081: The importance of financial wellness with Obu Ramaraj

Life Admin Life Hacks

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

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, emphasizing 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 Money Stories, 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 Priorities

• 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

Obu emphasizes the importance of financial tracking and the availability of apps and tools for tracking spending is 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, emphasizing 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.

Investment and Overcoming Risk Aversion

• 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.

LIFE ADMIN RESOURCES

• Obu Ramaraj's website
• Obu's Savvy Finance Tracker
• Episode 70 - Your Money Mindset
• Episode 68 - Managing investments
• Episode 30 - Sorting out life insurance