57. Timi Merriman-Johnson Makes the Penny Drop
This week I speak to Timi Merriman-Johnson, finance manager and founder of Mr MoneyJar.
Face-to-face with an eviction notice and overwhelmed by expensive living costs, four years ago Timi decided enough was enough. It was time to improve his life by getting better control of his money.
Through a process of self-directed learning, gradual changes and a consistent approach, Timi now has money confidence.
Through his popular ‘Mr MoneyJar’ alter ego, he helps others do the same.
A very candid episode with a focus on how to take that next step to better educate yourself about money.
You can check out Timi and his fantastic money conversations on the Mr MoneyJar show, every Monday at 18:30 GMT, over on Instagram @mrmoneyjar. (And see if you can spot a familiar face in the archives!)
Episode Transcript
Jason Butler 0:05
Hello, and welcome to the Real Money Stories podcast. I'm Jason Butler. And I invite you to join me as I have intimate money conversations with people from all walks of life. Whether you're just starting out and your money journey, or well down the track, there's bound to be something you can learn from these stories about taking more control of your money, so you worry less, and enjoy life more.
Real Money Stories is sponsored by Vanguard, bringing value to 30 million investors worldwide. Visit vanguardinvestor.co.uk for more details. And remember, the value of investments can go down, as well as up and you may get back less than you invested.
Hello, Jason Butler here. Thanks for joining me again, on another edition of Real Money Stories. Before we get into this week's interview, I thought I'd run through a few money related insights that might be useful to you. Now this week is talk money week. So it's an initiative when we're meant to be talking more openly and honestly about money and the role of it in our lives. And interesting, the research that was released this week in conjunction with talk money week shows that money is the main cause of tension, conflict and divorce compared to any other factor. And that makes sense to me, my experience over the last 30 years is that it is money. And what it represents and relates to is a big source of conflict, either you don't have enough, or you're spending on the wrong things, or you're making the wrong earning decisions and career decisions. So it's a very, very important thing in relationships. And my experience is that mostly it's down to lack of communication, and misunderstanding of what's important and priorities.
So just try and find a time when if you're having an issue, getting on the same page of your partner, is try and find a time when it's going to be conducive to having a conversation, but also make it future orientated. So rather than talk about the past, talk about sort of, you know, look, I wonder if we can have a chat about kind of where we're going to be spending our money and time next year, because this is November. So it's a nice time to be thinking about, you know, finishing off this rather challenging year we're in and thinking about new stuff you might do. And if you think about the future, and make it open ended the sort of way you're approaching it, then it's got lots of possibilities, and your partners don't get defensive. So talk money week, well worth talking about money. Now this week's blog on my website, Jason hyphen, butler.com is all about why most budgets most people's personal budgets just don't work. And I'll lay out for you in that the four key things and what you can do to be a better budgeter and no one can tell you more than me about this because I was a train wreck in my 20s. And I literally was a money disaster. And I became a money master because I control my spending. And that is absolute key. It doesn't matter how much you earned. So check that one out. And in fact, Instagram Live I do an Instagram Live every Tuesday at 730 at JB the weltman on Instagram. So check me out there and you. I'll be talking about the blog and be answering any questions from followers who are interested about how to get better at controlling your spending. Feel free to join me live or look at my story and listen to the replay. Very happy to share what I know about that. Quite interesting is paid on mister money jar aka Timi Merriman's Instagram Live a week ago at 6:30. He does one every Monday at 6:30. Great guy, really interesting guy to talk to. And we were talking all about rent, or buy your home. So check that out on his story that's still there to look at. And in fact, he's invited me about this week, because we had a lot of engagement tons and tons of questions to talk about investing in property, which I know is a hot topic for many people. And we'll be talking about the pros and the cons and the whys and wherefores. So check that one out. Now I just wanted to just share with you something called the green homes energy efficiency initiative. And this essentially is a government scheme which is open till the end of March, where the government will pay some or all if you qualify for working tax credits or Universal Credit for you to do energy saving initiatives. So give an example I'm currently doing this at the moment I'm as long as I can get one type of work done, which in my case is going to be solid wall insulation internally, my old house past my old house, then the government will also pay about two thirds of the money. They'll also pay about two thirds to a secondary work which in my case is replacing the front windows of my ancient house which are all sort of falling apart and what have you. So check that out. It's the green homes energy and efficiency initiative, and the government will pay you between two thirds to 100% of the cost or price. Primary work. And if you qualify for primary work, then you can also get a grant towards secondary work. So well worth looking at if you are going to need to do stuff anyway, check it out. Well, I've looking at I've got a my latest article on ft.com. And in the printed paper is all about legacies. So if you are somebody who hasn't built wealth, give it to someone who in your family who has and if you have built wealth, read it because it's about thinking about can you get a better return on your money by giving and being a role model and doing the right things with your money in their life to the extent that you don't need it. So check that out. So onto this week's interview. Now, this week's interview is with Mr. Money Jar, otherwise known as Timi Merriman. He's an Instagram financial educator, fascinating guy, had a great chat with him. And he's trying to change the face of financial education using Instagram and engaging younger people so they can really make smart decisions about the money. So hope you enjoy it.
Thanks for joining me again on another edition of real money stories. The weekly podcast where I speak to people about their money journey, their money story, what they learn about money, what they didn't learn. Today, I'm joined by Timi Merriman-Johnson, aka Mr Money Jar. Hello, Timi.
Timi Merriman-Johnson 6:21
Hello, how's it going?
Jason Butler 6:23
Good. I tell you what, I love your your will, you know it was I want you to explain to everyone what you do. But I love your stuff on social media where you put money lessons as it were on money principles into something that younger people, not just kids, but younger people can relate to. So if you want to tell everyone what you what you do is your day job now.
Timi Merriman-Johnson 6:41
Sure, so as my day job, I'm a finance manager for a South London charity. And at all other times, much to the chagrin of my partner, I'm Mr Money Jar. So it's a financial education company for young people in the UK. And I do digital content coaching workshops and events around personal finance, investing and property. Yeah, and if you haven't checked out, Timmy stuff do check him out. Mister money jar is all over social media. Certainly Instagram well worth looking. I mean, I I was laughing Okay, stuff as these gray dress. That's all right. So to me, um, you know, this is all about breaking the taboo this this taboo, this podcast is about breaking the taboo or talking about money. And we all have a different money journey. I know a little bit about your background. But do you want to take us back to the early days and your early experiences of learning about money in relation to your childhood?
A while in relation to childhood? Well, actually, my name comes from a childhood activity that my parents encouraged me and my younger brother to do, which was to save pennies into a job. And so watch it accumulate. So we were encouraged to think about money from early other kind of early memories relate to kind of playing Monopoly with the family and getting angry when the
Jason Butler 8:05
issue then? Yeah, we,
Timi Merriman-Johnson 8:08
I'm sure, I'm sure that the game of Monopoly has never ever been finished, because someone always flips the board and gets it gets annoyed. Yeah, so those are sort of my early memories. But then if we fast forward to me being a student and starting my first job, my first job was at a financial PR company in the city. And a lot of our clients are banks and P houses and that sort of thing. And that's when I first kind of came into contact with a lot of the terminology and kind of concepts around finance. And I didn't understand anything, and they're all these no balance transfer and equity and this and the other. So that kind of piqued my early curiosity, but also taught me how to find stories in data and how to communicate with people. My next job after that was at a marketing company. And again, that's kind of where if you look at my content, the kind of the design and the language and stuff comes from
Jason Butler 9:12
consumer, I just assumed my friend. Yeah, yeah,
Timi Merriman-Johnson 9:14
yeah, yeah, exactly. And my main insight is, I think that for too long, people from my generation have been shut out of the money conversation. And I don't think it's necessarily been done on purpose, but it's just that people generally do understand concepts. You just need to meet them where they are with what they understand. So the reason why I don't just do a dry table with the ways you can save your kids the reason why I put the Simpsons in there, because people understand the Simpsons. Everyone loves that TV show. And that's almost a bait, which then tricks them into doing the learning. And I do that with all of my content. And it's not
Jason Butler 9:58
like learning is a good learning is it doesn't feel like learning it feels like entertainment. Is that right? edutainment,
Timi Merriman-Johnson 10:03
edutainment Exactly. The learning is done invisibly, it's enjoyable. And it doesn't make you feel less of that it makes you feel like you're part of the conversation.
Jason Butler 10:15
Can I just go back to the point you were gonna say that when you when you mentioned when you were young and just starting out in employment, you mentioned that you didn't understand all the terms, and it piqued your interest, and you therefore sought it out. But there's another side that people get alienated by that and then switch off. Sure, so So what? Let's assume people don't have that personality? How? How is it? How is it you were able to find it interesting and wanting to explore it? What was it about? Was it playing Monopoly in the money job when you're young? Was that what actually got you interested in it? Are you a math geek or what?
Timi Merriman-Johnson 10:54
I just think I've always been a teacher's pet. Like I just really, like I just need to know stuff. And my sense of kind of advocacy, and my identity is wrapped up in knowing stuff and understanding things and being able to explain them in other people. So maybe this is just one big approvals exercise. Everyone like me, I know this stuff coming Listen to me.
Jason Butler 11:18
So can I just I'm not gonna let you off the hook on the student. So when you did you do you college uni or night school? What did you do?
Timi Merriman-Johnson 11:27
I went to university, I went to work University, and I studied law.
Jason Butler 11:30
Great, lovely University. Good degree. So here's the thing. How did you navigate that? financially? I'm interested to know if you were always the teacher's pet and perfect with money. Did you have any money misdemeanors?
Timi Merriman-Johnson 11:43
Yeah, and navigate to the same way everyone else did, which is I took out the full two k overdraft, I got my free young person's rail card, and I spent it all on games.
Jason Butler 11:55
investment, right? you invested in games? Because that was all? Yeah, yeah.
Timi Merriman-Johnson 12:00
So yeah, there's a really good point and a question you've asked, which is, yeah, like, I didn't navigate it very well at all. And that was another thing. It was like, a lot of people leave University and go into their first jobs. Just in debt, you get your first paycheck, and it brings you up to zero pounds, because you've been living in an overdraft. Yeah, exactly. And if you look at a lot of the financial education, stuff that's out there at the moment. I think it kind of misses out this layer of people like surely we need to educate people as early as possible in their lives, so that once they get to uni, and once they start working, they can understand things like overdraft debt, student loans, how to read the pace, in taxes and so on. And that's what I'm interested in.
Jason Butler 12:48
But let's just think about that. You You said I took out the maximum overdraft I did this I did that. So what's your thoughts about how you drifted through uni as it was the stuff that was happening to you as opposed to being purposefully aware of what might come your way what temptations may be there and short comings and and traps for the unwary? Yeah. How did you What were you like when you come out a union? And did you still have the overdraft he had loans or what credit cards
Timi Merriman-Johnson 13:16
didn't have any credit cards, because I've been told from young that they were bad. So I didn't I didn't have those. But I did still have the overdraft. And I knew that for each year, after I left uni, the interest free portion of the overdraft would be halved. So in the first year, it's hundred percent. I think Hobbs in the house again, and then it disappears. So it wasn't I didn't make a concerted effort to get out of debt. I was almost nudged by the bank that I'd taken the debt out with. But I did I do remember, it's a great question. So I remember feeling like I really just don't want to be in this overdraft anymore. I really want to get out of it. So I think to come back to your earlier question, getting in control of money was almost about getting in control of my life.
Jason Butler 14:02
Mm hmm. So was there and again, I'm sorry to be nosy but you know, that's the nature of my show.
Timi Merriman-Johnson 14:09
At all.
Jason Butler 14:10
The Was there an epiphany or catalyst are a big pain point or was it a gradual kind of realization? Or did you just wake up after leaving uni though? I cannot go on like this. never realized that.
Timi Merriman-Johnson 14:20
There was an epiphany moment for sure. Right? I think that mister money Joe was born. The day I was April 2016. Yes, April 2016. I was served a section 21 notice.
Jason Butler 14:36
Notice Yeah,
Timi Merriman-Johnson 14:37
yeah, yeah. So I've been living at flat in two team for three years. And you know, once you're kind of tenancy comes to an end and it goes into a monthly rolling contract, you are then liable to be evicted that two months notice. And I was at lunch at work one day and I was just serve that. And I was like, this just seems wrong. You know, the, if I calculate the amount of money that I've paid in rent over the course of this tendency, that would be enough to put down a deposit for a house, I'm living in a city that has some of the highest living costs in the world I'm working was extensively a good job, I can basically can barely make ends meet, that there has to be a way. And then that's when I started to read about it, how to get on the housing ladder, how to budget your money better, I like moved closer to work. Well, actually, no, I stayed home, my parents had a bunch of money, and I moved closer to work. And I started to make all these decisions that would then give me more options in my in my life. Alright, let
Jason Butler 15:39
me just explore that a bit. Because, you know, I had a bit of a tough upbringing, you know, it wasn't easy. So I can understand where you're coming from on this. And not always having advantages. But here's the thing. Did you at any stage, so I'll, why May. It's not fair. You know, how did you get? How did you get out of that victim mentality and actually decide to do stuff because some people are not having a go at them or judging them. But some people are overwhelmed by the situation. And they just feel they can't do anything about it. That's just the way things are, what would you say to them? What What was different about you, then,
Timi Merriman-Johnson 16:13
what I would say is that if you eat, you kind of need to remove yourself from the equation, and you need to be objective. So it's just like, yes, a section 21 notice was served to me, but the person who served it was probably just doing what their boss told them to do. And there are probably several thousand other people who received a very similar email personal, not personally, yeah, it's just it is also and then the second part of that is, it happened as a result of a system. And systems have been created by people, which means they can be uncreated by people. And they can also be changed. We've seen this happen over COVID. The technological infrastructure that enables us to work from home and work remotely, and in our millions has existed for at least 10 years, no one thought it would be possible for vast swathes of the workforce, to work from home, and to still have a functioning society. But you know, COVID happened, and now we're just getting on with it. So it's just usually to realize that the system that is currently oppressing you that's currently making you feel bad, can be destroyed, re broken, rebuilt, tweaked, and there are steps that you can take to make that happen.
Jason Butler 17:31
Yeah. So so well put, I mean, it's the concept between understand what you can control and what you can't control. So what you could control was where you lived, how much you spend, you know, where you were, put money on? Good. So that was four years, four years ago. But before we move on from there, I'm just wanting to know what sort of money script stories values you picked up from your your parents, I mean, were they real strong Savers, really in control of their spending? Are they free spirits who just you know, it came in, it went out, I'm interested to know what you
Timi Merriman-Johnson 18:01
think the primary script was, you kind of you work hard, you work hard, you earn money, and then you're as a result, as resourceful as you possibly can be with that money. And I grew up kind of with this sense of, you know, I need to work really hard. And that is going to be my way, my route out of problems, like the ones I've just described. I would say that that was it. That was a great work ethic, and a great script to be to be given. I've also learned, you know, about investing that generating wealth isn't always about how hard you work is actually about how you allocate your money and and where it's invested and how long you invest it for. So I almost took that foundation and then built upon it in my in my adult years.
Jason Butler 18:52
Great. So So scripts can be positive and negative, right? That's what we're saying. And your scripts can have negative and positive bits. So you had a really positive bit about work ethic and then you had to fill in the bits that hadn't been developed which was all about what you do with the money right, Got it. Got it. Very good point. As I say, you know, there are very few wealthy people who are lazy that's the reality the very few people who've got a lot of choice in their life who are lazy and there are some that are lucky some that are devious, some are criminal, some or whatever, but most people work hard right? So tell me Then let's go back to then the section 21 order you move back home Tell me more about what happened from there and your journey since then.
Timi Merriman-Johnson 19:31
I moved back home and those immediate an immediate reduction of my monthly outgoings I did made a small contribution to the family home in terms of food and bills and stuff, but I was saving half of everything that I owned and this is when I really really started to read. And I remember reading books like Rich Dad, Poor Dad and the richest man in Babylon. Yeah, I read some business books as well as some property books and it felt like I don't know if you're a gamer, but just like unlocking the cheat codes of life feels like wow.
Jason Butler 20:08
Like he said, The kingdom? Yeah,
Timi Merriman-Johnson 20:10
yeah, all this stuff is possible. Like you can just, you can just like invest your money, and then like take out a decade later and they'll have doubled. And like you live, because I was coming from an understanding where it's like no like your money, you keep your money in cash and you save it and you are beholden to whatever the prevailing interest rates are at the time. So it was just hugely enlightening. meeting my girlfriend to I met her at the tail end of 2016. She introduced me to podcasts and hadn't kind of listened to any podcasts up to that point, really great podcast by an American lady called Gaby Dunn called Bad with money. And the great thing about reading and listening to podcasts, listen to TED Talks, that thing is money compounds, but knowledge also compounds and each new thing that you learn, then forms this link at something you learned before. And I just find that really, really exciting.
Jason Butler 21:09
So it's that awareness. It's learning and understanding. And then of course, he's doing right, so. So you met your goal for now just want to touch on it. I'm a nosy kind of guy, you met your partner, this is always a difficult one, because very few people when they meet someone and start a relationship with someone, you know, beyond just a few dates. You don't normally have the conversation about money, you know, it's not this thing. Have you got loads of debts, darling? Or are you any good at controlling your spending? You know, it's not the sort of thing you would normally talk about. It's like, get the prenup out before we even talk about marriage.
Timi Merriman-Johnson 21:41
So yeah.
Jason Butler 21:41
So how did you if you don't mind sharing? What, what? How did you? Apart from her teaching you about podcasts? And you teaching her about gaming? I don't know, perhaps that was the issue. Your game was better than hers? What did you how did you explore the whole role of money and your values and how you use it, I mean, did that develop over time, or
Timi Merriman-Johnson 22:02
were open from day one. This because this is another, this another positive script, I think I picked up as a young person, I wasn't taught that my worth was wrapped up in like how much I earn or how much other people earn or whatever it was all about how hard you worked and what you could do. So I remember, I don't remember, never knowing how much she or how much I earn. And we were very, I'm very lucky to have met her because we were both aligned in terms of our life goals. I was just reading Laura whateleys book, money a user's guide. And there's a section at the back where she goes into detail about things you might want to consider when in a relationship with money. And one of them was talking about the pitfalls of having a joint account and how you're both kind of liable. And it's like interlinks, your credit history and stuff. And I went to my girlfriend like I'm, we're so lucky. You know, we we've trusted each other from day one. And this hasn't been an issue. But like, I do understand that for some couples finances, and a lack of alignment around that can cause difficulties. But that's not something that I've experienced, thankfully.
Jason Butler 23:18
So how have you ensured because obviously spending is all about priorities and values, values, yeah, picture and priorities, what matters kind of to keep within your values or stay within them or get nearer to them? So So do you, did you start to develop kind of priority conversations? Did you have those conversations about kind of what is good look like? What's the role of money? What's the role of work? What's the role of, you know, owning versus renting? And that sort of stuff? Or was it just just always you always you didn't have the conversation on a regular basis, you just always were open?
Timi Merriman-Johnson 23:50
No, sir. So we are definitely more aligned now than we were back then. I'll say that gradually, over time, we would encounter kind of episodes, and then we would talk through them. And then we would emerge with a greater understanding of each other and come a bit close to each other. Like me, I was just I was very tight by I just didn't want to spend any money at all, even when even like when it made sense. I would, it would like, make me really happy to know that I was spending less than I should have been, even if the thing I was buying was poor quality. Or if it took you know, or if it like men are spending way more time on the thing. And examples of eludes me now. Whereas I'd say she was more on the other end like she would very so Ubers example, I would much rather get five different forms of transport on the bus hopper fare, to save a few quid for she would be happy to get an Uber to get to the place quicker. And that's right, about how time is money and you can you can actually use it to become a more efficient person. Yeah.
Jason Butler 24:58
So so by buying Either outsourcing drudgery, you know, get time control, but also it is knowing the law of like when you need to spend money just as important. So where do you think that was coming from then to me?
Timi Merriman-Johnson 25:13
In terms of her perspective, no,
Jason Butler 25:14
no, you I'm talking about, you know, you'd rather cut your arm off and spend a fiver on Uber.
Timi Merriman-Johnson 25:19
Yeah, I'm glad I think that was coming from. I think that when you are when when you see money as something that to you, and that is spent on things, so we live in a super competitive consumer economy. And we are taught, like, add as much money as you can, and then like, use it to buy stuff. And you don't really get a look in on like, the investment side or the entrepreneurial side of investment being like being able to grow your money, entrepreneurship, you know, selling products and services to other people to make money. So I think that in my mindset as a consumer money, instead of like, instead of it being there to be spent, it was there to be hoarded, because like, Where's your next paycheck gonna come from? Other than from your employer?
Jason Butler 26:12
So you're giving your job a level of power and control over you, right? That's it. Yeah. Okay.
Timi Merriman-Johnson 26:18
That's it. And I think the learnings because now I run the money does a company. I now I think it comes from, I think comes from self value. Actually, I think we could all due valuing ourselves more, yes, you can get a job and you can work for someone and you can learn, you can form networks, you can develop your skills, but within you is a product or a service, that someone else would be very happy to part money with you. And if you don't believe that, and just think back to all of the times in the past, when you spent money on just like nonsense stuff, stuff that you don't even use anymore. That's been valuable to you now. So it's all about developing a skill, and then just and bring it out to the
Jason Butler 27:04
market. But you make a very good point there that, let's just say someone listening to this podcast, either has lost their job, or is going to lose their job or know someone who has or is going to lose their job. If you have your employment taken away from you, tough as that may be, and you may be in a tight spot, depending on your circumstances, you haven't lost all your human capital, your skill, your vigor, your context, your knowledge, your integrity, reliability, your curiosity, your ability to learn your ability to so that's all there that's not been taken away from is just the means in which you developing value for people. Right. Okay, so then on that point, I want to just go back to how you navigated into employment then from uni, and why you chose what you did and what you learned from that.
Unknown Speaker 27:45
Okay.
Jason Butler 27:46
So you know, what happened then after you left uni?
Timi Merriman-Johnson 27:50
After I left uni, well, I did law, but didn't have the best time of it. I unfortunately, didn't find it all that interesting. But I, you know, always I had a business at uni, I used to design flyers and sell them to uni societies around the country. I've always enjoyed writing. So I just wanted to go into an industry that enabled me to kind of use my creative skills and marketing and pr, pr was that so I applied for internships and graduate schemes. And then that's when I landed my, my first job. And it's really strange. At the time, my first job, I would write press releases. I learned how to find data sources and kind of crunch numbers in Excel. I would make infographics and they'd be landed in, you know, the FT and the Daily Mail and all that stuff. I didn't realize at the time, I was learning all of the stuff I would now go on to use to teach people about personal finance and investing. So it's just very strange how things work out sometimes. Hmm.
Jason Butler 28:56
So So here's the thing, you're not always aware that your learning skills are transferable, and that can deliver value in different settings.
Timi Merriman-Johnson 29:03
Exactly.
Jason Butler 29:04
So how did you you you you ended up in Marseille ended up? I don't mean that in the dragon she sent you you started out in a marketing position. And then what happened? And how did you did you think very carefully about maximizing your income or maximizing your ability to learn or both?
Timi Merriman-Johnson 29:20
I would say I I focus more on maximizing my ability to learn. A personal hero of mine, Warren Buffett gave a talk one of his many talks that he's given, said that you should take a job that you would take if you were already independently wealthy, and that's the message that I had quite early on and has stayed with me. He says if you take a job, basically the job you would do if you'd won the lottery, and you just don't worry about an extra five K or 10 k here or there. You'll need our bed in the morning and you will accelerate that job because You'll be passionate about it, and you'll want to do it. And the thing is that in the top 10% of any field, you will be well paid. Plus, because of the internet, there are just so many ways to make money now. So I don't think it makes a lot of sense to maximize money, I think you're much better particularly earlier on, you're much better off learning, and fine trying to find out bit by bit, what you enjoy and what you're good at.
Jason Butler 30:29
Well, I would wholeheartedly agree with that, because I became financially independent, my late 40s. And you know, Social Work, Work is optional. I don't mean to brag, but what I mean is, for me, I work as you know, I've got a part time job where I work for salary, finance, as a head of an education, I have my own business well being, but I love the work. I mean, I honestly love the work. And you're absolutely right. I do this, don't tell anyone if I didn't come. But here's the point. The funny thing is, the more you love what you do, and more importantly, the more the better. You get it here, yeah, then you just become more valuable. Here's an interesting point, I think we should just make no Tim, for anyone who's out there doing a job that they don't love or work, they don't find joy in or whatever. Sometimes we can't always find or it's not appropriate that given moment in life, we just have to sometimes do jobs just to get us through. But as long as there's a pathway through to the better land, you can do that job with pride and do your best for even if it's not glamorous. I mean, I clean toilets in my teens, you know, wasn't glamorous, but I still did it with gusto and pride. So sometimes we we can't always do what we love at that given moment in time. But if we are conscious of it, it's something to aim for. Right?
Timi Merriman-Johnson 31:39
You can't always do a job that you love. But the job is only part of the job if you get what I mean, yeah. Because as you're working, there will be skills that you're developing within the job, like, you know, negotiation, and communication and forming next networks, its people and how to cooperate with other people, these are all still very valuable things. And these are things that will stay with you long after you've left that organization. So yeah, life isn't gonna go 100% your way. But if you come back to the focusing on things you can control play, there will still be positives that you can draw from the situation
Jason Butler 32:20
I believe. So tell us about how mister money jar that I call your side hustle. And so a big part of your life, but how did that develop them? What were you 2000s, and you've got the you were living at home, you were doing their finance manager job or the marketing job. Tell us about how that how that business started? And what was the big master plan? Or did you just sort of gradually come up from behind and just sort of roll into this, this big thing?
Timi Merriman-Johnson 32:44
No big master plan. I I got to a point. And this is this is last year where I've been on this journey, this journey where macrame all this knowledge and skills and information and always being the friend who was like, ah, have you heard of this latest app? Have you? Did you know that you can get money off this and that if you go go via this website, whatever, have you signed up to a cashback site yet. And I was like, and I got quite positive feedback from my friends and family and peers sharing that information with and so I thought, well, maybe I can add in maybe I can share this with a much wider audience and actually started out by blogging. So I set up a medium, a site on medium.com. And I started to write about things that I thought would be interesting to people. And I received no engagement like No One No One read that stuff at all. Apart from my girlfriend who I'm very thankful to
Jason Butler 33:45
the typos.
Timi Merriman-Johnson 33:46
Yeah, basically. And so I then navigated over to Instagram because I don't use social media personally, but I will you know saw that that seemed to be where everyone was. And I just still with the staff that I knew just began to learn things about the platform and and kind of see how people used it and that's it so the reason why I have a weekly live show the mister money Josh show is because when when when you start a live Instagram actually send a notification to all the people that are on it saying a live video is started. So it's like using the tools inherent in the platform to your advantage. I mean, I don't have any kind of data on this but people are generally more visual, you know, first than anything else. So hence the bright colors and like the the Nando's and the Pokemon and the stormzy and stuff, it's just about getting people's attention, but I always make sure to put in the actual kind of serious financial serious financial bit is kind of hidden in there. So by the time you've read through the whole thing, You've learned something new. So yeah, I would just say it's been a journey over the past year to just access a greater and greater audience.
Jason Butler 35:11
Yeah, it's funny, I wasn't hadn't until a month ago, I had no Instagram exposure whatsoever. And only because I don't use that platform, right? You say, however, we have to meet people. And this isn't true in any business, you have to meet people where they are where they are. And interestingly, my daughter is 21, who handles all my social media platforms and everything. She said, we have to be on Instagram. I said, Well, what does that mean? What she said is, it's really some extra storytelling, some extra pictures, it's a mixture of engagement, and it's softer than other platforms. Well, here's the thing, these things are always changing. Um, what's your view? Then? What have you learned from being on Instagram and talking about money? For the last year or so?
Unknown Speaker 35:53
Yeah, so
Jason Butler 35:56
a lot by the sounds of it.
Timi Merriman-Johnson 35:57
Yeah, I do you know what I think. So I'm a big proponent of looking at substance over form. And by that, I mean, essentially, what I think I'm building is I'm building a school. Like, school doesn't have to be a building that you go to from nine until three, or whatever it is, we've kind of set curriculum and lessons and stuff. It's just a medium through which you acquire knowledge. So I've learned that digital is the future of education. And that, you know, teaching people through stuff like social media platforms, podcasts, YouTube, and all that is the future because the thing was, my questions always been, well, why don't we learn about money at school, I'm not sure if it'll ever be possible, because school is analog. By nature, like you print a textbook, the information within that textbook could be out of date, within the next six months, look at all of the changes that have happened to the financial system, since the start of lockdown about with social media. And even you know, with podcasts like this one, you can the minute there's a change the system, or there's new information that people need to know you can reach them directly in their homes, time that's, you know, good for them. And you can you can interact with them, that sort of thing that is interactive. So at school, you're kind of told not to talk. In the classroom. If you do that. You're you're kind of naughty, and it's discouraged. But on social media, it's like no, like commenting is a good thing. Asking questions is a good thing. But
Jason Butler 37:45
most instant feedback, isn't it? But yeah,
Timi Merriman-Johnson 37:47
exactly.
Jason Butler 37:49
I did a live on Instagram for another person, and went on for an hour couldn't believe it. And it was amount of questions are coming in, it was never ending. I said, Look, I'm you know, I've got to go sort of thing, that there was never a new or so much demand so much. So you're absolutely right. So what's the best bit of advice you've ever had, or learn or, or, or being told about money, and money and working and learning?
Timi Merriman-Johnson 38:15
I'm gonna kind of come with a curveball response. I don't know whether this was taught to me directly by anyone, or whether I just kind of realized this over time. But the top money tip that I try and go by is you need to, you need to be happy. And you need to like not care what other people think. I feel like I would love to see a study that kind of measured how much spending was done, and how much money was earned, just to impress other people, and just to so that people could, you know, like buying cars or clothing or buying a big house and stuff, what proportion of that is actually about wanting to get from A to B, and how much of that is actually about social approval. I feel like social approval is a huge driver behind these things. So I what I tried to live by is like, Just be happy within yourself, be content with what you have. And try and it's like, it's not that you shouldn't care what other people think. But the number of people that you allow to influence your decision making should be very small. It should basically be the people that you love and that love you.
Jason Butler 39:28
There's a great quote, Will Smith, one of my heroes, I love him as a great guy. His favorite quote is from a satirist called Will Rogers. He said, too many people are spending money they haven't got to impress other people who they don't know. And I always add who don't care. So as you say, and it's the old if you were the only person who the world. Yeah, and if you were the only person in the world would you still wear the same clothes, drive the same car, go on the same holidays, put the same pictures on social media, what would you say? How are you doing it for you or so yes, that's a very good point. So that if People want to get engaged with your stuff. Where can they find out about you to me? All over Instagram has got a website as well.
Timi Merriman-Johnson 40:08
website is under construction at the moment. So for now you can find me on most social media platforms, but Instagram mainly Yeah, my handles at Mr. Manager.
Jason Butler 40:18
And what, what? When is your live show? Your live Insta show? When do you get it? Yeah, you
Timi Merriman-Johnson 40:25
can catch the Mr Money Jar show live every Monday at 6:30pm. And I talk to creators and kind of finance apps and the companies within the space really good show.
Jason Butler 40:37
Great 6:30 Monday, you're going to change what you're doing is the Mr Money Jar show on Instagram. I'm going to be there. I'm going to be listening. I think the guy's a genius, Timi, you are very gracious of your time. I know you've got your own near the beginning. You've got loads of journey still to go. But thanks for sharing the previous insights and watch you with great interest and be I'll be watching those lives on Monday 6:30. Thanks for being on the show.
Thanks for listening to Real Money Stories with me Jason Butler. If you like what you hear, please do tell your friends. And more importantly, please rate us on your preferred podcast app, because it really does help us get the message out there. So until next time, good luck with your money journey. Real Money stories is sponsored by Vanguard bringing value to 30 million investors worldwide. Visit vanguardinvestor.co.uk for more details. The value of investments can go down as well as up and you may get back less than you invested
Transcribed by https://otter.ai