Signs You're Doing Well Financially (Even If It Doesn't Feel Like It)
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- Опубликовано: 16 июн 2024
- Do you feel like you’re behind financially? You’re not alone.
We spend so much time focused on the things we don’t have that it can be easy to forget the good things we have going for us.
Financial Planning
I am a Chartered Wealth Manager and Partner in a financial planning practice based in the UK. If you would like to find out more about our services, please follow this link: go.novawm.com/getintouch
DISCLAIMER:
This channel is for education purposes only and does not constitute financial advice. Any opinions or assessments expressed are James’ own opinions or assessments, which are not affiliated with any third party. Any representations stated as facts or views based on such facts are relevant to circumstances applicable at the time of publication. This information should never be relied solely upon to make decisions, and James accepts no liability for any investment actions undertaken by viewers. Please seek regulated financial advice or an advisor if you require assistance. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested.
00:00 Intro
01:14 The Psychology
03:52 Sign 1 - Defaults & Exponentials
05:50 Sign 2 - Property
09:34 Sign 3 - Protection
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We tend to give ourselves a hard time about... most things. So it's important to take some time to zoom out and realise the good things you have going for you. However small they might seem.
Hmmmm, not sure. I don't really agree with the extrapolation, the assumptions seem excessively optimistic.
In most things I feel like I'm doing okay. Should have a reasonable fund to retire on, but for various reasons/life choices/state of the market I find myself 15ish years from retirement and still renting and worry about this in retirement. Nearly all pension predictions seem to be predicated on the fact of owning a home and being mortgage free by retirement.
Great James, so helpful and comforting. You mentioned having the 'right' products to protect your family...how do you navigate this minefield?
If you don't have debt you are doing better then 90 % of people.
This is similar to Damien’s video…getting deja vu! No shade as I love your channel
I know, I saw Damien's video right after i finished filming this yesterday. I couldn't believe it! We've clearly been taking inspiration from the same places!
@@JamesShack Was going to say the same thing haha
Yup was thinking the same too! I wonder where they get their inspiration from.
@@alexkf_ Wherever they do, I need some too haha. I am all out of ideas
Great minds thinks in the same ways... :-)
Thank you for sharing this. Didn’t realise how much I needed to hear this. Makes me feel significantly better about my current situation and has certainly realigned my thoughts and shall continue to do what i’m doing.
Thank you so much for this video, James. I am not from UK or even from any western countries, but I can totally relate to your insights in this video. I am a worrier type, especially about money, and always feel that I am not doing well financially for my age. I always compare myself to other people who seem to live the high life,while my husband and I are stuck with our monthly mortgage (another 6 years to go) and saving every pennies that we can manage. You have indeed taught me that comparison is the thief of joy. I should be grateful that my husband and I own 2 houses (small but beautiful), his pension should be more than enough for us to retire comfortably at age 55, and yes, my husband,being such a great head of the family, has 2 life insurances to ensure that our child and I are well taken care of if, God forbid, something happened to him. Your video makes me realize how ungrateful I have been because I keep on feeling like I am behind. I am an extremely lucky woman with my beloved husband and son, and that is definitely all that matters now . Bless you,James.
Fantastic advice, I’m a senior and already retired. And have already gone down the roads you’ve described. So in other words been there done that. And you are absolutely spot on in this advice. The only other thing I wished I had known earlier was to plan not only for your retirement but where will you (age)or live after you retire. Which will be quite costly when you reach that age. Especially if you don’t have family to live with or depend on. And who can plan on depending on family. Being able to help with your expenses when you’ve aged will be better all around. This is something we don’t think about until you have to. Because you’ve reached a certain age. But by that time everything is quite expensive and would have been beneficial if addressed during the primary working years. When we’re younger we often think I’ll deal with that when the time comes. Or I’m going to live for the moment for now. And when that time does come, as it will, having planned for it, is a greater asset than not having a plan.
I love your videos James, great content delivered brilliantly! Thank you!
Great video man! Always love how you break stuff down.
Omg. This video is so "me", a chap who only start investing at 40s, paying a mortgage that sees my income tighten by months end, etc., (despite knowing my property value is going up). And the cycle repeats itself over and over. Nice & comforting video. Thank you.
There’s no doubt it’s tougher out there than it has been in the past, but good to recognise successes and have a positive outlook
Hi James, thanks that’s a very timely and useful reminder.
Thank you from the bottom of my heart. I think you just made my stress levels come down.
Needed to hear this today. Thanks James 🙂
Thanks James, certainly helped me put things into context.
Fantastic video James, even if you are aware of this just reminding yourself allows you to take stock and make better decisions - thanks for making this!
Could just be the best video you have made.....passionate, fact based and thoroughly positive assessment of situations which millions of us face. Thank you James
Thank for the continued support. You’re very welcome!
Thanks for doing these videos. They haven't changed my strategy as I was basically adopting the approach you recommend anyway. However especially when things get volatile, it is really helpful to be able to listen to rational and positive reinforcement of the 'stay the (diversified) course' principle.
Thank you Mr Shack, I needed this video 🙏
Nice video James. Solid message! 👍Point 3 is massive and under-appreciated.
Indeed, unfortunately it's only those that have already experienced losses that to understand this! But should be the first part of any financial plan, as you know!
James! Loving all the content, definitely a highlight when a new video comes up.
Can you consider doing a video on cashflow planning whilst in retirement? I.e., strategies to top up cash buffer after a market down turn?
Thank you for all this information.
This is a really great video. Thanks James!
Great video James. People don’t give themselves enough credit for the efforts they are making! I just took a look around the room and was suddenly thankful for everything I’ve done for me and my family.
Good you for Grant. Gratitude is the solution for more things than you’d think.
James thak you. This is a really positive video.
Really encouraging video, thankyou James.
You're welcome!
Hi James excellent video thank-you, one issue I have with down sizing is the change in the property market, unfortunately in my area buying decent retirement style property
doesn’t really leave that much money in the pot even when you sell your own larger property. Yes I could possibly buy a cheaper property away from my current area but that’s not too appealing when you have friends and family nearby and love the area you live in.
Really helpful video. I needed to see this right now
I'm glad this has come at a good time for you!
Thanks James, I DO feel a lot happier about my speed on the motorway - and not comparing it to others!
After all, I’m driving my choice of car and might be being overtaken by a sports car… their journey vs my own! 😊
Good vid, sometimes we need to slap ourselves around the chops as much as pat ourselves on the back. Taking stock and recognising progress and achievements is important.
This is exactly what I needed to know
I'm gald to hear this has helped.
I set myself realistic and achievable goals on a weekly, monthly & yearly basis. I take no notice of social media, peer pressure and keeping up with the joneses.
Great video… Thanks 🙏
Can I give you a hug? Thank you for this video!
Thanks James. I feel much better 😅
I don’t agree with the mortgage repayment position but the rest of the points are reassuring. Thank you.
Insurance for illness or death is an unsaid item.. including drafting wills and LPOA
Great video!
Great video james 👍 never thought about the downsizing when older etc a video on best place to invest be great, vanguard lifestratergy or s&p 500 etc, not sure if there is a vanguard s&p 500 isa ?
Thanks dean
My first job in 1990 ( to 1995) was with a US company and was advised the pension was very good. Never looked at it until 2019 when I requested from the fund
manager the current transfer value and was told £146,000. The power of compounding and the much higher growth US stock market. Had that been in the FTSE, it
wouldn't be worth half of that. So the lesson, get in early and get it into the US stock market.
Great advice - focus on yourself as comparing to others is a great way to be miserable
So true James!👍🏽
The motion graphics are top notch!
Hi James, this might be niche, but any chance you could do a video on what people should consider doing with any excess once they have filled their ISA and Pension allowances each year?
CGT and Dividend allowances are being cut for unwrapped investments, so where to go, BTL will be impacted by house prices dropping amongst other issues, speculative assets are not usually as good as productive assets etc
That is perhaps too niche for youtube, but I've started up a newsletter where I'll be digging into more technical details like this. To answer your questions, the main tools in the tool kit once you've done pensions and ISA is VCTs, EIS and Offshore bonds
Great real world advice
Damien just did the same topic. Good work.
Still looking for original content 👀
So what 😮🎉🎉
Enjoyable as usual, great job! 👍 Is that average investment growth before any fees?
It depends on how your invested, and fees vary by fund and platform. Blackrock give a forward looking outlook here: www.blackrock.com/institutions/en-us/insights/charts/capital-market-assumptions
The global 60/40 portfolio is a middle of the road example.
Consistently great videos that provide a pragmatic approach to wealth building and take away a lot of the fear of retiring.
My goals were simple based on my income…get completely out of debt with a reliable older model Honda and a roof over my head paid for. I retired at 65 with that goal complete but with very little in savings which I’m working on with the extra income from no house or car payment which amounted to approximately $1500 a month. Wish I had done this earlier in life. I won’t be taking a world tour but never expected a lavish retirement since I’d never had a lot of anything but debt. It’s all relative..live within your means with realistic expectations for retirement and you’ll do fine.
Love this post. Sensible approach.
Perspective = Everything
Some major assumptions going on here. Starting regular full time work with a decent pension at 20, kids having flown the nest at late fifties, managed to get on the property ladder at all... Gonna be so many people for whom one, two or three of those aren't true. And anyone that needs reassuring that they're not doing too badly when they've managed to hit all three of those milestones needs to get their head checked.
I agree, also people are having less children so there will be less 'downsizing' if they manage to buy a house to begin with.
Thanks James, that was very encouraging! 🙂
Hi James, thanks for this video. I really like your channel. I think this is one of your best, since this is just clear without too many technical information. 👍🏽
I live in the US and at 27 I had already started feeling the way you described! Luckily for me, I began realizing your point a few years back. I have a very solid government job with a great retirement options. THey match up to 5% of my salary if I choose to put it towards retirement. I didn't even realize that alone puts me way ahead of large majority of my peers. Next goal is to buy a modest place instead of renting followed by maxing my retirement contributions in the next 3 years. Currently I put in about 4500$/yr into my retirement, but that number can go up to 9500(that is my cap in the US unless you put more into a private investment fund). The sad part is that if you are in your 20s, just not having debt puts you in the top 20% of people financially. That is bad debt, not debt that is moving you forward.
James, I'm not sure if you'll read this, but I feel like you've gone inside my head today and filmed this video just for me! I've been struggling for a while balancing the thoughts of 'am I doing enough', with 'I don't know what more I can do?!'. This has confirmed I'm on the right trajectory. My life is well insured, I have a teachers pension which I've been paying 11% into for 14 years (now 37), and I have the home I need for my family to safely and comfortably grow in. Yes, I have some short term debt I want to get rid of ASAP, but it is nothing that isn't insurmountable with since careful budgeting. Sometimes you need a telling off by Dave Ramsay, but sometimes it's good to have a gentle pat on the back and 'keep going'. Thanks 🙏
Another great video James, thanks! However, for many of us whom couldn't enter into the house property club, and have only a very limited capital saved, what are the chances to retire with enough? There must be another way that is not the typical house property one... Thanks!
Great vid! It is nice you are able to be a realist and optimist at the same time
I started paying into my pension in early 2002 at the age of 32 (a little late). I was lucky i was able to buy back about 3.7 years as i work in NHS. The pension now is growing very fast i was amazed at how much it is worth. If you have opportunity get a lump sum into the pension as soon as possible as this grows very fast over time. James is 100% correct get a pension as early as possible keep growing it monthly and never stop paying in. Its free money. 20% tax free and the company you work in pay into it also. Then you get the interest from the stocks and shares that are invested on your behalf each year. Be smart.
Hi James. As always a great video. I have a quick question...I'm about 5 years from retirement and spend quite a bit of my time planning for this event. I love watching your videos and enjoy managing my own pension/ISA investments. However, I would like to pay a professional to look at what I have in place and offer advice on any improvements to what I have. What I'm not interested in, is paying a financial advisor/planner to manage my portfolio going forward and paying them a % of it's value - I'm looking for a (mobile phone analogy) PAYG rather than a monthly contract. Do you offer such a service or do all advisors/planners look to manage for a portfolio % contract? Hope that makes sense 😁👍
I don’t. But try looking on Vouchedfor.co.Uk for an adviser that works on an hourly basis.
Can't wait to have my over priced house taken off me by the state to pay for care costs 😅. But fair play making a positive video. Very much needed for many and a nice change to the usual doom and gloom (even if it is a little rose tinted!).
the Psychology part was spot-on
At 5 mins in i can tell i AM behind XD
im 40, only held min wage jobs, been disabled 10yrs and bar N.I. never contributed to a pension of any kind. I can be proud that im not in debt and the current cost of living is just about tolerable, but ive never been able to save long term, iv always had to sacrifice some lower priority essential (wearing clothes with holes in them etc) and i am lucky in that im a low maintenance type of woman, with no social life. i.e. the pandemic lockdowns did not change my life in any aspect (albeit due to my disability)
I stopped work before the 8% pension contributions started, but i believe i am getting N.I. credits while on ESA with extra enhancement
I genuinely thought someone was outside your window behind the camera when talking about looking ahead hahahahhahah
Great video James. I’m 54 and wanted to be retired by now. Unfortunately I’ve gotta continued working for the next 10 years. So yeah I’m behind.
On the other hand you are in a position where you are 54 and can continue to work. A position not everyone your age finds themselfes in. So you are ahead depending on who you compare yourself with. The ability to be able to work and create wealth is only available to a small percentage of the worlds total population. It’s all relative.
@@nunuknowstheway6710 The ability to create wealth is available to an awful lot of people. It's not how much you have but what you do with a little on a consistent regular basis - there are plenty of options and information is readily available. Think "compound interest".
Another great video, James, with some important messages that all investors should take note of. One minor observation - you used growth rate of 7% in your example - seems a little ambitious going forward?
Average growth rate of the S&P 500 since the 1950s is over 10%. Some would say 7% is pessimistic.
Been working now for 6 years (aged 24 now) and for over 2 years I have had to opt out of paying my pension because the 8% pension payment was nearly £200 a month, money I need more now than I will in 45 years time, this video shows me that was a bad decision, that people who can’t afford to pay into a pension right now aren’t doing well enough… be careful about the advice you give. I came to this video to hopefully find acceptance with my financial situation, not to be further discouraged.
People who are coming to this video for help are likely having to make every penny count, saying things like “you don’t even notice your pension coming out” or “saving hundreds of pound a year” which is a massive amount for some people, is really ignorant.
I think it's mainly just to give people guidance on what is the ideal situation. If you can't meet those requirements currently, you'll likely have to continue working later in life. I don't think any offense is meant by any of these videos.
Hi James, your videos are great, so informative and I'm certainly finding them helpful. I was wondering if you could do one on people that have final salary pensions, and how they could find a way to retire early given the pension penalties for doing so. There are around 10 million of us in final salary schemes but very little advice, other than to stay in the scheme. Cheers. Happy to share my circumstances as a test case if that would help. Marc
AVC's ???
Hi Marc, defined benefit schemes are a bit of a regulatory minefield. Even general information about transfers is highly regulated. The FCA thinks that most people should stay in them, but lots of people want out. I’m not regulated to give DB transfer advice, but even if I was I probably would not be allowed to talk about it on RUclips. It’s difficult because the FCA insists you need advice, but no one wants to give it because of the regulatory risks.
@James Shack are AVC's a good idea with a DB pension to help boost it to retire earlier?
A much needed video James. Thank you
Very much enjoyed your video James. Thank you. Like many I guess, I'm coming to this later in life (early 50s) but really pleased to have learnt so much from your video content. Thank you again for your hard work in explaining this complex stuff in such a clear manner.
No problem Jonathan. I'm glad you've found it useful. All the best!
Yeah, I’m really sceptical… I’ve been doing all those « right things » I’ve forgone fancy holidays and midlife crisis motorcycles and yet for the last 5 years my pension has really disappointed me…. The more I put in, the more it seems to stay the same… I’m moving through my 50’s now still waiting for that magic compound growth!
The audio is reverberating. I guess it's the room. 👍
I'm always confused about Pensions and how they work/advantages. Do you have a video explaining how they can work for the self employed at all?
Hi James, many thanks for this. Do you recommend equity release for those of us without children? We have been frugal with the house (in terms of size) but its worth 3x what we paid. However, also heard the horror stories! Thinking this might help as we are moving into later retirement (currently 50). Many thanks.
That or lifetime mortgages can be effective tools in the right situations.
Damien Finance smiled when he saw this video
I wish I could find a Life Insurance company that I could speak to without the hard sell. I responded to an ad last year, and was bombarded with calls, and when I finally spoke to them, they hung up on me when I said I need time to think about their quote. Seems no-one is allowed to recommend anyone these days, so I'm now stuck. These insurance companies are all the same.
Expectations …my mum used to say that expectations are resentment on the making …
Dejavu? I just watched a video on this exact topic from Damien yesterday
My family HAS NOT been living paycheck to paycheck since 2016. That is good to me. I remember the days of living check cashing shop to check cashing shop.
Thanks James, I really value your videos.
Are there any free financial planning software / websites / apps that are available to UK based people?
Have you tried my cashflow planner? james-shack.co.uk/cashflow-planner
@James Shack thanks, this is brilliant. I had forgotten you put this together.
Class information James as always. Thank you.
@James Shack follow on question (which may be a future video idea): Your videos are very informative, and the cash flow tool is great, but how do I know if I should be speaking to an IFA rather than doing things myself? Are there any standard qualifying questions that individuals should be asking themselves that may indicate an IFA would be helpful? (Assumption being that advice from an IFA is not appropriate to all 70m UK population)
Sometimes it is better to think you are not doing so good, gives you extra motivation to put more in whether that is in your pension or overpaying the mortgage.
But can be reassuring knowing you are doing ok and better than you think.
Damien Talks Money did a very similar video recently on this too. Some very good points made here :) I am constantly comparing myself to others who I deem "successful" and its really something I need to work on, Thank you!
ᴛʜᴀɴᴋs ғᴏʀ ʏᴏᴜʀ sᴜᴘᴘᴏʀᴛ ғᴏʀ ʙᴇɴᴇғɪᴛᴀʙʟᴇ ᴅᴇᴛᴀɪʟs ᴏɴ sᴏᴍᴇᴛʜɪɴɢ ʙɪɢ ᴀɴᴅ ᴘʀᴏғɪᴛᴀʙʟᴇ. ᴡʜᴀᴛsᴀᴘ admin above 👆
Although its great to have goals, and want to make a success of your life, it's important to take time to recognise what you've achieved already and not be too hard on yourself. It's hard to do though!
So much of a mental battle in ones own head.
I am happy with where I am, but always have the doubt that my future earnings will drop.
52 yo, been employed at the same place for 30 years, but still feel unsecure about my ability to carry on paying into pensions and save at the same rate, mad I know.
Thank you for sharing. Is this because if job insecurity?
@@JamesShack Engineering in the UK so always up and down. We had several years of no profit then the MD was ousted so we are now on a better footing than before and into a healthy profit. I think it's more my own insecurities !
Young people, please please please save as much as you can afford to. I semi-retired a few years ago and am now in my 60s. I could kick myself for not contributing more to my retirement when I was in my prime earning years. I know it's cliche, but time does fly. Before you know it, you'll be my age, wanting to fully retire but unable to because you can't quite make ends meet on your pension. PLEASE save, save, save!
Wise words
Comparison is the thief of joy!
Given how likely it is that the state pension will soon be seriously eroded in value and pushed several years further away in terms of qualifying age I'd say millions of people are now much further behind than they'd planned for.
ᴛʜᴀɴᴋs ғᴏʀ ʏᴏᴜʀ sᴜᴘᴘᴏʀᴛ ғᴏʀ ʙᴇɴᴇғɪᴛᴀʙʟᴇ ᴅᴇᴛᴀɪʟs ᴏɴ sᴏᴍᴇᴛʜɪɴɢ ʙɪɢ ᴀɴᴅ ᴘʀᴏғɪᴛᴀʙʟᴇ. ᴡʜᴀᴛsᴀᴘ admin above 👆
Nobody behind. Only possibility we exist is slim to zero. Just enjoy life!
Like many at 50 my employer didn't want me anymore and neither did prospective employers which left my previously good financial habits in tatters.
Fantastic advice, James !
This reminds me of the quote from Pete Mathews book ‘you should have some sort of insurance to protect against disaster’
Are you going to be writing a book anytime soon James? Because I’d sure buy it
Haha I don't have one in the pipelines, but who knows in the future! Yes, Pete, as a fellow financial planner, will always put insurance before all else!
In general raises at or above 3% are quite rare. With inflation some raises have been higher than that, but it takes more of that to buy things that are needed such as utilities, medical care, insurance, and of course food. My home is paid off and is of humble size, has been for years, i have a 401K and IRA, I invest in through Robinhood. I am 50. I feel behind and i do not want to sell my home to retire if i am so blessed to live to that age.
Great video James
So much truth in what you say. I retired early at 56 after a 38 year career and am fortunate to have a very good pension. My main issue is when the stock market takes a beating. That's when I begin to feel I'm not doing well. Its then that I begin to feel I can't do the things I want to do as I have to save money and forgetting how investments work. this a common and what advise would you have please?
And, it's not just the capital tied up in a newly empty house that is costing you money. It's the damn heating bill as well. We are fully intending not just to downsize, but to also invest in a Passiv house to largely eliminate heating costs in retirement. Two fingers to the cost of gas in other words!
Interesting! Damien Talks Money released a video with similar contents, It's great to have multiple points of view on this matter and it's important to keep us motivated with the doom&gloom athmosphere of this beginning of 2023, thank you!
I have a pension thank God. It is going to be very important.
Very true James, our experience is the last 5 years was key. We bought a house to join the guys in this generation and it made 10k a month in Norfolk. Great video thank you very much.
ᴛʜᴀɴᴋs ғᴏʀ ʏᴏᴜʀ sᴜᴘᴘᴏʀᴛ ғᴏʀ ʙᴇɴᴇғɪᴛᴀʙʟᴇ ᴅᴇᴛᴀɪʟs ᴏɴ sᴏᴍᴇᴛʜɪɴɢ ʙɪɢ ᴀɴᴅ ᴘʀᴏғɪᴛᴀʙʟᴇ. ᴡʜᴀᴛsᴀᴘ admin above 👆
How do you add pension to net worth? I think the 4% rule works good for this, so a $40,000/year pension is equivalent to $1,000,000 in retirement savings. Am I thinking correctly?
I live in a modest house in Australia which I will own in 3 years. I drive a newish car which I paid cash for. Now the bad - I am mid fifties and wish I knew this information in my twenties. I have about ten years left to work and only have $228 000 In superannuation. Hopefully I will be able to increase it once I am free of house payments.
I don't have what you would call traditional wealth, but I am heavily invested in body art and have spent most of my discretionary income adding ink. It's sort of like a 401K, but with some of the leading tattoo artists not some Wall Street hedge fund manager.
Great video! Speaking of increased house prices what advice would you give when it comes to the size of a mortgage? Do I stretch myself and get that £800.000 London apartment that will Hopefully do well as an investment whilst being a comftable well located home, or do I stick with my much cheaper house in a commuter town allowing me to put more into my investment ISA’s and pension? I can’t work out if it’s worth the risk of taking on a big mortgage for the increased return on a property over time.
Always try to have as little debt as possible and, ideally, none. It's the one thing that really limits your life decisions. Buy the cheapest house you can in the commuter town and try to save and invest as much as you can. Over a few years the value of the house will increase so you will have that equity plus your savings. Meanwhile, London prices are likely to top out, so if you want to move into London then you will be able to put down more of a deposit and have a lower mortgage . Patience is key.
@@amandahunter4034 That works as long as your investments are returning more than 12% PA, the current rate of RPI which is likely to persist for the next 10 years at least. As for London, I don't know why anyone would want to live in that hellhole with all the traffic and the daft schemes of Sadick Kahn, ULEZ, 15 min zones etc
Going off on a tangent here. Can you suggest a company that can provide various trusts, i.e. like a living trust, to protect various assets?
Most solicitors can set them up for you.
Imitation is the greatest form of flattery!
Expectations,,I’m going spongy I can keep working ,,,but will have enough money to pay for food heat etc then I can enjoy my life ,,things that don’t cost anything ie countryside etc it’s really just what I always wanted
Still, at least you're not worried about having over £93k in your pension fund alone by 40 😂 The figures this kid kicks around are absurd 🤣
@@richardhammer187 yes ,true
One thing i’d advise younger viewers to be careful about is to keep an eye on the pension funds, especially ones run by companies themselves. Over the last twenty five years i’ve seen two such pension funds (i’ve been involved in ) fold , and have nothing to show for those funds. As a result my overall pension fund at 55 is only about a third of its possible value.
Thanks for sharing. Were those defined benefit or defined contribution schemes?