Building Wealth: Getting Started
The Meaningful Money Personal Finance Podcast
Pete Matthew
4.9 • 1.7K Ratings
🗓️ 4 January 2017
⏱️ 30 minutes
🧾️ Download transcript
Summary
This season, we’re talking about building wealth. The basics are in place: you know how to budget, you’re protected against disaster and now you’re looking to build on a sure foundation for the future. This week and next week I’m going to be covering the practicalities of wealth building, starting this week with the basics for those just getting started, and next week developing things for those further along the wealth-building road.
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This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk
Building Wealth: Getting Started
Let me start right from the top by reminding you that there are no secrets to wealth-building success. It really isn’t rocket science, and anyone that promises overnight or otherwise speedy results is a charlatan and must be avoided, or reported. Generally, building wealth done right is a slow process, building over time. There are ways to accelerate your progress, which we’ll talk about more next week, but the basic principle is that of building, brick by brick, layer by layer over time until the edifice is completed.
In this session, you'll discover:
- The important of laying strong foundations
- Why when starting out, you are your own worst enemy
- Why you shouldn't run before you can walk
- The only two tax accounts most people ver need
- The simplest way to make your life, erm, simple
- The first investment funds you should choose
- The benefit of automation
- Why you should track your progress
Resources mentioned in this show
Podcast: Protecting your future
Podcast: Protection Revisited
Podcast: Season Three: Behavioural Finance
Podcast: Direct Platform Investment, with Mark Polson
Platform Guide: From the Lang Cat
Video: Platforms, Wrappers, Funds and Assets
Budget Software: You Need A Budget
Audible audiobooks - Click here
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Question: What challenges have you faced when getting started building wealth? Share in the comments...
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Transcript
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| 0:00.0 | Hi folks and welcome to the Meaningful Money podcast Season 4, Episode 5. |
| 0:04.7 | Sorry, Murph, and I'm just getting started. |
| 0:12.3 | This is the podcast dedicated to helping you put your finances in order. |
| 0:17.2 | My name is Pete Matthew, and I'm going to share with you everything you need to know |
| 0:20.3 | and everything you need to do to secure your financial future. |
| 0:23.6 | I'm here to help you make sense of money. Oh, and Happy New Year. |
| 0:27.6 | Hello, hello, happy new year. Yes, once again, welcome to 2017. Lots of good stuff ahead, I'm sure. |
| 0:43.7 | Thank you for joining me once again. This season, which we've kind of broken up a little bit, |
| 0:49.6 | either side of Christmas, we're talking about building wealth. Now, the basics are in place. You know how to |
| 0:56.5 | budget, you're protected against disaster. Now you're looking to build on that sure foundation |
| 1:01.6 | for the future. So this week and next week I'm going to be covering the practicalities of |
| 1:06.7 | wealth building, starting this week with the basics for beginners. So next week we'll develop things for those who are a little bit further along the wealth building. Starting this week with the basics for beginners. So next week we'll develop |
| 1:12.1 | things for those who are a little bit further along the wealth building road. Should mention, |
| 1:16.9 | by the way, I'm recording this at home. So if there's a slight quality difference, |
| 1:21.3 | it's because I'm on a headset mic rather than my full recording system in the office. |
| 1:26.4 | It's been a very busy Christmas holiday. |
| 1:28.3 | I've been finishing, not even remotely finishing, actually, that's totally the wrong word. |
| 1:32.3 | Getting the extension that we've been working on for the last five months habitable in time for Christmas. |
| 1:37.3 | So I've done lots of painting, lots of banging nails in and, you know, putting screws into things and all that sort of stuff. |
| 1:44.7 | So I just haven't got back into the office to record this. |
| 1:47.4 | So I'm doing it at home, but normal service will resume next week. |
| 1:51.5 | Should be okay, though. |
... |
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