Putting your head in the sand and using the excuse of "ignorance is bliss" just doesn't cut the mustard anymore.  With the advent of the internet, and the access that this has opened up to a multitude of information, one of the biggest problems we now face is what information is the right information for me?

Financial freedom or the bread line .... the choice is yours!

The family finances have traditionally been managed by the men of the house, with the women taking care of the household budget. However, there is an increasing need for women to learn more sophisticated financial management tools for every aspect of their lives. Why?

• The number of women in the workforce has increased by 25% in the last 25 years;
• At least 80 percent of women will spend a decade or longer on their own;
• One in three marriages end in divorce; and
• Most women will not have enough money to cover their living expenses in retirement.

At an absolute minimum you should aim to:

• Identify and document your financial goals;
• Develop a realistic budgeting plan that enables you to save as well as spend;
• Understand the investment products and services that you use; and
• Regularly review your progress and 'tweak' your plan accordingly.

Money means choice! The days of relying on a man for your financial future are long gone - let's face it, your future is far too important to leave in the hands of someone else! 

Which choice will you make?

It's not just about the income

Protecting your income is obviously important, however the fact female incomes are increasing only tells part of the story.

Women are often more financially vulnerable than men - mainly because they typically spend less time in the workforce.

This is partly because of children and also becuase women are more likely to retire early. Women are often the ones who take time off to look after children or elderly relatives.

Less time in the workfoce means fewer savings, less superannuation and a decreased ability to recover from financial setbacks.

Since women live longer than men, these setbacks can be even more financially damaging over time.

What types of insurance should women have?

Income protection typically covers up to 75% of your income if you can't work temporarily because of sickness or injury - making it extremely valuable for working women.

To protect yourself against diseases like cancer, you can take out Trauma insurance. It can pay a lump sum on diagnosis - helping you replace your income and assist in covering the costs associated with treatment.

Life and/or Total and Permanent Disability (TPD) insurance can provide a lump sum to you or your beneficiaries if you die or are seriously disabled.

This can be vital if you have a family and/or a mortgage to look after.

If you're self employed or run a business you can also cover your fixed busienss expenses if you can't work temporarily because of sickness or injury.

Strategies to make insurance more affordable

In about the time it takes to have a coffee with your girlfriends, you can talk to an Addwealth for Women adviser about the different options for making your insurance more affordable.

For example, income protection and business expenses insurance premiums are often tax deductible. You may also be able to reduce the effective cost of Life and TPD insurance by taking it out inside super - using your pre-tax money to pay premiums. Bear in mind there may be some restrictions on your benefit if you insure inside super.

Get the cover you need

The best way to find out what cover you need is to speak to an Addwealth for Women adviser. They can help you get the right cover and make sure it's structured in a way that makes it as cost effective as possible.

Addwealth for Women have developed a number of strategies that can easily help keep you on track to achieving your financial goals.

Why wait to be wealthy? Call Addwealth for Women today on 08 9284 3144 or register online at www.addwealthforwomen.com.au

New to the workforce

You've just started your first job, you're having fun with your friends, busy with your new career and enjoying the new experiences that working brings. Having fun is your main focus, but now is the time to take a few simple steps that can help set you up for financial security in the future.

1. Set up your super
   When you start working for an employer, they may be required by law to contribute to super for you, but don't just sign off on any super fund.
   
   Unless there is a workplace agreement in place, you have the right to choose which super fund you sign up to. Making the right choice here could be the difference between a comfortable retirement and living on the bread line.
   
2. Protect your income
   Every working Australian has a one in three chance of becoming disabled for more than 3 months before the age of 65.
   
   Of those unable to work for 3 months, 50% will still be unable to work after 6 months.
   
   Imagine - you've broken your leg skiing in Switzerland, you no longer have any income coming in from your job, can you:
   
    - pay the rent / mortgage
    - pay your bills (including the credit card bill that you ran up while you were overseas)
    - clear your debts
    - pay your medical expenses
    - afford food
   
   Protect your income and up to 75% of your income will continue to be paid to you whilst you cannot work.

Addwealth for Women have developed a number of strategies that can easily help keep you on track to achieving your financial goals.

Why wait to be wealthy? Call Addwealth for Women today on 08 9284 3144 or register online at www.addwealthforwomen.com.au

I have no idea what I'm doing

Did you know how to drive a car before someone taught you how? Did you jump on your first bike and ride off into the sunset or did someone teach you how to balance and pedal at the same time?

Too many women are putting off learnin about money matters.

Sound familiar?

• I'm too busy
• I'm too tired
• I'll look into that later
• It's all too hard to understand

It's easy to hide behind "having no idea", but it's your money and your life - therefore your responsibility.

It's time to stop saying 'I can't' and start thinking 'I must'. Education is the key.

There are no 'secrets' when it comes to investing.

Almost everything is known or knowable - but there is so much information available that it becomes a problem to tell what is right for you and what is not.

IF you're not in control of your money, you can't be in control of your life. So, starting right now, your goal is to be a woman who owns the power to control her financial destiny.

Addwealth for Women have developed a number of strategies that can easily help keep you on track to achieving your financial goals.

Why wait to be wealthy? Call Addwealth for Women today on 08 9284 3144 or register online at www.addwealthforwomen.com.au

---

Add this page to your favorite Social Bookmarking websites