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KS: What made you want to write a book about money?
AA: I always said I’ll write a finance book one day but was unsure as to what area of finance I should write about. Over the years I’ve found many people, especially young adults, being ill prepared in managing their money, often spending frivolously with no real thought of the effect it will have on their future life. This way of living has caused a significant rise in debt and hardship for many people and so it prompted me to write this book.
KS: What is a Money Mindset?
AA: A Money Mindset represents our beliefs and attitudes about money, which drive how we interact with money. If you believe you are bad with money, then guess what? You probably are bad with money. If you believe you are good with money, then you probably are good with money. A person with a negative Money Mindset can change it to a positive Money Mindset if they are willing to challenge and change their beliefs about money.
KS: What would you say is the one key takeaway in, “Your Money Makeover Mindset”?
AA: The one key takeaway, in my opinion, is understanding that the way you relate to money is often controlled by your beliefs and emotions and unless you learn to understand and master your own money mindset, your money will control you and your life.
KS: Tell me a bit about your book. What are the main sections?
AA: This book starts with an introduction, which includes my own experience of money struggles. It is then divided into 3 sections. The first looks at your core beliefs and what you really want to achieve in life. It also explains how your conscious and unconscious mind work to help you understand how to stop sabotaging yourself. The second section is in two parts, the psychology of money and changing your mindset. The final section focuses on the paperwork. This is the part people usually switch off from. However, to make it easy to understand and overcome the fear paperwork poses for many people, I’ve used a family scenario, consisting of three children, a working wife and a husband who finds himself in an unfortunate position of being made redundant. As if that’s not enough to deal with, the wife’s car needs changing, and their debts are starting to mount. The family need to work out which debts need to be paid first, the consequences of non-payment, how they can get more money, how credit cards work, who they can turn to for help and so much more useful information. It’s like three different books in one.
KS: Does your book include any investment information?
AA: No, that’s possibly a future book. However, my book ends with the scenario family choosing to learn about investments (e.g. stocks, shares and ISAs) and fintech companies. I suppose that’s where Beanstalk can help.
KS: I heard you were afraid of downloading fintech apps on your mobile phone. How are you finding the Beanstalk App?
AA: Yes, I was afraid of possible security breaches on banking and investment apps. However, since Cem Eyi (Co-Founder of KidStart and Beanstalk) explained the layers of security you needed to go through to get the app approved by the regulator, I decided to try it out. Even though the concept of Beanstalk was for parents and grandparents to save for children, it’s great you’ve allowed adults to use it for themselves too. For a non-techy like me, it really is easy to use and I can check how my ISA is doing at the touch of a button. Awesome.
KS: Would you recommend using Beanstalk?
AA: When I was writing my book, I wanted to mention Beanstalk. However, as I am not an Independent Financial Adviser (IFA) I didn’t want to be seen as providing investment advice. I can only comment on my experience with using the app. Yes, I would recommend it, it is so easy to use. However, my training has taught me to include a disclaimer with investments, “investments can go up or down. Only invest what you can afford to lose”.
KS: I understand you worked for the Financial Conduct Authority (FCA), what’s your experience of the regulator?
AA: I used to work for the Investment Management Regulatory Organisation (IMRO) which then became part of the Financial Services Authority (FSA) which is now the FCA. I left the FSA in 2001, to join Jupiter Asset Management Ltd, as their Compliance Officer. I really liked IMRO, there were around 170 employees and we all knew each other more or less. Things changed after the FSA was formed and shortly after that I left for the private sector.
KS: So, from poacher you became gamekeeper?
AA: You could say that. However, I did the full round. I had worked in banking, stockbroking and fund management before I joined IMRO. It was during an IMRO investigation that I was asked whether I would work for IMRO. As I like challenges, I thought it would be a good move, so I joined IMRO. As I mentioned, after the FSA was formed, I moved into the private sector and joined Jupiter, a fund management company..
KS: Let’s go back to your book. What do you mean by “from in the red to in the black”?
AA: In simple terms I am referring to a person’s financial situation. Red represents debt and being overdrawn. Black represents no debt and a positive bank balance.
KS: What’s the best advice you can give someone who wants to change their Money Mindset.
AA: Make a commitment to yourself to take action to change for the better. If you merely talk or think about change it rarely happens.
KS: Who do you recommend should buy this book?
AA: Anyone who wishes to change their life and Money Mindset for the better or be in a position to guide others who are not in control of their money.
KS: There are many ‘Money’ books around. Why should people buy this book?
AA: This book is more than just about money. It focuses on getting you to positively change other negative areas of your life too. It also includes how our mind works and how our emotions get in the way, by making us spend, when we know we shouldn’t. Imagine you understood why you do the things you wish you didn’t do. This book teaches you what you need to know and do to bring about positive change. It brings together what I have learnt through my personal journey, as well as from my experience as a qualified accountant, chartered banker, financial capability trainer, stress management life coach and money mentor. I share with you what you need to understand and do, to master your money and master your life.
Get a copy of Andi’s book Your Money Makeover Mindset: From in the red to in the black on Amazon or download for free (for a limited) with Kindle Unlimited.