Nick from Your Money Blueprint has reached financial independence and you can too! Find out what has helped him succeed and what you can do in your own life to start your personal journey! In this candid interview you'll learn the books, habits, and tools Nick has used to succeed. Check it out below!
Nick from Your Money Blueprint is a financial success story. After realizing how dependent he was on his jobs income, he began his personal journey to reach financial independence and succeeded.
Nick is sharing some details on what has helped him on his journey to reach financial independence in this interview. Check it out below, it's a great read!
What are your favorite books related to money?
The Richest Man In Babylon. Such a great read that combines age-old financial wisdom dispersed through storytelling.
The Millionaire Next Door. A book that reminds me it is OK not to want the best of everything and that the road to a million is made up of smart, deliberate choices every day.
The Behavior Gap. This is the investing book that changed my investing from picking individual stocks to index investing. This book has saved me a lot of money.
Your Money or Your Life. As soon as I read this book I knew I didn’t want to work at my current job for 30 more years. This is the book that lit my fire to want to achieve F.I.R.E.
What are your favorite apps related to money?
I actually don’t use any apps. I use Excel for everything. I like entering the data and performing calculations. It makes it feel more real for me.
What is the worst money advice you hear?
I actually had someone tell me when I was 15 to spend all my money when I was young. I listened to her and didn’t change my ways until my late 20’s, so very costly advice.
I also hear, “buy as much house as you can afford” quite frequently. I don’t want to be asset rich and cash poor in retirement.
What money advice would you give a 25-year-old starting out in life?
Start saving as soon as you can. It doesn’t matter how small an amount it is, just get started.
Stop trying to impress other people with material things. They don’t care anywhere as much as you think they do.
Do you have any financial habits you live by?
At the start of every month, I complete my net worth updates and budgets
I automatically invest 50% of my income every month before I have a chance to spend it.
What is #1 thing people should do today for a better financial life?
Optimise your spending so there is no wastage. An efficient budget will maximize your happiness at the same time as achieving as your goals. Any less and you will feel like you are sacrificing too much and any more and you are not saving enough. Truly understand what you want from life and optimize your spending to get you there as quickly as possible with the smallest amount of disruption.
Did you overcome any personal failures to get where you are today?
Plenty! I didn’t start investing in my companies retirement plan until I was 30.
I didn’t start saving until my late 20’s.
I paid too much for my first apartment.
I bought too much house. A 4 bedroom house for just me!
What was the turning point in your life to become financially successful?
I badly injured my back in my mid 30’s and had to take several months off work. Some of which was unpaid. This is when I realized how reliant I was on my employer for income. I had a house, but no savings and a huge mortgage. I was immobile from the injury so had a lot of time to kill while lying in bed. I Googled retirement and how to get ahead and must have come across Mr. Money Mustache. From there I went down the rabbit hole of digesting all his articles. I found other blogs and books and have been hooked ever since. Since that revelation, I have been saving at least 40% of my income, so I am never reliant on my employer again.
What is the most worthwhile investment you have ever made?
The time I spent while injured educating myself on all things personal finance and investing.
How can people follow and get in touch with you?
I have a blog that I update twice a week over at yourmoneyblueprint.co.nz. You can also follow me on Facebook Yourmoneyblueprint or on Twitter @nick_ymb
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CREATOR OF LET'S AUTOMATE YOUR MONEY WITH MY LOVELY WIFE KRISTA