Lifting the lid on ‘money secrets’
Peter and Lerato are married with two children and own and run two businesses together. Peter manages the family finances and Lerato, while perfectly capable of being involved, chooses not to. Peter therefore developed a good relationship with their chosen financial planner while Lerato hardly knew him.
Fast-forward 10 years and Peter and Lerato have experienced some challenges in their marriage. Peter also had a child with another woman. He did, however, regularly update his will as circumstances changed.
Unfortunately, Peter then died in a car accident, which was a catalyst for a dispute between Lerato’s children and the other child he had. Lerato’s children felt that they were the only ones entitled to their father’s assets, but Peter had made it very clear in his will that all his children should benefit. Lerato, on the other hand, had left her financial future in her husband’s hands. Despite Lerato being a capable businesswoman, she made a strategic mistake by not being aware of or involved in the family’s financial planning.
The scenario above is more common than one may realise and is one of the reasons Nedbank has embarked on a new advertising campaign to lift the lid on these types of ‘money secrets’ that many of us have. The intention is to act as a catalyst to start a conversation about money in a constructive and honest way – the critical first step in achieving financial wellness.
Women’s month is about women taking control of their own destinies
Every year on 9 August we celebrate Women’s Day, acknowledging those who marched to the Union Buildings in Pretoria in 1956 to protest laws that oppressed women. Even though this protest was specifically against the restrictive pass laws, it opened many doors for the emancipation and recognition of women. This is what Women’s Month is all about.
This story of Peter and Lerato can happen to anyone – here are some practical tips that can help ensure you don’t end up in the same situation.
Every woman should be able to enjoy financial independence, regardless of their earnings. This starts with having a financial plan informed by expert advice and making smart decisions about your money.
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