Jess wanted to be more financially responsible
Episode description
Jess’s Situation Currently working for one of the big tech corporates Jess has a great income, bonus with share incentives, pension and benefits and wanted to be sure she was making the most of her opportunities and being financially responsible.
She also has the substantial costs of living and working in London and had to navigate the ‘should I rent or buy a home’ dilemma. This is further complicated by a desire to travel and eye on career options that move away from the good corporate earnings she currently enjoys.
Financial planning was key to Jess levelling up her knowledge and gaining confidence as financial decisions became weightier. She sought autonomy over relying on input from friends and family, but also realised this is a specialist area and having an expert on her side is a great way of being sure all options have been considered. Women’s Wealth loves taking on the role of BFF (Best Financial Friend) and we have enjoyed watching Jess lean into her financial responsibilities.
Challenges
- Lifestyle creep means high earners can become trapped unless they manage spending to a level that leaves them with choices.
- Benefit packages that include share incentive schemes turn you into an investor whether you are ready or not and learning to manage your stock assets is part of growing into financial maturity.
- Getting familiar with your pension fund, how to choose the right investment, contribution level and when and how best to use the fund in the future because it is likely to become one of the biggest assets you will ever own.
- Buy or rent – it is a big decision with lots of ramifications.
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