Please note this page is currently being updated and an interactive Resource Hub developed. If you know of or have resources you think would benefit others, please send them in to girl@10thousandgirl.com or share them on Facebook. In the meantime, check out Kit and Kat’s scenarios and decide who and where you want to be.
The Magic of Compound Interest
The first stage to investing is getting on top of regular saving habits. We can see here how easy it is here and where a little saving early on got Kit. As young women, we have time on our side for compound interest to work its magic. Two sisters, both 65-years-old. At age 20, Kit started putting away $2000 at the end of each year into a tax-free savings account, with a 10% interest rate. She stopped putting money in when she hit the big 4-0, 20 years later – and left the money to work for itself. At this point, Kat (who was always a tad slow off the mark) thought ‘oh golly gee, I better get cracking’ and started putting away the same amount of money every year, for another 25 years. At 65, Kit had $1,365,227 and Kat had $218,364 – and Kat invested 25% more money than Kit.
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TOOLS, TIPS, TEMPLATES AND USEFUL LINKS
Here are just a few useful worksheets and links we like. If you have any favourites, please send them in.
Goalsetting and Making a Plan
Pre-Planning Booklet (for some healthy reflection)
101 Fabulous Things to Do List (to download all your ideas, thoughts and dreams)
Looking at Timeframes (helpful to start to put your goals in timeframes)
Goal Setting Worksheet (break each goal into an easy-to-action plan)
Gratitude Exercise
If you missed it in our February 2011 newsletter, here is the link to the Time Log template
Managing Your Personal Finances
moneysmart.gov.au is the consumer education website operated by the government’s Australian Securities and Investment Commission (ASIC).
How to do a budget
Find lost and unclaimed super
Reaching your savings goal
Checking out insurance
Managing debt
Developing an investing plan
Tools and calculators
Understand risk
We’ll walk through these topics and more such as tax implications, property, shares and ethical investing in the Personal Finance Program so get a GIG (Girl Investment Group) together and get all your friends on track and rocking.
Navigating the Share Market
ASX (Australian Stock Exchange) gives you a great selection of free online courses as well as pricing and research data on different shares.
Free online courses
Share prices
Reviewing your Products and Services
Where is your money? Have you got the best super fund? The highest interest online savings account? The most relevant insurance? Are your credit cards or personal debt consolidated into one account with a regular repayment plan? Compare interest rates, fees and features of loans and other credit products each year and whenever your circumstances change.
Here are some useful comparison sites:
www.mozo.com.au (our favourite, an independent website that provides you with comparisons for all types of financial products)
Building your Professional Support Contacts
Remember on first meeting, a good professional will want to know more about you than you do about them. If a professional can’t clearly articulate and assist you in understanding how they work, well they’re not going to be able to help you with financial advice so move on! There are plenty of great advisors out there. A good professional will always give you, at minimum, an initial 30 minute obligation free meeting.
To find leading financial service professionals recommended by the 10thousandgirl network, search the online directory www.10thousandgirl.com/tools-tips/little-black-book/
Download a list of good questions to ask professionals to help you get started.
