not really, every video he makes its to promote the sponsor in a more specific way, this kind of manipulation is typical, just read the 48 laws of power
Extremely interesting and insightful video. Tracking your earnings and expenses from young age is something I'd recommend everyone to do - as you pointed out, evaluating your current situation is the first step towards financial freedom. Keep up the great work Liam!
Hello Liam! I left a comment all the way back in September thanking you for the motivation and inspiration to once again return to my studies for Law. I’ve now managed to receive a place at Sheffield Uni. I hope you keep uploading similar content which keeps many of us motivated and proves to be a guide. Thank you!
@@aliyardim895 the main one is to establish a routine of studying. Work out when you’re most productive and go with that. For instance I’m definitely a morning person so I started early and finished earlier but everyone is different. I’d collate information as you go along too so revision and dissertations are easier. There are some good study you tubers which encouraged me to try different ways of working. I used notion to manage different projects too so perhaps explore some productivity tools before you start? The university library is the best as you don’t get distracted by others. Sheffield has some wonderful things in place to meet new people and you’re so near the countryside in Sheffield as we are surrounded by the seven hills so Derbyshire and lots of greenery is on your doorstep/ short bus ride away. Sheffield also has tons of green spaces/ parks. Get out in the fresh air daily; walk; go climbing; go for a pint etc Talk to tutors or others if you struggle with anything and know that it soon passes. You’ll be fine! If you’re bored mix up where you work. I use to go to local coffee houses to work or read also. I hope this wasn’t just waffle lol - Good luck!
I opened my first investment account at 35, I'm excited to let my money work for me😄 Please make other videos on personal finance and investment, that's fascinating! (review/key takeaways of the books you read? Breaking down your dollar cost averaging strategy?)
An idea: why not take half the cash and pay off your student loan today? That buys back all of the interest this year, next year, the next year etc. and eliminates all the liabilities in your net worth equation. Then start investing 15% of your income in your pension (it looks like you may already be doing that), cash flow your wedding and start married life with a low bank balance but without any debt (together pay off your partner's student loan too). Then, with no student loan, you can each receive your pay cheques each month (both of you after having put 15% into your pensions) (without the Student Loan Company taking anything), budget your expenses that month and then use the rest to build an emergency fund of 3-6 months expenses. Once that's done use the excess cash each month to max out your saving for a deposit and stamp duty land tax for your first home. Then buy your first home together; 15 year mortgage, no more than a quarter of you combined take home pay. You will then have eliminated your rent payment. You will each receive your income monthly, without any Student Loan Debt and with pound cost averaging payments into your pensions monthly. Your pensions will begin to grow and recycle dividends into buying more shares. You will have an emergency fund to catch the problems caused by home ownership or redundancy. Your net worth will drop because of your mortgage (i.e. value of house minus mortgage = not much equity) but every month you will buy a little more. Still do your budget monthly together. Instead of saving for a house (which you have now bought), save for the 10% mortgage pre-payment instead. Each year punch the mortgage in the throat by paying off 10%. Your net worth will be climbing up and up. Your pensions will be growing. Your equity in your joint home will rise. If you want to cash flow other things that are important to you (e.g. massive holiday, upgrade in car, cost of having a child or surprising costs like IVF, etc.) you will be able to cash flow them without the Student Loan Company stopping you. This all follows the Chris Hogan book you mentioned in another video; its also the Dave Ramsey 7 Baby Steps. It works. It will grow your net worth. But to get started you need to avoid keeping the Student Loan Company in your house like a pet. Instead, pay it off. Today. Continue to track your net worth monthly. You will see how the process above builds and builds that net worth. Thanks for the great video and good luck with your future legal and RUclips work.
We're middle class, and have been debt free for several years (2017). We also have four children to support, although our oldest is now an adult and working on her degree. The first thing we did was double down on paying off our student loans. There's the common sense stuff such as cutting out frivolous spending, of course. But the majority of it was getting rid of all credit cards but one (for traveling). But we managed to get both student loans and our home paid off in less than five years.
In saying that you "add" your liabilities to your assets to get NW, not everyone will immediately understand that liabilities are in this case treated as a negative number. Less confusing would be to say that you SUBTRACT your total liabilities from your total assets to get NW. Same end result, less confusing, IMHO.
I too have my annual "net worth" and calculations from when I was a teenager too (and I am now very old). i still do it every January and I scanned the hand written ones in the last few years as it is fascinating to see what things cost in the 1980s. I am not sure student debt is real debt as it is a 9% charge on earnings over the threshold (not matter what the student loan rate is). However I can see why people regard it as "debt" and one reason my savings are low is I have funded al the children through university and 3 children through the LPC without any debt or student loan company debt as I wanted them to be in the same position I was when my parents made my tiny minimum grant up to the full one. Obviously they are terribly lucky they have a mother working full time at my age who is happy to have funded that and I also understand the argument that it is silly for parents to fund it given most UK students never pay back nor are legally obliged to their full student loan.
This is very interesting, Jane - thank you for this! That’s amazing - lucky kids, but if you have the means to do it, that’s fantastic 🤗 Agreed that student debt is more of a tax, but it’s a 9% charge that I hope not to pay forever, so will likely pay off in monthly instalments like any other loan (but appreciate that obligation goes away if my earnings do)!
Hey Liam, would you do a video on the podcast you recommend not just about finance but any other interests. It would be neat to compare! I’m sure the comments of said video would bring some insightful recommendations as well! Keep up the great content!
To be real financial free, and reasonably affluent you need around $10 million. That puts you in top 1% in US and easily in UK (probably 0.5% here). Although, you need buy real estate as age is not on your side. Buying early 20's, gives best long term advantage
Hi Liam, big fan of your videos - I have got so much value from them already! As someone with a simular sized student loan and financial position, I was wondering if you could give some more insight into the reason why we shouldn't pay this loan off? A concern I have toyed with, as several hundreds get taken out of my pay per month. Perhaps a nice idea for one of your videos :) Thank you!
Thanks for sharing and being open. Your doing great keep up the good work. In my opinion you should not count your retirement pension as assets, but thats just my opinion.
Hello Liam, I do see that you have a website but there is no contact information such as an email or anything where we can talk to you in person. Please help
Hi there Can you give feedback on students getting 3rd class in LLB. What career prospect will it be and what are the options available for career as a lawyer
Ooff. Such a huge cash balance right now is a HUGE mistake. Time in the market beats timing the market (which you won’t be able to do anyhow). I would invest 80k of that cash immediately.
Did you not hear him say he’s saving for a house deposit and wedding? Meaning as the money will be needed in the near future, it needs to sit risk free, putting that money in the market is the complete opposite of risk free. A big cash balance is necessary 💕
I use the platform myself and think it’s a good option to diversify into art. It charges quite high fees, but is super easy to use and allows fairly small investors (like me) to include art in their investment portfolio if they would like to 😊
Interested in why you don't pay off your student loan in a lump sum? you have the savings. The first thing I did when I started making real money was pay off my student loan in one lump sum, it was high still ($42,000) but it got a monkey of my back and I knew the money I was now making was mine, it also helped with getting a mortgage to build a house (I also make lump sum payments off the mortgage as soon as I have a decent amount to do so) just curious why not pay off the high interest debt instead of having money in savings?
in the UK the student debt is written off after 30 years from the date you graduate. You don't even need to be earning... Therefore it sort of acts like a graduate tax and most will never pay it off (income dependent). With that in mind it doesn't really make sense to pay it off upfront and it would be better put to use in investments/real estate imo
@@MattPlentyGolf Ah, in New Zealand where I am, it is never written off... deductions are made from your wages to pay your student loan, they are high. If you move overseas, your loan gains interest again at a very high rate, if you come back to NZ and haven't been paying your student loan you can actually be arrested at the boarder... didn't happen to me but the threat of it is enough! Even if we move to Australia which is the most common thing we do, the NZ IRD have an agreement with Oz and student loan repayments will be deducted from your wages in OZ AND interest gets piled on, so you'll never pay it back.... my loan doubled to $70,000 when I went overseas, then when I came home it was massive repayments, the more I earned the more I paid.... was a relief to get rid of it!!! UK is obviously a bit different!!
Yep exactly - start with a negative liabilities number (e.g., minus £50k) and add assets (e.g., plus £100k) giving your net worth. I personally, as explained, like starting with liabilities.
It's technically true what he said, he just worded it the other way round compared to usual. I think he meant Liabilities (Negative cost) plus Assets (Positive cost) equals your NW, I.E -£50k student loan plus £300k property = £250k net worth.
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You are a new breed of transparency
not really, every video he makes its to promote the sponsor in a more specific way, this kind of manipulation is typical, just read the 48 laws of power
Extremely interesting and insightful video. Tracking your earnings and expenses from young age is something I'd recommend everyone to do - as you pointed out, evaluating your current situation is the first step towards financial freedom. Keep up the great work Liam!
Couldn’t agree more - thanks Martin 😊
Hello Liam!
I left a comment all the way back in September thanking you for the motivation and inspiration to once again return to my studies for Law. I’ve now managed to receive a place at Sheffield Uni. I hope you keep uploading similar content which keeps many of us motivated and proves to be a guide.
Thank you!
Sheffield Uni is fantastic! That’s where I went. Well done!! You’ll do fantastic👏👏
@@cheche2181 Thank you! I didn’t want to leave London so hoped for LSE but really happy with Sheffield!
Will give it my best shot 🤞🏼
@@aliyardim895 you’ll love sheffield - it’s fab for students!
@@cheche2181 Sorry I completely for to ask! Do you have any recommendations or tips for when I do start my studies?
@@aliyardim895 the main one is to establish a routine of studying. Work out when you’re most productive and go with that. For instance I’m definitely a morning person so I started early and finished earlier but everyone is different. I’d collate information as you go along too so revision and dissertations are easier. There are some good study you tubers which encouraged me to try different ways of working. I used notion to manage different projects too so perhaps explore some productivity tools before you start? The university library is the best as you don’t get distracted by others. Sheffield has some wonderful things in place to meet new people and you’re so near the countryside in Sheffield as we are surrounded by the seven hills so Derbyshire and lots of greenery is on your doorstep/ short bus ride away. Sheffield also has tons of green spaces/ parks. Get out in the fresh air daily; walk; go climbing; go for a pint etc Talk to tutors or others if you struggle with anything and know that it soon passes. You’ll be fine! If you’re bored mix up where you work. I use to go to local coffee houses to work or read also. I hope this wasn’t just waffle lol - Good luck!
This exercise is so important! It shouldn't feel cringy to talk openly about personal finances.
I opened my first investment account at 35, I'm excited to let my money work for me😄 Please make other videos on personal finance and investment, that's fascinating! (review/key takeaways of the books you read? Breaking down your dollar cost averaging strategy?)
I just got a summer long internship in a corporate firm in Ireland and all of your videos have been so helpful from day one Liam 🙌 thank you!!
An idea: why not take half the cash and pay off your student loan today? That buys back all of the interest this year, next year, the next year etc. and eliminates all the liabilities in your net worth equation. Then start investing 15% of your income in your pension (it looks like you may already be doing that), cash flow your wedding and start married life with a low bank balance but without any debt (together pay off your partner's student loan too).
Then, with no student loan, you can each receive your pay cheques each month (both of you after having put 15% into your pensions) (without the Student Loan Company taking anything), budget your expenses that month and then use the rest to build an emergency fund of 3-6 months expenses. Once that's done use the excess cash each month to max out your saving for a deposit and stamp duty land tax for your first home.
Then buy your first home together; 15 year mortgage, no more than a quarter of you combined take home pay. You will then have eliminated your rent payment. You will each receive your income monthly, without any Student Loan Debt and with pound cost averaging payments into your pensions monthly. Your pensions will begin to grow and recycle dividends into buying more shares. You will have an emergency fund to catch the problems caused by home ownership or redundancy.
Your net worth will drop because of your mortgage (i.e. value of house minus mortgage = not much equity) but every month you will buy a little more. Still do your budget monthly together. Instead of saving for a house (which you have now bought), save for the 10% mortgage pre-payment instead. Each year punch the mortgage in the throat by paying off 10%.
Your net worth will be climbing up and up. Your pensions will be growing. Your equity in your joint home will rise. If you want to cash flow other things that are important to you (e.g. massive holiday, upgrade in car, cost of having a child or surprising costs like IVF, etc.) you will be able to cash flow them without the Student Loan Company stopping you.
This all follows the Chris Hogan book you mentioned in another video; its also the Dave Ramsey 7 Baby Steps. It works. It will grow your net worth. But to get started you need to avoid keeping the Student Loan Company in your house like a pet. Instead, pay it off. Today.
Continue to track your net worth monthly. You will see how the process above builds and builds that net worth. Thanks for the great video and good luck with your future legal and RUclips work.
Very interesting and helpful! Thanks for being so transparent 😊
We're middle class, and have been debt free for several years (2017). We also have four children to support, although our oldest is now an adult and working on her degree. The first thing we did was double down on paying off our student loans. There's the common sense stuff such as cutting out frivolous spending, of course. But the majority of it was getting rid of all credit cards but one (for traveling). But we managed to get both student loans and our home paid off in less than five years.
Great video! Congrats on ticking off those first few financial goals and building to your next level!
I paid off mortgage on central london flat aged 32 by tracking religiously
In saying that you "add" your liabilities to your assets to get NW, not everyone will immediately understand that liabilities are in this case treated as a negative number. Less confusing would be to say that you SUBTRACT your total liabilities from your total assets to get NW. Same end result, less confusing, IMHO.
Hi Liam, I'm from Spain and I have to say that I find your content very interesting. Good work.
Awesome, thank you!
You forgot the equity you have in your media/RUclips business and what it represents at its current (hypothetical) market valuation.
I too have my annual "net worth" and calculations from when I was a teenager too (and I am now very old). i still do it every January and I scanned the hand written ones in the last few years as it is fascinating to see what things cost in the 1980s. I am not sure student debt is real debt as it is a 9% charge on earnings over the threshold (not matter what the student loan rate is). However I can see why people regard it as "debt" and one reason my savings are low is I have funded al the children through university and 3 children through the LPC without any debt or student loan company debt as I wanted them to be in the same position I was when my parents made my tiny minimum grant up to the full one. Obviously they are terribly lucky they have a mother working full time at my age who is happy to have funded that and I also understand the argument that it is silly for parents to fund it given most UK students never pay back nor are legally obliged to their full student loan.
This is very interesting, Jane - thank you for this! That’s amazing - lucky kids, but if you have the means to do it, that’s fantastic 🤗 Agreed that student debt is more of a tax, but it’s a 9% charge that I hope not to pay forever, so will likely pay off in monthly instalments like any other loan (but appreciate that obligation goes away if my earnings do)!
Love this content Liam mate. Great work and if you could make a video on your net worth goal for FI that would be cool.
Hey Liam, would you do a video on the podcast you recommend not just about finance but any other interests. It would be neat to compare! I’m sure the comments of said video would bring some insightful recommendations as well! Keep up the great content!
Wow that's huge worth at a very young age with that books!
I'm Impressed with you dude
Student debt in the UK isn't really a debt though in the traditional sense...It's should be more viewed as a 'Graduate tax'.
Great video! Love the transparency
Insightful and helpful - The Liam we know and love.
Awesome sharing!
Great video Liam!
To be real financial free, and reasonably affluent you need around $10 million. That puts you in top 1% in US and easily in UK (probably 0.5% here). Although, you need buy real estate as age is not on your side. Buying early 20's, gives best long term advantage
Top 1% net worth in the UK is $4M
@@carlyndolphin Yes, is not as high as US as most things are subsidised in UK - university, healthcare etc
@@carlyndolphin Regardless, this dude is a long long way off
@@dac8939 how close are you?
@@MattPlentyGolf $8.9 million away
Great video!
I’d be interested in investing. Always wanted to invest but don’t know how to start
Great video, thanks a lot.
Hi Liam, big fan of your videos - I have got so much value from them already! As someone with a simular sized student loan and financial position, I was wondering if you could give some more insight into the reason why we shouldn't pay this loan off? A concern I have toyed with, as several hundreds get taken out of my pay per month. Perhaps a nice idea for one of your videos :) Thank you!
Thanks for sharing and being open. Your doing great keep up the good work.
In my opinion you should not count your retirement pension as assets, but thats just my opinion.
the law goat is back
Love your vids!!! Also first!
Great vid!! How did you student loan fees increase by 20k+? Did your firm not sponsor or pay back the GDL/LPC?
They did! I just did a 4 year course + interest
@@liam.porritt Oh wow... that's insane!
Hello Liam, I do see that you have a website but there is no contact information such as an email or anything where we can talk to you in person. Please help
Hi there
Can you give feedback on students getting 3rd class in LLB. What career prospect will it be and what are the options available for career as a lawyer
Mc Donald or legal secretary in big law
Try and get paralegal work, build your experience and go from there
Ooff. Such a huge cash balance right now is a HUGE mistake. Time in the market beats timing the market (which you won’t be able to do anyhow). I would invest 80k of that cash immediately.
Did you not hear him say he’s saving for a house deposit and wedding? Meaning as the money will be needed in the near future, it needs to sit risk free, putting that money in the market is the complete opposite of risk free. A big cash balance is necessary 💕
I’d guess it’s probably in term deposits, if it’s the same as NZ you can get over 5% interest for short terms
Have you done any due diligence on masterworks?
I use the platform myself and think it’s a good option to diversify into art. It charges quite high fees, but is super easy to use and allows fairly small investors (like me) to include art in their investment portfolio if they would like to 😊
Interested in why you don't pay off your student loan in a lump sum? you have the savings. The first thing I did when I started making real money was pay off my student loan in one lump sum, it was high still ($42,000) but it got a monkey of my back and I knew the money I was now making was mine, it also helped with getting a mortgage to build a house (I also make lump sum payments off the mortgage as soon as I have a decent amount to do so) just curious why not pay off the high interest debt instead of having money in savings?
in the UK the student debt is written off after 30 years from the date you graduate. You don't even need to be earning... Therefore it sort of acts like a graduate tax and most will never pay it off (income dependent). With that in mind it doesn't really make sense to pay it off upfront and it would be better put to use in investments/real estate imo
@@MattPlentyGolf Ah, in New Zealand where I am, it is never written off... deductions are made from your wages to pay your student loan, they are high. If you move overseas, your loan gains interest again at a very high rate, if you come back to NZ and haven't been paying your student loan you can actually be arrested at the boarder... didn't happen to me but the threat of it is enough! Even if we move to Australia which is the most common thing we do, the NZ IRD have an agreement with Oz and student loan repayments will be deducted from your wages in OZ AND interest gets piled on, so you'll never pay it back.... my loan doubled to $70,000 when I went overseas, then when I came home it was massive repayments, the more I earned the more I paid.... was a relief to get rid of it!!! UK is obviously a bit different!!
Thanks Liam great video!! An investment video would be interesting!!
I have a total net worth of... 700 quid haha! joys of being a student. 😅
second :) great vid
Any tablets can you recommend for note taking ?
pen and paper, much cheaper, spend your money on something revenue generating
Is it not Assets - Liabilities? Not sure where the addition comes in?
You can add the positive value of the assets plus the negative value of the liability, I think
Yep exactly - start with a negative liabilities number (e.g., minus £50k) and add assets (e.g., plus £100k) giving your net worth. I personally, as explained, like starting with liabilities.
If you took risks you would have invested that 10k in crypto but you can't do that while being scared of taking risk
Hello
3:07 Net worth is assets minus liabilities. Not plus. Good video though!
It's technically true what he said, he just worded it the other way round compared to usual. I think he meant Liabilities (Negative cost) plus Assets (Positive cost) equals your NW, I.E -£50k student loan plus £300k property = £250k net worth.
Yep - this is exactly what I meant - thanks @Mrfootyify 🤗
Basically he is still broke. If you are not $10 million plus in London then you are poor
how much does a corporate lawyer earn?
but sounds like Liam is more interested in Art and product design than actual law lol.
once you pass the initial 2-3 years and become an associate it is now c.£100k at top London firms, some even more
Pay off your debt and get married inexpensively.
Why would you charge your girlfriend to live with you
How boring
The UK is underpaying you. Come to the states and your salary will start at 180k at a big law firm
and you get 10 days annual leave, work longer hours, have awful gun crime and no NHS... It's a pass from me
long story short if you have an above average iq don't become a corporate lawyer unless you want to be rich in your 40's
There is one born every day