I was mortgage free a decade ago, was looking forward to a comfortable future with my wife, now I'm divorced, mortgaged and feel like I'm starting again. These podcasts are golden. I'm going to make this work, I've got twenty years to pay my mortgage off, save and invest before i retire. I get down when i think i could have been saving and investing from a young age. If you are young, start early, time is on your side.
How can you have been mortgage free 10 years ago yet now have a mortgage and issues with finance? Surely you have 10 years of savings from not paying a mortgage plus the 50% equity from selling your family home which you had completely paid off, before divorcing?
Be very careful, don't invest first without knowing the rules. It's tempting to put a lot of money on stocks and shares that are performing and then quickly lose that when they fall off a cliff. I speak from experience and this guy needs to emphasise the risks more.
Just spend less than you make. I make very little, but I save and invest alot. Do not buy a financed car, a new phone and those new trainers and tell people you have no money. My trainers are old, my phone I bought cash and it'll last 5 years and my car is 15 years old. And I have tens of thousands in cash and investments. Its a choice. Self educate, make good habits and chip away at it.
I came across his book in a charity shop(!). If I find nothing else of value in a charity shop, I'll be more than happy. This book has changed my life!
Brilliant! I met Him last year, actually I served him since I work in hospitality. He was very nice and suggested me to read his book, which opened up the world of investing. I just wish I met him 10 years ago, now I would have been in a better position (I'm still way better than last year afterall) Thank you for inviting him to this Podcast!
Tip that has helped me. Open a new bank account, fund it with a let's say 1.2k. Set up a direct debit of £100 per month into an index fund, Vanguard or similar. Now you have 12 months of dollar cost average investing ticking over. Each month transfer a random amount into that new bank account from your wages, keep funding it. Never look at the new account, or the investment account. Automated and simple. At times I have had enough in that account to keep investing for 3+ years without looking at it.
By choosing what they spend money on. Obviously not everyone has access to spare cash but there are a lot of £1k iPhones in the hands of young people up and down the country.
I just had to come back here after a few days of watching this episode and say that I bought the book (a used one of course which saved me about £4 from what would have been my default Amazon option). Started reading it last night and I am thoroughly enjoying it! I am an analytical person so I really do appreciate all the facts and figures and graphs and tables, and of course the bibliography! Will update you on overall thoughts once finished.
Contentment is the goal. Money does not bring contentment, it may take away some anxiety and stress but the day you stop chasing money and material things is when you realise you are truly content.
I am glad that someone in the mainstream of wealth management came out with the, "being rich is the ability to plan your own life", makes me want to be in this position even more. Thanks guys
Great listen. After watching all your other stuff, I really needed to setup a stocks and shares ISA. After being reminded again today of the importance of compounding, I've finally started 😀
Working through these podcasts after recently discovering the channel. I'm so glad I listened to this one after the Gary's economics one. Pretty contrasting messages about the state of affairs.
I really enjoy these shows. Fianicial products based in US, Europe and Asia. 10% invest, and £50 a month, great tips... Investment in human progress is at the heart of this....this progressive process does mean addressing geninue challenges in society....thus making a geninue progressive society....inclusive society seems to be what I am getting from this podcast....or maybe that's my agenda. So thanks for a Brilliant British podcast addressing a serious issue around true Fianicial literacy
Great work Damien :) Would love to see something like this focused on what we can do for our kids. Touched on briefly in this one, I think that would go down well. Great episode keep up the good work.
Great podcast Damien. I wish all young people were taught some of these principles before leaving school. This is the stuff that makes the difference to life outcomes.
Think about it. There’s very good reason why they don’t teach this stuff in schools and the education system. The powers that be rely on the masses taking on debt as it serves their purpose. They want you in that 9-5 for 50 years paying taxes until you’re dead. If everyone became a millionaire at 40, half would end up leaving the UK paying no tax. They rely and actively want you staying dumb, ignorant and sleepwalking through life. It fits their agenda. Welcome to The Matrix.
I'm getting addicted to this podcast.Each guest talks clearly and with such good sense. This guy is on a mission - it is so energising and happiness inducing to listen to him. In the UK we have been so downtrodden for so long. This is the kind of neoliberalism that is helpful - pity there hasn't been much of it about for so long!
I really enjoyed the conversation. I wish we had pie investing tools (like M1 finance etc) globally. In my case it would have been a game changer. Where I live, you have to pay $10-25 for each trade which makes small and frequent contributions impossible. This makes you feel reluctant to make regular investments and try to 'time the market' with larger sums at once. It would have been great at least if I had the chance to create a pie (some US equities, some developing world, some commodities and some bitcoin) and add regularly at once..
If you can afford to invest £5k for a newborn and force them not to touch it until they are 65 then good luck with that. Life gets in the way and this scenario just isn’t realistic for the vast majority. Far more realistic is the scenario whereby people between the ages of 45-65 inherited a parent’s estate. That is when most people will have spare investment cash available.
I'd like to give This a double like as I bought his book a few months back and watched your podcast without even realising that you were interviewing the author of same book, so I've re-watched this with fresh eyes and enjoyed it even more the second time around.
Good common sense, plain language, easy to listen to and understand. Great stuff! Also why the government don’t invest 5k for every child that is born for them to have at age 55 is a mystery… surely cheaper than the current pension system!!!
Yep 👍🏼 I had that idea too, gov puts 100k in per child, compounding interest for 67/70 years - equals millions. Any forward thinking gov could BREAK the cycle. It would single handedly fund universal basic income (UBI) … which is fast growing in popularism ❤
because everyone cant be wealthy. if everyone is wealthy then who will do the work. Which is why governments, big corporations will never make iy easy amd make it very difficult.
I like the betting analogy, a simple way to explain compound growth to someone who doesn't get it, is to think about how much you can win on a low stake accumulator.
Love the new pod, one little suggestion would be to change the background behind the guests head to something less distracting and easier on the eyes? Both videos there is so much going on behind the guest, it gives me anxiety 🥲. Maybe it's just me!! Keep up the amazing work :)
Omg 😱 I’ve listened for hours … and not noticed the background! Canny Unsee it now! Put a nice lava lamp with a nice MM sign ;) in a cool 😎 blue. (Just saying) ❤
When this is all done, I think you should do a Jamie but, instead of trying to sort out school dinners, you guys should sort out the math an REAL world economics. I think we can all agree that, if this kind of education had been available during the 80s onwards, we’d all, or more than average would be better off. All of this needs to start at schools Dameo. Luv in the progs an great down to earth education we are now getting. Thanks for all you’ve done an do guys.
Followed your podcast and channel for a long time now. Helped me sort out my finances post lockdown. Read Andrew's book after this first aired and it made me sort out a set and forget "all weather" type of portfolio. Like everyone says I do wish I'd started sooner 😂
Hello, I have a question. First off, I am American (although my Scottish friend swears I must have been British in a past life). I am a relatively new investor. I have been listening with great interest to Damien's explanations about exposure to an overall global equity index fund. In the U.S. so far it is hammered into me that major U.S. companies have such a global reach, that I may as well just invest in the S&P 500. However, I like to broaden my outlook and have taken note of the reasons why a global fund may be a good and forward-thinking addition to my portfolio. However, when I researched global funds, the majority of the top ten are -- you guessed it -- The Magnificent Seven (I cannot say that phrase without singing The Clash song). I already invest in the S&P 500. Magnificent 7 all over the place. So, is an ex US fund the way to go? I would be interested to learn if international investors choose ex US funds or not. I am keen to learn the mindset of non-US investors in a more global perspective. Not just for my personal financial interest, but to better understand the world at large, if that makes any sense. Thanks!!
I'm not an expert investor but yes, you're on the right track. Any Global fund will be invested ~65% in US markets, so you'll already have that with your S&P500, although a little bit in small/mid-cap funds might be worthwhile but just bear in mind that the investment timeline may be longer. Don't worry too much about the Mag7 investments - as some companies fall away and are replaced by new "rising stars", the fund rebalances - that's the benefit of investing in funds - no action is required by you. I would also recommend buying funds that are traded in your local currency, so that you are not subject to currency fluctuations as well as market volatility (there will still be currency fluctuations but you will be less concerned about them if someone else is dealing with it).
Read the book, makes sense to diversify, he has set up a fund based on the book. Quotes 9% average growth and to keep costs low. And yet his own fund charges 1.22% fees on Hargreaves lands down and the fund has increased by 7.5% in 5 years? Something doesn't add up?
I totally agree. His theory is great, and his fund's practice is awful. It was Andrew's theory that I put into practice and has served me very well. It leaves you wondering who is picking the stocks & etfs for his fund?
Great Podcast. Does Andrew recommend Global index funds as a starting point for equities investing? He never got round to actually telling us where to invest!
Late to the party (in many ways!) but thank you. I didn't realise it's normal to be scared of money - to think even, it's for rich people, not me. "Gambling...", "Bricks and mortar..." "For rich people...". Helping to correct my views, thank you!
I take a cynical stance on all this. The reason people are successful in this financial game is because there are people who are not. That’s why we aren’t all taught this stuff. Can you imagine if everyone followed all this advice? It wouldn’t be profitable. Profit is skimming the cream off the top of the labour of the common man.
man british shows are just better. so nice, fun and engaging while not being a scam. i am from the us and all of our finance podcasts are basically running scams. lol.
After receiving inheritance in 2020 I spent 3.5 months researching about how to invest. As well as reading up & watching videos I spoke to various, what turned out to be sharks in suits from London, Rome & Dubai. Eventually it clicked. You can cut out the middleman. I could do it all myself and then set about choosing which broker, which fund(s) and what ratio split I wanted. Almost 50, just wish I’d known this stuff 30 years ago, although I’ve now retired and left the U.K. so can’t complain.
I love your videos, and your guests bring a different element to take into consideration, I've watched this country self implode with negativity and identity politics that are poisoning a generation, being positive and being grateful for what you have is A message that's been buried, I'm teaching my children not to waste money on things they don't need.
One of the reasons people don't like capitalism is how the business get rich. Enslaved people were the bedrock of many US and UK and other European firms who have currently delivered....this is often ignored.Happiness has come at the cost of human suffering and brutality. Capitalism if understood to have made some brutal mistakes......if some of your guests that you choose are able talk to that, then fianicial education will be restorative so perhaps invite a guest who can talk about markets, especially around actually ensuring previously Enslaved people are acknowledged.This will help the education of personal finance to enter ethical discussions and then for the huge harm to society to be reconciled. Many Europeans, especially British owned Enslaved people without knowing. Their wealth unknowingly in some cases came from sheer human brutality .Its worth contextualising, its worth avoiding this oversight,its worth this as we are all interested in human progress....Great show great interview, keep going
Great video. However, long time investing might not be that easy to some people (actually, to many) psychologically, and there is quite a big point. In fact, it is the classical "a reward tomorrow or profit at some time in future" when compared with trading or other ways to "quickly make money". Probabilities calculation, future forecasting, cold thinking - it is what we as people are usually not good at without working on that exactly matter. And even after it might get based on beliefs (in market) - but anyway, if it helps to keep on investing, better than nothing
Great podcast. I think a great video would be showing 'How' to invest as he suggests. I.e. Step by step From signing up to say ' Vanguard' or elsewhere What account to choose to begin with etc. A full on walkthrough to take away people's uncertainty . Once they know the ropes and get comfortable, people will start to make their own choices of investments within the account. A dummies video guide if you like . That's my compounding 2p worth 😉
No harder than learning to drive a car. Just remember most of us learned to drive in just a few hours of practice when we were idiot teens who couldn't focus on anything.
Historical,y the s and p returns 10% the longer you’re into it, read somewhere over a 10 year time frame you could be right. But over say 20 years the return closer 9% is a lot more likely. High90% likelihood. Baring any black swan events, wars unforeseen events etc.
all these investors have very little understanding of the real world. speaking as somwone who is more fortuante. Theres a key term called budgetary slack and people must factor this in if they want to do financial modelling over the next 10-50 years in terms of how much eealth you have. Its never a straight line and this idiot investor says its possible to get 10% returns. Its as simple as it gets. To be rich you must be born at a lucky time. Sure you can retire 'wealthy' with the principles. But the amount of sacrificises required to not live life throughout yohr 20s 30s and 40s. only to begin in 50. no thanks. I do not respect people who think its easy. This investor says it is. Its bloody well not.
I'm with Warren Buffet when it comes to crypto. It is basically valueless. It produces nothing. Its a bubble. It's only worth what the next guy is prepared to pay for it. It's not an asset, it's a liability.
I think you’re correct at the moment. I feel the advantage of something like crypto should be to hold the traditional finance industry to account. Having an alternative store of value can prevent things like negative interest rates from financial institutions. Being able to have an alternative place to park wealth and stop banks having absolute power over your money can’t be a bad thing in my opinion. Same reason I hope we never move to a ‘cash free’ economy
U lads gota stop talking over your guests. It’s like 2 little kids (especially the black guy) using the time to validate himself and his life choices infront of an expert than to actually let the host speak - or using the time to flatter your own ego’s. The guy was so politely trying to tell u lads to shutup and let him speak. You don’t have to give 3 real life examples of every single thing he says, we get it!!
its easy to make huge money if you already have money. its just so hard if you have no help. The amount of effort required and to not even become a millionaire after all those efforts just shows senile the speaker is. The easiest path to wealth is housing not dealing with housing costs in the UK which many do not have the privledge too.
Hard but possible if you’re willing to work hard, make sacrifices and have some luck. I’ve done it but wouldn’t have been able to if I’d had the wrong mindset.
@@donaldlyons17 I don’t know you and you don’t know me. I read your comment and thought it might help for you to understand that it was possible, I know as I’m an example of it. I stand by what I’ve said as I’ve reread it and it does make sense. If it doesn’t help then ignore it, no need to be aggressive (eg WTF) or be calling the guy senile which you did in your original comment. That’s an example of mindset, you choose how you react to the world. For what it’s worth, I’m from a humble, council estate background with a fireman dad and a mom who worked in children’s homes, social work and ultimately on a children’s cancer ward. Very valuable jobs and important to society but unfortunately they don’t pay as much as they should. It’s OK and understandable to be angry about the unfairness of society but that anger is best served, IMO, by being channeled into improving yourself and working hard: outworking the people that maybe had a better start or possibly enjoyed more opportunities. Generally, someone will spot that attitude and give you an opportunity. But you still need some luck and the most honest successful people I’ve met have admitted that to me. They also worked incredibly hard and had a positive attitude. Life isn’t always fair and you can either complain about that or you can make the best of it and use that as a fuel to drive you on. That’s the mindset piece.
again as I say, its hard to become a millionaire with these strats. not saying you can't have £600K in the bank quite easily by doing this strat when you're 60. there's nothing about mindset if the barrier is primarily income and cost of living. lets be honest, the job market is very competitive, but even if you past that hurdle, the issue then comes from the ultra high inflation we have today. here in the UK foods gone up by 20% so you're telling me, to work the same good professional job is going to cut it and it's all about mindset. This where I believe everyone becomes hyper ignorant. Because you have to admit to yourself, not everyone is going to become a millionaire no matter how much they want it as inequality increase. No one should be putting up with a financial system driven by morally incorrupt elites, i.e the IMF, WEF, virtually all politcians in the UK. Some politicians in the US who are backdoored. Pretty much the entire Israeli government. Kissinger and associates and the such. in the era of high immigration and AI, it's becoming very difficult for the ordinary person to get ahead. I think all I ask is that some people have to have a realistic approach to life rather than an idealistic view on it... They constantly gaslight the ecomy and or are toying around with it while people just let it happen. Easiest ways to become rich could be specialise in aspecific sex kink on something like onlyfans thats underrated. Become a youtuber who sells out and pretends to be independent despite never having their windows broken despite how anti-estabishlment they may come across. Rat out the elite to the point they'll pay you with paid overseas trips to belgium where you can get involved with EU. There's quite a few strats to get ahead, question is whether you're a pure psychopath and want to go ahead with them.
12:00 "The stock market is for rich people" Yes, it is.Ordinary people do not have money to invest in stocks. If you have that type of cash then you are probably financially secure anyway. I don't know how people like this expect poorer individuals to invest in stocks when they can't afford their rent. So annoying.
Uh oh. 5 minutes in, he says 5k invested will be worth 900k at the retirement age of a child today, without event mentioning the crucial effect of inflation over that period. Bye!
@capri2673I'm going to give you £10. It's inconsequential I'm taking £10 from you at the same time, right?... It's quite a critical component to miss! There are no compounding returns without the progression of time, and with the progression of time, there is nearly always inflation offsetting this!
My book covers the ravages of inflation in great detail BTW! The more inflation there is, the more important it is that you invest in assets that might outperform it - like equities. Also - did you miss the bit at 6 minutes where I explicitly make your point about inflation?
Who the hell can still work at 85 yrs old. Perhaps people like actors or similar jobs may be able to, but ironically they are the ones who don't need to continue working, it would be purely a choice. And how can ordinary people on minimum wage or lower incomes actually put enough money away for 40 yrs or more or any money for that matter. And who has £5000 that they can put away for their children at 5 yrs old. And there's no guarantee that they'll get those returns he's talking about. This guy is just making himself money out of pushing & selling his book. The tories shouldn't have put the state pension age up, it's disgusting, they give big tax cuts for big corporate businesses and the wealthy and higher payed since 2010 and at the exact same time make massive funding cuts for all public services including the NHS since 2010 . And big businesses making huge profits and scrapping the defined benefit pension schemes, and replacing with crap defined contribution pension schemes. A decent government would have given more tax back to the lower payed on their pension contributions. As it is basic rate tax payers get back 25% on pension contributions, but for example 40% tax payers get back 66.7% on their contributions & 45% tax payers get even more, like they really need it. And most really rich people inherited their wealth or made their fortune from starting businesses like Amazon, jeff bezos. Trading or buying individual shares is a real losing game, especially trading. Passive investing is the way to go, investing not speculating, not gambling with your money. Investing is a long term project, and it requires you to have enough money to invest & leave tyed up in investments for many yrs
@@Bluearmy76 Isn't it obvious, I already gave examples of changes that need to be made. A civilised society is judged on how it looks after its most vulnerable people the poor and less well off, disabled people etc
I was mortgage free a decade ago, was looking forward to a comfortable future with my wife, now I'm divorced, mortgaged and feel like I'm starting again. These podcasts are golden. I'm going to make this work, I've got twenty years to pay my mortgage off, save and invest before i retire. I get down when i think i could have been saving and investing from a young age. If you are young, start early, time is on your side.
You can do it! Really happy to hear you find the podcast helpful!
How can you have been mortgage free 10 years ago yet now have a mortgage and issues with finance? Surely you have 10 years of savings from not paying a mortgage plus the 50% equity from selling your family home which you had completely paid off, before divorcing?
Investing is not trading.
That sentence makes things so not scary anymore. Loving the new podcast.
Be very careful, don't invest first without knowing the rules. It's tempting to put a lot of money on stocks and shares that are performing and then quickly lose that when they fall off a cliff. I speak from experience and this guy needs to emphasise the risks more.
Just spend less than you make. I make very little, but I save and invest alot. Do not buy a financed car, a new phone and those new trainers and tell people you have no money. My trainers are old, my phone I bought cash and it'll last 5 years and my car is 15 years old. And I have tens of thousands in cash and investments. Its a choice. Self educate, make good habits and chip away at it.
I came across his book in a charity shop(!). If I find nothing else of value in a charity shop, I'll be more than happy. This book has changed my life!
Hope you leave some money to charity😂
Brilliant! I met Him last year, actually I served him since I work in hospitality. He was very nice and suggested me to read his book, which opened up the world of investing. I just wish I met him 10 years ago, now I would have been in a better position (I'm still way better than last year afterall)
Thank you for inviting him to this Podcast!
This podcast FLEW BY!! Sign of a great show. Well done guys. I’ll be getting Andrew’s book now…
Two episodes in, and I'm really enjoying this new podcast 👌 It's great to hear people talk so passionately about financial literacy 👍
Tip that has helped me. Open a new bank account, fund it with a let's say 1.2k. Set up a direct debit of £100 per month into an index fund, Vanguard or similar. Now you have 12 months of dollar cost average investing ticking over. Each month transfer a random amount into that new bank account from your wages, keep funding it. Never look at the new account, or the investment account. Automated and simple. At times I have had enough in that account to keep investing for 3+ years without looking at it.
WHAT are people in the UK somehow supposed to just have an extra 1K? WTF 10 years ago when prices were cheaper everyone did not have an extra 1K!!!!
By choosing what they spend money on. Obviously not everyone has access to spare cash but there are a lot of £1k iPhones in the hands of young people up and down the country.
Yeah but which index fund
I've actually seen him in person and he is really good at convincing people to invest into the future
I just had to come back here after a few days of watching this episode and say that I bought the book (a used one of course which saved me about £4 from what would have been my default Amazon option). Started reading it last night and I am thoroughly enjoying it! I am an analytical person so I really do appreciate all the facts and figures and graphs and tables, and of course the bibliography! Will update you on overall thoughts once finished.
'Life's about being happy. But life's about being happy once you've thought more deeply about what will actually make you happy'. Preach
Contentment is the goal. Money does not bring contentment, it may take away some anxiety and stress but the day you stop chasing money and material things is when you realise you are truly content.
I am glad that someone in the mainstream of wealth management came out with the, "being rich is the ability to plan your own life", makes me want to be in this position even more. Thanks guys
This podcast should've been longer than an hour. Loved it
Great listen. After watching all your other stuff, I really needed to setup a stocks and shares ISA. After being reminded again today of the importance of compounding, I've finally started 😀
Sitting in front of a laptop screen...how do you actually start?
Working through these podcasts after recently discovering the channel. I'm so glad I listened to this one after the Gary's economics one. Pretty contrasting messages about the state of affairs.
I really enjoy these shows. Fianicial products based in US, Europe and Asia. 10% invest, and £50 a month, great tips...
Investment in human progress is at the heart of this....this progressive process does mean addressing geninue challenges in society....thus making a geninue progressive society....inclusive society seems to be what I am getting from this podcast....or maybe that's my agenda. So thanks for a Brilliant British podcast addressing a serious issue around true Fianicial literacy
Great work Damien :) Would love to see something like this focused on what we can do for our kids. Touched on briefly in this one, I think that would go down well. Great episode keep up the good work.
Yes I agree
Great podcast Damien. I wish all young people were taught some of these principles before leaving school. This is the stuff that makes the difference to life outcomes.
Think about it. There’s very good reason why they don’t teach this stuff in schools and the education system.
The powers that be rely on the masses taking on debt as it serves their purpose. They want you in that 9-5 for 50 years paying taxes until you’re dead.
If everyone became a millionaire at 40, half would end up leaving the UK paying no tax.
They rely and actively want you staying dumb, ignorant and sleepwalking through life. It fits their agenda.
Welcome to The Matrix.
40 minute podcast??????
Listening to this and time flew.
Literally felt like 5 minute
Thanks Henare!
So much better than the first one I listened to, got the point over without a load of effin this and effon that.... going to get the book now.
Thank you Andrew for opening Damien's eyes, because he opened mine, and my children will have a better life because of it.
I'm getting addicted to this podcast.Each guest talks clearly and with such good sense. This guy is on a mission - it is so energising and happiness inducing to listen to him. In the UK we have been so downtrodden for so long. This is the kind of neoliberalism that is helpful - pity there hasn't been much of it about for so long!
I bought his book and i have been reading it daily, a very clear thinker
I really enjoyed the conversation. I wish we had pie investing tools (like M1 finance etc) globally. In my case it would have been a game changer. Where I live, you have to pay $10-25 for each trade which makes small and frequent contributions impossible. This makes you feel reluctant to make regular investments and try to 'time the market' with larger sums at once. It would have been great at least if I had the chance to create a pie (some US equities, some developing world, some commodities and some bitcoin) and add regularly at once..
Really enjoyed these first two podcasts. Really useful info presented in an easily accessible format. Keep it going
The example of £5000 over 55 years compounded, should made examples within Maths at schools, that would make it lot more interesting.
but the financial system wouldn't work if everyones doing this. you need people at the bottom to do all the heavy lifting...
The way out of the pension crisis stop the pension from a set date pay 5k per new born into an Eft then instead of wpp you pay into that via payee
If you can afford to invest £5k for a newborn and force them not to touch it until they are 65 then good luck with that. Life gets in the way and this scenario just isn’t realistic for the vast majority. Far more realistic is the scenario whereby people between the ages of 45-65 inherited a parent’s estate. That is when most people will have spare investment cash available.
@@danbee415yes I was going to add, there's a reason it's gatekept
This is the best and most important podcast on the planet. It will honestly change the lives of people, all for the better.
Seriously?!
Both of these recent documentaries have been so inspiring! Thank you❤
I think the one basic thing that most people miss is a budget. Most people don’t know what their spending and what their outgoings are etc
I'd like to give This a double like as I bought his book a few months back and watched your podcast without even realising that you were interviewing the author of same book, so I've re-watched this with fresh eyes and enjoyed it even more the second time around.
Glad you enjoyed it :)
I am loving these podcasts will definitely check out the book too.
We love hearing you're enjoying the pod!
This is my favourite video you've done Damien, watched it all 👍🏼
Fantastic interview. Really enjoyed it. Going to have to give Andew's book a read and pass on to my Nephews...
Good common sense, plain language, easy to listen to and understand. Great stuff! Also why the government don’t invest 5k for every child that is born for them to have at age 55 is a mystery… surely cheaper than the current pension system!!!
Yep 👍🏼 I had that idea too, gov puts 100k in per child, compounding interest for 67/70 years - equals millions. Any forward thinking gov could BREAK the cycle. It would single handedly fund universal basic income (UBI) … which is fast growing in popularism ❤
because everyone cant be wealthy. if everyone is wealthy then who will do the work. Which is why governments, big corporations will never make iy easy amd make it very difficult.
Brilliant! I've enjoyed the guests thus far and I'm looking forward to the next podcast :) Might need to grab a copy of Andrew's book.
Another great interview I have the book in audio format
I like the betting analogy, a simple way to explain compound growth to someone who doesn't get it, is to think about how much you can win on a low stake accumulator.
The look on Damo’s face when his mate says he ‘invests in fine wines in France……..’
🤣🤣🤣
Fkn priceless!
Eastenders off. Making Money Podcast on. Great stuff.
Love the new pod, one little suggestion would be to change the background behind the guests head to something less distracting and easier on the eyes? Both videos there is so much going on behind the guest, it gives me anxiety 🥲. Maybe it's just me!! Keep up the amazing work :)
Omg 😱 I’ve listened for hours … and not noticed the background! Canny Unsee it now! Put a nice lava lamp with a nice MM sign ;) in a cool 😎 blue. (Just saying) ❤
When this is all done, I think you should do a Jamie but, instead of trying to sort out school dinners, you guys should sort out the math an REAL world economics.
I think we can all agree that, if this kind of education had been available during the 80s onwards, we’d all, or more than average would be better off.
All of this needs to start at schools Dameo.
Luv in the progs an great down to earth education we are now getting.
Thanks for all you’ve done an do guys.
im like fkking addicted to this new podcast hahahahha very calming and like chatting along with your mates
Followed your podcast and channel for a long time now. Helped me sort out my finances post lockdown. Read Andrew's book after this first aired and it made me sort out a set and forget "all weather" type of portfolio. Like everyone says I do wish I'd started sooner 😂
Great guest and interesting convo! Big fan of your channel Damo so pumped for this new podcast!
Hello, I have a question. First off, I am American (although my Scottish friend swears I must have been British in a past life). I am a relatively new investor. I have been listening with great interest to Damien's explanations about exposure to an overall global equity index fund. In the U.S. so far it is hammered into me that major U.S. companies have such a global reach, that I may as well just invest in the S&P 500. However, I like to broaden my outlook and have taken note of the reasons why a global fund may be a good and forward-thinking addition to my portfolio. However, when I researched global funds, the majority of the top ten are -- you guessed it -- The Magnificent Seven (I cannot say that phrase without singing The Clash song). I already invest in the S&P 500. Magnificent 7 all over the place. So, is an ex US fund the way to go? I would be interested to learn if international investors choose ex US funds or not. I am keen to learn the mindset of non-US investors in a more global perspective. Not just for my personal financial interest, but to better understand the world at large, if that makes any sense. Thanks!!
I'm not an expert investor but yes, you're on the right track. Any Global fund will be invested ~65% in US markets, so you'll already have that with your S&P500, although a little bit in small/mid-cap funds might be worthwhile but just bear in mind that the investment timeline may be longer. Don't worry too much about the Mag7 investments - as some companies fall away and are replaced by new "rising stars", the fund rebalances - that's the benefit of investing in funds - no action is required by you. I would also recommend buying funds that are traded in your local currency, so that you are not subject to currency fluctuations as well as market volatility (there will still be currency fluctuations but you will be less concerned about them if someone else is dealing with it).
Read the book, makes sense to diversify, he has set up a fund based on the book. Quotes 9% average growth and to keep costs low. And yet his own fund charges 1.22% fees on Hargreaves lands down and the fund has increased by 7.5% in 5 years? Something doesn't add up?
I totally agree. His theory is great, and his fund's practice is awful. It was Andrew's theory that I put into practice and has served me very well. It leaves you wondering who is picking the stocks & etfs for his fund?
Such a powerful watch
Great Podcast. Does Andrew recommend Global index funds as a starting point for equities investing? He never got round to actually telling us where to invest!
Late to the party (in many ways!) but thank you. I didn't realise it's normal to be scared of money - to think even, it's for rich people, not me. "Gambling...", "Bricks and mortar..." "For rich people...". Helping to correct my views, thank you!
Great video and share guys.Really interesting.zSo helpful,I’m going to get the book.Thanks again.Loving your content and looking forward to more 🙂
Just ordered the book, it arrives tomorrow - very excited
9:30 - T asked the question on my lips, thank you
I take a cynical stance on all this. The reason people are successful in this financial game is because there are people who are not. That’s why we aren’t all taught this stuff. Can you imagine if everyone followed all this advice? It wouldn’t be profitable. Profit is skimming the cream off the top of the labour of the common man.
Proud to say I know zero data points in the premier league and at least 3 on the S&P....Winning
Brilliant interview and what a fab guest👏👏👏.
I loved the comparison between investing and trading. Trading is essentially short-term gambling, investing is data-driven long term wealth.
Loving these podcasts.
man british shows are just better. so nice, fun and engaging while not being a scam. i am from the us and all of our finance podcasts are basically running scams. lol.
After receiving inheritance in 2020 I spent 3.5 months researching about how to invest. As well as reading up & watching videos I spoke to various, what turned out to be sharks in suits from London, Rome & Dubai.
Eventually it clicked. You can cut out the middleman. I could do it all myself and then set about choosing which broker, which fund(s) and what ratio split I wanted.
Almost 50, just wish I’d known this stuff 30 years ago, although I’ve now retired and left the U.K. so can’t complain.
Great video, fantastic guest.
Thanks 👍
Great video series! Plus I love the banter between you and your best mate too - really grounds it.
I love your videos, and your guests bring a different element to take into consideration, I've watched this country self implode with negativity and identity politics that are poisoning a generation, being positive and being grateful for what you have is A message that's been buried, I'm teaching my children not to waste money on things they don't need.
Another great Video Damian!! Keep up the great work :)
Really good episode and podcast 👏
These podcasts are great
Another fantastic video/podcast, loving all this new content 👍🏼
great podcast... can't wait for more episodes
Great podcast
One of the reasons people don't like capitalism is how the business get rich. Enslaved people were the bedrock of many US and UK and other European firms who have currently delivered....this is often ignored.Happiness has come at the cost of human suffering and brutality. Capitalism if understood to have made some brutal mistakes......if some of your guests that you choose are able talk to that, then fianicial education will be restorative so perhaps invite a guest who can talk about markets, especially around actually ensuring previously Enslaved people are acknowledged.This will help the education of personal finance to enter ethical discussions and then for the huge harm to society to be reconciled. Many Europeans, especially British owned Enslaved people without knowing. Their wealth unknowingly in some cases came from sheer human brutality .Its worth contextualising, its worth avoiding this oversight,its worth this as we are all interested in human progress....Great show great interview, keep going
Really enjoying these Damien nice 👌 work mate, thank you 🙏
Really interesting, good job!
Brilliant video Damien! I currently invest in one global index fund via vanguard. Would this be enough or should I be looking to add additional funds?
love these episodes
Great video.
However, long time investing might not be that easy to some people (actually, to many) psychologically, and there is quite a big point. In fact, it is the classical "a reward tomorrow or profit at some time in future" when compared with trading or other ways to "quickly make money".
Probabilities calculation, future forecasting, cold thinking - it is what we as people are usually not good at without working on that exactly matter. And even after it might get based on beliefs (in market) - but anyway, if it helps to keep on investing, better than nothing
Great podcast.
I think a great video would be showing 'How' to invest as he suggests.
I.e.
Step by step
From signing up to say ' Vanguard' or elsewhere
What account to choose to begin with etc.
A full on walkthrough to take away people's uncertainty . Once they know the ropes and get comfortable, people will start to make their own choices of investments within the account.
A dummies video guide if you like .
That's my compounding 2p worth 😉
We've done a step by step here: ruclips.net/video/Gu66rpxjLy4/видео.html. Hope you enjoy it
@@MakingMoneyPodcast Awesome 😎
Great pod guys. Really helpful.
Thank you!
Amazing content! ❤
Has this chap been given his knighthood yet…. Trading v investing at 16 min is the most important message for young people…
No harder than learning to drive a car. Just remember most of us learned to drive in just a few hours of practice when we were idiot teens who couldn't focus on anything.
Quality again mate
@33:15 According to Dave Ramsey "the _love_ of money is the root of all evil".
Loved this. Thanks very much boys
Glad you enjoyed it!
Brought the book :-)
24:25 Jim Mellon CEO of agronomics $ANIC. Agronomics is the biggest position in my ISA.
🎧 🔨
I love his book. But 10% yearly as non professional investor is UNREALISTIC
Historical,y the s and p returns 10% the longer you’re into it, read somewhere over a 10 year time frame you could be right. But over say 20 years the return closer 9% is a lot more likely. High90% likelihood. Baring any black swan events, wars unforeseen events etc.
all these investors have very little understanding of the real world. speaking as somwone who is more fortuante.
Theres a key term called budgetary slack and people must factor this in if they want to do financial modelling over the next 10-50 years in terms of how much eealth you have. Its never a straight line and this idiot investor says its possible to get 10% returns.
Its as simple as it gets. To be rich you must be born at a lucky time. Sure you can retire 'wealthy' with the principles. But the amount of sacrificises required to not live life throughout yohr 20s 30s and 40s. only to begin in 50. no thanks.
I do not respect people who think its easy. This investor says it is. Its bloody well not.
Basically the Boglehead message
I'm with Warren Buffet when it comes to crypto. It is basically valueless. It produces nothing. Its a bubble. It's only worth what the next guy is prepared to pay for it. It's not an asset, it's a liability.
I think you’re correct at the moment. I feel the advantage of something like crypto should be to hold the traditional finance industry to account. Having an alternative store of value can prevent things like negative interest rates from financial institutions. Being able to have an alternative place to park wealth and stop banks having absolute power over your money can’t be a bad thing in my opinion. Same reason I hope we never move to a ‘cash free’ economy
Not talking about money is not just a British thing. I think its a European thing.
awesome ! guys rolling another great one ! get that camera off the guest face :D Well done ! Vanguard funds + crypto moon :D
Like when Michael Jordon couldn’t comprehend why his team mates made mistakes
14
U lads gota stop talking over your guests. It’s like 2 little kids (especially the black guy) using the time to validate himself and his life choices infront of an expert than to actually let the host speak - or using the time to flatter your own ego’s. The guy was so politely trying to tell u lads to shutup and let him speak. You don’t have to give 3 real life examples of every single thing he says, we get it!!
Why does the guest get the cheap looking mic?? 🎤
Had to bring his own.
its easy to make huge money if you already have money. its just so hard if you have no help. The amount of effort required and to not even become a millionaire after all those efforts just shows senile the speaker is.
The easiest path to wealth is housing not dealing with housing costs in the UK which many do not have the privledge too.
If people can live on `1/2 their incomes it might also be possible to do ok.
Hard but possible if you’re willing to work hard, make sacrifices and have some luck. I’ve done it but wouldn’t have been able to if I’d had the wrong mindset.
@@robh7191 You said hard work and luck and mindset!!! Not mindset only. WTF how does that make any sense?
@@donaldlyons17 I don’t know you and you don’t know me. I read your comment and thought it might help for you to understand that it was possible, I know as I’m an example of it.
I stand by what I’ve said as I’ve reread it and it does make sense. If it doesn’t help then ignore it, no need to be aggressive (eg WTF) or be calling the guy senile which you did in your original comment. That’s an example of mindset, you choose how you react to the world.
For what it’s worth, I’m from a humble, council estate background with a fireman dad and a mom who worked in children’s homes, social work and ultimately on a children’s cancer ward.
Very valuable jobs and important to society but unfortunately they don’t pay as much as they should.
It’s OK and understandable to be angry about the unfairness of society but that anger is best served, IMO, by being channeled into improving yourself and working hard: outworking the people that maybe had a better start or possibly enjoyed more opportunities. Generally, someone will spot that attitude and give you an opportunity.
But you still need some luck and the most honest successful people I’ve met have admitted that to me. They also worked incredibly hard and had a positive attitude. Life isn’t always fair and you can either complain about that or you can make the best of it and use that as a fuel to drive you on. That’s the mindset piece.
again as I say, its hard to become a millionaire with these strats. not saying you can't have £600K in the bank quite easily by doing this strat when you're 60.
there's nothing about mindset if the barrier is primarily income and cost of living. lets be honest, the job market is very competitive, but even if you past that hurdle, the issue then comes from the ultra high inflation we have today. here in the UK foods gone up by 20% so you're telling me, to work the same good professional job is going to cut it and it's all about mindset. This where I believe everyone becomes hyper ignorant. Because you have to admit to yourself, not everyone is going to become a millionaire no matter how much they want it as inequality increase. No one should be putting up with a financial system driven by morally incorrupt elites, i.e the IMF, WEF, virtually all politcians in the UK. Some politicians in the US who are backdoored. Pretty much the entire Israeli government. Kissinger and associates and the such.
in the era of high immigration and AI, it's becoming very difficult for the ordinary person to get ahead. I think all I ask is that some people have to have a realistic approach to life rather than an idealistic view on it...
They constantly gaslight the ecomy and or are toying around with it while people just let it happen.
Easiest ways to become rich could be specialise in aspecific sex kink on something like onlyfans thats underrated. Become a youtuber who sells out and pretends to be independent despite never having their windows broken despite how anti-estabishlment they may come across. Rat out the elite to the point they'll pay you with paid overseas trips to belgium where you can get involved with EU.
There's quite a few strats to get ahead, question is whether you're a pure psychopath and want to go ahead with them.
The financial systems out of self-interest intentionally kept you ignorant. They want you to primarily earn, save, and spend.
12:00 "The stock market is for rich people" Yes, it is.Ordinary people do not have money to invest in stocks. If you have that type of cash then you are probably financially secure anyway. I don't know how people like this expect poorer individuals to invest in stocks when they can't afford their rent. So annoying.
how many people on youtube are saying that anyone can be a millionaire?
Uh oh. 5 minutes in, he says 5k invested will be worth 900k at the retirement age of a child today, without event mentioning the crucial effect of inflation over that period. Bye!
@capri2673I'm going to give you £10. It's inconsequential I'm taking £10 from you at the same time, right?... It's quite a critical component to miss! There are no compounding returns without the progression of time, and with the progression of time, there is nearly always inflation offsetting this!
My book covers the ravages of inflation in great detail BTW! The more inflation there is, the more important it is that you invest in assets that might outperform it - like equities. Also - did you miss the bit at 6 minutes where I explicitly make your point about inflation?
Who the hell can still work at 85 yrs old. Perhaps people like actors or similar jobs may be able to, but ironically they are the ones who don't need to continue working, it would be purely a choice. And how can ordinary people on minimum wage or lower incomes actually put enough money away for 40 yrs or more or any money for that matter. And who has £5000 that they can put away for their children at 5 yrs old. And there's no guarantee that they'll get those returns he's talking about. This guy is just making himself money out of pushing & selling his book. The tories shouldn't have put the state pension age up, it's disgusting, they give big tax cuts for big corporate businesses and the wealthy and higher payed since 2010 and at the exact same time make massive funding cuts for all public services including the NHS since 2010
. And big businesses making huge profits and scrapping the defined benefit pension schemes, and replacing with crap defined contribution pension schemes. A decent government would have given more tax back to the lower payed on their pension contributions. As it is basic rate tax payers get back 25% on pension contributions, but for example 40% tax payers get back 66.7% on their contributions & 45% tax payers get even more, like they really need it. And most really rich people inherited their wealth or made their fortune from starting businesses like Amazon, jeff bezos. Trading or buying individual shares is a real losing game, especially trading. Passive investing is the way to go, investing not speculating, not gambling with your money. Investing is a long term project, and it requires you to have enough money to invest & leave tyed up in investments for many yrs
😂😂😂😂😂
You need to reassess your thought process
Where to start with that 😂
@@Bluearmy76 Isn't it obvious, I already gave examples of changes that need to be made. A civilised society is judged on how it looks after its most vulnerable people the poor and less well off, disabled people etc
@@fredatlas4396 take some personal responsibility, nobody is owed anything
40-50 year retirement is basically impossible with a buy and hold portfolio. Volatility will kill you eventually.