For many women, Superannuation is likely to be one of their major investments. With the Superannuation Guarantee Levy rising to 12% shortly, Superannuation is likely to play an increasingly important role in the acquisition of wealth. The great thing is that even if you rely entirely on your employer’s contribution, over a lifetime of working you will accumulate a significant amount for your retirement.
Pascale Helyar-Moray, author of Rich Woman Poor Woman, has many achievements with one of the most notable, the app, Grow My Money. She has a wealth of investment expertise, particularly in superannuation. In 2014 she was awarded the Medal of the Order of Australian (OAM).
This book is intended to teach woman to better manage their Superannuation and how to make personal contributions. As the book explains, the difference between rich women and poor women is the time they spend coming to grips with their finances.
Are you prepared to spend the time and become one of the Rich Women?
If you have not addressed the issue of developing a financial plan that provides you with a comfortable retirement income, then a good place to start is by reading this book. It doesn’t matter how little you earn, there are ways to significantly increase your superannuation by simply choosing an investment profile that maximizes your investment return, without undue risk.
If you want to harness the power of compound interest, you need to start as early as possible. More importantly, if you can increase the investment return by 2%, over a lifetime of your working life, you are likely to double your final superannuation lump sum.
Superannuation is a very tax friendly investment. This book will show you how to maximise your investment by making personal contributions during various stages of your life.
Most women have no idea of how much they will need in retirement. This book discusses that issue and also budget requirements for various lifestyles.
There is a substantial volume of resources to help you achieve your goals.
Unfortunately, the book does not address the issue of investments outside of superannuation and other investment strategies that may increase the diversification of investments. As Pascale says: “Perhaps another book”. I certainly hope so.
In my opinion, having all your investments in one entity is never a good plan. But for women with limited financial resources, maximizing their superannuation is one of the easiest ways to grow their wealth.
For this reason, I would recommend every woman should read this book.
This will be my last Book Review for 2024. I wish all my readers of Good Financial Reads an enjoyable holiday break and look forward to your return next year.
If you plan to spend some time reading over the holidays, you may like to consider one of the 40 books I have reviewed since 2016.
Merry Christmas and a Happy New Year!
Glenis Phillips SF Fin – Good Financial Reads
Disclaimer: Financial Mappers does not have an Australian Services License, does not offer financial planning advice, and does not recommend financial products.
