All you know about money is that there’s just never enough, right? Let’s change that, starting right now. Here’s our expert’s 10-point plan.
1. Take responsibility!
It’s been just 33 years since marital power was abolished in SA. Before 1984, if a couple were married in community of property, the husband had legal control of both his own property and his wife’s! She couldn’t enter into a contract (not even to open a bank account), write a will or sell an asset without his permission. So it’s no surprise that many older women haven’t taken responsibility for their finances.
Though most women find themselves solely responsible for their finances at some point in their lives, many of us still allow our husbands or partners to manage (or mismanage) our finances and retirement planning – sometimes with disastrous consequences.
The 2017 Wage Indicator shows that the average gross monthly wage for SA men is R18 824, and for women, R13 229 – a pay gap of about 30%. This also means our pension fund contributions are lower and our bonuses are proportionately smaller, as are the levels of group life, disability and income protection cover. We also tend to live longer than men, and our careers are often interrupted during our childbearing years. Research shows women typically have one-third less set aside for retirement than men.
So take full responsibility for your journey to financial empowerment, and change your spending habits. We need to stop the ‘retail therapy’ thinking, and start talking about wealth building as a true form of liberation. No number of stilettos will make us financially empowered. Most crucially, we need to teach our daughters that too.
2. Educate yourself
There are plenty of great books and blogs on personal finances. Your knowledge will help you make better decisions. And if you partner with an independent financial planner, you will make decisions from a position of strength.
3. The B word
This story is from the February 2018 edition of Fairlady.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 2018 edition of Fairlady.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Easter with edge
Grant knows what it's like to miss out on the celebrations that anchor family life.
The MALE bias
Historically, medical studies were mainly done on male mice and on men; and then extrapolated to treat women, as if a female body were just a smaller version of a male one. Here’s why that doesn’t make sense, and how to work with your body’s natural rhythm for better health.
Wellbeing
How to sleep better, feel better and look better!
The other type of CHEATING
Lies about money can have devastating consequences in a relationship.
THE 'PEST' IN PESTICIDES
oe r Despite many highly Hs hazardous pesticides being banned in their countries of origin, 192 of them are still legally exported to South Africa
START A BUSINESS LIKE a Saffer
There's nothing quite like a South African entrepreneur. In the face of adversity, they innovate and persevere. But what fuels that determination? We chatted to some self-starters to find out.
How to take the MONOTONY OUT OF MONOGAMY
It's easy to get complacent in a long-term relationship. Before you know it, your partner is little more than your roommate. Here's how to shake things up.
SUPER TROUPER
At one point, Josie Borain was the most famous model in the world. Her face was on every magazine that mattered. And in the madness of all that attention, she never lost her sense of self. She talks to us about turning 60, being single, and starting her third act with a move to the platteland.
Little wonder
Over the years we have visited 16 Greek islands, but when we first set foot on Halki, the little-known gem just south of Rhodes, we knew we'd found the closest thing to the perfect one. And we vowed to return. Often.
HOME AFFAIRS
These three entrepreneurs are redefining the heartbeat of homes through their unique blend of creativity, sustainability and purposeful design.
