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DONEGANS
  • Home
    • About Alan
    • About Katie
  • Extraordinary
  • Start Here
  • Podcast
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    • Coaching Series: Andrew
    • Coaching Series: Keith
    • Stats and Feedback
  • Rebel Finance School
    • FIRE
    • Investing
    • Millionaire
    • Retirement calculator
    • Fees
    • RFS Financial Forecasting
    • Deciphering a Fund Fact Sheet
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    • VTSAX
    • Debt Petition
    • Financial Independence YouTube Series 1
    • Disclaimer
  • Blogs
  • Contact
    • FAQ
    • Press
  • The Extraordinary
    • Introduction
    • Chapter 1 Extraordinary
    • Chapter 2 We are where we are!
    • Chapter 3: If you want different results do different things

Blog

Welcome to the Donegans' blog.  Start reading for help investing, financial independence, life style design and many mini-experiments!
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The miserly millionaire

25/3/2023

 
People can be incredible cautionary tales.  We need to learn from people that have been fabulously successful in areas of their lives.  And on the converse, we need to learn where it has gone wrong.  Find the person that has messed it all up, ask to interview them and write down everything they did so we can do the opposite!

There is gold in their failures.  There are lessons that can save you decades.  Learn from other people's mistakes so you don't have to make them yourself.  
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You can learn so much from failure and we often spend more time learning from success.  For the next 6 minutes as you read the article maybe you will learn some things you can avoid. 

This is a work of fiction. Any similarity to actual persons, living or dead, or actual events, is purely coincidental.

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The 3 Levers of Financial Independence

9/1/2023

 
Financial independence (FI) seems like a far off lofty goal at times.  Especially if you are struggling to make ends meet, bring in money or just survive.  However, the fundamentals of financial independence are super simple.  There are three main levers for you to pull.  All the experts out there debate endlessly about how to pull them, when to pull them and why to pull them!
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This article is designed to make financial independence as simple as possible (not easy; simple) so that you know what to do next - which lever to pull and how to make progress. 

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PANIC: the market has crashed

10/10/2022

 
You've seen the headlines.  The market has crashed.  Stock market plunges.  Pensions in crisis! Get out now before it is too late!

The temptation to sell when you see the value of your stocks and shares wiped out is huge! In the stock market crash during Covid in April 2020, Katie and I had £184,000 (or $244,000) wiped off the value of our portfolio.   
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What should we do?  Sell before it crashes even further?  Put it all in cash under the mattress and wait for the world to return to normal?  PANIC: read the news to get insight and feel even worse afterwards? Engage with the doomsayers predicting the end of capitalism?

Here's how Katie and I have trained ourselves to react when the market drops and why doing the opposite of what everyone else does is the route to financial success.

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Should I stop investing?

2/10/2022

 
Things have gone crazy in the UK. Things have gone crazy in the world markets! Our new Prime Minister decided to give tax breaks to high income earners and borrow £50bn to do it. The pound crashed against the dollar making imports and foreign travel massively more expensive and further fuelling inflation.
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My messages, email and other channels lit up with messages of doom and gloom.  The market is down! We need to stop investing!  The £ is at an all-time low against the $! Should we halt all investments until it goes back up?  Is it different this time?  It is all going to pieces!  PANIC!

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The biggest mistake people make when they find out about FIRE

6/8/2022

 
Have you ever found out about something and got so excited you take it to the Nth degree? Do you get super passionate and go all in?  Katie (my lovely wife) gets super excited about things and then likes to go extreme.  She started CrossFit and fell in love with it and then wanted to do it every single day, whilst still doing all the exercise she was doing before.  This lasted a few weeks and she got so exhausted she had to have several afternoons in bed!
Alan Donegan at the gym.  Pushing towards financial independence
Have you ever taken something a little bit too far?
​Katie and I started a new diet in lock down in 2020 given to us by a coach, we followed it to the letter, gave it our everything and after 12 days we had lost so much weight but I was falling asleep in the afternoons from no energy.  The diet was literally stripping me of my vitality and energy and I was falling to pieces.  katie wanted to press on, I couldn't take it and we argued.  

Sometimes we all have the tendency to take things to the extreme when we find something we are passionate about. What does this all have to do with financial independence? Some people take it to the extreme when they find out about it, alienating the people around them and sacrificing happiness. 

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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?
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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:

  1. Winning the lottery (slim chances but why not, it is only a few quid each month)
  2. Inheritance  (maybe great Aunt Tilda will die and leave me money)
  3. Building a business and selling it (but I can't do this as it takes money to make money)
  4. 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!
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​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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How to track your finances

19/6/2022

 
The sun is shining with clear blue skies over Lake Chelan in East Washington State.  Katie and I are sat at Cambell's Resort where we have come for a friend's wedding.  

It is the last day of the month and you know what that means?  Month end and our monthly finance meeting!  Katie and I get excited for days beforehand and planning our monthly finance meeting! 
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One of our highlights of the month is the monthly finance meeting. Katie and I get excited days beforehand, and actively spend time planning our monthly finance meeting. We find a cool location for a wonderful breakfast or brunch, open the spreadsheet and input the numbers and work out which direction our finances are going in!

This is the exact opposite of most of the population who don't like to look at their finances at all; scared of what they might find.  Your average person uses the "bury your head in the sand strategy" to manage their finances; with an occasional peek at the current account to see if they can afford things.  

If the saying "what get's measured; gets improved" is true; then why are so many people so scared of looking at their personal finances??

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Is it risky to invest in the stock market?

15/6/2022

 
People think I am a huge risk taker.  I remember being sat in a Rebel Business School event talking about starting businesses and one of the participants said to me, "It's alright for you, Alan; you are a risk taker!"  I was shocked as this is not how I see myself.  I see myself as quite risk averse; I don't like big risks with my money, with my business or with my life.  I like to play it safe in so many ways.
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This got me thinking, "Am I a risk taker?"  What does the rest of the world see as risky that I see as the safe bet?

Do you think it is risky to start a business?  Do you think it is risky to invest in the stock market?  Do you think the safe thing to do is to get a job and stay there for the rest of your life?

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How much are you worth?

24/5/2022

 
Updated: 8th June 2022

I know; you are priceless.  Just like the rest of us!  That isn't quite what I meant.  Actually there are a lot of answers to this question.  When you start a business there is a decision of what to charge (your worth), there is a self-confidence answer (self-worth) and there is a personal finance answer of your net-worth.

Can you confidently tell me you net-worth in £GBP or $USD?

Most people we ask this question to don't really know.  They start adding up, how much is my house worth? What is my car worth?
Alan Donegan pockets stuffed full of cash
Do you know your net-worth?
How do you calculate your net-worth?  The first step to change is to take a good look at where you are right now.  If you don't know your starting point it is difficult to know if the change you are creating is moving you in the right direction or not.  If you can't clearly give a £ or $ figure for your net-worth then this article will help you figure it out.

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Guide to ESG Index funds

19/3/2022

 
When Katie and I ran the second Rebel Finance School we had over 450 people attending and one of the questions we got asked the most was about ESG funds.  Should we invest in them?  What are they?  Do you recommend them?  

Let's start with what ESG means; it stands for Environmental, Social, Governance.  The idea is that the fund is made up of companies that are more ethical, more sustainable, better for the environment and better run than other companies.

The hope is that by investing only in the ethical companies we can make the world a better place whilst creating a profit. 
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Sounds like a good idea but my biggest concern is that this leads to stock picking and therefore worse performance (profit for us) over time.  Katie and I wanted to dig into my preconceived notions and ideas to find out the truth behind ESG funds and all the hype that surrounds them!

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How global is your global fund?

20/2/2022

 
How global is your global index fund?  How much of the world are you actually investing in when you buy a global index fund? 

After digging into what goes into an index fund as part of writing our guide to ESG indexes article, we were inspired to find out how much of the world the Vanguard "global" fund actually covers.

​A global index fund makes it easy for you to invest your money around the world (huge diversification) and partake in the global economy.
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These funds have huge promise and we wanted to dig in to find out what you are actually buying when you purchase a global index fund.

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5 reasons not to invest in crypto

27/10/2021

 
Have you heard the hype surrounding bitcoin and crypto-currency?  Been tempted to buy any?  Feel like you should "invest" but don't know where to start?

This week a friend emailed asking for advice, should he invest in Crypto?    He asked me to talk him out of it!  He said "Now FOMO (fear of missing out) is running amok and Bitcoin is surging. My friend keeps telling me “you’ll buy at $100K, you’ll buy at $100K!""
Alan Donegan Bitcoin hat, avoiding investing amid the bitcoin hype
Alan got given a bitcoin hat but can he avoid the hype and avoid investing!
So many people seem to be talking about it.  Millennial Revolution are mining it in their Airbnb's, the Escape Artist is writing about it and the highs and lows.  It seems to be in the press in different ways every single day. 

With all the hype I wanted to stand up and give a different opinion.  These are my reasons why I don't invest in crypto and won't tell anyone to do it either.

If you are looking to let go of the feeling of "I should invest in crypto" or you want some balance to the reasons for investing then this article is for you.  If you love crypto and don't like to be challenged you aren't going to like this one!

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What's stopping you from sorting out your finances?

29/9/2021

 
What stops you from having your dream life? What is stopping you from having your life exactly as you want it?

We've thought about this a LOT when it comes to business. Over the past decade at the Rebel Business School we have been asking people what stops them from starting a business. We can say with certainty that there are 3 main barriers to building a business. They are fear (or lack of confidence), finances and knowing what to do first!

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Alan Donegan - Rebel Finance School. Thinking
What's stopping you from having your financial life exactly as you want it?
These 3 clear barriers are what we tackle first and this helps people make progress quickly.  The objective is to build a business making money doing what they love, but first we need to get past the barriers!

​My wife, Katie, and I have become fascinated by finances and since running our first finance course we have been trying to understand what stops people from getting their finances in order. 

At the beginning of that course we asked everyone that signed up "What stops you having your finances the way you want them?" What do you think they said? What do you think stops people from fixing their financial situation?

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10 ways to increase your income

12/9/2021

 
The route to financial independence has three main levers! Decrease your spending, increase your income and then invest the difference!  Sounds simple doesn't it?

Nearly everyone focuses on how you can reduce your expenditure.  This tends to be the low hanging fruit so who blames them for starting there. However, there is a floor to how far you can reduce your expenses! There is also a cost to it. If you reduce your expenses too far it can reduce your happiness or safety!  
Alan & Katie Donegan discussing financial independence, investment and life time earnings.
Alan & Katie discussing earning, growth and investments! There is a 10% chance this photo was staged.
Almost every blog talks about cutting out streaming services, reducing expenditure and not going out to eat.   I have a slightly different take on it.  

​There is almost an air of resignation when I ask people about how much money they make.  It is as if they earn what they earn and that is it.  Well I am here to tell you that there maybe a floor to how much you can reduce expenditure but the is NO ceiling to the amount of money you can make!  You want to pull a lever that is going to supercharge your finances and your path to financial independence?  This is the one!

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4% Rule Questions - Retirement

15/6/2021

 
A few weeks ago I wrote a post "How much does it take to retire?".  This particular post sparked a lot of questions and comments that need addressing! 

Everyone has an opinion on money and finances.  I always find it fascinating that the people with the least money and investments give the strongest advice on this subject. 

There is so much mis-information and bad advice out there I wanted to give you my perspective!  And it is only my perspective! Read with a pinch of salt!
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I originally wrote this on the 26th of May 2020 and updated it this week for you on 15th of June 2021.   Has the advice changed following the pandemic? 
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So here are all your questions about the 4% rule, early retirement and financial independence answered!  Let's jump straight into "How much does it take to retire? The Q&A" with Alan...…..

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How much does it take to retire?

15/6/2021

 
My name is Alan, I am 40 years old and I never have to work again if I don't want to. The question is how do I know I can retire?  How do I know I never have to work again?  How do you know when enough money is enough money?  Do you have a target for how much you are working to save for retirement? Do you have a goal? A figure? Are you just working for the sake of working??? 

As an experiment ask some of your friends how much they think they need to retire.  There will be wide and varied answers!
Alan Donegan Relax
Alan relaxing in San Diego on a dream trip to Comi-Con this year
I came across an incredibly simple formula for knowing when enough is enough. I will show you the straight forward maths behind calculating how much you need to invest to retire.

This was first written on the 26th of August 2019 and updated on the 15th June 2021.  I am now 42 years old now!  How time passes. We have reviewed and updated the article given everything that has happened since I wrote it in 2019!

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Debt Warning

18/5/2021

 
How many companies have messaged you this week offering to extend your credit limit? Offering you free overdrafts for a month?  Offering to lend you money?

When I first wrote this blog post Coronavirus lock-down was in full swing, the flow of money was slowing and businesses were having to lay people off.  We are at our most vulnerable to debt offers in many years!

It is now the 18th of May 2021 and lock down is easing across Europe, the USA is heading back towards "normal" and we seem to be coming out the other side of the pandemic (I hope).  However, household debt is on the rise and 31,239 people in the UK became insolvent (people who are unable to pay debt and enter formal proceedings) in the first quarter of 2021!  

​That is 347 people a day going bankrupt in the UK!
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This is a warning against unscrupulous companies that are going to try and take advantage of you during this time.  They are going to do it under the guise of helping you through the pandemic but in reality they are going to leave you far worse off in the long run than if they didn't help at all!

A year after I wrote this last paragraph I have now begun to realise that it is not just in moments of crisis that they will try and take advantage of you.  They are out their right now taking advantage of people; it just feels more shocking at the height of a pandemic.   There are teams of people currently working out the best way to get you to take on more debt. 
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Update 25/08/2020: This  was written just as lock down was starting on the 25th of March 2020 and this is still going on now and always will do.  Car dealerships make more money on the financing and insurance than they do the car itself.  Online catalogue companies offer you "anything you want" buy now, pay later at 39.9% APR. Companies that lend money make more, when you pay slower!  The debt warning isn't just for the height of a pandemic it is something you need to be wary of always! 

Update 18/05/2021: They are still after you.  Nothing has changed.  In fact they are getting smarter at putting you into debt.  This warning is needed now more than ever.  I get the feeling when I review this article in a year's time I will be writing that it is even more needed then.

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What do you spend your money on?

4/5/2021

 
Where does all the money go?  What are you spending it on? We have HOW MUCH LEFT?!???

​Most people have no idea where all their money goes and are shocked at how little they have left at the end of the month.  Where is your money going and what are you spending it on?

Updated: 4th May 2021
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This post is about lifestyle inflation, conscious spending and buying the future you really want!  We all earn money and then make decisions on what we spend that on.  My desire is to help you become conscious of your spending and make conscious decisions on future spending. 

If you do this you will either get comfortable with your current spending or change it to buy more happiness.  After all isn't happiness the goal?

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How to live for free: FOREVER!

27/4/2021

 
Updated 27th April 2021
Over your working lifetime how much money have you earnt? From the fruits of your hard labour and working all the jobs how much have you made over the years? 

Then comes a slightly more painful question:   how much of that money have you kept?  What are you left with?

​This might not be the most comfortable post to read but it might be what you need to get you to start paying attention to your finances!

Katie and I were doing an exercise this week to see how much money we’ve actually made in our lifetime and how much money we have left. Interestingly we discovered that we have more money left at the end than we have actually made in our lifetime!
Alan Donegan writing
Alan sat working out his future
How can this be possible? How can we have more money than we earnt? Does that mean that we have lived for free for our entire life so far? Is this normal? Could you do the same? Do you have anything to show for your years of labour?

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Vanguard Developed World versus Global index fund.  Investor Series

3/1/2021

 
You have decided you want to start to invest.  Yay! You are on your way to financial independence!  You have decided Vanguard index funds are the way forward. Super!  You log on to their website ready to invest and you see the HUGE selection of funds available to you!  Which one do you buy?  Where do you start? â€‹ What does it all mean?

So many of the people on our courses get to this stage and then this final step of choosing a fund stops then from getting going.  We want to help you get over this last hurdle and get into the game of investing!
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The clash of the titans! The FTSE Global All Cap Index Fund versus the Developed World ex. UK. Vanaguard!
For an overview of which Index Fund to choose start here.  This article is to help you decide whether to invest in the Vanguard Developed World Ex. UK Fund or the Vanguard FTSE Global All-Cap Index Fund and what the differences are!

​We are going to break down the differences between the two funds and, given that nearly all of our money in invested in the Developed world fund, whether we are going to change that going forwards. 

We do not receive sponsorship from Vanguard or anything in return for promoting their products.  I kind of wish we did; lol. 

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What is an index fund? Investor Series

10/11/2020

 
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What is an index fund? The language of investing can be hugely complex at the best of times! Even a simple term like index fund takes a lot to properly explain.  If you want to feel confident investing then the first step is to build your investing knowledge and financial vocabulary. The more you understand something the more confident you will feel starting!  Writing this article has doubled Katie's and my knowledge about index funds!  We hope it does the same for you!
The short explanation: Index funds give you an easy and cost-effective route to diversify your investments across the globe and partake in the growth of the global economy. Sounds sexy; but what the hell does it mean! What is an index fund? What is contained in an index fund? Which index funds should I buy? Why do I care? Let's get geeky together!

Updated: 22nd June 2021

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Your Financial Philosophy

18/8/2020

 
What is your financial philosophy? Sounds a little high brow doesn't it? Are you imagining Katie and I sat around in togas pontificating about finance, money and our beliefs? 

​I hope not..........

Do you believe money is a scarce resource? Do you believe money doesn't grow on trees? Do you believe money is the root of all evil? These thoughts, beliefs and ideas sit out brains affecting our actions and therefor our financial destiny. 
Alan Donegan broke with empty pockets
Do you believe money is a scarce resource? Or do you live in an abundant world?
You financial philosophy is the set of beliefs, values, your identity and relationship with money.  It is the way you think about your finances and yourself which controls your actions and in turn determines your financial destiny.  I want to help you uncover your financial philosophy, take control of it and develop it to create a brighter financial future. 

Have you ever taken the time to consciously consider what you believe about money and how it is affecting your life?

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Take Control of your Finances!

5/7/2020

 
Where did you learn to manage your money? School? Books? Family?  Did you ever learn?

I don't remember learning anything particularly useful about finance at school.  I did economics at college but that didn't teach me anything I could particularly apply to my personal finances.
Alan Donegan burning £50. Personal finance. FIRE
How good are you at managing your finances? Does it feel like you just burn through money faster than it comes in?
I use supply and demand theory in my business to this day ​but no one taught me about personal finance. I learnt through books, courses that I paid to go on and through trial and error; the good old fashioned way.  I have paid a high price for the skills I have developed and I think it is time I gave it all away for free...…...

I have been doing that with entrepreneurship for the last decade now. Giving away the course I wish I had when I was launching my business.  Katie and I have decided to do this for personal finance next. 

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Financial Independence in uncertain times

20/6/2020

 
The market has crashed!  The Zombie apocalypse has happened!  Life is ending!  Who gives a #?@! about investing and financial independence? 

I would ask is there a better or more important time to take control of your finances? 
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What do you do in uncertain times? You don't panic that is for sure!
If you finances weren't in a good state when Covid hit this situation probably did nothing to help.    So many business and families lost their income overnight and they weren't prepared for it!

The people that benefit the most from the opportunities arising from Covid19 are the ones that are in the best financial position.  

​Now is the time to take control of your finances and set yourself up for the future

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