A Man is Not a Financial Plan

03.05.10 | Posted in General Women & Business Women In Business

Ever since I was really young I’ve wanted to be financially independent. I don’t know where that came from, but for as long as I can remember I’ve wanted to be successful on my own, not rely on anyone else, and never have to worry about money.

Get a piggy bank girls!

I can’t say I’ve never had money worries, but what’s helped me has been getting into action and finding strategies that have worked for me. I think we can sometimes dig our heads into the sand and hope that our money problems will go away, but they don’t. In fact, it gets harder as time passes and you get older and you realise that you could’ve started building wealth a long time ago.

When I was 19 I met with a financial planner and she asked me how much of my wage I wanted to invest. When I told her enthusiastically “90%!” she kind of laughed at me and told me that was highly unrealistic. With the benefit of hindsight I can see that my goal was ambitious, but an aggressive savings or investment strategy starting from a young age is such a boost for future wealth.

I bought my first property when I was 19 and started a managed fund at about the same time. I lived in that property with my partner at the time and together we worked hard to pay down the mortgage. My managed fund was a way to force savings – money simply came out of my account each month before I could spend it and the bank chipped in the same amount, leveraging the total amount that got invested.

As an entrepreneur my greatest opportunity for wealth creation is going to be my business so naturally my time is invested there, but the properties, (I now own a few and my husband and I have just bought a home together), and the shares are great ways to have my money working for me, without needing an investment of time (which none of us really have.)

I’m really passionate about seeing women improve their financial literacy and show personal leadership when it comes to creating wealth. It’s all about educating yourself, asking a million questions (and not being embarrassed to re-ask if you still don’t get it, which I do all the time – this stuff does not come naturally to me), and surrounding yourself with people who can assist and support you.

I’ve been contacted about a seminar called A Man is Not a Financial Plan. It’s happening on Tuesday 25 May from 6pm-9pm in Sydney at the Macquarie Bank building at 1 Martin Place.

While I can’t endorse it as I don’t know the organisers or the speaker, I reckon any investment of your time in financial education is one worth making. I’m going to go along with a few girlfriends and if you’d like to come too, we’ve got two free tickets for readers of this blog and friends of Business Chicks. They’re worth $49 each so if you’d like to be in the running, just pop an email through to Shelley@omniwealth.com.au with your details. Hope to see you there!

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5 Comments

  1. Natasha

    I hear you loud and clear! I recall having the same ambitions when I was quite young. Not sure who my role models were at the time, as my mum was very much a stay-at-home mum type. But that drive was very strong, thankfully!

  2. Sunshine Estivo

    Thanks for spreading the word about our seminar Emma. I also bought my first property investment when I was young (23… not quite as young as you!). I’m passionate about helping women create financial independence, your story is an awesome example of the benefits of starting young, getting good advice and educating yourself. Well done!

  3. Lachy

    Really like the paragraph about seeking out answers to questions about wealth building and the benefits of getting started at a young age. The best financial planners are fee for service – this removes the conflict of interest that is endemic to commission based financial planning.

  4. Irina Ross

    Great post! After a serious search I choose to go with a fairly new type of an advisor. I am not wealthy but I understand the value of consulting with the people that help you build you wealth in a fair way. People’s Financial Advisor (http://www.peoplesfinancialadvisor.com) are Fee-Only certified planners and registered with the SEC. They offer a free financial assessment (everyone should at least do that) and a full financial plan for $99. The entire interaction is on-line; I had an interview on their website and after several days got a full report that talked to me in plain English about my situation. It’s worth every dollar I paid for it.

  5. Tamia Gallego

    I started making money with part time jobs at the age of 16, and have been working for 16 years. My parents never controlled what I was making, instead letting me decide on how much of my income would go towards spending, and how much I would save.

    I think growing up and seeing how hard my mother worked to put food on the table, to pay for our school tuition and to keep us happy socially (with extra curricular activities) made me realise that I had to manage my money well so that I wouldn’t end up in her shoes.