Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
Great video. I think also part of the reason we are bad with money, is that we use it to try and keep up with the Jones' and buy things we don't need to make ourselves feel better. Disciplined budgeting is hard, especially in certain stages of life!
Pete, Congratulatons on achieving 100k subscribers. I have not subscribed to the channel very long and am still navigating my way round it but so far have been well informed about the best way forward now I am retired. Thank you for all your help.
I empathise with the mindset. I experience it too, but almost in the polar opposite way. I'm very good at saving and actively keep costs down, but I often wonder if I'm just missing out on enjoying the money now on the promise of some future pay-off that might never arrive. I see the national debt and I wonder if I should just F it and buy a Porsche... clearly most people don't care and I can't help but think those of us who do will be punished for it. So in short, I totally empathise with peoples concern.
I am very much "OMG my glass is half empty" when it comes to money. Last year I could have easily bought a new car and went as far as test driving one, but ended up buying a four year old one the same model as the one I had worn out. The final straw with the new car idea was when the salesman told me that the price they were showing on Autotrader only applied if you bought it on finance !
I used to live in a country that experienced hyper inflation once, when I was little. Im now literally having to keep quiet about my real amount of saved funds or my parents would be nagging me to oblivion how naive I am.
@@Diana-007 I came here straight from a video from a guy who bought a Porsche Taycan and has been going on about the massive depreciation ever since. Of course not all Porsches depreciate at the same rate.
I am one of the late comers, but thanks to your efforts I’m building it up and gathering momentum. It feels good. Many congratulations on your 100,000 subscribers, a huge achievement. X
Thank you, Louise. Well done for taking action - let the momentum build and your future self will thank you for all the hard work you’re putting in 👍🏻👊🏻
Good video Pete. The thing with financial education is that it needs to happen early in life but how that is made to happen I don’t know. I’m an accountant so have studied business finance since my mid twenties but only recently (I’m 62 now) have I invested significant time in to personal financial planning. I’ve been hit by ELAS and then Woodford and have been overweight in managed funds with too much UK equity, only recently have I put this right. When one is working there’s just too much distraction to focus on this, somehow old duffers like me need to get in front of thirty year olds and get them thinking about this stuff early. Imagine the bullets that they would dodge and the optimised investment strategies that they would use and the amazing wealth creation that would follow from that.
Great video. Congratulations on the 100k subscribers, I've not been here long but you seem to be one of only a handful of useful finance channels on RUclips. All my online purchases get put in a bookmarks folder in my browser, and I force myself to wait at least 2 weeks to buy anything from the folder. Usually by then I've spent so much time learning about the product that the novelty has worn off and I've put myself off buying it 😅
excellent chat. really appreciate the insight into human psyche/attitude to money/abstract concept/short term gain chat........think may of use will identify with this
Another great video, i am one of those late comers to sorting finance and i'm into your "Retirement academy" and loving it. Voyant Go takes some getting used to but the videos are superb in setting it up and how to make changes, all of which are informing me of potential retirement options (which are just over the horizon as turning 59 at the weekend). One major comment about the content of this video, I think Roger may disagree with your spending strategy of not ordering something after 72 hours as you don't really need it!🤣
hi long time viewer with a simple pension question no one can answer but hoping you can - annual allowance is £60k or 100% earnings as you have advised, however if I contribute towards my pension via salary sacrifice does this reduce 'my earnings' when considering my yearly annual allowance - example if earn £110k a year but contribute £60k via salary sacrifice to my pension then would this reduce my available annual allowance for that tax year to £50k and result in tax being paid on the additional £10k - please help as literally no one seems to be able to answer this ?
Remember that it’s £60k or 100% of relevant earnings whichever is lower, but only for personal contributions. Your company can pay £60k in for you irrespective of salary. So in your example, as you are salary sacrificing the £60k, it becomes an employer contribution. While your salary has technically reduced due to the sacrifice, this doesn’t matter because it is an employer contribution that’s being made.
Those people who appear good with money are probably because they’ve been burnt at least once. Maybe by investing in a bubble or something like that. Nobody is naturally a conservative investor until they’ve learnt that lesson.
Since I just mentioned cars elsewhere, taking out a three year car loan in the 1990s taught me a valuable lesson. 26 months to pay off the capital then another 10 months to pay off the interest. Since then I have saved up for my cars.
Hi Pete,interesting question here.I restored property and sold for a million pound however I seller financed it so the buyer pays me 6 k a month for 10 years.I am putting the majority of the money in the market every month.Would you agree it’s an ok plan. I am in the Uk. Thanks.
Hell of a risk you’re taking, allowing them to buy you out over ten years. I do hope there’s a decent contract in place! Dropping money into the markets will serve you well enough….
Pay yourself first is a construct to help you prioritise, and it does assume that you have at least some disposable income, or can budget hard to expose that disposable income. If you literally don’t have any spare money each month then absolutely, make sure your rent or mortgage is paid.
@@MeaningfulMoney Absolutely.. But as someone that used to hide behind the sofa when the rent man came as a child.. and someone that had no heating in the house except for burning rubbish.. I understand that for many people it is more than a construct … I think the advice would be better if it said something like food first, roof second, heating and water then pay your future self… the original advice to me smacks of middle class privilege.. That said .. I do think your channel is fantastic… and I have learnt a lot from your videos.. so thank you very much for that 👍
Congratulations on the 100k Pete that’s a huge achievement 👍👍👍
Cheers, Toby - you're catching up!
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
Great video. I think also part of the reason we are bad with money, is that we use it to try and keep up with the Jones' and buy things we don't need to make ourselves feel better. Disciplined budgeting is hard, especially in certain stages of life!
Pete, Congratulatons on achieving 100k subscribers. I have not subscribed to the channel very long and am still navigating my way round it but so far have been well informed about the best way forward now I am retired. Thank you for all your help.
Congratulations on hitting 100,000 subscribers Pete. Great achievement.
Congratulations on hitting the big 100,000! Absolutely earned - serves you right for being so handsome!
🤣😂
I empathise with the mindset. I experience it too, but almost in the polar opposite way. I'm very good at saving and actively keep costs down, but I often wonder if I'm just missing out on enjoying the money now on the promise of some future pay-off that might never arrive. I see the national debt and I wonder if I should just F it and buy a Porsche... clearly most people don't care and I can't help but think those of us who do will be punished for it. So in short, I totally empathise with peoples concern.
I am very much "OMG my glass is half empty" when it comes to money.
Last year I could have easily bought a new car and went as far as test driving one, but ended up buying a four year old one the same model as the one I had worn out. The final straw with the new car idea was when the salesman told me that the price they were showing on Autotrader only applied if you bought it on finance !
I used to live in a country that experienced hyper inflation once, when I was little. Im now literally having to keep quiet about my real amount of saved funds or my parents would be nagging me to oblivion how naive I am.
@@MrDunclbuy on finance, pay off finance at end of week
Buy the Porsche enjoy it, life is often too short!
@@Diana-007 I came here straight from a video from a guy who bought a Porsche Taycan and has been going on about the massive depreciation ever since. Of course not all Porsches depreciate at the same rate.
Never doubted your ability to reach 100k subscribers for a moment, congratulations Pete 🏆
I am one of the late comers, but thanks to your efforts I’m building it up and gathering momentum. It feels good. Many congratulations on your 100,000 subscribers, a huge achievement. X
Thank you, Louise. Well done for taking action - let the momentum build and your future self will thank you for all the hard work you’re putting in 👍🏻👊🏻
Good video Pete. The thing with financial education is that it needs to happen early in life but how that is made to happen I don’t know. I’m an accountant so have studied business finance since my mid twenties but only recently (I’m 62 now) have I invested significant time in to personal financial planning. I’ve been hit by ELAS and then Woodford and have been overweight in managed funds with too much UK equity, only recently have I put this right. When one is working there’s just too much distraction to focus on this, somehow old duffers like me need to get in front of thirty year olds and get them thinking about this stuff early. Imagine the bullets that they would dodge and the optimised investment strategies that they would use and the amazing wealth creation that would follow from that.
I quite agree, Robert - that's why this channel and others exist!
Great video. Congratulations on the 100k subscribers, I've not been here long but you seem to be one of only a handful of useful finance channels on RUclips.
All my online purchases get put in a bookmarks folder in my browser, and I force myself to wait at least 2 weeks to buy anything from the folder. Usually by then I've spent so much time learning about the product that the novelty has worn off and I've put myself off buying it 😅
That’s exactly the kind of self-managed scaffolding that will serve anyone really well. Glad to have you with us - thanks for the kind words! 👍🏻👊🏻
excellent chat. really appreciate the insight into human psyche/attitude to money/abstract concept/short term gain chat........think may of use will identify with this
Cheers Julian - glad it was helpful!
Congrats on the 100k Pete. Long overdue.
Thank you, sir!
Congrats mr matthews 🎉
Thanks Pete
No worries!
Another excellent video.Congrats on reaching 100k subscribers, Pete. Well deserved!
Thank you, Christine!
Congratulations on hitting 100k subs.
Thank you! 🙏🏻
Thank you for a great video.
You’re very welcome, Anna!
Great video thanks
Thanks for another great video
You're welcome - thanks for watching!
Brilliant ❤
Another great video, i am one of those late comers to sorting finance and i'm into your "Retirement academy" and loving it. Voyant Go takes some getting used to but the videos are superb in setting it up and how to make changes, all of which are informing me of potential retirement options (which are just over the horizon as turning 59 at the weekend). One major comment about the content of this video, I think Roger may disagree with your spending strategy of not ordering something after 72 hours as you don't really need it!🤣
If you are on superannuation (NHS). Is there any benefit to overpaying? ie from the employer? Like some kind of match
Nope. You won’t get match in the NHS scheme
hi long time viewer with a simple pension question no one can answer but hoping you can - annual allowance is £60k or 100% earnings as you have advised, however if I contribute towards my pension via salary sacrifice does this reduce 'my earnings' when considering my yearly annual allowance - example if earn £110k a year but contribute £60k via salary sacrifice to my pension then would this reduce my available annual allowance for that tax year to £50k and result in tax being paid on the additional £10k - please help as literally no one seems to be able to answer this ?
Remember that it’s £60k or 100% of relevant earnings whichever is lower, but only for personal contributions. Your company can pay £60k in for you irrespective of salary. So in your example, as you are salary sacrificing the £60k, it becomes an employer contribution. While your salary has technically reduced due to the sacrifice, this doesn’t matter because it is an employer contribution that’s being made.
You should read audio books
Hello my names Frank and I’m a chronic debter 🎉🎉🎉🎉🎉🎉
Is the TikTok channel yours, or is someone posting your videos?
Someone's posting them. I've reported it - if you could too, I'd appreciate it!
Those people who appear good with money are probably because they’ve been burnt at least once. Maybe by investing in a bubble or something like that. Nobody is naturally a conservative investor until they’ve learnt that lesson.
Since I just mentioned cars elsewhere, taking out a three year car loan in the 1990s taught me a valuable lesson. 26 months to pay off the capital then another 10 months to pay off the interest. Since then I have saved up for my cars.
Or like in my case I was poor as a child and decided never again.
Hi Pete,interesting question here.I restored property and sold for a million pound however I seller financed it so the buyer pays me 6 k a month for 10 years.I am putting the majority of the money in the market every month.Would you agree it’s an ok plan.
I am in the Uk.
Thanks.
Hell of a risk you’re taking, allowing them to buy you out over ten years. I do hope there’s a decent contract in place! Dropping money into the markets will serve you well enough….
Sorry, but I think that is bad advice.. a roof over your head and food have to come first
Pay yourself first is a construct to help you prioritise, and it does assume that you have at least some disposable income, or can budget hard to expose that disposable income. If you literally don’t have any spare money each month then absolutely, make sure your rent or mortgage is paid.
@@MeaningfulMoney Absolutely..
But as someone that used to hide behind the sofa when the rent man came as a child.. and someone that had no heating in the house except for burning rubbish.. I understand that for many people it is more than a construct … I think the advice would be better if it said something like food first, roof second, heating and water then pay your future self… the original advice to me smacks of middle class privilege..
That said .. I do think your channel is fantastic… and I have learnt a lot from your videos.. so thank you very much for that 👍
Appreciate the feedback, thank you. 🙏👊🏻