 1981 when the united states Supreme Court ruled in Kirchberg v

 

Feenstra that a state law granting a husband unilateral control over property owned jointly together with his wife was unconstitutional. The court found that the Louisiana law violated the Equal Protection Clause of the Fourteenth Amendment. RELATED: Would You Buy an Engagement House? Equal Pay Part 2 The Equal Pay Act took effect in 1963 but that didn t mean we automatically landed on a degree playing field

 

On January 29 2009 President Barack Obama made important strides toward equality with the Lily Ledbetter Fair Pay Restoration Act. RELATED: The Paycheck Fairness Act Failed. Should We Panic? This legislation named after a former Goodyear employee who claimed that she earned 15% to 40% below her male coworkers allows those who believe they ve been discriminated against to file a complaint with the govt against their employer within 180 days of their newest discriminatory paycheck

 

So there s a quick history. What do you suspect the longer term holds? Image source: White House More From LearnVest 10 Stereotypically Female Jobs In Which Men Earn More Closing the Gender Gap Can Help the Economy Report Says 6 Real Steps to Closing the Wage Gap

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