Happy Sunday guys! I hope this video was useful, be sure to let me know what your top personal finance tips are down in the comments below! Also thanks to HelloFresh for sponsoring todays video, here is a link for 60% off if you're interested: www.hellofresh.co.uk/MITCH60
@@niallrunswick938 I only did one a week or so ago, I usually do them towards the end of the month when I invest, I’ll probably do a market though in the interim given what’s going on!
It's more crucial than ever to have a firm grasp on money management, and navigating economic downturns in these unpredictable times. My main worry is how to increase my $240k reserve,I understand the long-term strategy, but my savings are being eaten up by inflation, and my portfolio is losing value every day. I need to find a solution.
You must establish your own procedure, control risk, and adhere to the plan through thick and thin while also financial advisors have a lot more knowledge and expertise in this area and getting better because nobody knows anything.
You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2023 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
Lina Dineikiene has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Lina Dineikiene after inputting her full name on the web, she seems highly professional with over a decades of experience.
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors I speak from experience.
True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.
Finding financial advisors like Jane Nina Pickett who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks for this. could easily spot her website just after inputting her full name on my browser. she replied my inquiry and we scheduled a consulting session sometime tomorrow.
I was playing GTA V the other day and realised that a while back I must’ve bought stocks on the game, checked the balance and it was well over 80 million dollars so just goes to show that the ‘set and forget’ method really works 😂
This happened to me. I bought a load of stocks in ammunation when I had the game on 360. Went back 5 years later when it was released on the new consoles and my investment was like 10x from what I put in lol
If you get extra income, shouldn't you pay off more of your high interest debt first? Credit card debt, car, loans, maybe mortgage - not just automatically invest it?
It’s a very solid point. Most of those with a mortgage only consider the monthly payment. However, mortgage finance is actually one of the most expensive products you can sign up to. It makes complete financial sense to overpay as much as you can, to minimise the interest bearing debt.
@@imconfused1237if you look backwards and invested the overpayment into the stock market you would have had more money than you would have if you’d overpaid your mortgage. However past performance is no guarantee so I’d rather over pay. However if you lose your job you could lose your house. You also need to look at potential reduction in interest if you improve your loan to value ratio. Personally once I had spare cash I over paid my mortgage and managed to pay it off. I chose to reduce the monthly payments when I over paid and that way you can see the saving every month and that keeps you motivated. If you shorten the term that’s years in the future. Also if you put the reduction in payments into the next overpayment and the compound reduction should see you finish the mortgage in around the same time period as if you had chosen to reduce the term. And if you do have to stop your mortgage payment will be smaller anyway. Once you’ve over paid then your extra money can be used for investments. And the main thing once you’ve paid off your mortgage they can’t take your house off you even if you lose your job.
I love your content! My top tip is 1) invest 25% into your sipp first and foremost the moment you get paid at midnight. 2) then your pay bills. 3) survive 😂😂😂
Trying my best to not be nosey however you never know if you don’t ask, seeing as you’re not in your role in finance anymore. What was the position and salary? I’m not sure if the company name matters but I’m more curious as I also work in finance and would love to compare to someone who left because they could make more elsewhere
@@user-dm2jm9ql4j hey, no problem, I try and keep it transparent as I can as I think it’s important to talk about rather than it being a taboo subject! My salary was £62.5k + bonus - that was in a Supplier Risk Manager Role
@@MitchShoesmithtruely appreciate your honesty and I’ve enjoyed the content you’ve made so far, here’s to a prosperous future 😎 for context to what I originally put, I work in the customer facing side side and i earn £38000 and discretionary bonus quarterly
@@MitchShoesmith even more credit to you for taking the jump fulltime on YT. That salary previous was clearly a very safe (in context, you'd have been well renumerated if made redundant) and well paying one.
@@MitchShoesmithGood luck, but never forget that YT could axe your monetisation at the drop of an algorithmic hat and it may take you months to restore it. Also, if you stop making videos, after 2 years YT will demonitise all your videos 😢
It is a very useful video. However, another saying is ‘knows the price of everything, but the value of nothing’. Everyone is different but I don’t think it’s healthy to ‘micro charge’ all activity in your life. I’ll give you an example: My boundary walls needed rebuilding. I could’ve contacted a bricklayer and laid them to do this for me however, I valued learning the skill and the sense of satisfaction from doing it myself. It may have taken twice as long but I was also twice as happy. As we head towards retirement another factor to consider is its impact on physical and mental health. Sure, as I acquire wealth I can just ‘pay a guy’ but you will soon lose all sense of purpose. Stay busy and you stay healthy. I’m a bit further down the road than you buddy. The advice is good, but it has to be a balance otherwise there will be unintended consequences. No one ever wants to be the richest guy in the graveyard.
Really resonate with the point you made around also doing stuff for yourself, especially the projects that are of interest / enjoyment! I do a lot of DIY, would much prefer to do that rather than pay someone else as I enjoy it 👌🏼
I’d be interested to see what books you’ve read that have helped out with your personal finance journey. Unless there’s already a video on that and I’ve missed it. Love your videos mate 👊🏻
Hey Jamie! Gosh I've read so many. I think some of the key ones for me were Tony Robbins Money Master The Game, anything from Jim Rohn (although thats more on personal development too), Psychology of Money is a good one. Rich Dad Poor Dad by Robert Kiyosaki is also a decent read. Richest Man in Babylon - this is all about timeless money principles. Think and Grow Rich by Napoleon Hill - if you get through all those you'll have 99% of the knowledge you'll likely ever need!
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
ANGELA LYNN SCHILLING' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Always a pleasure watching your videos and bring great insight but I’m at a slight loss about the part of out sourcing tasks that cost you your time. It sounds like I should pay someone to do my shopping while I sit at home because it’s cheaper than what my hourly rate is at work.
Digital silver in a digital age, litecoin is a digital precious metal, not a security. Litecoin is the oldest coin on the market after bitcoin, since its inception in 2011. Scarcity of litecoin is the key feature of its technology. Everyone tends to flock to digital silver and digital gold, litecoin and bitcoin, when things aren't going well. Litecoin is a decentralized digital commodity, just like bitcoin, but not even close so heavily concentrated in a few hands like bitcoin is. Both have Proof-of-Work consensus, and both have limited supply of coins. Only that litecoin is lighter, swifter, and hugely undervalued against bitcoin. Litecoin (LTC) being a digital commodity provides a decent inflation hedge as well because there will be mined only a limited number of 84 million litecoins in total.
Mitch this is great and really reassuring that I’m following most of your tips. Thank you for yet another great video. I got into investing later on after kids etc at around 40 but that still gave me 20-25 years of investing. 5 yrs in and I haven’t looked back. I up my investments every pay rise too so putting away 25% ish of income every month. Not bad with 2 kids.
Great video! Thanks for the tips. I personally use the 50/30/20 method as well. To avoid impulse purchases, I always ask myself, "Do I really need this? Will I actually use it?"
Great video. Question for you. Is it worth paying of debts sich as student Finance which is currently charging nearly 8% on interest and in turn eating out roughly £200 in montly pay? Or is it worth spending that money on stocks and ISA and investing into something like S&P? Maybe a video idea
@@Sezze123 thanks man! Gosh this one is such a dilemma as there is so many different variables at play, current salary, future salary, time before it’s written off, that it’s not considered as a traditional form as debt by banks, it’s a minefield 🤯 for me I just paid what I was required too out of my salary and treated it like a university tax, but appreciate there is an argument to pay it off to get rid of it so you save on interest longer term. I’ll try and consolidate my thoughts a bit more and perhaps put a video together
Would it be worth investing daily or weekly rather than monthly? So say u invest £200 a month you just split that into the 30 days of the month would this be more beneficial?
@@user-dm2jm9ql4j morning! Purchase price was £112k, current average estimated value on Zoopla is £121k and I’ve owned it for just 12 months, so c.£9k, albeit I will say I bought it slightly lower than asking price at the time so not all of that is from gains in the property market.
@@MitchShoesmith that’s a decent amount for a property as where I live even a low lease one bedroom flat comes to 160,000, to make a profit even that being 9,000 it’s definitely a plus
Very good video yet again! I am 16 studying high school atm. I am looking for as many job opportunities as possible to get ahead of the rest! Planning to invest £100 each month into investments for the first time!
I just have to applaud your content man, well done. at least from $24k to $258k plus profit weekly and it was incredibly insightful, Can't stress enough how helpful experts in this field are!
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $100k across markets but don't know where to start.
Investors should have patience for higher returns. Bitcoin standing at bottom, this is the best time to trade in bitcoin with an expertise in investment
It is wise Men and Women that are Investing now. Most do not get it or understand yet....they will very soon though. What is about to happen will make the Woke wish that had taken a different path. While the weak of mind squander a golden opportunity with mindless stupidity
Annette Lorraine is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns
Happy Sunday guys! I hope this video was useful, be sure to let me know what your top personal finance tips are down in the comments below! Also thanks to HelloFresh for sponsoring todays video, here is a link for 60% off if you're interested: www.hellofresh.co.uk/MITCH60
Portfolio update?
@@niallrunswick938 I only did one a week or so ago, I usually do them towards the end of the month when I invest, I’ll probably do a market though in the interim given what’s going on!
Nice video your my experience❤❤❤❤ please support me
It's more crucial than ever to have a firm grasp on money management, and navigating economic downturns in these unpredictable times. My main worry is how to increase my $240k reserve,I understand the long-term strategy, but my savings are being eaten up by inflation, and my portfolio is losing value every day. I need to find a solution.
You must establish your own procedure, control risk, and adhere to the plan through thick and thin while also financial advisors have a lot more knowledge and expertise in this area and getting better because nobody knows anything.
You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2023 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
Lina Dineikiene has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Lina Dineikiene after inputting her full name on the web, she seems highly professional with over a decades of experience.
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors I speak from experience.
True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.
this is great! think your advisor would get on the phone with an unknown? i'm in dire need of proper portfolio allocation
Finding financial advisors like Jane Nina Pickett who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks for this. could easily spot her website just after inputting her full name on my browser. she replied my inquiry and we scheduled a consulting session sometime tomorrow.
I was playing GTA V the other day and realised that a while back I must’ve bought stocks on the game, checked the balance and it was well over 80 million dollars so just goes to show that the ‘set and forget’ method really works 😂
Hahaha love that, might have to use that as a line in a video 😂
This happened to me. I bought a load of stocks in ammunation when I had the game on 360. Went back 5 years later when it was released on the new consoles and my investment was like 10x from what I put in lol
Amazing video, very useful!
Surely an easier approach would be, for example, when your account goes over £1000, put the rest in your investment account.
If you get extra income, shouldn't you pay off more of your high interest debt first? Credit card debt, car, loans, maybe mortgage - not just automatically invest it?
@@steve6375 valid point - individual circumstances are important to consider!
It’s a very solid point. Most of those with a mortgage only consider the monthly payment. However, mortgage finance is actually one of the most expensive products you can sign up to. It makes complete financial sense to overpay as much as you can, to minimise the interest bearing debt.
@@imconfused1237if you look backwards and invested the overpayment into the stock market you would have had more money than you would have if you’d overpaid your mortgage. However past performance is no guarantee so I’d rather over pay.
However if you lose your job you could lose your house. You also need to look at potential reduction in interest if you improve your loan to value ratio.
Personally once I had spare cash I over paid my mortgage and managed to pay it off. I chose to reduce the monthly payments when I over paid and that way you can see the saving every month and that keeps you motivated. If you shorten the term that’s years in the future. Also if you put the reduction in payments into the next overpayment and the compound reduction should see you finish the mortgage in around the same time period as if you had chosen to reduce the term. And if you do have to stop your mortgage payment will be smaller anyway.
Once you’ve over paid then your extra money can be used for investments.
And the main thing once you’ve paid off your mortgage they can’t take your house off you even if you lose your job.
I love your content!
My top tip is
1) invest 25% into your sipp first and foremost the moment you get paid at midnight.
2) then your pay bills.
3) survive 😂😂😂
The first tip should be. Get a job in banking and you’ll get paid shed loads of money. Live frugally and invest heavily and you’re laughing.
Trying my best to not be nosey however you never know if you don’t ask, seeing as you’re not in your role in finance anymore. What was the position and salary? I’m not sure if the company name matters but I’m more curious as I also work in finance and would love to compare to someone who left because they could make more elsewhere
@@user-dm2jm9ql4j hey, no problem, I try and keep it transparent as I can as I think it’s important to talk about rather than it being a taboo subject! My salary was £62.5k + bonus - that was in a Supplier Risk Manager Role
@@MitchShoesmithtruely appreciate your honesty and I’ve enjoyed the content you’ve made so far, here’s to a prosperous future 😎
for context to what I originally put, I work in the customer facing side side and i earn £38000 and discretionary bonus quarterly
@@MitchShoesmith even more credit to you for taking the jump fulltime on YT. That salary previous was clearly a very safe (in context, you'd have been well renumerated if made redundant) and well paying one.
@@BaileyMxX yeah it was tough to give up that safety net, it took me a while to build the confidence to get to that decision!
@@MitchShoesmithGood luck, but never forget that YT could axe your monetisation at the drop of an algorithmic hat and it may take you months to restore it. Also, if you stop making videos, after 2 years YT will demonitise all your videos 😢
It is a very useful video. However, another saying is ‘knows the price of everything, but the value of nothing’. Everyone is different but I don’t think it’s healthy to ‘micro charge’ all activity in your life. I’ll give you an example:
My boundary walls needed rebuilding. I could’ve contacted a bricklayer and laid them to do this for me however, I valued learning the skill and the sense of satisfaction from doing it myself. It may have taken twice as long but I was also twice as happy.
As we head towards retirement another factor to consider is its impact on physical and mental health. Sure, as I acquire wealth I can just ‘pay a guy’ but you will soon lose all sense of purpose. Stay busy and you stay healthy.
I’m a bit further down the road than you buddy. The advice is good, but it has to be a balance otherwise there will be unintended consequences. No one ever wants to be the richest guy in the graveyard.
Really resonate with the point you made around also doing stuff for yourself, especially the projects that are of interest / enjoyment!
I do a lot of DIY, would much prefer to do that rather than pay someone else as I enjoy it 👌🏼
I’d be interested to see what books you’ve read that have helped out with your personal finance journey. Unless there’s already a video on that and I’ve missed it. Love your videos mate 👊🏻
Hey Jamie! Gosh I've read so many. I think some of the key ones for me were Tony Robbins Money Master The Game, anything from Jim Rohn (although thats more on personal development too), Psychology of Money is a good one. Rich Dad Poor Dad by Robert Kiyosaki is also a decent read. Richest Man in Babylon - this is all about timeless money principles. Think and Grow Rich by Napoleon Hill - if you get through all those you'll have 99% of the knowledge you'll likely ever need!
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
ANGELA LYNN SCHILLING' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Always a pleasure watching your videos and bring great insight but I’m at a slight loss about the part of out sourcing tasks that cost you your time. It sounds like I should pay someone to do my shopping while I sit at home because it’s cheaper than what my hourly rate is at work.
Digital silver in a digital age, litecoin is a digital precious metal, not a security. Litecoin is the oldest coin on the market after bitcoin, since its inception in 2011. Scarcity of litecoin is the key feature of its technology. Everyone tends to flock to digital silver and digital gold, litecoin and bitcoin, when things aren't going well. Litecoin is a decentralized digital commodity, just like bitcoin, but not even close so heavily concentrated in a few hands like bitcoin is. Both have Proof-of-Work consensus, and both have limited supply of coins. Only that litecoin is lighter, swifter, and hugely undervalued against bitcoin. Litecoin (LTC) being a digital commodity provides a decent inflation hedge as well because there will be mined only a limited number of 84 million litecoins in total.
Just found your channel Mitch and subscribed. Can you recommend a few books as an absolute novice to saving/investing? Thanks again, James
Thanks Dude! Psychology of Money is a good one, and personal favourite is Money Master the Game by Tony Robbins!
Mitch this is great and really reassuring that I’m following most of your tips. Thank you for yet another great video. I got into investing later on after kids etc at around 40 but that still gave me 20-25 years of investing. 5 yrs in and I haven’t looked back. I up my investments every pay rise too so putting away 25% ish of income every month. Not bad with 2 kids.
Love that! Investing 25% of your income is phenomenal, great work man🙌🏼
Amazing tips, keep them coming!
@@joelsherpa2187 thanks Joel!
Great video! Thanks for the tips. I personally use the 50/30/20 method as well. To avoid impulse purchases, I always ask myself, "Do I really need this? Will I actually use it?"
@@aurelienlegoff1858 love that! Such a good way to stop impulse purchases!
My best tip for anyone would be just simply "live below your means" and you WILL get there.
Great video👍
@@harrywilson4311 thanks Harry! So true, probably the most important principle there is!
Great video. Question for you. Is it worth paying of debts sich as student Finance which is currently charging nearly 8% on interest and in turn eating out roughly £200 in montly pay? Or is it worth spending that money on stocks and ISA and investing into something like S&P?
Maybe a video idea
@@Sezze123 thanks man! Gosh this one is such a dilemma as there is so many different variables at play, current salary, future salary, time before it’s written off, that it’s not considered as a traditional form as debt by banks, it’s a minefield 🤯 for me I just paid what I was required too out of my salary and treated it like a university tax, but appreciate there is an argument to pay it off to get rid of it so you save on interest longer term. I’ll try and consolidate my thoughts a bit more and perhaps put a video together
Can give link to calculator you use can’t never seen to find decent one
Try this one: www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
@@MitchShoesmith cheers
Would it be worth investing daily or weekly rather than monthly? So say u invest £200 a month you just split that into the 30 days of the month would this be more beneficial?
It wouldnt matter, you are still investing the same amount. Just what works best for you.
Another great video Mitch!
A question for you, how much do you keep away from stocks in your normal savings accounts?
Morning,
Curious to know what capital appreciation you made on your property?
Kind regards
@@user-dm2jm9ql4j morning! Purchase price was £112k, current average estimated value on Zoopla is £121k and I’ve owned it for just 12 months, so c.£9k, albeit I will say I bought it slightly lower than asking price at the time so not all of that is from gains in the property market.
@@MitchShoesmith that’s a decent amount for a property as where I live even a low lease one bedroom flat comes to 160,000, to make a profit even that being 9,000 it’s definitely a plus
Great content as always. Could you recommend any good books to read to support personal finance growth ?
@@db1019 thanks! The Psychology of Money is really good!
@@MitchShoesmith Thank you. I will be keen to see if a property portfolio becomes part of your longer term wealth strategy. Keep up the good work.
Very good video yet again! I am 16 studying high school atm. I am looking for as many job opportunities as possible to get ahead of the rest! Planning to invest £100 each month into investments for the first time!
3:14 whoa whoa whoa, I thought you were from the UK like me? Mowing the lawn??? Yuck! 😅
@@ggoog1845 😂😂😂 I am I promise!!
@@MitchShoesmith get yourself a robot lawnmower. Quite therapeutic watching it go out and do the work for you.
@@BaileyMxX haha I might have to consider that! Although I do quite enjoy mowing the lawn, is that weird? 🤣
I just have to applaud your content man, well done. at least from $24k to $258k plus profit weekly and it was incredibly insightful, Can't stress enough how helpful experts in this field are!
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $100k across markets but don't know where to start.
Investors should have patience for higher returns. Bitcoin standing at bottom, this is the best time to trade in bitcoin with an expertise in investment
It is wise Men and Women that are Investing now. Most do not get it or understand yet....they will very soon though. What is about to happen will make the Woke wish that had taken a different path. While the weak of mind squander a golden opportunity with mindless stupidity
Annette Lorraine is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns
My favorite TA woman, always on the ball, honest and to the point I like her core analysis, one of the best.
interesting video
Thanks!