Money Bite-Size Read:
- The week has been an opportunity to reflect.
- I wanted to share what I’ve learned about finance.
- Here’s what money secrets I’ve learned in 3 years of MoneyBites.
The MoneyBites Take:
An opportunity to reflect and share the money secrets I’ve learned since starting to talk money with MoneyBites.
Are you keeping some money secrets?
Almost 4 in 10 people keep money secrets from their loved ones, including hidden debt or secret savings. We attach shame or embarrassment to financial decisions and then don’t talk about money with our partners or friends.
It’s time we shared our money secrets.
That includes our money wins and the things we regret doing with money. The benefit of sharing these wins and perceived failures is it forces us to recognise what we’ve learned about money.
This week has been fantastic, with an Australian of the Year nomination being recognition beyond anything I could have imagined. Thank you to whoever nominated me, I appreciate it. I’ve been reflecting on my progress since starting MoneyBites and wanted to share what I’ve learned about money since I typed the first words of MoneyBites back in 2019.
Here’s the money secrets I’ve learned in 3 years of MoneyBites:
1. You don’t need to hold out for a hero
One of the reasons that the Barefoot Investor was one of Australia’s best selling books of the past decade is we want a hero to save us. Instead, save yourself and start learning about money without a guru.
2. One size doesn’t fit all when it comes to money education
We all come from different backgrounds, which is why a one size fits all approach doesn’t work. That’s why reading different money books can be helpful to work out the best steps for you.
3. Money means nothing in isolation
We believe that money brings happiness as it enables you to afford choices. However, money is only meaningful if you do something with it, including donating it to a cause you believe in.
4. There is no right or wrong way to manage money
It really annoys me when those financial gurus claim that we’re either good or bad with money. What matters instead is financial fitness and improving over time.
5. Diversify where your money is
Many of us open one bank account and leave our money there. Instead, it helps to diversify your money, including an emergency fund or getting started investing.
6. Earn money in line with your values
If you look for a job based on the salary alone, you have a recipe for being stuck in a job you hate. Instead, look at your values and commit to earning money in a way that makes the change you want to see.
7. Know where your retirement is invested
You likely have your retirement fund invested in the market. Make sure you know what it’s invested in and whether your retirement fund helps the planet or engages in greenwashing.
8. The partner you pick matters
When you choose to spend your life with someone, you develop financial ties. So make sure you pick your partner carefully and can manage finances together despite money personality differences.
9. Don’t compare yourself to others
I keep reading articles that directly compare your financial success by age or other demographics. We are different in background, which is why comparison is the thief of joy. Make sure you compare yourself now to your past rather than other people.
The biggest secret I’ve learned about money…it funds the future.
Money is the topic I chose to write about because it opens up opportunities through financial security. I’ll continue to ensure that MoneyBites can be part of giving people the power to make the choices they want, not what they can afford.