TPP261: 8 Wealth-building lessons you mustn't ignore

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.8 • 2K Ratings

🗓️ 15 March 2018

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

We were meant to be planning our business strategy this week, but instead we began ranting about the lack of financial education in school. This seemed like the perfect reason to have another look at a previous episode we did - 4 years ago! We were inspired by this Daily Telegraph article by Martin Lewis, the Money Saving Expert, and talked about some of his ideas while adding our own. The lessons were: Your time has a value (Episode 63) Don’t borrow money to buy a liability or a depreciating asset Debt isn’t a dirty word (Episode 18) Inflation will make you poor…or rich (Episode 24) A pension isn’t just for thinking about when you get old Financial success doesn’t mean owning your own home You don’t need a job to earn money Understand compound interest (play with a compound interest calculator here) We believe these lessons are vital and we should all be aware of them. If you already know this and are living by them, then pass this episode along to someone you know who could benefit. Also don't’ forget thepropertyhub.net is a great place to learn more and continue the conversation with other hubbers just like yourself. JOIN THE CONVERSATION OVER IN THE FORUM Will this be something that affects you? Join the conversation in the forum. IF YOU ENJOYED THE PROPERTY PODCAST, PLEASE LEAVE A REVIEW ON ITUNES Reviews are really important in helping other people to find the show, so by way of thanks we read out every single review we receive on air. If you’d like to hear your name on the show, leave us a review on iTunes here. Not sure how to leave a review? This video shows you how to review and subscribe on iTunes. See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hey everyone, Rob B here with Rob D and you are listening to episode 261 of the Property Podcast.
0:06.4	Now unfortunately financial education isn't a topic we ever learn in school.
0:11.2	So many people don't know whether inflation is good or bad if
0:15.1	debt is a dirty word or even that there's an eighth wonder of the world called
0:19.3	compound interest. All of that is going to be covered this week.
0:23.0	So some background for this episode.
0:33.0	Rob and I spent a couple of days together this week doing what was meant to be a planning session for our businesses for the next couple of years.
0:39.0	We were in an amazing location, we had a lake outside, there were swans floating serenely by,
0:45.2	but as we often do when we get together, we completely ignored our beautiful location.
0:50.0	We pretty much ignored what we were meant to be talking about and we spend a good amount of time
0:53.8	ranting to each other about the state of the education system.
0:56.8	It's a favorite hobby horse of ours and with good reason.
0:59.6	Finance and wealth building and money management is so important but you just do not
1:04.4	get taught it at school. We didn't learn it all those years ago and it's still not
1:08.6	being taught now and as a result people are making poor financial decisions and quite frankly costing
1:13.7	themselves a whole load of money and I'm not having the lives that they could have if
1:17.3	only they'd had this education sooner. So Rob we thought why let a good rant go to
1:22.0	waste and this seemed like a good
1:23.2	opportunity to replay an episode that we recorded four years ago about this very
1:27.8	topic. Yeah and what's incredible Rob is four years on yes four years ago we
1:32.0	recorded this pod class gosh we've been doing this a long time now.
1:34.8	The lessons, how many have changed?
	...

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