Hello investing wizards,
As we approach the end of the year, I’m starting to reflect on everything that has happened throughout 2022 and what I’d like next year to look like.
And it got me thinking…
About the lessons I’ve learned about money and investing over the past few years.
After reading about my discoveries, why not sit down and take some time reflecting on your own journey so far? I’m sure it’s a lot.
🗣 Talking about money is important (but not everyone will learn, value or talk about money the way you do – and that’s okay!)
Most of us were taught from an early age that we shouldn’t talk about money.
But that taboo does much more harm than good.
If you can afford me a Harry Potter reference: “Fear of a name only increases fear of the thing itself.”
Talking openly about our finances helps remove a culture of fear and shame that surrounds money.
Studies suggest that so many Australians are struggling to get by, living pay cheque to pay cheque.
And when we shut down the conversation about money, we don’t give ourselves a chance of sharing the problem and quickly finding a solution.
Talking about money might feel hard right now, but not talking about it long-term will be harder.
Here’s my plan: start looking for the places where these conversations could happen and encourage it. Even if you’re just a fly on the wall!
For example: kicking off a conversation with friends & family, joining online communities (like Rask Core) or listening to industry experts on podcasts is an easy to immerse yourself and take away the stigma.
✍🏼 Write down your investment plan and reason for making each purchase.
One of my biggest suggestions for new investors is to write down a plan of attack before diving in.
A plan gives you direction and keeps you focused as it’s easy to get distracted by every shiny new thing you come across.
I’d also encourage you to write down the reasons you make each investment so you can then review it over time as you learn more (and revisit your reason during periods of uncertainty).
Action Tip: Create a Google Doc where you can write down your investment decisions and outline your investment plan. If you’re a Rask Core member, check out the DIY Investment Guide when you’re logged in.
👀 Your personal finances are just that, personal.
We talk a lot on the show about information that’s aimed at helping a broad range of people. But at the end of the day, you need to figure out what works for you and your unique situation.
Just because there’s a common rule of thumb, doesn’t mean you have to follow it (or that it’s right for you).
Want a 12-month emergency fund (rather than 3-6 months) because you feel more secure? Go for it!
Do you plan on starting a small business, which means you can’t save or invest right now? That’s okay!
Are you investing in a way that looks different to your friends? Just make sure you do your homework!
The most important thing is that you’re taking small steps each day that’ll improve your financial future, whatever that looks like for you — embrace it.
Don’t just blindly copy someone else on the internet. Your future self will thank you for it.
✨ Have any lessons to share? Let us know!
Do you have any money & investing lessons to share?
Let me and the Rask Core 🌏 community know about it by jumping into the Community forum. It’s now only $9.99 per month to be part of Rask Core – cancel anytime!
I might just share your lessons in our upcoming Money & Chill episode on The Australian Finance Podcast — stay tuned!
Cheers to our financial futures,
