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Genevieve used to ignore her spending habits (Picture: Metro)
At 24, Genevieve Jones has transformed her relationship with money from one of reckless spending to responsible investing and now has over £20,000 to her name.
‘I’ve been working since I was 15 and I was also spending money very badly since I was 15,’ says Genevieve, who lives in Essex and now works in finance.
‘I was raised with the money mindset of, just close your eyes and buy it and it got to the point, six years of me earning money and having nothing to show for it. I just thought, I’ve got to change this.’
In her final year of university, Genevieve managed to put £200 into a savings account.
‘It felt like a lot of effort and not a lot to show for it, so I decided I needed to educate myself about investing.’
Genevieve Jones shares her investing story (Picture: Supplied)
Like so many, Genevieve went to social media, where she learned about stock picking.
‘It was a disaster,’ she says. ‘These people on socials, they make you feel like you can be the next Warren Buffet. As a young person, it’s very easy to fall for.’
She bought shares in Tesla and several oil companies she’d heard mentioned in the news. Later, she learned that one of them had been going downhill for six years.
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‘I’ve still got less money than I put in to that account,’ she says. ‘I was a bit burnt by that experience but then I found Finimize and it totally changed my understanding of how I should be investing my money.’
What is Finimize?Finimize is an online community of investors who share their knowledge and expertise. It’s specifically aimed at making financial news relevant and easy to understand.
By reading its daily newsletter, Genevieve discovered how passive investing could help her reach her goals, saving a deposit for her first home being her priority.
She opened an account with InvestEngine and put some of her savings into two exchange traded funds (ETF).
Genevieve set up an account on InvestEngine to start her journey (Picture: Getty Images)
This is a type of passive fund which tracks an index such as the FTSE 100 or S&P 500, investing your money into all the companies listed on that index.
The principle is that by diversifying across so many companies, your money will grow in line with the average.
‘I realised I didn’t actually need to know anything about investing in companies,’ she says.
‘By investing in passive ETFs, my money’s growing with the whole market.’
Currently, Genevieve has some of her savings in a 100% equities fund and another which is 70% equities and 30% fixed income, which is typically considered lower risk.
She has also set up her own portfolio of ETF trackers, based around general themes she likes.
‘I have focused on AI and technology, socially responsible enterprises, gold, oil, emerging markets, China, consumer staples, commercial property, healthcare, pharmaceuticals and biotech.
‘And then a long term one which invests in smart cities, solar and renewable energy.
‘That’s not doing great right now but I’m not worried about that. That money is invested for my future because those things are the future and it’ll come good I think.’
Investing consistently has got Genevieve £20k (Picture: Getty Images)
Genevieve has been investing for four years now, and over that time has managed to build up over £20,000 across her investment accounts.
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Any advice for beginners?
‘Ignore social media, if you choose passive funds you don’t need to know a lot of complicated financial jargon,’ she says.
‘Block out all the noise of politics and interest rates, leave your money where it is long-term and it will look after itself.’
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