Published on April 14, 2015 10:52 am, by Peter Lord
I’m often asked why I created MoneyBrilliant and it’s the easiest answer in the world. For my Mum.
My Mum is an amazing woman who has worked hard all her life, raised three children and played by the rules. But like so many women of her generation,
Mum found herself divorced when I went to high school. Mum was given the family home and some child support but she still had to return to the work force after a 20 year absence.
I had just started work at the Bank and I learned about this great thing called “Equity” in your home. I asked my Mum if she would go and see Gary, a great financial planner at my bank. But, Mum didn’t have a great deal of knowledge on money terms or wasn’t that organised with her everyday money that when I talked about equity in her home I may as well have been talking in Spanish.
In the end, Mum didn’t go to see Gary, and didn’t borrow even just a just small amount against the value of our beautiful family home to build her retirement nest egg.
Fast forward 15 years of even harder work, Mum realised she didn’t have a big enough nest egg for retirement (did you know you need $1 Million + and a home to retire comfortably) and started to stockpile retirement funds putting over 35% of her salary into super.
But as retirement became a reality, Mum delayed it for a few years to keep saving, but when the time came, she still didn’t have enough.
To make matters worse as her well-earned retirement arrived Mum was hit with the biggest challenge of all, she had breast cancer.
Going through Chemo with Mum turned out to be a truly amazing experience. Mum was so strong and I have never been prouder. It brought us closer than ever. Since that call I don’t think I ended any type of conversation with Mum without saving “I love you”.
Well, it’s been four years since Mum’s diagnosis and she is cancer free, and still promises to be dancing on tables when she is 90.
But Mum still lives under financial stress. She is living on a part pension and still worries about $8 bank fees. So far retirement is not the golden years she had been promised.
This is why I created MoneyBrilliant.
My goal (now our goal) is to provide women, like mum, with the insights and tools you need to be organised with your money.
Women organise most things in their day-to-day lives like super women. They know that being organised is the best way to approach a busy, stressful and complex world; that wellbeing is strongly linked to healthy routine and order. But somewhere along the way money gets left out of the conversation.
MoneyBrilliant seeks to change this and the way the financial industry (which is too focussed on product features, dollars & cents and not the emotional benefits and security money can bring) operates.
We will not rest until financial wellness is accessible to all Australian women and seen getting good with money as an absolutely critical part of their total wellbeing. By making a difference for women, we think we can make a difference to Australia as a whole.
Hopefully the next time a young bank teller asks his or her Mum about using equity in their home, they will be organised enough and in control of their everyday money so they feel confident in saying “yes” to their meeting with “Gary”.
While I was too late to help Mum, I truly hope I’ve made her proud.
Love you Mum