Turning passion into profit
In this episode, I answer a listener email, sharing my thoughts on how he can turn his passion into profit.
Here’s the email:
I’m 28, I would like to think I’ve done ok for myself. I work for an asset manager in London earning £70k. I bought my first home when I was 23 when my parents offered to pay off my student loan, I asked for £30k towards a property in Middlesborough (which I have since sold) and this is the only help I have had off them in terms of money being given to me.
I’ve worked really hard, worked abroad, worked many hours, always rented out my second room and exhausted Martin Lewis’ website for making as much money as possible (bank switching, credit card rewards, stoozing, regular savers with banks, topcashback, matched betting etc. ) and managed to get myself in a position in Jan 2019 where I could put £100k down on a £500k flat in Battersea (I leveraged the lending off my dads income) . I can still rent out the room so this pays for itself almost.
I live quite a frugal lifestyle but do enjoy the finer things in life. I roughly save 50% of my income (£3600 + £700 rent) so I am able to save almost £2000 a month and still manage to travel the world. I’ve been to 40+ countries and done three separate 2-3 week trips to SE Asia, Central America and South America all in the last 12 months as well several smaller trips in Europe. I plan on buying a property for £50k in Manchester for cash in September, refurbishing and refinancing it before doing it all over again.
It’s only recently in the last 6 months I have began listening to podcasts, YouTube videos and reading audiobooks and I’ve been fascinated by the whole FIRE community. In particular I have read Rich Dad Poor Dad, the Meaningful Money handbook, every personal finance book on Blinkist, watched Youtubers (Stephen Graham, Nate O’Brien, Samuel Leeds, Success Secrets, The Swedish Investor, Alux.com, Matt D’Avella and Money Unshackled), Meaningful Money Podcast, Property Investors Podcast, This is Money Podcast, ChooseFI, Informed Choice Radio, Rob Moore – Money &Disruptive Entrepreneur, FT Money Show, The Money Podcast, Money to the Masses and Modern Wisdom.
It’s completely changed the way I look at money and life and I’m encapsulated by the topic, I’ve always loved personal finance and love listening to content on it. At the same time, whilst I earn good money I would say I hate my job and I don’t feel the corporate world works for me, only recently when friends have approached me on where to put their savings and I’ve taken the time to set up Vanguard index funds and told them to automatically invest 20% of all of their income each month without fail, and illustrating the power of compounding and that they could be in a position to retire by 40. As you’ve explained on your podcast.
I feel there is a massive shortage of information for 16-40 year old’s and the middle-lower class on personal finance and this is not readily accessible even when it is. I’ve decided in the last two weeks I would like to pursue this as a career, initially as a side hobby, I am currently thinking of ideas how I can eventually monetize it and build up a following and was wondering if you had any advice or thoughts on where I could take this. I am highly ambitious and this would be with the goal of long term being a full time career for me that exceeds my current salary. Amongst my ideas I’ve had are the following (some or all could work in hand):
• Set up a UK Specific YouTube channel, podcast, Instagram on personal finance on topics ranging from FIRE, Credit cards, Pension basics, Property, Should I pay off my mortgage early, Cashback sites
• Becoming a Personal Finance / Money coach
• Young Persons finance PDF download – Because personal finance is so specific to an individual I think it’s hard to put out a “one size” FI guide for people to follow, I know ChooseFI are trying to come up with something. This is the business model a lot go down (e.g. Personal fitness program download).
• Freelance presentations in Schools, Universities, and Workplaces on personal finance – this would have been so beneficial for me.
• I have also looked at property investing and will be going to a few seminars on this also.
With regards to qualifications, I’m not sure I if any would be easy they are to do yourself and how worthwhile they would be (and if so what)? I don’t think I would be prepared to take a job in Personal Finance as I would presume it would be a substantial pay cut from the £70k that I am on now? I know a lot of the youtubers don’t have any qualifications and I almost wouldn’t want to talk myself up as an “expert”, and I wouldn’t be giving specific financial advise per se, I would more be going through principles that people should embed in their every day lives and think about their long term goals.
Sorry for the length of this letter. Interesting to get your thoughts on my business ideas and next steps.
Useful links
Video Influencers YouTube channel
