If you’re naturally risk averse and cautious with money, can investing ever be for you?
That’s what ELT author and trainer, Michelle Worgan, wondered.
Here’s what happened when she started making some careful and well-thought out changes to her finances.
“Ever since I went freelance, I’ve been saving as much as I could. I’ve always had a scarcity mindset (something I learned on this course!) and have saved, even when I wasn’t earning much. Due to the nature of freelancing, with irregular payments, I’ve always felt the need to put a good part of my earnings by, in case I had a dry spell. So I had them in a savings account.
“In about 2021, I noticed that my savings pot was growing (because of my contributions when getting paid) but it wasn’t earning any interest. I searched for a better bank account with higher interest rates. There weren’t any very good rates at the time but I found the best I could and put most of my savings into it. But I was still wondering if there was anywhere else I could put these funds in order to help them grow.
“That’s when Nicola came along with her new course.
“I will admit that when she first shared her idea with me, I was quite surprised and I wasn’t immediately convinced. I thought it was a very risky business! But that’s what I thought about investing, too. And now I’m so glad I decided to join the course.
Before the course started, I had no idea about investing. I knew there were bank products like deposits, funds and stock market broker services but I didn’t think they were for me. I am quite risk averse when it comes to money and I didn’t want to lose any! I already had a private pension plan but I didn’t even really know what it was. And, as the course showed me, it turned out that I was paying a high fee for that account and I didn’t realise.
The course taught me everything I know now
“I now understand the differences between different ways of investing and have learned about some that I didn’t even know existed. I am aware of the level of risk and growth potential of each one. Before doing the course, I would never have chosen to read articles about investing and even if I had, I would have understood very little. Now I read things I come across online and I actually understand most of it, thanks to Nicola’s clear and simple explanations and examples. But it’s not only knowledge that I’ve gained. The course also helped me work on my mindset and realise that I really should be investing.”
If you’re at all unhappy with your financial situation, or even if you’re content because you have a few hundred in the bank, I would recommend the No-Stress Money Plan. Our profession as ELT teachers (and freelancers in ELT publishing) has always been precarious. Most of us rarely feel like we have any kind of financial stability.
I look at it this way – I really don’t want to still be writing course books or teaching online to supplement my almost non-existent pension when I’m 80 years old because I haven’t put a system in place for financial security.
What Michelle’s done (and earned!) since the course
The No-Stress Money Plan made me realise that I needed to be proactive about my finances and this is what I’ve done (and earned!) since the course.
- Opened a roboadvisor index fund with low fees which to date has earned me 780€ – this would have been more but I stopped paying into it in order to invest more in a new pension plan (see below).
- Switched my pension plan to another provider with much lower fees. This new pension plan for self-employed people and employees has a higher tax-free limit. For this reason, I have been adding to this pot rather than the roboadvisor since I opened the pension plan. The reduced fees over the next 15 years, will save me more than 7000€ in commissions compared with my previous provider.
- Because I now understand investing and the power of compound interest, I’ve decided to pay more into it per month and also to pay in longer (an additional three years until I am 65). Those changes are likely to add at least 50,000€ to my retirement pot.
- I invested a small amount in some alternative kinds of investments** which has earned me more than 200€ so far and I estimate will generate more than 500€ this year 2024.
** This is now housed in a separate course called Alternative Investing which is open to alumni only!
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