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According to one expert, women would do well to build on their financial knowledge and look to play a greater role in their investment portfolio.
When it comes to building wealth there is certainly no shortage of information available to the average person these days.
The internet has enabled easy and private information searching that can lead you to a plethora of advice, statistics and options for how to make best use of your income on the path to a comfortable retirement.
But the availability of more facts and figures does not necessarily mean greater relevant knowledge.
If you are not sure how certain information relates to your situation or you simply have not been able to find the time to sit down and really think about your finances carefully, chances are the money you save is not being utilised to its best potential.
For Australian women this issue is sometimes compounded by an overreliance on their partner to assume prime responsibility for financial affairs, while for others it comes down to a lack of motivation to learn more about effective money management.
Kim Kiyosaki is passionate about helping people to build their knowledge and skills in order to achieve long-term financial success – and the best-selling author has targeted her recent advice at female investors.
In an interview with Valerie Khoo for The Sydney Morning Herald last Thursday (February 9), Mrs Kiyosaki spoke about her new book It’s Rising Time! What it Really Takes For the Reward of Financial Freedom – a project she hopes will empower women to generate positive cash flow for themselves and their families.
“I think there just comes a time where there’s a mindshift that goes ‘Sometimes, you’re going to have to put yourself first’,” Kiyosaki told the publication.
She added: “I think women sometimes think that they’re being selfish if they do something for themselves. I think we just have to change that.
“Your financial life is everything and if you can’t take care of yourself financially, how are you going to prepare for your kids and take care of them as well?”
While there is certainly nothing wrong with trusting your partner to make the right decisions on behalf of the entire family unit, what harm is there in educating yourself and taking a more hands-on approach to investment?
A financial adviser can help in this regard, providing you with an improved knowledge base as you build a strategy capable of providing significant returns over time.
With independent advice you can either to choose to take specific information on board as you grow your portfolio or allow an expert to guide you through the process and expand your investment skills along the way.
According to one expert, women would do well to build on their financial knowledge and look to play a greater role in their investment portfolio.
The future can have a habit of providing some unexpected twists, meaning it is wise to know where your money is going and how well it is performing in case your marital status changes or something unfortunate happens to your partner.
While the idea of broaching the subject with a spouse might put some women off, Kiyosaki says women should embrace their newfound interest.
“It’s a conversation that’s very delicate and some work and some don’t,” she commented.
“The important thing is that if, as a woman, you really want to move forward on this, don’t let that stop you.”
ipac is one of Australia’s largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.
Photo: © JohnKwan – Fotolia.com