Financial Empowerment: Unlocking your wealth potential
Key takeaways from our Real Talk - Know Your Worth workshop.
The content was just TOO good not to share so here you have a breakdown of the most powerful takeaways from our latest Real Talk event where we explored the complex, sensitive and taboo subject of money!
We launched our Real Talk series to create an opportunity to start having these meaningful conversations about key topics that impact us all but are rarely spoken about. Our mission is to empower women and create a supportive environment for reflection, discussion and to support personal and professional growth.
Money is a key pillar of life that as Coaches we often explore with our clients and which is a topic that sparks interesting discussion at all of our events. With this in mind, we wanted to partner with an expert to harness our collective expertise and provide our wonderful community with the knowledge and tools to achieve financial empowerment.
We were absolutely delighted to collaborate with Phoebe Chamier, Senior Investment Manager at Brooks Macdonald International and a founder of Female Folio. Passionate about empowering women on their financial journey, Phoebe shared her wisdom and broke down what would usually be very complicated topics, into super accessible insights and gave us some incredibly helpful and practical tips.
Approaching this in 3 steps, we started with EDUCATE where we discussed the current reality for women including:
The reasons women typically meet more financial milestones and challenges in their lifetime – Phoebe expands on this in her blog Four Reasons Why a Womens Financial Path is Not Smooth Sailing.
The lack of financial education and financial literacy amongst women.
The gender pay gap and how this has worsened in Jersey since the pandemic. Read more about that in the Scrutiny Report.
There is a lack of female representation in high ranking roles from board members to CEOs.
Maternity leave means women take more breaks from employment.
The difficulty returning to work with increasing childcare costs and limited flexible roles.
How women’s pensions are £100k less than men.
Women tend to be less confident and feel guilty when asking for more money or negotiating salaries.
Moving into EXPLORE, we reflected on our own money mindset and how our beliefs may be limiting us from financial abundance. These included “I’m not good with money”, “I’ll never be able to afford to buy a house”, “I’m not motivated by money”, “I’m not worth £££”, “I should be making more money.”
Finally, EMPOWER where we grounded our learnings into action and Phoebe provided these excellent tips for spending, saving and investing:
The 50-30-20 rule
50% spend on what you need (mortgage, bills, food, etc.)
30% what you want (holidays, dinners, shopping, etc)
20% save & invest (make sure you have a 3-6 month cash cushion before you start investing)
Powerful reflection question to ask yourself: How would my 40, 50, 60 year-old self benefit from the changes I make now?
You don’t have to be rich to start investing. If you avoid it as you don’t feel you know enough, speak to someone qualified and experienced.
Remember, it’s not the money that makes you happy but the relationship you have with it and how you use it. There’s no one-size-fits all so reflect on what’s important to you, what you’d like to do in 5-10-20 years time and start taking the necessary steps to get there. It’s never too late to start saving and investing.
As women, we are carving the path for our future generations. The more we talk about money and educate ourselves, the more empowered we feel to take action and create an abundant future. Whatever that may look like for you 😊
Here’s some podcasts and resources we found super interesting and useful:
FEMALE FOLIO - Empowering female network, podcast & events
@MYFRUGALYEAR- Financial wellbeing and budgeting
@THEFINANCIALDIET - Enjoy living on a better budget
WOMEN & MONEY CAFE - Podcast chatting all things money
21 DAYS OF ABUNDANCE - Wonderful meditation series
ATOMIC HABITS - Great book with insights that isn’t specifically money focused but can be applied to financial habits as well
