There has been a lot of posts lately about individuals and families struggling to be financially independent. I think it would be a great idea if women in this sisterhood could offer their advice on how to become financially independent, investing and general advice on how to make your money work for you regardless of your income.
I think this topic is not touched on enough in school and many women (and men) do not have any idea how to invest, where to start, what they need to begin investing and what to invest in (property, shares, business etc)
I think there is a general assumption that you need a high income to have financial freedom/independence and would love to encourage lower income families/individuals that this is not necessarily the case.
Please share your tips, ideas and advice and maybe we will help someone begin their road to a better financial position :)
2 Replies
I would love to know! We're a one income family of roughly 80K a year. I'm a SAHM. We saved for five years (when my hubby was on 15K less mind you) to get 54K deposit for a house, which we've just finished building. It's very modest (still don't have a garage) and we still owe 300K. I feel like we've just killed ourselves saving, just to go into massive debt, in a house that's not even entirely finished. I'm thinking of our future and I would love to invest now. We're both 31.... But it's scary and not exactly sure if buying a small investment property down the track (not viable right now), would even be wise in this current housing climate. What are our other options?? Or who do we speak to, to steer us in the right direction? I worry that financial advisers aren't objective enough.
I personally don't think it is the role of anyone who isn't qualified to be giving financial planning advice. As a chartered accountant I am not allowed to give financial advice, which I agree with, and do not think that people cannot substantiate their relevant qualifications and evidence the prescribed licence should be giving this sort of advice.
I would always recommend a financial adviser/planner because although their products might be more limited, they research the products they recommend, the risk the products carry and are required to have sufficient qualifications and expertise in this area. The government now require anyone who provides financial advice to have an Australian financial services licence of which party of that is the requirement for sufficient indemnity insurance.