BUCKET LIST... FINANCIAL PLAN?

A MAN IS NOT A FINANCIAL PLAN. This saying annoys me because I never thought for a minute this was an option - apart from the fact it should be updated to say A PARTNER IS NOT A FINANCIAL PLAN.

Relying wholly on another person for your life isn't wise for anyone.

My dad died when I was 16 and I saw immediately how important it is to be independent. He left me with a great sense of self-worth and a belief that I could achieve anything I set my mind to. Any parent who raises their kids with these two things in mind are doing a great job. But, I was also left with a mum whose grief drowned her for a long time. She lost the only man she'd ever loved, but also the man who looked after her emotionally, financially and practically. It took a lot for her to become functionally independent and all kudos to her, she did. Dad had set things up, so they were wealthy, with cash in the bank, investment properties and no debt. However, financial planning was something mum knew nothing about and avoided, so over the years she lost most of the wealth through generosity and uniformed decision making. Sadly, this is a typical story.

Through my daily interactions with business women I have seen that many women are like my mum, who lack understanding of the important aspects of financial planning and who put off the basic steps that would set them up for the future. They focus first on getting amazing things done every day, meeting other people's needs ahead of their own and postponing what they need to do to build and protect their own wealth. I see women who are super achievers, getting results, hitting goals, breaking new records, running successful businesses, forging impressive careers, contributing to boards and achieving important community outcomes... but... ask them about their financial planning and they say, "that's not my forte." Well ladies, we need to get on top of this, even if we don't want it to be "our forte."

Financial independence is important. Don't let someone else control the finances as this could be your biggest regret. Not your partner, not your adviser. Get informed and learn to understand the basics. So many people find themselves suddenly single after separation or the death of their partner and women over the age of 50 are more likely to live alone and be in financial dire straits. That's a fact.

For any single person, it can be a daunting prospect to put in place a financial strategy and fund retirement alone. For women, it doesn't help that we earn less on average than men. Plus, we live longer. It's even harder if you are from non-English speaking backgrounds or not Caucasian and able-bodied.

We know that many women's superannuation isn't great because of the time taken out of the workforce to raise children (often as single mums), caring for elderly parents or because we are self -employed (and personal super is the last use of funds when you are building a business... ouch!).

Getting control, and learning the basics, will give you the best chance of having a financially secure future and enjoy experiencing the things on your BUCKET LIST today.

The earlier you start budgeting and developing good money habits the better. It is never too late. It is a lot about self-care and long-term thinking, reducing your debt and getting into good habits (reducing spending, increasing saving - it can't be that hard). If you need a reason outside yourself to get more understanding of financial planning, then think of what a great role model you will be to your team, your friends and your family. Learn how to do it. Surround yourself with people who know more than you. Don't be afraid to ask questions about what they do and how they do it. Find out where to start, how to progress and build on what you have right now. Get out of the credit card crux and control your personal spending. Consider how much money you need to put aside to fund things on your bucket list, rather than redrawing from your mortgage or whacking it on the credit card.

The good news is that a lot of high-quality information and advice is available. Check out the information on the Australian Securities and Investments Commission website. There is a budgeting tool there that Simon and I use too, so I recommend you check it out - it's all set up and easy to follow. I found it such as eye opener when we first identified our expenses compared to our income!  I have heard that the spending tracker app is pretty good too. And last year we bought our four kids the Barefoot Investor book because we wanted to talk about this stuff with them, so they start their financial journey a lot sooner (and stronger) than we did.

So, it's never too late to develop good money habits and start a financial plan. Get onto it today.

If you are looking for a female financial adviser or wealth planner who can give you good advice PLEASE DO YOURSELF A FAVOUR and check out the Business Women Australia Directory HERE or message me for an introduction to one of our talented, experienced, qualified members.