I've got another great interview for you today with YoungFIGuy! He's a new blogger but has already achieved financial freedom and is sharing his advice with us. Check it out to learn more!
YoungFIGuy is sharing some financial wisdom with us today. He has reached financial independence and is now blogging about it over at his self titled site, youngfiguy.com.
He has some great information about personal finance and investing. Check out his site and find out about his favorite books, apps, habits, and more!
What are your favorite books related to money?
My favourite book on money isn't about money at all! It's called Nonviolent Communication. It's about how we do a bad job communicating how we really feel and understanding how others feel. I think so much of bad spending habits is because we don't understand how we truly feel. For example, the person who buys expensive clothes to "look better" when the real reason is they are insecure about their appearance. No amount of fancy clothes will change your underlying insecurities. That change has to come from within.
What are your favorite apps related to money?
My favorite app is an RSS reader app (I use FeedMe). It's great because I've got all my favorite blogs and websites set up and I get notified when there are new posts. They are all downloaded for me to read offline. It's how I follow dozens of FI blogs and personal finance sites.
What is the worst money advice you hear?
"There's always plenty of time to save." The sooner you start saving the better. The power of compounding and starting early cannot be overstated.
What money advice would you give a 25-year-old starting out in life?
I'm only a few years older haha! It follows from above. Start saving now. Start investing now. If you've got ideas or passions start working towards them. Don't be scared. The sooner you start the easier it becomes.
Do you have any financial habits you live by?
Always be on the lookout for a deal. Often the best opportunities in life fall into our laps.
What is #1 thing people should do today for a better financial life?
Start tracking what you spend. It's shocking how small habits can add up. Only by accounting for every cent you spend can you understand where your money is going. And you might find out you're spending lots on things you don't even want!
Did you overcome any personal failures to get where you are today?
One of my biggest failures was my first job out of university (college). I didn't like the company I worked for and was miserable. I'm sure I wasn't as good a worker as I could have been. I left after qualifying as a Chartered Accountant (UK equivalent of a CPA) to move somewhere else. But I learned three valuable things. First, you can always learn lots even if you are doing something you don't enjoy. I learnt a great deal in my first job. Second, just because you don't like where you work doesn't mean you can't have great respect for people. I have huge respect for my old bosses even if I didn't agree with them on lots of things. Finally, it's not a big deal if you aren't in the perfect job after graduating. It's always possible to change your career path in the way you want.
What was the turning point in your life to become financially successful?
My turning point was when I was a teenager. I lost my father suddenly whilst still at school. It was a turning point for two reasons. First, it made me realise that life is short and it's important to spend time doing what you want to do and not working for the man until you die. Secondly, my father left me a small six-figure inheritance. I've always been a saver, when my father passed away I'd already built up a nice savings pot (you could get almost 15% on some savings accounts back then). I put my money to work, saving and investing - I started investing in the stock market when I was at university. That tragic set-back really started me financially and emotionally on my journey to Financial Independence.
What is the most worthwhile investment you have ever made?
It's cliche, but investing in myself. By that I mean I'm always learning, trying to understand new things, gaining new skills. I'm in my mid to late 20s and I'm a Chartered Accountant, qualified Investment Manager, qualified Financial Planner and have degrees in Math and Economics. Learning all these different skills means I can view things from lots of different angles. I've come to realize there's always more than one solution to a problem.
How can people follow and get in touch with you?
Visit my website youngfiguy.com. You can find my email on my site - I really enjoy hearing from readers and responding. I'm also on Twitter @youngfiguy. However, despite being a millennial I am a tech-Luddite. I don't have Facebook. And I'm just about getting the hang of Twitter!
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CREATOR OF LET'S AUTOMATE YOUR MONEY WITH MY LOVELY WIFE KRISTA