“Rule Number 1:  Don’t lose money.  Rule Number 2: Don’t forget Rule Number 1” so says multi-billionaire investor and insurance company owner Warren Buffett.

It was with this energy in mind that I attended an event in London entitled “Focus On YOUR Financial Future“.  

As compere for the event as part of the Worshipful Company of Insurers, I was able to introduce Financial Planner Vanessa Barnes of Hannay Wealth LLP to a group of interested and – at times – shocked women.

We were encouraged to stop being a participant, ostrich and casual observer of our finances and to start engaging in where we might be missing out, losing opportunities and “losing money” to quote Warren Buffett.

• As women, we often shy away from crunching the numbers on our own positions.  We think we’ll do it one day… 
• We advocate and negotiate for others but not naturally or comfortably for ourselves.
• We do if for our organisations and run the numbers and forecasts at work, but our own?  Hmmm.  

I know I used to be much less engaged in my/our financial position than I am now.

So much can change in our financial status with life events and changing aspirations and some of the BIG areas of vulnerability for women and their earning powers were highlighted as;

• Pensions and maximising these tax & contribution wise / 401K in the US
• Maternity benefits and requesting National Insurance payments be included
• University fees/loans and how to maximise them
• Divorce and how to work through entitlements, however uncomfortable 
• Sandwich caring.  Women tend to take the bulk of the care responsibility for both the children AND ageing parents and relatives, not necessarily their own.

These were just a few examples which made us pin our ears back and invite questions for a good 30 minutes.  

I was spinning around the room with the microphone like a whirling dervish!

As sobering note for you here today but also one which could save you a lot of head-scratching – and heartache – down the line.  “Information is power” as my boss Guy used to say.  He’s right.  Find out first.

A final word on the matter…

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 “We were not taught financial literacy in school.  It takes a lot of work and time to change your thinking and to become financially literate.”  

Robert T. Kiyosaki

And in other news…

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On my feet and in the mix with a really engaged audience of women focussing on their finances.