At each Athena Executive Club meeting we hold Business Development Training. These short sessions are designed to share useful tips, facts and ideas covering a wide range of issues relevant to executives and entrepreneurs. Athena Executive Members come from a diverse variety of backgrounds with an immense wealth of knowledge and experience which we all benefit from during these member-led training sessions.
At the 19th June Executive Meeting, Jacqui Rankin, Senior Financial Advisor, taught us how to ‘pay yourself first.’
Two financial lessons Jacqui learnt early (from her mum):
1) Women should ensure they have their own money and are financially secure on their own
2) Money isn’t everything; but it makes life a bit easier (and more fun!)
Jacqui then shared some interesting, albeit startling statistics:
At retirement age we are likely to fall into one of the following categories:
4% financially independent
5% still in employment
50% dependent on family / friends / government assistance / charities
Specifically for women, Jacqui shared with us that:
47% of women over 50 years old are single
50% of marriages end in divorce
75% of elderly people in poverty are women
90% of all women will end up responsible for their own finances
Wow! These figures were certainly a shock to most of us but they also served as a great reminder that as businesswomen, we need to plan and protect our finances – both personally and professionally.
Pay Yourself First
Paying yourself first is a concept which, at first, can seem a little strange because it involves taking your income and ensuring that your own money is set aside first (before the rent, bills etc are paid). This doesn’t mean that you shouldn’t pay your bills – but it is a process of calculating what your outgoings are and ensuring that you don’t just save whatever is left over after everything else (which often isn’t much); instead you should become another expense which must be paid regularly.
Your expenses and other outgoings (including paying yourself first) should not be greater than your total income (from salary, passive income etc).
The money which you set aside for yourself can then be long or short term savings, holiday money, for special occasions etc – the priority is to set it aside for you.
Jacqui’s Top 3 Financial Tips
1) Separate your bank accounts – between your personal and your business accounts, between your own and your partner’s accounts, between current and your savings accounts
2) Pay yourself first
3) Track your spending – divide between discretionary and fixed (your discretionary should never exceed your fixed outgoings)
Jacqui expertly and clearly walked us through why we need to take care of our finances and how we can take some simple steps to safeguard our finances for the future – as Jacqui says “a man is not a financial plan!”
Jacqui manages a large portfolio of personal clients from a broad demographic, based both in Singapore and globally. She offers a service which is tailored to the specific needs and aspirations of each individual client. Jacqui’s strength is building long-term relationships with her clients in order to help them plan financially for now and for the future.
Jacqui provides financial advice on a broad range of areas, including family protection & insurances, retirement and education planning, tax-effective savings, targeted investment portfolio management, Wills & estate planning, global mortgages and CPF, on both a domestic and international basis.
Jacqui has published articles, appeared on television and is a contributor and sponsor of several organisations and societies in Singapore including ANZA and the Scottish Business Association.
Outside of the office, Jacqui competes at an elite international level in sporting target rifle shooting, her highest achievement being part of the winning World Championship team. She is also a professionally qualified scuba diver and a keen dragon boater with the Gaelic Dragons Team here in Singapore.
Jacqui provides targeted financial planning for women and as a founder Executive Member of Athena, she is excited about the opportunities which this inspiring and powerful women’s network will bring.
Jacqui believes that whatever you want in life – if you plan, you can!