Women’s Day celebrates South African women’s quest for freedom – and in 2019, a vital part of that is financial independence. Real empowerment starts when women have the tools to take charge of their own destinies, and the sooner a young woman can take responsibility for her financial future, the better.
That’s why we at Resolute Capital Advisory asked three of our financial advisers who happen to be women for the best advice they can give to young women starting out in the world of work. This is what Michele Schwartz, Pascale Sweeck, Xandre Basson and Tamia Cornelius had to say.
1. Start becoming financially independent whether you have a partner or not. – Michele
2. Spend your money on things that make help you more money, such as growth accounts and investments. – Tamia
3. No matter how small you start, it is still a start. Start with one product and build your portfolio from there. – Pascale
4. Look at your expenditure on a month to month basis and put a budget together so that there is no unnecessary spending. – Michele
5. Invest. I would always suggest you invest your money rather than save it for a rainy day – it could rain tomorrow. – Tamia
6. Look at what cash you have every month and put some into retirement savings, some into a unit trust and most importantly, make sure that you have comprehensive long term risk benefits before anything else. – Michele
7. Critical Illness aka Catastrophic illness insurance is one product every woman should have. We often don’t think what could happen if we were diagnosed with a critical illness, having bills to pay, and still manage to go for the best possible treatment. – Xandre
8. Every woman should have life cover, funeral cover, and investment plan and medical aid. – Pascale
9. One extra monthly payment per year on your mortgage shortens the length of your loans by years- Xandre
10. Always, always have an emergency fund. – Michele