MONEY HOTLINE: I Don’t Have Enough Money To Invest

In this episode of the Mind Money Soul podcast, I’m going to be sharing what to do if you feel like you don't have enough money to start investing.

People say to me ALL the time: "I want to invest but I don't have enough money”. Now, this is very subjective because one persons "I don't have enough" is another persons "wow, what a lot of money!” I bet that most of you (except those of you who are budgeted down to the penny) have a little bit of money in your monthly spending allowance that you can use to invest. I guarantee that somewhere you are accidentally wasting money. When I say ‘wasting', I mean a combination of spending mindlessly, not being savvy or not paying attention, for example wasting money on subscriptions you don't use. Even if it is £20 a month, this money can make all the difference to your financial future.

Investing isn't about waiting for lots of money to invest. It's about getting started with what you already have, taking time to get to know your finances by having monthly money dates, and using this knowledge to find money to invest. Most importantly, you want to do this in a way that is judgement free. Why? Placing judgement on your finances is one of the worst things you can do - it creates shame, embarrassment and guilt. You can't shame yourself into better habits, you have to love yourself there. So, if you’ve been wasting £20 on a gym membership you're not using, don’t judge yourself! Shift your mindset and flip it into a positive. You now have £20 to invest and this is just the beginning of building wealth for your life and creating financial freedom. How exciting!

In this episode:

+ Why you should start investing, even if you have just £10
+ The impact of investing £20 over 30 years
+ How to identify where you are accidentally wasting money
+ The importance of having money dates and being judgement free
+ How cutting back can help us. get started with better financial habits
+ How to adopt an empowering mindset by making conscious choices
+ 3 ways to make more money so you can invest

Timestamps

00:00 - Introduction
00:24 - The Feel Good Investor Course is back!
01:24 - Step 1: Get started with what you already have
01:40 - I bet that most of you have a little bit of money to invest
02:29 - Even if it is £20 a month, you can invest! Here's the impact investing £20 can make
04:02 - Task: go through your spending and look at where you are accidentally wasting money
04:35 - Create a budget and go over your spending that is judgement free
06:00 - We can't 'cut back' our way into wealth, but it can help us get started with better habits
06:16 - Is my need to spend money in the now greater than my want to build wealth for my life?
06:55 - How to adopt an empowering mindset by making conscious choices
07:43 - Making more money so you can invest
07:56 - Making more money by asking for a pay rise
08:48 - Making more money as a business owner
09:24 - Making more money with a side hustle
10:36 - You don't want to make more money, inflate your lifestyle and not have enough to invest
11:04 - An example of how cutting back can make a HUGE difference investing
13:35 - It's so exciting getting started with a small amount of money
13:52 - Episode wrap up - don't forget to join The Feel Good Investor!

Resources

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