Empowering women to generate wealth – The Market Herald
Sydney-based chartered accountant Julia Scott has built a business on educating and empowering women to manage their own money and generate wealth.
Through Love Luck Wealth, she helps her clients look at wealth accumulation from a fresh perspective.
“We forget that for thousands of years, women haven’t been managing money. This is all actually quite new,” she said.
“Like my mother, even up until the late 70s, couldn’t apply for a credit card without her husband’s co-signatory, even though she was a breadwinner.
“That’s not all that long ago, and all of these little stories are in the psyche of women everywhere.”
Despite her career in finance, Julia Scott struggled to manage her own finances after divorce a decade ago. She said she realised that she had to take back control.
“The epiphany that I had was that money is emotional,” she said.
“It forced me to wake up, it forced me to stop being subservient and to take control of my life in a good positive way.”
As she began to rebuild, she traded Exchange-Traded Funds (ETFs) using the platform offered by her long-term bank, nabtrade online trading.
“It was just easy. The fear dissolves when you start taking action,” she said.
“You don’t have to put $10,000 in to start with, you can just go small, dip your toe in the water, have a play around with it, see how your risk profile is going, because some people get really anxious and share trading might not be for them.
“I believe ETFs are a great way to get diversification without over-thinking and picking individual shares, because that’s really hard work.
“All the statistics out there show investing in quality diversified shares gives you a good return over time.”
She recommends women keep their own “stash of cash”, and she approaches her work with clients in a holistic fashion, including introducing the principles of Feng Shui.
“There are lots of little idiosyncrasies in Feng Shui that you can tweak to align your surroundings for your financial success,” Ms Scott said.
“I just figure why not come at money from all angles; it just makes sense.
“For thousands of years, we’ve been doing money the masculine way, and women, I believe our strength is our natural intuition and our wiring to nurture, so I figure why not do money the feminine way.”
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