Dominic is the founder of MakeTheMostOfYourMoney.com.au a financial advice alternative that provides step-by-step guidance and knowledge without the typical advice cost. Previously, Dominic provided wealth management and advice to some of Australia’s wealthiest people. Many conversations highlighted the lack of quality access people have to independent financial knowledge and advice. They don’t want to be sold a product or service, but taught how to make the right money decisions moving forward.
Dominic is a strong believer that every person can become financially independent; it’s simply a matter of having access to the right knowledge and information and being open to divorcing your old money relationship and becoming a new financial you.
Can you tell us a little bit about your idea and what made you decide to take the plunge and make it happen?
After dealing with many people who asked ‘Dom what can I do with my money?’ and ‘I really have no idea about money or how I’m supposed to do it’ I set about finding a solution for them. Sounds simple right?
The 3 things people wanted were: an independent solution (not aligned to a bank), not be sold products or investments and to show people how to do it themselves. The latter being the most important! I wasn’t looking to make a shift out of wealth management and advice so soon, but out of this, I saw the opportunity to create something groundbreaking in the Australian financial advice sector. The idea is to shift the way typical advice is delivered and offer a non-advice solution for people who want to do something with their money but may not be quite ready for an adviser.
After thinking long and hard about when would be best to launch it, one of my values is ‘never having wondered ‘what if?’ So fast forward 6 months and here we are today, with the first independent, advice designed step-by-step online platform.
It has allowed me to fulfil my two passions: showing people that money isn’t as hard as they think and showing people that what they thought was impossible is actually so possible.
Can you explain your business model to us?
We have two options for people. Getting started costs nothing (that’s right FREE!). We’ve found more than 80% of people who start with the free option come across and pay for access to the whole platform.
We currently charge a one-off fee which gives users lifetime access to the platform, content updates and the opportunity to engage in our extensive online community of people all looking to learn and take control of their money!
What are you working on right now and what are you most excited about in the next year?
Currently, we are working on introducing MakeTheMostOfYourMoney to the corporate sector. As more and more companies understand the impact of financial stress on people’s work performance, they are looking to provide a financial solution to reduce personal stress and other issues, which can stem from the financial pressures people are facing.
A very small investment in people we know can reap huge benefits in many other areas of their life! In 2018, I am most excited about getting more people to talk about their money and making MakeTheMostOfYourMoney the starting point for all people on their financial journey.
It’s one of societies last taboos. How many people talk about money with their friends or family? The more that people talk, the better decisions that can be made and the greater the result in building wealth for all.
How do you make ideas happen?
Ideas start from conversations. I love meeting, speaking and talking to all types of people. From random conversations, great ideas develop that can change the world.
Once you have the idea, be calculated, do your research and then pull the trigger. You will never know if you never try. Don’t be scared to fail, and don’t leave any stone unturned in pursuit of success. Only once all of this has been exhausted can I be comfortable knowing there is nothing more I could have done to make an idea reality.
What does your typical day look like?
A typical day involves waking up at 6am. I like to have a shower, get up and have breakfast to start the day.
The morning is the most productive part of my day, so I like to knock out the most important things where I can first. Once that is done, I can then focus on the rest of my afternoon on working on any current projects and unexpected work that may come up!
My afternoon will usually involve some form of exercise (I love swimming) and then some work if needed in the evening after dinner. I’m not great when I’m tired, so I always try to be in bed before 11pm during the week.
What is one idea you are willing to give away for free?
Whenever you do anything, whether it’s money related or not: ask yourself why are you doing it? What are you hoping to achieve out of it? Am I doing it for me or for someone else.
Often you might find you are continually doing something you don’t like, for other people that may not be worth your time. Our most precious gift is time so use it wisely!
What organisations do you think are doing really cool stuff in your industry, at the moment?
I think the most interesting space and it just happens to also be financial, is blockchain and the crypto-currency cult following we are seeing. Whilst in its infancy, it’s a fascinating space and one that is definitely worth keeping an eye on.
Check out https://augur.net/ – an online crypto-currency prediction platform without government intervention and access to an infinite possibility of markets!
Are there opportunities for people to get involved with your idea?
We are always looking to speak with people who are like-minded, have an idea or are looking to get involved in this space. No conversation is ever wasted, so get in touch!