This is the last article in our ‘journey’ series, in which we’ve tried our utmost to put together everything you need to take charge of your financial future, into one easily-maneuverable, chronological line.
There are no “top three tips for crushing personal finance”, just like you won’t find a “two-step guide to looking ripped for summer” that actually works, unless those steps include making exercising part of who you are, and giving up eating most things you’ve enjoyed your whole life.
Much like making a commitment to good health, taking charge of your personal finance is something that requires you to want to learn about it, and appreciate the need to take responsibility for a certain degree of your financial outcomes.
Personal Finance DIY is important, not because we feel that you should be learning particular finance skills to make for more diverse office chit-chat, but rather because in our world of increased-rent seeking and self-interest, there will be people, trusted professionals even, who will look to abuse that trust and take advantage of your naivety.
In some instances where we have tried to offer up some indispensable, “if you only ever read this” articles, then consistently spending less than you earn has to be one of the most important. To argue with us on this one is to argue with maths – and maths always wins.
There are many ways to spend less and even more ways to earn more, neither of which we’re qualified to advise one – it’s all you. Let us know how it goes.
Understanding efficient markets and the implications for index investing is to take your financial future from paper scrip to bitcoin! The world is waking up to index-based investing, and in some instances, entire portfolios are being managed by computers. ‘Closet Beta’ is rife, but those days are numbered. Keep your investing costs down and retire like a tortoise.
We sincerely hope that we’ve been able to impart some wisdom and knowledge on matters personal finance. It need not be a complicated subject to involve oneself in and don’t get overwhelmed with what’s going on out there. Mainstream media has to be one of the worst places to find help; stick to trusted and credible sources of material.
WellSpent will take on a new angle now and we have no doubt that you’ll continue to find our content incredibly helpful.