Renowned financial advisor Eoin McGee and economist Jim Power discuss topics such as inflation, interest rates, house prices, and the economic outlook for Ireland. They also provide financial advice and insights, including the importance of building a financial buffer and reducing expenditure. A guest shares their personal journey of moving back to Ireland and their experience with gambling addiction.
Understanding the impact of inflation and interest rates on personal finances and the importance of analyzing income, expenditure, and savings.
The challenges faced by individuals in the rental market and the importance of obtaining mortgage approval and considering long-term investments.
The need to understand the global macroeconomic landscape, differentiate between conscious and subconscious spending, and take control of controllable financial aspects.
Deep dives
Understanding the Macro World of Economics and Taking Control of Finances
The podcast episode explores the macro world of economics and the importance of understanding money. It emphasizes the need to dissect economic concepts, simplify them, and empower individuals to take control of their finances. The episode features interviews with an economist who explains the role of economists and the impact of economic activity on people's lives. The importance of analyzing economic transactions, resources, and outcomes is highlighted. The discussion also touches on interest rates, inflation, and the impact of global geopolitics on the economy. The episode concludes with personal stories and advice on managing finances, building a buffer, and investing in real estate.
The Impact of Economic Factors on Personal Finances
The podcast delves into the impact of inflation and interest rates on individuals' finances. It emphasizes the significance of analyzing personal income, expenditure, and savings to achieve financial stability. Listeners are encouraged to establish a buffer to handle unexpected expenses and avoid short-term loans. The importance of getting mortgage approval, understanding long-term interest rates, and making informed decisions about investing and purchasing real estate is discussed. The episode also features personal anecdotes about financial setbacks and the importance of learning from them.
The Challenges of Living at Home and Financial Realities
The podcast episode shares the story of an individual who has been living at home for six years after returning from Australia. It explores their professional and personal circumstances, including their work in tech and coaching. The challenges they face in the rental market and their financial goals of buying a house are discussed. Financial setbacks and lessons learned, such as gambling losses, are also shared. The importance of obtaining mortgage approval and considering long-term investments is highlighted.
Insights from an Economist and Advice on Conscious Spending
The podcast features insights from an economist who provides an overview of the global economy and Ireland's economic status. The forecast for global economic growth, unemployment rates, and potential threats are discussed. The need for government support in addressing housing issues is emphasized. The episode also provides advice on differentiating between conscious and subconscious spending. Listeners are encouraged to track their spending habits and eliminate expenses that do not add value to their lives. The importance of taking control of controllable financial aspects is highlighted.
Summary and Conclusion
The podcast episode concludes by summarizing the main ideas discussed and highlighting the importance of individual responsibility in managing finances. It emphasizes the need to understand the global macroeconomic landscape while focusing on personal financial goals and building a stable financial foundation. Listeners are encouraged to continue following the podcast for more insights and advice on understanding money, taking control of financial matters, and making informed financial decisions.
Renowned financial planner Eoin McGee embarks on a journey of financial discovery to understand how current global events impact your money and lays out the building blocks of sound financial planning and how understanding them will leave you better placed.
Economist Jim Power and Eoin discuss everything from inflation and Interest rates to house prices and the economic outlook for Ireland. Eoin answers your financial queries and 45 year old Neil Doyle reveals why living at home with his parents isn't all that bad!
Got a question for Eoin? Get in touch on his socials:
https://twitter.com/EoinMcGee
https://www.instagram.com/eoin_mcgee/
Watch on YouTube:
Economist Jim Power: https://www.youtube.com/watch?v=VyPxt7NgQJQ
Neil Doyle, living with your parents: https://youtu.be/lyrzqPOvtEk
