Do This First To Build Wealth
If you want to become good with money, you first need to work out what money does to you. That’s why we’re speaking to Claer Barrett, the Consumer Editor of the Financial Times and author of the book What They Don’t Teach You About Money.
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As promised, we’ve added the money personalities from Claer’s book below. Be honest with yourself - which ones describe you? Let us know in the comments.
- Spendy Wendy: could be you if you know the three numbers on the back of your bank card off by heart as you do so much online shopping
- YOLO (you only live once): could be you if you have ever uttered the words ‘To the moon’ without irony
- Goblin: could be you if you get more of a kick from saving money than spending it
- Spreadsheet Slave: could be you if you have ever dreamed in Excel
-Jitterbug: could be you if you have a constant state of underlying anxiety about money
- Ostrich: could be you if you say a silent prayer every time you tap your card to pay
As also promised, here are some decent budgeting tools (Damo is actually making one but it’s not ready yet) but there are loads out there which may suit you better:
- Good old fashioned spreadsheet: Excel or Google Docs
- Budget planner, a free government tool: https://www.moneyhelper.org.uk/
- You Need A Budget (YNAB), a paid for tool with all the bells and whistles: https://www.ynab.com/
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InvestEngine
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Disclaimer:
This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.
Chapters:
00:00 - Intro
01:17 - Starting the journey
04:16 - What is your money personality?
08:05 - My first money memory
13:27 - Forgive yourself for your money mistakes
19:50 - How to get on top of your finances
23:45 - Set your financial goals
29:28 - Budgeting
34:50 - Watch out for lifestyle creep!
38:15 - Why you don't need to be good at maths to be good with money
42:09 - Building good money habits
46:09 - Key actions