Buy the share not the handbag! I’m not a financial adviser and this is not financial advice. Rather, it’s uncommon commonsense that really only kicked in for me after I became a widow, a single mom and sole breadwinner. So, all you women out there are forgiven but, it’s time to get your act together or you will remain in the chorus, or the supporting act in your own life. Financial planning for women 101: Buy the share, not the handbag!

Women are on the rise within large organisations; and that’s a good thing. With advancement comes bigger salaries, but what are you doing with them?

I coach a number of upwardly mobile women when they get promoted. I usually end off the session with a throwaway question about their financial planning. Most look at me blankly and say, “I don’t know, that’s my husband’s/partner’s department”. This feedback comes from women of all ages across all sectors of society. Financial planning for women 101: Buy the share, not the handbag!

Bigger houses and smarter cars (and designer handbags) are bought. Private school fees are paid but, sadly, most women are not putting a cent away towards their own investments (to pay their future selves), beyond the obligatory pension and policy contributions.

Financial planning for women 101: Buy the share not the handbag!

While you can absolutely purchase something symbolic to mark the moment or the achievement, your degree of choice freedom in the future is ultimately going to be linked to your financial plan.

Due to generations of conditioning to be selfless, as women, we also fall into the trap of giving all of ourselves, and what we earn, to those we love and respect. This has resulted in a strong sense that we’re “the supporting act”, both at home and at work. Alarmingly, it makes us believe we have limited choices – and that financial freedom and choice freedom are just dreams.

Draw a line in the sand TODAY and start small with a really empowering and healthy habit; the discipline of the debit order, even a small one. This is how you purchase financial assets (stocks, shares, exchange traded funds) that will grow over time. Don’t let the terminology scare you like it did me. Ask a few questions of the right people and you will be on your way. Financial planning for women 101: Buy the share not the handbag!

Putting what’s left over away is not a strategy!

You have to start making your money work for you while you are out there working for more money! This is a very different strategy to most women (and I was one of them) who generally put what’s left over at the end of the month, or the year, into savings or investments. Sadly, that lands up being almost never, or nothing, because there is always something more pressing or important.

It’s a funny thing though, when you do commit to investing in yourself through the discipline of the debit order, you will make enough money to cover this essential budgetary item — the asset called YOU!

Value yourself: Take the lead, or stay in the chorus

International Women’s Day is coming up in early March, and my message to women everywhere, is to value yourself enough to invest in yourself — your skills, your knowledge, your relationships, your spirituality, your fitness, your health and your finances. You are your most important asset and it doesn’t have to be complicated.

If your organisation celebrates International Women’s Day on 8 March and you want to empower your women to develop and embrace choice freedom, book me now. I’ll share some of my hard won lessons and provide practical and creative frameworks in my signature style. Take the Lead, or Be in the Chorus is the talk to book.

Stop seeing yourself as the supporting act in your own life

Taking the lead is about stepping onto the centre-stage in your own life; valuing yourself. Stop seeing yourself as the supporting act. No, you don’t need to become the company CEO to be the lead role in your own life. Rather, it’s a shift in both head and heart because you are worthy!

I have two questions for you (if you are a man reading this, why don’t you ask the woman in your life these questions, you may be surprised at her answers):

  • Do you see yourself as the star of your own show or are you the supporting act?
  • Do you believe you have limited choices – and that financial freedom and choice freedom are just dreams?

Ladies, if you answered yes to one or both of these questions, the new financial year starts on 1 March; it’s a great time to kick-start an empowering new habit. Find yourself a good a financial adviser, ask some questions and take action to invest in you. It will change the way you see yourself.

Much love,
Nikki Bush
Human Potential and Parenting Expert helping you to win at work and life