In the recently released book Lady in Waiting, former Royal Aide Anne Glenconner describes her life born into a family of status and wealth.
From being an attendant at the Queen’s coronation to joining her husband in establishing a private island resort for the rich and famous, Anne enjoyed a privileged, albeit sometimes confronting life.
However, being born into aristocracy at the turn of the last century meant there was a catch. Because she was female, Anne had no entitlement to her family’s estate. What’s more, when her husband passed away she received the shocking news that he had left their entire fortune to someone else in his Will.
Luckily, Anne had owned a single property in her own name, which she was able to retire to when everything around her collapsed.
This may seem like a startling story but it is one which is repeated in many similar ways around the world. Too often, women find themselves depending on others to maintain a sense of financial stability. When the people they rely on leave or lose their money, there is nothing to fall back on.
Your financial independence always matters
Lately, there has been a great deal of talk about ‘sexually transmitted debt’ and people, particularly women, finding themselves in financial hot water because they weren’t aware of their partner’s spending habits or mounting debts.
There are also statistics that women over the age of 50 are the fastest-growing demographic when it comes to homelessness in Australia. After raising children and being out of the workforce, these women find themselves with no financial stronghold when their partner passes away or their marriage falls apart.
As someone who has always had goals around finance and personal security, it surprises me how few of my own friends have a clear idea of how much money they have right now, let alone how they will use it to create a secure future for themselves. This is why I am motivated to educate others about the power of property investing and why it's time to stop leaving things to the boys.
Ask yourself: What if...?
You may believe that because you’re young or in a relationship you don’t have to worry too much about what you do with your money.
But ask yourself:
-What if my partner had to stop working?
-What if I had to pay the rent or mortgage on my own?
-What if I am unable to work past the age of 50?
-What if I took complete ownership of the money I earn and used it to build a better future?
Having a hard think about these topics just might inspire you to take action.
The rise of the female property investor
While there is definitely more than one way to grow your wealth, investing in property is a successful strategy for many in Australia.
In the past, this has been seen as a man’s game but as females become more empowered and responsible for their financial status, women are tapping into its potential.
If you do get serious about investing in property, as the years pass those questions above will become a lot easier to answer.
Getting started may feel like a huge hurdle but if you create your nest egg you will always have peace of mind. You will know that no matter what happens you’ll have an asset you can move into or sell to access the cash you need.
With Covid-19 slowing down our travel plans, there’s no better time to start putting that money aside for a deposit or looking for creative ways to finance your first investment property. Plan an instagram shot with #justsold instead of #nomadlife!
Tips for success as a female property investor
Interested in securing your financial future through property? The most important step, once you have made the decision to create a budget and establish some savings, is to get educated. Knowledge, as they say, is power. The more you know, the easier it will be to make smart decisions.
Next, you need to gather a team who can help you. Work with a financial planner, lending specialist, buyer’s agent, and accountant to decide which move is right for you. As much as possible, my advice is to avoid big risks. Look for small wins which will add up over time instead of hoping to make a lot of money in a matter of months.
Even if your property investing journey starts with a small house in regional Australia, if you are educated and savvy, you will empower yourself to build an independent financial future.