Rebel Finance School

[MamaLlama123]

Frequently i hear people recommend this. What makes us so good? is it youtube?

I’m wishing to self educate re pensions/ investing

Thanks

I like the chatty presentation style. It’s not just investing it’s an approach to looking after your finances. Yes it’s on YouTube- Monday nights at 8pm for the next few weeks and the sessions are recorded. Highly recommended

I know some people who were involved with it and weren't impressed. It's quite good at explaining the basics and for learning the terminology, but is very 'our way is the right way' rather than exploring all the options. And 'their way' isn't what the people running it actually do - they teach one thing but practice another.

It can be a useful starting point for many people, but don't get stuck on it - research more widely. Try other sources as well such as https://www.thefireplace.info/wiki/Main_Page, on YouTube look for Damien talks money and Chris Bourne, and for articles and particularly for comparison tables https://monevator.com/

I wouldn't recommend The Motley Fool - that's individual stock picking. You may want to get into individual stocks at some point, but it's not where you should start.

You can watch it on YouTube. They also have a website with additional resources and a Facebook group. They're redoing the videos live over the summer, I can't remember when it starts, so you can join in with the Q&A etc

The good points are that it assumes no previous knowledge and explains everything very simply. They're not trying to flog you a product, they are just being altruistic. It's a very good beginning

The bad points are that it assumes no previous knowledge and explains everything very simply! (you can watch on double speed). They have a particular style of presenting (a difficult complex topic) which can feel too frothy and can grate. They're clearly trying to make it more engaging, but it's not to everyone's taste! Their advice is quite "this is the correct way". I'm not sure if there is a correct way, but I prefer to decide myself what is correct for me and hesitate to trust one single opinion. I'm continuing to look around and continue learning

This is useful, thank you. What is the difference between their advice what they practice?

The bit I know about is on the frugality front - not necessarily unreasonable if they've now reached the point where it's completely unnecessary for them. But I got the impression from the people who were more deeply involved (making some of the content) that they also invest more diversely than they teach others to. I may have misunderstood that, but certainly they teach only a limited part of a fully balanced strategy.

It can feel a little cultish, there’s no right way but if you don’t have a clue there’s an easy straightforward way and that’s what they suggest. Their investment approach is too narrow for me.

I’ve just discovered this, the course is currently in week 2 on YouTube, I find it accessible & a helpful starting point, I’m not a fan of the Facebook group I don’t think it’s as supportive as they would like, some posters are very harsh! bit like mumsnet really !

I disagree that they practice something they don't preach, certainly with regards to their investments. They are honest that they have invested in a different index fund to the one they recommend but that's because the one they recommend was not available when they started out. It's clearly explained in that section of the course.

I think they're great. Their presentation style can be a little annoying but if you fast forward through those bits, there's loads there to like.

I do agree that they are only really pushing one 'way' but they explain why. It's not like they haven't considered other options at all; they've considered other options and rejected them for reasons they explain.

I had some money languishing in cash savings and was about to pay for advice on what to do with it and it certainly helped me make up my mind about what to do with that money.

I watched it all, I found it useful and had a rethink on some of my investments, which seems to be paying off. I did do double speed through a lot of it as I either knew it or it was a bit waffle, but didn’t mind doing that, it got me to the bits that helped me.

what is their strategy?

I think investing in a low fee (eg vanguard) global ftse tracker is good advice. Along with living within your means and keep squirrelling away. That's pretty much it, isn't it?

Track spending, Budgeting.
Starter Emergency fund £1000.
Pay off consumer debt 5% APR and above.
Emergency fund 3-6 months of expenses.
Invest using Pension and S&S ISA; using a globally diversified mutual fund, keeping cost as low as possible.

If you have followed Dave Ramsey, Pete Matthew (Meaningful Money), Damien Talks Money, then you are doing the same thing, maybe with a little variation when it comes to what is paid off and what investments (one fund, vs having a core fund and a small bit of fun fund).

By not having high interest debt, more can be put towards investments, which can then mean that someone can become financially independent - work becomes optional as they could live off the investment growth. Means you can do work you enjoy, do work when you want.

I agree with the prev posters on the other resources available - particularly Pete Matthews from Meaningful Money meaningfulmoney.tv/ and www.thefireplace.info/wiki/Main_Page. RFS is a great starting point - the advantage is that it starts at the beginning and looks at the full finance picture, and then add to it with the other resources. Good luck

They are honest that they have invested in a different index fund to the one they recommend but that's because the one they recommend was not available when they started out.

Why don't they switch, if the new one is better?

I found it really useful.

Agree it is wise to listen to a range of voices and like Pete Mathews and Damien Talks Money. Also Pensioncraft on YouTube.

I found the RFS tools (eg net worth spreadsheet, fees calculator etc) and ways they explained certain things really helped me grasp things and track things in a motivating way that has significantly helped me with finances.

On the downside it can be a bit tempting to think I can’t spend anything much at all if focused too much in that lens. For a different perspective on that I found books like Die With Zero and Ramit Sethi’s book or YouTube stuff interesting.

I can't be sure as it's a few months since I watched their videos but from memory they are now investing in both. They have kept some money invested in the original one because they say it's not that dissimilar to the new one they now recommend and therefore not worth selling.

I don't think there's any deceit going on. They're just trying to keep things simple as their philosophy is you don't need loads of investments when a global index tracker will be invested in thousands of companies across the globe. So they recommend one index fund which is the new one.

I imagine it’s because some of their money is in a General investment account and will therefore be liable for capital gains tax if they withdraw it to invest in something else.