What They Don't Teach You About Money: The Instant Top Ten Bestseller

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Thanks to Cardinal Wiseman Catholic School, Cardinal Vaughan Memorial School and Nationwide Building Society. So I think in the UK market there’s an amazing publisher called Relx, which controls huge amounts of data. It’s an academic publisher.

Yeah, I’m sure you are. So someone’s asked what factors should I consider when deciding how much to keep in cash for an emergency fund? For example, I aim for six months fixed outgoings, but with no real rationale. Yeah, So it’s about it’s about work and technology. My working title is ‘Human Robots’. So it’s exploring both the kind of dystopian and hopefully more utopian possibilities about what’s coming towards us. Well, I’d like to think that they did have vision, you know, so they weren’t just businesses of the moment and that they’ve been able to move with the times because consumers are changing faster than ever. The way it’s delivered and the language that’s spoken to consumers and the ethics behind businesses has changed and is changing fast. And I’d like to think that those businesses that I’m working with are keeping ahead of that. It’s not just that they do what they do and they’re gonna carry on doing that forever and a day. You know, they’ve all evolved.Yes, it is on offer in many bigger workplaces especially. And if it isn’t, you know, money coaching, it gets a bit of a bad rap sometimes because money coaching, it’s one of these catch-all terms you need. It technically needs to be qualified although some people are, but firms are offering it because they can see there’s a firm of accountants I know quite well because I often speak to them about FT Money articles. They could see that their female partners in particular were so frazzled and so busy trying to juggle all the different elements of life that actually their personal finances were being neglected. And it wasn’t that they didn’t know what to do. They just kind of like needed a bit of help to get themselves organised and actually put some of the plans in place for themselves that they were doing for their clients. And I found that extraordinary in a way, because if you were an accountant, you think that you would look after yourself first and others next. But even I know that’s often not the way. Absolutely. So children will kind of hear that and think, oh, no. But actually trying to explain that that’s what pays for all of the things that we need, it can just switch that switch into thinking, oh, no, that’s a really bad thing. And I know it’s a bad thing because I’ve heard you know, I’ve heard the tone of voice, into thinking, OK, I get it, I understand it. And I think the earlier you get that, it embeds your approach to money. I want people to have a healthy, happy relationship with money. And I think the earlier you start that, surely the better. So I think business is the great hope because the consumers are becoming much, much more aware of the issues, not just around climate change, around nature and biodiversity, and it is becoming a proper business issue. And business can move much faster than governments. And the only thing I think that is disappointing is, as far as politics is concerned, is that you do need a constancy when you’re in business. You need to understand the direction of travel. Business works much better when it knows when it’s going, oh, that’s where we are. We’re off then, you know, we’re not we don’t know what the rules are. We know where we can go. I think this flip-flopping around is really not helpful. So, you know, the reversing of so many things is just very confusing. And it freezes cash because people start thinking, hold on a minute. I better hold on to that until I understand, you know, where it needs to go. So I don’t think that’s helpful. But I do think that generally business is much more connected to its customer, understands how its customer is feeling, which is really important, responds to that and can move much, much faster than a government. Actually, this is a question about housing. So you were just all talking about your mortgages. And all I was thinking is that we are encouraged to own our homes still in Britain. It’s a big thing. And I rent. I can’t even, I wouldn’t even begin to think about owning because I’m freelance. So forget it. You know, they just, they won’t even look at me. But in Europe, renting is quite a big thing. Is it so bad to rent? Now, let’s talk about successes in the den. As an investor, what impresses you the most about someone who’s pitching?

Well, you can be good at more than one thing. And you clearly are. Algy, It’s been so lovely to have you in the podcast studio and catch up again. Feels like old times. Now, finally we come on to the subjects of side hustles and starting your own business. And we know that lots of listeners on Money Clinic maybe have a dream of starting a business or running their own business one day, and in the meantime, they might have a side hustle that they’re hoping to grow into one. But as somebody who started countless businesses, grown countless businesses, what would be your advice to those listeners? I think it’s a really daunting concept because from one side it reminds you that maybe you’re going to be more independent, but at the same time it’s also exciting. I can earn my own money. I don’t have to rely on my parents. My parents don’t have to be as responsible for me as they are right now. So I think it’s two sides. I don’t know which route I’m taking. I do think it’s daunting and exciting at the same time.

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Exactly. And I think it has 75 different maisons making endless, incredibly high-priced items. And people buy them. People love them because the brand and the heritage is so great. Well, during the winter, my parents have cut down on turning on the heating, so there’s, like, really big blanket hoodies have been my saviour throughout the winter because they refuse to turn up the heating because it’s getting more expensive. And if you were taught more stuff about money in school, what are the kind of things that you’d like to learn more about?

Excellent. Oh, that’s what we like to hear. Now, OK so teenagers are next. Prime minister is putting a really big focus on studying maths until 18, which I have mixed feelings about. But if you were in charge, what aspects of money and also running a business, which is another really important lesson, would you like to put on the curriculum? So I think that the funding of the upfront costs is very, very important because where do people get that cash from? Money is, particularly at the moment, really expensive. So I think there’s definitely a piece to be done there. But I also say that if you can afford it, then you have almost a responsibility to drive the market because electric vehicles are, the price will come down. The more that are bought, the more that are made, the price will come down, the more charging points there will be. And sometimes certain sectors of society are really important in the driving of that market so that it becomes available to everybody.The other things like people’s time, the time that they’re putting in as the business owner. That’s something that people who are self-employed often think actually. And how about you, Demi, how prepared do you feel for the adult world of finance and has today helped with any of that?