The Australian
Women are earning more than ever and climbing the ranks of corporate Australia in bigger numbers, but when it comes to managing their financial future their track record remains ordinary.
Sunshine Estivo, co-founder of Omniwealth, says women are getting better at managing their financial future but they start doing so at a later age -- from their early 30s -- compared with men, who get under way from their mid-20s. Estivo says the seminar's title reflects women's reliance on men taking control of the household finances but stresses that attitude is less prevalent in the younger generations.
One of the common mistakes women make, she says, is striving for survival rather than wealth, so they aim too low. Other pitfalls are not doing anything with their money -- simply putting it into a bank account -- living beyond their means and ignorance of money and investment.
The key to wealth creation, says Estivo, is having a strategy, then identifying the steps that must be followed.
First, women need to be clear about what they want and where they see themselves in the future, she says. They also need to be clear about where they are right now, meaning knowing what their personal balance sheet looks like; that is, their monthly cashflow position, income and expenses.
"From there, you can identify what resources you have and you can do a strategy to help you achieve your outcome," she says. Estivo and Coates believe the goal for every person should be striving for financial independence, so that throughout their working life they are creating enough wealth to ensure a comfortable retirement.
To achieve financial independence, Coates says, women must be "committed to the process of creating wealth". She likens it to dieting.