Or, More On The Power of Your Money
(Prosperity - Laura E Kirkpatrick)
This is it - the first time we will have either a black or woman nominated presidential candidate. Women have been shaping American politics since long before the ratification of the Nineteenth Amendment in 1920. Who we elect has ramifications way beyond 
The Beltway, and has a direct effect on the United States economy, and you and your money. Women and their money, in small amounts, have been changing politics for decades, with the power of one of Prosperity’s favorite words – Compounding.
Whether you’re like me - secretly thinking maybe the best presidential candidate is Michelle Obama-- or nursing a broken Huckabee heart until the election on November 4, 2008, you may have noticed that candidates are increasingly using the internet to raise smaller donations from a wider group of supporters.
This is not a new model. Women brought it to prominence in the 1980s. Lots of breakthroughs for women and politics happened in the 80s – there was a national dialogue on the ERA, (which is still being introduced to Congress each year), Patricia Schroeder ran for president and Ellen Malcolm developed the above-mentioned grass-roots financial model that’s still used so successfully.
Malcolm, working out of her home with other women, created EMILY’s List – a Political Action Committee (PAC) working to elect women candidates. EMILY is not a person, but an acronym from the first part of the adage, “Early money is like yeast, it raises the dough.” For Malcolm the impetus (or maybe the final straw) for developing a new funding model came in 1982, when congressional candidate Harriet Woods had to withdraw from the race for lack of financing. Malcolm, who received her MBA from George Washington University, had already had experience meshing her intelligence with activism, from trying to end the Vietnam War to working with the National Women’s Political Caucus.
“Women vote more than men,” says Malcolm. “They also tend to support democratic issues and candidates. We tried to use sophisticated marketing strategies and micro-targeting – target by individual, by precinct, by demographics - to get everyone out to vote en mass, to provide support and money to candidates who were women.”
The key to EMILY’S List’s success does not just apply to politics, but life: Know where and when your money can make the most difference. Compounding can make $40,000 into $405,000 over a career. Support for causes you believe in, whether politics or nature conservancy, by minimal amounts compounds the power of each small donation into a much larger endowment or campaign war chest.
EMILY’S List changed fundraising by creating a donor network – recommending women candidates whose platforms were sympathetic to a set of Democratic ideals and asking women to write checks directly to those candidates. A PAC can only give $5000 per candidate, but a group of 100 women each writing a $200 check raises $20,000.
The List has grown as a resource for both female voters and candidates – helping local candidates develop the staff and skills to run a professional campaign. EMILY’S List is now a brand which gives credibility – what Malcolm calls the “Political Good Housekeeping Seal of Approval.” Voters recognize that EMILY”S list, while partisan, selectively supports ethical leaders who represent the values the PAC endorses. EMILY has a history of being prudent in choosing which candidates it backs.
“Obviously,” quips Malcolm, “we try to only support those candidates who will win. We had to be tougher in our stance in a time when we were all singing kumbayay.”
This tough stance worked. Malcolm has seen legions of candidates use her model, adapting it to the internet. “It’s cool, it’s very exciting about our democracy the candidates finding ways to bring small donors into the political process, whether through mail or online.”
But according to Malcolm, “To vote is the first way to change the world. Women need to understand that who you elect to office will make an impact on the results.” Think about what you want to accomplish and make sure you vote. The second thing to do, according to Malcolm? Support your candidates through political contributions.
