Ok, here are some big things I want to say upfront:

You are NEVER too old to start (PS... you’re, statistically, not even halfway through life yet and God knows what medical advancements might mean for how long we live!)

Why do you hate numbers?! I hear this all the time... it’s not an attack on you, just a genuine question I want you to ponder. If ‘numbers’ or ‘financial stuff’ is the ticket to the life you want, shouldn’t that make it one of the most important rides of your life to get right?

I’m going to start by saying there is a Money Memoir block here. Not in a woo woo kind of way. But in a neuroscience kind of way. Most people’s money belief's are built in childhood, often based on what you did or didn’t see around you. I am guessing you (like me and well, most of us) didn’t learn a damn thing about money at school and so you have a belief that you ‘can’t’ money. Like its a gift you are magically born with or without.

It’s not. Its a craft, you learn it. Refine it. Improve it over time.

But, it takes effort, energy and forgiveness... it also takes change.

So, henceforth I want you to never say you hate numbers again. Because not only do I not believe you (remembering it enables you to have security and freedom) and it’s not a helpful place to make brave money decisions from. So, you are on a journey to learn more about money. Every time you notice negative self-talk (which we are all guilty of), you must remind yourself of this.

So, this can feel like you are eating an elephant... where on earth do you start?

Here are some thoughts:

Partner up

No, I am not saying you must find a life partner (take comfort that older, single people are apparently the happiest cohort going around), but you need accountability!

At the end of the day, if you have always run away from financial life admin, the idea that you can whip yourself into someone who is going to love and dive deep into this immediately is crazy. You are probably going to need to be dragged (sometimes kicking and screaming) to do the things you know you need to do. Frankly, it's why most of the fitness industry exists... because we work better together than alone. So, who is going to do this for you?

Find someone or somewhere you have to regularly show up to, with your list so you have the time and space allocated to get stuff done.

The list

Now, if you haven’t engaged with your money for a while, there are probably lots of little things that you’ve been dragging around for some time. The first step is to write the list of to do’s. Break up based on urgent vs important. Often I find the most important get the least attention and focus put towards them (the irony!).

Regroup

Figure out what money lessons you need to learn (or unlearn) to get you in the right mindset to positively engage with your money in the future. I can talk about the basics of money all day long, but if you don’t believe them or actively behave in ways that are not in line with how you want to show up with your money, nothing’s changing (sorry, harsh but true).

What are your top 3 financial goals right now? One for the next year, one for the next 5 years and one long term one. Why do you really want to achieve it and how much do you need?

Income in and out

Where is your money going? What systems and structures can you make so that allocating your cash correctly is automated, simple and effective?

Stability

I would love to tell you that you have forever to figure everything out, but we don’t. I want you to think about areas where right now you don’t feel like you have financial stability (housing, passive income...etc.), decide how much of a priority they are for you over the long term.

You don’t need to own a home that you live in, but with rent and house price increases way beyond wage growth there needs to be a important conversation with yourself about how you are going to make sure you are financially stable for the long term. Plenty of single older women I have worked with (often single Mum’s), out of necessity, have chosen rent vest options – the barriers to entry become much lower as they can buy in an area that is within their price bracket... many telling me they don’t plan to live in it, but the peace of mind to know they can, should they ever need to, is reassuring for them. Some choose areas that have historically lower growth but higher yield because they intend to use the rent they receive to offset the rent they will need to pay themselves (remembering rent they receive will be subject to income tax).

I am seeing a growing number of single women in their 40’s buying 1 bedroom properties (which often don’t see as much growth) so they can have long term housing security.

Protect Yourself

If you are single, you are more at risk of financial shock waves. If you lose your job, or get sick – there is no one else’s income to fall back on in your time of need. So, make sure you have sufficient cash buffers for emergencies, get your Income Protection, TPD & Trauma Insurance figured out (and private health, if you don’t have that you will have to pay additional tax).

You also need a Will and an Estate Plan, being single doesn’t mean you don’t need one... in fact, it can be harder for Trustee’s to know where or how to allocate your money if you don’t have dependents.

Earn baby earn

Your 40’s is when you are likely to reach your peak income. This is the time to ensure you are not only getting paid correctly for your experience, but also that you have a clear savings, debt reduction and investing strategy to maximise that cash and put it to hard work. So, the next thing to ask yourself is where are you allocating this income?

So, there is your starting list – and it is just that, the beginning. Now is the time to build a healthy, lifelong relationship with money.

Join money communities, listen to podcasts, read books, do our Greenhouse program. This decade is very important to get right and guess what, you may actually learn to enjoy it whilst you’re at it!

Jess

Have a money dilemma?

Money dilemmas can be a nightmare! They can leave you up all night ruminating about what to do, have you feeling alone and isolated or just plain ol' stuck. So, we are here to help. I am going to tackle one a week and give you my unbiased, no BS general thoughts on how to tackle your conundrum. We would love for you to send yours (or someone you know) in. 

Obvs all of this is general advice only... especially important to note any and all of the comments above do not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs.