Wise Girls Money Magazine by Read Publishing

money Wise Girls

suMMer 2019

EFFIE ZAHOSâ&#x20AC;&#x2122; TOP TEN TIPS

DOING WHATEVER IT TAKES: MUMS WHO DO IT ALL

CATRIONA POLLARD: MIXING BUSINESS & PLEASURE

How To Have THAT conversation In A New Relationship

Contents

Catriona Pollard: Where Business And Personal Collide

Effie Zahos’ Top Ten Tips

How To Have That Conversation In A New Relationship

How Men And Women Differ With Money Matters

Lisa O’Neill: Taking Control Of Your Bank Account

Money Mindset And Women

Doing Whatever It Takes: Mums Who Do It All

Money Bloggers You Should Be Watching

What Keeps You Awake At Night?

Maggie Wilde: How To Be Smarter Than Your Brain

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Contributors Catriona Pollard

Lisa O’Neill

Recognised as an industry influencer, Catriona is an international speaker and trainer, author and popular media commentator. She has over 20 years’ experience in developing public relations and social media strategies that engage both consumers and businesses. She is a highly regarded expert and media commentator in PR and social media and her views on personal branding, social media and PR are internationally published.

Lisa O’Neill is an absolute beam of light that will electrify your conference. With the rare ability to deliver powerful messages through side-splitting humour, Lisa is highly sought after as a keynote speaker and MC across Australia and New Zealand. She is also the author of three books, ‘Look Gorgeous, Be Happy,’ ‘Juggling in High Heels - How to Organise Chaos,’ and ‘The Lickable Third.’

CatrionaPollard.com

tlbusinessschool.com

UnknownToExpert.com

lisaoneill.co.nz

CatrionaPollard

Maggie Wilde

Maggie Wilde has helped thousands of clients and workshop participants throughout the world. She is ‘the Therapists’ Therapist, training and educating others in the industry to improve their results with clients too. Maggie is a 10-time award winning Author and Publisher to the Wellness Industry. Her MIND POTENTIAL PUBLISHING HOUSE publishes books, e-books and e-courses for Mental, Emotional, Physical and Spiritual Wellness.

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PHILIPPA HUNT

Editor In Chief

Welcome to Wise Girls Money magazine! I am so excited to share our first issue with you! The aim of this magazine is to educate and inspire you along your journey to financial freedom. In this issue, we tackle the money issues that matter most to you. Read about what happens when business and personal collide, with branding strategy guru Catriona Pollard. She explains how building your personal brand helps carve out your place as a leader in business and helps to build your reputation as an expert on page 5. Also in this issue, renowned keynote speaker, Lisa O’Neill talks us through taking control of our bank accounts. She explains how gaining control over your mind, mood and money will change your life on page 17. And, International Multi-Award Winning Author and Publisher Maggie Wilde tells us how we can outsmart our own brains and thrive on page 31. We’ve also included: • Financial guru, Effie Zahos’ top money tips • How to have the money conversation in a new relationship • What keeps you up at night? Women’s biggest stressors • Mums who are juggling it all As you can see, Wise Girls Money magazine is filled with information to help you manage your money and secure your future. Our goal is to support you to become independent and savvy with your finances and grow your wealth. Thanks for taking the time to read it!

Philippa

Catriona Pollard:

â&#x20AC;?

YOUR EXPERTISE IS REAL. IT IS EARNED. IT NEEDS TO BE SHARED.

Where Business And Personal Collide wisegirlsmoney.com.au wisegirlsmoneyacademy.com.au

PR and personal branding strategy guru Catriona Pollard firmly believes everyone has a story to tell and wisdom to share. However, as women, we are inherently shy about it. Putting ourselves out there into the big, wide world of business and proclaiming expert status is scary. ‘What if someone calls my bluff? What if I’m really not that good?’ Imposter syndrome is all too real, but Catriona urges women to stand up and reclaim the word EXPERT once and for all. “Being an expert isn’t about you, being an expert means sharing your knowledge with others, knowing that it could help them in some way,” Catriona says. “It’s not about power, it’s not about arrogance and it’s not about bragging. It’s having the courage to share your knowledge with others with the desire to help them,” she says. Catriona has worked in public relations and personal branding strategy for over 20 years, and over that time has developed her own 5-star system to becoming an industryrecognised expert which is applicable to a range of niches. Her own journey has seen her move from sitting on her couch dreaming of running a successful PR company, to just two years later operating one of Australia’s most respected and innovative agencies. Catriona herself has quickly elevated her own personal brand to encompass international speaking roles, training, media commentary and is now also a published author. How did she do it? Her new book From Unknown to Expert outlines step-by-step how to boost your career and become a recognised leader in your industry, along 6

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with practical tips, templates and examples to guide you through the process. One of Catriona’s most important recommendations is to dedicate time and effort to your own personal brand; “reputation is the new currency”. This is, essentially, the way you market yourself and consequently how others see you. So often, emphasis is instead placed on business branding, but knowing who is behind the logo is incredibly important to both clients and prospective collaborators. Your personal branding builds trust and credibility, and ultimately – expert status. “People are talking about you when you’re not in the room, whether you like it or not. So, you need to be intentional about creating your brand, or others will create it for you,” Catriona says. “When you have a strong personal brand, your opportunities expand, and employers and colleagues can become more receptive. Building your personal brand helps carve out your place as a leader in business and helps to build your reputation as an expert.”

Moving beyond vulnerability On paper, building your personal brand is simple – share your stories as often as you can across a range of platforms. However, in the real world, this can be challenging. Vulnerability and self-doubt have a nasty habit of creeping in just when you take that breath to leap. However, Catriona has a different take on these feelings: “We live in a world where bravery is often only seen as a physical thing, such as jumping off a cliff face or saving a kitten

stuck in a tree. But it is also about being vulnerable. It’s about being prepared to discuss your weaknesses and failures. Vulnerability is intensely brave and powerful,” she says. “Having the courage to be honest and exposed when you tell your stories will make them so much more impactful. They will start resonating with people.” This is a concept she understands well. Even after all her experience and hard work to achieve her well-deserved recognition, even then she felt the pangs of vulnerability. “Telling my story honestly was a brave act for me. Writing From Unknown To Expert put me in an incredibly vulnerable place, open to criticism and failure. But from my point of view, sitting on the couch just wishing I had the courage to write a book or take that next leap into the spotlight was even more of a failure than trying and not succeeding.”

How to amplify your personal brand According to Catriona, once you embrace the spotlight and get comfortable with sharing your stories, opportunities abound. Jump onto social media and post an interesting anecdote, a new innovation in your industry, a blog you have recently written, even a childhood memory! Think outside the square and utilise any avenue possible to develop relationships and nurture your increasing likability and trust amongst followers.

Additionally, consider signing up as a speaker at an industry gathering or holding your own niche event. Reach out to mainstream media with an innovation or insight, or think about writing a book or developing a newsletter or magazine to further showcase your expertise and become recognised as a key influencer. “Continually investing in your personal brand will ensure you stand out from your competition. It is through elevating yourself above others in your industry that people will clamour to work with you,” Catriona said.

Allow your light to shine With courage and a great personal marketing campaign underway, you must also believe in yourself. After all, no matter how hard you try, if you conduct yourself from behind a mask, eventually it will slip. Catriona urges other women to stand in their power and refuse to let self-limiting beliefs take hold. Believe in your own expertise and experience and be willing to share it freely. Reluctance is fed by self-doubt, so shake off the imposter syndrome and go for what you want. Catriona Pollard offers PR and personal branding consulting, training and mentoring. cpcommunications.com.au Learn more about how her 5-star system can help you: UnknownToExpert.com wisegirlsmoneyacademy.com.au

CLAIM YOUR FREE BOOK VALUED AT $19.95

A STEP BY STEP FRAMEWORK THAT WILL SKYROCKET YOUR PERSONAL BRAND.

GO TO: bit.ly/expertfree From Unknown To Expert, by PR and Personal Branding expert Catriona Pollard, is a step-by-step process for growing your profile, expanding your influence and increasing your income by becoming a recognised expert in your field using media and branding specific strategies. *GivingÂ away 50 copies. UnknownToExpert.com

Effieâ&#x20AC;&#x2122;s

Ten Top

Tips wisegirlsmoneyacademy.com.au

You may have heard that the way we manage money is hereditary – we learn our spending habits from our parents and pass them on to our children. But there are also the rebels who watch their parents struggle with money and are determined to break the cycle. Effie Zahos, “The Money Queen”, watched her parents work tirelessly for little reward in their Greek restaurant. When the restaurant burned down, they were left with nothing. Effie set out to learn everything she could about money – from a Bachelor of Economics at the University Of Queensland, then a career at Westpac, to TV presenter at The Money Show, and Editor of Money Magazine. After 21 years with the Money franchise, as well as authoring books and countless TV and radio appearances, Effie’s passion for financial literacy helps others to manage their finances and make better decisions around financial products. Here are Effie’s top tips for women who want to live life to the fullest, whatever they earn!

It’s not what you earn, it’s what you spend. The golden rule (we all know it, but don’t do it!) is to spend less than you earn. It’s easier said than done, especially when events happen in life that lead us to feel we need some retail therapy. Spending can make you feel so good, but if it’s making you get into debt, it’s a bad idea. If you find you have uncontrollable urges to spend (online shopping can be a huge temptation when you’re alone), cut up or lock away your credit card.

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2. Start saving now! No matter how

small The sooner you start saving, the more your savings will grow due to the compound interest you earn over time. Each month interest gets added to the balance in your account, so not just on the amount you deposited, but the interest you’ve already earned. The best way to save regularly is to have an automated transfer from your salary (or your everyday account) to your savings account, so you don’t miss money you never had. Even $20 a week can build over time to a significant nest egg. Having a savings goal (a holiday, car, uni, house deposit, etc) will keep you focused and motivated as you watch your progress towards your goal.

3. Don’t be scared by investing

There really are only a handful of options you can invest in – savings accounts, savings bonds, property and equities. There’s nothing mysterious about these asset classes and there is plenty of information available online or at the library. You don’t have to have a lot of money to start investing. Round up accounts (like Raiz) are a great way to get started. Rounding up your purchase amounts puts the extra cents into a share fund, which over time delivers a return to you.

4. Don’t buy in to ‘buying bulk’

It may seem like you are saving money, but just because an item is bigger, doesn’t mean it’s cheaper, especially if you are using a credit card to afford the bulk buy. Supermarkets have to show the ‘per unit’ cost, so be sure you check your bulk purchase is the bargain you expected.

5. Beware of zero % balance

transfers If it seems too good to be true, it probably is. Many cards offering 0% interest have annual fees, balance transfer fees and may not refinance the whole balance. Check also how interest will be applied to future purchases (and if possible keep them separate).

6. Protect your credit rating

If you default on a credit card payment, mortgage or even utilities bill, it can affect your credit rating for life. Check your credit history online before applying for new credit.

Don’t be afraid to say no Peer pressure can lead us to spend more than we earn, especially if our friends earn more! Don’t be afraid to say you can’t afford something, that you are working to a budget or savings goal.

8. Steer clear of “Buy Now Pay

Later”? We live in a world of instant gratification. We see something on Instagram that makes us feel inadequate, but of course there’s a purchase that will solve that inadequacy! Can’t afford the full amount, but the pay later option is so tempting. While afterpay can be cheaper than a credit card, it’s a dangerous trap as it causes us to overspend. It might seem like a small amount now for one item, but come three months time after multiple purchases, how much of your earnings is already committed?

9. There’s never a right time to buy

property Most likely, the best time to buy a property has already passed! If prices are rising higher than you can save, you aren’t winning by waiting. Prices will keep rising, and when your deposit and stamp duty are calculated on a percentage of purchase price, the amount you need to save gets further out of reach. Take advantage of any allowances available to you – such as the First Home Buyer Deposit Scheme

10. Don’t compare yourself to

others Personal finance is personal – what works for one person may not work for you. However, we all learn by being more open about money. Jealous of your friend’s regular shopping sprees? Ask her how she does it – does she have a magic money secret, or a rising amount of debt? If you love Effie’s tips there are plenty more in her book, A Real Girl’s Guide to Money – From Converse to Louboutins.

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HOW TO HAVE

That

CONVERSATION IN A NEW RELATIONSHIP

New relationships are fraught with awkward moments and sensitive topics to navigate and find out if you and your new beau are compatible. Many a fledgling relationship has come unstuck when the conversation turns to politics, religion, family values and relationship history. Then, there’s THAT conversation – money.

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It’s a topic that can cause drama at any stage in a relationship, being a huge factor is separation and divorce. So before you get anywhere close to combining your finances through marriage or living together, take time to figure out whether you are financially compatible!

When you first start dating it’s pretty awkward to ask “how much do you earn?” but you don’t need to be that blunt. There are plenty of clues to a person’s financial situation and, more importantly, their attitude towards fiscal matters, if you know where to look. But before you shine the light on your new partner’s wallet, think about your own attitude towards money and how well you manage your finances. If you have a solid income and manage your own finances well, do you have an expectation that your partner will be in a similar financial position? If you’re used to spending money on eating out, travel, fashion, would a partner with less cash cramp your style? A financially challenged partner can mean you continually foot the bill, or miss out on activities you enjoy. Either can lead to resentment and arguments. If your finances are a mess, are you looking for someone in the same situation who understands, or someone to swoop in and rescue you? Some partners may enjoy being the main breadwinner, while others may judge you for not being able to ‘adult.’ You may be able to learn from your partner’s financial prowess, but there’s a risk that your opposing attitudes will cause conflict longer term. Of course, that’s not to say that a new partner won’t want to impress on the first few dates and treat you. Just be careful not to take their generosity for granted and expect never to pick up the tab. On the other hand, if a date is constantly letting you pay or is meticulous in splitting the bill, watch out! This could be a sign they are broke, or mean. Finances subtly come up in conversation all the time – we talk about jobs, where we

live, our hobbies, travel and all of the other stuff that costs money. So, if your date seems to have an active life, chances are they are doing well financially and are not afraid of spending. If on the other hand, they seem to do very little and appear stressed at the arrival of the bill, they may well have money troubles, and it’s a good idea to find out more before getting serious. While it may sound mercenary to let money talk in a new relationship, there are plenty of horror stories about women being taken in by their new love and finding themselves married to a lot of debt. This could be from business deals gone bad, divorce, gambling issues, school fees, or just having an extravagant lifestyle they can’t afford. If your partner has children from a previous relationship, chances are they have financial obligations that may take a large chunk of their earnings. So, before you bring up the conversation, look for the clues and try to corroborate what your partner is telling you with how they actually behave – their clothes, house, car, friends, colleagues will all help you to build a financial snapshot. The best way to introduce the subject is when your relationship develops to the point you are talking about your future together. If you have similar (realistic) ideas about what life could look like, it’s not too big a stretch to gently say “I’d like that, could we afford it?” Anyone serious about you and open to sharing their life with you will appreciate an honest conversation to figure out where you both stand financially and to start to set some financial goals together. If they can’t open up to you on such an important topic, question whether they (and therefore you) are ready for serious commitment. wisegirlsmoneyacademy.com.au

So, you will never feel alone or wondering what to do to achieve your best outcome.

Start date February, 2020 10 week course, 1:30pm - 9:00pm Mobile 0401 960 733 wisegirlsmoneyacademy.com.au 21

How Men

And Women Differ With Money Matters When you start talking about the differences between the sexes you can find yourself on pretty touchy territory. It is always important to choose your words carefully to avoid being labelled sexist. In reality there are many areas in life where there are vast differences in female and male behavioural patterns and their approach to money is one of them. Whether you want to accept it or not, women and men face quite different challenges in their lives financially. From

the way they spend money, to the way they invest, to the risks that they are prepared to take, the fact is, that men and women differ in their financial approach. And you know what? This is okay. It is actually to be expected, because essentially, men and womenâ&#x20AC;&#x2122;s brains are wired differently, so it is natural that they make different decisions and choices with regard to their finances.

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LET’S TAKE AT LOOK AT SOME OF THE AREAS WHERE WOMEN TAKE A DIFFERENT APPROACH TO MEN: EARNINGS: Although the gender pay

gap is slowly shrinking the fact is that women still generally earn about 16 per cent less than men in Australia. In addition to this women tend to take far more unpaid leave than men and the reason for this is simply that women tend to put family first. Whether it’s to have a baby, look after their children when they are small or care for elderly parents, women seem to prioritise family over earnings. As women what we need to do is embrace this and not look at this as a negative but rather as a positive and as such plan for it just like you save for a holiday. In order to reduce the financial pain of unpaid leave, it is essential that we forecast for it and put money aside regularly when we are working full time, so that we are prepared for those career spaces when they present themselves.

SAVINGS: The truth is, women save less

than men and the reason for this is fairly simple. Women tend to put household expenses and finances first which means that their own ‘savings’ is relegated way down the money financial priority list. In an idea world we should be ‘paying ourselves first’ and put away a set sum of money each week to ensure some financial stability and that we have that all-important stash of cash.

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either really good at budgeting or really bad at it. The main differences between the sexes is not how well or how poorly they budget, but rather the way that they budget in terms of what they see as necessary versus what they see as discretionary items. Essentially, what men and women value the most, tends to differ. This is completely fine, as the key here is not to compare the difference, but to ensure that your budget suits your lifestyle and your income. In an ideal world, 60 per cent of your income should be spent on essentials such as housing, education, healthcare, utilities, education, insurance and transport etc. 20 per cent should go

towards savings and then the remaining 20 per cent of the income should go towards discretionary items and this is where men and womenâ&#x20AC;&#x2122;s choices differ.

INVESTMENT: When it comes to

investing it is pretty clear that men and women have quite different approaches to investing. These include: Men tend to show more interest in investing than women, although younger women are stepping up to the plate and showing more interest than their older counterparts. Men tend to know more about investing. This probably comes down to the fact that they show more interest in it so are hence more knowledgeable about it. This pattern will hopefully change with the new generation of millennials coming to the forefront of the financial world. Women seek more advice than men. Women are good at asking for help and seeking advice before they make any financial decisions. This can be a great attribute as it means they are doing their homework and avoiding unnecessary risks. Women focus more on long-term investments. Women are more likely to look at better long-term investments for their family than possible risky high-level short-term returns. Women trade less often. Women are much more likely to buy and hold than men. This is mostly due to their preference for long-term investments. Men take more risks: Research has shown that men are more likely to

take on more risk for better returns than women who are traditionally more cautious when it comes to investment.

RETIREMENT PLANNING: When

it comes to retirement planning men tend to start preparing for it earlier than women. The fact that women are statistically living 4 or more years longer than men and face some further financial hurdles along the way (namely lower pay rates, and time out of the workforce) mean that they need to be more proactive when it comes to retirement planning and saving for that â&#x20AC;&#x2DC;nest eggâ&#x20AC;&#x2122;. It is vital that women ensure that their superannuation plan is up to date and is the best one for their personal needs and, if possible add to the fund by making voluntary contributions. It is a good idea to seek professional advice to ensure that your investments are appropriate for your stage of life and is reflective of your needs.

The final say

Men are not better with money than women, nor are women better with money than men, but the two certainly have different approaches and this is fundamentally due to the differences that each sex values and sees as important. The truth is, both men and women could each learn something from each other when it comes to financial planning. Women do face a unique set of challenges when it comes to making money and saving money. The great thing is, women increasingly have more power and more choices when it comes to controlling their financial future and they seem to be embracing this change. wisegirlsmoneyacademy.com.au

Lisa Oâ&#x20AC;&#x2122;Neill:

Taking Control Of Your

Bank Account 18

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Money – one hand takes it, the other gives it away. It’s a perpetual cycle that many of us don’t think much about until that bill needs paying and the account is empty! It’s frustrating, and it holds you back from enjoying your life to its fullest. However, gaining control over your finances is possible with a little focus and a shift in mindset. The bonus is, with financial literacy for women also comes enormous empowerment, the ability to know your worth and the confidence to ask for it. “Getting in charge of your mind, your mood and your money will change your life! Personal power is a huge mantra of mine,” said keynote speaker and stand-up motivator, Lisa O’Neill. Lisa has had a life-long obsession with helping people look and feel their best. She began her career in the fashion industry and in 2013, wrote her first book, Look Gorgeous, Be Happy. From here, she ran women’s events and worked in the media, before realising she wanted to help women transform themselves not just on the outside, but from the inside as well. Lisa is now a highly sought-after keynote speaker on topics including empowerment, energy, leadership, time management and freedom. When it comes to women and money, Lisa believes knowledge and support are critical factors to regaining control and opening the doors to a more powerful, abundant life. For her, this knowledge and support came through joining Thought Leaders Business School in 2015. Although she had been running her own business for 15 years, she recognised gaps in

her knowledge that were holding back her earnings. She needed greater accountability and new skills to help her take her business to the next level. While working with mentors at the School, Lisa became more aware of her approach to finances and how her beliefs and thought patterns tied in strongly to her monetary success. With guidance, she discovered a whole new way of thinking that benefited not just herself, but those around her. “Investing in myself and seeking out likeminded people has completely changed my business,” she said. “I now understand the value that I can offer my clients. I have levelled up everything that I do. By surrounding myself with people who are in similar industries but with more or different experience, I have been able to learn and grow so much. I believe It is super important to surround yourself with people who understand you and what you are trying to achieve. Making the investment to improve and level up my business has allowed me to teach others how to do the same. I am now able to help others to do what I have done.” So, how can you similarly take charge of your financial freedom and enjoy the refreshing level of power that Lisa found?

Step 1

Put down the shame. Money matters affect all of us, even those who seem to have plenty in the bank. There is no shame in seeking help and striving to better your life. Lisa said her mentor Peter Cook, taught her ‘that we are all dysfunctional around money’ - what a relief!

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Step 2

Get some help. There are many resources available now to tap into, both online and in the real world. Ask around; you may even have a money-savvy friend or family member who can help. “Too many of us hide from our financial reality and do not give ourselves the benefit of great advice and support. This applies equally to those who have money but are not being smart with it,” Lisa said.

“I believe that money is energy - a currency that we exchange with others. Knowing your value and asking for it is the greatest thing I learnt during my time at Business School,” Lisa said.

Step 3

Understand your beliefs about money. Our beliefs around money and how we handle it often comes from many years back. These beliefs become ingrained over time, and it can be challenging to understand why we act a certain way. It is critical to unlock the beliefs that may be holding you back, take time to think about how you feel around money issues, and what is important to you when it comes to financial control.

Step 4

Pay attention to where your money goes. The best way to do this is with good old-fashioned tracking. It may be painful for a while, but writing down (or using a handy app) is so useful in seeing where you spend and identifying unnecessary splurging. As Lisa realised, “Before I started tracking my spending, I was leaking money everywhere!” Once you have reached out for help and are more aware of your spending habits, you will gradually gain the financial freedom you have longed for. With this, comes power and the confidence to ask for what you need and want, and your success will snowball.

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tlbusinessschool.com lisaoneill.co.nz

MONEY MINDSET

And Women Have you been saving as hard as you can, and trying to find every way to make a buck over the last few years? Are you determined to be a money-smart woman in control of her finances? If so, you may be unwittingly holding yourself back in your bid for financial freedom. Sometimes we try as hard as we can to turn our finances around, but no matter what we do, things don’t seem to change enough. Savings grow but only slowly, and just when

you think you’re about to get a big boost, some unexpected expenses topple your goals for the year, or you find yourself splurging on a shopping spree you didn’t need to go on. If you’re in this boat, consider your money mindset. How do you think about money, finances, and saving, both consciously and unconsciously? It’s common for us all to have underlying beliefs about money that may hold us back in our quest for financial freedom. wisegirlsmoneyacademy.com.au

Here are some common limitations when it comes to the psychology of money for women that you should consider today.

FINANCIAL LITERACY IS TOO HARD, COMPLICATED, AND EXPENSIVE As much as we don’t want to think it’s still an issue in this day and age, many women have been brought up to see finance as a complex area that needs to be handled by a man, and that requires years and years of study to understand. Even if we didn’t have this kind of upbringing, it’s easy to be overwhelmed by the mixed messages out there about money and how to best manage it. While there is conflicting information, in a world where we all have access to a raft of free and low-cost information, it doesn’t require a university degree to be mindful of money and manage it effectively. The first step is to remove your limiting belief around your abilities to master this area. Read a variety of books (many of which are available from the library) to educate yourself, watch videos, enrol in short courses, or book in with specialists to learn what you need to get ahead. The money and time you invest in educating yourself will 22

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surely come back to you tenfold or more over the years. The more you get involved in the arena of personal finance, the easier it will be for you to see how to move forward, and to avoid being taken advantage of financially.

“

Create clear goals so you know why you’re reducing spending because this will give you motivation to say no when you need the willpower.

“

While money is a tool, and as such, has no emotions tied to it specifically, we all tend to connect different emotions, memories, fears, hopes, insecurities, goals, and more to it. This can either help us move forward or stop us from getting the life we want.

FEELINGS OF GUILT AND SHAME It’s common for women to have complex feelings of guilt and shame tied up with their finances. For example, many women feel that concentrating on ways to make more money makes them greedy or feel guilt. They feel guilty about the idea of investing in themselves when they have a family to feed, or they have shame around not knowing more or not having saved “enough”, whatever that number might look like. They, therefore, become too embarrassed or scared to ask for help. Plus, many women who have been in relationships where their partner looked after the finances find themselves in a difficult situation when that relationship breaks down. If they suddenly have to start handling money and making plans for the future by themselves, women can understandably become overwhelmed and have handle feelings of guilt and shame. To get around this, keep in mind that you’re not the only one. The situation happens to many more women than you realise, and if you start opening up about your situation, you’ll probably feel better about things pretty quickly. Furthermore, the sooner you acknowledge where you’re at now and what you need to learn, the sooner you can take proactive steps to achieve what you want.

HAPPINESS EQUALS SHOPPING Another common unconscious belief many women harbour is the idea that whenever

they feel low, including when they’re worried about money, doing some shopping will provide a lift. While buying a new handbag, dress, kitchen appliance, pillow, etc. may give you a temporary buzz, this is short-lived. Once you get your credit card bill, or even once you get your shopping home, you’ll probably feel terrible about the money you spent and wish you had put it towards something more necessary, such as debt repayments. When you’re in a vicious cycle involving shopping, it can be tricky to break it. However, if you take a few strategic steps, you can be free of it. For example, create clear goals so you know why you’re reducing spending because this will give you motivation to say no when you need the willpower. Then, create a strict budget to follow and use tech tools such as budgeting apps to stay on track. Also, speak with people close to you about what you want to achieve, and get them to encourage you and to talk you out of making unhelpful choices when tempted. If you have people in your life who constantly encourage you to splurge, you may have to limit your time with them for a while until you have retrained yourself. If any of the above money mindsets ring a bell for you, ask yourself: what is my psychology around money, and how are my beliefs holding me back from achieving my dreams? Consider where you stand at the moment, and then take steps to make changes over the coming year. Doing so will make it easier to achieve the life you’ve always wanted.

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Doing Whatever It Takes:

Mums Who Do It All

You often hear the term Supermum to describe those mothers who seem to be doing it all. The ones who work full time, volunteer as a coach for their kidâ&#x20AC;&#x2122;s soccer team, make delicious, well-balanced Bento boxes for lunch, whilst all the while looking effortlessly chic without a hair out of place. Well, things are NEVER as they seem and itâ&#x20AC;&#x2122;s time we stop comparing ourselves to each other as a measure of our self-worth. Behind the outward appearance of having it all together, is more often than not, a woman who loses her cool or falls to pieces just as much as the rest of us. And, then some. Having it all together on the outside, usually means dropping the balls on the inside. 24

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The more realistic supermum describes a breed of women who are very real and very present. These are the women who are doing whatever it takes to look after their family, often at a high cost to their own health, happiness, career and even sanity. Taking on extra shifts, working two jobs, juggling career and family life, looking after young children, or elderly parents, being in a loveless or disconnected marriage or a job that they hate, simply to provide for their family is more realistic snapshot of the supermum. Their clothes are not perfectly ironed and their bake-sale contribution is bought from the grocery store, they don’t have helpers and work tirelessly to keep the household running somewhat smoothly and they seem to always be on the run. Although it’s true that women have came a long way in bridging the gender-pay gap and have made huge headway in fighting against gender-based discrimination in the workplace, the fact is, women still carry the brunt of the work/home life balance. Despite being more highly educated and better employed than ever before, women still take on the lions share when it comes to household and family duties, despite how extensive their work commitments may be.

So the question is … how does this imbalance affect women? The answer is complicated and obviously differs from case to case. Generally speaking there are some obvious and real affects: Women are ten times more likely than men to take a temporary break from employment upon the birth of a child. This means that not only is their career path temporarily interrupted so too is their earning capacity.

Women are eight times more likely than men to look after sick children or manage their children’s schedules, which takes time out of their work life and adds to their regular daily responsibilities. • After becoming a mother, women are far more likely to change jobs and seek employment options that offer greater flexibility or that allows them to work from home. This can often result in lower pay. • Women are far more likely to stop working or reduce their work schedule than men in order to care for elderly family members, which can either see them removed from the workforce entirely or dramatically reduces their time with in it. This cuts their career prospects, opportunity for raises and promotions as well as cutting their earnings and their ability to save for important things like retirement. • Aside from the obvious financial and career impacts, women have less time to care for themselves, their health and wellbeing and are more stressed.

So what can we do about it? Although it does feel like women are still being overworked and underpaid, there are things that can be done to combat the imbalance in the home, office and political arena: • Be fiscally proactive from the get go. If having a family and taking time out of the workforce to look after your children is something that you see in your future then plan for it early on in your career. Put some extra money aside each week or accrue extra leave in anticipation of future circumstances. wisegirlsmoneyacademy.com.au

• Challenge traditional gender roles. Women are taught that they are ultimately responsible for the majority of family duties. In this day and age this is an antiquated concept that needs to be addressed. It won’t happen overnight but women need to fight back against these traditional gender roles and create a more equal distribution of duties at home. Women need to be proactive in sharing the load with their partner. • Support affordable childcare and paid family leave. Australia has become a lot better with providing parental leave for both mums and dads, but that doesn’t mean that we have a system that supports both genders equally, yet. Childcare, especially long day care, can be very expensive. It is vital that we continue to put pressure on our politicians to support working parents as much as possible.

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• Encourage your workplace to adopt flexible work arrangements. Many businesses are becoming open to adopting more flexible work arrangements for valued employees, allowing them to create a more harmonious work/life balance. Try to have an open relationship with your employee and encourage them to implement work practices conducive to working parents. Although so many women are still burning the candle at both ends in trying to do it all for their family, whilst pursuing a career and providing for their families, times are changing. We must delegate to our partners and children to pitch in and forego that mentality of “I’ll just do it.” The pay and gender inequality gap, with continued persistence, political pressure and practical support, will hopefully allow women to share the burden more equally when it comes to home/work/life balance.

Money Bloggers You Should Be Watching

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Lauren Bowling

Noel Whittaker

Holly Johnson

Nicole Pedersen - McKinnon

financialbestlife.com Lauren Bowling is the author of the Millennial Homeowner: A Guide to Successfully Navigating Your First Home Purchase and the blogger behind the finance site Financialbestlife.com. With expertise in helping people to get on the property ladder this is the woman to listen to if you’re looking to purchase your first home.

clubthrifty.com If you want to know how to trim the fat, reduce your overheads and make the most out of your finances then Holly Johnson is the thrifty blogger to watch. Her blog Club Thrifty showcases all the tips and tricks that have made this frugality expert the financial success that she is.

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noelwhittaker.com.au With over 25 years of knowledge, insight and wisdom in the world of finances, Noel Whittaker is a seasoned veteran when it comes to money matters and offers the younger generation some key advice when it comes to investment and financial strategies. Considered to be one of the world’s foremost authorities on personal finance his blog offers readers some highly beneficial insights into how to achieve financial freedom and make your money work for you.

TheMoneyMentorWay.com Nicole Pedersen is a financial literacy campaigner and educator with a unique and engaging take on ‘money smarts’. Her young and upcoming Aussie girl is the founder of ThemoneyMentorWay.com and the developer of The 12-Step Prosperity Plan which essentially and easy to follow blueprint to take people from a position of financial woe to well being.

What Keeps You Awake At Night? We gathered together a group of eight mothers aged between 35 and 44, to discuss where money fits into their lives. We discussed looking after their families as well as planning for their own personal futures and some interesting points emerged. Firstly, they were all working overseas and travelling in their 20s and did not contribute money into super, therefore, they are now almost a decade behind. They are very conscious that they donâ&#x20AC;&#x2122;t have enough.

In this age group with young children, these women are excellent at budgeting, so they know exactly what the cost of living is and whether or not they can actually save money. This time in their life is one of the highest expenses with mortgages, school fees, daycare fees, rising utility bills and growing children. One of the group was a single mother with a primary school age child who was working and studying at University. She said that she has had to learn to be as strict with her time as she is with her money. She said she knows wisegirlsmoneyacademy.com.au

that she is in this space until she finishes her degree and her income will increase with the first job after university. This pathway is not the easiest however she is determined to make a better life for herself and her child. When I asked what were their greatest concerns, all of the women were most concerned about supporting themselves after the age of 65. We discussed that women are now living well into their 90s and will be in retirement longer than they were in the workforce. These women are worried about not having enough money at that time in their life and living in poverty. They were trying to work out how much money they needed to contribute to super, once the children were more established. The conundrum was whether to put more money into super or pay down their mortgage. Given that interest rates are now at record lows and mortgage repayments are far more affordable, they still have a large mortgage because of house prices. One of the comments came about that if she put $20 a week a salary sacrifice into her super that would help. I said that would add close to $1500 per annum including the government co- contribution into super. If that $1500 goes in and compounds every year plus any employer contributions over the next 20 years she will slowly build up her super while paying down the mortgage. Other concerns centred around health and how to take care of themselves so that they don’t get run down looking after their family. The topic of self-care is important because they have to set aside time to exercise, cost associated with any kind of gym membership, any kind of personal

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expenditure such as beauty money or haircare. One woman commented on how women mentally multitask; they constantly think about everything in their life all at once and try to organise the various functions in some kind of checklist or to-do list. They also commented that their partners help with their share of the work involved, but don’t actually do the planning to get the work done, nor do they actually work out the budget for the house. This constant mental activity can also be stressful because women feel as though it’s their job to get everything done. We discussed the importance of a really good nutritious diet for themselves in the family and fitting in mental and emotional health activities for themselves. One commented that if I go down the whole lot comes with me and I can’t afford to get sick. When they were talking about their finances and how to take care of themselves in the event of any difficulty arising or relationship break up, one said that if that happened to her, she would just get on with it and cope. In that situation, women are not always prepared and don’t always take the lead to cover themselves. We looked at some solutions for all these concerns. Firstly, women need to take care of themselves and meet as a support group and friends more than once or twice a year. They literally need to organise real time out to emotionally and mentally regroup.

They also need to look at their financial situation and put into their budget a small saving into superannuation for themselves is important, not just employer contributions. We also looked at the option of setting up a side income such as an online business that they can begin now. One of the greatest issues coming through now are women over the age of 65 living in poverty and some are homeless. Many of these women did not work much in their lifetime income did not have compulsory super until the last 20 years. Setting up an online income now and keeping it going for extra income for the family in the meantime is a great step up for a retirement income in years to come. The secondary income can also be contributed to their super (within the super caps). So, the main issues confronting women in 35 to 45 are their caring responsibilities and financial accounting for their families. They are very conscious of not having enough money said aside for their retirement and earning enough to be able to contribute to super over the next 20 years. Safety and security financially is the priority and

paying down the mortgage is the main focus of their financial thinking over the next 15 years. They are worried about the lack of lifestyle in retirement if they don’t start planning now. They are also very interested in learning how to do their own investing for the savings that they managed to accrue. ‘The one thing I do feel a lack of confidence in, simply because I don’t have the information, is how to grow any kind of investments when I get the money accumulated’. Basically, women want to know what to do with what they’ve got. Since they don’t have enough information, they I don’t feel they have the confidence to do it themselves. They know they’re good at budgeting and know that is with a bit of effort they could make some savings towards financial independence. The two key factors that became clear from this discussion was that women must take good care of themselves, both mentally, emotionally and physically with regular exercise and a good diet as well as find assistance with the financial future now.

Meet the wonderful women who contributed to this valuable discussion: Rachel Walsh, Genevieve Odams-Rodriguez, Lindy Sullivan, Courtney Dawson, Lauren Milsted, Melinda Hammermeister, Aleta Sheil, Stephanie Bell.

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Maggie Wilde:

How To Be Smarter Than Your

Brain

Maggie Wilde was working as a Clinical Therapist, committed to helping her clients overcome adversity and pain when she, herself, was struck down by a stroke 15 years ago. This signalled a necessary change in direction, a refocusing of her energy and – although she didn’t know at the time – a significant turning point in her career.

“The technique enables you to switch off the thoughts, the emotions and the sensations that aren’t working for you and are holding you back using simple brain training skills. You then learn to program the thinking, emotions, patterns and behaviours that you need to get the life you want.” Maggie explained.

During her recovery, Maggie began studying neuroscience and epigenetics to help ‘put herself back together’ after her injury. She uncovered some very powerful insights on mindset, the malleability of the brain and the complex yet fascinating way our wiring determines our reactions to the world around us. She discovered that we can be ‘smarter than our brain’ if we use it wisely, and that brain training has massive potential as a therapeutic aid. From here she developed her successful model; CPR – Control, Program, Rewire Brain Training.

“The ‘rewire’ focuses on the part of the brain that learns our automated processes and systems. That part of the brain learns through repetition, so rewire techniques are short repetitive brain training exercises that you can do to reinforce the change until it becomes permanent.”

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For Maggie and her clients, change always starts with mindset. How your brain is programmed ultimately determines how you will respond to stressors and difficult situations. Even if you commit to making

changes in what you do, such as signing up to a course or setting new financial goals, without acknowledging and reprogramming your subconscious many of us will end up sabotaging those efforts when times of stress or unpredictability hit. “When it comes to things like money, building wealth, self-belief in our career or business; if our fundamental belief systems are programmed at a subconscious level that we’re not good enough or we fear failure, or that success is easy for other people but not for you, or that money is too hard to come by…then in times of stress that will be our default brain pattern. Our habits, our behaviour, our thoughts and our moods will actually be determined by that automated belief system.”

So, how do you change your mindset? Maggie’s CPR technique starts with assessing what is happening right now, without judgment and criticism. If the thought, belief, emotion or sensation is helpful, it can be reinforced to become second nature and ingrained in your brain for the next time you are in the same situation. If it is not helpful, such as feeling anxious, doubtful, fearful, victimised or powerless, you switch off that thought and replace it with something positive. Once we understand how we respond to the world around us is not who we are, but how we have learned to think, we open the door to abundance, wealth on every level and reaching the potential we know is inside. “If we can detach from that emotional attachment to feeling like the victim to our poverty or the victim to our failures or holding disappointment or blame for our mistakes and just actually choose how to respond to life rather than react from

automated processes, then we can take that first step into being smarter than our brain.” The techniques to take control of your mind are simple once you get the hang of them, with Maggie’s favourite go-to taking just 15 seconds. Although short and sweet, these little moments of neural disruption are so powerful, instantly creating an incredible clarity and shift in focus that you can then take into the day ahead – and into your plans for forward momentum. “The brain does amazing things, such as breathes for us while we are asleep, grows our hair and fingernails and connects with the body to digest food; it helps us function. However, the brain just responds to instructions from the mind,” Maggie explains. “So, if we’re not in charge of our mind and we think that our mind is in charge of us then the brain is just following instructions from a person who is not in control of their outcomes! If some of our previous wiring causes destructive thinking patterns, then the brain is following instructions that have already produced mistakes. The definition of crazy is to let the brain follow the same patterns and keep repeating the same mistakes. Especially when there are easy strategies that will rewire our brain with new thinking to get different results.”

Maggie’s brain training techniques Maggie’s favourite technique is simple; take a deep breath and blink three times very consciously, then roll your eyes in a big circle one way and then back the other way. Do the eye roll slowly, deliberately and curiously. “Whatever you were thinking prior to that blink an eye-roll will actually have less wisegirlsmoneyacademy.com.au

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The definition of crazy is to let the brain follow the same patterns and keep repeating the same mistakes.

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power. There’ll be a less electrical circuitry flowing through the neural pathways that were causing that thought. And so just by blinking and eye-rolling you can actually switch off the power of a thought and in its space you’ve got time to replace that thought and activate new neural pathways that focus on what you want instead.” This quick technique needs to be done as soon as the thought transpires. It only takes around 68 seconds for the neural pathways connected with that process to fire, and the wiring in the brain that goes with it then fire as well. The result becomes your mood, which can translate into a trait and, over time, a personality – all coming from the way you are thinking. Another simple technique is what Maggie calls mind rehearsal statements. This is as easy as standing in front of a mirror and smiling at yourself, then repeating a phrase that draws attention to what you want. For example, “I am worthy of a pay rise”, “I am confident in my abilities”, or “I will save enough to build my dream home”. If you find a little voice persistently trying to sabotage your mind rehearsal statements, don’t try to push past it or ignore it, instead acknowledge the voice is not who you are, it is just your wiring, and that can be changed for good. Just blink and roll your eyes again and begin with your positive statements. When it comes to money management, our belief systems often aren’t even our own. They come from family, those we grow up around and experiences that shape the way we handle our finances and the stresses that come with it. In this case, a belief audit is helpful, which allows you to uncover what ideas you are holding onto when it comes to money and

where they come from. Which do you want to hold onto, and which do you want to ditch? “Most people think our beliefs are set in stone they’re not they’re malleable plastic. That’s what neuroplasticity is about, it’s the brain being able to change. And that’s just having tools to switch off what isn’t working and then program and rewire what you need instead to get what you want.”

Benefits of brain training While neuroscience tells us that it takes around 60-90 days to form a new habit, there are numerous significant benefits to these mindset techniques that are felt immediately. Reduced pain levels, reduced depression and anxiety symptoms, stress management and a calmer mind are just some of the short-term benefits you can gain as you work to rewire your brain over time. For long-term benefit, be patient, be kind to yourself and trust your ability to become consciously smarter than your brain and make positive steps forward. Cut the overwhelm by focusing on one new task at a time as you teach your subconscious to nurture what you genuinely want, not what you think you should want or deserve from life. “When you start focusing on one thing... what you’ll find is that other stuff starts to fall away at the same time because what is wired together, fires together. So, if the one thing you’ve chosen to change is your fear about asking for a pay raise, then as you rewire the confidence to do that, confidence in other areas of your life will be enhanced as well. It has a snowball effect,” Maggie said. thepotentialist.com wisegirlsmoneyacademy.com.au

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