Change your money by changing your life

Change your money by changing your life

Vanessa Stoykov

For the past 25 years, I’ve been working in the money industry – telling its story and creating stories which connect real people to the investing, super and advice industry in a way that is relatable and easy to understand. 

I now realise that, more than ever, money skills for everyone are not only advantageous; they are going to be necessary to survive in a post-COVID-19 world. Because even those who have had well-thought-out money plans are really having to change their strategy and look at the bigger picture.

That is why I am so proud to be launching our latest season of Secrets Of The Money Masters. Because this series is about everyday Australians, just like you and me. We started filming them in November last year, before COVID hit, and then followed up this year to look at the impact the pandemic has had on their money and their lives. 

And it has been extreme, to say the least. Our experts commented on ways forward before the pandemic and then after, and there is a lot to be said for following the basic rules of money that have always applied before the pandemic – and perhaps even more so afterwards. 

The first of those basic rules? Diversification. Property alone is not an investment that gives liquidity – i.e., you can’t sell your garage off when you need cash. And in this economy, having cash is king.

Second, you need to take a long-term view. Many people have rushed to sell shares when the market dropped and missed the bounce back up, crystallising their losses.

Finally, you need to keep educating yourself, talking to each other and being flexible enough to change your money plan and the way you live your life before it’s too late. This is harder for people as they get older, even though change is always scary.

So I hope you enjoy watching our show and hearing about the options ahead for those brave enough to expose their true financial situation. That alone is not easy, and I am eternally grateful for the generosity of these people who are dealing with some very stressful situations. It is our hope that sharing their stories will help you too.

The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice or its related entities. This information is general in nature and does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. To view our full terms and conditions, click here.


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