Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
Hi Liam. I have been investing for years and i have reached a point where my £150,000 portfolio seems to have been stagnant despite the market gains. I could benefit from some advice to improve my portfolio and maximize returns.
Everyone needs a safety cushion in their portfolios. While I can't give personal advice, it's important to talk to a fiduciary advisor for help in reorganizing your portfolio. It might seem costly, but as the saying goes, "you get what you pay for."
Reduce the risk in your portfolio, strengthen your main investments, and take some profits while balancing your allocations. I've been investing for 11 years, and after 5 years with a financial advisor, I've seen a 10x return compared to doing it myself, with nearly £2 million in gains-my best results so far.
The routine did not make you 250k. It just helped you keep more of the money you make. If you make 40k a year no payday routine will "make" you 250k. Sure you can build wealth by not spending but depending on your income it will take years if not decades to even approach that 250k mark. Omitting that the most important thing for any of this to work is a high income if you want to built net worth quickly is really wrong. Any video that does not mention the income necessary to reach those numbers is just useless information.
Bingo mate. I used to make 2k a month. I now earn 7k per month with free accomodation. I spend fuck all and have spent the past3 years buying into investments like fuck. If i dont have 10k to biy a batch of shares now, i pretty much see it as pointless
I didn't bother watching the whole clip once I saw his ridiculous graph of -£50k to £250k in 4 years (£62.5k increase per year?!?). I just skipped to the end to read all his tips in one shot, and to be fair they are great ways to manage your income. With the average UK income around £35k-£40k the only honest example he could offer them is to get a better job (unfortunately not everyone can afford to take time off to retrain). The thumb nail and intro are extremely misleading though, so I won't bother watching any of his other clips. @user-si7fj5rh5u
I always watch but rarely comment - the amount of information in your videos is astonishing!! Thank you so much for that kind of quality. Your mindset towards money and all your practical tips have helped me so much.
UK student loans shouldn’t be paid off in full unless you are earning mega money- treat it like an additional rate of tax and any remaining balance is written off after 30 years. The vast majority of people will be better off not paying them off.
He's earning over £120k a year. He's definitely going to be paying off his student loan, so paying it off early to minimise the interest cost makes sense. If he was on £25k it wouldn't make sense.
Depends which student loan plan you’re on! Each of them have different thresholds and interest rates, you need to know these details before working out if it’s better or not
I understand why you would want to pay off your student loan aggressively but for the vast majority of people in the UK's system, who earn significantly less than you, they will never actually pay that interest rate effectively before the write-off date.
it's not worth paying off, I agree. Also, people are on various different plans depending on what year you started. It's a bit like a mortgage - there are not usually that many reasons to pay it off early as inflation erodes the value of the debt, while spare money can be invested and grown at a higher rate usually. The exception being if you're nearer to retirement and you still have a large mortgage and you know your income is going to be a lot lower when you retire, then maybe you would want to pay down the mortgage quicker
If you know you will pay it off before the write off date then it's worth paying it off sooner. If you know you won't pay it off then don't even attempt it as any extra money you put in will disappear like smoke in the wind. In both circumstances getting a house should always be a bigger priority. People forget that a house is secure accommodation that isn't at the whims of landlords (so no moving costs) and is also an asset, not only does it increase in value over time you can use it to generate money by renting rooms, your parking space or having the space for a side hustle.
Choose your path 🤷♂️ I gross about 1/2 of that, but 20% is still my saving/investing target (have a mortgage in SE England too btw). Granted, it’s not always easy (or even successful). The important thing for me Is that it’s a conscious effort.
Don’t be daft, obviously he’s talking about what HE does with HIS money. Why would he expect someone earning less to put away the same amount? Use your brain and stop being bitter
Why are you basing your payday on his payday? He's giving you an insight on how to build and be better within your means.....not his. Come on man turn that brain on.
I love these kind of videos but they don't apply to the majority of the population. The average UK salary at the time of typing is circa £29,500. We don't have £10,500 a month gross income. I'm just above the UK average and take home just over £2.2k each month with about 55% of that going on living essentials. I'm putting in a total of 9% into my pension each month including employer contributions. It's just not practical the numbers being presented to people in these kind of videos. Something more beneficial would be to do content that applies to the average every man to help us.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
Determine your risk tolerance first and foremost. Be aware that it costs money every time you buy and sell a stock. A lot of people think they can make a nice profit by buying a stock when it dips down a little and then dumping it when it recovers but they fail to factor in the considerable fees the brokers charge you to place your orders Also be aware that it's basically gambling, it shouldn't be done with money you're going to need in the future, consider whatever you invest already lost
Good basic investment, however, LISA can be a poor decision due to inflation and the 25% penalty fee I received. Not quite as good as it seems. Paying off your student debt makes no sense as it is only relevant to how much you earn each year and most people, especially with the high fees and interest rates, will never pay them off.
Mate dont advise the LISA without explaining it properly. You are basically priced out with it for any property in London. You also lose more than the gov bonus if you choose to withdraw as its 25% penalty of total amount. Look at Martin Lewis on this.
What?! LISA is a great initiative, so he should defo advocate for it. Who cares about being priced out of London? The overwhelming majority are not buying in London anyway. I’ve lived in London my whole life and most certainly am not buying here. Let’s be honest, unless you earn 100k+ like this guy, who can even afford to buy in London 😂
Great info as usual, an important consideration is you get taxed on your pension when you start receiving it and you don't know what the tax % will be at that time, so it *might* not be more efficient than an ISA, it's a gamble. Agree with employer match entirely though!
Those are not UK tax thresholds - they are for England. In Scotland you go to 45% at £75,000 then 48% at £125,140. (Scotland is still part of the UK 😊🤪)
6 months post-tax salary is an enormous emergency fund. Never heard anyone teach 6-9mo for this. Even on the average salary in the UK (£35k) that's over £12k of savings needed for most people. It would take a pretty long time to save this, espcially on top of all the other things like house deposit, wants, annual expenses like insurances, car tax, AA, etc. that people typically have too. When I used to teach personal finance, it would be 1-3mo. 1 month is the absolute minimum (£2k for avg. salaried person). This is much more realistic and can be built up to 3mo over a longer time. What emergencies would require such a high amount of money to be stashed? Other than losing your job, it would be a house or car disaster perhaps, which may be dealt with by insurance, otherwise having a few grand in the bank could buy you an older used car or replace any literally appliance that goes kaputt. If you did, God forbid, lose your job, there are always jobs going somewhere e.g. supermarkets, warehouses, labouring, etc. where you can pick up a job quickly AND get overtime if you really needed to.
Wow, 10k a month 😮 Give me half of this and I'll make 500k out of it in 5 yrs no problem. I think the real question is: what can you do if you went to uni, left with 1st or 2.1 and yet you don't even get half of this salary to play with. Not everyone can (and probably would want to be) a doctor or lawyer where high salry is pretty much guaranteed in those professions. I guess this is life: some of us gets lucky, others a bit less ...
This was really interesting, I don’t earn the same money but the most important thing I took away was reducing your taxable income with your pension. Thanks for the tips!
This comment is for the youtuber, ive done about 9 years of corporate law and during developed anxiety to the point of ripping my skin off my thumb and taking medication. The fix for me was this fabulous female therapist trust me therapy helps everything please i hope you see this and try.
Great advice Liam, I’ve been working on implementing these tips into my finances so it’s nice to see your take on it. Only thing I’d point out is this notion of most employers matching your pension contributions isn’t true. I know some do but I’d imagine most will pay the 3% minimum. A Salary sacrifice scheme is definitely a good idea if the scheme is available through your employer 👍
Depends who you work for. Most large employers for office roles will double match, so 5% from you and 10% from them. You're right though, many will try and get away with being as cheap as possible on the 3% minimum. Don't settle!
@@batsteve1942 It might be worth your while looking for a new job, a salary cut for a higher employer pension contribution might be more beneficial in the long run!
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to take risks. Saving is great but taking risks puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
First video of yours I've watched, incredibly valuable knowledge for people in this video, perfectly laid out as well - only thing I'd say is I tend to put my debt pay into the 'Needs' category rather than the savings and investments at the end - definitely subscribing and going to look through any previous content you've published!
Struggle to see the point in putting money in a pension if you may not live that long? Could you do a video about pensions and different ways to cash in on it and whether you can claim it earlier than the retirement age.
Very good. Not everyone has the same views eg in our family we tend to work until we die so pensions are not a great idea even if an employer contributes (and those without an employer as I am don't even have an employer contribution) but it certainly makes sense if you can afford it save each month. I will be taxed on any pension at quite high rates when I draw it as was my father who worked almost until he died. However for those who will have a very long retirement with no earnings at that stage IF you trust the state not to change pension law then go ahead and use the tax breaks. We bought our first house when I was a trainee lawyer - different choice and I was married and we had a baby so very different set up.
A lot of this advice is based on if you can earn enough money in the first place tbh. The target audience for this isn't the average youtube viewer. Lots of people have to pay a lot more than 30% rent, or more than 50% on necessary bills. For most people the single best thing they can do is just get a financial adviser. After that changing job, doing extra work or getting a side hustle would be most helpful. Also I dont get if you earn £120k/yr how you dont already have a house. Getting a house is always better than paying down your student debt.
I think the more you have control over the rules 1-6 and 7, the more you should simply be doing two things; save and invest. No emergency fund because a fraction of the invested assets will be liquidable
I am really happy for your progress and have enjoyed watching you for the past 2 years. This was really informative. The UK tax system is a menace😅, even if you earn a lot.
The way I fixed this many years back was emptying my account of everything bar bill money the second i got paid. Everything went out to my stocks& shares isa, a small amount into savings and the rest sat there for bills. If I want fun money I need to earn it above my normal pay pack.
While not a problem for most here as you were talking about huge pension funds then you should have probably mentioned the lifetime pension limit (or whatever they have renamed it for the rule chages next month).
I have been thinking recently about videos of such kind - those tips are great and make sense. BUT! When they announce the exact money of money they made over X years, how many viewers are on the same level of income? Doesn't it make it frustrating that no matter how hard I have tried to save up, I don't reach this level of savings, not even close? Of course, it doesn't mean that you should not do that - obviously, savings of 2-3-6 months worth of your necessary living expenses are proportional to your income and lifestyle, but it made me reflect...
£12570 - no pension benefits?? Wrong You are allowed to put an amount up to the value of your earnings up to £60k You can still put in £10056 and still receive tax relief of 20% thus taking your pension up to £12570 even though you paid no tax. It’s a very generous system.
You would be right except he was talking about something else. He said there are "no TAX benefits" of doing that. As he says, once you start paying income tax, then the advantage of salary sacrifice into your pension is that you pay less income tax total than you would have done if you'd taken it all as normal cash. So the effect overall is as if you got a free extra boost to your pension. If you aren't paying any income tax, though, then there's no tax to save in the first place - so no TAX benefit. You would of course get the benefit of paying into your pension, but no "boost" relating to tax.
@@martinmc71 this is incorrect. Let’s say you earn £12570 a year exactly. Of course you pay no income tax through PAYE. However, if you were to pay in £10056 into your pension, you would still receive the £2514 top up even though you paid no tax. And you still have £2514 left over from your pay. The rules state: your total contributions (including Tax relief and employer contributions) cannot exceed your total gross pay. This is capped at £60k. Likewise, you are also permitted to put £2880 annually into a SIPP even if you have no earnings. This is then topped up to £3600. You are right if this was done via salary sacrifice only. However, this in itself may not be permitted. Particularly if you only earn the NLW. Any salary sacrifice would render you being paid below NLW which would be illegal.
Also worth noting you can't salary sacrifice below minimum wage either. Also even if you are not earning at all you can put in £2880 per tax year that gets topped up to £3600. So if you are a one income family and you have spare money might be worth giving your partner some money to pay into a SIPP. You might as well use the allowance and get the free money and also utilise their tax free allowance at retirement.
@@gavjlewisexactly. brilliant for all the stay at home mums who have not earnt in a while like me. paying a little into the pension every month and the gov is topping it up
You'd still have 60k, well you wouldn't because national insurance. What I think is mad is being forced to pay tax when you only earn a lousy 20k a year.
The amount of non-taxable income should be much higher than it is. I agree. I don't think people should be taxed if they're at national minimum wage for e.g which is currently around 21k? that should be tax free - these people are currently getting universal credit and/or housing benefit because they can't earn enough to even live ffs@@roxanneslate8661
For Needs - are you factoring in for example variable bills for things like car maintenance - so e.g. £1,000 towards MOT & Service (£83.33 per month) and that comes out of the 50% you put towards your Needs? I often find that people follow a system like this but it then falls over because they only factor in things like phone bill, council tax, mortgage, gas & elec (things which are essentially fixed costs) but then don't make allowances for ad-hoc, variable expenses and then either have to dip into their 'wants' budget, or worse, they've blown their 'wants' budget and have to credit card it.
obiously the beauty of this as well is that if say your MOT and service only costs £500 and you've budgeted for £1000, you've got an extra £500 towards wants or investments, or to set aside for next year (car another year older and potentially more expensive to maintain).
I follow a bill smoothing strategy. Get your last year’s bank statements and highlight all your bills (excluding food), then divide by the amount of paydays. I generally also add 10% to combat inflation each year. I put this amount in my bill account as soon as I am paid, 10% in ETFs, food allowance and THEN the wants portion. I do salary sacrifice as I am 55 and woefully underprepared for retirement, so most spare money is heading into that pot.
Confused on step 9. ETFs allow fractional shares to be traded. Currently HMRC have the view that fractional shares can't be packaged in ISAs. How are you working around this? Are you purchasing ETFs outside of the S&SISA and index funds within? (I know ETFs and Index Funds are used interchangeably in the USA but more nuance in the UK)
Quick question about your 20% savings - If you're already taking home £100k a year (after your pension contributions) then wouldn't it be better for you to max out an ISA with £20,000 rather than pay interest on your ETFs or Index Funds growth? P.S. Great video, really good breakdown and explained clearly.
Big miss on the mortgage advice in my opinion. Advising against paying this off is silly. If you pay off your mortgage not only do your living costs go down substantially but in the face of job losses, illness, pandemics, financial crisis or similar, you would be so much better off with a house that is fully paid up. Basic hierarchy of needs.
3 'current' accounts? I have one and the start of the month I transfer an amount I know i can easily save into the highest accounts I can. The remaining in my current account is then what i can spend or for bills (set to pay as early as possible) and any left at the end of the month can also be transferred to the savings account.
Well I guess he is currently saving for a deposit, although probably not using the LISA like he suggested in the video as the limit on the house purchase is £450k which doesn't buy a great deal in much of London.
I get paid two paychecks between the 10th and 17th of each month. It varies from month to month as I am a freelancer. Also my bills vary and only need to be paid the first week of the next month. Would you budget the money that comes in April 10-17 as being April income? As my bills have to be paid before that date, do I budget April money for May bills..? It’s gets so complicated in my budgeting sheets.
I do it the way you describe because thats more beneficial. But he mentioned he pays it off early so he doesnt overspend from his "wants" account because the credit card balance is separated
In the grand scheme for him on his salary it's not really worth it as he doesn't get a saving allowance. He's probably already struggling to find a home for his emergency fund. Many people on these kinds of earnings use premium bonds. But as a general rule yes try to keep the money earning money when you can.
Women resorted to birth control pills to postpone their menstrual period, but that caused them severe pain and increased their suffering. One woman from Gaza said, What does it mean to go to all pharmacies and what we find in them are sanitary towels. A house with 15 girls and a lack of sanitary towels can lead to serious diseases and cervical cancer?
It’s actually funny how many people are praising a guy earning well over £100,000 per year at like 30 years old on saving money, when majority of people can’t even buy food 😊
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Kathleen Nolan
Can tell it’s been a while since you’ve seen a moral mirror. What you’re doing is breeding a deeply toxic culture around money. You tell yourself you’re helping, but you’re not. You’ve earned more money than you’ve ever dreamt at an objectively young age, and this is effectively a way for you to ‘humble’ brag about it. Suggest you actually humble yourself and remind yourself where some of that money came from (this channel), and reflect on how out of touch you are as a result of money detaching you from reality. The principle of this video is beneficial to a great deal of people, but does not need to be presented with the undertone of personal bragging you’ve not so subtly achieved - you’re not telling anyone any new information that isn’t already out there, so just package it better (objectively factual, not subjectively look at me) and at least feign an attempt to genuinely help those subject to an economy and country that is scarily unbalanced
He’s from the UK, we’re literally 40 minutes from Paris. Even £750 for a weekend in Paris is too much. I went for my bday weekend and spent under £500 total x
I'm 45, have been doing very similar to this for the last 15-20 years. Listen to this young man. This is the way.
Are you rich too? Do you technically have enough to donate to my GoFundMe?
@@PinkDiamond7777777online begging is wild
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.
Actually its a Lady. Yes my go to person is a ‘Rebecca Nassar Dunne'. So easy and compassionate Lady. You should take a look at her work.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
Hi Liam. I have been investing for years and i have reached a point where my £150,000 portfolio seems to have been stagnant despite the market gains. I could benefit from some advice to improve my portfolio and maximize returns.
Everyone needs a safety cushion in their portfolios. While I can't give personal advice, it's important to talk to a fiduciary advisor for help in reorganizing your portfolio. It might seem costly, but as the saying goes, "you get what you pay for."
Reduce the risk in your portfolio, strengthen your main investments, and take some profits while balancing your allocations. I've been investing for 11 years, and after 5 years with a financial advisor, I've seen a 10x return compared to doing it myself, with nearly £2 million in gains-my best results so far.
@@Machine_Pun_Eric Do you mind sharing info on the advisor who assisted you?
'Melissa Elise Robinson' is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
The routine did not make you 250k. It just helped you keep more of the money you make. If you make 40k a year no payday routine will "make" you 250k. Sure you can build wealth by not spending but depending on your income it will take years if not decades to even approach that 250k mark.
Omitting that the most important thing for any of this to work is a high income if you want to built net worth quickly is really wrong. Any video that does not mention the income necessary to reach those numbers is just useless information.
Bang on
Bingo mate. I used to make 2k a month. I now earn 7k per month with free accomodation. I spend fuck all and have spent the past3 years buying into investments like fuck. If i dont have 10k to biy a batch of shares now, i pretty much see it as pointless
well this goes without saying, its obvious.... You can still make 1 mill per year and still be broke if you don't have any financial sense.
He said "It's payday. Your balance is £2000" and I couldn't relate.
I didn't bother watching the whole clip once I saw his ridiculous graph of -£50k to £250k in 4 years (£62.5k increase per year?!?). I just skipped to the end to read all his tips in one shot, and to be fair they are great ways to manage your income. With the average UK income around £35k-£40k the only honest example he could offer them is to get a better job (unfortunately not everyone can afford to take time off to retrain). The thumb nail and intro are extremely misleading though, so I won't bother watching any of his other clips. @user-si7fj5rh5u
Is that too much or too less in UK?
@@idonotdosarcasmit's not common, the average person in the UK earns around 1600 per month after deductions, so between 23-26k per year
Having this information at such a young age is a blessing
@gregabott5583you see it as a blessing, I see it as a man with a plan who made it happen for himself.
I always watch but rarely comment - the amount of information in your videos is astonishing!! Thank you so much for that kind of quality. Your mindset towards money and all your practical tips have helped me so much.
The quality of this content is undeniable. Great work
UK student loans shouldn’t be paid off in full unless you are earning mega money- treat it like an additional rate of tax and any remaining balance is written off after 30 years. The vast majority of people will be better off not paying them off.
He is!
He's earning over £120k a year. He's definitely going to be paying off his student loan, so paying it off early to minimise the interest cost makes sense. If he was on £25k it wouldn't make sense.
@@clarkeysam correct, but his advice appears to be that everyone should pay off early which is not right.
Yeah this video is not aimed at anyone earning an average salary and needs a disclaimer
Depends which student loan plan you’re on! Each of them have different thresholds and interest rates, you need to know these details before working out if it’s better or not
Fair when your monthly income is the same as my annual salary. Bro spends more on his rent than i earn in a month and a half.
I understand why you would want to pay off your student loan aggressively but for the vast majority of people in the UK's system, who earn significantly less than you, they will never actually pay that interest rate effectively before the write-off date.
it's not worth paying off, I agree. Also, people are on various different plans depending on what year you started. It's a bit like a mortgage - there are not usually that many reasons to pay it off early as inflation erodes the value of the debt, while spare money can be invested and grown at a higher rate usually. The exception being if you're nearer to retirement and you still have a large mortgage and you know your income is going to be a lot lower when you retire, then maybe you would want to pay down the mortgage quicker
If you know you will pay it off before the write off date then it's worth paying it off sooner.
If you know you won't pay it off then don't even attempt it as any extra money you put in will disappear like smoke in the wind.
In both circumstances getting a house should always be a bigger priority. People forget that a house is secure accommodation that isn't at the whims of landlords (so no moving costs) and is also an asset, not only does it increase in value over time you can use it to generate money by renting rooms, your parking space or having the space for a side hustle.
Yeh mate pretty easy to put away 20% of your paycheck when your getting paid 10 grand a month
Choose your path 🤷♂️ I gross about 1/2 of that, but 20% is still my saving/investing target (have a mortgage in SE England too btw).
Granted, it’s not always easy (or even successful). The important thing for me
Is that it’s a conscious effort.
Don’t be daft, obviously he’s talking about what HE does with HIS money. Why would he expect someone earning less to put away the same amount? Use your brain and stop being bitter
Jealousy makes you ugly. The principles of the advice are still solid, but obviously it can't apply to everyone. There's no need to be nasty about it.
Motivation for you to start getting paid 10k a month then
Why are you basing your payday on his payday? He's giving you an insight on how to build and be better within your means.....not his. Come on man turn that brain on.
I love these kind of videos but they don't apply to the majority of the population. The average UK salary at the time of typing is circa £29,500. We don't have £10,500 a month gross income.
I'm just above the UK average and take home just over £2.2k each month with about 55% of that going on living essentials. I'm putting in a total of 9% into my pension each month including employer contributions.
It's just not practical the numbers being presented to people in these kind of videos. Something more beneficial would be to do content that applies to the average every man to help us.
Keep it up, Liam. We love the quality of your videos.
Just got so much value from this video - took notes and will certainly try and implement a similar strategy going forward!
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,
Even more scammers.
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns
that requires a fair amount of research and good market timing
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
I really acknowledge your comment, i have been trading stocks for a while now but i have not been able to make much. how do you achieve this feat?
Determine your risk tolerance first and foremost.
Be aware that it costs money every time you buy and sell a stock. A lot of people think they can make a nice profit by buying a stock when it dips down a little and then dumping it when it recovers but they fail to factor in the considerable fees the brokers charge you to place your orders
Also be aware that it's basically gambling, it shouldn't be done with money you're going to need in the future, consider whatever you invest already lost
hername is Monica Lisa Payne, cant divulge much. Most likely, the internet should have her basic info, you can research if you like
Good basic investment, however, LISA can be a poor decision due to inflation and the 25% penalty fee I received. Not quite as good as it seems. Paying off your student debt makes no sense as it is only relevant to how much you earn each year and most people, especially with the high fees and interest rates, will never pay them off.
Mate dont advise the LISA without explaining it properly. You are basically priced out with it for any property in London. You also lose more than the gov bonus if you choose to withdraw as its 25% penalty of total amount. Look at Martin Lewis on this.
Let’s all ignore the LISA just because you may be priced out in London only.
@@Brown6988 He obviously wasn't suggesting that, but it's a pretty important caveat for people living in London.
What?! LISA is a great initiative, so he should defo advocate for it. Who cares about being priced out of London? The overwhelming majority are not buying in London anyway. I’ve lived in London my whole life and most certainly am not buying here. Let’s be honest, unless you earn 100k+ like this guy, who can even afford to buy in London 😂
It’s not just London. Average house prices are way higher than the LISA threshold in many parts of England.
Great info as usual, an important consideration is you get taxed on your pension when you start receiving it and you don't know what the tax % will be at that time, so it *might* not be more efficient than an ISA, it's a gamble. Agree with employer match entirely though!
Those are not UK tax thresholds - they are for England. In Scotland you go to 45% at £75,000 then 48% at £125,140.
(Scotland is still part of the UK 😊🤪)
welcome to the SNP's socialist hell-hole.
6 months post-tax salary is an enormous emergency fund. Never heard anyone teach 6-9mo for this. Even on the average salary in the UK (£35k) that's over £12k of savings needed for most people. It would take a pretty long time to save this, espcially on top of all the other things like house deposit, wants, annual expenses like insurances, car tax, AA, etc. that people typically have too. When I used to teach personal finance, it would be 1-3mo. 1 month is the absolute minimum (£2k for avg. salaried person). This is much more realistic and can be built up to 3mo over a longer time. What emergencies would require such a high amount of money to be stashed? Other than losing your job, it would be a house or car disaster perhaps, which may be dealt with by insurance, otherwise having a few grand in the bank could buy you an older used car or replace any literally appliance that goes kaputt. If you did, God forbid, lose your job, there are always jobs going somewhere e.g. supermarkets, warehouses, labouring, etc. where you can pick up a job quickly AND get overtime if you really needed to.
The amount of people sayin why do you rent on that salary just proves his point on how clueless some people are with money
Wow, 10k a month 😮
Give me half of this and I'll make 500k out of it in 5 yrs no problem.
I think the real question is: what can you do if you went to uni, left with 1st or 2.1 and yet you don't even get half of this salary to play with.
Not everyone can (and probably would want to be) a doctor or lawyer where high salry is pretty much guaranteed in those professions.
I guess this is life: some of us gets lucky, others a bit less ...
This was really interesting, I don’t earn the same money but the most important thing I took away was reducing your taxable income with your pension. Thanks for the tips!
This comment is for the youtuber, ive done about 9 years of corporate law and during developed anxiety to the point of ripping my skin off my thumb and taking medication. The fix for me was this fabulous female therapist trust me therapy helps everything please i hope you see this and try.
Great advice Liam, I’ve been working on implementing these tips into my finances so it’s nice to see your take on it.
Only thing I’d point out is this notion of most employers matching your pension contributions isn’t true. I know some do but I’d imagine most will pay the 3% minimum. A Salary sacrifice scheme is definitely a good idea if the scheme is available through your employer 👍
Depends who you work for. Most large employers for office roles will double match, so 5% from you and 10% from them. You're right though, many will try and get away with being as cheap as possible on the 3% minimum. Don't settle!
@@Waddywoos360 I think I need to have a word with my employer, they’re pretty big & global but do statutory on most policies like this 🤔
@@batsteve1942 It might be worth your while looking for a new job, a salary cut for a higher employer pension contribution might be more beneficial in the long run!
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to take risks. Saving is great but taking risks puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I just looked up her name online. she is licensed with credible certificates and has an amazing track record. Thank you for the message.
I definitely like to know more
Seems to me, the most important step wasn't explicitly mentioned here - having a 10k/month income. If you get that step done, all the others are easy.
First video of yours I've watched, incredibly valuable knowledge for people in this video, perfectly laid out as well - only thing I'd say is I tend to put my debt pay into the 'Needs' category rather than the savings and investments at the end - definitely subscribing and going to look through any previous content you've published!
Struggle to see the point in putting money in a pension if you may not live that long? Could you do a video about pensions and different ways to cash in on it and whether you can claim it earlier than the retirement age.
Loved the video. Saved it and will be watching tonight when my partner comes home!! 🙏
Very good. Not everyone has the same views eg in our family we tend to work until we die so pensions are not a great idea even if an employer contributes (and those without an employer as I am don't even have an employer contribution) but it certainly makes sense if you can afford it save each month. I will be taxed on any pension at quite high rates when I draw it as was my father who worked almost until he died. However for those who will have a very long retirement with no earnings at that stage IF you trust the state not to change pension law then go ahead and use the tax breaks. We bought our first house when I was a trainee lawyer - different choice and I was married and we had a baby so very different set up.
What hes really saying is get the same job as me and your all good! I literally laughed out loud when he revealed how much he makes a month!
9:57... _"Pay yourself first."_
Ok. Though, it would appear that it is in the *5th* position...
🤨
I wish I knew this before I was paying nearly £38K in taxes/NI, a lot of that could've been in my pension RIP.
Anyone else cut off the video as soon as 'Better Help' sponsor speel happened 🤦♂️
A lot of this advice is based on if you can earn enough money in the first place tbh. The target audience for this isn't the average youtube viewer. Lots of people have to pay a lot more than 30% rent, or more than 50% on necessary bills. For most people the single best thing they can do is just get a financial adviser. After that changing job, doing extra work or getting a side hustle would be most helpful.
Also I dont get if you earn £120k/yr how you dont already have a house. Getting a house is always better than paying down your student debt.
I think the more you have control over the rules 1-6 and 7, the more you should simply be doing two things; save and invest. No emergency fund because a fraction of the invested assets will be liquidable
I am really happy for your progress and have enjoyed watching you for the past 2 years. This was really informative. The UK tax system is a menace😅, even if you earn a lot.
The way I fixed this many years back was emptying my account of everything bar bill money the second i got paid. Everything went out to my stocks& shares isa, a small amount into savings and the rest sat there for bills. If I want fun money I need to earn it above my normal pay pack.
While not a problem for most here as you were talking about huge pension funds then you should have probably mentioned the lifetime pension limit (or whatever they have renamed it for the rule chages next month).
First time I've stumbled on your channel and immediately subscribed. Brilliant video
Good video. Just one thing . @4.05 - You get a 25% " uplift " to what you put in and not 20%. ie £80 in plus £20 tax relief. ( 25% of 80 = 20).
I have been thinking recently about videos of such kind - those tips are great and make sense. BUT! When they announce the exact money of money they made over X years, how many viewers are on the same level of income? Doesn't it make it frustrating that no matter how hard I have tried to save up, I don't reach this level of savings, not even close? Of course, it doesn't mean that you should not do that - obviously, savings of 2-3-6 months worth of your necessary living expenses are proportional to your income and lifestyle, but it made me reflect...
Meanwhile in Australia we’re taxed on the money we put in to our retirement, it’s less than on income, but it’s not 0% 😢
there is tax on pension income when you take it, depending on the person's amount
The pension reason isn't good. Most of us want a home of our own and using money to put in pension will mean buying a house will become impossible
Switching water? That's impossible.
£12570 - no pension benefits?? Wrong
You are allowed to put an amount up to the value of your earnings up to £60k
You can still put in £10056 and still receive tax relief of 20% thus taking your pension up to £12570 even though you paid no tax. It’s a very generous system.
You would be right except he was talking about something else. He said there are "no TAX benefits" of doing that. As he says, once you start paying income tax, then the advantage of salary sacrifice into your pension is that you pay less income tax total than you would have done if you'd taken it all as normal cash. So the effect overall is as if you got a free extra boost to your pension.
If you aren't paying any income tax, though, then there's no tax to save in the first place - so no TAX benefit.
You would of course get the benefit of paying into your pension, but no "boost" relating to tax.
@@martinmc71 this is incorrect.
Let’s say you earn £12570 a year exactly. Of course you pay no income tax through PAYE. However, if you were to pay in £10056 into your pension, you would still receive the £2514 top up even though you paid no tax. And you still have £2514 left over from your pay.
The rules state: your total contributions (including Tax relief and employer contributions) cannot exceed your total gross pay. This is capped at £60k.
Likewise, you are also permitted to put £2880 annually into a SIPP even if you have no earnings. This is then topped up to £3600.
You are right if this was done via salary sacrifice only. However, this in itself may not be permitted. Particularly if you only earn the NLW. Any salary sacrifice would render you being paid below NLW which would be illegal.
@@galaxianx01 Interesting thanks. I don't know as much as I thought I did.
Also worth noting you can't salary sacrifice below minimum wage either.
Also even if you are not earning at all you can put in £2880 per tax year that gets topped up to £3600. So if you are a one income family and you have spare money might be worth giving your partner some money to pay into a SIPP. You might as well use the allowance and get the free money and also utilise their tax free allowance at retirement.
@@gavjlewisexactly. brilliant for all the stay at home mums who have not earnt in a while like me. paying a little into the pension every month and the gov is topping it up
Great video as always Liam!
Step 1 - earn loads of money as a lawyer
Yeah was gonna say title a bit misleading … step 1- earn 100k+
You can earn money from eating food or playing games on RUclips
Step 2: Even when you earn loads of money always try to make more. Like make a RUclips channel and put paid content on! 😂
40% tax is madness even at 100k having to give away 40% is not acceptable in my books
Come to Denmark. I pay 65%.
Buuut salaries are high.
why so much tax tho
@@theaimuse
40%+ is normal here in Norway. People with high salaries are higher.
You'd still have 60k, well you wouldn't because national insurance. What I think is mad is being forced to pay tax when you only earn a lousy 20k a year.
The amount of non-taxable income should be much higher than it is. I agree. I don't think people should be taxed if they're at national minimum wage for e.g which is currently around 21k? that should be tax free - these people are currently getting universal credit and/or housing benefit because they can't earn enough to even live ffs@@roxanneslate8661
For Needs - are you factoring in for example variable bills for things like car maintenance - so e.g. £1,000 towards MOT & Service (£83.33 per month) and that comes out of the 50% you put towards your Needs? I often find that people follow a system like this but it then falls over because they only factor in things like phone bill, council tax, mortgage, gas & elec (things which are essentially fixed costs) but then don't make allowances for ad-hoc, variable expenses and then either have to dip into their 'wants' budget, or worse, they've blown their 'wants' budget and have to credit card it.
obiously the beauty of this as well is that if say your MOT and service only costs £500 and you've budgeted for £1000, you've got an extra £500 towards wants or investments, or to set aside for next year (car another year older and potentially more expensive to maintain).
I follow a bill smoothing strategy.
Get your last year’s bank statements and highlight all your bills (excluding food), then divide by the amount of paydays. I generally also add 10% to combat inflation each year.
I put this amount in my bill account as soon as I am paid, 10% in ETFs, food allowance and THEN the wants portion.
I do salary sacrifice as I am 55 and woefully underprepared for retirement, so most spare money is heading into that pot.
Super useful video - thank you for sharing this information!
Confused on step 9. ETFs allow fractional shares to be traded. Currently HMRC have the view that fractional shares can't be packaged in ISAs. How are you working around this? Are you purchasing ETFs outside of the S&SISA and index funds within? (I know ETFs and Index Funds are used interchangeably in the USA but more nuance in the UK)
Quick question about your 20% savings - If you're already taking home £100k a year (after your pension contributions) then wouldn't it be better for you to max out an ISA with £20,000 rather than pay interest on your ETFs or Index Funds growth?
P.S. Great video, really good breakdown and explained clearly.
Big miss on the mortgage advice in my opinion. Advising against paying this off is silly. If you pay off your mortgage not only do your living costs go down substantially but in the face of job losses, illness, pandemics, financial crisis or similar, you would be so much better off with a house that is fully paid up. Basic hierarchy of needs.
My payday routine; 1, Pay Bills, 2, Cry, 3, Wait until Payday
I was doing well until I started a renovation project so going to start again
Awesome!! Thanks Liam 👍
Much to think about here 👀
Payday routine verry nice & interesting video
3 'current' accounts? I have one and the start of the month I transfer an amount I know i can easily save into the highest accounts I can. The remaining in my current account is then what i can spend or for bills (set to pay as early as possible) and any left at the end of the month can also be transferred to the savings account.
Great content - new subscriber.
Question: why do you rent? Just a waste to pay somebody elses loan.
Well I guess he is currently saving for a deposit, although probably not using the LISA like he suggested in the video as the limit on the house purchase is £450k which doesn't buy a great deal in much of London.
Why do you rent on that income? What do you do for that income? Some fairly good (common sense) suggestions here.
He is a corporate lawyer in London for income, plus YT ad revenue etc
Hello mate, do you trade your Gold commodity as an ETF or a CFD? Thanks
I get paid two paychecks between the 10th and 17th of each month. It varies from month to month as I am a freelancer. Also my bills vary and only need to be paid the first week of the next month. Would you budget the money that comes in April 10-17 as being April income? As my bills have to be paid before that date, do I budget April money for May bills..? It’s gets so complicated in my budgeting sheets.
What platform/how do you invest in commodities in the UK?
Amazing video, very inspiring
How do you have pension go directly pre-taxed outside of the work match scheme?
From the Gross Income
i was listening til you said you earn 10k a month..... you aint struggling in life
He didn't say he was struggling. He's giving advice that can be applied based on different circumstances
Thanks Liam
Why do you pay your credit card off within 3 days, isn’t that money you could have earned interest on?
I do it the way you describe because thats more beneficial.
But he mentioned he pays it off early so he doesnt overspend from his "wants" account because the credit card balance is separated
In the grand scheme for him on his salary it's not really worth it as he doesn't get a saving allowance. He's probably already struggling to find a home for his emergency fund. Many people on these kinds of earnings use premium bonds.
But as a general rule yes try to keep the money earning money when you can.
Same old information i read when i was 14, way even before university days
Where did you buy the blue light on your right/left of my screen?
I believe they are nanoleaf lights. Generally available at any decent online retailer.
I can tell this guy is cheesing from that RUclips CPM, probably extremely high compared to for example gaming niche
8 days ago and student loan is already at 7.7% 😭
Women resorted to birth control pills to postpone their menstrual period, but that caused them severe pain and increased their suffering. One woman from Gaza said, What does it mean to go to all pharmacies and what we find in them are sanitary towels. A house with 15 girls and a lack of sanitary towels can lead to serious diseases and cervical cancer?
Das Ende der Megamaschine.
It’s actually funny how many people are praising a guy earning well over £100,000 per year at like 30 years old on saving money, when majority of people can’t even buy food 😊
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Kathleen Nolan
she's mostly on Telegrams, using the user name
fxnolan 💯 ..that's it
things that school doesnt teach you..
£10,500 a month, what do you do!?
Corporate lawyer, he has lots of videos about it
Phones are now utilities ?
I pay $1 per month, the telpehone company forgot to swtich my plan after the free 2 month promotion.
Bros earning over £100k but rents 🙃🙃🙃
I stopped listening once I heard that he was earning 10 grand a month and was still renting his home.
somehow i dont believe you
Can tell it’s been a while since you’ve seen a moral mirror. What you’re doing is breeding a deeply toxic culture around money. You tell yourself you’re helping, but you’re not. You’ve earned more money than you’ve ever dreamt at an objectively young age, and this is effectively a way for you to ‘humble’ brag about it. Suggest you actually humble yourself and remind yourself where some of that money came from (this channel), and reflect on how out of touch you are as a result of money detaching you from reality.
The principle of this video is beneficial to a great deal of people, but does not need to be presented with the undertone of personal bragging you’ve not so subtly achieved - you’re not telling anyone any new information that isn’t already out there, so just package it better (objectively factual, not subjectively look at me) and at least feign an attempt to genuinely help those subject to an economy and country that is scarily unbalanced
750 pounds for a weekend in Paris? Where are you from?
It’s 2000 USD at least
He’s from the UK, a flight from London to Paris can be as little as £50😂
He’s from the UK, we’re literally 40 minutes from Paris. Even £750 for a weekend in Paris is too much. I went for my bday weekend and spent under £500 total x
I actually thought £750 was an expensive weekend in Paris - it can be done way cheaper.
@@toddwhichello5345 omg. Well, it’s a little bit more than that for a flight from Russia)
Interest rate of 7.6% is high 😂😂😂😂😂 come to Africa
👏🏽👏🏽 👏🏽
Disappointing content - heard it all before
Many have not
Did you apply it.