Practical Personal Finance Principles / Darcy Ungaro
To invest – or to grow wealth – or to build anything for that matter, you need to get the foundations down right – otherwise whatever you build may need to be torn down. One of the foundations we all need to sort out, and to check periodically, is our own personal financial management skills – this is where we need to delve into the topic of personal finance or money management.
If you're self-employed, please check out the other episodes:
Wealth -building when you're self-employed
Financial exclusion and the independent earner
Mainstream thought around personal finance could somewhat be summed up as follows:
- Save yourself wealthy
- Aim for 'rich enough'
- Don't pursue wealth as much as keeping to your budget.
What I’ve observed in my life and especially in the lives of those I work with who’ve done well with money, is that if you want to move to a place above average, shrinking back is not the best strategy – taking ground is. Often the strategy to 'take ground' can be messy, contrarian, and personal to you . This is something that's hard to cover in detail to any great extent, but it's important to try and not shrink back from the topic, so as to not offend those easily offended.
In this episode, I aim to offend members of the cult of frugality, those who strive to repay their mortgage, everyone with a side hustle that involves making jam, and everyone not named Sue.
We're covering principles like:
- Getting a real job
- Starting at the end
- Paying yourself first
- The magical power of giving and receiving
- Good debt vs bad debt
- The magical power of words
- Good buffers, bad buffers, and other peoples' buffers
- Being accountable
- Getting into obscene levels of debt, as fast as you can.
Most of what I say you can take seriously in this episode, but some of it is simply to annoy those who take themselves too seriously - hope you enjoy!
PS: You may have also noticed, I didn't include 'budgeting' in this episode. Budgeting IS actually very important, but apparently not so important to include here - I promise to cover this somewhat 'sexy' topic in future episodes!
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Please ensure that you act independently from any of the content provided in these episodes - it should not be considered personalised financial advice for you. This means, you should either do your own research taking on board a broad range of opinions, or ideally, consult and engage an authorised financial adviser to provide guidance around your specific goals and objectives.
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Where to find Darcy Ungaro:
Ungaro &Co (authorised) financial advisers
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