The financians #4: Miha

Welcome to the financians series where we put the spotlight on our young professional ambassadors: they all have a different yet insightful story to tell.  Today, we’ll be taking a look at Miha's story.
Grégory Leclercq

Grégory Leclercq

Photo Miha
Miha

Hello Miha, tell us about you. How do you go about life?

Hi there! My name is Miha, I am 26, currently a freelance. I would describe my own soul as being passionate and creative. People also usually describe me as optimistic, shining and joyful. 

I try to do what I love on a daily basis which is supporting, inspiring and helping people as well as organizations to reach their dreams. This is part of a process which I call the “alignment” (or alignment mindset). 

Helping others is part of my mission since I sincerely believe the world would be better off if we all dared to follow what our hearts deeply wanted us to be, to do & to express.

What’s your current financial situation? Are you satisfied with it? How important is personal finance to you?

I would say I am happy with the fact I managed to make a living from scratch, now being fully independent. I started as a freelance right out of university, and it wasn’t always easy.

However, I would love to be able to generate money in more passive ways. In fact, I take great care of my time and would love to focus it on developing various projects without having to care about if it’s gonna be directly profitable or not. 

I believe that exchanging time against money is fine as long as it remains temporary and you can think of ways to grow your sources of revenue or create a passive income stream for the longer term.

What regards do you have towards money, any habits you would want to share? 

I don’t find it hard to earn money. However, I believe it to be challenging to earn money while at the same time following our dreams and passions.  It’s not that easy making a living by doing the things we love. I think it requires much audacity and trust in yourself. And once you manage to reach that level of making a nice living from it, there is the fear of what if for some reason I lose it all?

I don’t have any particular habits regarding wealth management. I used to think that putting too much focus on and monitoring my finances makes me feel more stressed and nervous. However, I do acknowledge that not doing it at all might lead to the same feeling.

I believe there is a fine balance to strike between being carefree, and still putting in the required amount of supervision and work with my own finances.

Miha Angelova

What are your objectives for the present and future? How do you see your ideal financial situation?

Currently, my focus is to shift totally towards building a startup around what I am most passionate about; inspiring others. Ideally, I want to free myself from the « freelancing status » which is mainly a « time against money » system. 

I see my ideal financial situation in two ways. I would appreciate having enough for a simple and comfortable daily life, while also generating enough extra cash to invest and create other entrepreneurial projects and passive income streams. 

What are you proud to have accomplished? 

Starting to work as a freelance after university was not a common thing and managing to make a living from it quite quickly was definitely a pride of mine.

Going down that path enabled me to discover what I loved doing and what I rather did not. At the same time, I was still able to have some flexibility in my schedule which is a nice advantage.

I am also very proud of being able to rent the apartment of my dreams while being self-employed for only about a year. This was definitely a milestone in my personal growth.

Over the years, I started to gradually find what was driving me the most and I am very excited to hopefully develop a startup around my life mission very soon.

To someone who is eager to start something, I would say: start it now, keep your vision in mind at all costs and don’t think of anything else.

Miha Angelova

What would you do differently if you had known before?

If I had to start over, I would probably start to consider the « passive income » topic and give it greater attention sooner rather than later. I think that once you have a stable income flowing, it gives you greater availability and peace of mind for pursuing new dreams, new projects and exploring yourself freely. 

What else would you like to share?

I believe money is an important topic in life. However, in the end, we are all pursuing happiness, purpose or some kind of success. Money alone does not have the power to make you experience these feelings in the long run. It is important to make that distinction, I believe. 

So, whatever you are considering doing, think of reconnecting to yourself, your dreams, passions, purpose, and values and try to ensure that your journey towards wealth is as connected to these as you can. 

I love this quote: « money flows, where the attention goes » by Steven Aitchison. It means that if you focus on what you love, in one way or the other, money will flow to you. So dare go in the direction of your heart. What if instead of failing, you were flying?

financia’s take:

Miha, as a financian, aims to control her personal objectives hand in hand with her financial objectives. She realises that earning money, in the long run at least, is a reflection of the life that we aim to build. Given that she started the freelancing journey in the early days of her career, she also understands how important it is to draw a clear path that she is to follow. Without a vision, aligning both professional and personal spheres can be tricky, since energy might be quick to dissipate, especially when you work as an independent.

Another important point to mention is that like other financians, Miha often mentions the law of attraction, or at least its benefits. She quotes Steven Aitchison, but also often refers to the rewards we will reap for sticking with our own values, and our own ideas. She dares to speak about her own objectives, she’s happy to have the opportunity to build the life that she wants, just like Carla, Nate and Gwen. All have a very similar way of trusting the process, knowing that it will take them to their aspirations, eventually.

Miha mentions that she wants to leave a system in which she exchanges time against money, for another one in which she will be able to earn from her projects, entrepreneurial incentives, and various investments. It is ultimately hard to find a better way to become wealthy than pursuing that shift. What better way to value yourself exists if not through valuing your time? There is a good chance that being a freelance has already helped Miha learn a lot of the traits that both great entrepreneurs and great investors share.

As far as investing is concerned, Miha often mentions passive income. Passive income is a reality, it exists, but it is often hard to get to, to put in place. Our opinion is that she, like anyone else, should pursue passive income. However, one should always look to understand what it entails. Here is a short summary for you:

  • The definition of passive income is that money comes in whether you work, or not. Essentially, you could be sleeping and make money.
  • Many different ways to make passive income exists. However, it is almost guaranteed that you will need to actively work in order to set them up. In essence, this only makes them semi-passive. At least at first, not taking away from the fact that they are worth it.
  • In this category you will find, for example:
    • Investing in dividend shares
    • Renting real estate to someone else 
    • Loaning money and getting compensated for it
    • Earning rewards through cryptocurrency staking or lending
    • Owning a business (in which you do not work)
    • Renting a certain piece of equipment, an object, or anything that can be rented
  • Semi-passive income is great too. The idea is to reduce your involvement while earning returns and peace of mind at the same time. So if you need to work on them from time to time (ex. You need to maintain the apartment your rent out), it is still awesome.
  • It is important to understand that as with any investment, the risks of such investments are very often inherent to the investment itself, or the action of investing in it.
  • For instance, lending money entails different consequences than owning a business or staking cryptocurrencies.
  • You will also want and need to do your research properly, before pursuing such passive income investments, or any other type of investment in fact.
  • So if passive income is great given the fact that it provides extra money, it is not the only viable type of investment. Many investments are typically not producing any passive income, but rather produce “silent gains” until they are either sold (gains are then realised) or simply kept as part of the wealth of an individual. 
  • There is nothing wrong for instance, in buying a piece of land, art, or stocks, if these do not produce yield but still earn value while time passes. They are still a very good investment if their value appreciates.
  • The only difference is that there will not be any additional income, of course. However, in order to fully appreciate any additional income (say dividends for instance), one should also potentially look into reinvesting them straight away in order to generate more growth in the future through the compound effect.

Just like Miha, you can identify your objectives, strengths, and weaknesses when it comes to personal finance. This is the best way to set yourself up for success.

Thankfully, financia.io is currently building a free personal finance platform to help you do that! We encourage you to sign-up below to get notified whenever it is launched.

Check out Miha’s latest video (in French) here:

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