WEBVTT - Ep. 33; Money Talk With Anna Brading & Daniel Brigham 0:00:13.960 --> 0:00:20.200 Personally with ya feels men money, money, money, money. I 0:00:20.239 --> 0:00:21.919 don't even know where that comes from, but I love 0:00:22.000 --> 0:00:25.520 that saying. This week we are talking all about that 0:00:25.640 --> 0:00:26.040 M word. 0:00:26.440 --> 0:00:27.360 Yes, money. 0:00:27.720 --> 0:00:30.280 No one likes to talk about finances because they're scary, 0:00:30.400 --> 0:00:32.519 but we're going to dive into it. First up, I 0:00:32.560 --> 0:00:35.519 have Anna brading On, a financial educator and author, to 0:00:35.560 --> 0:00:38.480 talk about the three m's of money, how to save 0:00:38.640 --> 0:00:41.320 while you're still living your life, and the best of 0:00:41.360 --> 0:00:44.680 the best big investments to make. We're talking cars, houses, 0:00:44.760 --> 0:00:47.280 that kind of thing. Then Daniel Brigham is coming on 0:00:47.360 --> 0:00:49.840 to share his story and how moments in his life 0:00:49.920 --> 0:00:52.960 led to a difficult relationship with money, and how he 0:00:53.000 --> 0:00:55.480 turned things around and the steps he still takes today 0:00:55.520 --> 0:00:57.400 to create a better life for himself. 0:01:05.240 --> 0:01:08.000 I have Anna brading On with me. I'm really excited. 0:01:08.040 --> 0:01:12.080 She's a financial education instructor and an author and this 0:01:12.280 --> 0:01:14.119 topic is so important. 0:01:14.200 --> 0:01:16.200 So Anna, thank you for being here. How are you. 0:01:17.319 --> 0:01:18.560 I'm doing very well, thank you. 0:01:18.640 --> 0:01:21.600 I mean survival mode in the British winter at the moment, 0:01:21.840 --> 0:01:24.240 but I will get through it. I'm powering on and 0:01:24.360 --> 0:01:26.240 saying it will be spring, so that'd be great. 0:01:26.600 --> 0:01:27.319 Yes it will. 0:01:27.360 --> 0:01:29.400 We're powering over here in the winter too, So I 0:01:29.440 --> 0:01:33.120 totally understand. I'm really excited to talk with you about 0:01:33.160 --> 0:01:36.680 all things finances because this is one thing that I 0:01:36.720 --> 0:01:39.679 don't feel like I had a lot of education on 0:01:39.760 --> 0:01:42.440 growing up. I got really lucky that I had parents 0:01:42.440 --> 0:01:44.880 who were really smart with their money, and they were 0:01:44.920 --> 0:01:47.240 good at saving and they were good at investing, and 0:01:47.280 --> 0:01:48.160 they taught that to me. 0:01:48.720 --> 0:01:51.440 But in schools it's not something you really learn about. 0:01:51.920 --> 0:01:53.240 So this is why I have you on. 0:01:53.280 --> 0:01:56.120 You're gonna be our educational teacher today. 0:01:56.880 --> 0:01:58.880 That's my happy place. I'm tightally fine with that. 0:01:59.080 --> 0:02:00.640 Bye way, all. 0:02:00.600 --> 0:02:01.520 Right, So here we go. 0:02:01.640 --> 0:02:05.680 What are some things about money that we should have 0:02:05.800 --> 0:02:08.440 been taught growing up? As we really started to get 0:02:08.440 --> 0:02:13.600 into finances and we got our first paychecked and we understood, oh. 0:02:13.520 --> 0:02:15.280 We're getting paid for the things that we're doing. 0:02:15.280 --> 0:02:18.240 What are some things that you wish maybe if we 0:02:18.280 --> 0:02:21.040 did get tied in school, they would have tout us. 0:02:22.280 --> 0:02:25.960 There are so many things and so many angles we 0:02:26.000 --> 0:02:27.839 can go on in this. And one of the things 0:02:27.840 --> 0:02:30.320 I like to talk about is the three what I 0:02:30.360 --> 0:02:32.800 call the three ms in money. And I think if 0:02:32.840 --> 0:02:34.959 we zoom out for a second and we just go 0:02:35.080 --> 0:02:37.920 big picture. Okay, let's just take a step backwards and 0:02:37.919 --> 0:02:40.480 look at the big picture of money and finance, because 0:02:40.520 --> 0:02:42.960 there's so much we need to know that we didn't 0:02:42.960 --> 0:02:44.400 get to it exactly as you're saying. 0:02:45.000 --> 0:02:46.080 Let's break it down a little bit. 0:02:46.080 --> 0:02:47.560 So I have like three MS of money, so I 0:02:47.600 --> 0:02:52.840 have mindset, manage, and multiply, and I think so often 0:02:52.960 --> 0:02:54.840 what we can do is we come to a crunch 0:02:54.880 --> 0:02:57.600 point in our lives where we go, oh, it's not working. 0:02:57.840 --> 0:03:00.559 I feel broke, i feel stressed out about my finances. 0:03:00.639 --> 0:03:03.040 I've got nothing in my savings account. I've just dipped 0:03:03.040 --> 0:03:06.160 into it over Christmas. Panic, panic, panic, And then we 0:03:06.200 --> 0:03:08.440 can go into fix it mode and try and figure 0:03:08.440 --> 0:03:12.120 stuff out. But I think it's really important to understand 0:03:12.200 --> 0:03:15.959 this overarching, broad, big picture of our finances and then 0:03:16.000 --> 0:03:17.960 when these things up, we can zoom in on one 0:03:18.000 --> 0:03:19.960 of those MS and have a look. Is it a 0:03:20.000 --> 0:03:22.440 mindset thing going on here? Is it a managed thing 0:03:22.560 --> 0:03:23.919 of how you're managing your money. 0:03:23.760 --> 0:03:26.160 Or is it a multiply thing of how you're growing. 0:03:25.840 --> 0:03:28.160 And building your wealth. So those are the kind of 0:03:28.360 --> 0:03:30.080 that's the big picture. So the three m's is a 0:03:30.080 --> 0:03:31.360 really good starting point I think. 0:03:31.840 --> 0:03:34.720 I think the mindset is really difficult from people, especially 0:03:34.720 --> 0:03:35.840 when it comes. 0:03:35.480 --> 0:03:37.600 To saving our money. 0:03:38.120 --> 0:03:41.440 I think the idea of saving is really great and 0:03:41.480 --> 0:03:44.080 you're like, yeah, I need to do that, but when 0:03:44.080 --> 0:03:48.040 it comes down to it, we just don't. So when 0:03:48.080 --> 0:03:51.280 somebody's trying to save, or you're encouraging them to start saving, 0:03:51.320 --> 0:03:53.920 what are those first steps you're encouraging them to take. 0:03:54.960 --> 0:03:56.880 Yeah, I think let's come back to the mindset thing 0:03:56.880 --> 0:03:59.160 for a second, because I think as you're describing it there, 0:03:59.560 --> 0:04:01.720 when one of the key ways to know one of 0:04:01.720 --> 0:04:03.960 the key signs that you've got a mindset thing going 0:04:03.960 --> 0:04:07.480 on here is when you're trying to do something and 0:04:07.520 --> 0:04:10.400 it's just not happening, and you're like, I'm trying to 0:04:10.440 --> 0:04:12.760 go trying to get my saving sorted, I'm trying to 0:04:12.800 --> 0:04:14.800 move forward, but I just keep coming back to this 0:04:14.920 --> 0:04:17.000 same point. I think that can be a really key 0:04:17.040 --> 0:04:19.920 indicator that there's something going on and you're inner wiring 0:04:20.160 --> 0:04:21.719 that's stopping it actually happening. 0:04:22.120 --> 0:04:22.280 Yeah. 0:04:22.320 --> 0:04:24.039 I always like to think of mindset stuff as like 0:04:24.080 --> 0:04:27.919 either a handbrake or an accelerator pedal. So if you 0:04:27.960 --> 0:04:30.120 want to start saving and you really want to get 0:04:30.160 --> 0:04:34.120 it going. It is your mindset wired in such a 0:04:34.160 --> 0:04:36.560 way that actually, when you get going, you're just powering 0:04:36.560 --> 0:04:37.160 that direction. 0:04:37.400 --> 0:04:39.520 Or is it just the break goes on and you 0:04:39.560 --> 0:04:40.360 just can't get going. 0:04:40.839 --> 0:04:43.880 But I think your right to flag savings because I 0:04:43.920 --> 0:04:46.839 think that can be one of the toughest things. And 0:04:46.960 --> 0:04:50.600 let's be honest, saving money is. 0:04:50.520 --> 0:04:52.160 Not glamorous and it's not sexy. 0:04:52.240 --> 0:04:54.240 It's not the thing that makes you go, oh, I 0:04:54.360 --> 0:04:56.960 just can't wait to get savings is really exciting. 0:04:57.120 --> 0:04:57.800 Some stuff we. 0:04:57.760 --> 0:05:01.720 Talk about with money is really exciting. It's fun, it's interesting. 0:05:02.160 --> 0:05:04.200 Maybe you started a little business and it's starting to 0:05:04.240 --> 0:05:05.760 get going, you've made your first sale. 0:05:05.960 --> 0:05:07.839 So fun. But when we talk. 0:05:07.720 --> 0:05:11.120 About the quiet discipline of putting a bit of money 0:05:11.240 --> 0:05:13.800 into a savings account, it's just not as glamorous. So 0:05:13.839 --> 0:05:16.640 I think it's good to acknowledge that and identify that. 0:05:17.279 --> 0:05:19.320 So what I like to do is I like to 0:05:19.880 --> 0:05:23.200 really zone in and focus on what is this saving 0:05:23.240 --> 0:05:25.960 going to achieve for me? What's the outcome, what's the 0:05:26.000 --> 0:05:27.320 why behind it? 0:05:27.400 --> 0:05:28.360 Because I think when we. 0:05:28.320 --> 0:05:30.920 Dial into the why, when we get that really clear 0:05:31.120 --> 0:05:33.839 in our focusing, in our mind, we can align our motions. 0:05:33.880 --> 0:05:36.560 We can align our mindset and it can then just 0:05:36.800 --> 0:05:39.039 help keep us on track when it does get a 0:05:39.040 --> 0:05:41.120 bit boring and it gets to be a little bit difficult. 0:05:41.120 --> 0:05:43.640 Those moments where you're standing in I don't know equivalent 0:05:43.680 --> 0:05:48.000 closed shop is in America in the UK, we've got 0:05:48.000 --> 0:05:49.320 your Zara and you've got your h. 0:05:49.320 --> 0:05:51.719 And m oh yeah we have those two those Definitely. 0:05:53.120 --> 0:05:55.960 You're looking at that amazing outfit and you're thinking, I 0:05:56.040 --> 0:05:58.240 really want that, but I've got savings. 0:05:58.279 --> 0:05:59.560 I've committed to saving. 0:05:59.800 --> 0:06:01.920 But I can look, I can just open that app 0:06:01.920 --> 0:06:03.480 on my phone, I can see the money is there. 0:06:03.920 --> 0:06:05.880 I can just dip into it. And it's in those 0:06:05.960 --> 0:06:08.840 moments that you better have a good reason to save, 0:06:09.120 --> 0:06:11.320 because that's going to bail you out. 0:06:11.000 --> 0:06:12.200 In that moment. 0:06:12.720 --> 0:06:15.480 So what is it, What is it that's motivating you 0:06:15.600 --> 0:06:17.240 to do it? Is it just because someone's told you 0:06:17.279 --> 0:06:20.200 to or in my case, it was a case of 0:06:20.320 --> 0:06:23.000 I needed I knew I needed to build an emergency fund, 0:06:23.000 --> 0:06:24.960 which we could talk about maybe if you want, later on, 0:06:25.680 --> 0:06:27.520 but it was this sort of idea of building up 0:06:27.520 --> 0:06:30.720 a lump sum and I knew that if I did 0:06:30.720 --> 0:06:33.599 that and I completed that, that would then open. 0:06:33.320 --> 0:06:36.839 The door to allow me to start confidently. 0:06:36.279 --> 0:06:39.599 Investing, and I knew that investing was the thing I 0:06:39.600 --> 0:06:41.440 really wanted to get to because then I could start 0:06:41.480 --> 0:06:43.159 to grow my wealth and I could start to move 0:06:43.200 --> 0:06:45.159 from a place of being paycheck to paycheck the whole 0:06:45.200 --> 0:06:47.360 time and actually start planning for my future and get 0:06:47.400 --> 0:06:50.240 excited about that. So it was like this, It was 0:06:50.240 --> 0:06:53.600 almost like this tool really to get me to where 0:06:53.640 --> 0:06:54.839 I wanted to actually be. 0:06:55.040 --> 0:06:57.800 So I think when you know why you're saving what 0:06:57.880 --> 0:06:58.600 it's for. 0:06:58.800 --> 0:07:01.600 I've got clarity on that that can really help motivate 0:07:01.640 --> 0:07:02.559 you and keep you going. 0:07:03.880 --> 0:07:06.720 You mentioned here and talking about being an azara or 0:07:06.720 --> 0:07:09.920 an age and now, yeah, why do we have these 0:07:10.760 --> 0:07:15.240 tendencies to want to overspend? What's happening there that's in 0:07:15.280 --> 0:07:17.640 our brain that may help us understand a little bit 0:07:17.640 --> 0:07:20.440 more why we might be overspending for whatever your vice is. 0:07:21.240 --> 0:07:24.560 Yeah, obviously there's so many ways to overspend, isn't there? 0:07:24.760 --> 0:07:27.920 And particularly now, we're in a point in time that 0:07:27.960 --> 0:07:31.080 we've never been in in history before, where you can 0:07:31.200 --> 0:07:33.640 click a button and get the very thing you want 0:07:33.760 --> 0:07:38.200 tomorrow or even today. Potentially that's never been the case 0:07:38.240 --> 0:07:39.360 in the whole of the. 0:07:39.240 --> 0:07:41.680 History of time, that's never been the case. 0:07:42.200 --> 0:07:46.320 So we are facing challenges of immedia gratification now that 0:07:46.360 --> 0:07:49.440 we've never had to face before in this way, and 0:07:49.480 --> 0:07:51.560 so I think it doesn't you don't have to look 0:07:51.680 --> 0:07:54.760 very far to see something that you want. And also 0:07:55.200 --> 0:08:00.800 with the rise of marketing and sales and adverts, social media, yeah, 0:08:01.000 --> 0:08:06.120 it's absolutely bombarding us. We are constantly surrounded by the 0:08:06.120 --> 0:08:10.080 next cool thing, the next idea, the next cool gadget 0:08:10.120 --> 0:08:12.400 that we want to get, making you feel like the 0:08:12.440 --> 0:08:14.960 thing you've got right now isn't good enough anymore. And 0:08:15.000 --> 0:08:19.520 it's moving at such a pace that I think overspending 0:08:19.960 --> 0:08:22.520 is so common and so easy to fall into. And 0:08:22.600 --> 0:08:25.480 I think, to be honest, unless you're very strict, most 0:08:25.520 --> 0:08:27.280 of us do it. I think I do it from 0:08:27.280 --> 0:08:30.680 time to time. I'm not perfect. I see the flights 0:08:30.760 --> 0:08:32.559 and I think, oh, I could go and see my friend. 0:08:32.720 --> 0:08:35.200 Don't have a plan to pay for that. But I'm 0:08:35.240 --> 0:08:36.719 just going to do it. I'm just going to do it. 0:08:37.120 --> 0:08:39.640 And I think we've got to be real though, And 0:08:39.679 --> 0:08:42.080 I think one of the problems with overspending is because 0:08:42.120 --> 0:08:46.240 it's like a it's a little bit of escapism, because 0:08:46.280 --> 0:08:49.160 a lot of us, especially at the moment, with the 0:08:49.200 --> 0:08:52.280 way things have been in recent years post COVID, with 0:08:52.800 --> 0:08:56.000 cost of living crisis and really the rising cost of 0:08:56.040 --> 0:09:00.480 living going mad many of us potentially wording or before that, 0:09:00.640 --> 0:09:02.720 and now we're feeling in a position where we feel 0:09:02.720 --> 0:09:05.240 a little bit trapped, and we feel a bit stuck 0:09:05.360 --> 0:09:07.520 in that maybe in that paycheck to paycheck what I 0:09:07.559 --> 0:09:09.079 call the doom loop, because I just think it is 0:09:09.120 --> 0:09:11.920 a complete doom loop, and you feel, if I just 0:09:11.960 --> 0:09:14.439 get that thing, it's going to relieve that pressure a 0:09:14.480 --> 0:09:16.160 little bit, just for a moment. It's going to make 0:09:16.240 --> 0:09:18.480 me feel like I'm not trapped. It's going to make 0:09:18.559 --> 0:09:21.360 these circumstances feel a little bit better. And I think 0:09:21.360 --> 0:09:23.840 we've got to be real about that. But also we 0:09:23.920 --> 0:09:27.840 mustn't ignore those feelings of what you actually want. You 0:09:27.840 --> 0:09:31.800 want to have a fun, exciting, adventurous life cool we 0:09:31.880 --> 0:09:34.120 all do, I think, And I think one of the 0:09:34.160 --> 0:09:36.400 things I love to help people do is before they 0:09:36.480 --> 0:09:38.360 jump into the how and the what and the why 0:09:38.440 --> 0:09:41.800 of money and managing money and bank accounts and saving 0:09:41.840 --> 0:09:44.160 pots and a lot of stuff, I really love to 0:09:45.080 --> 0:09:47.240 inspire people to stop for a second and just say 0:09:47.240 --> 0:09:49.600 what is it you really want? What is it deep 0:09:49.640 --> 0:09:51.679 down that your circumstances don't even allow you to think 0:09:51.679 --> 0:09:53.199 about right now because you just think, oh, I'll never 0:09:53.240 --> 0:09:55.240 have that. If you put it down on paper and 0:09:55.240 --> 0:09:57.880 you get it all out, is it really that far off? 0:09:58.040 --> 0:09:59.760 If it is, maybe that will help you make some 0:09:59.800 --> 0:10:02.160 disc decisions to start moving in that direction. So I 0:10:02.200 --> 0:10:04.880 think overspending can often be a little bit of a 0:10:04.920 --> 0:10:07.480 signal to what it is going on under the bonnet 0:10:07.520 --> 0:10:09.240 and actually what you really want to be doing and 0:10:09.280 --> 0:10:10.240 having in your life. 0:10:11.040 --> 0:10:13.280 Oh, hearing you say that, just talking about the deep 0:10:13.360 --> 0:10:15.720 down what you really want and writing it out, because 0:10:16.480 --> 0:10:20.000 I think the biggest thing with finances in general is 0:10:20.280 --> 0:10:22.640 we do feel like we want to have everything and 0:10:22.640 --> 0:10:25.000 we want to have this life. You have this juxtaposition 0:10:25.120 --> 0:10:27.360 of I want to do and live my life, but 0:10:27.480 --> 0:10:30.160 also I understand and I need to save and protect 0:10:30.200 --> 0:10:34.360 myself for the future or for emergency circumstances. We have 0:10:34.440 --> 0:10:39.160 that constantly going on, this internal conflict. When we talk 0:10:39.200 --> 0:10:43.720 about two mistakes, what are some mistakes that you're seeing 0:10:43.880 --> 0:10:48.160 people often make, especially in the beginning stages of financial 0:10:48.200 --> 0:10:50.560 decisions or learning to save or invest. 0:10:51.360 --> 0:10:54.559 Yeah, I think if we go really practical for a second. 0:10:54.679 --> 0:10:57.360 This is such a quick fix, but it really works. 0:10:58.040 --> 0:11:00.800 Is especially with saving. I think we tend to think 0:11:00.840 --> 0:11:03.080 I used to do this, like literally all through my twenties. 0:11:03.120 --> 0:11:03.640 It is bad. 0:11:04.000 --> 0:11:06.960 You basically get your income come in and then you go, Okay, 0:11:06.960 --> 0:11:08.199 I'm going to spend what I need to spend, and 0:11:08.240 --> 0:11:09.480 I'm going to be really good this month. 0:11:09.520 --> 0:11:11.959 Honestly, I'm going to be so good, and then I'm 0:11:12.000 --> 0:11:13.920 going to save what's left at the end. 0:11:14.400 --> 0:11:17.720 And I think, right there is one of the biggest 0:11:17.720 --> 0:11:21.559 savings mistakes because there's this thing Parkinson's law. 0:11:21.600 --> 0:11:23.559 You may have heard of Parkinson's law, where it was 0:11:23.600 --> 0:11:24.400 about the. 0:11:24.360 --> 0:11:26.840 Time it takes to do a task it will expand 0:11:26.880 --> 0:11:27.719 to the time you give it. 0:11:28.120 --> 0:11:29.440 There's a derivative of that. 0:11:29.440 --> 0:11:31.800 For finance, which kind of goes along the lines of 0:11:32.080 --> 0:11:35.040 whatever money is available to you to spend, your spending 0:11:35.120 --> 0:11:36.720 will increase until it's all gone. 0:11:36.880 --> 0:11:37.800 That's just how it goes. 0:11:38.360 --> 0:11:40.080 So if you think to yourself, I'm going to be 0:11:40.080 --> 0:11:41.560 really good with my money this month, and I'm just 0:11:41.559 --> 0:11:43.360 going to spend really carefully, and then by the end 0:11:43.360 --> 0:11:44.720 of the month, I'm just going to save that bit 0:11:45.240 --> 0:11:47.360 what's actually going to happen is you're just going to 0:11:47.360 --> 0:11:49.040 spend more and then you're going to get to the 0:11:49.080 --> 0:11:51.079 end of the month and there's not going to be 0:11:51.120 --> 0:11:54.040 anything left, and that is me. If I don't plan 0:11:54.120 --> 0:11:56.600 for that, that is me, and I'm sure many people 0:11:56.640 --> 0:11:57.280 can relate. 0:11:57.720 --> 0:11:59.400 So one of the best hacks. 0:11:59.480 --> 0:12:02.360 It sounds so it's simple and so it's almost silly, 0:12:02.440 --> 0:12:05.480 but it's just put your money aside first as soon 0:12:05.520 --> 0:12:08.200 as you get paid. If you've planned to save, what 0:12:08.360 --> 0:12:11.360 is that amount, automate it to go out of sight 0:12:11.559 --> 0:12:14.680 into another account before you start spending for the month. 0:12:15.360 --> 0:12:17.560 Just that act alone of putting it out of sight, 0:12:17.640 --> 0:12:20.559 out of the way before you're spending starts. It's just 0:12:20.760 --> 0:12:22.800 night and day. It's just such a different approach, but 0:12:22.840 --> 0:12:25.760 it works. And then when you look at the number 0:12:25.760 --> 0:12:28.240 in your account, you're living off that amount, you're not 0:12:28.320 --> 0:12:31.400 living off the total amount, and that'll just help you 0:12:31.480 --> 0:12:33.280 as you go for your months. Just paste it out 0:12:33.280 --> 0:12:37.160 a bit more and work within your means having already saved. 0:12:37.400 --> 0:12:40.520 And also just a side note, spending is way more 0:12:40.600 --> 0:12:43.760 fun when you've already saved because you're not standing in 0:12:43.760 --> 0:12:47.080 the shop going, oh, I'm not I should be saving 0:12:47.080 --> 0:12:49.760 by it. I don't, just I really want that thing. 0:12:50.040 --> 0:12:53.679 You're like, I've saved, We're good, Let's spend happy days. 0:12:53.720 --> 0:12:56.080 This is my spending money, so I think it is 0:12:56.160 --> 0:12:58.680 a nicer way to go through the month. 0:12:58.679 --> 0:13:00.079 Anyway. 0:13:00.000 --> 0:13:03.040 They're saying things that my dad has hounded into me 0:13:03.160 --> 0:13:04.120 since I was a kid. 0:13:04.200 --> 0:13:04.959 He was like, pay. 0:13:04.840 --> 0:13:08.920 Yourself first on yes, and this is what I saw 0:13:08.960 --> 0:13:10.800 on your social media too. I was like, yeah, she 0:13:10.960 --> 0:13:13.520 gets it, like you you do this first and you 0:13:13.559 --> 0:13:14.800 can take care of the rest later. 0:13:14.920 --> 0:13:18.920 And something too that he really honed into me very 0:13:18.960 --> 0:13:21.680 early on, which he wishes he did. 0:13:21.760 --> 0:13:24.280 We were a circumstance of their mistakes and the things 0:13:24.320 --> 0:13:27.360 they wish they did, and for him, he wishes he. 0:13:27.360 --> 0:13:29.280 Invested in his four oh one K sooner. 0:13:30.040 --> 0:13:32.480 And so he said, really early on, as soon as 0:13:32.520 --> 0:13:34.880 you feel comfortable and you feel like you're not surviving 0:13:34.880 --> 0:13:37.520 paycheck to paycheck, I want you to take a little 0:13:37.520 --> 0:13:39.520 bit out at a time and put it into your 0:13:39.520 --> 0:13:40.040 four A one K. 0:13:40.080 --> 0:13:42.439 Don't even think about it, just have it automatically go. 0:13:42.440 --> 0:13:45.040 In there and it'll be put away for a later 0:13:45.200 --> 0:13:47.280 use one day and you'll be really glad you did it, 0:13:47.720 --> 0:13:49.560 and so I've been doing that since maybe I was 0:13:49.600 --> 0:13:52.680 twenty five, and it was just a little at first, 0:13:52.720 --> 0:13:54.160 I think maybe ten dollars a month. 0:13:54.200 --> 0:13:55.680 It was not anything, but it was. 0:13:55.600 --> 0:14:00.240 Something enough to make me feel okay. I'm contributing. Why 0:14:00.360 --> 0:14:03.920 is that oral one key so important? Because it's really 0:14:04.000 --> 0:14:07.400 easy to think like future times, don't worry about it. 0:14:07.400 --> 0:14:09.240 It is so easy to think like that. I still 0:14:09.280 --> 0:14:11.520 do that now, and I'm getting closer to that bit. 0:14:11.800 --> 0:14:14.560 I'm much older than are you starting at that age. 0:14:14.720 --> 0:14:16.839 I wish i'd started that young and I had to 0:14:16.880 --> 0:14:19.040 play catch up, and I'm still playing catch up because 0:14:19.040 --> 0:14:21.200 I didn't start young, and it's frustrating. 0:14:21.640 --> 0:14:23.360 So I wish the same as your dad. 0:14:23.360 --> 0:14:26.640 I wish people got this early and just did it 0:14:26.680 --> 0:14:29.560 as like you say, exactly like that. A small amount 0:14:29.600 --> 0:14:31.160 to start with, doesn't have to be a lot, but 0:14:31.200 --> 0:14:33.720 it just gets the habit going. And then as you 0:14:33.920 --> 0:14:37.680 hopefully as things increase, your income increases, as you get older, 0:14:37.760 --> 0:14:40.720 you can increase the percentage perhaps that you're saving each 0:14:40.800 --> 0:14:44.280 month and putting into investments. The important thing, the thing 0:14:44.320 --> 0:14:46.960 it all comes down to, and it's not This is 0:14:47.000 --> 0:14:49.400 why it's so important to start young. It's all based 0:14:49.400 --> 0:14:53.680 on compound interest. Very boring sounding, but there's this magical 0:14:53.840 --> 0:14:57.880 force going on behind investing that makes it all work, 0:14:58.040 --> 0:15:00.320 and it's compound interest. It's a bit of math that 0:15:00.560 --> 0:15:02.960 without it, the whole thing falls down. The idea is 0:15:03.000 --> 0:15:05.120 you're earning on your earning, so you're getting a return 0:15:05.160 --> 0:15:07.200 on your investments, but then you're getting a return on 0:15:07.240 --> 0:15:10.320 that return as well, So instead of having a sort 0:15:10.360 --> 0:15:14.840 of straight line increase, it's a curve upwards. So the 0:15:14.920 --> 0:15:19.560 longer it goes, the more the growth happens. So there's 0:15:20.080 --> 0:15:22.040 crazy status I'm going to I'm not going to quote 0:15:22.040 --> 0:15:23.640 them exactly because I don't want to get them wrong. 0:15:23.680 --> 0:15:28.160 But Warren Buffett, for example, the majority of his wealth 0:15:28.280 --> 0:15:30.600 he created after he was about sixty eight I think 0:15:30.640 --> 0:15:33.520 it was, and then from that point it's just absolutely 0:15:33.640 --> 0:15:37.120 rocketed upwards. So he became a millionaire quite young. But 0:15:37.160 --> 0:15:39.400 then his wealth was increasing, but there was a moment 0:15:39.600 --> 0:15:42.600 where it just hipped, and it's compound interest. It's a 0:15:42.640 --> 0:15:46.480 classic example of compound interest. So I think the younger 0:15:46.520 --> 0:15:48.920 you can start, even if you're starting with a little bit, 0:15:49.080 --> 0:15:52.040 the longer you've got for your money to compound, and 0:15:52.080 --> 0:15:54.440 it really does make a difference. If you've got a 0:15:54.480 --> 0:15:56.480 spare moment and you want to geek out on this, 0:15:56.720 --> 0:15:58.760 you can go to the calculator site. There's loads of 0:15:58.800 --> 0:16:01.680 different calculators online, calculators like dot com or something like that. 0:16:02.080 --> 0:16:03.680 They've got a compound interest calculator. 0:16:03.720 --> 0:16:04.240 And I think to. 0:16:04.280 --> 0:16:06.800 Visualize it, I wish I could flash up a graph 0:16:06.880 --> 0:16:10.760 right now. But to visualize, if I put in let's say, 0:16:10.800 --> 0:16:14.280 like your example, ten pounds or ten dollars a month 0:16:15.120 --> 0:16:17.840 for ten years, what does it do? And if so, 0:16:17.920 --> 0:16:19.480 let's say you've got a return of let's say eight 0:16:19.480 --> 0:16:22.840 percent or something, what does it do? Okay, well twenty Now, 0:16:22.920 --> 0:16:24.800 let's look at thirty, let's look at forty. And when 0:16:24.840 --> 0:16:28.240 you can visualize the difference, that's quite motivating. So I 0:16:28.280 --> 0:16:30.280 always recommend people have a little looking to play around 0:16:30.280 --> 0:16:32.840 with that whose even though it's quite geeky, it's worth doing. 0:16:33.640 --> 0:16:35.480 You talk about motivating. 0:16:35.840 --> 0:16:38.240 I had started, I don't know if you guys have 0:16:38.360 --> 0:16:40.720 Robin Hood over there, it's an investment app. 0:16:40.560 --> 0:16:41.320 All the stuff. 0:16:41.400 --> 0:16:44.520 Yeah, yeah, So I had started playing around on that. 0:16:44.560 --> 0:16:46.800 When I finally got to the point where I was like, okay, uncomfortable, 0:16:46.880 --> 0:16:49.920 Maybe I'll try a little investing. I have no idea 0:16:49.960 --> 0:16:50.440 what I'm doing. 0:16:50.520 --> 0:16:53.600 You're looking at someone who has zero experience, zero knowledge 0:16:53.600 --> 0:16:55.560 of the stock market. But I said, I'm going to 0:16:55.640 --> 0:16:57.720 just start buying some stocks of things that I use 0:16:57.800 --> 0:17:00.920 and I love because I know I'm using and loving them, 0:17:00.920 --> 0:17:02.800 which means there's probably other people that are. 0:17:02.880 --> 0:17:05.080 So that's what we started with. I think I bought like. 0:17:05.119 --> 0:17:10.399 Apple and Disney and all these different kind of just 0:17:10.760 --> 0:17:14.399 things that I use every day meta and I was 0:17:14.440 --> 0:17:16.680 buying stocks in them, and I was having so much fun. 0:17:16.880 --> 0:17:18.480 I was not playing with a lot of money, but 0:17:18.520 --> 0:17:20.679 I was having so much fun being like, oh, I 0:17:20.800 --> 0:17:22.320 made five dollars today. 0:17:22.440 --> 0:17:25.080 Now I know the stock market is like very volatile 0:17:25.119 --> 0:17:27.239 and that goes up and down, but the days when 0:17:27.280 --> 0:17:30.199 it would be up, I'd get so excited watching that 0:17:30.359 --> 0:17:34.240 experience happen and seeing something happen with my money that 0:17:34.320 --> 0:17:36.800 I didn't do anything. This I just put into an 0:17:36.800 --> 0:17:41.399 app was really fun. So totally understand that motivating factor. 0:17:41.440 --> 0:17:43.400 And I do want you to speak on the investing 0:17:43.480 --> 0:17:46.520 because I, like I said, I am so not an expert, 0:17:46.880 --> 0:17:50.800 but you have the expertise to tell us, like what 0:17:51.080 --> 0:17:54.120 investments might be right for us, especially starting and as 0:17:54.119 --> 0:17:54.920 we start to grow. 0:17:56.080 --> 0:17:59.280 Yeah, even you saying that I have some expertise, I 0:17:59.320 --> 0:18:02.119