What is your role at Magellan?
My current role is at Magellan as a Key Account Manager. Magellan is a funds management company that specialises in global equities and global listed infrastructure. What this means is that we do deep research into companies that are listed on stock exchanges around the world and we put together portfolios that investors can invest in, either on the stock exchange or the traditional way of filling in an application form. My role is to help investors understand how Magellan invests their money and answer any questions that they may have about the different ways in which they can invest.
How did you get started in finance/funds management?
My mother and stepfather were financial planners so I grew up surrounded by conversations about wealth and retirement planning. My parents used to run seminars for their clients and I would help out with those events as a teenager. My passion for helping people understand how money works started at a young age.
I began my career at AMP at 18 whilst doing university and I spent 10 and a half years there in a variety of roles across superannuation, insurance, funds management and financial planning. Those years at AMP were very formative for me and I had a lot of opportunity to understand how all the different parts fitted together. From there I’ve had a number of roles across both large and small organisations, including being self-employed.
What do you love about the financial services world?
I love that the financial services world is a world where people can take charge of their financial destiny. All it takes is the ability to ask questions. My role at Magellan enables me to spend the time with everyday people, answering questions that more people should ask. Just by asking questions, it helps people take charge of their financial future and that’s both very humbling and fulfilling for me.
Is there a piece of financial advice that has stayed with you?
Spend less and earn more! Both things are well in your control. You can control the amount of money that you spend (through good budgeting) and you also have control over how much money you earn from your work (by continuing to learn and improve each year) and also your investments (by determining which assets you wish to invest in). When it comes to your investments, the best thing to do is to take a long-term view and let compound interest work its magic. The trick is to take action and be disciplined.
What has been your greatest investment?
My greatest investment has been time. I was very fortunate to have parents in financial services, who helped me understand investing from an early age. I made my first investment at 18 into a managed fund and then I did dollar cost averaging (Editor: we’ll be explaining these words to you over time) into it over a decade. It definitely added up over time and really taught me the power of compound interest (Editor: we’ll be explaining these words to you over time as well!). The earlier you start the better but not starting at all is the worst investment you can ever make. You have to get a plan in place and you have to action that plan. If need be, find someone to help you stay accountable whether that be a financial planner, a friend or loved one. Talk about money – it’s not a taboo subject. The biggest thing you have to overcome is yourself!
What motivates you?
Funnily enough, I have a motto that I picked up from a children’s book called ‘Diary of a Brilliant Kid – Top Secret Guide to Awesomeness’, which I bought for my daughter, Imogen. The book is amazing and builds up to seven magnificent words that will change your life – ‘Do it better than you have to’. These words really resonated with me and every time I find myself complaining or not wanting to do something, I just say those words over in my head and it gets me motivated to do whatever task that I have ahead of me, and I do it better than I have to.
What would your advice be for women looking to improve their financial wellbeing?
It would be to take charge of your investments. Don’t think for a minute that you aren’t capable of understanding how to invest. The fallacy is that investing is hard and that belief tends to stop people, particularly women, from taking any action at all when it comes to investing. Once you start learning the basics, you’ll realise that investing is actually quite fulfilling and empowering. Sure, you’ll make mistakes along the way, but these are the best lessons and only set you up for future success.
What money podcast’s/books can you recommend?
I really love Peter Lynch’s books ‘Learn to Earn’ and ‘One up on Wall Street’ – they give a great insight into why people should invest in global equities. At the moment, I am reading two books by Richard Thaler – ‘Nudge’ and ‘Misbehaving’, which are about Behavioural Economics, or to be blunt, why humans act so irrationally particularly when it comes to money. The more that people can understand themselves, particularly when it comes to their biases regarding decisions about money, the sooner they can overcome them!
What do you read in order to stay up-to-date for your job?
I read the AFR everyday online, plus the Weekend Financial Times every Saturday for a few hours, plus I listen to different podcasts on investing. I am also very fortunate to work with amazing portfolio managers and analysts who prepare research reports on the wonderful global companies that we invest in for our clients, so I regularly read those reports to stay up to date with what has been happening in those companies and the sectors in which they operate.
What does financial freedom look like?
For me, financial freedom is generating enough earnings from my investments so that I don’t have to keep doing my budget spreadsheet! In all seriousness, I do love my budgeting spreadsheet, so I would probably never stop doing it. Financial freedom is all about choice. When you are financially free, when you can choose when to work, when and where to holiday and what life experiences you want to have. That will be different for different people, so stop comparing to other people and run your own race.
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regard to your circumstances.
