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.
Denne historien er fra April 2019-utgaven av Money Magazine Australia.
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Denne historien er fra April 2019-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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