We want to be wealthy! A thread to share ideas on how to achieve financial independence

[ilyana]

I asked a question in another forum about how to get wealthier and improve my lifestyle and financial situation in my late thirties, and I got some really helpful advice.

Several posters were keen to set up a thread to talk about topics we don't get taught about at school, such as investing in stocks and shares, lucrative side gig ideas, and air miles on credit cards, and so here we are!

This is a positive thread about encouraging other women to aim high and reach their goals, so please only contribute with positive, relevant advice. Of course, questions are very welcome too!

All of this is easier if you have some spare to start with! I'm an advocate of all the boring stuff about managing spending but I think some savings websites can be obsessive- I'm a fan of some jam today and some tomorrow. It's what matters to you- I don't want to make myself miserable by denying all pleasures, but I try not to leak away money if I can avoid it

I am here for the inspiration too.

My tip is small, it is not to buy any clothes that you wouldn’t wear right now, walking out of the dressing room. I buy very little clothes and this has stopped me so many times from buying something that would be nice ‘if’. Don’t do it, even if it’s a bargain.

I’m here ! Flowing with interest ♥️

Interesting thread

Welcome newbies! I'm pleased to see the uptake . I will be nice to chat with like-minded people. Not to be sexist, but I love speaking with fellow ambitious women. We know it can be harder for women financially, especially if we're single parents (I am).I appreciate not all of you might be women, though!

There have been some great tips posted already. I'm going to come back later and have a proper read

@grosslyunfair yes I "feed" money in each month. Can I ask what global equities you recommend?

@grosslyunfair I agree, it was only when my dc started school that I had much spare & I don't like the "save, save, save" mentality. I like nice things & have seen to many people die young.

https://www.mumsnet.com/talk/am_i_being_unreasonable/4853147-to-think-its-not-really-possible-to-get-wealthy?utm_campaign=thread&utm_medium=share

This is why we want to be wealthy

@watersprites tbh I look at the big providers as I think they can all do the job (so BlackRock, L&G, Fidelity Vanguard usually) and see who has the lowest fees! I also try and get an all world rather than a developed world as that includes emerging markets too.

You can get thematic products as well, so tech focused, or healthcare focused, or climate/ ethics related. They tend to be more expensive but I see they can be appealing to people who want to express views but don't want to pick stocks themselves

This is why we want to be wealthy

tbf it's not in the spirit of the thread but the best way to be wealthy is to be born into it! We can aim to be wealthier though!

@grosslyunfair thank you

I'll check that out, thanks

Yeah it's not in the spirit....that's for the original Belgravia thread

I like the legal and general international index trust. It's a tracker fund with low fees and has had really good returns for me. Vanguard FTSE Developed World ex UK equity index fund is very similar

We kept upsizing our property as often as we could, and being in London it worked for us when we wanted to downsize and have more cash.

Do you have any recommendations for air miles cards? I think my Lloyds credit card used to do avios airmiles or something. I assumed it wouldn't be worth it and never cashed any in! How do they work?

Yeah it's not in the spirit....that's for the original Belgravia thread

😆😆

@PerfectYear321 thanks will check those out too.

If you're thinking long term, have a look at how your pension is invested before investing in a tracker fund outside of a pension, otherwise you won't get the tax benefits or the reduced fees your company will have negotiated. You can usually swap the funds comprising your pension about, and change the spread/amount etc.

It's also possible now to put money in your pension with the aim of taking the tax free lump sum on retirement to pay off the mortgage - that may be better than overpaying your mortgage out of taxed income.

Another good programme available on you tube is Til Debt us do part, with Gail Vaz oxley (?), and she also has various spreadsheets available.

try hargreaves lansdown

I also like this thread and enjoy talking about money. I get very ranty about how beneficial it is, even if you are on the bones of your arse. It's very easy to spend money 'passively'- a coffee here, a higher subscription than you need, auto replacing things. And the world is very unfair- it is easier to make money if you have it, but even things that you have to buy like insurance are cheaper if you save annually and pay annually not monthly.

I do spend time on MSE and people routinely do budgets only when they are already in trouble and spending loads on interest and managing. I'd love to see more people talking about the best deals and how to save when the situation isn't desperate. It's quite British- my friends that live in America and Asia mostly love talking about how they got a good deal, whereas we sometimes seem ashamed of it!

@PerfectYear321 we have the BA Amex. We've used it to fly business and currently building points to fly to the Maldives business. Can send you a referral code if you would like

First thing must be cut unecessary spending and lowering debt

It's also possible now to put money in your pension with the aim of taking the tax free lump sum on retirement to pay off the mortgage - that may be better than overpaying your mortgage out of taxed income.

I moved into the public sector for the pension & do AVCs for this reason