Investor Journeys—ScottInvestor Journeys—Scott

Tell us about yourself.

I’m 44 and live in Toowoomba, Queensland, where I work in the field of mental health. I work a lot, and spend most of the spare time I do have with my kids.

Money was tight in my family growing up. We didn’t own property, and my parents generally took a risk-averse approach. As a child, I was focused on saving and budgeting. I was constantly dreaming up business ideas to make money. It wasn’t until I was older that I learnt about the share market.

How did you start investing?

After I got my degree, I decided that to make money, I needed to learn more about it—so I started working at a bank. One of my colleagues had a diverse investment portfolio, which inspired me to start reading books and newsletters about investing. After paper trading for a couple of months, I saved up $10,000 and signed up to a share trading platform that my colleague recommended.

When the Global Financial Crisis (GFC) hit, I lost the majority of the money I’d invested. I sold instead of holding, and some of my shares had dropped in value so much that they were pretty much unrecoverable. Starting out, I knew it was possible that I would lose money, but that I might also learn something from the experience—and I did. It’s a fortunate thing you can do in your 20s when you don’t have as many responsibilities! After the GFC, I stopped investing for over 10 years.

When did you get back into investing?

In 2021, I bought a property with my partner at the time, which had been a big financial goal of ours. I started reading about money and investing again, and learnt about exchange-traded funds (ETFs). One of the books recommended Sharesies, so I signed up and invested a small portion of an inheritance I’d received. It wasn’t a lot of money, but it was enough to start me off again.

Since then, I’ve been investing regularly. I’m taking a much more set-and-forget approach, and I’m riding the tides of the share market. I occasionally check my portfolio, but generally I just let it be. Compared to my first investing experience, it’s been a lot easier and cheaper this time round. The Sharesies app is easy to use, there’s no minimum investment, and the cost per trade is a lot lower.

What are the key things you’ve learnt as an investor so far?

• It’s never too late — although many of us who start investing later in life probably wish we’d started sooner, it’s more important to get started rather than wait for the perfect time.

• Budget to invest — I budget down to the dollar, and make sure to allocate a portion towards my investments. With the cost of living, I’ve occasionally had to let investing take a backseat, but budgeting for it at least helps me try to prioritise it without the worry.

• Value the learning journey — expose yourself to as much information and knowledge as possible, whether that’s reading books, attending seminars, or talking to other investors.

• Plan for the future — you never know what’s around the corner, what’s going to happen with your health, how your kids’ needs are going to change. Investing is one way to prepare for the future and provide you with options that you might not otherwise have.

How has investing changed your relationship with money?

Investing has helped me break away from the fears I had around money, many of which I think were intergenerational. My family had a very conservative financial approach, with traditional attitudes about working hard and saving your way to wealth. I think a lot of us now want more out of life than just earning interest from the bank and waiting until retirement to spend any money.

I want to grow financially so I have the option to explore my fanciful ideas and projects as I get older. I also want my kids to have more opportunities than I did when I was growing up. Money doesn’t make you happy, but it is a necessary and helpful tool to give you more choice in the world. Over the years, I’ve shifted from a fear mentality to a learning mentality, understanding that investing is not only powerful, but also possible for someone like me.