Do what you love and the money will follow

Tips LIFESTYLE | 03. June 2019

Welcome to Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness. Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy, and property business.

ABOUT ME

Welcome to Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness. Charles spent over 25 years in financial services working for banks, insurance companies and as a qualified Independent Financial Adviser running his practice.

Do what you love and the money will follow

Tips LIFESTYLE | 03. June 2019

asdasdasd Welcome to Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness. Charles spent over 25 years in financial services working for banks, insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy, and property business.

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ABOUT ME

Welcome to Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness. Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice.

Latest podcasts.

Getting Rich in the Digital Economy

Listen to Getting Rich in the Digital Economy

Whatever may be said in praise of poverty, the fact remains that it is not possible to live a really complete or successful life unless one is rich. No man can rise to his greatest possible height in talent or soul development unless he has plenty of money; for to unfold the soul and to develop talent he must have many things to use, and he cannot have these things unless he has money to buy them with.

Man develops in mind, soul, and body by making use of things, and society is so organized that man must have money in order to become the possessor of things; therefore, the basis of all advancement for man must be the science of getting rich.

The object of all life is development; and everything that lives has an inalienable right to all the development it is capable of attaining.

Man’s right to life means his right to have the free and unrestricted use of all the things which may be necessary to his fullest mental, spiritual, and physical unfoldment; or, in other words, his right to be rich.

From T'he Science of Getting Rich' by WD Wattles, Published 1910

 

This book influenced Napoleon Hill, who wrote think and grow rich many years later. His book went on to sell over 10 million copies.

Many of the ideas contained in both books are still relevant today.  These and other authors inspired me to write my own book, 'Yes, money can buy happiness' and turn it into an online course.

In today's podcast, Charles has taken a section on getting rich in the digital economy is taken from his book.

By the end of this, you will learn how the digital economy has changed everything and opened up more opportunities to get rich than at any other time in history.

 

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

 

 

 

How to Survive and Thrive in a Recession

Listen to How to Survive and Thrive in a Recession

10 tips on how to survive and thrive in a recession

 

In the last episode we covered the inverted yield curve, which is a sign of a pending recession. In this Money Tips episode, I want to cover surviving and even thriving during a recession, as sooner or later, one always comes.

 

  1. Prepare for a recession because one always comes sooner or later. Economies of the world will always have their ups and downs. The Sun doesn’t shine all the time. There is night and day, summer and winter and boom and bust. By adequately preparing, for instance by cutting costs you cannot only survive a recession but even thrive during the recession.

 

  1. Save and create an emergency fund. This is pretty obvious, but it is surprising how many people have no savings whatsoever let alone a contingency fund for lean times. Most people not only spend what they earn but spend more than earn. They act like the good times will never end, but nothing stays the same forever. You should ideally have an emergency fund in the bank which would be equivalent to 6 months’ worth of household bills. If you are self-employed or a small business owner, make that 12 months.

 

  1. Pay off and cut out consumer debt. Being debt free is liberating and that should be your aim. I’m not talking about dates that you would use to buy a property or your main home. That’s good debt. Bad debt is consumer debt buying stuff you probably don’t need and could easily live without. As Warren Buffett said, buying consumer goods on credit cards at 16% interest rate per annum is dumb. This is why he owns credit card companies.

 

  1. Create additional or multiple income streams. In the recession, people lose their jobs and businesses. It’s always useful to have a second string to your bow so think about ways that you could earn an additional amount per month. For instance, a side line business, such as Amazon trading or property deal packaging, which require little upfront investment. Alternatively, consider a part-time job. This will also help you save money and prepare for Ailene period.

 

  1. Check on your investments and think about diversifying if you are heavily into equities or shares. Obtain independent financial advice, especially on the money is in your pension fund, which are probably invested in equities. The stock market has been on a 10 year bull run which cannot last.

 

  1. Talk to your family or friends. Share the burden and explain to everyone that you may have to tighten your belt for a while until you get through this challenging time. This will help you reduce stress and anxiety.

 

  1. Reduce expenses to live within your means. This might sound obvious, but I would suggest that you do this before you it’s a recession. Examples include, cutting on discretionary spending for things that you don’t need, even if they are 50% off in the sale! Cutting back on subscriptions for that gym you hardly ever visit or cable TV you don’t get much time to watch. Reviewing your mortgage is another useful way of reducing your outgoings now so that you can save for the future. Food is a major expenditure and there is always savings that can be made while still eating healthily.

 

  1. Be that indispensable employee so that money still is keeps coming in. There is never a good time to slack off at work or coast along, but during a recession this could be fatal. You want to be the type of employee that would be the last person they want to let go.

 

  1. Keep saving money as part of your budget. Get into the habit of saving however much money you have coming in and keep this lifetime habit that will see you through good times and bad. Remember, that during a recession there are bargains to be snapped up in the stock market and property market. If learn how to become a stock market a property investor and do your research now you’ll be well placed to thrive during a downturn.

 

  1. Avoid recession depression and try to enjoy life. It’s easy to become down and depressed and think that the world is coming to an end during a recession, but the truth is they never last that long and things will eventually get better. Accept the challenge and try to enjoy life even if times seem bad.

 

In my book, I talk about the wealthy who know how to preserve their ‘economy’ or what I call the ‘Uconomy’ and protect themselves whatever the outside economy is doing. They usually follow the ‘3 R’s of Money Management’, outlined in Part 3 on ‘How to Grow and Manage Your Money’. As I’ve said in previous podcasts, making money and keeping money are two different skills.

Read about money mindset in my book, Yes, Money Can Buy You Happiness, on Amazon - http://bit.ly/2MoneyBook

 

Should You be Worried About The Inverted Yield Curve

Listen to Should You be Worried About The Inverted Yield Curve

Should you be bothered about the US inverted yield curve and what is it?

When the yield on a 10-year US Treasury Bond falls below three-month government debt it signifies a recession is on the way.

The gap between three month and ten-year yields has been negative before every American recession in the past 50 years according to the Financial Times.

The news comes as the troubled Deutsche Bank announced 18,000 job losses worldwide, which will affect its City of London operation where it employs 8,000 staff.

What should you do to prepare for a downturn in the economy? I’ll be going deeper into tips on surviving and thriving during a recession in part two of the podcast edition.

In my book, I talk about the wealthy who know how to preserve their ‘economy’ or what I call the ‘Uconomy’ and protect themselves whatever the outside economy is doing. They usually follow the ‘3 R’s of Money Management’, outlined in Part 3 on ‘How to Grow and Manage Your Money’. As I’ve said in previous podcasts, making money and keeping money are two different skills.

Read about money mindset in my book, Yes, Money Can Buy You Happiness, on Amazon - http://bit.ly/2MoneyBook

 

 

 

Protecting Yourself Against Liabilties

Listen to Protecting Yourself Against Liabilties

Motorists and most small businesses are required to have public or third-party liability insurance, but most of us don’t think about protecting our personal liability until it’s too late. 

You could lose everything if something goes wrong and you are sued for damages, such as a personal injury to a third party. 

In a recent case reported in The Times, a cyclist knocked down a woman who walked into the road while looking at her mobile phone. A judge ruled that they had shared liability and awarded the woman £4,162, half the sum she had claimed. However, he could be forced to pay her legal costs of £100,000. 

Since the accident, there has been a rush to join cycling organisations, such as Cycling UK, which include liability insurance in their membership package for as little as £3.88 per month.

As I say in my book, the wealthy know how to preserve their money and protect themselves against liability. As I’ve said in previous podcasts and in my book, making money and keeping money are two different skills.

Make sure you watch your back because you never know what’s coming your way.

Read about money mindset and the movie stars who blew it all in my book, Yes, Money Can Buy You Happiness, on Amazon - http://bit.ly/2MoneyBook

 

 

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Welcome to Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness. Charles spent over 25 years in financial services working for banks, insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business. Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation. For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.

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