The Donegan's Blog

The 10 biggest mistakes you can make with your money

31/7/2022

It is tough to manage your money and get it working for you. There are financial advisors telling you they know best, there are modern finance companies trying to persuade you to give them your money, there is pressure to get into cryptocurrency and endless opportunities to invest/spend/waste your precious hard-earned money. It takes a HUGE amount of time and energy to earn money, build businesses and get ahead, and then you have to make it work for you!

Over the last 4 years of running Rebel Finance School, Katie and I have had the honour of helping people avoid and unwind some of these mistakes. We have seen up close and personal the damage that these things do to people's financial lives. Some have happened to us and I am sure we will make mistakes in the future! This article is designed to help you avoid making some of the biggest mistakes we see people making in the world of finances!

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Wealth: Luck or Process?

15/7/2022

The pre-course questionnaire for the Rebel Finance School asks you what you believe about money. Over 1,000 sign-ups for our 2022 course filled it in and one of the top beliefs they held was "Realistically, chances are I will never be wealthy!"

I find this fascinating. Why are you signing up to a finance course if you believe you can never be wealthy? Maybe looking for a glimmer of hope? Maybe looking for confirmation that it is all too complex and you were right and can give up on that dream?

Is wealth luck or a process? Do you need to win the Lottery? Can anyone copy what Katie Donegan did to get to financial independence?

After 3 years of talking about money, running the Rebel Finance School for thousands of people, and reflecting on our journey to financial independence, I can tell you that most people believe their only routes to wealth are:

Winning the lottery (slim chances but why not, it is only a few quid each month)
Inheritance (maybe great Aunt Tilda will die and leave me money)
Building a business and selling it (but I can't do this as it takes money to make money)
The latest get rich quick scheme (of course they convince themselves that it's legit and it'll work for them!)

Is wealth really a game of chance or can anyone do it?

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The Binman who is 50% Financially Independent

4/7/2022

How much does it actually cost to get to financial independence? Do you need millions in the bank? When is enough actually enough? Do you even believe you can do it?

Most of our beliefs about what is possible or not come from society not from an internal belief of possiblity!

In 2016, Katie and I travelled to Ecuador to learn about financial independence and investing. Before we got to Chautauqua (the retreat) with JL Collins, the Mad Fientist and Mr Money Mustache, we stopped at the beach a few days beforehand to relax. Mompiche, a small fishing village in North Western Ecaudor, is stunning! We were staying right on the beach and each night we sat there drinking hot chocolate, watching the waves roll in as the sun set over the bay.

Interestingly, one of the most important lessons we learned on this trip was from a surfer who was staying at the same surf shack as us. But how, exactly, did a surfing binman (garbage man) from Italy end up 50% financially independent?

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The 10 biggest mistakes you can make with your money

Wealth: Luck or Process?

The Binman who is 50% Financially Independent

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