What Your Net Worth SHOULD Be By Age 30!
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- Опубликовано: 21 окт 2024
- Today we’re discussing what your net worth SHOULD be by age 30! We’ll dive into what the data tells us about the personal finances of UK people right now, along with what a good net worth example would look like for somebody of that age.
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Disclaimer: All ideas presented within this video are that of my own based on my own opinions. Please do not consider any of these videos as financial advice as I am NOT a financial advisor. All financial decisions and choices made are solely your responsibility. The views shared in this video are just for entertainment purposes only. When investing, your capital is at risk and can go up in value as well as down in value. You should consult a suitably qualified professional when seeking out investment advice in order to fully understand the risks associated with investing.
Happy Sunday guys, hope you’re all enjoying the UK sunshine (it’s about time!) ☀️ Hope this video was useful, remember though, try not to compare yourself to other people, the only person you’re in competition with is yourself and as long as your trying to improve yourself and your own finances, thats all that counts! Link below to open an account with Trading 212 to get 1 FREE share valued up to £100: trading212.com/promocodes/MITCH (Capital At Risk. Terms and Conditions Apply)
Sometimes Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin ,While also continuously learning from mistakes and improving.
Many overlook that banks are return-driven businesses. I don't trust keeping a large sum in a bank. Instead, I invest with guidance, enjoy the benefits, and save for retirement.
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.
@@BernardFrederick-tk7un Could you kindly elaborate on the advisor's background and qualifications?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
You work for a 40yrs to have £1m in your retirement, meanwhile some people are putting just £10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
I'm new at this, please how can I reach her?
she's mostly on Instagrams, using the user name
FXMILLER151 💯.. that's it
I'm a grade B at age 19 with a net worth or roughly 30k. I've been working since I left school age 16 and have simply saved 90% of my income as I'm living at home with no expenses. I am now doing roughly 50h+ per week trying to get well ahead with my finances im also about to finish my apprenticeship a year early after putting in the effort and will be getting a nice pay rise 👍😁
well done, you!😎
Thanks 👍 @@lakdahulara
@@lakdahulara thank you :)
I think it’s also worth considering what part of the country you live in or whereabouts in the world you live. Up in Scotland our earnings are lower than the south east but our living costs are also a good bit lower. My advice at 30 years old is having an emergency fund that could last you 4-6 months worth of living expenses is a really good thing to focus on. It definitely helps me sleep better at night now that I’m not living month to month
My advice at 60 years old is stop buying stupid expensive german cars. or any expensive car. do that once you own your own home outright.
imho concentrate on any loans. push to pay that mortgage off ASAP. we loaned 180k to build our new house in march 2007. paid it all off within 10 years but extreme frugal living.
owning your own home outright is the best thing you can ever do financially. once that is done and dusted you watch the cash flow.
we earn about 10k month between us and our monthly outlay is 500 quid a month for basic bills.
we have a lot of spare cash to help our 2 sons out. bought our 20 year old son a brand new 30k car with cash. we drive a nissan leaf lol.
Well done, and good advice!, £10k a month is more than most people will ever earn monthly. Once you earn higher wages life becomes a lot easier!. I have found with a lot of friends that earn similar and more than yourself that they always seem to spend everything they earn (nicer clothes, cars, House, Holidays), they all just say we work extremely hard and you cant take it with you!!, they also ask me on occasions if I think they waste money, which is a big fat YES!. You can live a good life as long as your careful with what you spend.
There are two mindsets - pay off the mortgage (and all other loans) ASAP, then put it all into pension/ISA with the surety of owning your own house in the bag. The other is to get as long a mortgage as you can get, and not to overpay, but to invest that money instead at a younger age into the pension and ISA (to benefit from hopefully higher compounding rates than the mortgage rate) - the aim here is to use wage inflation over (e.g. 20 years) to reduce your mortgage payments in real terms significantly, then you overpay.
I think the choice comes down to the individual. However if you aren't married but have your name joint on a house, it is better to put it into your pension (this is protected except in the case your are married and get a divorce) that for one party to overpay the mortgage only. I know this is pessimistic, but in reality a huge number of relationships fail.
@@capcomgenius3974 agreed. I bet some people who are taking lots of holidays today aren't thinking that they might need to delay their retirement ultimately - obviously it depends on the balance, family holidays are different, enjoy yourself whilst you are young, etc, but holidays are expensive and if you are scraping by the rest of the year and not saving as a result then you have the priorities wrong. There are people living nice lifestyles but you realise they don't own the cars, they are in debt, and their pensions are half of what they should be at their age...
I feel very fortunate to have a net worth of £60k in my early thirties but I still feel behind where I should be. I don't own any property or drive a nice car but maybe this is the price I've paid to put myself in this position.
That said I've only worked just over 10,000 hours in my 7 year career so I've also had plenty of time enjoying my youth.
Take it from someone who is a lot older than you……you’re doing well. Most people I knew in my early 30’s, me included, had a negative net worth. I’m good now, but trust me you’re doing far better than most. Once you get to 100k, things really start to snowball….keep doing what you’re doing.
Thank so much for the advice been seeking means of being successful in the digital market,do you recommend any professional ?
Please how do I reach out to her? I’m in need of her assistance.
Good work, that's (inflation adjusted) about where I was in my early 30s (I wasn't keeping track back then so it's a bit of a guess). God these financial scamvisor spambots are annoying!
@grahambriggs8338 I'm also not including my 'marriage' net worth which if her student loan is excluded is just over double my individual net worth (I pay all the rent and bills 🫠) so we're both in a good place!
I’m 37 with 340k . Been investing since I was 19 . Didn’t really start going aggressive until my late 20s. If i would have known earlier to go aggressive I should’ve have more . I am very thankful where I’m at today . 🙏
Good shit man 👏🏼
Very inspiring Mitch! I've followed you for a little while. Most of the people my age late 20's either flat share/ rent, or bought a modest property with a long term partner just about (I note most before pandemic prior to houses rocketing in price and when interest rates were very low.) I decided to move home to save for a house deposit and last year went straight into index funds investing. These are my accumulating years before I move back into the city again onto the ladder for a corporate job hopefully with some assets growing in that time. I'd love to hit 100K.
Hey Mitch,
Never worry what others are doing!. I understand though that people want to know where they are in life, but if you are happy it doesn't really matter. I am 37 and am married with 2 children (so far), I own my own house with a mortgage. I have just done a net worth calculator and came out at just over £400k, I don't know whether that is good or not, but like I said, I'm not fussed as long as I get my weekends to enjoy with the kids and wifey I'm happy!!
Happiness above everything else! £400k is great too! Kudos to you man!! :)
would love to see u do a practice tradeing 212 account - putting just £20 per month in, to see what u would invest in
I’ve got real portfolio updates on the channel where I share exactly what I invest in
60 here.
mortgage all paid off. 400k house
3 new cars all paid in cash.
100k in stocks and funds
100k savings.
pushing to be worth 1 million on me 65th birthday. saving about 4k month and making about 2k month from investments.
You just published your name, age and net worth on the internet. Why make it easier for scammers and identity thieves to pick a target!
Im technically an 'A' although I'm not sure I'd class myself so highly as so much of that is equity in my home which I'm not looking to sell anytime soon
Thank so much for the advice been seeking means of being successful in the digital market,do you recommend any professional ?
Please how do I reach out to her? I’m in need of her assistance.
Hey Mitch, Loved your video...I'm Impressed with your content and must really say that you post amazing stuff...I was wondering if you need a video editor who can edit your videos and extract shorts out of them...This can elevate your content to next level and help audience to engage more...Let me know ✌✌
My early life was in NZ working minimum wage jobs as i saw university and the debt they got people in as a trap. I barley bought anything and was extremely frugal all through my 20s. By the time id saved a couple grand id have a car bill or dentist bill and it was back to square one again. Only in my 30s did i start to earn a bit more and mid 30s i started working for myself which has increased my earnings. I used my nz pension to start my business in the UK otherwise it wouldnt have been doable..
I also got from inheritance and used that to get a mortgage on a 2 bed with my gf who is a full time teacher. Other than that i have no debt and im still extremely frugal.
Plan on investing soon and putting aside money for a pension aswel as starting a side business.
Being frugal isnthe main thing i find. Dont go spending money of flashy clothes, cars or even buying lunch everyday. Make your lunch, stop buying cans of coke and choclate whenever you go in shops and only spend what you need
Happy Birthday Mitch! Cannot wait for the Shareholder Lab :D
Thanks Paul!
Upcoming banger of a channel
Appreciate you! Thanks!
Pension funds should not be considered in your net worth calculation. It's basically a (promised) future income. From the time you stop working until you die.
Great video as always Mitch! Where do you stand on Mortgage overpayments? Is it better to funnel money through stocks/ETFs, simply save the money in a high interest ISA, or commit to the 10% mortgage overpayment each year to offset your term and interest?
Thanks! I’m a little torn on this topic, I think it depends what your financial situation and priorities are. In an ideal world you’d do both, but appreciating that may not be the case, I guess it comes down to the benefits and drawbacks of each. No mortgage = greater financial freedom, bigger investment account = more asset value which could provide greater financial freedom. I think ultimately it comes down to what would make you feel most comfortable, a smaller mortgage or bigger investment account. It’s so hard to give a concrete answer.
@@MitchShoesmith that’s a really measured response and makes a lot of sense. Thanks for taking the time to reply!
Loved the video! I don't agree with the student loan being counted though, it's not like a normal loan. A better calculation would be to estimate how much per year of the student loan you will need to pay off. This is more representative of how it will actually affect you.
Fair enough, can’t argue with that!
Been working since I was 21. Now 35 and safe to say my financial status has been an embarrassment up untill lockdown hit. It was only then I went self employed and had my own business making double what I was making in my old job. 4 years on I have finally moved out (renting unfortunately) but paid off pretty much all my debt. All I have now is car finance and I’m paying that off next year. Now I feel I’m in a rush to get the future sorted with a proper pension and investment.
Fair play to you for getting yourself to where you are, sounds like you’re doing all the right things so keep working on it! Kudos to you mate!
@@MitchShoesmith now just need to work out how to do the long term stuff. Long term pension investment or S&S isa or both
29 years old 54k in investments, 100k real estate equity, 2k in savings and no debt
26 and about to turn 27 next month. Net worth £60k+, and no outstanding debt. Payed off my plan 2 student loan debt of £44.4k in full this January due to the 7.6% interest rate. Should hopefully hit the £100K mark by this time next year.
I still feel like I'm falling behind, although I know I'm better off than most people my age.
I’m 30 with net worth of $510k (im American so I guess somewhere around £400k). Was lucky to have earned a lot right out of college and made some smart choices like living on 50% of my pay and buying a home
Great video, Mitch. My net worth will either sound very good or very poor for my age depending on if you count student debt as a proper liability. To be honest, it really is just a graduate tax in all but name.
Thanks mate, yeh I see where you’re coming from, I don’t even look at mine to be honest, it’s just an unfortunate deduction on my payslip 😢
Grade A + including liquid only as I don’t like counting equity in house etc and in early thirties. Been doing well by just maxing out ISA when it’s reset and putting away into SIPP/GIA. May look into fixed bonds in the future but I think I’m doing alright for now.
It's all relative. I see a lot of middle aged people talking about they're living month to month financially, living in houses they can't really afford. Still driving around in old cars. And not that they're mentally retarded or something, that isn't the case at all. These are well educated people. It's a mindset: they want to have it all, without any concessions, ending up staying poor. Spending everything they have on things you mentioned in the beginning of this video. Clothes from designer brands, paying way too much on travelling, thousands of euros on holidays/hotels/excursions that are overpriced. What are their priorities. 🤷🏼♂️ You can also have fun on cheap(er) holidays without breaking the bank, in my opinion. But again, this is not everyone's mindset.
Sadly a lot of people are mentally hardwired to thing "I want" means "I need", and also that money in the current account is money to spend asap. They aren't willing to sacrifice, e.g., keep that slightly worn kitchen/bathroom around a couple more years, keep that car around instead of staying on the new car lease trap, can you get that phone fixed instead of getting a new one, etc. This is why the best investment strategy for many people is the salary sacrifice pension (and transfer to ISA/SIPP on payday) - so they never see the money to spend.
@@AgileSnowWeasel Totally agree on that. It's a lifestyle somewhat that they can only change themselves. Others can't do that. Change of mindset etc. And indeed, people tend to forget they have to "pay themselves" first at monthly payday. To prevent there's nothing left on the end of the month. 🙏🏻
I lost over $70k 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 Natalie Rose Strayer.
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills.
Without a doubt, this year will be worse than the last. I lost a lot of money last year as a result of bad investment choices that I would not have made if I hadn't been so worried about my portfolio. I kept investing, but I couldn't determine whether to start paying for a house. In the end, I sold my positions, and the house needed more work than I had planned. I'm not sure how long I can keep going like this
Hi, I'm currently at grade B., I have 29k in savings and 1k invested, is it worth increasing the savings to investments ratio to more of a 1:3 ratio?
Hey, i guess it depends what that 29k is for, if it’s a £29k emergency fund with no other use for it then I may be inclined to invest a little more if it was me
I'm 28 and I'm just into grade A.
Hey Mitch , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?
Hey - feel free to drop me an email: mitchshoesmithyt@gmail.com
Should be ...but why not!!!! may be you had the qualifications,but not able to find a high pay job,may be you look after your parents,may be I have a single parent and look after lots of other expenses. Please ppl don't get down by how much you should have by 30...be happy and be content
100%. My 20s were hard. Expensive. Low paying jobs which left me unable to afford to study. Didn't know what I even wanted to do! Only thing I'd say is listen to motivational speakers and audiobooks to feel inspired and dint spend money on things that will bring short term happiness. You don't need to buy lunch everyday, vape, drink during the week, buy sugary drinks etc. Love frugally and perseve. Perseverance is everything. If you're depressed that's OK, I've been there many times. Keep going and it doesn't last forever
I’m about to turn 31 and I’d say my net worth is circa £210k
Great stuff!!
How did you manage that ? Were you gifted any ?
Great effort!
Yes my dad gave me £20k to help by my first house on my own. I’ve set up a junior isa for my daughter so I can do the same for her. I was very lucky I got a good grad scheme straight out of uni so was earning 44k straight off the bat at age 23.
@@jackharrison3132 love that! Great to hear💪🏼
I’m A but didn’t realise that was a good think until I watched this. Wish I inherited the money mind you 🤣
Sweeter when you know you’ve worked for it though!
Sorry am I being stupid or is your maths off 😂 40hours*52weeks*9years=
18720 hours. How are you getting 90k? I just woke up so maybe im missing something...
Yeh I messed up the math lol, my bad!
@@MitchShoesmith I'm just glad I'm not losing it 😅. Great video (maths aside) it's a great insight into the average person!
Seems very low, but a lot of people have zero net worth. Everything they earn gets spent
Yeah it’s true, and I think just student debt alone probably kills the net worth of most people in their 20s
It’s the lower end that has a large proportion and bring the number down
@MitchShoesmith The question is if its fair to include student debt as a "true" liability on your balance sheet rather than just another tax.
If they've been to university they are probably in negative net worth territory
That's the problem with averages. You really need to compare yourself to your peers (e.g., net worth of full time employed people in London+SE at age X). I'm also of a mind to say that student debt is its own special thing, effectively a higher tax rate on earnings, and shouldn't apply to net worth - it'll get written off before retirement anyway.
6p per hour is a pretty grim number Mitch! Thanks for the existential crisis moment hahaha
😂😂 sorry! But yeh it’s not great 😬
good to know
Guys I'm 19 and I have a higher net worth than 6k are my twenties just going to be filled with years of spending more than I make or what?
How will you have worked 90,000 hours from 21 to 30? Doesn't add up. Did you mean 19,000 hours? 40*52 is 2080 and 9 years would be 18,720 hours
I have no idea lol, must’ve typo’d the formula, that would make the average gain in net worth 32p per hour then, not 6p 😬🤦🏼♂️
@@MitchShoesmith yes to do 90,000 hours in 9 years you would have to work 192 hours a week. That would be quite the feet! 😂😂😂
@@LawrenceTimme sure would lol! 😂
@MitchShoesmith More like 33p an hour. Think you got the wrong formula again 😂
@@liamcostello3474 😂
Marathon will be incoming soon, key life milestone at 30-35 (alternative hobbies available 😂)
😂😂😂 I’m tempted!
You lost me when you put "car" in your "asset" column.
It is (in the short term) if you bought it outright (even with a loan which is a liability that is probably higher than the car value). It does deprecate and that should be factored in. In terms of retirement plans it shouldn't count unless it is a classic car you will keep forever.
Many people just lease a car so just have the debt in the liability column - forever and ever and ever as they can't afford the balloon payment so they just stay on the lease car treadmill.
Wow Crazy information and little 20 something year olds tell us over 30s about Financial information haha. Interesting information 🤔 Gets people thinking!.
Grade B for now
Suggest anyone here who uses thwir actual name as their youtube handle should not also advertise their age and networth. Just making it easier for identity thieves and scammers!
Mitch can you review my net worth please? 🤣🤞
I can if you give me the figures 😆
@@MitchShoesmith did you want screenshot of my portfolios or just a rough breakdown on here. I dunno if it would make a good video as I’m 30
@@michaelhutchinson2854 drop me an email mate: mitchshoesmithyt@gmail.com, I’ll have a look and see if I can work it into something!
40..B GOING ON TO A
Unfortunately this RUclipsr invests into mostly overvalued tech stocks. Over a long period of time his strategy will probably lose.
I mean that’s pretty inaccurate, about 60% of my holdings are in an S&P500 ETF, but open to other suggestions if you have them, I’ve had my portfolio for nearly 7 years now and done pretty well out of it.
@@MitchShoesmithso what if America starts underperforming for long periods of time? Your portfolio will be doomed!
@christophervipond1950 what are you invested in?
At his age it makes sense to invest in growth stocks. The US market has been proven to be the best place to invest with a history of 8% average return with inflation adjusted. Sure there are other opportunities but they don't have the same track record. History doesn't dictate future performance but I'd rather go for something with a proven track record
@@christophervipond1950 then I could sell and reallocate my funds, thats part of portfolio management
Remember its about denying the flesh so that youll reap Financial blessings to your offspring. Jesus is King.
You gonna bring all your net worth to the ground when you die😂
£124k at 18 😍
Ballshit how
The only way people people make real money is to find a system to take money from others. In no society can most of the people become rich.