Issue #55 - The Myth You Need To Stop Believing 🫣

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STOP LISTENING TO SOCIAL MEDIA 📣🚨

I know, I know - coming from someone who basically lives on here, I sound like a total hypocrite… but hear me out 😅

If you’ve scrolled through social media lately (so, all of us), you’ve probably seen the same message over and over…

A 9-5 won’t make you rich.
You need a side hustle.
You must start a business.
You should be making money in your sleep.

Let me be the one to tell you: that’s not and has NEVER been true.

What Social Media Doesn’t Tell You 🥲

• Many businesses take years to become profitable (if they ever do).

• A side hustle can drain your time and energy, leaving you burnt out.

• A stable salary, smart money management, and long-term investing can be just as effective as running a business - without the risk.

Don’t get it twisted, I’m not saying side hustles and businesses can’t be great ways to increase your income, but they’re not the only way to build wealth.

So How You Can Grow Wealth From a 9-5?

1️⃣ Maximise Your Income – Focus on increasing your salary through career progression, skill development, and negotiating raises.

Your 9-5 is your biggest wealth-building tool, and getting paid what you're worth is 🔑!

2️⃣ Save and Invest Consistently – Saving and investing a small percentage of your income over time can grow into serious money.

The earlier you start, the better, thanks to compound interest.

3️⃣ Live Below Your Means - The biggest trap most people fall into is lifestyle inflation - increasing their spending every time they get a pay rise.

Keep your expenses relatively stable and put those raises towards investing, saving and paying off debts.

4️⃣ Take Advantage of Employer Benefits - If you live in the UK, your employer legally has to offer you a pension matching scheme… USE IT!

This is literally free money for your future. If they offer stock options or other financial perks, make sure you’re taking full advantage.

Question of the week time!!

This week’s question comes from an anonymous reader:

Should I rent or buy?

Ah the age old question which divides the internet! Tbh, there’s no right or wrong answer - it’s individualised to your specific circumstances and what’s right for you!

Here are some key points to consider though:

Renting:

• Flexibility: Ideal if you’re not ready to settle in one place or if your job/location might change soon.

• Lower upfront costs: You’ll need a deposit and first (or a few) month’s rent - not a MASSIVE down payment.

• No maintenance costs: Your landlord is often responsible for repairs, so you avoid those unexpected expenses.

• No equity building: Your monthly payments don’t contribute to ownership.

Buying:

• Equity building: Mortgage payments eventually lead to home ownership - your money is going toward an asset you own.

• Stability: Perfect if you’re ready to settle down and commit to a location long-term.

• Freedom to customise: It’s your home, so you can paint walls or renovate however you like.

• High upfront costs: You’ll need a deposit (often at least 5-10% of the property value), plus stamp duty, legal fees, and other costs.

• Ongoing costs: Maintenance, insurance, and interest payments add up.

Ask Yourself:

• Can I afford the upfront costs of buying (and still have an emergency fund)?

• Is my monthly budget steady enough to handle a mortgage?

• Do I want flexibility of renting or somewhere more stable?

Ultimately, there’s no universal “better” option - it’s about what aligns with your current financial situation and future plans.

Have a question for next week’s newsletter? Just hit reply to this email with your question and whether you’d like to stay anonymous or not 😊

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^{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.}