The Money Shot

Today we’re talking about interest rates and how they impact both the economy, and us as individuals. Who controls them? Why do they shift up and down? You know. That sort of thing.

In This Episode

• How interest rates work in the UK
• The average interest rate over the last 324 years
• How banks use interest and your money
• Savers, borrowers and the economy at large

“The main purpose of changing interest rates is to impact the overall economy”

“We’re pretty much still the lowest rates ever seen”

More Damien

Getting value from your purchases. That’s the philosophy behind today’s episode. What does that mean in terms of content? Damien is going to tell us how he spends his money! From food and shelter to all of the stupid things we buy, all of it has a value attached, and depending on where you are in the world, that can differ dramatically.

In This Episode

• The Basics (Food, Shelter, etc.)
• Spending big money on cars
• Finding alternatives for your spending
• Is hiring a cleaner worthwhile?

“It’s all about attributing worth and value to what it is you’re spending money on”

“We have a huge desire to show off to other people”

“What am I spending my money on? Is it really worth it? Are there alternatives out there?”

“Make sure you’re strong value out of what you’re spending your money on”

Learn more about money

Robo Funds are today’s topic of interest, and Damien can assure you that it does not mean Robocop manages your money. What it does mean is a cheaper, more automated way to invest online. Find out more by tuning in!

In This Episode

• What are Robo Funds?
• The pros and cons of setting one up
• How do they differ from working with an advisors
• Is this a good place to get started?

“The biggest part for them to figure out is what your attitude to risk is”

“There are a whole bunch of difference assets out there”

“They do what good financial advisors have been doing for f***ing years”

“You’re putting a lot of faith and trust into the company that’s backing that ETF”

“There’s an awful lot of security that comes from having the biggest people out there looking after your money”

More Damien

Credit cards and loans are today’s topic on The Money Shot Podcast. From simple to more advanced

In This Episode

• Credit cards, why we should clear them quickly, and how.
• When credit cards can be a great thing to have in your financial arsenal.
• The slippery slope of payday loans.
• Using other people’s money to invest.
• Cars, and the best ways to buy them.
• Dad jokes.

“In an ideal world, you’d have a credit card because they’re good for your credit file”

“Credit cards tend to be one of the more expensive types of debt you can get”

“If you’ve got good financial discipline, then credit cards are actually quite a good thing to have”

“Just make sure it genuinely is the best deal for you”

More Damien

Welcome back to The Money Shot Podcast! Damien is talking all about mortgage preparation in this episode. It’s actually not as boring as it sounds, in spite of what he’d tell you. He covers a lot of ground in a short period of time on this one, and points out some of the strange quirks of the credit game.

In This Episode

• Addressing any issues with your address
• A special note for entrepreneurs
• Business expenses and their impact on a mortgage
• A few ways to better your chances at getting a mortgage, or a better rate on one
• Do you need a broker?

“Make sure you register wherever you move to”

“The more consistent you can be with your income, the better”

“It’s all just about planning further ahead”

“If it looks like you can’t afford life without using credit cards and loans, that’s a bit of an issue for them”

More Damien

Welcome back to The Money Shot Podcast! Damien talks about investing remotely on this episode. He shares his tips and ideas on how to manage your money while you’re travelling, or overseas.

In This Episode:

• Damien’s sensibly long trip to Thailand
• The breakdown of what Damien is attempting to manage remotely
• The issues he’s been experiencing while managing his money overseas.
• The purchasing of property during his trip
• The financial angle of the trip.
• Rainy sounds.

“Such is life, silver linings and all that crap”

“It takes a little bit of getting used to, but it’s been very doable”

“I don’t bloody know how the postal system works in Thailand yet”

“I’ve been to the coworking space over here. It was perfectly good. It was adequate”

“Do I recommend this whole travelling thing?”

More Damien

Welcome back to The Money Shot podcast! In this episode, host Damien Fogg talks about our financial priorities, and what we should be looking at when setting them. He also shares his views on why some people don’t seem to get where they want to go.

In This Episode

• Damien blames us for our current situation. How dare he.
• Are we taking responsibility for the money we spend and save?
• How can a radiographer make more money? (You could do something similar).

“What is your priority? Is it spending, or investing?”

“The position you’re in right now is entirely your fault”

“You’re probably not going to save for a house on the next 8 minutes”

“I don’t think having money or not having money has any impact on who or what you are as a person”

More Damien

In this episode of The Money Shot Podcast, Damien tells us about his book launch, and the business model he uses for the EP Investor. He also says a quick hello to the future, and makes his producer quite happy. Lots of behind the scenes information in this one, so take notes!

In This Episode

• The motivation behind writing the book

• The fundamental principles of personal finance

• Asset classes: what they are and the types you can invest in

• The Breakdown of Damien's business model for the EP Investor

“Instead of having the same conversations over and over again, I decided that it'd make more sense to get it out of my head and stick it in a book”

“Too many people I think are enjoying the now to the detriment of their future”

“If something sounds too good to be true, it probably is”

“If you want to give me your cold hard cash, I want to massively over deliver on the value you get back from it”

Grab a copy of the book!

Damien Fogg, our beloved host covers Insurance in this episode of The Money Shot podcast. He takes a dull topic, and turns it... well... a little less dull! It's important, so suck it up and listen in. He covers the types of insurance you need to look into, what they actually do, and who they're good for.

In This Episode

• Who would want to have insurance put in place?

• The major areas of insurance, what they do, and what impacts the cost of each

• What to do if you can't afford insurance

   

“Insurance isn't fun.”

“If the worst does happen, you've got some protection”

“These are the sort of conversations and these are the sort of reviews you need to do with your finances”

“If you're ever feeling a bit too happy, just start researching critical illness cover. That'll bring you back down”

“If you die, are there any debts that any dependents you have are going to struggle to deal with?”

Get The Money Shot book:

In this episode of The Money Shot Podcast, Damien takes us through property investing, and the main strategies you could follow as an investor. He debunks a myth or 2, and maps out a really cool way to make property work for you.

In This Episode

• The main ways to invest in property, and their variations.

• 7 simple steps to renting single unit properties as an investment strategy

• The strategy that Damien personally follows

• The downsides and upsides of this particular strategy

• How ridiculous could your income get in 45 years following this strategy?

“For property, inflation is actually a good thing for you”

“You've not had to pick the right stock markets, you've not had to worry about being in the right sectors at the right times”

“I've yet to find a more simple and straightforward process to go through”

“You've got to be in a position to be able to cover the cost if one tenant decides not to pay”

“Property is not a get rich quick scheme”

More Damien

Today on The Money Shot Podcast, Damien talks about Bonds. He talks about what they are, why they're good and the history of them, but then goes into the more important topics like how they work, why you may want to have them in a portfolio, and how to go about looking into them.

In This Episode

• What are Bonds, Who issues them, and how they work

• Fixed Rate Securities and an example.

• How do you buy bonds?

• Why do people even bother issuing bonds?

• “The exciting world of Quantitative Easing

• How do you determine which to buy?

“A bond, in it's simplest term, is just an I Owe You.”

“The biggest thing affecting bond prices are interest rates around the world.”

“Bonds represent the lower risk, lower volatility element of my portfolio”

“Bonds have been around since the 1600's, so they're not going anywhere”

More Damien

In this episode, Damien Fogg gives us a look into why, and how to get started with investing. From setting up your first account, to owning a chunk of the economy and calling yourself an investor, Damien talks us through those initial stumbling blocks, and how to get beyond them and into an exciting new financial world.

In This Episode

• The first step in getting started and signing up to a broker account

• Does it make sense to invest into multiple funds?

• Tracker funds. What they're called, what they do, and why you should bother.

• What happens next?

“Final salary pensions don't really exist anymore, so you've got to sort it all out yourself”

“It's pretty important to actually invest”

“Over the long run, the UK stock market will make you incrementally richer each year”

“Get someone to help you figure out what you can do, what you should do, and what's going to be right for you”

More Damien

On today's episode of The Money Shot podcast, Damien Fogg tells us the 8 simple steps you can take to retire.

In this episode:

• The 8 things you need to do to make sure you can retire
• The varying places people get stuck
• What is expensive debt?
• Where do you see yourself on the scale?

“Finance and getting rich and retiring is actually pretty straight forward”
“Some people never bother to start earning at all”

“It's pretty straight forward, but also really difficult”

“Doesn't matter what the numbers are, all that matters is you spend less than you're earning”

“The general public tends to buy shares when they're expensive and then sell them when they're cheap”

More Damien

In this episode of The Money Shot, Damien dishes out some simple, practical and sarcastic advice on how to manage your money.

In This Episode

• Outgoings and expense tracking apps

• Damien shares his expense categories

• Budgets and why they can be a shock to the system

• Adding a savings category to your life

• Building up a cash reserve and how much is too much

“You should be doing something that is going to allow you to keep on top of it and keep tracking all of your spending”

“Is that a good expenditure of money?”

“The whole point of money is just to make you happy”

“Don't set yourself massively unrealistic targets”

“Just be conscious of where you're spending your money”

“Make sure you set a budget for spending money on fun stuff”

More Damien

In this episode of The Money Shot, our host, Damien Fogg tells us all about Net Worth Statements. What are they? Why should we do them? How do we do them?

Stop asking questions and I'm sure he'll tell us. Tune in and learn some things about money, then go use what you've learned and reap the rewards (or not) of your consistent intelligent efforts (or not).

In This Episode

• What does a net worth statement mean?

• The 4 “Mates” of net worth

• We have to leave the country, what can you sell?

• Positive Vs. Negative net worth

• Using the information and the levels of attack

• The fifth and final element of Net Worth

“What are you worth today?”

“What gets measured gets managed”

“Whatever brings in money to your accounts each month, that's your incomings”

“List them all out, anything that you can think of that is worth something”

“The idea is obviously to have a positive net worth”

“Once you've done it the first time, it gets much easier”

“Life isn't sunshine and rainbows, you don't get all of the fun stuff”

“Just trying to be the richest person you know is never a good idea”

Links

Today Damien is talking about where we live, and whether it is better to rent or own our home. Being someone who has rented, owned, and been a landlord (renting places he's owned) Damien has been involved in a variety of different experiences when it comes to property. He's decided to break down what he knows, so that we can make our own decisions based on what's right for us.

In This Episode

• Why you might or might not want to rent

• The actual numbers behind both (with some assumptions made)

• The perks and drawbacks of ownership

• What Damien is currently doing with property

• Some form of useful conclusion

The Examples:

• Renting a place for £1000 monthly or buying a place for £250,000

• 30 years in rented: £360,000. 30 years owning: £250,000

• 25% Deposit at this amount: £62,500. Rent and invest? Or go ahead with buying the house?

• Making the numbers prove your point.

“It doesn't make a huge difference for some people, but for others it's a massively important decision”

“The average age of a first time buyer nowadays is mid 30's, pushing closer to 40”

“Some people don't have £62,500 to stick into a property”

“I'm currently living in rented because it suits me from a lifestyle point of view”

“Don't let anyone tell you what you should or shouldn't do”

Links

In this episode of The Money Shot, Damien shares the single most important financial lesson you could ever learn. Ever. Period.

In this episode:

• What kind of human are you?

• The Most Important Financial Lesson Ever

• Spending less

• Using cold hard cash

• Making more money

• The first and second rules of investing

   

   

“The amount of passive money that you need will be vastly different depending on who you are”

“This has nothing to do with your level of income”

“How much money don't you spend at the end of each month?”

“Create a business around something that you're passionate about that other people want”

“If it looks too good to be true, it probably is”

“Never compare yourself to somebody else”

More Damien

Host Damien Fogg kicks off episode one of Money Shot by letting you know what you can expect from this show. He talks about his background in finance, investing, properties, and gives a peek behind the curtain at what's coming in the next episodes!

Covered in this episode

• Who is this show for?

• Who can go away

• What will be covered and why

• Who Damien is (and isn't)

“You're in control and you're not living paycheck to paycheck”

“What we're going to deal with in this podcast will give you a much better chance at having the future that you want and not one that's dictated to you”

“The goal of this podcast is to educate”

“It's much better to actually learn from other people’s mistakes”

“Money's only really here for us to have fun with”