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In this clip, we chat to Melissa Browne – about understanding what makes you tick, and how that impacts your attitudes towards money (and helps you get better at looking after yourself!).
Listen (or watch) the full episode here:
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Alec: [00:00:06] Welcome to bite sized on Get Started Investing feed. In this series we feature some of our favourite lessons, quotes and moments from the podcast. If you'd like to listen to the full episode, we've included the link in the show notes. Obviously, everyone's financial journey is different and you know, you said that everyone has to go on their own path and it depends on, you know, what their goals are and who they are and all that stuff. But are there any commonalities that everyone who's listening can sort of take away is like key things to think about or take things to implement.
Melissa: [00:00:36] So for me, it's making sure that you're doing the basics right. So I'm effective at not having all of my money in the one bank account and then trying to rely on my own self-discipline and self-control to figure out what bills, what savings, or even moving the money into savings myself. You know, there's a reason the bank automates your mortgage, your payment, because they don't trust that you're going to do it. And most of us wouldn't feel like.
Alec: [00:01:03] That's a good call.
Melissa: [00:01:04] I said we should act like that for our own personal finances. So I think the basic bank accounts you need every day account, a savings account and a bills account and to automate those payments and to eat. I call eating from the smallest bowls eight from the everyday account and when that's gone I don't go to credit. I don't go to buy now and pay later. I act like a uni student and I might have rice for dinner or I might have to sell something like it's going back to basics. I don't believe when it comes to investing, I don't believe that there's a one size fits all in that everyone should own their own heart, or we should all work to pay off our own home. I think more and more home ownership may be something that we reject. We may still own property, but it might be through rent vesting, or it might be through property trusts or something instead. So we'll have a property investment. But it may not be your own home. But I still believe for everyone it's having that beautiful, diversified basket of I've got I'm investing in shares, I'm investing in property and potentially investing in business, and I have a cash buffer. So there are still some commonalities around what I'll have. Just how it's set up and what it looks like might not be the same for everyone.
Bryce: [00:02:24] If you enjoyed that bite size, you'll find a link to the full episode in the show notes.
