Lifestyle, both now and in the future, is what financial planning should be about
What do women really want when it comes to money? To borrow some lyrics from the Spice Girls: “I’ll tell you what you want, what you really, really, want.” It’s lifestyle, security and peace. For more than a decade, I’ve been delivering professional financial advice and seeking to enhance women’s financial literacy so that they can stand on their own two feet in all aspects of life.
There’s a disconnect between many women and the financial planning industry, I found when researching my master’s degree in financial planning: a perception that financial advice is all about dollars and the analytical sense that make investments happen, and not what matters to women. I believe that financial planning is all about lifestyle, now and in the future.
I also believe that the right financial foundations and the right mindset can avert many money mistakes.
A state of mind
The first constant is a mindset that I refer to as the 4Cs: clarity, control, certainty and confidence. Women are wired for security. We thrive when we have clarity and a sense of control. With a better understanding of what our “now” and “future” look like, we gain certainty – and with certainty comes confidence. We can achieve, we can tackle and we can overcome difficult situations. We can do whatever we believe in.
Financial foundations
The second constant is the need for the same five financial foundations whether a woman is in her 20s or 80s (albeit with different emphasis). These foundations revolve around: a spending and investment plan, insurances, estate planning, superannuation and an emergency fund for the unexpected (good or bad).
This mindset and the foundations work together. You control your spending and investment plan, superannuation, insurances, estate planning and emergency fund.
هذه القصة مأخوذة من طبعة April 2019 من Money Magazine Australia.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة April 2019 من Money Magazine Australia.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
