Today we have an interview with wealth creation expert and TV host, Vanessa Stoykov.
I am the host of the Channel 9 TV show, Secrets Of The Money Masters. I have also participated in money education for the past 20 years, and also run my own media production service for financial services, Evolution Media Group.
You’re the host of the Channel 9 show, Secrets Of The Money Masters, what is the show about?
Quite simply, the show is about transforming celebrity money. We provide money makeovers and financial planning to Australian sports stars. We do this to guarantee them long term success, even after they are done competing, and to make money knowledge more relatable to everyday Australians.
What inspired the focus on sport stars in particular for the show?
Plain and simple, Australians love sports. As a result, the average Australian would relate to their stories and feel compelled to follow them. Also, athletes have a natural discipline, and they are accustomed to listening to coaches, so that is a tried model that we believed could yield massive success.
Sports stars are often perceived as very wealthy and therefore financially unrelatable to the majority of us… Do you think this perception is valid?
No, not in Australia. Australian athletes behave nowhere near as extravagantly as American athletes, for example. These people are not “big enough” in that sense. We have actually found them to be very relatable.
Throughout the show to date, what has stood out to you as the biggest “aha” moment when it comes to managing finances in order to achieve financial independence?
When the athletes each had the opportunity to speak with a financial advisor, they realised how easy it is to manage money effectively when you start early and stick to a plan.
Especially for millennials, we hope this series is indicative of the bright futures they can have if they prepare for it. They can in fact retire early if their money is managed efficiently. It is in these moments that you realise that it [editor’s note: i.e. spending all your money here and now] isn’t too much to sacrifice for such a long-term payoff.
Alongside the show, OneVue is launching the Money Masters Portfolio with Mercer, can you tell us a bit about this?
The Money Masters Portfolio is a portrayal of the Money Masters’ coaches and their unique investing styles. For a minimum investment of $2,000, the average Australian can access the resources we offer to star athletes in order to turn their own lives around.
One of the biggest things that prevents people from starting to invest is the fear of losing money. What are your suggestions to help people get over this fear and take the investment leap?
You have to understand the nature of investment and accept the fact that success with it goes up and down, in waves. Instead of focusing on every painstaking detail, take a long term view. Educate yourselves about the nature of the beast. If you don’t understand it, you will fear it, and thus be unable to reap its benefits. However, the more exposure to it you have, the more comfortable you will feel.
In addition to the Money Masters Portfolio, what other resources would you suggest for people who are just starting out investing?
Read everything you can get your hands on. Digital press, google, independent publications, start-up journals. This is the only sure-fire way to get independent knowledge and gain a holistic understanding of the process.
For those of us that don’t have much money to invest, how do we start investing with just $50 a week?
Have a baseline. Money Masters is a $2,000 minimum and $200 a week investment. But if you want to do it yourself, make sure that you make a habit of continually adding money to the bank and allocating your resources as effectively as possible. You have to begin with some type of lump sum amount in order to get the ball rolling.
Is it really possible to turn just $50 into $20,000 through investing?
Over time, absolutely. There is no such thing as fast money. However, you’d be surprised what can happen over time; what begins with small allocations in the beginning can quickly turn into a small fortune 30-40 years later, and you can actually make yourself independently wealthy as a result.
When starting out with investing, a step-by-step guide for novices is like gold! What would you recommend?
It depends. I would mostly recommend leaving it to the experts if you don’t know much about the field. For example, invest in Exchange Traded Funds (ETFs) over individual shares if you don’t know enough about these shares and do not have the time or energy to gain this knowledge, as there is a lot of heavy lifting behind these shares in order to approach it intelligently. It is okay to let others do the research. Pick your researchers and investors carefully, and this can bring you a great amount of success.
Some excellent advice! Thanks for joining us Vanessa.
For more information on the Secrets of the Money Masters TV show, head to 9now.com.au.