Let me start by saying this: I am HORRIBLY bad at managing money. The words “saving” or “investment” provoke a sort of tiny seism in my brain. The thought of checking up my bank account online frightens me and causes severe anxiety peaks.
That should be enough to show you how different me and my guest Aleise Kay are. Oh yeah, cause she’s a coach in financial wellness and basically a pro at saving money and investing it. My complete inability to do what she does only adds to the admiration I have for her.
Do not save what is left after spending; instead spend what is left after saving.” ―
And with such admiration comes a ton of questions. In fact I had so many I quickly realized I would have to try and pick the most important ones, the ones I really wanted to ask, so I decided I would divide it in 2 parts, with 2 sub parts each: first saving, with theory and practice ; then investment: with theory and practice again. And yes. I’m way better at organizing my interviews than my spendings.
First, I wanted to try and understand how Aleise became so good at saving, her story, her little tricks etc… And while I thought I was going to end up taking notes for 30 minutes with like 15000 different tips, I actually learnt some even crazier stuff. According to her, what makes someone financially responsible is not only an ability to organize their spendings but a deeper kind of thing. Building finances is a MINDSET.
*Mindblown* I had no idea that this interview would actually be linked to all the others but as Aleise explained it, the first step to take is to get to know who you are, what you want in life, to surround yourself with the right people, and read, learn, be open-minded. I mean obviously this is the shortened version of a super long conversation between her and I, but it’s basically the core of what she said. You need to solve your problems with yourself, be aware of your spending issue, be conscious, and be ready to change. Otherwise you will never be able to save. You could spend $25,000 just as fast as you spend $2,000 if you don’t take time to work on yourself first. Well-being. Self-help. This is the key for that too.
What about them tricks tho?
Well I could just copy everything Aleise said but I actually have to start working on the next episode right after I finish this article, so… Maybe just listen to the podcast? But since you’re here and you seem cool I’ll sum it up for you: have different accounts, separate your money into different types of spendings, and don’t keep your salary all in one place because you’ll want to spend it all. But again, she talks about it way better than I do so you should listen to her if you have a minute.
Once you’ve saved, you can invest
Aleise has had a very bad first experience with investments. She gave all her money to a scam company that was basically a pyramid scheme and lost it all when she was still super young. Now you’d think that sort of cold shower would annihilate any chance of future investment but… It didn’t. In fact I have never had such bad experience but I’m the one scared of investing. Not her.
Cause yeah, the big thing with investment is that we are scared of losing it. Makes sense. We’re not trying to just give our money to any random dude on the street. We want to get more of it. And that’s where stock markets show up in the conversation. Aleise said it clearly: she does buy shares and all. Now me, as a young guy from the French country-side, I’m not naturally into Wall Street, for two main reasons: Fear and morals.
Fear comes from the risks of losing my money I mentioned above. It does make sense but it also doesn’t. I mean she said it a few times: Yes, there are risks when you buy shares, but there’s never zero risk. The more risky your move is, the more you can earn from it, so it’s really up to me to decide what kind of investor I want to be. I could go into real estate, yes. But it’s slow and you need a lot of money to get started. On stock markets you also have some rather stable companies that just grow very slowly, one dollar after the other, as opposed to those that fluctuate a lot. Again, the more risky the more money you get. And if, like Aleise you invest your money without expecting fast and super high returns, things will usually go easier. You don’t have to stress out if a share falls $100 cause if you wait a little it will more likely get back to where it was before. There’s no way to be SURE you’ll make money that way, but there are different ways you can invest so you have to choose the one that suits you best. Again, it’s about knowing what you want.
Oh and morals? Well I’ve always thought that anybody that buys a share at some point of their life was trying to speculate. Aleise showed me right away how inaccurate that vision was. You don’t have to be a trader spending the whole day buying and selling stocks. You can invest, and then check where you are a month later. That’s her philosophy. And although this is probably not the fastest way to make money in this area, it also seems like the least stressing one… So I’d take this one any day. Oh and also it doesn’t cause stocks prices to get higher, companies to close down, and economy to collapse. That’s cool too.
How do I do that?
Okay so you should definitely listen to Aleise before doing this one. Maybe even talk to her on Instagram or schedule an appointment with her to make sure you know what you’re doing. I mean you can also document yourself but that might be longer. I don’t know, it’s up to you but I really don’t want you guys to go into this blindly. As cool as it sounds you can’t just buy any shares and expect to make money. It’s more complicated. You need to look at stats, pick the right companies… etc. Now once you’ve done that, there are apps you can use called Robinhood or Stash, which Aleise recommends. But again, don’t go cray cray, it’s real money you’re investing. Think about who you are and what you want before doing this.