Ladies, it’s time to take control!

Elise Ryan is an Authorised Representative, GWM Adviser Services Limited, Australian Financial Services Licensee

I was reading an article entitled ‘More women will end up alone and managing their own money’ by Georgina Dent in The Age¹ and was astounded at the lack of confidence women have in their abilities.

It really struck a cord with me and I was trying to work out why and I think a quote from the article summed it up quite nicely

 

“women not only underestimate their own capabilities but they overestimate what is required to be financially involved.”

 

You shouldn’t need a man or spouse to provide you with a sense of financial security, your knowledge and understanding of your finances should be all the security you need. It can be as simple as understanding where your money is going and track your expenditures, it isn’t even hard these days you can do it on an app on your phone.

It is common in a relationship for one person to take the lead with the finances, like with a lot of household tasks. However, you are a partnership and should have an understanding of what is going on and not just leave it up to the other person so there are no surprises as to your financial position.

It is interesting that this trend is not changing with millennials, with the greater focus on women’s independence there is no trend in women stepping up and taking control of the finances, they are behaving quite primitively.

My experience from growing up is that the overall finances was a team effort. My Mum did the grunt work of paying the bills and banking but both Mum and Dad together with their Financial Advisor would look at the strategic side of things.

My relationship with my Fiancé is no different. James is happy for me to look after the day to day but he wants to be involved with the long term strategic planning.

Women should be paying more attention. We live longer, tend to have more gaps in employment and average lower pay throughout our careers.

This means that at some point in time we will need to be the ones in control and making the decisions.

Don’t know where to start, book an appointment with a Financial Advisor, find someone you can trust and identify with. They should help educate you and not make you feel dumb or silly for asking questions. Worrying about how much advice will cost or thinking that you don’t have enough money shouldn’t be a barrier for booking an appointment.

 

¹ The Age 17/06/2018, More women will end up alone and managing their own money, Georgina Dent.

Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product. Past performance is not a reliable guide to future returns. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way
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Who is making your Financial Decisions?

In January 2018, women marched in all 50 American States, in 92 Countries, on all 7 continents in protest of the policies and positions of the Trump administration. Women worldwide are channelling their energies to articulate their right to take up equal opportunities, with respect, safety and dignity. Women worldwide are becoming outspoken and active political participants.

The #metoo movement has broadened the global dialogue on the widespread prevalence of violence and sexual assault. Women are demanding accountability and beginning provocative conversations. Women are becoming more outspoken, more educated, and the opinions of women are being represented politically and socially. Women are becoming publicly progressive in their endeavour for gender equality.

In light of the current political and social climate, I was surprised to read in an article published in the Sydney Morning Herald by Georgina Dent, where Financial Coach Julia Sotas stated that ‘56% of married women leave investment and financial decisions to their husbands…because they believe their husbands know more’.¹ In a world where women are progressive, and willing to actively participate in the global political and social dialogue of gender equality, it is interesting that women still believe that they are incapable of making investment and financial decisions.

In your partnership is your partner taking control of your financial future?
Curious to discover what motivates financial decisions of the women around me, whether they be married, in defacto relationships or single, I decided to ask some questions. I am overwhelmed by the responses I received from these educated and determined women. There is a trend, indistinguishable from cultural traditions, that most women are influenced financially by the men in their lives.
Empowered and progressive women, I urge you to become eager for not only political but also financial freedom. I urge you to take up equal opportunities and to stop underestimating your capabilities to manage your investment and financial decisions. It is time to become financially aware, involved and secure.

 

At Income Solutions we run regular Income Solutions for Women seminars. If you would like to register for an upcoming event please contact us or go to www.incomesolutions.com.au/events for more information.

 

  1. Dent, G. (2018). More women will end up alone and managing their own money. Sydney Morning Herald. [online] Available at: https://wwwsmh.com.au/money/investing/more-women-will-end-up-along-and-managing-their-money-by-themselves-20180614-p4zlfy.html [Accessed 3 Aug. 2018]
Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product. Past performance is not a reliable guide to future returns. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way
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Interviewing a New Financial Planner

Elise Ryan is an Authorised Representative, GWM Adviser Services Limited, Australian Financial Services Licensee

How do you find the right financial planner?

Seeking financial advice can be a daunting task. You work hard for your money, so, in turn, you need to have faith that your financial advisor will make your money work hard for you to achieve your goals.

When you are looking for someone that you will trust it’s a good idea to start the search by asking your friends and family for recommendations. A referral from a trusted person will help you find an adviser with a good reputation, and someone you can have confidence in from the outset.

The next port of call that we suggest is the Financial Planning Association. They have a list of highly qualified professionals here: https://fpa.com.au/find-a-planner/

When you find an advisor that you are interested in meeting, have a look at their education. Look for qualifications like:

  • Bachelor of Commerce (BComm)
  • Certified Financial PlannerTM
  • Master of Financial Planning (MoFP)

Another key indicator is the business that they are working in. Have a look at their website and the offices where they work. If it is a growing, thriving business, they must be doing something right!

When you meet with your potential planner, make sure to interview them, this is your chance to ask them questions like:

  • Are they a specialist in a certain area or for a certain type of client? – for example: women, retirees, young professionals etc
  • What are their qualifications?
  • How many years have they been in the industry? (this is not necessarily the years they have been advising. Many advisors start in the industry and learn the ropes for years before becoming an advisor)
  • What is the process to become a client?
  • What can you expect from the service?
  • Are there additional services such as Accounting, Mortgage Broking & Cash Flow Management?
  • What technology is available to clients interact?

Don’t feel like you must go with the first planner you meet, if you don’t connect with them its ok to interview other planners even within the same business.

At Income Solutions, our first meeting is call The Right Fit.

It is a no obligation “getting to know you” meeting for both the client and the planner. Is it a chance for you to get to know if Income Solutions is the right fit for you and your financial needs and the planner to find out if you are the right client for Income Solutions.

Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product. Past performance is not a reliable guide to future returns. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way
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Managing Family and Finances

Elise Ryan is an Authorised Representative, GWM Adviser Services Limited, Australian Financial Services Licensee

Everyone leads a busy life, but it’s important to take time out to think about your current finances and your financial future.

When you are planning or have a young family, there are a lot of important tasks that are on your mind. It is easy to let every day things like managing your finances fall to the wayside.

Paying the bills is quick and easy, but thinking about the big picture in 10, 20 or 30 years down the track can feel like a daunting task. Many people think retirement is so far away and that they have plenty of time before they need to start looking at planning for that phase of their lives. There is also the belief that it will just work itself out.

But you are reading this, so take the time now to think about your life in 30 years’ time.

You don’t want to regret not planning for your future.

By engaging an advisor, it forces you to take time out once or twice a year to chat about your goals and strategy and make adjustment where needed. This helps you to not only be aware but also re-evaluate what’s important to you and what your goals are year to year.

Research shows that by writing down your goals, you are more likely to plan and work towards achieving them.

By having a trusted financial advisor to look at your goals and create a tailored strategy, you will have to spend less time thinking about your financial future, and you will be in a much better position in the future.

At Income Solutions, we place a lot of time educating our clients on our investment philosophy so that they walk out of their meetings with complete understanding of what their strategy will be and how it will help them reach their financial goals.

It’s never too late to re-assess your financial position and change your strategy, and it’s never too early for your teenage children to start understanding their finances.

We run 4 events each month that will help you start making a plan, no matter what stage you are in for planning your finances:

Common Sense Investing

Common Sense Estate Planning

Kickstart: Your Financial Future

Pivot: Choose Your Financial Direction

We urge you to have a look at our website – www.incomesolutions.com.au/events or have a chat to one of our financial advisors to see which event would help you to achieve your goals, for you and your family.

 

Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product. Past performance is not a reliable guide to future returns. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way
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Solutions to the Gender Gap in Retirement Savings

Lee Nickelson is an Authorised Representative, GWM Adviser Services Limited, Australian Financial Services Licensee

Women in Australia face specific issues when it comes to securing their financial future. Women have significantly less money saved for their retirement – the current average superannuation payout for women is 1/3 that of the payout for men [2]. This results in many women who are retiring on their own facing the possibility of doing so in poverty.
Why is this occurring and how can we help solve this issue?
Lack of superannuation savings can arise from a number of scenarios. Women are more likely to work part time to allow them to perform unpaid work such as caring for family members as well as managing the majority of domestic work at home – whilst the majority of men work full time performing less of these duties.
Women’s employment also tends to congregate in low paid areas such as retail, front line financial services as well as health care and social assistance. Women also often find they sacrifice income for flexibility in working arrangements to allow for their caring obligations.
So how can we address the issue of low super balances?
In my view, one of the ways we can drive cultural change is for both men and women to push for flexible working arrangements. This means challenging the traditional view that men should maintain full time employment whilst women drop to part time employment to raise their young children. If both men and women have access to flexible work hours, then it becomes easier to juggle the caring requirements of young children. This in turn should allow women to work additional hours and build larger superannuation balances in their own right.
What can we do from a practical sense in the mean time?
As a financial planner, we have a number of superannuation strategies we utilise for our clients, each with various benefits. Please seek advice to determine whether these strategies will suit your personal situation.
Contribution Splitting: In certain circumstances, an individual can split up to 85% of their previous years concessional (employer) super contributions with their spouse. This strategy has significant planning benefits including:
• Managing equalisation of superannuation account balances between spouses given the new $1.6 mill cap. Where one client is on track to build a large superannuation balance close to the new $1.6 mill cap, splitting up to 85% of contributions each year can allow the spouse with the lower balance to take full advantage of their cap.
• Where spouses have an age difference, there may be a difference in the years where superannuation can be accessed. Splitting contributions to the older spouse means superannuation benefits that would otherwise not be eligible to be accessed due to age restrictions, will become accessible to the elder spouse earlier under the low-rate tax threshold.
• Where spouses have an age difference, there may be Age Pension planning benefits to split contributions to the younger spouse. This is because superannuation only becomes an assessable asset once you become eligible for the Age Pension.

Leanne is 57 and is planning on retiring in the near future. Her husband John is 47 and earns $100,000 p.a. as a contractor. During the year, John contributes $25,000 into his super, reducing his taxable income to $75,000. Then in August, John opts to split $18,750 into Leanne’s super. These contributions will boost Leanne’s balance and become available for her to withdraw from super tax free under the low-rate tax threshold when she retires – effectively allowing John to reduce his income tax whilst not locking away the funds until John retires.

Spouse Contributions and tax offset: In certain circumstances, if an individual has an assessable income (plus reportable employer super contributions and reportable fringe benefits) of $37,000 or less, their spouse can make a contribution of $3,000 into the low-income spouse’s super account and receive a tax offset of up to $540. This will boost the super balance of the spouse whilst saving tax for the high-income earner.
Tony currently earns $90,000 p.a. and is married to Sophie, who works part time earning $30,000 p.a. Tony receives a bonus and opts to contribute $3,000 into Sophie’s super fund. By doing this, Tony receives a rebate in his tax return which reduces the tax he will pay by $540.
So, if you would like to hear more about these strategies and how they can help you, please contact Income Solutions for a catch up.

[2] Ross Clare, ‘Are retirement savings on track?’ (The Association of Superannuation Funds of Australia Limited 2007).
Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product.
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WOMEN – Professional Self-Taught Jugglers

Spotlight on Women - WEbsite SizeWhether you are single or in a relationship, one thing we all have in common is that we are juggling many roles all at once. I learnt quickly that once you begin to add little munchkins to your clan, the number of balls that you are juggling dramatically increases. When I thought I had achieved some rhythm to my new found skill of juggling, it was time to return to work. I had no idea what I was in for in regards to the level of organisation it would require trying to fit in my own personal time, setting goals for now and later, while continuing to run a house!

Returning to work is a big decision. For some it is financial and for others it is to assist with self-fulfilment. Whatever the reason, finding the right work life balance is crucial. There is no right or wrong level of work life balance. The solution that works for your family is individual.

Following returning to work, I began to experience guilt. Guilt for not being able to spend more time with my little ones, that I wasn’t completing as much at work as I had (in comparison to my old, full time employed, child free self), that the house wasn’t as tidy as it used to be and the list goes on! I had to find a way to put a positive spin on what I was doing and the reasons as to why I had returned to work. I realised it was to achieve my goals! Our goals often take second place to day to day activities, however even without realising it, it is another one of those balls we are juggling. Understanding and knowing why I was back at work and the benefits my employment brings to myself and my family was very important, empowering and motivating. Without goals, it is easy to question why. It helps you stay on track towards reaching those goals which are important to you. Also, it is hard to know if you are on the right track, if you don’t know where you are heading.

Goal setting doesn’t just end with the things you want to do in the next 12 months. Goal setting should include what you and your family want to do in 5 years – family holidays, education for your children, a new car, when it is that you and your partner would like to stop work or wind back into retirement. As far away as these milestones may seem, without having an active plan in place, time will continue to fly by. Without a solid plan our goals rarely materialise.

Planning your exciting goals and aspirations doesn’t have to be a weighted time consuming ball that you have to learn to juggle along with everything else. It is easier than you think if you work with someone who can help you plan and keep you motivated. It is very rewarding when you realise you are actually living and experiencing the achievement of the goals you wrote down.

We use systems all the time without realising. Just like we put systems (well try to!) in at home to make our home life easier, it is vitally important to establish systems that ensure your money is working for you, and your family.   Something as simple as structuring your banking correctly can have a big impact on how hard your money works for you.

Now that you are back at work and earning additional money to put towards your household, it is important to ensure that all the sacrifices that have been made to earn this money have not gone to waste. You need to ensure that your hard earned money is working for you.

I have written about my own personal experience, as a Mum working part time. In my professional life I am a Financial Planner with Income Solutions.   I regularly hear stories just like mine, which provided me with the motivation to create a tailored presentation for women which provides some examples of the impact receiving financial advice can make to your day to day lifestyle as well as your long term goals. For more information, book a one-on-one meeting or a workplace Income Solutions for Women session.

Invest in yourself – it could be the best investment you’ll ever make!  

Jess Hall, Financial Planner

 

Please note: The advice in this article is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.

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HAVE A PLAN & REAP THE REWARDS

Elise blog Dec 2015As a young professional, retirement seems so far away. I’m busy trying to achieve the balance between work, study and a social life, so as to enjoy what many would call the ‘prime’ of my life.  Women are living longer than men, are still getting paid less than men, and are more likely to have gaps in employment due to taking on ‘carer’ roles. Consequently, we as women, generally have less superannuation and other investments. So although my retirement may not be in my immediate future, the financial planner within urges me to plan – especially because I am female.

Everyone’s plan is different but the basics are the same.

At Income Solutions we believe the best investment you will ever make is in yourself.  Further education offers you a great advantage over your colleagues. It can give you the confidence to apply for that promotion, or to request a pay rise and breach the gender pay gap.  Whilst working full-time and studying is not an easy feat, once you have achieved a balance it is definitely worth it.

Develop a budget.  I know budget sounds like a dirty word and no one wants to know how much they spend, but it is important.  It is not about not spending money, it is just about knowing how much you do spend.  It is one of the most important aspects of your plan.  Many of the banks now have budgeting tools in-built with your internet banking and this is a great place to start.  You can’t plan to invest in the future without knowing how much you spend.

Another vital part of your plan should be protection. People don’t question insuring their car or their house, but if you ask them if they have Income Protection they don’t understand why they need it. You are the money machine, and if you are not able to work and earn an income where is the money going to come from?  Insurance is important. It is no longer your partners or parents responsibility to safeguard your future.  You are an adult, and you need to take responsibility. Insurance is easily obtained and some of it can even be funded through your superannuation.

Now comes the fun part; planning.  Think about your goals.  Write them down.  The best way to keep yourself accountable as you are progressing towards achieving your goals is to have them written down.  My goals have always been to travel and I have been fortunate enough to see quite a bit of the world.  The downside to this is that the list of places I still want to visit keeps getting longer.  I know I am going to need to work hard and invest to have an income large enough to support this lifestyle.  Family is also important to me and I would like to have one of my own one day.  Due to this I know that I will fall into the same situation as many women who take breaks in their employment and work part time in order to raise a family.

One thing that is not on my list of goals is buying a house.  Many of my friends and family cannot understand this.  I hear the phrase from them ‘rent money is dead money’ all the time.  This is not true.  Interest is dead money.  I know I can rent a nicer place than I can afford to buy and will not be paying interest to the bank to do so.  I can invest the difference in what my rent is as compared to what mortgage repayments would be for the same house and build up my investments that way.  One day in the future my investments will be able to fund my travelling adventures.  My friends will own a house that is simply costing them money, not making them money.  I know this strategy is not for everyone and if it is your goal to own a house it just should be planned for and structured the right way.

When you talk to young professionals about financial planning, the common theme is that it is too hard and they don’t have time to plan.  It really isn’t that hard and a little bit of time invested now will pay dividends in the future.

Income Solutions have a variety of presentations – Income Solutions for Women, First Steps to Financial Success, Common Sense Investing, and Common Sense Estate Planning.  If you want to find out more about us and how we can help you, head to our website and register for one of our free information sessions or simply book a free appointment. By the way, our coffee is so good it’s worth just popping in for that!

This post also appears as an article in the latest RUBY magazine.

Elise Ryan, Financial Planner

 

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BRIDGING THE GAP – FINANCIAL EQUALITY

Recently our very own Alison Adams wrote the below article for RUBY magazine. The message is just too important so we thought the article should also feature as blog post:

get riled, it irks me, it makes me cringe.  Do we really need events specifically targeted at women? 

As a woman, I have had a successful career which has allowed me flexibility and choices and sees me treated with respect in my workplace – I’m treated the same as any male counterparts in an industry that has traditionally been male dominated.  As a mother of two young girls I don’t feel like there are any limitations or restrictions to their future just because they are female.

So if this is how I feel, why is it that:

  • Women remain behind men in the pay scale, earning an average annual gross income of $67,000 compared to men who are paid about $82,500 per year.
  • The Association of Superannuation Funds of Australia tell us that in 2011-12 average super balances were $82,615 for men and $44,866 for women.

I feel equal but these statistics don’t feel equal.  Combine this with the fact that:

  • Women have a longer life expectancy than men.
  • Women are more likely to have breaks in employment or work part time, either caring for children or elderly parents.
  • Women could spend 30+ years in retirement. Put another way, on average a 65 year old woman will spend 25% of her life in retirement.

OK, I don’t like to generalise, however we have noticed a trend where women have a tendency to avoid seeking financial advice.  This trend doesn’t seem to discriminate – it applies to single women, women in relationships, divorced women, professional women and stay at home Mums.   Women are great at being busy.  We juggle a lot of roles.  We also tend to be competent at managing our households – we definitely seem to have day to day finances under control.  The same can’t be said for long term planning – and it’s long term planning that can make the world of difference.

All of these factors seem quite grim.  So I’m going to earn less, save less and need to fund a longer retirement.  On top of that I’m going to ignore the situation and not seek advice.  Situation hopeless, right?  Wrong.

In direct response to these issues Income Solutions have developed a targeted presentation for women, helping to break down the issues and provide solutions.   There are so many things that can be done to bridge this gap.  Every woman should feel empowered to take control and make a difference to their future financial fitness.  I’m going to quote on of our advisers, Gareth Daniels “It doesn’t matter how much you earn, it doesn’t matter where you are in life – you can make some informed decisions and sensible choices.  You really can design a lifestyle that you are passionate and excited about”.  Gareth’s comment wasn’t particularly female focused but boy, his message hits the nail on the head!  Ivana Trump once famously said “Don’t get mad, get even”.  She was of course talking about making her soon to be ex-husband pay dearly in their divorce.  Think about it though – getting even is exactly what we want to achieve.  Financial equality…….and we can show women how they can create it themselves without the need to marry and then divorce the rich husband!

How can women get started if they don’t know where to start and are not likely to seek help?  In developing Income Solutions for Women, we’ve made sure the presentation is portable.  We know Geelong is full of great businesses and inside these great business are owners and managers that care about their employees and their future.  After all, that’s just smart business.  Our philosophy at Income Solutions has always centred around education – it is the key to empowerment.  As a result Income Solutions for Women is now available as a work place session. Come on employers, its history in the making!  To book a session or to talk about Income Solutions for Women or any of the other information sessions in our range, give us a call on 03 5229 0577, drop us a line to events@incomesolutions.com.au, or visit our website.

Alison Adams, Business Development Manager

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OPENING UP TO A NEW WORLD

Before I started working at Income Solutions in January of this year, I had absolutely no idea that I could invest my superannuation in shares, or that having a Financial Planner could help me in the slightest – when I had almost nothing in the bank. My super sat in a “cash hub” for years as I happily watched it slowly grow every time my employer made a contribution. For a few years I worked at universities, where I enjoyed 17% super contributions, and I remember thinking “how great is that, 17%?” It was pretty good, but it would have been even better if I had been educated on how to invest it.

According to mainstream society I should be married with a couple of children, have a mortgage, be taking the kids to music lessons or sporting games, and be drinking wine with other mothers reminiscing about the 1990s and how great it was in our 20s.

But what if you find yourself (happily I might add) single, childless, living alone with two cats, with just a little in the bank, and with a history of being a terrible saver and a serial mover? In the past twenty years, I’ve lived in almost ten cities and have started over again more times than the average person my age. I never paid much attention to saving money and I didn’t think about my super and how living overseas for 10 years would affect it.  I also didn’t think about getting old; retirement was so far away that there wasn’t much point giving it a second thought.

What I’ve learned in the past nine months from working at Income Solutions is that you can be any age, with a little or a lot of money, with some knowledge of Financial Planning or none at all – and you will still benefit from professional, expert advice that can get you on the path to saving money, growing your super, and investing for the future. There is also no need to feel guilty for not owning your own home. In fact, it’s actually not the right path to take for everyone and you could be better off investing in other ways. Wow. Now I feel better – because I previously felt the pressure to get that home loan.

So what does a woman like myself need to do to get her finances in shape?

  1. Find a Financial Planner who understands you as an individual
  2. Make sure you have a bank account with a “money tracking” facility to help you budget simply and effectively – it’s actually empowering to discover where your money goes!
  3. Work at having a “buffer” amount in your bank account at all times
  4. Work with your Financial Planner to invest your super to help it grow
  5. Get the right insurance in place to protect yourself
  6. Listen and take on board the advice you receive from your Financial Planner – you’ll most likely learn much more than you thought you would

So, whether or not I’m a gypsy or a “crazy cat lady” (or both), I am now on my way to securing my financial future and feel safe in the knowledge that I will retire in 25 years or so with more than enough money to live on. When I stop working and wish to travel some more (or move interstate), I most certainly can – but much more comfortably than before.

Want to learn more about what Income Solutions has to offer women? We run free workplace information sessions called Income Solutions for Women in the Geelong region. We’ll come to you. Tell your colleagues, boss, or HR manager about us and book a group session via our website. Coming soon to this blog section – a fabulous article (recently featured in RUBY magazine) by our Business Development Manager Alison Adams. You’ll learn how statistics show that we can be disadvantaged due to breaks in employment and lower super balances – but luckily there are ways to fix this!

Rebecca Lee, Marketing Manager

 

 

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