Get Started Snapshot
Name: Andrew ‘Melvy’ Melville
Age: 38
Hometown & current home: Perth WA, Sydney NSW
Profession: Fintech Sales
Favourite book: Freakonomics & The Richest Man In Babylon
Most extravagant purchase: My golf club membership, I love my golf and it’s a great ‘me time’ activity on the weekend. Whilst it is expensive, in my view, the benefits outweigh the cost and an investment in my wellbeing.
Favourite money-saving hack: Wait 24-48hrs before buying anything significant

What was your relationship with money like growing up?

I’ve never had a great relationship with money: I’ve always worked, so have been ‘ok’ at earning it but very good at spending it. I’m much better at telling myself no to an impulse / unnecessary purchase, everything is much more considered now & working with a financial planner has been a huge help. Also having a family to look after definitely changes your priorities and financial goals.

What was your first job? (And how much did you get paid?)

I was a terrible accountant to begin with, I did some work experience in high school at a family friend’s firm which lead to a job during university. I think when I started I was getting a few hundred dollars a week for work during the school holidays.

How did you first come across investing?

We had a great childhood, dad worked in funds management and mum was an economics teacher, both worked full time so we understood the value of hard work however they were quick to instil that hard work only got you so far. From an early age they encouraged us to talk about saving and investing and the trade off between risk and reward, compounding and time in the market. I talk about this stuff with my two younger brother all the time now.

Was there a memorable early investment?

As I was starting uni I remember investing in Aurora Oil & Gas (ASX:AUT now delisted) in the very early days, it was cool to see the share price increasing and my money growing. That was a great kick start into investing and helped fund a European summer trip which made the whole experience that much sweeter.

How are you currently investing and can you provide a breakdown of your portfolio?

We’re probably more property focused but ETF’s are a big part of our overall strategy. We have a monthly direct debit for both funds, automating this has made everything so much easier and less tempting to mess with – set and forget!

Where do you see investing taking you?

Financial freedom. Being able to work in a way that suits my family’s lifestyle, like being able to travel without having to worry too much about the details. Being able to save and invest for our son’s future is also hugely important to my wife and I, if we can set his future up as well as our retirement then that’s the ultimate outcome.

What is one super extravagant and outlandish purchase that you hope investing will be able to buy you in the future?

100% a golf simulator would be an extravagant purchase I want to make in the future if we continue to invest smartly... I'm sure this will need to be traded off with something equally cool for my wife though, she does love high end handbags and European summers...

If you only had 25 words to convince someone to invest, what would you say?

Get started as soon as you can, its never been easier or more accessible to invest and even small amounts are a great starting point.

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Why setting financial goals matters

Jess is getting her finances in order, but todays episode of Get Started Investing showed that sorting your money is only half the job. The next step is getting clear on what you actually want your money to do for you. Jess sat down with financial adviser Glen Hare from Fox & Hare to map out her short-, medium- and long-term goals. (Spotify | Apple | YouTube)

Glen: Money is an enabler, but what’s really important is that we understand what it is that we’re trying to enable. If you’re just saving whatever’s left over at the end of each month or you’re investing $500 a month, it doesn’t really tell you whether you’re going to be where you want to be or not. So we’ve got to put some meaning behind it.

Jess: I think for me, stability. It sounds broad, but I really want to build a foundation. I feel like I don’t have a foundation, and I want that sense of security that I’ve never really had in my life.

Rather than just “save more” or “invest more,” Glen helped Jess break her goals into timeframes. In the next 12 months, Jess wants to maintain her emergency fund, start investing, review her super and insurance, and work towards a target of $40,000 in savings and investments. Over the next five years, she’s thinking about buying a home with her partner and potentially starting a family. Longer term, she wants the freedom to work less and live by the water.

Glen: The short term is the practical — cash flow, investing, super, insurance. But it’s important that we understand why we’re making those decisions in line with the longer-term goals.