Comments on: Why you Should Invest Even If you Have No Money

By: Lukas - author of www.myfinancialfreedom.blog

Lukas - author of www.myfinancialfreedom.blog — Thu, 30 Apr 2020 20:06:43 +0000

Great article, Michael!
You nicely link investing to the habit of saving. Habits can indeed be a powerful force when working towards financial independence. They automate your behavior and make it stick irrespective of what comes up.
So, as you automate your saving and investing, you will build the machine to create a fortune. You can actually build this habit even when not being rich or making a lot just yet. As long as your machine stays adaptive to increasing income, e.g., by keeping the savings rate stable or even increasing it.

By: Michael

Michael — Sat, 14 Mar 2020 10:51:28 +0000

In reply to Satya. Hey Satya, depending on the company you may have to declare all your directorships and business activities to your new employer. Typically, this happens if you work in financial organizations. HMRC is fine for you to be employed full-time as well as hold directorships in other companies. As long as you declare & pay your taxes of course :)

By: Satya

Satya — Mon, 09 Mar 2020 00:31:48 +0000

In reply to Michael.

Hey Michael,

Superb article! Completely agree on the habit of investing as early and as much possible. Also, agree on focussing on increasing income rather than cutting expenses.

I am in a similar situation and wanted to get some views from you. I believe you have currently taken up a permanent position.
1. Did you have to declare your directorship in your investing company to your new employer? Were there any restrictions/issues?
2. How doesoes HMRC view this i.e. multiple employees (although this should be new as there are individuals who hold multiple directorship)?

By: Michael

Michael — Thu, 13 Feb 2020 18:58:27 +0000

In reply to George. Hey George, starting to invest in such a young age is by itself a big win. Not only you'll be forced to save in order to invest, but you'll give yourself a long time horizon for your money to accumulate. Compound interest is the 8th wonder of the world. I think the biggest lie in personal finance is that you need to cut your morning latte to start investing. The biggest advice I have is to increase the money you make in your profession while also living within your means. There's only so much you can save at the end of the day. So the more you can make early on, the easier it will be to invest the difference. Having said that, "Lifestyle Inflation" is an easy trap to fall into though. Now you're only working part-time but when you finish uni and invest in yourself (education, online courses, crafts, side hustles etc) then your income will quickly go up. Most people just spend more when they earn more. You, only, can find the balance of what makes you happy, but personally speaking, I know that spending more above a certain level won't make me happier. Having the freedom to do what I want or to not worry about money because my investments "work" for me is a great feeling. So start investing as soon as you can save, and try to make it a monthly habit. But don't take my word for it, here are a few books worth reading: Rich dad poor dad The simple path to wealth Your money or your life

By: George

George — Thu, 13 Feb 2020 14:41:53 +0000

You may have already answered this question before, in which case I apologize for repeating the same questions, but what about investing when living from paycheck-to-paycheck? When is the ideal time to begin investing and trying to make money outside a full-time job. I am 20 years old now and I try to start living on my own accord without any financial assistance from my parents. I’m currently working in a part-time job to help with “survival costs” each month and rent, in addition to studying in university for the final year. Any tips, references for beginners such as me?
Your website has amazing articles which I wish I could understand better! Either way, keep it up!