081: The importance of financial wellness with Obu Ramaraj

In this episode, Mia and Dinah follow Obu's journey from an affluent upbringing to navigating financial constraints. This sets the stage for a discussion about helping women take control of their financial well-being.

Obu Ramaraj is a money management speaker, author of two books: Smart Women: Smart Home Loans - what your lenders won’t tell you and Smart Women Smart Habits - powerful practices to create your ideal financial future. She’s the CEO of Smart Money Solutions. Her mission is to help women take control of their financial lives, helping women transform their relationship with money to transform their relationship with life.

The key topics covered include:

What is financial wellness and how to improve financial literacy

Obu highlights the common mistake of women relying solely on their partners for financial decisions. Sge emphasises the importance of financial independence and open communication in relationships.
The absence of financial literacy in traditional education is highlighted, with Obu stressing the importance of understanding where one's money comes from and where it goes.

Uncovering your money story, limiting beliefs and emotional spending

Recognizing one's money stories and limiting beliefs is paramount for making sound financial decisions. The conversation spotlights the psychological factors influencing financial choices.
The issue of emotional spending is discussed, with a focus on identifying triggers and developing healthier habits to curb impulsive buying.

Aligning values with financial goals

Creating sustainable financial plans involves aligning financial priorities with personal values and desires. Setting specific financial goals is a fundamental aspect of financial planning.

Money management for women

Obu emphasises the importance of financial tracking and the availability of apps. Tools for tracking spending are discussed, along with the value of using spreadsheets. The conversation encourages individuals to create separate financial buckets for savings, investments, and daily expenses to ensure proper allocation of funds.

Superannuation and retirement planning

The discussion delves into the topic of superannuation, emphasising the need to understand fund and investment options and the benefits of regular contributions

Insurance and emergency funds

The conversation highlights that insurance isn't solely for major events and recommends having a financial safety net to cover unforeseen expenses.

Investing to build wealth

The conversation addresses the common tendency of women to be risk-averse when it comes to investing. It encourages women to overcome this fear and explore long-term investment options.

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