Women are experiencing poorer outcomes than men when it comes to their long-term financial futures, and it’s a well-known fact the the financial gender gap is a common denominator.
According to the Australian Human Rights Commission, increasing numbers of maturing women in Australia are experiencing or are at risk of being homelessness, with a rise of over 30 per cent in the last five years.
Three in five single mums (60 per cent) and around half of all single women (46 per cent) said they had no idea on who to ask for help and confessed to not knowing enough about money to getting their finances or their housing problems on track.
Women need to take control of their financial futures and it’s never too late to start. Sure, it’s preferable when women are younger and single, but they can be instigated at any age – particularly to help prevent financial stress following a marriage or relationship breakdown.
I personally had to start again. A young mum with a two and a three year old, and at the end of my marriage, I walked away with just a small amount of equity in my house and a massive mortgage.
So, I got a serious. I had to make sure that I didn’t loose the roof over my children’s heads. I spent pretty much every day and night working. I was already good at budgeting but now it was tighter than ever, living pay packet to pay packet and having only 40 cents left each week. Just enough to buy the kids a soft cone from McDonalds each week as a treat.
My background was accounting but I also sold cosmetics with a direct selling company in peoples homes and I modelled too. Every catwalk and tv commercial job I could get I took and I would make it all fit, somehow!
I just worked and worked, paid down the house until I had on $27,000 to go, was able to build a brand new home and keep my existing home as an investment property. Now many years later and after a few changes in careers I’ve ended up owning my own real estate business selling and managing properties.
For more information about how to find your financial independence through property, book an appointment with Scott Pfeiffer of Pfeiffer Properties or attend one of his information sessions.