Category Archives: Women

Book Chapter Teaser! Meet Emma Isaacs!

Just one of the amazing people I’ve interviewed for my new book, Financial Secrets Revealed is the lovely Emma Isaacs, mother extraordinaire and global CEO of the fabulous Business Chicks network.

Amazing Emma shares the stories from her early life that impacted her financial abilities and the role her grandfather played in her financial education.

Her entrepreneurial journey started very early and while her friends were out partying, she was the one working.

Emma discusses her personal financial setbacks candidly along with the best financial advice she’s ever been given and just how she and her husband tackle the family finances.  With five kids and a hectic travel schedule, you’d have to be on top of that!

With a lot of ugly stigma around money, being open and honest with each other works for the Isaacs.

I also love her top financial tip – “it doesn’t matter how much or how little you have, it’s about building a discipline and building your confidence around money and investing.”

If you’d love to learn more about Emma’s financial journey, her favourite form of investment and the advice she’d like her beautiful kids to learn about money, just stay tuned.

Financial Secrets Revealed will be able to be ordered in the coming weeks, and I can’t wait to share Emma’s story and so many more with you!

 

Coming Soon!…

I’m just a little bit excited!

My first book is now at the publisher’s and in editing phase!  What a huge job!  And by November, I should have a hard copy in my hot little hands!  CAN’T HARDLY WAIT!!

Writing a book was always something I’d wanted to do, but wasn’t sure whether a bodice busting romance or business book would manifest itself first… Guess the finance chick won in the end.  I knew what I didn’t want to do was another wanky adviser book on how to do a budget, spread over 30,000 words, so can assure you, that it isn’t that!

I’ve put together a collective wisdom from some amazing men and women in business, in financial services and everyday heroes.  I’ve been incredibly nosy and asked about their life growing up, what lessons they learned from their family around money, the greatest advice they’ve ever been given and what are the best financial tips they’d love to pass on to their nearest and dearest!  I ask about setbacks along the way and how they’ve recovered too.

I can’t wait to share tips over the coming weeks as a bit of a teaser from some of the various people I’ve interviewed, so stay tuned for more…

Women’s Money Toolkit

I’m a big fan of ASIC’s MoneySmart website and love their Women’s Toolkit.  Have you had a chance to check it out as yet?

The women’s money toolkit has been designed with tips and tools to help you manage your money, gain an edge on your finances and deal with life’s ups and downs.  And we know there’s plenty of them!

The kit was developed because women face unique financial challenges such as having less super than men, living longer and taking time out of paid work to care for others.

It’s designed to have you answer some simple questions and receive a tailored list of topics that may include having a baby, relationships and money, sorting out your super and many more.

Create a personalised to-do list of the actions you need to focus on right now to make the most of your money and enhance your well being.

Remember, you can always:

Do yourself and favour and check it out here: ASIC Women’s Toolkit

Women & Superannuation

I’ve met plenty of people skeptical about our superannuation system over my years as a planner and I get it.  Believe me, I have to devote hours ever year to keeping up with the annual federal budget, managing legislative changes and getting my head around constantly changing tax and super laws.  It can be a drag!

It’s also true that we retire with about half the retirement savings of most men, and some women retire with no super at all!  But the reality is this, women live longer than men, making it even more essential that they accumulate enough superannuation to last them through retirement.

Having said that, women also face unique challenges when it comes to putting away retirement savings. Chances are, you’re still on lower pay than your male counterparts, you’ll take more time out of the workforce to raise the kids or care for your parents, and for those running a single-parent household, it can make it even more challenging to build a reasonable amount of super savings.

However, there are some simple strategies make it possible for women to overcome some of these hurdles, or make them less of an issue anyway…

Try and remember, that superannuation is actually your friend.  It is a very tax-effective way to save retirement. Your super fund pays a low rate of tax on contributions and investment earnings while growing your nest egg.  From age 60, you can withdraw your super tax-free.

Without any superannuation savings, many women are forced to rely solely on the age pension in their senior years.  Remember, the pension is designed as a safety net and won’t provide at all for a comfortable old age.  I’m not sure I could go back to a lifestyle that’s funded on around $23,000 per annum and you probably don’t want to either!

Firstly, don’t let your super funds get ‘lost.’  Try and ensure your funds are consolidated – this can help save on fees, but make sure you’re not losing valuable insurance coverage when doing so.  When possible, try to put extra away into super.  The ATO and website MyGov are making it easier than ever now to stay on top of your funds.

Affording an extra $20 – $50 per week now may not take food off the table but the additional money, plus years of compound interest will add up, and after all, your investing in your future self.  Sounds like a win to me!

Understand your fund and make sure your employer is putting your full entitlements in regularly on your behalf.  At the time of writing, this was 9.5% of your gross wage. Mostly now, we have super choice meaning that we’re able to choose the fund we want, and then check where your money is invested within the fund.  Is it in line with your investment profile?

To grow your fund, you’re often able to make pre-tax contributions (Salary Sacrifice) or even post-tax contributions where no tax is charged.  Depending on your circumstances, your partner may also be able to make contributions on your behalf and receive a tax offset for their efforts.

However you go about it, remember that you’re investing in your future and that superannuation is your money.  It certainly pays to be savvy with your super!  Sitting down with your financial adviser may reveal new and innovative ways you can make the most of your retirement savings!

Women & Retirement

Seeing there’s actually no fixed aged when you can retire, it’s really completely up to you.  What it does come down to usually is, can you fund it?

Most start thinking in their’s 50’s about how it’s all going to work, as entitlement to the Age Pension is somewhere between 65 and 67, depending on when you were born.

Often a gradual transition is the way to go, slowly cutting back on days at work, going part time before finally exiting the work force for good.  Other conditions to consider when approaching retirement and leaving the work force for good are the loss of social interaction provided by work and the mental stimulation that’s provided.

Do you have hobbies that can take the place of your usual schedule or will boredom quickly creep in?  Exiting slowly can help you keep a hand in, whilst transitioning slowly, giving you a taste for what lies beyond work.

Some may choose to continue working part-time towards their 70’s as life expectancy moves forward.  Others have always wanted to volunteer for a local school or charity and now enjoy giving back to their local community.

If you still have a partner, discussing expectations and plans for life after work is essential to ensuring you’re on the same page.  Suddenly being together 24/7 isn’t everyone’s ideal start to their retirement years.

For others, it’s time to buy that caravan or Harley (or both!) and join the multitudes of Grey Nomads touring the country!

For others it’s not so easy.  Forced retirement may be brought on by having to assist in caring for aging parents or unwell children or grandchildren.  This can seriously impact your ability to put away additional funds to help in your retirement years.

And still, financial considerations remain top of mind.  How much you’ll need in retirement is completely dependent on the lifestyle you’ll be living…  And what you have saved to boost your pension will often dictate that lifestyle.

You might want to sit down with your planner long before retirement is on the horizon and discuss strategies that may suit your circumstances.  If your debt is low, it may be time to give your superannuation funds a boost by implementing salary sacrifice strategies.  For those closer to retirement, it might be worth considering a Transition to Retirement strategy.  Those on a lower income may be able to take advantage of the Government’s Co-Contribution strategy.

Getting the right advice for your situation is likely the best investment you can make in your future.  So how does retirement look for you?

What does Financial Abuse Really Look Like?

Economic abuse is a form of abuse when one intimate partner has control over the other partner’s access to economic resources, which diminishes the victim’s capacity to support him/herself and forces him/her to depend on the perpetrator financially. …Financial abuse applies to both elder abuse and domestic violence.

– Economic abuse – Wikipedia

 

I’ve spoken out about financial abuse in the past, but it’s hard to imagine for a lot of people.  We know it’s out there, but what does it look like?  How does it affect people?  What’s the fallout?

I spoke to one survivor who is brave enough to speak out, and I want to share her story.

I met Tanya when I wanted to know more about media and publicity and enrolled in one of her courses to learn how to write a Media Release correctly and we stayed in touch via social media after the event.

I recently interviewed Tanya on learning she’d be a victim of financial abuse and she was kind enough to reveal her story to me.

Tanya had been an investigative journalist back in the day and has also gone on to run businesses.  When she met and fell in love with the man who would become her husband, she was quite well off.  She had a successful business, property and cash in the bank.

At the end of the relationship, there was nothing left in her own name.  All had been transferred into a company and trust of which he was the director and signatory of.  She remained just a shareholder, so all decisions could be made without consultation.

The belittling had by then been going on for years.  She was told she was bad with money, and obviously, she thought, it was true.  Everything she had was no more.  All her decisions were wrong.  He was right.  The emotional abuse was there too, alive and well.

Friends and family hardly recognized the frail shell that eventually did leave the relationship, the one she’d been told that she’d never be brave enough to do.  The relationship by then was twelve years old and Tanya had wanted out for the last six.

Her health was broken.  She had a stroke and a series of seizures brought on by the stress and she was financially at ground zero and emotionally bankrupt.  But she had a good reason to soldier on, her daughter.

Now, I’ve never been in a situation anything remotely like Tanya’s and we often hear now about ‘victim blaming’ statements.  Onlookers may make comments like ‘she should have gotten out earlier.’ ‘Why would you stay with a guy like that?’ ‘What was keeping her there?’ ‘Why did it take so long?’  And I guess unless we’re there ourselves, we’ll never really, truly know.

So, to ask the question everybody seems to want the answer to… why did you stay? 

“It was the frog in the pot scenario. If you throw a frog into boiling water it jumps out, but if you put it in warm water and slowly turn up the heat it will be boiled alive before it even knows it.

“I was isolated by the time I realised I needed to get out, cut off from my family and my friends, I felt there was no out. But then one day, I realised I couldn’t risk being a bad role model for my daughter any longer. I wanted her to know that she could get out, should the cycle repeat, and that she could have an amazing life in doing so.

“One day my husband gave me an ultimatum…. stop ‘playing around with the media’ and get a job in a supermarket. When my daughter heard this, she burst into tears and said ‘that’s not you mummy’.

“In that moment I realized I’d failed her and we had to go.”

And how did you finally manage to get out?   

“I started putting $20 per week onto a grocery card so that we’d have funds to last us for food once we’d gone.  I managed to have three months saved when we left and had squirrelled things away with a close friend.  The timing had to be right too.  It’s not an easy thing.  If I had advice for anyone looking to move on from an emotionally and financially abusive relationship is that if possible, put aside whatever you can to tide you over for when you’re out.  That may not work for everyone, but it sure made a huge difference to me.”

It took a lot of time and the rebuilding is ongoing, of Tanya’s health and finances.  She’s used all of her experience in media and small business to build a success business today and her personal and business growth continues.

I’d like to thank her for being brave enough to speak out and let others see the real face behind financial abuse and it’s very frightening reality.  And also, to know that there’s hope.  No matter how broken, we can rebuild.

 

Disclaimer:  Please note that these are Tanya’s recollections and story and as such cannot be verified for accuracy.

Mother’s Day

Most of us wouldn’t doubt for a second the love and advice of our mothers.

From when we were very small, they’ve watched over us, with those eyes in the back of their head, and given us the wisdom of their guidance (which we may now have passed on to our own children… or view as incredibly bizarre!)

And whatever you do to celebrate Mother’s Day, we hope it’s a good one for you.  For those who’ve lost their mums or a having their first Mother’s Day without mum around, it’s going to be a tough one.  Try and remember all the wonderful times you had, the love and smiles and great moments you shared.

I came across one very special gift that i think mums of young ones everywhere would approve of:

  • Celebrate your kid’s mother this year by giving her a time machine – that is, a return to a life before diapers, sleepless nights, and the pressure to always be thinking of everything at once.

Sounds like a winning idea to me!

And whether you get breakfast in bed, a pasta necklace or something amazing, I don’t know too many mums who won’t value the greatest gift of all, your time.