I paid off £8,000 of debt in a year and made money doing nothing. This is how I start
A WOMAN has revealed the trick to starting investing even if you don’t have thousands of pounds in a bank account.
Beth Fuller has helped people sort out their finances on social media after paying off £8,000 of debt in a year.
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The money-saving whiz has dished on everything from bad money habits you need to quit to the best ways to save your money.
Now she has revealed how to make money without working.
She said: “So I grew up with a grandpa who put money in cups in the cupboard.
“And then I’m pretty sure my mom has money in the freezer or something, but I’m basically as new as new can be to investing month-by-month.”
Beth went on to explain that people often think they need to have a few thousand pounds in the bank to get started, which is actually not the case.
“I had this idea ages ago that you had to have tons and tons of money to invest, and there was no point in doing it if you were only using small amounts,” she explained.
But she said this couldn’t be further from the truth.
“With investing you’re basically playing the long game,” she added.
Instead of worrying about how much you need to put down right away, you should focus more on how much time the money has left to invest.
Beth added: “For me, I don’t have a lot of disposable income to play with because childcare is a lot of fun, so I’m starting with £100.”
While some may not think it’s worth it, Beth said she was very happy she started investing, even if it was a smaller amount than most people.
She said she used the Trading 212 account to invest her money – which is part of the Compensation scheme for financial services who compensates customers if the company goes bankrupt.
Beth revealed that she would add little bits and pieces often to grow her investments over time.
The key for Beth was to know she had enough money in her account to know she didn’t need that £100 in her bank account, rather than taking a big risk.
The clip was posted to her TikTok account @morebethmful was a hit with her viewers.
People were quick to chime in on the comments praising Beth for her relatable financial situation.
Investing: know the risks
INVESTING is a risky business.
It is not a guaranteed way to make money. Your cash can always go up or down.
Make sure you know the risks and can afford to lose the money.
Before investing, you should consult the Financial Conduct Authority’s register and the list of companies to avoid.
One person wrote, “I’m so intrigued by this! I’m not in that stable place yet, but when I am, I want to think about it.”
Another commented: “Yes Beth, this is great! In the industry we literally have an expression for this ‘time in the market, not timing the market’.”
‘What are you investing in? the 100 pound it… I want to do this but I’m scared,” wrote a third.
Meanwhile, a fourth said: “You are so real and inspiring to me! I think it’s because you’re ‘closer’ to where I am on the journey, you know?! I see these people saying they need to put in £300 a month and I’m like where mate?”
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