“The first step isn’t investing. It’s figuring out your dream life.”

“It was 2018, and I was in a corporate job. At some point, I realised it wasn’t what I wanted to do for the rest of my life. If I left that job, I’d have to provide for myself in another way. I remembered someone telling me that investing could be a smart option. And so began my journey: I opened an account, deposited money and bought a share. I felt like a rebel,” says Puck.

“Almost ten years ago, my husband suggested we deposit money in an investment fund. I agreed, but I wanted to learn more about it myself. I got up to speed reading blogs and books, and eventually bought ETFs. Investing in that first fund, I thought our money was gone for ever. However, we’ve been able to use the returns to make a sustainable investment: buying solar panels,” says Lieke.

“Yes. I graduated in leisure management and then worked in marketing and IT, setting up my own company six years ago. My biggest motivator to invest was to build up a pension for myself. But most of the information I found on investing wasn’t relevant to me. If something was aimed at women, it was usually about saving money rather than making it. I wanted more in-depth explanations; I wanted to see sample calculations. After some trial and error, I managed to put together my financial plan and investment strategy. That’s when I thought: hang on, I can’t be the only women who’s struggled with this,” says Lieke.

“I don’t have a background in finance either. After graduating in fashion, I embarked on a corporate career in brand publishing – content marketing for brands. The world I encountered when I first started investing was so male-dominated, with basically all information about investing given by 50-year-old men in a suit. I thought there had to be ways to inject more fun into investing,” says Puck.

“That’s right. The idea was simple: I wanted to curate the information and provide the inspiration that I didn’t get when I first started out. I set up a community as part of the process, and that’s how I got in touch with Lieke,” says Puck.

“That’s over four years ago now. Since 2021, Elfin has been the one-stop-shop for women who have questions about financial independence. We now reach 160,000 women a month. Our goal in the coming years is to help one million reach financial independence,” says Lieke.

“There’s no single definition. According to the Dutch government, a person is financially independent if their personal income from work or profit from their business is at least 100% of the statutory minimum wage. We don’t think that’s enough to be truly independent, which is why we’ve come up with our own criteria. We consider someone to be financially independent if they can make ends meet each month, aren’t dependent on their partner, government or family support, are able to cover the costs of unexpected expenses, have money left to save, don’t have high-interest debts and can use money to support other people,” explains Puck.

“Based on the government’s definition, 60% of Dutch women are financially independent. Our definition puts that figure a lot lower...,” adds Lieke.

“It’s also worth remembering that financial independence among women isn’t an individual problem; it’s a societal problem. Women are statistically at a greater risk of poverty. Some women only start thinking about their finances after a big life event, like a relationship ending, and the outlook is often bleak. It’s that group of women who are being overlooked by the organisations that provide financial information, such as governments and financial institutions. If they want to reach that group, the narrative has got to change,” says Puck.

“Lots of women don’t know anyone who they can talk to about their financial growth. The community creates a feeling of belonging; you’re not on your own. It’s a young women’s network rather than an old boys’ club,” comments Puck.

“There are role models in the community. Women like you, but who are in a later phase of their financial journey. They’re there to help other women. We have hundreds of success stories. One is of a woman who hadn’t made a single investment a few years ago, but is now enjoying passive income from her investments. Another is of a woman who, after divorcing, was worried about whether she could stay in her home; she’s now an angel investor for female-founded companies,” says Lieke.

“You can start by creating a free profile based on your answers to seven questions about the state of your financial planning, investments and your interests. This gives you access to free knowledge and information that’s relevant to your profile. You’ll get answers to the questions first-time investors have,” explains Lieke.

“If you want more, you can sign up to become a member. Members can access online courses and webinars. They can also attend six-week bootcamps, giving participants all the tools they need to start investing. On average, women take about six to twelve months to make their first investment. Our bootcamps help to kick-start your journey if you’re struggling to make that first move,” says Puck.

“Set your goal. What do you want to achieve in 5, 10 or 15 years? Money is a highly personal matter. Your goals will be different from mine, so you’ll need different information. The first step isn’t investing. It’s figuring out your dream life,” explains Lieke.

“Money is oxygen for your goals rather than an end in itself,” adds Puck.

“Right now, if I’m honest! I wish I’d started to invest sooner. My parents were big savers, so they never taught me about investing. I understand why – interest on savings was a huge 8% back then. We want to teach women how to generate passive income and tell them about the different strategies and products out there to achieve that. That way, you can make the best choices for you and your goals,” explains Lieke.

“Not starting,” says Lieke.

“Don’t fall for any old advice. As soon as you hear about someone making good returns from a crypto coin, run the other way. Be critical, keep an eye on your costs, read up, listen and learn,” says Puck.

“There are people who tell us they’re not interested in money or think they’re no good at managing it. But those are the thoughts that are holding you back. Gaining clarity on your goals and seeing how money can bring you closer to them is when the fun begins,” says Puck.

“There’s a cliché image of an investor who reads The Economist and watches Bloomberg every day. I’ll tell you a secret: I’m the world’s laziest investor. I call myself an investor, even though I spend just one minute a month investing – I’m exaggerating, of course. Obviously you need to be prepared to learn, but money isn’t rocket science. Money is the hobby I enjoy most. It opens doors and lets me achieve the dreams I have for myself and my family,” concludes Lieke.

Visit Elfin’s website for more information about the platform and becoming a member.

Investing involves risk. You could lose all or part of your initial investment.