Issue #040: Don’t listen to your parents when it comes to money

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37 years old and earning £52,000

You guys really enjoyed it when I shared one of your money stories a couple of weeks ago.

In fact, I’m starting to feel like one of those newspaper collumns where people send in their problems and I answer them ahaha

I think it’s called Agony Aunt or something like that

Anyway I digress…

And as I said, this newsletter is yours as much as it is mine.

So here’s some lessons from another one of you that make up this amazing community!

👨‍🦱 AGE 37 - Salary £52K - Location: Wakefield, UK

1. What financial advise would you give to a younger version of yourself? 

   Don’t take that loan out. Don’t repeat your parents mistakes. 

2. What is your biggest financial success and mistake that someone else can learn from? 

   Success: Saving, anything at all, it adds up 

   Mistake: The loan I didn’t need (16 years ago) put me in financial difficulty after a break up. You never know what’s going to happen. Rely on you only. 

3. How much of your salary do you save? 

   15% each month  (Plus 15% Pension) 

4. How would you describe the way money makes you feel? 

   I’m debt free aside from the Mortgage and car. Now I’m earning more than I ever have, I’m comfortable and it’s a really nice warm feeling. I’ve been on a huge financial journey and it’s been so very bad and now it isn’t. I feel proud of my success and take comfort feeling in control of my finances. 

5. What else would you like to share?

   Money and finances should be part of our education system. I encourage people to talk about all aspects with their children. We can do better than our parents did. 

READ ON TO SEE MY THOUGHTS!

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The no.1 question I always get asked whenever I talk about investing is what is the best platform to start on. Over the past few years, I have tried pretty much every major player in the game, and I can safely tell you that I have hands down found the best one that ticks every single bucket when it comes to investing.

Not just that, when I shared with them just how much I loved using them, they asked if they could sponsor my weekly newsletter and give all of you an amazing offer.

OBVIOUSLY I SAID YES!

Any guess who the platform is yet?

Of course, it is the amazing Trading 212! the platform I currently use (AND LOVE) when it comes to investing.

If you sign up for a Trading 212 Investing account or a Stocks and Shares ISA through:

THIS LINK

or use code GN, you can get a free fractional share worth up to £100 when you sign up and deposit £1.

Remember that when investing, your capital is at risk and your investments may rise and fall. T&C’s apply.

My Thoughts

Now I now you didn’t go into too much details but to see that journey of going from financial difficulties to a position where you are in control of your finances is literally the reason I do what I do. Not that I had anything to do with your success, but to think I can help people do what you have done is all I need to know!

A few thing’s I picked up on

Loans and parents: Seeing as your 37 now, you took out that loan when you were just 21 years old. For those of you that think you can be a little bit reckless with your money when you’re young, let this be a lesson that that isn’t the case. Unfortunately most of us learn about money from our parents, regardless of how good they are with it. Please always seek advice from multiple sources, yep not even just from me!

Saving 30% of your salary: That is an incredible amount, but I don’t want you reading this to feel like you are behind if that’s not the amount you are at. Start by growing the habit, then follow it by growing the amount.

Financial journeys: A lot of people reading this are in their 20’s and think they need to have everything sorted RIGHT HERE RIGHT NOW. To be financially stable at 37 is already well above average. Take from these answers that you are on a journey, and as long as you are heading in the right direction, you are doing the right thing.

So, who’s next?

I WANT TO TRY SOMETHING A LITTLE DIFFERENT

YOUR BUDGET

I would love you to spare a moment to share your budget to whatever details you are able to to!

1. How much do you make?

2. How much do you take home after tax?

3. How much do you spend on the following categories: (Needs/wants/savings)

4. How much do you have in all your various saving accounts

5. How much debt you are in?

6. Any further breakdown of your spending, for example:

   ( Rent/bills/Eating out/as many categories as you can)

Remember, just HIT REPLY, and I can’t wait for us to help each other get better with money!

P.s. I will always keep these answer completely anonymous!

Whenever you're ready, there are ways I can help you.

1. ​Hit reply to this email: I try to respond to every single question I get from these newsletters, so please don’t be shy!

2. ​The Budgeting Template PRO: Most of you have probably tried the lite version, but the PRO is what I use in my day to day life. (use the code ‘letstalkmoney’ for 30% off)

3. Remeber to get your FREE fraction share worth up to £100 worth up to £100 when you sign up to Trading 212 with THIS LINK

^{DISCLAIMER: None of the above is financial advice. This newsletter is strictly education and should not be taken as investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and always do your own research.}