Compare coverage and stay informed on breaking news by subscribing through my link ground.news/damien to receive 30% off the Vantage subscription which is about £4/month for unlimited access to all the important features such as the Blindspot feed.
Very good video. "What Net Worth Puts You in the Top 10%?" What if we excluded the tiny number of super rich households that skew the real figures? To me, that's the true figure. What is that number??
@@marcus.H Very hard to say because basically the richest do not report their wealth as i tried to show around 800 billion is missing.. Which is this richest cohort and that makes up nearly 1/20th of total wealth in the UK which is AWOL
14:25 I ageee! "The Miracle of Compound Interest." Last 20 years teaching Secondary School Maths I've always tried to slip in as much financial maths as I could get away with, but it should be explicitly taught. Credit, mortgages, pensions, tax, investing. Teenagers are rarely as 'interested' in the lessons as when we cover compounding.
@@SK-kh2rs Sure, money isn't everything, and enjoying life is important. However, money is a great way to help you get what you want and need to enjoy life. As people say, money isn't everything, but without money, you are nothing.
I am a professional risk manager with experience in risk consultancy, UK government and private sector including banking and defence. The one thing almost everyone gets wrong is that risk is wholly negative and that scares people into not taking any. Risk management should properly be called risk and opportunity management and anyone thinking about risk should focus equally on opportunity. Not just what could go wrong and how can I avoid it, but how can it go right and how can it make that outcome both more likely and more beneficial.
Def needs more education on risk, but also negotiation topics, the value of contracts and what to look out for and some of the pitfalls, also developing a plan if not strategy. It’s never mentioned but there is often a big difference in attitude applying toward ‘own money’ versus company money, I’ve seen people more than happy to go outside of process to obtain goods & services without contractual cover, without negotiating, having work undertaken or software installed then go wrong and in doing so generally opening the company up to massive risk, yet wouldn’t dare be so reckless in their own world.
I work at a big charitable foundation and we are changing terms like ‘Risk Register’ to ‘Risk and Opportunity Register’ to take into account the fact that our grant making has big risks but also big benefits and it has changed the perspective of how we engage with partners
@@stumac869 both maths and personal finance are just as important, but having good basic maths skills doesn't automatically give you good financial skills. I was good at maths in school, I was ok with personal finance, but there were massive holes in my knowledge. I didn't really understand investing until my late 30s when I spent time to study it in my own time.
If you haven’t got the aptitude or focus to start and be successful in business, then at least buy chunks of other peoples businesses, who do have that focus and aptitude.
Thanks for this. I’ve been sending your videos to my 18 and 22 year old nieces. They don’t have much yet, as they are both students, but no one in our family has ever talked about this kind of information. They will have resources soon, and I wish someone could have told me about this stuff 35 years ago. I’m also going to be teaching this stuff to my grandson when he’s a little older. This is one way of breaking the generational poverty chain. Thanks again. Keep doing what you do.
Loved the personal tidbit at the end! I'm also a Durham university graduate from a few years ago, and I had a very similar experience of having my eyes opened to a world of finances and life experiences that I had never known existed before. Also being the first in my family to go to university, it really opened my eyes as to how little financial education I had received growing up in a working class house. I know investing and saving isn't going to suddenly mean I'll pay off my mortgage tomorrow, but it will best prepare me for my own future, and hopefully the future of my kids as and when I have them. All the best dude!
Damien, what a great guy. I used to be in financial services and am well informed, but still love his straight forward, honest and inclusive style. If only more people were better informed and participated in investing, that would be a better situation and Damien is more than doing his part. Investment is for everyone. Start now, however small and drip it in over the long term. Nobody told me this when I was young, but I eventually worked it out and in my fifties, no longer need to work.
I know I'm in danger of being a bit hyperbolic, I've said this on one of your videos last year and I'll say it again: you're gearing yourself up to be my generations Martin Lewis - informing the masses on financial literacy. sorry I'm not subscribed, but the algorithm recommended this which is telling. so you've got the momentum behind you Damien, keep it coming!
When writing this comment, I am 22 and have just started an index fund, and I'm paying into my company pension. One of the problems with people my age is that they aren't looking that far into the future. They see the money that could be used for the company pension as money towards renting a house. This will only change if schools teach this topic in greater detail.
@m4yh3m121 how do parents in the lower percentile, with hardly any disposable wealth, learn enough to teach? Damien said, those in the higher percentiles already pass on their experience and knowledge.
just remember you can move your money around in company pensions, you can move into cash if you think the global market is going to tank. Most people select a fund and never change it. this is a big mistake.
Reminds me of when I had an open day at Durham Uni, and the first thing they said to the room was “I know most of you will have applied to Oxford and Cambridge”. I was moving in different circles 😂
This was one of the best videos about investing I've ever seen. The factual and sincere information you put out was on point and I think everyone watching this "pause" their life for a few seconds and actually thought about what you said and how you said it. Simply amazing. Just subscribed because of this video and will keep following your videos for sure. Keep it going!
Your videos are incredible but the light comedy that you incorporate seamlessly just makes them pure class, the pie references throughout the whole thing had me cackling throughout even though this is a topic that hits close to home as I’m struggling myself. But it really does make your videos a much easier watch as they are so so important for young home seekers like myself!
The government of the day doesn't want financially free people, they want a never ending supply of worker ants paying their taxes. This will never change.
@@george6977maybe the odd lesson - but actually ingraining a mindset of wealth creation, understanding risk, inflation, exchange rates, stock markets - these subjects could all be taught in maths at school - yet instead it is all theories and Pythagoras therums
Damien my story is the same as yours, single parent, council estate, went to top Uni, graduated,couldn’t get a job, couldn’t speak English properly (according to them, had a London ghetto accent), had no internships under my belt. Couldn’t get a job easily, eventually when I did didn’t understand how to get on in a big corporation, left or would have got sacked. Started my own business now I’m in the top 2 or 3 percent. It’s not easy to level up. Having successful educated parents makes a big difference, state school teachers are useless.
The part about your university experience resonated so much with my experience. I'm a second generation immigrant (I was born in France, from Sri Lankan parents). No one in our whole family went to university. My sister and I were very fortunate, as our parents pushed us to study hard. We were able to enter very prestigious universities in France, as education is free. What I realised is that despite being technically open for everyone (since it's free) the vast majority of students accepted to these fancy unis were coming from very privileged families. Not because the families paid for it, but because just like wealth, high education is also inherited. These kids were playing a game I did not even know existed.
I definitely was subject to the fears of investing. I have been thinking about it since I started University and only finally started investing after leaving uni. Very delayed but I’m here now and I’m glad I’m using these vehicles. There is some serious gatekeeping with the true vehicles of wealth building. Very grateful I now have the knowledge and am sharing it with all those around me.
There are tons of investment advice videos out there, but the social/psychological/ethical commentary you fold into yours makes this channel unique--at least from what I've seen. And the little bits about your own life and feelings in there really do give your videos some genuine emotional impact--at least for me. Bravo.
Top quality compiled data Damien! You just keep getting better and better. I still have friends who think long term investing is not for them cos they like seeing their money in their bank account. They don't see "depreciation"
Top work Damo. I grew up in the 90's. Schools didn't address financial education including investing, risk, compound interest or tax. I could've been in a much better place financially if they did. Most people don't learn this stuff until they start thinking about how they can get more out of the money they earn or how can they save more money. By that point there's years of missed opportunity to invest. I know I saved money for years before i invested and lost out on thousands due to it. Also with tax (slightly off topic I know), most people with a normal PAYE job just trust the HMRC to take what they should and wouldn't even know if it was right or wrong. Most people just get bamboozled by tax codes and financial years with little understanding on the repercussions of not understanding what you need to check.
One of the best things I discovered in this 2024 year is your channel, mate. Your videos are just amazing. Thanks for your hardwork and for keeping us informed.
Absolutely fantastic video. The DfE should get you, or your videos, in front of every school in the country Damo. Every child should have the right to learning the basics (compounding, asset classes etc), and how the application of the readily accessible tools (stocks and shares ISAs, pensions etc) can/will impact their lives.
Damien, your vids just continue to get better and better, congrats on your success, great to see. The production on your last few has been super slick and really helps deliver the messages. Would love to see something on current ‘retirement’ ages and how people are going to save enough to make even a normal retirement possible, nevermind the much touted FIRE route to an earlier work exit. Feels to me that the current economic climate, inflation, fuel costs and housing costs make saving robustly whilst raising a family and living life only a dream for most.
This is an excellent video. I couldn't count the number of people I've known or seen comment online who say that investing in the markets is no better than going to casino or buying a lotto ticket. That's completely untrue, but I don't completely blame them for thinking this. It takes a reasonable amount of knowledge and a bit of internal fortitude to stay invested while there is turmoil happening, as well as a sensationalist media feeding daily stories predicting doom. Even my own wife, who has been on the investment journey with me, is still skeptical about the wealth building properties of investing in shares, bonds or for that matter starting your own business. This is why I started on the education path early with our kids, like my old man (who had modest means, but the right mind set) did with me. They now understand how wealth is built for regular folks and take more of an interest in it. They're not content to just have their savings from work etc sitting in a bank account not doing anything for them and getting eaten away by inflation. I wish more people thought that way. So bravo Damien for putting the data out there.
@@DamienTalksMoney no worries! The first thing is to teach kids the maths behind compound interest and how it can be your best friend or worst enemy. They learn a bit about this at school, but I like to show them practical examples of it. The second thing is to explain how public companies, ETF's, index funds and bonds (public and corporate debt) work and how you as an average punter can invest in them. The third thing I've taught my kids is the time value of money. All of this should give people a pretty good grounding in the basics.
Away from the technical aspects of investing (compounding etc.) - which I think are more suited to older children in the main - I would suggest the most important thing to teach children throughout their childhood is delayed gratification. Because, without developing that mindset, we will all just grow up wanting everything 'now' and putting 'now' first. Not to be nostalgic, but until relatively recently, we had to wait to buy a record; now we can instantly stream it. We had to wait a week for a next TV show episode; now we can binge the boxset. It's likely harder now than previous generations to 'wait' for almost anything. Without having a delayed gratification built into us, we will find a reason not to invest for our future self ('might as well spend it now' syndrome). Ultimately, the whole foundation of investing is delayed gratification. By displaying from an early age that we, as adults, have to wait for things, as our children do, and that the wait has great value, I think the technical aspects of investing 'make sense' because the context in which investment is made (long term) has been wired into us. It sounds like you learnt 'the right mind set' from your dad, and this has meant the technicality of money/investing works for you, and that you are in a position to pass this on to the next generation of your family. I do believe that, in many cases, it just takes one person in a family lineage to forever alter the financial path of that family. It probably only takes one person to break it though, too!
Thank you for this enlightening, erudite and articulate presentation. Simply put but pretty easy to understand, at least the most important principles.
Great video Damien as always! Your experience with uni and mentioned survey about "money talk" with children are reason why I'm much more open to early discussion about these topics with kids (and Junior ISA as example of trust towards them)
Damien like you I was the first in my generation to go to uni. I paid for it myself. Despite this I remain, like the millions of other people from working class backgrounds, who stay so very ignorant about the things you try to teach on your channel. Thank you for beginning to prise open what in my view has been for so many years a 'secret garden' for all who are willing to try to educate themselves via this wonderful open learning system we now have, powered by the internet and tech like RUclips. My very best wishes to you in your project. Thank you for helping me.
The difference in disclaimers for credit cards and investments has always struck me as strange. The one *might* lose you some money. The other will almost certainly lose you 20-30% per year (in the form of interest). It’s like putting warnings on health food but not the cheese burgers…
In my experience, in so many cases, educating people does not work. I've been trying for years to get friends and family to invest and it's like banging my head against a brick wall. I've pretty much given up. Their loss!
I’ve been following you for a while and I’ve been dipping in an out. But this evening I have binged watched maybe 10 videos of yours and I just want to let you know your clarity and genuine attitude and ethos is bang in my man. Thank you so much for making these videos!
I’ve always been obsessed with money and understood the value of calculated risk taking. I talk money for a living and this is a great vid btw. I practice what I preach and have been more successful than I could have dreamt. My parents worked as hard, if not harder than I have but they always avoided almost all risks at all costs and I saw how it served them. It’s simple for me; take as much risk as you can afford and wait. People get what they deserve and you reap what you sow.
Excellent video, Damien! Your story of University is very similar to my own (and undoubtedly thousands of others.) I remember sitting at my graduation realising that everyone in that hall was getting the same bit of paper as me and that was happening in more unis than i could imagine. I realised at that moment i'd done uni all wrong. But, i had nobody to tell me any different. I always try to pass that on.
Growing up in a pay check to pay check family. Never really thought much about money. Just saw it as a way to pay for stuff you needed. Wasnt until i reached 40 that i start investing. RUclips has been a great education in terms of understanding financial concepts. Its hard as when you finally get to that realisation you realise that youre already 10-20 years behind better educated people. The matrix term gets applied alot. But this compounding knowledge in familes just seems like an unintended but present issue that keeps people at their level
This is why channels like yours are so important, at least to give people some knowledge to make them think about investing. Also, that pie was making me hungry..
This is fantastic Damien thanks. The conclusion is powerful, we fail in state schooling to educate on finance, i have never understood why. Very interesting point about the loaded game at class based level, another point that rings true. Fantastic video, its the perfect balance of information, insight and humour. Bravo Sir!
Great video Damo! I have been investing since 1985, and seen a few major crashes in my time, but each one was followed by a bull run that regained the losses and then went on to increase my wealth. I never panic, or alter my investment strategy when crashes come, I just ride them out and stay the course.
Another killer video Damo, and seeing you levelling up of that editing consistently. These sort of videos are what make YT such a great space for educating yourself, thank you.
We have been on a recession since the beginning of 2022, but big media and governments all over the world didn’t want to admit it. We need to be wise and use our brains. Knowledge is power and I’d like all the family to be powerful! Just purchased some PbatesLTD Thanks for keeping us informed during this times of doubt?
Love your channel Damo. I've set up a stocks and shares ISA via Vanguard for my daughter on the back of your vids. Also love the Making Money podcast, I've listed to them all and re-listened to a good few! The Paul Jonson one was so eye opening for me. Please keep em coming Damo and T and Snowball! :)
Something I often find myself discussing is the general lack of practical life skills taught in schools. The only lessons related to personal finances I remember were a couple of explanations why it's bad to get in to debt, and repeated assertions of the importance of getting a job and having some money set aside for emergencies. My family were no help there either.
I've always thought that the idea that your house is your greatest asset and your pension is a backwards way of planning. My house is my home and I'll be damned if I have to sell it to fund retirement. A retirement that would mean I finally get to spend an increased amount of time at home. People really need to wake up to pension saving and good financial planning in a big way. Thanks for all the quality content Damien, you're seriously helping a lot of people!
I totally agree the focus on risk is very detrimental, imagine having the same disclaimer when getting a job. To be honest a job one could seem even more scary, if the business goes wrong for something that will be nothing to do with you. You'll be the first to be let go as you are the newest and if you go into debt that's personal debt, that will stay with you forever and d ying will not even stop it.
I started investing in the stock market when I was made redundant after the 2008 financial crisis. Mostly because I didn't have any savings before that and I managed to get a new job fairly quickly so I could invest the redundancy payout. Before that I had the view that it was risky to invest in stocks and I started out with no idea how to do it. I taught myself about it from the internet. I now really believe that investing should be taught in schools.
I've been watching your stuff for a long time and it always refocuses me on my personal finance, so thank you for that. I'm also always amazed at your ability to not just get so angry at our entire system every time you go through this stuff. That pie segment at the start is the best demonstration of the absolute failure of our current version of society that I've ever seen. I'm not a communist, but what we're doing right now can't possibly be the best system.
Thanks, Damian. I'd like to see schools taking personal finance more seriously and inviting speakers/guests much like yourself in to get the financial cogs moving. Knowledge of basic finance and the ability to cook will give most kids a good start (or at least save them a fortune on ready made pies!)
This is a really interesting video! Effort, hard work and the willingness to educate yourself and take some risk is a vital component of this also as most of your audience are finding out! 🤑👏🏾👏🏾
Yes! People need to learn there's actually far more risk to your well-being by not investing than there is in sensible investing. Many people resist making stock market investments out of fear it's too risky. Sadly, they never experience the peace of mind that comes with having a nest egg of compounding investments, sometimes described as FU Money.
Damian. I have to say this is probably the better video you’ve made so far. I like the new graphics, I love what you are doing, I love your passion you have to guide us. I even felt your emotions, holding back. Wanting to say.. don’t let those rich pr1cks tell us we can’t! Just so they can profit from doctrinarian us. Don’t invest, it too risky, buy a house instead and over 25-30 you’ll own it but, I charge you hundreds of thousands in interest. Don’t do what I do, do what I say. Anyway. On a lighter note. Once again, I love and can’t wait for your next release. Thank you. BhD
5:20 my old supervisor used to say wealth should be an iceberg and barely visible above the water surface. 14:27 the National Curriculum is not geared to creating independent thought, analysis or critical thinking. 14:54 cultural capital, the education that happens outside of school.
Where you spoke about your time at Durham University, I had a very similar experience when I transferred from the ranks in the Navy to become an officer. All of a sudden you are surrounded by people who have always known about investing for the long term. It was taught to them by parents and peers. I didn't have a clue until that time that investing wasn't just for the rich. Another great video 👍
Really good video and well done for explaining things so clearly: kudos to you. This highlights a huge difference between attitudes in the the US and UK (admiration of the wealthy versus vilification), and explains a lot of the gulf in fortunes between the two. You are absolutely spot on with risk warnings. They are there purely for covering the asses of banks who are terrified of being sued.
High income and low net wealth individual here. Recently got into a 1% income bracket. And everything feels like it’s too slow. I can’t shake the feeling that I’m too late. (32yo). I’ve got spreadsheets modelling my growing wealth at the current rate of income and it’ll take decades for me to reach my targets. I have to keep reminding myself that life is a marathon, not a sprint, whenever I get the inch to see more and more income.
You are 100% not too late mate honestly. The key thing is the target is the end goal and you have a whole load of life between now and that target so live that life and do not just wait for the day you land at your goal because I promise you that goal and getting to it wont give your life any meaning really.. It is about the journey, so cut yourself some slack and add ways to make great memories to the modelling of yours.
I'm in exactly the same boat and got absolute mental when I bought my first house. A house that was in worse shape than when it was last sold yet the seller took 70% more just by sitting on it and letting it rot. For people like us, the spreadsheet is the most efficient approach to wealth building that I've found yet we often become spreadsheet slaves in a way that we sacrifice everything for efficiency. To what Damien said and to what I also realised... Spreadsheet numbers change slowly over time, as long as we are content with the projections we can pay ourselves more. I tend to eat more outside or treat my partner and daughter to gifts and holidays when the numbers look good. It's a marathon alright but as long as your time is good enough, you can also enjoy the ride and as the video said, the next generation will have the annoying advantage that you never had :)
I'm 34 & just started putting money into my S&S ISA in the past 6 months, after a year and a half of paying off debt. The way I see it, I have 30 years left until retirement, & unless I die prematurely, that time will pass regardless. Makes sense to maximise whatever I can in the meantime
@@sambmortimerSurprising what can be done in a 30 year timespan by the way, compounding can still really get going. Even more so if you can throw a little bit extra in the early foundation years.
You may enjoy the Banker on Fire blog. Remember, getting to the first 100k in your investment portfolio takes a decade for most people, but then that's when things really take off. The Escape Artist blog explains this well.
Great and balanced video. Totally agree it is ridiculous that schools don’t teach more about investing and finance. However whether you start off better off or not one still needs to have the drive to want to make something of your life and do the studying and work to invest in yourself and then act to make things happen like you clearly have done. Good luck with your education drive.
As someone who had been financially stretched with my costs close to my income, I was one of those scared to invest. It took several years (7) of watching my auto-enrollment pension go up and down before getting comfortable enough to open a stocks and shares ISA. 3 years on, I am much better informed and much more relaxed at seeing fluctuations in performance. It is life changing. I do feel auto-enrollment has been the best introduction in the last 2 decades to help build personal security and generational wealth.
Agree with you 100% That's why I am educating myself the best I can and later own my daughter. Bought my first monopoly game. Excellent way to starting the process. Easy rules, easy game and fun learning how baisc finance works.
Monopoly is good. But try to research the ancestor of that game, and find the modelled solution for the problem at that time. I found that background story much more fascinating with Elizabeth Magie.
I bought our house in 1998. I retired in 2008, just before the financial crash. I was lucky because my pension was determined before pensions were hit by the crash. The house is now worth at least 5 times what I paid. It is by far the greatest component of my wealth. I feel undeservedly very fortunate.
Thanks Damien; I have a daughter in private school here in UK and yes pupils have more financial education plus have opportunity to run their own enterprise for a bit; she is going to London to learn and experience business at the Spitalfields market 😮- plus do not forget networking opportunities and personal conversations they all have at school at that level ; we have built our wealth ourselves as we were born in a different country were education was free ( still poor money education though) ; we came to UK worked hard , took risks and here we are ; never had any conversation with my parents about money actually it was always about lack so everything I know I learnt ; we chose secondary school for exactly that ( all rounded life education) but could spend or save money elsewhere and of course spend them on a lot so called status items like car ( we have one 10 year old car 😂)
That you for sharing this! I hope my video did not come across as bashing the rich. That was not the point at all, i get sick of the narrative that the rich are evil some how.. most worked hard for what they have, most are self made and took plenty of risk like you did!
Damien, I have been watching your videos for some time now; I found them very informative and encouraging to the skint little people to invest for the future.
Loving the content right now. I wasn't expecting what you're producing to keep going up in levels but it's great to watch. 🙌 The message on risk is spot on. We need a better conversation around risk as at the moment all that is happening is we're throwing financial jargon out there in an attempt to arse cover. All it does is confuse and scare people into not starting to build wealth. You're doing great work mate, keep it up. 👏
14:25 A very astute (and amusing) comment slipped in almost as an aside. Please keep this sort of detail in your content. IMHO it clearly demonstrates respect for your audience.
I’ve learnt more about pensions and investing over the years off Damien than I did throughout my whole school education system. Very good video, spreading the knowledge to the masses. Thank you 💪🏻
I grew up in the 1980's and 1990's. Financial education was there. We did Business Studies, Economics and I had a paper round. I loved video games too; they taught me loads. My favourites included Sim City and one called Aerobiz. These games involved building a city and airline from the ground up and managing it. They were great ways to learn about investment, patience and forward planning. I'm sure such things are available to the kids of today. Financial knowledge is partly a birthright thing, but it is also partly a Darwin, thing.
I'd imagine if those bottom percentage people actually worked though the chart would stop at around 6 boxes and be closure to finishing around 6% Before someone comments I get decile would be Dec- splitting into 10, but I simplified my explanation...
On point message about investing in ‘riskier’ (or as I prefer to phrase it, more volatile) assets. One just needs to be careful when drawing conclusions about such investment activity by looking at investment in markets outside of a pension. This is because, other than investing in yourself and your own income potential (such as through a business), an optimum approach to such investments, for most people, as clearly demonstrated by your percentiles, is primarily within a pension (preferably, funded via a workplace, matching, and salary sacrifice based contribution, if your not self-employed). Both inside pension and outside pension investments should be the numbers to use when measuring engagement in individual investment in riskier assets compared to income. People in the lower earning percentiles are unlikely to be able to anywhere nearly maximise their annual allowance, for example. If they have income to invest, in that case, a pension is where they probably should be concentrating this.
To push myself out of my comfort zone and to invest I looked at it differently. I’m from a single parent, very working class background, and the way I saw it at first was I could lose money, then I decided to realise that even if I did lose it, I know what it’s like to not have that money anyway and it’s not the end of the world.
Great video mate. I think its the fact that its such a vast open world with unlimited options that makes it scarier than the actual risk. I started my S+S ISA about 10 months ago, and been changing strategies constantly over the last year and doing more and more research, only recently I've settled on a plan I'm going to take forward. Would be great if you did a similar video looking at net worth by different age brackets, to give everyone a stick to compare themselves against wherever they are in life
Had me worried for a moment that you wasted a steak pie. Thank you for your great content. This is the Year I start being serious about my pension, so future me will be impressed.
Compare coverage and stay informed on breaking news by subscribing through my link ground.news/damien to receive 30% off the Vantage subscription which is about £4/month for unlimited access to all the important features such as the Blindspot feed.
Very good video. "What Net Worth Puts You in the Top 10%?" What if we excluded the tiny number of super rich households that skew the real figures? To me, that's the true figure. What is that number??
@@marcus.H Very hard to say because basically the richest do not report their wealth as i tried to show around 800 billion is missing.. Which is this richest cohort and that makes up nearly 1/20th of total wealth in the UK which is AWOL
@@DamienTalksMoney I see
I'll ask bing. Brb
@@marcus.H this was 4 hours ago. i see bing is as slow as internet explorer. 🤣🤣
did you take down the video about immigration and house price correlation?
14:25 I ageee! "The Miracle of Compound Interest." Last 20 years teaching Secondary School Maths I've always tried to slip in as much financial maths as I could get away with, but it should be explicitly taught. Credit, mortgages, pensions, tax, investing. Teenagers are rarely as 'interested' in the lessons as when we cover compounding.
You are a hero of a teacher! Why do they not speak to people like yourself and ask what would benefit the kids the most. Thank you for the work you do
@@SK-kh2rsI'll tell that to the bank at the start of next month when they want February's mortgage payment.
Keep it up because without understanding such basic concepts many will get ripped off by the establishment.
@@SK-kh2rs Sure, money isn't everything, and enjoying life is important. However, money is a great way to help you get what you want and need to enjoy life. As people say, money isn't everything, but without money, you are nothing.
@@SK-kh2rstell that to the kids that get kicked out by their parents and need to somehow afford to live.
Another 16 minutes and 16 seconds of education, enlightenment and entertainment, thanks Damo.
I am a professional risk manager with experience in risk consultancy, UK government and private sector including banking and defence. The one thing almost everyone gets wrong is that risk is wholly negative and that scares people into not taking any. Risk management should properly be called risk and opportunity management and anyone thinking about risk should focus equally on opportunity. Not just what could go wrong and how can I avoid it, but how can it go right and how can it make that outcome both more likely and more beneficial.
Exactly this! I am glad a professional of your calibre agrees with the sentiment of the video
Great insight..! I'm using that as my reply to every short sighted ney sayer at work next week.. 🫡
What a great point - Risk and Opportunity Management 👍
Def needs more education on risk, but also negotiation topics, the value of contracts and what to look out for and some of the pitfalls, also developing a plan if not strategy. It’s never mentioned but there is often a big difference in attitude applying toward ‘own money’ versus company money, I’ve seen people more than happy to go outside of process to obtain goods & services without contractual cover, without negotiating, having work undertaken or software installed then go wrong and in doing so generally opening the company up to massive risk, yet wouldn’t dare be so reckless in their own world.
I work at a big charitable foundation and we are changing terms like ‘Risk Register’ to ‘Risk and Opportunity Register’ to take into account the fact that our grant making has big risks but also big benefits and it has changed the perspective of how we engage with partners
Risk management needs to be taught in school. People take huge risks everyday without realising it, and then shy away from fairly minor risks.
Maybe damien could follow jamie's school dinners with damien's school finance if theres a big problem in teaching financial knowledge in schools.
It’s not taught in school so people just take the safe option and work for people rather than working for themselves, making others wealthy.
Basic maths would be a good start because many that leave school don't even achieve that.
@@DavidHewitt-v6x that fucker took my Turkey Twizzlers 😂
What would Damien take from us? Lol
@@stumac869 both maths and personal finance are just as important, but having good basic maths skills doesn't automatically give you good financial skills. I was good at maths in school, I was ok with personal finance, but there were massive holes in my knowledge. I didn't really understand investing until my late 30s when I spent time to study it in my own time.
Loved the 3.14159 reference, very subtle but a stroke of genius 👌
Made my mathematical heart sing.
If you haven’t got the aptitude or focus to start and be successful in business, then at least buy chunks of other peoples businesses, who do have that focus and aptitude.
This
Thanks for this. I’ve been sending your videos to my 18 and 22 year old nieces. They don’t have much yet, as they are both students, but no one in our family has ever talked about this kind of information. They will have resources soon, and I wish someone could have told me about this stuff 35 years ago. I’m also going to be teaching this stuff to my grandson when he’s a little older. This is one way of breaking the generational poverty chain. Thanks again. Keep doing what you do.
I started late in my mid thirties as nobody ever taught me about money, hopefully your videos will reach many and give them the education is needed
Loved the personal tidbit at the end! I'm also a Durham university graduate from a few years ago, and I had a very similar experience of having my eyes opened to a world of finances and life experiences that I had never known existed before. Also being the first in my family to go to university, it really opened my eyes as to how little financial education I had received growing up in a working class house. I know investing and saving isn't going to suddenly mean I'll pay off my mortgage tomorrow, but it will best prepare me for my own future, and hopefully the future of my kids as and when I have them. All the best dude!
That pie bit needs to be a Short, absolutely stellar opening
short crust...
You’ve been killing it with your videos recently, Damien. Top work 👍🏼
Damien, what a great guy. I used to be in financial services and am well informed, but still love his straight forward, honest and inclusive style. If only more people were better informed and participated in investing, that would be a better situation and Damien is more than doing his part. Investment is for everyone. Start now, however small and drip it in over the long term. Nobody told me this when I was young, but I eventually worked it out and in my fifties, no longer need to work.
I know I'm in danger of being a bit hyperbolic, I've said this on one of your videos last year and I'll say it again: you're gearing yourself up to be my generations Martin Lewis - informing the masses on financial literacy. sorry I'm not subscribed, but the algorithm recommended this which is telling. so you've got the momentum behind you Damien, keep it coming!
When writing this comment, I am 22 and have just started an index fund, and I'm paying into my company pension. One of the problems with people my age is that they aren't looking that far into the future. They see the money that could be used for the company pension as money towards renting a house. This will only change if schools teach this topic in greater detail.
Surely the parents should be responsible too?
@m4yh3m121 how do parents in the lower percentile, with hardly any disposable wealth, learn enough to teach?
Damien said, those in the higher percentiles already pass on their experience and knowledge.
just remember you can move your money around in company pensions, you can move into cash if you think the global market is going to tank. Most people select a fund and never change it. this is a big mistake.
Reminds me of when I had an open day at Durham Uni, and the first thing they said to the room was “I know most of you will have applied to Oxford and Cambridge”. I was moving in different circles 😂
This was one of the best videos about investing I've ever seen. The factual and sincere information you put out was on point and I think everyone watching this "pause" their life for a few seconds and actually thought about what you said and how you said it. Simply amazing. Just subscribed because of this video and will keep following your videos for sure. Keep it going!
Your videos are incredible but the light comedy that you incorporate seamlessly just makes them pure class, the pie references throughout the whole thing had me cackling throughout even though this is a topic that hits close to home as I’m struggling myself. But it really does make your videos a much easier watch as they are so so important for young home seekers like myself!
At school we were never taught about even the basics of personal finance, let alone investments.
You probably were in Maths: interest, compound interest.
The government of the day doesn't want financially free people, they want a never ending supply of worker ants paying their taxes. This will never change.
@@george6977maybe the odd lesson - but actually ingraining a mindset of wealth creation, understanding risk, inflation, exchange rates, stock markets - these subjects could all be taught in maths at school - yet instead it is all theories and Pythagoras therums
You and I weren’t but you can bet those at the likes of Eton were
Damien my story is the same as yours, single parent, council estate, went to top Uni, graduated,couldn’t get a job, couldn’t speak English properly (according to them, had a London ghetto accent), had no internships under my belt. Couldn’t get a job easily, eventually when I did didn’t understand how to get on in a big corporation, left or would have got sacked. Started my own business now I’m in the top 2 or 3 percent. It’s not easy to level up. Having successful educated parents makes a big difference, state school teachers are useless.
The part about your university experience resonated so much with my experience. I'm a second generation immigrant (I was born in France, from Sri Lankan parents). No one in our whole family went to university. My sister and I were very fortunate, as our parents pushed us to study hard. We were able to enter very prestigious universities in France, as education is free. What I realised is that despite being technically open for everyone (since it's free) the vast majority of students accepted to these fancy unis were coming from very privileged families. Not because the families paid for it, but because just like wealth, high education is also inherited. These kids were playing a game I did not even know existed.
I definitely was subject to the fears of investing. I have been thinking about it since I started University and only finally started investing after leaving uni. Very delayed but I’m here now and I’m glad I’m using these vehicles. There is some serious gatekeeping with the true vehicles of wealth building. Very grateful I now have the knowledge and am sharing it with all those around me.
There are tons of investment advice videos out there, but the social/psychological/ethical commentary you fold into yours makes this channel unique--at least from what I've seen. And the little bits about your own life and feelings in there really do give your videos some genuine emotional impact--at least for me. Bravo.
Top quality compiled data Damien! You just keep getting better and better.
I still have friends who think long term investing is not for them cos they like seeing their money in their bank account. They don't see "depreciation"
Top work Damo. I grew up in the 90's. Schools didn't address financial education including investing, risk, compound interest or tax. I could've been in a much better place financially if they did. Most people don't learn this stuff until they start thinking about how they can get more out of the money they earn or how can they save more money. By that point there's years of missed opportunity to invest. I know I saved money for years before i invested and lost out on thousands due to it. Also with tax (slightly off topic I know), most people with a normal PAYE job just trust the HMRC to take what they should and wouldn't even know if it was right or wrong. Most people just get bamboozled by tax codes and financial years with little understanding on the repercussions of not understanding what you need to check.
One of the best things I discovered in this 2024 year is your channel, mate. Your videos are just amazing. Thanks for your hardwork and for keeping us informed.
You legend! Lovely comment this thank you
Absolutely fantastic video. The DfE should get you, or your videos, in front of every school in the country Damo. Every child should have the right to learning the basics (compounding, asset classes etc), and how the application of the readily accessible tools (stocks and shares ISAs, pensions etc) can/will impact their lives.
Damien, your vids just continue to get better and better, congrats on your success, great to see. The production on your last few has been super slick and really helps deliver the messages. Would love to see something on current ‘retirement’ ages and how people are going to save enough to make even a normal retirement possible, nevermind the much touted FIRE route to an earlier work exit. Feels to me that the current economic climate, inflation, fuel costs and housing costs make saving robustly whilst raising a family and living life only a dream for most.
This is an excellent video. I couldn't count the number of people I've known or seen comment online who say that investing in the markets is no better than going to casino or buying a lotto ticket. That's completely untrue, but I don't completely blame them for thinking this. It takes a reasonable amount of knowledge and a bit of internal fortitude to stay invested while there is turmoil happening, as well as a sensationalist media feeding daily stories predicting doom. Even my own wife, who has been on the investment journey with me, is still skeptical about the wealth building properties of investing in shares, bonds or for that matter starting your own business.
This is why I started on the education path early with our kids, like my old man (who had modest means, but the right mind set) did with me. They now understand how wealth is built for regular folks and take more of an interest in it. They're not content to just have their savings from work etc sitting in a bank account not doing anything for them and getting eaten away by inflation. I wish more people thought that way.
So bravo Damien for putting the data out there.
Thank you! Also your kids are lucky to have you and I would love to hear any tips you may have on teaching them about this stuff
@@DamienTalksMoney no worries! The first thing is to teach kids the maths behind compound interest and how it can be your best friend or worst enemy. They learn a bit about this at school, but I like to show them practical examples of it. The second thing is to explain how public companies, ETF's, index funds and bonds (public and corporate debt) work and how you as an average punter can invest in them. The third thing I've taught my kids is the time value of money. All of this should give people a pretty good grounding in the basics.
Away from the technical aspects of investing (compounding etc.) - which I think are more suited to older children in the main - I would suggest the most important thing to teach children throughout their childhood is delayed gratification. Because, without developing that mindset, we will all just grow up wanting everything 'now' and putting 'now' first.
Not to be nostalgic, but until relatively recently, we had to wait to buy a record; now we can instantly stream it. We had to wait a week for a next TV show episode; now we can binge the boxset. It's likely harder now than previous generations to 'wait' for almost anything.
Without having a delayed gratification built into us, we will find a reason not to invest for our future self ('might as well spend it now' syndrome).
Ultimately, the whole foundation of investing is delayed gratification. By displaying from an early age that we, as adults, have to wait for things, as our children do, and that the wait has great value, I think the technical aspects of investing 'make sense' because the context in which investment is made (long term) has been wired into us.
It sounds like you learnt 'the right mind set' from your dad, and this has meant the technicality of money/investing works for you, and that you are in a position to pass this on to the next generation of your family.
I do believe that, in many cases, it just takes one person in a family lineage to forever alter the financial path of that family. It probably only takes one person to break it though, too!
@@adrianl5899 sound analysis and I agree
Thank you for always explaining everything understandably
Thank you for this enlightening, erudite and articulate presentation. Simply put but pretty easy to understand, at least the most important principles.
Great video Damien as always!
Your experience with uni and mentioned survey about "money talk" with children are reason why I'm much more open to early discussion about these topics with kids (and Junior ISA as example of trust towards them)
Damien like you I was the first in my generation to go to uni. I paid for it myself. Despite this I remain, like the millions of other people from working class backgrounds, who stay so very ignorant about the things you try to teach on your channel. Thank you for beginning to prise open what in my view has been for so many years a 'secret garden' for all who are willing to try to educate themselves via this wonderful open learning system we now have, powered by the internet and tech like RUclips. My very best wishes to you in your project. Thank you for helping me.
The difference between the median and mean (and the change over time of these two metrics) is often neglected. Good that you mentioned it.
The difference in disclaimers for credit cards and investments has always struck me as strange. The one *might* lose you some money. The other will almost certainly lose you 20-30% per year (in the form of interest).
It’s like putting warnings on health food but not the cheese burgers…
In my experience, in so many cases, educating people does not work. I've been trying for years to get friends and family to invest and it's like banging my head against a brick wall. I've pretty much given up. Their loss!
I’ve been following you for a while and I’ve been dipping in an out. But this evening I have binged watched maybe 10 videos of yours and I just want to let you know your clarity and genuine attitude and ethos is bang in my man. Thank you so much for making these videos!
I’ve always been obsessed with money and understood the value of calculated risk taking. I talk money for a living and this is a great vid btw. I practice what I preach and have been more successful than I could have dreamt.
My parents worked as hard, if not harder than I have but they always avoided almost all risks at all costs and I saw how it served them.
It’s simple for me; take as much risk as you can afford and wait. People get what they deserve and you reap what you sow.
Excellent video, Damien! Your story of University is very similar to my own (and undoubtedly thousands of others.) I remember sitting at my graduation realising that everyone in that hall was getting the same bit of paper as me and that was happening in more unis than i could imagine. I realised at that moment i'd done uni all wrong. But, i had nobody to tell me any different. I always try to pass that on.
Glad someone is talking about real terms house prices. People saying prices haven't crashed are just looking at unadjusted figures!
Great video Damien, agree 100% this stuff should be taught in every school
Growing up in a pay check to pay check family.
Never really thought much about money.
Just saw it as a way to pay for stuff you needed.
Wasnt until i reached 40 that i start investing.
RUclips has been a great education in terms of understanding financial concepts.
Its hard as when you finally get to that realisation you realise that youre already 10-20 years behind better educated people.
The matrix term gets applied alot.
But this compounding knowledge in familes just seems like an unintended but present issue that keeps people at their level
As always, thank you for a wonderfully organized and edited video. Well done.
Spot on Damien - as a society we need to wake up to this and start educating
Smashing it out of the park with these recent videos. The delivery was spot on and everyone loves a pie 🥧
A lot of your videos are so sharable with even people who have barely any interest in finance. Good work!
This is why channels like yours are so important, at least to give people some knowledge to make them think about investing. Also, that pie was making me hungry..
This is fantastic Damien thanks. The conclusion is powerful, we fail in state schooling to educate on finance, i have never understood why. Very interesting point about the loaded game at class based level, another point that rings true. Fantastic video, its the perfect balance of information, insight and humour. Bravo Sir!
Exactly. We don’t know the game, the rules of the game, or even who is even in the game. We were never taught.
Great video Damo! I have been investing since 1985, and seen a few major crashes in my time, but each one was followed by a bull run that regained the losses and then went on to increase my wealth. I never panic, or alter my investment strategy when crashes come, I just ride them out and stay the course.
Stay the course 🤘🏻🤘🏻
I have to say, the practical pie illustration really helped me understand your point 😂 Great video. 👍
Damien, another fantastic video. You educate, inform and keep it far from boring which is a massive achievement. Keep up the flawless work buddy
Another killer video Damo, and seeing you levelling up of that editing consistently.
These sort of videos are what make YT such a great space for educating yourself, thank you.
We have been on a recession since the beginning of 2022, but big media and governments all over the world didn’t want to admit it. We need to be wise and use our brains. Knowledge is power and I’d like all the family to be powerful! Just purchased some PbatesLTD Thanks for keeping us informed during this times of doubt?
Love your channel Damo. I've set up a stocks and shares ISA via Vanguard for my daughter on the back of your vids. Also love the Making Money podcast, I've listed to them all and re-listened to a good few! The Paul Jonson one was so eye opening for me. Please keep em coming Damo and T and Snowball! :)
Something I often find myself discussing is the general lack of practical life skills taught in schools.
The only lessons related to personal finances I remember were a couple of explanations why it's bad to get in to debt, and repeated assertions of the importance of getting a job and having some money set aside for emergencies.
My family were no help there either.
Damien, what is the answer to the title of the video?
What sum places you where?
Your experience at uni is exactly what I went through. I didn't know the rules of the game at all.
I've always thought that the idea that your house is your greatest asset and your pension is a backwards way of planning. My house is my home and I'll be damned if I have to sell it to fund retirement. A retirement that would mean I finally get to spend an increased amount of time at home. People really need to wake up to pension saving and good financial planning in a big way.
Thanks for all the quality content Damien, you're seriously helping a lot of people!
I totally agree the focus on risk is very detrimental, imagine having the same disclaimer when getting a job. To be honest a job one could seem even more scary, if the business goes wrong for something that will be nothing to do with you. You'll be the first to be let go as you are the newest and if you go into debt that's personal debt, that will stay with you forever and d ying will not even stop it.
Your voice is music to ears, very soothing!
Secondly as always top notch content ! Thanks.
I started investing in the stock market when I was made redundant after the 2008 financial crisis. Mostly because I didn't have any savings before that and I managed to get a new job fairly quickly so I could invest the redundancy payout. Before that I had the view that it was risky to invest in stocks and I started out with no idea how to do it. I taught myself about it from the internet. I now really believe that investing should be taught in schools.
Someone’s been on the Art Attack archives.
Great job as always. Thank you!
I've been watching your stuff for a long time and it always refocuses me on my personal finance, so thank you for that.
I'm also always amazed at your ability to not just get so angry at our entire system every time you go through this stuff. That pie segment at the start is the best demonstration of the absolute failure of our current version of society that I've ever seen. I'm not a communist, but what we're doing right now can't possibly be the best system.
Thanks, Damian. I'd like to see schools taking personal finance more seriously and inviting speakers/guests much like yourself in to get the financial cogs moving. Knowledge of basic finance and the ability to cook will give most kids a good start (or at least save them a fortune on ready made pies!)
A video on “What to teach your kids when it comes to money” would be great. Thank you for the video.
Everytime you upload a new video i think.. that, that is the best one yet. Then you knock it out the park! Brilliant content yet again.
Great video, very well put together
This is a really interesting video!
Effort, hard work and the willingness to educate yourself and take some risk is a vital component of this also as most of your audience are finding out! 🤑👏🏾👏🏾
Yes! People need to learn there's actually far more risk to your well-being by not investing than there is in sensible investing. Many people resist making stock market investments out of fear it's too risky. Sadly, they never experience the peace of mind that comes with having a nest egg of compounding investments, sometimes described as FU Money.
Damian. I have to say this is probably the better video you’ve made so far. I like the new graphics, I love what you are doing, I love your passion you have to guide us. I even felt your emotions, holding back. Wanting to say.. don’t let those rich pr1cks tell us we can’t! Just so they can profit from doctrinarian us. Don’t invest, it too risky, buy a house instead and over 25-30 you’ll own it but, I charge you hundreds of thousands in interest. Don’t do what I do, do what I say.
Anyway. On a lighter note. Once again, I love and can’t wait for your next release.
Thank you. BhD
5:20 my old supervisor used to say wealth should be an iceberg and barely visible above the water surface.
14:27 the National Curriculum is not geared to creating independent thought, analysis or critical thinking.
14:54 cultural capital, the education that happens outside of school.
Where you spoke about your time at Durham University, I had a very similar experience when I transferred from the ranks in the Navy to become an officer. All of a sudden you are surrounded by people who have always known about investing for the long term. It was taught to them by parents and peers. I didn't have a clue until that time that investing wasn't just for the rich. Another great video 👍
Thanks Damien, very helpful and will make me look at risk differently.
This is a profound video, really good stuff Damien.
Agreed; Same here in South Africa, people are scared to invest because of all the paperwork and concerning disclaimers. A great shame.
Great video. Schools should be ashamed of themselves. They want us to stay down
Really good video and well done for explaining things so clearly: kudos to you. This highlights a huge difference between attitudes in the the US and UK (admiration of the wealthy versus vilification), and explains a lot of the gulf in fortunes between the two.
You are absolutely spot on with risk warnings. They are there purely for covering the asses of banks who are terrified of being sued.
High income and low net wealth individual here. Recently got into a 1% income bracket. And everything feels like it’s too slow. I can’t shake the feeling that I’m too late. (32yo). I’ve got spreadsheets modelling my growing wealth at the current rate of income and it’ll take decades for me to reach my targets. I have to keep reminding myself that life is a marathon, not a sprint, whenever I get the inch to see more and more income.
You are 100% not too late mate honestly. The key thing is the target is the end goal and you have a whole load of life between now and that target so live that life and do not just wait for the day you land at your goal because I promise you that goal and getting to it wont give your life any meaning really.. It is about the journey, so cut yourself some slack and add ways to make great memories to the modelling of yours.
I'm in exactly the same boat and got absolute mental when I bought my first house. A house that was in worse shape than when it was last sold yet the seller took 70% more just by sitting on it and letting it rot.
For people like us, the spreadsheet is the most efficient approach to wealth building that I've found yet we often become spreadsheet slaves in a way that we sacrifice everything for efficiency. To what Damien said and to what I also realised... Spreadsheet numbers change slowly over time, as long as we are content with the projections we can pay ourselves more. I tend to eat more outside or treat my partner and daughter to gifts and holidays when the numbers look good. It's a marathon alright but as long as your time is good enough, you can also enjoy the ride and as the video said, the next generation will have the annoying advantage that you never had :)
I'm 34 & just started putting money into my S&S ISA in the past 6 months, after a year and a half of paying off debt. The way I see it, I have 30 years left until retirement, & unless I die prematurely, that time will pass regardless. Makes sense to maximise whatever I can in the meantime
@@sambmortimerSurprising what can be done in a 30 year timespan by the way, compounding can still really get going. Even more so if you can throw a little bit extra in the early foundation years.
You may enjoy the Banker on Fire blog.
Remember, getting to the first 100k in your investment portfolio takes a decade for most people, but then that's when things really take off.
The Escape Artist blog explains this well.
Great and balanced video. Totally agree it is ridiculous that schools don’t teach more about investing and finance. However whether you start off better off or not one still needs to have the drive to want to make something of your life and do the studying and work to invest in yourself and then act to make things happen like you clearly have done. Good luck with your education drive.
One of your best Damo, thanks very much as always, loved the Pie references, hope I spotted them all!
As someone who had been financially stretched with my costs close to my income, I was one of those scared to invest. It took several years (7) of watching my auto-enrollment pension go up and down before getting comfortable enough to open a stocks and shares ISA.
3 years on, I am much better informed and much more relaxed at seeing fluctuations in performance. It is life changing.
I do feel auto-enrollment has been the best introduction in the last 2 decades to help build personal security and generational wealth.
Killing it with the videos this year Damo!
Agree with you 100% That's why I am educating myself the best I can and later own my daughter. Bought my first monopoly game. Excellent way to starting the process. Easy rules, easy game and fun learning how baisc finance works.
Monopoly is good. But try to research the ancestor of that game, and find the modelled solution for the problem at that time. I found that background story much more fascinating with Elizabeth Magie.
Your experience at university completely resonates with mine albeit in a different institution!
Subscribed because of how long it took you to put together the "equally sized boxes" ;)
I bought our house in 1998. I retired in 2008, just before the financial crash.
I was lucky because my pension was determined before pensions were hit by the crash.
The house is now worth at least 5 times what I paid. It is by far the greatest component of my wealth.
I feel undeservedly very fortunate.
Thanks Damien; I have a daughter in private school here in UK and yes pupils have more financial education plus have opportunity to run their own enterprise for a bit; she is going to London to learn and experience business at the Spitalfields market 😮- plus do not forget networking opportunities and personal conversations they all have at school at that level ; we have built our wealth ourselves as we were born in a different country were education was free ( still poor money education though) ; we came to UK worked hard , took risks and here we are ; never had any conversation with my parents about money actually it was always about lack so everything I know I learnt ; we chose secondary school for exactly that ( all rounded life education) but could spend or save money elsewhere and of course spend them on a lot so called status items like car ( we have one 10 year old car 😂)
That you for sharing this! I hope my video did not come across as bashing the rich. That was not the point at all, i get sick of the narrative that the rich are evil some how.. most worked hard for what they have, most are self made and took plenty of risk like you did!
Very interesting take. Risk is very interesting thing, sometimes not taking risk is most risky of all.
Damien, I have been watching your videos for some time now; I found them very informative and encouraging to the skint little people to invest for the future.
speaking the Truth, Please share with family and friends.
Loving the content right now. I wasn't expecting what you're producing to keep going up in levels but it's great to watch. 🙌 The message on risk is spot on. We need a better conversation around risk as at the moment all that is happening is we're throwing financial jargon out there in an attempt to arse cover. All it does is confuse and scare people into not starting to build wealth.
You're doing great work mate, keep it up. 👏
14:25 A very astute (and amusing) comment slipped in almost as an aside. Please keep this sort of detail in your content. IMHO it clearly demonstrates respect for your audience.
I’ve learnt more about pensions and investing over the years off Damien than I did throughout my whole school education system. Very good video, spreading the knowledge to the masses. Thank you 💪🏻
I grew up in the 1980's and 1990's. Financial education was there. We did Business Studies, Economics and I had a paper round. I loved video games too; they taught me loads. My favourites included Sim City and one called Aerobiz. These games involved building a city and airline from the ground up and managing it. They were great ways to learn about investment, patience and forward planning. I'm sure such things are available to the kids of today. Financial knowledge is partly a birthright thing, but it is also partly a Darwin, thing.
Transport Tycoon was my favourite!
Damo is king of the puns! That 3.14159 reference was genius 😂
I'd imagine if those bottom percentage people actually worked though the chart would stop at around 6 boxes and be closure to finishing around 6%
Before someone comments I get decile would be Dec- splitting into 10, but I simplified my explanation...
On point message about investing in ‘riskier’ (or as I prefer to phrase it, more volatile) assets. One just needs to be careful when drawing conclusions about such investment activity by looking at investment in markets outside of a pension. This is because, other than investing in yourself and your own income potential (such as through a business), an optimum approach to such investments, for most people, as clearly demonstrated by your percentiles, is primarily within a pension (preferably, funded via a workplace, matching, and salary sacrifice based contribution, if your not self-employed). Both inside pension and outside pension investments should be the numbers to use when measuring engagement in individual investment in riskier assets compared to income. People in the lower earning percentiles are unlikely to be able to anywhere nearly maximise their annual allowance, for example. If they have income to invest, in that case, a pension is where they probably should be concentrating this.
To push myself out of my comfort zone and to invest I looked at it differently. I’m from a single parent, very working class background, and the way I saw it at first was I could lose money, then I decided to realise that even if I did lose it, I know what it’s like to not have that money anyway and it’s not the end of the world.
Great video mate. I think its the fact that its such a vast open world with unlimited options that makes it scarier than the actual risk. I started my S+S ISA about 10 months ago, and been changing strategies constantly over the last year and doing more and more research, only recently I've settled on a plan I'm going to take forward.
Would be great if you did a similar video looking at net worth by different age brackets, to give everyone a stick to compare themselves against wherever they are in life
brilliant video. the generational knowledge gap is something i have thought about often. greetings from Dublin
Had me worried for a moment that you wasted a steak pie. Thank you for your great content. This is the Year I start being serious about my pension, so future me will be impressed.