Welcome to your latest Murphy Wealth update, we’re glad you’re here. Now, grab yourself a nice hot drink while we catch you up on our past, present, and future business news.
Have you seen us in the news?
2024 is a year of growth for Murphy Wealth as we dedicate more time to pushing the brand forward with a little help from Story Shop, our PR partner.
You might have seen our founder and CEO, Adrian Murphy, in the news recently talking about our growth plans, or heard him on the radio discussing the latest budget and what it means for you.
Follow Adrian on LinkedIn to stay up to date with our company news and for regular financial planning tips.
For now, here’s a little more about…
The power of loud budgeting and the dangers of doom spending
Particularly associated with Gen Z, “loud budgeting” and “doom spending” are just two of a raft of new terms younger people are using to discuss how they deal with old issues. These include breaking taboos around discussing money and the dangers of retail therapy.
So, what is loud budgeting?
When it comes to you and your family’s long-term financial goals, having a plan is everything. That’s what so many of us experts know to be true – and why a new phenomenon known as “loud budgeting” is sweeping social media.
Particularly associated with Gen Z and younger people, loud budgeting is a modern money-saving technique where people are open and transparent about their goals, and limitations. They’re more likely to turn down social invitations if attending would put their goals in jeopardy, but rather than bowing out because they’re “tired”, they’re being honest with their peers about their money.
Being realistic about finances and long-term goals isn’t specific to one generation though. We could all benefit from being more transparent with our loved ones about how our choices today affect our financial plans for the future.
Adrian recently spoke to the Huffington Post about the loud budgeting phenomenon, which you might have read about in our March blog.
And what about doom spending?
You’ve heard of doom scrolling – well “doom spending” is the financial equivalent of this trend.
It occurs when the pressures of the world make us anxious, so we look for the instant gratification of shopping. Being human-first in our approach, we know that life has its ups and downs. These can tempt us to spend a little more than we’d planned – but we believe the key is sticking to a plan you know will work for you in the long run. Encourage younger members of your family to do the same.
Investing and wealth management is ultimately a boring game, and it should be. Doom spending is a quick fix that could prevent your future self from living the lifestyle you really want.
Keep your eyes peeled for our upcoming podcast
We’ve been working hard on something behind the scenes – and we can’t wait to share it with you soon!
The Murphy Wealth Podcast will invite exciting guests to talk about all things wealth management (the good, the bad, and the boring) – and why it really should be boring!
What is inheritocracy?
We love talking about money because, well, it’s what we do. But there’s a reason why everyone should: we’re about to enter the biggest transfer of wealth in history.
The “inheritocracy”, as it has been described, has the potential to completely reshape the global economy. The shift has already begun in Scotland as wealth passes from older generations to younger ones through property, gifts, and wills.
However, what we really need to talk about is how equipped younger generations are to receive this wealth, and how safe money and assets carefully acquired over decades are in their hands. Adrian spoke to The Herald Business HQ Monthly about what we can do to get people talking and young people prepared. Keep your eyes peeled for coverage in June.
Save the date
We’ll be hosting our summer party in May as we look to celebrate Adrian’s 20th anniversary at Murphy Wealth.
30th May 2024 – more details to follow!
A social care system fit for MND patients
Earlier this month, Adrian visited the Scottish Parliament along with MSPs, people with Motor Neurone Disease (MND) and their families, and other stakeholders for an event to address the need for a social care system which is fast enough, and flexible enough, to cope with the changing needs of people with MND.
The highlight of the evening was Adrian’s brother, Brian, who gave a moving speech to the assembled audience including the cabinet minister for social care, mental wellbeing and sport, Maree Todd.
Since Adrian’s brother’s diagnosis back in 2019, advocacy work for MND has become one of his passions. As a team, we’re dedicated to campaigning for positive change to our social care system so that everyone living with MND receives care befitting our modern society.
Over the years, the Murphy Wealth team has enjoyed contributing to the cause, holding various events alongside Adrian’s Monster Challenge, helping MND Scotland and supporting their fantastic work. If you’d like to get involved, please get in touch directly with MND Scotland.
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