WORKING WOMEN, even in this day and age, are normally paid less than their male
counterparts. They also have more than their share of responsibilities towards the
family. Even the most career conscious woman is compelled to take regular breaks
from work, in order to take care of family members- be it the spouse, maternity and
growing children or aging parents, often resulting in unsettling job changes and
diminished career growth. The bottom line is that women end up saving less and
remain dependent on their spouses for their financial needs. Add to this the fact
that they normally outlive their spouses and you can see why financial planning for
women is a challenge in itself, a challenge that the Primassure Pristine Plan
endeavors to meet head on.
Keep on scrolling...
To view some of the unique money challenges which most of the CXOs we’ve asociated
with
have
identified or faced, and our approach and solutions which have helped them achieve
their
goals
and growth.
Challenge 01
Problem arises when that job and benefits package is no more. Might lose the job,
choose to step out and pursue a different opportunity or simply be starting a
business.
Periods of transition that prove extremely turbulent. It might be a period of
unemployment or if decided to start a business, then it might take a while
before the business is profitable.
Turbulent / transitory phases leaving largely unprotected in terms of Insurance
cover. The top-tier medical insurance for them and their family, as well as
their group Life Insurance policies, are now invalid, leaving them vulnerable
should catastrophe strike in that window. Securing the same medical insurance
privately, it’s likely going to cost an arm and a leg.
solution
When you’re comfortable in your corporate job, get all the right Life
Insurance policies in place, and preferably even pay for a private medical
insurance policy while you can.
What high-income executives with large corporates wanted in place as a financial safety net
was vastly different from what the HNW entrepreneur wanted. High-income executives
often enjoy robust benefits packages, including perks like luxury travel, top-notch medical
coverage, and more. With such benefits, their take-home salary becomes essentially pure
savings or discretionary income for their lifestyle.
These executives typically prioritize income replacement to sustain their families'
comfortable living standards, rather than focusing on long-term succession planning or
wealth transfer. While some may have investments and property portfolios, their primary
concern is ensuring financial security in the event of job loss or career changes.
However, when their employment situation shifts, whether due to job loss or a move into
entrepreneurship, the transition period can be turbulent. This could involve unemployment or
the time it takes for a new business venture to become profitable.
