enus Williams teams up with SoFi in the ‘Give Her Credit’ campaign to share easy money tips.
The Wimbledon champ shares her money habits and how she’s helping women gain financial independence through her new campaign.
To celebrate the 50th anniversary of the Equal Credit Opportunity Act (ECOA), Venus Williams, SoFi, and Los Angeles Sparks forward Cameron Brink teamed up to launch the “Give Her Credit” campaign. This initiative will award $500,000 to 50 recipients, supporting women’s financial independence.
According to an Oct. 15 press release, Venus Williams is serving as a judge for the national “Give Her Credit” campaign, which aims to create real opportunities and help women secure their financial future. The campaign will award cash prizes of up to $10,000 each. A recent SoFi survey showed that while 77% of female SoFi members feel confident in reaching their financial goals, only 51% are confident in managing their own finances. “From a young age, I had big ambitions and the drive to win, but I quickly learned about the inequalities I would have to overcome,” Williams said.
The Equal Credit Opportunity Act enabled women to obtain loans, credit cards, and other financial opportunities without needing a male co-signer. Since its passage, 90% of women have taken charge of or shared financial decisions in their households, and single women now own more homes than single men. “It’s hard to imagine women not being able to access credit. These are rights my mom didn’t have growing up, which is unbelievable,” Williams shared in an October interview with PopSugar.
Growing up, Williams was taught not to talk about money, but now, with a net worth nearing $100 million, she actively promotes financial advocacy. Taking control of her finances became crucial after nearly being swindled by shopkeepers during a shopping trip in Italy. “It was a wake-up call,” she said, realizing the importance of asking for prices and even discounts. “It’s my money, and I’ll spend it how I choose, even if I seem like Ebenezer Scrooge.” Williams emphasizes that understanding your self-worth is key to financial success, as institutions may not always recognize it.
The Wimbledon champ also shared that “not all debt is bad debt,” and she encourages people of color to use debt as a tool for building wealth. “You can leverage debt or borrow against your account, and I didn’t realize the opportunities available until I took real estate development courses,” she explained.
Venus Williams, who loves jewelry, clothes, and spoiling her dog, sticks to her mother’s advice to “never live beyond your means.” In 2018, the seven-time Grand Slam champion told CNBC Make It that she put her first big paycheck in the bank and didn’t spend much of it. As a professional athlete, she didn’t want to be one of those who “had it all and then lost it all” because of poor spending habits.
In 2007, Williams made history by winning Wimbledon and becoming the first woman to earn a paycheck equal to the men’s prize. In a September interview with SoFi, she reflected on her fight for equal pay and better sponsorships for women. “Not only was it unequal, but no one seemed to care,” she said, adding that she wasn’t worried about being outspoken. “The only consequence would have been enduring another year of unequal pay.”Those interested in applying for the $10K “Give Her Credit” campaign can submit their applications from Oct. 15 to Nov. 13. Winners will be notified in early December, with an official announcement set for January 2025.
