Rebel Finance School - what am I missing?

[SluggishLettuce]

After a few posts on here recommending RFS I started watching the YouTube videos and I just don't get it.

For those who are advocates, what did you like about it? I'm only a couple of weeks in but I find the Donegans nauseating and the presentations pretty poor. I was expecting something quite professional if thousands of people have been through the programme.

I agree with a lot of the underlying messages espoused so far (not all) so is it just a style preference? Does that mean it's not worth persevering as it'll always grate or has anyone else felt the same and got past it?

It's great
Sessions 8 and 9 in particular if you've limited knowledge of proper investing are very good.
I found the first few a bit slow for me as I'm good re debt, emergency fund ISA etc but I didn't understand SIPP for example
My partner is easily irritated and surprisingly has really got into it.
I like Martin Lewis but he sped through things the other day and only gave a very very brief overview, that RFS went into great detail.

Oh and they hate St James's Place with a passion. OK, fine, I get their fees are covert but at 16% interest this year I'm happy and won't just rush to move based on their programme. It's about learning and making it work for your own personal circumstances at that time.

I’m with you. I found the episodes to be overly long and not especially well explained. But then it’s a free course so churlish to complain about it!

Not complaining as such. It's just the volume of people glowing with praise about it had me assuming I'd be bowled over. Maybe that led to too high expectations.

Did you finish the full 10 weeks @letstrythis?

@Squirrelchops1 what specifically makes you say "it's great"? Was it the level of detail?

They're just people, they're not professional presenters or financial advisors. I agree with you about their style, I suppose they're trying to be engaging and make a complex, overwhelming and pretty dull subject a bit lighter.

I also would never take everything they (or anyone else) said about money as gospel. But it's a very good jumping off point to begin learning from. Take what you like from it. It's better than ignorance!

Some of their followers are a little bit cult like and that worries me. They are blind to making decisions themselves.

I think it is style preference and I too find their happy chappy delivery grates however their financial education is sound. Loads of people could benefit. I ran the course at extra speed and read the course notes which got me through without too much irritation. I did it last year and this year. I think I'm quite savvy with money but until last year had not taken a step into stocks and shares.

My main concern is the blind devotees. Katie repeatedly says ...we are helping you understand things so you make your own decisions. Some of the cult followers would jump off a cliff if told to! But that is symbolic of individual stupidity not the Donegans delivery

Yes, I think so. As I said I'm pretty au fait with concepts of emergency funds, saving in general such as ISA but had little understanding of SIPP or how to get maximum tax benefits.
I agree you have to take what you personally find helpful to your circumstances. I couldn't, for example share their personal vision of selling their home to release the asset worth and now rent. That would make me feel very wobbly in my life.
I do like the whole FIRE concept though.

Also I've good work pensions so haven't got to focus all my intent on private management so that has taken pressure off me but if you dont have this luxury and need to sort your finances from scratch it's helpful.

@ArtichokesBloom It does feel like some people are evangelical about them! Where did you get the course notes as I'm just watching the YouTube video series?

I'm also quite a grumpy / cynical person so find work training sessions like this really irritating. You know the ones. Led by children's TV presenter types where they have you play games with juggling balls to keep everyone engaged. Just tell us the bloody stuff we need to know and let us go!

So maybe it's me!

I do think they’re good. I agree the videos are overly long, but I think they’re trying cater for people who start out with very little knowledge and need to build their confidence as well as their understanding. I can imagine if you were in that position, and watched the videos faithfully week by week, then you’d really feel you’d benefited.

I agree with not being on board with the renting! I also think that many of the decisions they’ve made have been possible because they don’t have children. I don’t think they mention that much (or not that I’ve noticed), but it was always going to be more straightforward for them to retire in their 40s when they had two professional salaries to save from, and no dependants.

Course notes: https://rebeldonegans.com/finance/rfs/course-notes/

Thank you!

Martin Lewis is also a sound financial educator and RFS devotees seem determined to bring him down. It is possible to have several sources and investing isn't for everyone.

I notice the anti Martin posts get taken down from Facebook by admin which is reassuring. I doubt Katie and Alan would be so dismissive. Financial education starts with understanding your situation and having a plan...then looking to make savings. Martin is good at pointing people to more financially sound purchases (e.g. insurance) and educating about products (easy access saving vs regular etc)

Katie and Alan target every group from barely surviving and in debt to wealthy with 800k+ in a SIPP. That's their strength but also their weakness because people have to expect the course to meet everyone's need and not just their own.

It's free. Katie is particularly good with statistics (she worked as actuary previously I think) and its just information which people must assess for their own situation and goals. I would never sell my house and rent just to invest that money....their choice but not mine.

There will be gamblers and over anxious watching it and each will cherry pick the advice to suit their own ethos. Both could probably lose out because of their decisions but it would be informed decisions

Given the FTSE 100 alone rose over 20% this year & S&P around 20%, I would suggest SJP haven't done a great job for you or have taken a huge chunk of your gains in fees.

(Assuming you are actually talking about investment gains, not interest).

I think i might have had more growth but cant remember without looking where I was 12 months ago with absolute accuracy! I'm talking about interest.

For me, I found the detailed explanation of pension fund sheets to be really helpful. Also felt like getting a handhold through moving my pensions - I was planning on understanding what they were invested in, in more detail, and I'd heard about low cost index trackers, so the course just gave me more confidence to do it.

However everyone was like finish the course, finish the course, before you do anything, so I did. Then did a transfer. It took a while and everyone was like oh it can take a while. No turned out Vanguard hadn't picked up the instruction so I ended up doing the transfer at the height of the Trump boom (again everyone was like don't time the market), which then crashes as soon as Trump mentions tariffs, so I probably lost about 5k that I needn't have if I'd just done the transfer much earlier. It has been a lesson, in many ways.

Other things it's given me - a better finance budgeting and finance review habit. Agree with the ethos of spending money on what you value. Got me thinking about side hustles. The order of paying back debts. Generally feeling like I have more focus on my retirement even though it feels a long way off, it's better to plan for it now. Have an emergency fund. Consider downsizing.

I think some of the sessions got a bit gimmicky in this year's course, last year's was better.

I do also have to say that, for whatever reason, the course changed by partners attitude. OK maybe not changed it but got him pulling his head out of the sand and looking properly at his medium to long term financial situation.
Nothing, absolutely nothing I could say had an impact before.

I do however take slight umbrage when he now tries to advise me when I choose to do what I feel works better for my situation!

@ArtichokesBloom I'm not on the Facebook group (I'm under 40... 😊) so haven't seen any anti Martin Lewis comments. How strange!

I do think he holds enough trust and credibility with the general UK population that he could do more to encourage investing. But he is starting to do that more recently and I fully understand why that hasnt been his focus up to now.

@Squirrelchops1 Ha ha. A little knowledge is a dangerous thing! Is he now thinking he's Warren Buffet?

Lol...you're not wrong!
To be fair he does listen to me sometimes. His work colleagues got involved in this mad ponzi scheme. The psychology of it was fascinating with lots of feelings of 'if you're not in it you're missing out' etc. Thankfully he already thought it was too good to be true so my saying 'no no no' was taken well by him and everything i predicted would happen, did.

@BlueberryOats Yes, gimmicky isn't really for me. Nor are the AI slop pictures which seem to dominate the course material. Which I assume weren't part of prior years. Although if they werent there you might end up with even more pictures of Katie and Alan making silly faces, which are equally awful.

I think you're being a bit nasty now, OP. If you don't like their style, stop watching.

What they're doing for demystifying investments is great, but it can be a bit cult-like. And, yes, they did it by not having dependants plus it sounds like Katie had a very well-paying job which would have given her more to play with and invest.
I don't agree with them about renting either, that's very risky for families. And it caters more for people around their age than those in retirement - I wouldn't personally go 100% equities even with a final salary pension. You really do need to use your own brain and adapt to what works for your own circumstances.

Remember, they're doing all for free which is wonderful. And watch it on 1.5 speed.

I agree with them about IFAs - have had my fingers burned with several of these snake oil salesperson in the past.

@EleanorPeck Not meaning to be nasty. The whole point of the thread is whether to persevere with the course if I don't get on with the style. I've found the responses helpful. Both from others who loved it as well as those who - similar to me - struggled with the tone.

Alan and Katie are real people and very involved with the people they help. (This will change as their popularity increases.) I suspect feedback reaches them and lands...because they do respond to it. Not liking the style is OK but I guess feedback should acknowledge it is two individuals and be less personal.

I have huge respect for them and what they have done