(03) 9020 2905DING! Ding! Ring the bell, boys! Round 43,817 of Battle of the Sexes is … ON!
Well, no, not at all. This ain’t no man-versus-woman thing.
It’s a fact that Gen X women – not all, but many – face serious financial disadvantages right now, because of gender. And the problems worsen with age.
No argument when it comes to superannuation – mums temporarily leave the workforce and often return part-time. Their super suffers significantly as a result.
I’ve got four suggestions for Gen X women who want something better.
Get some inspiration. Friend someone whose money skills you envy. Buy them a coffee. Pick their brains for money smarts. See if some of their strategies you can adapt, or, heck, just copy.
Find yourself a quality financial adviser. Good advisers are good money educators. If they can simply explain what you need to do, just do it. If they make sense, but you don’t have the time, hire them to do it for you. They’ll do it faster and probably better anyway.
Always contribute more to superannuation. Most women will earn less during their working lifetimes. We all blow money. Save yourself from blowing some by contributing $50 a week extra to super. It will add up. Big time.
Just invest – harder and earlier. Research “index funds” and contribute to an investment plan every month. You can access money outside super at any time.
And it should go without saying … a man is not a plan. Neither is a lotto ticket. Nor a flutter on the ponies. Take control yourself, or hire a money coach.
Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.