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The Fierce Girl's Guide to Finance

Get your shit together with money

Month

February 2019

I got totally rejected by a guy the other week.

Baffling, I know.

So, we met online, organised to meet for a drink and he walked in and looked pretty cute.

He’s gainfully employed, seems to have his life together and has a command of basic English – all of which you can’t take for granted in modern dating life.

We are having a good conversation and it turns to investment. He has a couple of investment properties; one of them is okay-ish and one of them is a dog. But he’s planning to buy another one.

So in my very direct way I’m like, ‘what about diversification?’ and ‘why go further into something you’re clearly not great at?’. Then I continue, ‘Haven’t you thought about shares? Can I recommend you research low-cost indexed funds? Your investment strategy sounds pretty dumb’.

In the retelling of this to my friends, the general consensus was (in Whitney’s words) ‘boner-killer’.

Whereas I thought I was helping him reassess his life choices in a positive way, apparently I was just coming off as a difficult, mouthy blonde.

You won’t be surprised to hear I didn’t get asked for a second date.

All week I kept thinking of Clueless, when Cher says, ‘did I stumble into some bad lighting?’.

Money, men and masculine energy

But my sad/non-existent love life is not the point of this post. What I started thinking about was the great sense of confidence old mate had about his investments, even though, in truth, he was not that good at it.

To his credit, he has done something. He’s made a move, and he’s owned it.

I think of this as a masculine kind of energy. Apparently I have a bit too much of that myself, because no guys ever want to date me. But what’s wrong with backing yourself sometimes?

What I see sometimes in the women around me is a lack of confidence in their financial ability. They see money as something complex and threatening. They think of ‘investment’ as a big, scary word.

So they leave it alone,¬† do a budget that gets them through to payday, buy a house they can just afford, pay their compulsory super … and that’s it. They don’t plan world domination.

Or they let their partner do the heavy lifting on the finances, and thereby open themselves to him making a bad decision on his own.

So I’d like to throw a challenge out to all my ladies. How about we all be a little more blokey when it comes to money?

And I don’t mean ‘use things without reading the instructions and then screw it up’.

I mean ‘hell yeah, I’ve done the research, spoken to the experts and educated myself. I’m going to take action’.

What sort of action? Well that depends where you are on your journey. Perhaps it’s starting out with the above-mentioned low-cost index funds. Maybe it’s buying an investment property. Maybe it’s adding more to super. Maybe it’s just setting up a high-interest savings account.

The key is to make a decision. Don’t second-guess yourself to the point of paralysis. Educate yourself to the point of confidence. Then go out and OWN IT.

Just don’t use it as a dating strategy, or you’ll end up like me, watching Chvrches concerts on YouTube, in my underwear, writing blogs and eating 85% dark chocolate.

Wait, that sounds fucking awesome … no wonder I’m single.

This is legit the only thing you need to read about the Royal Commission

And it’s not even that long!

I want to say a few things about the shit that went down with the Hayne Royal Commission into banking and financial services. The final report was released on Monday,

I know, it’s the last thing you want to think or read about. But go with me for a quick moment.

But first of all, can we take a moment to appreciate the awesome awkwardness of the photo call.

The fact that Hayne gives zero fucks about hiding his disaste for the whole thing is just glorious.

Ok, now I want to get to the real point. There were 76 recommendations that came out of the final report. I’m not gonna lie, I haven’t read most of them. I usually nerd out on this stuff but it’s been a busy week.

What I have done is read a shitload of commentary on it. And I came here to say this: don’t trust anyone with your money.

I’m not saying bury it in the backyard.

I am saying that a recurring theme was people having no bullshit filter.

The hearings were full of stories of people given poor advice by dodgy bankers and advisers, who didn’t see it for what it was.

Like, people close to retirement were given supersize home loans for risky property purchases. Or parents went guarantor for their kids’ businesses and didn’t realise their own home was on the line. Awful stuff, where people lost their homes, marriages and families.

There will always be fraudsters and dodgy dealers. But much of the poor behaviour recounted in the Commission wasn’t technically illegal. It was just risky business.

People who couldn’t afford to take on risk were told to do so. And because they trusted ‘professionals’, they just went along with it.

So what can you do? Educate yourself.

Take it from Elle, education is the best revenge

Sorry, no silver bullet.

To become a truly fierce girl, you need to take some responsibility for, and interest in, your finances. Read books and blogs. Talk to smart people. Pick up the business section of the paper now and then.

If you’re making a big decision about your money, go in with a serious amount of your own research. Line¬† up any advice or recommendations against your gut instincts. If it doesn’t sit well with you, think twice about it. And never feel afraid to ask ‘dumb’ or ‘rude’ questions.

The fact is, the Commission didn’t recommend fundamental changes to the sector. And greedy/unethical/incompetent people will continue to litter the finance industry the same way they do every industry. (You probably work with some yourself). As a result, you have to be on your game.

Sounds harsh, but the best defense against getting ripped off is to be a bossy, know-it-all, difficult-question-asking bitch.

Which is great, because that’s totally my style!

 

 

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