Money Matters

After getting the opportunity to speak at WCAN’s (Women in the City Afro-Caribbean Network) Money Matters event I felt it was very important to touch on a few things. 

First of all, the event was amazing because it spoke about so many different ways to invest your money. I saw people taking down notes and snapshots of the information from the projector. I honestly think more of these events need to happen because as someone who has been in the audience for events like this, it honestly gets me motivated to think about my next financial move. I think the key is to have more events centred around the conversation of money and for that very reason, Refined Currency is having an intimate brunch on April 8th, all details can be found here. I understand the price may be a bit steeper than usual events but this does include a full brunch menu along with talks, giveaways & discounts. Getting in conversation with other women about money and their experiences is so important to financial growth. Had I not gone to that event, I would have decided to put off jumping on the property ladder a bit longer.  This leads me to my next point.

There are other things you can do with your money apart from putting it into the property market. Of course, property usually provides a very stable return on investment but there are so many factors to consider. I could honestly go on but I’ll save that for the Refined Currency brunch. My main reason for bringing up property in a negatively skewed way is because the conventional way of saving for a house is so daunting in today’s economy. Salaries are not on the rise but the cost of living is and the economy is uncertain as we officially leave Brexit in March 2019 (Article 50 is being triggered in the next few days). So I honestly suggest diversifying your income with a varying pool of assets. I urge so many young women who speak to me and tell me they’ve got some money in the bank to:

  • Speak to an Independent Financial Adviser (IFA). Sometimes the initial consultation is free so it’s worth speaking with a few before deciding which way to go. 
  • Doing your research on terminology you don’t understand and not letting what sounds foreign scare you into not investing at all 
  • Take the plunge. Don’t let the words ‘capital at risk’ scare you. It’s honestly a standard thing to say where any investment is required. Capital is at risk on a house yet many of us still talk about ownership. Own other assets too! 

One thing I know I definitely want to talk about at the brunch is honesty when talking about personal finance. A lot of the times giving a vague outline doesn’t help anyone. When it comes to financial hardship no one wants to say they’re struggling which I understand. However sharing your story only when you are at the pinnacle of success can fall on deaf ears to those who hear it and still deem themselves to still be in a phase of struggle. Which is why I am open to sharing my past financial discrepancies such as getting a credit card and not having the right mindset and understanding to what using credit entails. I honestly created Refined Currency out of wanting women to not feel stupid for maxing out their credit card or not being able to pay their phone bill or whatever the case is. The point of our brunch is to have a conversation where we can say, “We aren’t here to say to we haven’t made any mistakes, we are here to learn our lesson, do better, become more disciplined and prepare our future not just for ourselves but for the generations to come.”

At times we can think that giving up money to save or invest is hard but I’ve come to realise it is a source of freedom. The more I save, the less I feel like a slave to high streets retailers and other things that give me temporary gratification. Saving to save and saving to invest gives me less anxiety over how I will cope if my job ended tomorrow or where I will live when my mother decides that she is ready to retire. In saying all of this, saving can be hard. Understanding money, how it works, what is a good return, how to make more of it and everything in between can be hard. What’s harder is feeling alone in that conversation, especially when it’s not one that has ever been prevalent in one’s upbringing. So we are starting a money mentoring service next month and of course, we will be offering a great discount on this to attendees at our brunch. 

There are so many other things I could talk about in relation to money such as Brexit, making more money as a contractor and why we should pay attention to the FinTech industry. However, this will be discussed in good detail with other intelligent women at our brunch. I hope to see you there. 

If not, at the very least subscribe to our website so that you remind yourself that you and your money deserve the best.