Finance trailblazer Glen James imparts wealth-building wisdom gleaned from his trailblazing podcast
Australia's original finance podcast host, Glen James, has built an impressive career, transitioning from the popular "my millennial money" podcast to becoming a best-selling author. Now rebranded as "money money money" podcast, and with the expansion to "retire right," Glen continues to make waves in the financial education space. In this interview, Glen discusses his journey, the lessons he's learned, and offers practical advice for those seeking financial independence.
Glen's passion for financial education was sparked at a young age. As a licensed financial adviser, he recognized the need for basic budgeting skills among his clients who struggled with consumer debt and emergency fund savings. This led him to create the 'money money money' podcast, alongside the release of 'The Glen James Spending Plan,' a free online course he once offered to clients while working as a financial adviser.
When faced with the plethora of money management advice, both good and bad, Glen emphasizes the importance of having a basic money management system in place. Without such a system, overspending and reliance on credit can lead to financial problems. Over-spending on cars, for instance, can hinder one's chances of enjoying financial freedom. Additionally, limiting the influence of ill-informed or misguided advice is crucial, as each individual should develop their own financial goals and strategies.
The difference between being rich and truly wealthy is an oft-discussed topic by Glen. Living ostentatiously and trying to "act rich" can lead to financial ruin. The story of a client who inherited a substantial sum and proceeded to squander it through frivolous spending is a cautionary tale of this phenomenon. To build real wealth, Glen advises a mindset shift focusing on responsibility, value appreciation, and the long-term impact of financial decisions.
Investing may seem daunting for beginners, but Glen believes that understanding the concept of long-term investing is the key. While it's essential to have a spending plan and clear financial goals, investing even a small amount each month can help foster a learning mindset. As individuals become more comfortable, they can gradually increase their investment allocations.
Glen warns against the most common behavioral traps in investing—hype and fear of missing out (FOMO). These emotions can drive unsound decisions, leading to investing in unplanned opportunities and allocating too much capital to hyped-up investments. To avoid falling into these traps, Glen recommends setting clear strategies based on personal goals and sticking to them, regardless of market fluctuations.
Real Estate Investment Trusts (REITs) offer potential advantages, such as access to diversified real estate holdings and high yields. However, their concentration risk should be carefully considered. Some REITs focus on specific sectors, which may prove detrimental during economic downturns.
Glen's new book, "The Quick-Start Guide to Investing," has just been released, providing a clear pathway for both beginners and experienced investors. The central focus of the guide is to emphasize the significance of having clear financial goals, a structured investment process, and patience in the investment journey. Readers can expect to gain practical tips on long-term, smart, and quick investment strategies.
Glen's journey in financial education started when he recognized the need for personal-finance knowledge among his clients, leading him to create the 'money money money' podcast and the 'The Glen James Spending Plan,' a free online course. In his new book, 'The Quick-Start Guide to Investing,' he offers practical advice for those seeking financial independence, emphasizing the importance of long-term investing, setting clear financial goals, and avoiding behavioral traps like hype and fear of missing out (FOMO). Additionally, Glen highlights the difference between being rich and truly wealthy, cautioning against the pitfalls of living ostentatiously and advocating for a mindset shift focusing on responsibility, value appreciation, and the long-term impact of financial decisions. Furthermore, while Real Estate Investment Trusts (REITs) offer potential advantages, their concentration risk should be carefully considered.