How To Make Your Money Make Money - Ben's Business Podcast #97

How To Make Your Money Make Money - Ben's Business Podcast #97
Here's some of Naz's key lessons he shared:
- there is no way to get rich quick
- save for the future
- don't put all your money in the bank
- study the habits of the wealthy
- save/allocate your monthly income with a formula 60,20,10,10 etc
- If I had 5,10,15-20k, I'd invest in index funds via Vanguard or Black Rock.
- Look at a Lifetime ISA and speak to a professional, I'm just here to make you aware of what's available to you (21mins in the video)
- If you put money into investment platforms, make sure you choose one with 85k savings protection, and they keep your money separate from their money
- invest in dividend-paying shares
- if I want to invest in companies, I choose companies I know, use and love. Or, I trust in them being open to evolving.
- think like a producer, not a consumer
- don't put all your eggs in one basket
- I feel its better to invest in stocks than in property in the UK.
- if you spend money, use a credit card and always get cashback
- get rewarded by banks for opening accounts with them
- if you have a lot of money and are interested in investing in companies, look at EIS/SEIS.
- always have a budget in life as a benchmark, don't be a prisoner to your budget and don't feel bad about it
- Top 3 easily digestible financial education books to read.
If I'm going to invest in other companies for the future, I look at how the world is shifting. I state there is no way to predict the market and I'm not the smartest guy. I choose to invest in companies for the future if the company and their offering is
a) politically acceptable
b) socially acceptable
c) scalable
c) environmentally acceptable/good for the planet