Ep 495 - Our best, worst, luckiest and unluckiest money decisions
The Money To The Masses Podcast
Damien Fahy
4.8 • 589 Ratings
🗓️ 23 February 2025
⏱️ 50 minutes
🧾️ Download transcript
Summary
On this week's episode Damien and Andy talk about their best and worst money decisions ever. They also discuss how good and bad luck have affected their finances at various points in their lives. Most important of all, Damien explains why it's essential everyone acknowledges the good, the bad, the lucky and unlucky decisions they've made if they are to make better decisions in the future.
Thank you to our sponsor Lightyear
This show is sponsored by Lightyear - https://moneytothemasses.com/redir/lightyear-isa-pod, a new, straightforward platform offering a Stocks & Shares ISA. With no account, subscription or custody fees, Lightyear’s Stocks & Shares (S&S) ISA will be 10 times cheaper than the average market provider over 10 years (based on research conducted by Capital Economics) and its Cash ISA offers easy access to the Bank of England base rate. Both accounts are flexible, so you can withdraw and re-invest without affecting your annual limit. Capital is at risk and ISA rules apply. Other fees - like foreign exchange fees - may apply. Lightyear UK Ltd is authorised and regulated by the Financial Conduct Authority
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Check out this week's podcast article on the MTTM website to see the full list of resources from this week's show.
00:00 - Podcast Episode 49504:10 - Damien's Worst Financial Decisions06:45 - Andy’s Credit Card Experience08:25 - Career Choices and Financial Missteps11:22 - Lessons Learned: The Importance of Hindsight14:03 - Andy’s Property Journey17:04 - Luck vs. Hard Work in Financial Success19:51 - Damien's Mortgage Experience: Good Decisions Amidst Bad Luck21:29 - The Role of Luck in Financial Decisions24:20 - The Birth of Money to the Masses26:14 - Acknowledging Luck in Financial Journeys31:57 - Navigating Privilege and Opportunities32:39 - The Impact of Financial Decisions35:54 - Lessons from Engagement with Pensions36:29 - Some More 'Best and Worst' Financial Decisions41:19 - Reflections on Luck and Timing in Finance
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Transcript
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| 0:00.0 | This show is sponsored by Lightyear, a new straightforward platform offering a stocks and shares ISA with no account, subscription or custody fees. |
| 0:08.6 | Light Year's stocks and shares ISA will be 10 times cheaper than the average market provider over 10 years based on research conducted by capital economics. |
| 0:17.6 | And its cash ISA offers easy access to the Bank of England base rate. Both accounts are |
| 0:21.8 | flexible so you can withdraw and reinvest without affecting your annual limit. Capital is at risk |
| 0:27.5 | and ISO rules apply. Other fees like foreign exchange fees may apply. Lightyear UK Limited is |
| 0:33.1 | authorised and regulated by the Financial Conduct Authority. |
| 0:42.6 | Hello and welcome to episode 495 at the Money to the Masses podcast with your resident expert as always, Damien Faye and me, Andy Liggs, Daniel. Welcome back. How are you doing? |
| 0:46.4 | Oh good Andy. I'm quite excited for this week's show actually because we're going to do something |
| 0:50.2 | a little bit different but as ever it's been a very busy week at Money to the Masses. |
| 0:55.1 | Do make sure you go and look at our social channels. |
| 0:58.2 | So I'm talking about TikTok, Instagram, threads, Twitter. |
| 1:02.4 | We're doing things on all of the channels now. |
| 1:04.3 | And of course, we've still got our Facebook group, Facebook.com forward slash groups, |
| 1:08.3 | forward slash money to the masses. |
| 1:10.1 | But the reason I want you to go and look |
| 1:11.3 | particularly instagram and ticot we've had a lot of viral content this week so we put out |
| 1:17.6 | clips from the previous episode of the podcast they make very good shorts on ticot and the energy |
| 1:23.3 | piece we did last week has got a lot of interaction i mean mean, just at the point I'm looking at it now, |
| 1:28.4 | it's only been up for about 24, 48 hours and it's had about 55,000 views and loads of comments |
| 1:36.2 | and a lot of debate actually about energy prices. So do go and join in the conversation over there. |
| 1:42.0 | It does help us if you go over and look at the content, like it and interact. So also, don't forget to subscribe to our YouTube channel as well. So moving on to what we've got coming up on the podcast this week, we're going to try something a little bit different because our usual format, as you know, is we cover three main topics and we get into quite a lot of detail on those. Well, this week we're |
| 2:01.0 | going to dial it back a little bit and do more of a sort of discussion really on a couple of |
... |
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