Guest writer, Charlene Cranny (@CharleneCranny) breaks down some of the myths she picked up growing up and tells us more about the burgers at Crystal Palace Football Club.
by Guest Contributor, Charlene Cranny
My parents worked really hard for the few things we had and taught me young that I would need to do the same. If I wanted that cute button-up denim skirt or the latest Take That CD before Christmas I had better get a job. So off I went doing what I could to make some pocket money.
I put business cards for the local taxi company through letterboxes. I served questionable burgers to rowdy fans at Crystal Palace Football Ground. And opened and stacked Happy Meal boxes alone in a dark corridor at McDonalds.
Those first jobs weren’t pretty.
Later, when I left college, I had decided I’d only work for organisations that cared about people and planet even if that meant compromising my future earning potential. Because those who work for the higher good don’t make much money, right?
So, why am I telling you about my work history when you are here to learn how to make money and be awesome in your sleep?
Because to achieve such greatness we must quickly snuff out the three false beliefs I had in those early days that could hold you back…
1) You can only make money by working a job.
2) Companies and organisations with a positive mission always struggle financially.
3) People who are ‘good’ don’t care about making money.
Wrong, wrong and wrong.
False belief buster #1: I know it feels too good to be true but investments (general investments, ISAs, pensions, etc) can earn you money in your sleep. A fact I desperately wish more people understood and took advantage of.
Investments do go up and down and profit can’t be guaranteed. But in the long run, you can expect the stock market to earn you something most of the time.
According to the 2019 Barclays Equity Gilt Study, for the last 120 years, any two year investment in stocks has had a 69% chance of doing better than plain old cash. This goes up to 91% if you leave investments untouched for 10 years. Pretty great odds that increase the longer you leave investments alone. So aim to leave investments alone for at least five years.
Now, you and I care a LOT about protecting people and planet. So we’ll only consider positive impact investments that go to companies doing good. But do they make as much money? YES.
False belief buster #2: Good companies can make money. They aren’t charities. They just refuse to cause harm for their profit. B Corps, for example, are for-profit companies given B Corporation certification when they achieve at least a minimum score against a set of social and environmental standards. Names like Ben & Jerrys, Danone, Patagonia, Innocent Drinks and Brewdog are all B Corps. In a B Lab survey, UK B Corps reported average revenue growth of 14% year-on-year since 2015 (this refers to the 44 UK B Corps across a range of sectors that have re-certified after 2 years as a B Corp.). Good news for investors like us.
Because let’s face it — time to bust false belief #3 — just because you are awesome (I mean that) and want to help others it doesn’t take away your need to remove money worries and anxieties. Or right to seek a comfortable, secure life. Remember: you’ve got to put money in the bank to have any to give out.
So stay awesome. And look after yourself. I’m over at economyofgood.co if you want to stay in touch on how to make your money ‘good’ money.
To learn more about how to become a positive impact investor visit The Big Exchange or follow on Instagram, LinkedIn, YouTube, Twitter or Facebook or download The Big Exchange App in the app store to manage how you save, invest and spend your money, all from one place.
Please remember that when investing, making money is not guaranteed and your capital is at risk. The value of your fund can go down as well as up. Tax treatment depends on an individual’s circumstances and may be subject to change.
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