She describes herself as a former Investment Banker (with an accountancy qualification).
There was an article about her:
https://cnb.cx/4bFaU69
"An investment banker quit her job to become a YouTuber and now makes over $1 million"
I have watched a lot of her videos and she's always had good advice but this one stood out. It made me look at money differently. She focused on four equal components rather than just looking at investing which is a typical focus for personal finance influencers. Instead she looked at the following four key and equal significant steps. Each one is just as important and time consuming as the other.
1) EARN MONEY
Earn more than you need to live. Think beyond survival. Having money left over.
2) SAVE MONEY
Be sure to keep your lifestyle in a way that lets you save rather than spend everything you make.
3) INVEST
Invest your money and get it working for you. Make sure it is rising faster than inflation is devaluing it. It is best invested in a low cost index fund. I personally use Guaranteed Investment Certificates and have been keeping it absolute zero risk until I feel more secure and have more of a nest egg. I have started putting some in index funds but I'm only just starting.
4) HOW TO SPEND
Spend your money on what matters to you while you earn, save and invest rather than going without. Don't overspend but don't go cling to your savings out of fear and a scarcity mindset. Be careful of lifestyle creep but don't go without so much that you feel deprived.
Ultimately, I loved how she broke it down into four steps and gave equal footing to each. usually with these kind of money and financial investment influencers, you only hear from them about investing. The other steps of earning and saving are vital steps before investing!
Then also, how to spend it once you have it. It is very easy to have a scarcity mindset and to never spend for fear of running out or never being secure. I hear too much about people trying to get a high return on investment when they could just spend more time making more money which will make all the difference.
I have spent years feeling guilty that I didn't put more in savings early and have it compound for longer but I was broke and couldn't afford it. I'm making more money now. It's much easier to earn more and save more now. I'm letting the guilt go and just making money. I'm smart with my money and I'm not going to worry about lost opportunities. I'm going to make the best of it now and rather than bemoan not making a hundred dollars or a few thousand on return on old investments, I'll just take on a few more clients, work a few more hours, and just earn the money. Then I'll save it, invest it and spend it!
https://youtube.com/shorts/nQ2zB0jV3Es?si=Jt7pwbZ2MPXMMAk5 
4 skills to master to reach financial freedom #moneytips #financialfreedom
No comments:
Post a Comment