b&b71 Founder & CEO of Goldbean, Jane Barratt, on Investing for Beginners #deaddayjobarmy
To kick off our October Entrepreneur Month, we have Jane Barratt, founder and CEO of Goldbean, a website dedicated to helping beginners learn how to invest money confidently. She spent 20 years in marketing & advertising overseas and was able to take risks in her career because she was a young investor.
Her goal for starting this company is to break down the taboos we have talking about money in the US, taboos that don’t exist in other countries. If you’re thinking about investing OR thinking about starting your own company, this show is a must listen! #deaddayjobarmy
Pam: Most people are consumers and they don’t do personal finance; that’s what rich people do…and that is why they have all the money.
Jane Barratt: It’s your money that drives the economy, with every dollar that comes out of your wallet, it goes somewhere, and if a little bit’s not coming back to you it just means it’s this linear flow of money through your life.
Jane Barratt: Companies, yes, and even though the law may say they’re people, they’re not, you know they act in a certain way and you really need to look at: do they deserve my dollars once as a customer and do they deserve it twice as an investor?
Jane Barratt: I truly attribute a lot of my career success not to the fact that I’m, you know, smart and worked hard, because, you know, I did that too, but I’ve been an investor since my twenties.
Jane Barratt: I can think of the world in two very very clear buckets. There’s one part of the world that exists to serve you and your best interests…In the financial service world they’re called fiduciaries. A fiduciary is, like Pamela, she’s a CFP. It’s like me: I’m a registered investment adviser. We are bound by law to act in our clients best interests. We can’t do something that’s gonna get us paid first and the client paid second…The other bucket is, I’m just gonna call them salespeople, and bloggers, and banks.
Jane Barratt: Start with that filter: Who is giving me this information? Is it someone trying to sell me something, or is it someone trying to help me? And yes, there will be overlaps.
Jane Barratt: You’ve got trading companies like and e-trade of a schlubb, where you can trade through them and they will give you information, but it’s not necessarily advice…but their goal is to get you to trade because they make money through your trades.
Jane Barratt: We’re all trend spotters. Let’s just get paid for spotting the damn trends! [By investing].
Jane Barratt: The myth of the 401k is that they’ll take care of you. The average holdings of people in a 401k is not enough to retire on.
Jane Barratt: Stasis is the biggest enemy.
Jane Barratt: Marrying advice, education, trading, as well as sort of an insight into you as a financial being is the inspiration for starting goldbean, and hopefully we’ll make many many many people successful in the long term. That’s my goal.