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#197: Rob Dix went from investing as a hobby to becoming one of Britain’s best-respected finance experts.  He explains the problems with traditional financial advice, the three different types of investment motivations, and how to make financial decisions that align with your goals.

What you’ll learn

• [00:51] Common personal finance tips.
• [02:18] Why Rob wrote his personal finance advice book and who it’s for.
• [04:10] How the pandemic highlighted the money printing aspect of our economy.
• [05:51] The problems with classic financial tips.
• [08:15] Where people who aren’t financially literate should get help.
• [09:49] Why cash savings are less important than people think.
• [10:44] The myth of early retirement.
• [11:27] What you should focus on instead of saving.
• [12:18] Why you shouldn’t look forward to retiring.
• [14:55] The myth of risk minimisation.
• [17:17] The psychology behind investment strategies.
• [19:43] The way financial advisors view risks.
• [20:46] The benefits of using the traditional index fund approach.
• [21:19] How long it takes compound interest to create exponential growth.
• [22:50] The myth of index fund diversification.
• [25:38] The different ways to measure inflation and why CPI doesn’t help you.
• [27:45] The inherent risk involved in financial decisions.
• [29:42] The three different motivations behind investing.
• [30:40] The problem with buying a home as an investment.
• [34:55] How house prices change over time.
• [36:24] The danger of following traditional financial advice.
• [38:54] How to approach your finances without getting overwhelmed.
• [42:23] How to make a financial plan to meet your goals.

Resources mentioned in this episode
Please note that some of these are affiliate links and we may get a commission in the event that you make a purchase.  This helps us to cover our expenses and is at no additional cost to you.

• 7 Myths About Money, Rob Dix
• The Price of Money, Rob Dix
• Episode 26: How property investment can change your life – with Rob Dix of The Property Hub
• Episode 153: Inflation, interest rates and recession: what it means for you and what you can do about it - with Rob Dix of The Property Hub
• Change Work Life Coaching

For the show notes for this episode, including a full transcript and links to all the resources mentioned, visit:

https://changeworklife.com/7-myths-about-money-the-outdated-financial-beliefs-which-are-making-you-poorer/

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