Mortgage Choice’s new Financial Fitness Whitepaper reveals that 56% of women feel financially stressed, which negatively impacts their overall wellbeing.
At age 55, Jenny had a small property of her own but with the dark cloud of debt hanging over her, she felt lost and financially stressed.
Jenny wasn't sure how to get back to a secure financial footing. It was when Jenny owed $20,000 on two credit cards that Jenny’s mortgage broker of many years Lindon Reed referred her to Shay Ramnath, a Mortgage Choice Financial Adviser.
“I must admit I burst into tears of relief after our first meeting because Shay gave me back my financial freedom. I am a social worker who aims to help other people but this time, I was the person being helped. I felt the terrible weight of money worries lift off my shoulders,” says Jenny.
“I really liked Shay’s approach to providing goals-based advice. He took the time to understand me, my interests, and how these could be useful in building my wealth. For example, I’d successfully renovated a couple of properties in the past and I was keen to do it again,” said Jenny.
Shay then helped Jenny identify her short and long term goals, and created a plan to help her reach them.
“Thanks to Shay’s advice I cleared my debts reasonably quickly and was able to focus on building my wealth through a mix of working in my chosen career and property renovation,” says Jenny.
For Jenny, the true value of advice was not just gaining financial freedom from credit card debt, but building wealth and financial security for life. She achieved this by sticking to her adviser's strategy.
“Sure I’m tempted at the shops now and again but I watch what I spend and I make sure my salary is well managed. My salary is one of my biggest assets, so I need to ensure it’s well spent and working hard to help create the life I want to live”.
Since receiving advice, Jenny has referred four friends and family to Shay.
Jenny says, “Financial advice is well worth the cost and changed the course of my life forever. Despite the popular misconception, financial advice is not for the rich. It is a recipe for everyday Australians who want to create a specific lifestyle by making the most out of their income and assets.
“I look forward to my financial reviews and phone chats with Shay, who, after seven years, feels more like one of my family than a financial adviser,” Jenny says.
At 62, Jenny now wants to focus on ensuring her retirement is well provisioned and is planning to put more money into her superannuation fund.
“Shay will advise me on the caps, funds, and the amount of super I can invest now and in future years. Having his trusted advice on one of the most important investments of my life is essential. As I grow older, I want to do so with confidence, knowing I will be OK,” says Jenny.
After experiencing the advice journey from debt to financial security, Jenny says she encourages other women to get financially fit by speaking to a financial adviser and by putting more of their free time to learning how to budget, save and invest.