Wake Up with Chris Donnelly S1 Ep4: Nischa Exposes the TRUTH About Saving vs Investing, How To Manage Your MONEY & Should You BUY a Car?
Jan 9, 2025
In this engaging discussion, Nischa, a former chartered accountant and now a personal finance educator, shares crucial insights on avoiding financial pitfalls. She explores the debate between saving and investing, emphasizing the importance of prioritizing debts and emergency funds. Learn smart car buying strategies—should you buy used or lease? Additionally, discover budgeting myths and wealth-building mistakes to avoid as Nischa breaks down complex money topics into actionable advice for both beginners and seasoned savers.
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Leaving A High-Paying Job For Purpose
- Nischa left a £300k banking job after a wake-up moment where a colleague lost their role and she was promoted into it.
- She chose an 84% pay cut to follow passion and hasn't looked back.
Loss Aversion Keeps People Trapped
- Most people stay in jobs they hate due to loss aversion, fearing the pain of loss more than potential gains.
- Small staged steps and building a bridge reduce the perceived risk of leaving a toxic job.
Build A Financial Safety Net First
- Build an emergency fund of 3–6 months' living costs (Nischa used nine months) before quitting a job.
- Wait until side‑income covers basic living expenses before leaving full time.
