“Rule Number 1: Don’t lose money. Rule Number 2: Don’t forget Rule Number 1” so says multi-billionaire investor and insurance company owner Warren Buffett.
It was with this energy in mind that I attended an event in London entitled “Focus On YOUR Financial Future“.
As compere for the event as part of the Worshipful Company of Insurers, I was able to introduce Financial Planner Vanessa Barnes of Hannay Wealth LLP to a group of interested and – at times – shocked women.
We were encouraged to stop being a participant, ostrich and casual observer of our finances and to start engaging in where we might be missing out, losing opportunities and “losing money” to quote Warren Buffett.
- As women, we often shy away from crunching the numbers on our own positions. We think we’ll do it one day…
- We advocate and negotiate for others but not naturally or comfortably for ourselves.
- We do if for our organisations and run the numbers and forecasts at work, but our own? Hmmm.
I know I used to be much less engaged in my/our financial position than I am now.
So much can change in our financial status with life events and changing aspirations and some of the BIG areas of vulnerability for women and their earning powers were highlighted as;
- Pensions and maximising these tax & contribution wise / 401K in the US
- Maternity benefits and requesting National Insurance payments be included
- University fees/loans and how to maximise them
- Divorce and how to work through entitlements, however uncomfortable
- Sandwich caring. Women tend to take the bulk of the care responsibility for both the children AND ageing parents and relatives, not necessarily their own.
These were just a few examples which made us pin our ears back and invite questions for a good 30 minutes.
I was spinning around the room with the microphone like a whirling dervish!
As sobering note for you here today but also one which could save you a lot of head-scratching – and heartache – down the line. “Information is power” as my boss Guy used to say. He’s right. Find out first.
A final word on the matter…
“We were not taught financial literacy in school. It takes a lot of work and time to change your thinking and to become financially literate.”
Robert T. Kiyosaki
And in other news…
On my feet and in the mix with a really engaged audience of women focussing on their finances.