Historically, women have always been more the caretakers, and finances have been delegated to men. In today’s modern world, women have crossed all the boundaries of traditional roles, showcasing their accomplishments on equal footing. Unfortunately, many professional women have not had the same exposure to finances and financial security, particularly with the journey of parenthood. This transition often means stepping back from career development opportunities, which can impact their exposure to and engagement with financial planning and investment.
Are you financially secure?
Important questions need to be asked to set you on the right path to financial freedom and security.
Do you lie awake at night worrying about your finances – what will your retirement look like? Can you afford to send your children to quality schools and universities? Will you be able to support yourself if you become unemployed? Can you afford a major expense like a roof leak or replacement?
Being financially secure gives you peace of mind so you can get on with life knowing that your finances are taken care of.
Who will look after you when you retire?
Traditionally, individuals have depended on their spouses for retirement income, but modern society has witnessed a rise in solo living and single-parent families. Relying on state pensions is just not enough anymore.
Workplace pensions are ideal for growing retirement savings, but not all companies offer pension schemes. It is up to the individual to secure their retirement savings.
A private pension plan is ideal for growing long-term capital to provide a comfortable, financially independent retirement nest egg.
A person changes jobs on average seven times during their working life. That’s an average of around six years per job. That’s seven small pensions if you are fortunate enough to receive a pension as a benefit. Six Years is not long enough to build a sizeable retirement nest egg.
Regular contributions to a retirement savings plan will provide a solid retirement solution that will be the one constant throughout working life. That’s 30-40 years of retirement savings with compounding interest.
Send your children to the finest schools and universities with an education savings plan
Education is expensive, particularly for those navigating parenting or living abroad independently. We all want the best education for our children, and often, private schools and universities offer quality education. This all adds up. Education could run into the thousands.
An education savings plan is the ideal way to save for your children’s education no matter where in the world you are.
Do you have a financial advisor?
A financial advisor is your proverbial genie in a lamp. They will take the stress out of financial planning and ensure you are on a path to financial freedom. They travel your financial journey with you from professional careers to family finances and retirement and beyond, ensuring that you have a solid financial plan according to your goals.
They will advise you on any significant financial decisions, suggest solutions according to your individual needs, and monitor and review your financial portfolio regularly to ensure your financial plans are on track.
They do the work, so you don’t have to worry about the intricacies of financial portfolios, saving and investing.
Financial independence and security are essential parts of having peace of mind. Avoid sleepless nights worrying about your finances and your children’s education. Chat with a financial advisor today.
Please note, the above is for educational purposes only and does not constitute advice. You should always contact your advisor for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.
