HOW TO MAKE MONEY & SAVE AT THE SAME DAMN TIME!
YouTuber, influencer and lawyer Dawn, hosted an intimate event for women to discuss all things personal finance, investments and wealth. Upon sharing her journey of being in £50k worth of debt and working on owning her own property on her YouTube channel and in her latest book (buy the book!), Dawn took the conversation offline and the intimate setting gave delegates and the host alike, an opportunity to be a bit more vulnerable and discuss our relationships with money and how we can ultimately do better.
We were joined by finance professionals, Nji Lorimer and Augusta Cookover who provide insight (not financial advice), into their own personal finance journeys, getting out of debt and financially levelling up!
Image: How to make money and save at the same damn time!
As a Chartered Community Banker for NatWest, Augusta shared how we can actively manage our money and better our money management. When it comes to savings, I think it is extremely key to have several pots - have emergency funds ready (this should have at least 3x your monthly salary and should cover bills and other monthly outgoings). Life can be unpredictable and you never know what tomorrow may hold. Do not live for today without financially planning for the next. She also recommended having allocated savings for your other goals i.e. your first home or that designer piece. I bang on about Cashmere App to anyone and everyone who will listen. If you are anything like me and believe in investing in quality, classic designer pieces over fast fashion, then this app is for you. Cashmere allows you to actively save for said luxury pieces without the guilt of splashing out. You simply set up a monthly Direct Debit for an amount that is comfortable for you and over the months, watch your money grow and treat yourself to that irresistible Saint Laurent bag! Finally, she discussed the different types of ISA’s and schemes for those of us that are eager to get onto the property ladder - I may cover this in another post, but there are so many young people doing it and sharing their journeys online. It is worth checking out: the co-founder of La’Bello Beauty, Lara, who, in her latest video shared how she got her mortgage, lifestyle and property blogger Jade Vanriel’s whole property series and Adulting 101 for more information on the buying process!
Image: Cashmere App
Wealth Advisory Manager, Nji shared with us how she managed to quadrupled her salary in just 3 and a half years. What is the winning formula, you ask? Her first point, for me, was extremely poignant, invest in yourself and work hard. We often hear and encourage others to work hard but this has to be a moment of real introspection for you - how willing are you to work hard? How willing are you to sacrifice the pleasures of today, to invest in your future self? Investing in yourself isn’t buying that luxury cleansing balm (guilty!) but rather seeing how you can take your professional career to the next level - professional qualifications and accreditations are the key. I have a blog post on this already, so please do check it out here. Her second point was understanding that there is no ‘get rich quick scheme’. Now, if you have heard of one or even have a get rich quick scheme, please keep it as far away from me as possible because chances are, it is illegal!. I digress. Nji went on to explain, in an impressive amount of detail, the various asset classes that her high net-worth clients have within their portfolio (no details were shared, just a high-level overview of how the rich are staying rich!). It was interesting to gain an insight into their overall attitudes to money and rather frugal (at times!) spending habits. As your salary increases, whilst your standard of living can increase, try your best to contain that increase. Just because your new salary is now £20k more than your last, does not mean your spending needs to increase by the same margin. Manage expectations, do treat yourself when you get bonuses but work on actively saving and investing your money.
I related to Nji so much because she shared the importance of becoming a valuable asset within your company and how you can divide your salary and any additional income you receive, into saving and investing. An ideal investment portfolio has a mixture of all asset classes to limit the sharp drops that you could encounter, given socio-economic climates.
Key thing to take away is that whilst we may not have access to certain equity classes, there are a number of disrupters in the financial market that have made things a little more accessible for the 'unaccounted middle' (you and I) - these platforms include Hargreaves Lansdown, MoneyBox and Nutmeg. Please do your research and make well-informed decisions when it comes to investments and the like.
Image: Nutmeg
As we enter the final quarter of the year, it is time to be brutally honest with yourself, your finances and your financial goals. It's time to print out your statements, review your outgoings, incomings, investments and savings. Assess that in relation to the financial goals you may have set yourself at the beginning of the year. How close or far are you to said goal? All is not lost, the key is identifying the issues and implementing remedial action. The festive period is on its way and many of us will find us tapping away, almost senselessly, purchasing gifts and going on quite expensive nights out. It is time to set strict budgets, proactively work on clearing debt if you have any and start putting money away not just for a rainy day but your for future!
Many thanks go to Dawn for hosting such an insightful event, for being so transparent with her journey and the struggles she encountered along the way. A very special thanks to the amazing speakers, Nji and Augusta for providing us with such fantastic information, as well as the other amazing go-getters that were in the room. Be sure to follow Dawn for more information and Nji, should you require any further advice. Your banks are able to help and provide some financial advice, so please utilise them also!
It is time to secure the bag, no slacking!