Podcast Summary
Moby investing app: Moby app offers financial education, accessibility, and a hand-picked selection of stocks from former Morgan Stanley investors for building wealth
Moby, a new jargon-free investing app, can help make financial education and building wealth more accessible and less overwhelming for individuals. Jane's story highlights the importance of becoming financially literate from a young age and overcoming past financial struggles. For Jane, this meant starting small, buying a property, and gradually improving her financial habits. Moby's team of former Morgan Stanley investors provides hand-picked stocks and consistent market updates, helping users build confidence in their investing abilities. With over 5 million users and a proven track record of beating the S&P 500, Moby is a valuable resource for those looking to start or expand their investment portfolios.
Financial Management, Seeking Professional Help: Learning financial management, paying yourself first, forecasting bills, and seeking professional help can lead to significant savings and financial growth.
Being smart about money and seeking professional help can lead to significant savings and financial growth. The speaker shares her experience of buying a two-bedroom apartment nine years ago with a painfully high interest rate, which motivated her to learn financial management. She paid herself first, forecasted bills, and gradually paid off debt. Later, she found a mortgage broker who helped her slash her interest rate in half and clear other debts. She emphasizes the importance of finding a trusted professional to explain financial concepts and provide guidance. The speaker also mentions the value of having supportive women in her life who helped her learn and build her confidence. She encourages open conversations about money and goals, and emphasizes the importance of continuous learning and seeking expert advice.
Unexpected opportunities: Seizing unexpected opportunities and taking calculated risks can lead to significant financial gains and wealth accumulation over the long term.
Being proactive and taking advantage of unexpected opportunities can lead to significant financial gains. The interviewee shares how an accidental tax overpayment led her to buy her first property, which she held onto and renovated, eventually leveraging its value to buy a second property. By keeping and improving her properties, she was able to increase their value and build wealth, becoming a property millionaire. The story highlights the importance of being open to new opportunities, being willing to take calculated risks, and having a long-term perspective when it comes to building wealth.
Financial growth at any age: You can achieve financial stability and investments even if you didn't start young, by learning from past experiences and working hard to improve your financial situation.
It's never too late to work towards financial stability and investments, even if you didn't start young. The speaker shared her personal experience of buying a second property using the equity from her first one, even when she didn't have a high salary or a lot of cash on hand. She emphasized the importance of learning things the hard way and being grateful for past financial struggles, as they helped her appreciate the value of money and work hard to improve her financial situation. Despite the challenges, she expressed gratitude for her current situation and the opportunities it provides. Overall, the conversation underscores the idea that financial success is possible at any age, and that past experiences, even difficult ones, can serve as valuable lessons.
Multiple income streams and mortgages: Effective budgeting and prioritization are essential for managing multiple income streams and mortgages. Don't rely solely on fluctuating income and adjust expenses accordingly.
Managing multiple income streams and mortgages requires careful budgeting and prioritization. The speaker, who has three income streams and three mortgages, shared her experience of budgeting her life based on her stable income from her public health job and using the fluctuating income from her side hustles and rental property to cover additional expenses and savings. She emphasized the importance of not relying fully on the fluctuating income and adjusting expenses accordingly when necessary. She also mentioned that her income has not grown significantly in the last few years, so managing her finances effectively has been crucial for her to afford her lifestyle and debt payments.
COVID-19 spending vs long-term investments: During COVID-19, many spent excessively due to boredom, but shifting focus to long-term investments in self, health, and career leads to financial independence and freedom.
During the COVID-19 pandemic, many people, including the speaker, spent more money than usual due to boredom. However, the speaker's perspective has shifted from short-term spending to long-term investments. She is now focusing on environmentally sustainable options at home, investing in her health, and professional development. For the speaker, investing in herself and her career has been the best way to achieve financial independence and freedom, which allows her to make choices and have opportunities. The best money advice she's received is to consider how future Jane will benefit from the money spent now. Building a community of like-minded women has been instrumental in her journey towards financial success.
Women's network for financial growth: Building a network of women can significantly contribute to personal, professional, and financial growth through mentorship, guidance, and support.
Building a strong network of women, both personally and professionally, can significantly contribute to growing one's wealth. This can be achieved through word of mouth recommendations, social media, or seeking out professionals who have worked with successful women in the past. The women in one's life can serve as mentors, coaches, and cheerleaders, providing valuable guidance and support. It's essential to remember that building a tribe of like-minded individuals can lead to personal, professional, and financial growth. So, don't hesitate to reach out and connect with women in your industry or community. Whether it's through networking events, social media, or simply reaching out to someone you admire, the journey to financial success can be made easier with the support of a strong network of women.