1 00:00:00,560 --> 00:00:05,519 Speaker 1: The five investing steps that can seriously change your entire future. 2 00:00:17,040 --> 00:00:20,560 Speaker 1: Welcome back to Sugar Mamma's Fireplay. I am Canna Campbell. 3 00:00:20,680 --> 00:00:23,720 Speaker 1: I'm a financial planner, I'm a long term investor, and 4 00:00:24,280 --> 00:00:27,600 Speaker 1: I am your personal financial guide on this beautiful journey 5 00:00:27,640 --> 00:00:32,720 Speaker 1: towards financial independence and freedom. Now, today's episode is all 6 00:00:32,760 --> 00:00:36,800 Speaker 1: about something that can seriously transform your life, your choices, 7 00:00:37,000 --> 00:00:41,880 Speaker 1: and your future freedom, and that is starting your investing 8 00:00:42,200 --> 00:00:48,000 Speaker 1: journey simply, safely and powerfully. Recently, I spoke on Channel 9 00:00:48,080 --> 00:00:52,560 Speaker 1: nine's The Today Show about the massive shift happening amongst young, 10 00:00:52,720 --> 00:00:57,920 Speaker 1: everyday Australians. They're stepping into investing early, They're doing this consistently, 11 00:00:58,240 --> 00:01:02,720 Speaker 1: and they are investing with purpose and serious determination. This 12 00:01:02,760 --> 00:01:07,080 Speaker 1: is not about chasing quick wins, but intentionally building that 13 00:01:07,120 --> 00:01:10,120 Speaker 1: passive income via dividends so that they never have to 14 00:01:10,160 --> 00:01:15,160 Speaker 1: rely on the government, a job, or a person. And honestly, 15 00:01:15,920 --> 00:01:21,520 Speaker 1: it is incredible to witness so inspiring. So today, in 16 00:01:21,560 --> 00:01:25,240 Speaker 1: this episode, I want to help you join this movement 17 00:01:25,560 --> 00:01:28,560 Speaker 1: right now, no matter your age, your income, or your 18 00:01:28,600 --> 00:01:31,280 Speaker 1: starting point, because it's never too early, and it is 19 00:01:31,400 --> 00:01:35,200 Speaker 1: absolutely never too late to start taking your financial future 20 00:01:35,360 --> 00:01:38,360 Speaker 1: seriously and By the way, I want you to hear this, 21 00:01:39,040 --> 00:01:44,319 Speaker 1: Investing does not require wealth. Investing does not require you 22 00:01:44,360 --> 00:01:48,640 Speaker 1: to be a genius. It only requires simple habits that 23 00:01:48,720 --> 00:01:52,840 Speaker 1: are repeated consistently. That is it. And I want to 24 00:01:52,840 --> 00:01:56,120 Speaker 1: actually begin with one of my favorite illustrations of why 25 00:01:56,200 --> 00:02:01,320 Speaker 1: starting even imperfectly if you like matters more than anything. 26 00:02:02,160 --> 00:02:08,320 Speaker 1: So let's turn back to nineteen ninety three. If someone 27 00:02:08,520 --> 00:02:14,239 Speaker 1: invested one thousand dollars upfront and then contributed five hundred 28 00:02:14,280 --> 00:02:18,400 Speaker 1: dollars per month into a diverse, sified Australian share portfolio 29 00:02:18,480 --> 00:02:21,040 Speaker 1: such as an eat Air for a listed investment company, 30 00:02:21,760 --> 00:02:24,800 Speaker 1: not following any hot stock tips, not trying to time 31 00:02:24,880 --> 00:02:29,799 Speaker 1: the market, not being dramatic about this, just consistently investing 32 00:02:29,919 --> 00:02:35,000 Speaker 1: and reinvesting all of their dividends. Today, that portfolio would 33 00:02:35,000 --> 00:02:41,280 Speaker 1: be worth just over seven hundred and seventy five thousand dollars. 34 00:02:42,040 --> 00:02:44,200 Speaker 1: And want to know this, I want to know what 35 00:02:44,280 --> 00:02:49,280 Speaker 1: actually helped build that portfolio. Not luck, not a huge salary, 36 00:02:49,800 --> 00:02:55,880 Speaker 1: and not perfect decisions. The answer is time, consistency, and compounding. 37 00:02:56,360 --> 00:02:59,919 Speaker 1: This is the exact same energy behind my own one 38 00:03:00,000 --> 00:03:02,800 Speaker 1: one thousand dollars project, which is worth over three hundred 39 00:03:02,800 --> 00:03:06,280 Speaker 1: and seventy thousand dollars today, and let me share with 40 00:03:06,320 --> 00:03:09,800 Speaker 1: you something personal. There were so many moments where I 41 00:03:09,919 --> 00:03:14,079 Speaker 1: felt so incredibly tempted to spend just a little bit 42 00:03:14,120 --> 00:03:16,639 Speaker 1: of those dividends that were paid to me, like as 43 00:03:16,639 --> 00:03:19,720 Speaker 1: a reward for all the sacrifices that I had made 44 00:03:19,720 --> 00:03:21,200 Speaker 1: and all the hard work that I've done. You know, 45 00:03:21,320 --> 00:03:26,280 Speaker 1: I deserve that. But every time I stopped, I caught 46 00:03:26,320 --> 00:03:29,800 Speaker 1: myself and I decided not to do that, because deep 47 00:03:29,840 --> 00:03:31,960 Speaker 1: down I knew that the second that I even spent 48 00:03:32,080 --> 00:03:35,320 Speaker 1: fifty dollars of that passive income, that dividend income, I 49 00:03:35,320 --> 00:03:39,000 Speaker 1: would immediately regret it, and I'd be so annoyed at 50 00:03:39,000 --> 00:03:42,680 Speaker 1: myself because what that means for me is I'm stealing 51 00:03:42,720 --> 00:03:45,360 Speaker 1: from my future self, and that is not an act 52 00:03:45,480 --> 00:03:49,720 Speaker 1: of self love in my book. So instead, I reinvested 53 00:03:49,800 --> 00:03:53,560 Speaker 1: every single dividend, and each tax time, when I would 54 00:03:53,600 --> 00:03:57,240 Speaker 1: see the gross amount of dividends that I had earned 55 00:03:57,280 --> 00:03:59,640 Speaker 1: and then compared it from the previous year, I got 56 00:03:59,680 --> 00:04:03,400 Speaker 1: the most incredible dopamine hit, which was better than any 57 00:04:03,720 --> 00:04:07,600 Speaker 1: quick purchase. You know. It was really a proof that 58 00:04:07,640 --> 00:04:12,480 Speaker 1: the system, the sacrifices, the dedication was really working for 59 00:04:12,640 --> 00:04:16,760 Speaker 1: me and my future financial stability and independence, proof that 60 00:04:17,040 --> 00:04:20,960 Speaker 1: patience really does pay, proof that my future self was 61 00:04:21,000 --> 00:04:24,479 Speaker 1: actually getting stronger. And if you've been following me for 62 00:04:24,480 --> 00:04:26,559 Speaker 1: a really long time, you'll know that the thousand dollars 63 00:04:26,560 --> 00:04:29,440 Speaker 1: project was very much linked to my own mental health 64 00:04:29,520 --> 00:04:33,960 Speaker 1: at the time. So this is exactly what I want 65 00:04:34,160 --> 00:04:38,160 Speaker 1: for you right now, because the biggest lesson in investing 66 00:04:38,440 --> 00:04:41,960 Speaker 1: is this. You don't get wealthy by trying to time 67 00:04:42,000 --> 00:04:45,400 Speaker 1: the market. You get wealthy by being in the market. 68 00:04:45,880 --> 00:04:50,200 Speaker 1: Time is the biggest and best multiplier, and consistency, well, 69 00:04:50,320 --> 00:04:54,400 Speaker 1: that's the equalizer. So let's get you started with some 70 00:04:54,440 --> 00:04:59,919 Speaker 1: really simple practical steps that you can follow immediately. So 71 00:05:00,040 --> 00:05:05,160 Speaker 1: step number one open up on the online share trading account. Look, 72 00:05:05,480 --> 00:05:08,760 Speaker 1: you cannot start investing until you open an account, and 73 00:05:08,800 --> 00:05:13,279 Speaker 1: thankfully it's never been easier. You've got the traditional platforms 74 00:05:13,320 --> 00:05:15,840 Speaker 1: like comm Sec and nab Trade, and then you've got 75 00:05:15,839 --> 00:05:20,000 Speaker 1: these amazing modern platforms like Moomoo and Pearler and more. 76 00:05:20,320 --> 00:05:23,680 Speaker 1: The one thousand dollars project is actually with CMC, which 77 00:05:23,720 --> 00:05:26,359 Speaker 1: I am I will admit looking to change soon. But 78 00:05:26,600 --> 00:05:29,159 Speaker 1: if you are on a really tight budget at the moment, 79 00:05:29,839 --> 00:05:32,280 Speaker 1: you can look for these fractional investing apps because they 80 00:05:32,279 --> 00:05:35,000 Speaker 1: allow you to get started with literally as little as 81 00:05:35,200 --> 00:05:38,719 Speaker 1: five dollars or even ten dollars. But here's the thing, 82 00:05:38,720 --> 00:05:40,320 Speaker 1: and this is what you really need to know that 83 00:05:40,440 --> 00:05:43,680 Speaker 1: truly matters. You've got to look for a platform that 84 00:05:43,960 --> 00:05:47,680 Speaker 1: has really simple, effortless automation so you can set up 85 00:05:47,720 --> 00:05:51,480 Speaker 1: an automatic regular investing plan, platform that allows you to 86 00:05:51,560 --> 00:05:55,119 Speaker 1: automatically reinvest all of your dividends, so they're taking away 87 00:05:55,160 --> 00:05:59,800 Speaker 1: that temptation. Also, I highly recommend you have Chess sponsorship 88 00:05:59,839 --> 00:06:03,440 Speaker 1: so you own your shares directly. That actually a non 89 00:06:03,480 --> 00:06:05,920 Speaker 1: negotiable for me. And of course a platform that actually 90 00:06:05,960 --> 00:06:09,200 Speaker 1: provides you with some brilliant educational tools. And it's of 91 00:06:09,240 --> 00:06:12,279 Speaker 1: course it goes without saying making sure that's really easy 92 00:06:12,320 --> 00:06:16,680 Speaker 1: to use. I don't overthink this part. Just choose one 93 00:06:17,160 --> 00:06:21,919 Speaker 1: one investing platform and begin step number two, and that 94 00:06:22,120 --> 00:06:25,000 Speaker 1: is to choose an exchange traded fund, an ETF or 95 00:06:25,040 --> 00:06:29,800 Speaker 1: a listed investment company for instant diversification without the headache. 96 00:06:30,520 --> 00:06:34,520 Speaker 1: So many people think investing means having to pick individual 97 00:06:34,680 --> 00:06:38,760 Speaker 1: companies like pick a supermarket, a transportation company, a pharmaceutical company. 98 00:06:39,240 --> 00:06:42,960 Speaker 1: That is not what investing is about in fact, for 99 00:06:43,120 --> 00:06:46,080 Speaker 1: so many long term investors, it shouldn't be about that. 100 00:06:46,640 --> 00:06:49,919 Speaker 1: So instead I highly recommend you focus on just ETFs 101 00:06:50,040 --> 00:06:55,480 Speaker 1: and listed investment companies. Why well, they give you instant diversification. 102 00:06:56,160 --> 00:06:59,760 Speaker 1: Your risk is then significantly lowered. You tend to get 103 00:07:00,080 --> 00:07:04,000 Speaker 1: far smoother long term returns and experiences, and it takes 104 00:07:04,040 --> 00:07:09,440 Speaker 1: out all that emotional and sometimes paralyzing decision making. And look, 105 00:07:09,480 --> 00:07:12,840 Speaker 1: you only need one or two core ETFs or listed 106 00:07:12,880 --> 00:07:16,160 Speaker 1: investment companies to begin. I think I've got a maximum 107 00:07:16,200 --> 00:07:19,600 Speaker 1: of seven in one thousand dollars project portfolio. But I 108 00:07:19,680 --> 00:07:22,600 Speaker 1: want you to think of these ETFs or listed investment 109 00:07:22,600 --> 00:07:27,360 Speaker 1: companies as the slow, steady and reliable heroes. If you 110 00:07:27,520 --> 00:07:30,520 Speaker 1: like that, are going to help build long term wealth 111 00:07:30,760 --> 00:07:35,119 Speaker 1: for you. Step number three is to automate your investing plan. 112 00:07:35,160 --> 00:07:39,160 Speaker 1: All right, this is where the magic seriously happens. You 113 00:07:39,200 --> 00:07:42,920 Speaker 1: need to choose an amount that you can safely afford 114 00:07:43,040 --> 00:07:46,640 Speaker 1: after checking your budget. You know this could be weekly, fortnightly, 115 00:07:46,840 --> 00:07:49,000 Speaker 1: or monthly. But you've got to just set it up 116 00:07:49,160 --> 00:07:51,880 Speaker 1: to go automatically so that you don't think about it. It 117 00:07:52,000 --> 00:07:54,240 Speaker 1: just happens. And I would even recommend having this done 118 00:07:54,480 --> 00:07:57,120 Speaker 1: so that the money comes out shortly after payday, within 119 00:07:57,160 --> 00:08:00,240 Speaker 1: a couple of days. And when you are investing and 120 00:08:00,280 --> 00:08:04,920 Speaker 1: you're investing in an automated way, you don't procrastinate, you 121 00:08:05,080 --> 00:08:08,760 Speaker 1: never forget, and you don't find yourself trying took yourself 122 00:08:08,760 --> 00:08:11,600 Speaker 1: out of not investing this month, and you of course 123 00:08:11,800 --> 00:08:15,800 Speaker 1: sidestep all of those emotional decisions that sometimes can be 124 00:08:16,000 --> 00:08:20,200 Speaker 1: such a huge hindrance. So what I recommend you do 125 00:08:20,400 --> 00:08:23,600 Speaker 1: is you start small, but obviously the maximum that you 126 00:08:23,640 --> 00:08:27,400 Speaker 1: can afford, and then you try an increase that regular 127 00:08:27,520 --> 00:08:32,679 Speaker 1: investing plan the moment any opportunity presents itself, such as 128 00:08:32,760 --> 00:08:36,640 Speaker 1: promotions and pay rises, and if you can any little 129 00:08:36,679 --> 00:08:39,800 Speaker 1: top up opportunities that come your way, like bonuses or 130 00:08:39,840 --> 00:08:43,760 Speaker 1: tax refunds, put it towards your investment portfolio. Buy some 131 00:08:43,800 --> 00:08:49,200 Speaker 1: more ETFs or listed investment companies. Remember consistency beats intensity. 132 00:08:49,880 --> 00:08:53,720 Speaker 1: This is the exact same habit that turned five hundred 133 00:08:53,760 --> 00:08:57,560 Speaker 1: dollars per month contributions into a seven hundred and seventy 134 00:08:57,640 --> 00:09:03,280 Speaker 1: five thousand dollars diversified Australian share portfolio paying growing dividends 135 00:09:03,320 --> 00:09:07,400 Speaker 1: every single year. Now step number four, and that is 136 00:09:07,480 --> 00:09:12,360 Speaker 1: to reinvest your dividends. Your dividends is your passive income 137 00:09:12,520 --> 00:09:16,840 Speaker 1: stream and they are the secret weapon of building long 138 00:09:16,920 --> 00:09:21,839 Speaker 1: term financial independence and freedom. But they're only going to 139 00:09:21,880 --> 00:09:23,719 Speaker 1: work for you, and they're only going to grow if 140 00:09:23,760 --> 00:09:29,240 Speaker 1: you actually reinvest them. So it is essential. I'll be 141 00:09:29,240 --> 00:09:32,240 Speaker 1: so cranky if you don't do this. You must tick 142 00:09:32,320 --> 00:09:36,280 Speaker 1: the auto reinvest box when you are setting up your 143 00:09:36,360 --> 00:09:40,760 Speaker 1: online trading account, and then that way you're letting your 144 00:09:40,800 --> 00:09:44,800 Speaker 1: dividends buy you more shares, more units, which then helps 145 00:09:44,800 --> 00:09:48,120 Speaker 1: produce even more dividends, which then helps by even more 146 00:09:48,120 --> 00:09:52,440 Speaker 1: dividends and shares. This is exactly what compounding growth is 147 00:09:52,520 --> 00:09:56,000 Speaker 1: in its purest form, and it is exactly how my 148 00:09:56,080 --> 00:09:59,839 Speaker 1: thousand dollars project grew year after year without me ever 149 00:10:00,080 --> 00:10:04,000 Speaker 1: trying to outsmart the market. And yes, I think last 150 00:10:04,000 --> 00:10:07,160 Speaker 1: financial year I earned over sixteen thousand dollars with the dividends, 151 00:10:07,160 --> 00:10:11,480 Speaker 1: and every single dividend went back into that thousand dollars 152 00:10:11,520 --> 00:10:18,040 Speaker 1: project portfolio. And then finally step five track your passive 153 00:10:18,200 --> 00:10:23,239 Speaker 1: income growth and goals. This is something that people overlook 154 00:10:23,360 --> 00:10:25,880 Speaker 1: all the time, and when I first started investing, before 155 00:10:25,920 --> 00:10:28,400 Speaker 1: I became a financial planner, I'm guilty of doing this myself. 156 00:10:28,840 --> 00:10:33,480 Speaker 1: You see, your portfolio balance matters far less than your 157 00:10:33,640 --> 00:10:36,480 Speaker 1: rising passive income. Let me say that again, because it 158 00:10:36,559 --> 00:10:42,600 Speaker 1: is so important. Your portfolio balance matters far less than 159 00:10:42,640 --> 00:10:46,160 Speaker 1: your rising passive income. What I am simply saying is 160 00:10:46,320 --> 00:10:50,080 Speaker 1: the value of your share portfolio. That is, the balance 161 00:10:50,800 --> 00:10:54,280 Speaker 1: does not matter nearly as much as how much passive 162 00:10:54,400 --> 00:10:59,719 Speaker 1: income your portfolio paid you in dividends. And that is 163 00:10:59,760 --> 00:11:02,640 Speaker 1: because it is the passive income via dividends that is 164 00:11:02,720 --> 00:11:07,760 Speaker 1: actually replacing your need to eventually work. Now, once you 165 00:11:07,840 --> 00:11:11,160 Speaker 1: start monitoring this passive income, these dividends and what this 166 00:11:11,200 --> 00:11:15,240 Speaker 1: all adds up to during each financial year, every little bit, 167 00:11:15,360 --> 00:11:17,240 Speaker 1: even if it's a tiny bit at first, you will 168 00:11:17,240 --> 00:11:21,640 Speaker 1: feel so incredibly empowered. Trust me on that your dividends 169 00:11:21,640 --> 00:11:25,719 Speaker 1: will actually become your scorecard of your own financial discipline. 170 00:11:26,000 --> 00:11:28,520 Speaker 1: And you can ask yourself, how can I help this 171 00:11:28,600 --> 00:11:30,600 Speaker 1: number grow? What can I do? How can I make 172 00:11:30,640 --> 00:11:33,680 Speaker 1: this passive income stream get bigger and bigger year after year? 173 00:11:33,880 --> 00:11:36,600 Speaker 1: How can I speed up the process safely and wisely? 174 00:11:37,080 --> 00:11:41,600 Speaker 1: Because one day that number becomes your financial freedom number. 175 00:11:41,920 --> 00:11:44,760 Speaker 1: So for me, that passive income of sixteen thousand dollars 176 00:11:44,800 --> 00:11:47,600 Speaker 1: a year from the thousand dollars project portfolio will eventually 177 00:11:47,600 --> 00:11:50,520 Speaker 1: become two hundred thousand dollars a year, and that is 178 00:11:50,559 --> 00:11:54,520 Speaker 1: when I will have complete and absolute financial freedom and independence. 179 00:11:54,679 --> 00:11:57,280 Speaker 1: I don't have to work unless I want to, and 180 00:11:57,360 --> 00:12:01,440 Speaker 1: that is so liberating. All Right, now that I've shared 181 00:12:01,440 --> 00:12:03,720 Speaker 1: with you the five steps to start building your share 182 00:12:03,760 --> 00:12:08,679 Speaker 1: portfolio and financial freedom through dividends, let's go through the 183 00:12:08,720 --> 00:12:12,239 Speaker 1: potential risks where people go wrong. That is, the pitfalls 184 00:12:12,320 --> 00:12:14,400 Speaker 1: or the things that could potentially slow you down or 185 00:12:14,840 --> 00:12:18,640 Speaker 1: even mess your progress, because we don't want that happening 186 00:12:18,679 --> 00:12:21,960 Speaker 1: this year. And by the way, before we begin, every investor, 187 00:12:22,200 --> 00:12:26,480 Speaker 1: including myself, has been tempted by some of these at 188 00:12:26,520 --> 00:12:29,440 Speaker 1: one point in time. All Right. Mistake number one and 189 00:12:29,480 --> 00:12:33,679 Speaker 1: that is putting all of your money into one stock. Look, 190 00:12:33,880 --> 00:12:38,080 Speaker 1: diversification protects you, and that is why ETFs listed investment 191 00:12:38,120 --> 00:12:43,160 Speaker 1: companies keep your strategy really simple and safe because the 192 00:12:43,240 --> 00:12:48,240 Speaker 1: diversification is instantly done the moment you buy an ETF 193 00:12:48,360 --> 00:12:52,560 Speaker 1: or listed investment company. Mistake number two is chasing those 194 00:12:52,760 --> 00:12:57,760 Speaker 1: high risk, hype driven investments, the penny stocks, the speculative 195 00:12:57,760 --> 00:13:01,400 Speaker 1: crypto stocks, those hot tips that you get from random 196 00:13:01,400 --> 00:13:05,160 Speaker 1: people the time. Essentially, this is another form of gambling. 197 00:13:05,360 --> 00:13:09,000 Speaker 1: It's not investing, so don't go and chase those quick 198 00:13:09,120 --> 00:13:14,319 Speaker 1: rich ideas. Mistake number three and that is being impatient. 199 00:13:15,200 --> 00:13:20,040 Speaker 1: Most of the growth within your share portfolio happens after years. 200 00:13:20,400 --> 00:13:23,600 Speaker 1: Quite often is not until year seven that we really 201 00:13:23,640 --> 00:13:27,720 Speaker 1: start to see that exponential growth kickoff. I will admit 202 00:13:28,000 --> 00:13:33,640 Speaker 1: it's slow, it's sometimes really boring and dull, until it 203 00:13:33,800 --> 00:13:38,200 Speaker 1: suddenly gets hot and you actually see a massive kickoff 204 00:13:38,320 --> 00:13:41,160 Speaker 1: in all of those dividends being reinvested and that regular 205 00:13:41,200 --> 00:13:44,040 Speaker 1: investment plan working for you. So trust me on that. 206 00:13:44,360 --> 00:13:48,120 Speaker 1: You've got to be patient. Think of your long term 207 00:13:48,400 --> 00:13:52,920 Speaker 1: passive income goal. Mistake number four and that is spending 208 00:13:53,000 --> 00:13:56,120 Speaker 1: your dividends all right. I've already explained my story with this, 209 00:13:56,240 --> 00:13:59,280 Speaker 1: but you've just got to reinvest them until you are 210 00:13:59,440 --> 00:14:02,400 Speaker 1: ready to pull up stumps and live off your passive income. 211 00:14:02,480 --> 00:14:05,360 Speaker 1: And ideally that's at a stage where your passive income 212 00:14:05,559 --> 00:14:08,880 Speaker 1: allows you to afford to work part time or can 213 00:14:09,320 --> 00:14:12,679 Speaker 1: retire completely if you like, but on the standards that 214 00:14:12,800 --> 00:14:16,760 Speaker 1: you dictate. So in the meantime, just reinvest everything. You 215 00:14:16,800 --> 00:14:20,120 Speaker 1: won't regret it. Mistake number five and that is never 216 00:14:20,680 --> 00:14:25,960 Speaker 1: increasing your contributions as your income rises, which it will 217 00:14:26,200 --> 00:14:30,560 Speaker 1: naturally over time, your regular investment plan should also rise 218 00:14:30,720 --> 00:14:34,920 Speaker 1: with it. Please make sure you avoid the lifestyle creep. 219 00:14:34,960 --> 00:14:39,080 Speaker 1: Stop letting those pay rises get swallowed up. Every time 220 00:14:39,120 --> 00:14:42,000 Speaker 1: there's a change or improvement in your situation. It might 221 00:14:42,040 --> 00:14:43,520 Speaker 1: be a pay rise, but it also might be a 222 00:14:43,600 --> 00:14:46,000 Speaker 1: change in your living expenses. Perhaps you've managed to cancel 223 00:14:46,080 --> 00:14:50,960 Speaker 1: a subscription. Make sure you increase that automated regular investment 224 00:14:51,120 --> 00:14:57,000 Speaker 1: plan immediately. Mistake number six and that is investing whilst 225 00:14:57,080 --> 00:15:00,720 Speaker 1: you still have toxic debt. Okay, I get it. You're inspired, 226 00:15:01,040 --> 00:15:03,480 Speaker 1: you are motivated, you are ready to get started. But 227 00:15:03,800 --> 00:15:07,040 Speaker 1: if you still have toxic debt like credit cards, by now, 228 00:15:07,080 --> 00:15:11,200 Speaker 1: pay later, payday loans, car loans, you've got to pay 229 00:15:11,320 --> 00:15:15,880 Speaker 1: them off first, clear the deck, and then start afresh. 230 00:15:16,280 --> 00:15:18,760 Speaker 1: And then finally, Mistake number seven and that is not 231 00:15:18,880 --> 00:15:23,080 Speaker 1: having emergency money. Okay, this is really important because I 232 00:15:23,120 --> 00:15:25,240 Speaker 1: see a lot of people taking on this risk without 233 00:15:25,240 --> 00:15:29,000 Speaker 1: actually realizing it. Your investments are not your safety net. 234 00:15:29,680 --> 00:15:33,960 Speaker 1: Cash is your buffer. Cash is your emergency money, and 235 00:15:34,040 --> 00:15:36,760 Speaker 1: it is that emergency money that prevents you from ever 236 00:15:36,880 --> 00:15:40,240 Speaker 1: having to sell, or even worse, having to sell at 237 00:15:40,280 --> 00:15:44,520 Speaker 1: the worst time possible. Now. If you can avoid these 238 00:15:44,560 --> 00:15:48,520 Speaker 1: seven traps, I promise you your wealth building journey becomes 239 00:15:48,680 --> 00:15:53,560 Speaker 1: this beautiful, steady and sustainable adventure. You learn so much 240 00:15:53,560 --> 00:15:56,480 Speaker 1: along the way, and you are seriously unrecognizable when you 241 00:15:56,520 --> 00:15:59,040 Speaker 1: look back as to how far you come and what 242 00:15:59,120 --> 00:16:02,120 Speaker 1: you've learnt along the way. So this is what I 243 00:16:02,160 --> 00:16:04,960 Speaker 1: want you to take from today's episode. Investing is not 244 00:16:05,160 --> 00:16:08,520 Speaker 1: about how much money you've actually got. It's actually really 245 00:16:08,560 --> 00:16:11,280 Speaker 1: about your habits. At the end of the day, good 246 00:16:11,320 --> 00:16:17,520 Speaker 1: habits build wealth. Lifestyle creep completely destroys it, and consistency 247 00:16:17,720 --> 00:16:22,080 Speaker 1: will multiply your wealth and ultimately your passive income is 248 00:16:22,360 --> 00:16:27,000 Speaker 1: the goal. Your passive income through growing dividends. Passive income 249 00:16:27,120 --> 00:16:29,440 Speaker 1: is going to give you that freedom. Passive income is 250 00:16:29,480 --> 00:16:31,960 Speaker 1: going to be the cushion, the confidence, and the independence 251 00:16:32,560 --> 00:16:35,360 Speaker 1: that you deserve. And I have faith in you to 252 00:16:35,400 --> 00:16:38,440 Speaker 1: be able to build today. So I want you to 253 00:16:38,480 --> 00:16:41,800 Speaker 1: imagine your future self in say ten, twenty thirty years 254 00:16:41,800 --> 00:16:48,240 Speaker 1: from now, sitting in a life that feels calm, feels secure, stable, spacious, abundant, 255 00:16:48,880 --> 00:16:52,800 Speaker 1: because guess what, You've just started building it today. By 256 00:16:52,840 --> 00:16:57,240 Speaker 1: starting to invest, you've automated everything you've set up the 257 00:16:57,280 --> 00:17:01,040 Speaker 1: reinvestment plans. You're staying patient, and you chose not to 258 00:17:01,080 --> 00:17:04,800 Speaker 1: taste so shine little objects that previously used to distract you. 259 00:17:04,800 --> 00:17:08,800 Speaker 1: You chose consistency over perfection, and one day you'll look 260 00:17:08,840 --> 00:17:12,440 Speaker 1: back at your investments and say, thank you. I am 261 00:17:12,560 --> 00:17:15,960 Speaker 1: financially free because of the habits that I built many, 262 00:17:16,000 --> 00:17:21,080 Speaker 1: many years ago. After listening to this podcast episode. All right, everyone, 263 00:17:21,200 --> 00:17:23,119 Speaker 1: thank you so much for listening. Let me know if 264 00:17:23,160 --> 00:17:25,000 Speaker 1: you like this episode and if you want more like this, 265 00:17:25,160 --> 00:17:27,600 Speaker 1: and of course don't forget it is the small steps 266 00:17:27,640 --> 00:17:31,680 Speaker 1: that create a big future. Say it again, small steps, 267 00:17:32,000 --> 00:17:37,679 Speaker 1: big future, because this is exactly how wealth, true authentic wealth, 268 00:17:38,080 --> 00:18:15,439 Speaker 1: is really built.