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Transcript
Why it’s very important to have financial planning in place? Because women generally earn less. There are different statistics, which share that women earn 24% less than men. On the same job, there’s only 6%. Anyway, it’s a gap. And women are more likely to take up part-time work. In Germany, more than 37% of women after having a first child, they start working part-time. Women have of course more career breaks due to not only the children, but also family and also domestic labor.
Women have less money to invest in the first place. What is more, women have a longer average lifespan, and we live longer. Average women live in Germany 5 to 7 years longer than men. And we have lower incomes in retirement. So we have to really start thinking about our financial independence. It’s about the creating really well-being for women.
There are many resources at the moment on the market where you can learn more about investing. There are YouTube channels, there are a lot of German-speaking, English-speaking bloggers. We as FinMarie, for example, we have a closed Facebook group where we regularly write in German and also in English tips and hints on how you can start investing.
There are also different portals like, for example, Geldverdienen where you can find also the different topics, not only the ETFs, but also stocks. I’ve set up in 2007 also a nonprofit initiative, which is called Mind the Gap. And with Mind the Gap we help women to increase their financial confidence. It’s not only for women, the guys are also very welcome, and we organize series of events, meetups, seminars, German or German-English-speaking people. For those who are a little bit more familiar with the stock market, every second week I post an article on LinkedIn. And also Caroline, my second best of half, she’s also posting on LinkedIn the market research, the studies in terms of how you can just take care about your financial future.
And for those ones who prefer to have the book, I can, for example, recommend this one, “Rich Dad Poor Dad”, and it’s like financial tip book, very easy to read. For those who would like to thinking to setting up the goal, I can recommend this, “Principles”. It’s a very good book in terms of how you can increase your confidence, how you can build your successful business. And my favorite one, André Kostolany, it’s the one of the famous wealth manager. He wrote a lot of books in terms of how you can start investing your money, what are the good products, and what should be, let’s say, in mind behind investing your money.
Do not invest in the products that you don’t understand. With no minimum rate of savings, the ETFs or the platforms like robo-advisors, like we or different others. They give you opportunity to invest in cost efficient and very diversified portfolio. So you don’t have to be already the millionaire. You don’t have to have a huge heritance already in order to start investing your money and building your wealth.
So what you can actually do, you just go online, you can use our free online questionnaire. If you decide to invest €1000 plus additional saving plan €100. With our online tool you can see how much money you will get after 10 years, after 15 years. Depend on your risk profile, depends on your risk appetite, and, of course, depends on performance at the market evaluation. So it’s easy to visualize this number. It’s all about setting up very measurable of goals.
