Vince Scully - LifeSherpa

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Vince Scully - LifeSherpa

Myth number one: a morning latte with smashed avocado toast is stopping you from getting a home loan. Vince Scully is the founder of Life Sherpa, a one stop online shop for financial advice and support. The Latte Fallacy is his book where he explains how you can still eat AND get ahead.

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Vince is from Dublin and remembers seeing U2 before they were enormous. They may have looked something like this:

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• With all the podcasts, blogs, YouTube we are now talking about money like we never have before. It has finally made its way into popular conversation.

• FIRE (Financial Independence, Early Retirement) movement people are now talking about getting to early retirement and there are some myths around it which can lead to dangerous investing outcomes to investing. People can also become extreme in the way they deprive themselves.

• The total income we spend on food hasn’t altered over the first 40 years it is merely where we spend the food money which has changed.

• People are too concerned with the instrument or the investment vehicle as opposed to the outcome. It is more important to look at what you are trying to achieve with your investment then what it is in. Start with the why, before you get anywhere near the how or what. Next is look at your risk profile and time frame, what risk can you take but also what capacity you have to absorb that risk. The market can take a long time to recover and you need to understand your emotional reaction.

• Choosing which index you are invested in will have a huge outcome. If you are working in Australia do you want your investment all in Australian companies? You are less diversified and can be exposed to a higher level of risk. We make up only 2% of the global share markets.

• Passive vs Active. Again you need to look at the context of your investment before deciding if active or passive is right for you. Unlikely to do better than the index investing actively in big well researched markets. But if you are in a more niche area it is likely that an active manager can achieve better then average returns.

If one more person tells me that if I just cut out my morning coffee or took my lunch to work I could afford a house or to retire rich…I’ll scream

The Latte Fallacy
  • Spend less then you earn.
  • Build an emergency stash.
  • Payoff your debts.
  • Prepare for the unexpected.
  • Getting your paper work sorted
  • Get your super sorted
  • Invest your surplus
  • Buy and pay off your home
Movember with Vince & Phil

Movember with Vince

  • Investment in the right real estate can give you the smoothing effects without to big a drop in yield.
  • Infrastructure is all those things we need to live as a modern society, roads, railways, airports and power stations. Prices are regulated and they often track economic growth. Often they have relatively high fixed costs and a stable income. Do not mistake these for the companies that build these projects as they can go over budget and find out that no one wants to use the infrastructure you have driven.
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Shares for Beginners is for information and educational purposes only. It isn’t financial advice, and you shouldn’t buy or sell any investments based on what you’ve heard here. Any opinion or commentary is the view of the speaker only not Shares for Beginners. This podcast doesn’t replace professional advice regarding your personal financial needs, circumstances or current situation.

Thanks to Christopher Soulos for music production out of Garlic Breath Studio Remember music flows when the money don’t.