Hi Damien, I am currently in my first year at Durham studying maths! Awesome to know that my favourite content creator went to the same uni as me. You’ve taught me so much that unfortunately just doesn’t get taught in schools and at a young age, having only just left school/college it’s a real shame that still in 2022 I left school having no real knowledge of finances in the outside world. I know I am very lucky to have found your channel and be well educated in finances at my age and so I make sure to share your channel to my friends.
Well done for getting into Durham! Maths is no joke and such a great choice for a degree i am sure you will do well. Honestly Todd as i discuss in this, my time in education didn't really prepare me in a financial sense for the wider world at all i learn through failure essentially.. I hope you don't need to learn in the ways i did and all i can say is tuck away a little each month and stay consistent and you will do amazing! Next time you are in Castle bar have a Smenergy for me! Damo
I’m teaching my kids in the car on the way to Sunday swimming lessons. Covered inflation and mortgages so far. They are 10 & 7! Should be taught in schools
I'm really glad i discovered this channel last week, i was following afew other finance channels but yours has quickly become my favorite. As someone with well over 6 months of emergency fund saved whos been putting off buying a £30 item for the house for weeks now for fear that its 'alot of money' i know which catagory i fall into. Channels like this encourage peaple to work on improve themselves and their relationships with money little by little. Its providing valuble content to the world. keep up the good work man.
Love this feedback thank you so much! Your situation with the £30 item is so relatable i have been there myself! I very much believe we can all improve ourselves little by little and that a healthy relationship with money is as much self improvement as going to the gym.
So interesting, I relate to you so much on your story of the suit, my first job was on £15k too and my highest monthly spending time was when I was in that job and it was on needless things like designer clothes too. It shows it was an insecurity because when you're actually in a position to afford these things you don't buy them anymore really and they lose their appeal or at least that was the case for me.
Really appreciate you introducing this topic to us while being transparent and honest about your own journey… it makes the content that much more relatable.
Thank you mate i really appreciate this! At the end of the day my journey has made me who i am financially especially the mess ups. I hate that so many pretend to be perfect online when I think the truth is far more compelling.
Mentioned study from Tang & Gilbert (1995) "Money attitudes are established early in childhood and remain fairly consistent throughout one's life..". This one is the most important for me. I can see it on myself and trying to change it for my kids. Start talking about money with kids early, give them oportunity to get involved etc. Great topic Damien as always!
Hey mate. When I was younger I was terrified of burglars. So much so my dad, who had an old jaguar car at the time, told me that badgers had stolen the famous leaping cat badge from the front of his car during the night. I was way into my 20's about to recount this story about badgers to my workmates before it dawned on me that he'd lied... -SD
HAHA! incredible mate, well at least you didn't tell the story then realise.. But what a beautiful example of how the inputs as children can stay with us long past when they probably should
I changed my habits like yourself. The realisation that spending every wage in the first 2 weeks and it still wasn’t enough. My upbringing was very much, don’t worry about money, if you want it buy it. No thought about the future. The film “99 homes” with Andrew Garfield brought the importance of financial preparation to my attention. It’s still tricky envying a newer car/ bigger house (human nature I think), but trying to be aware that keeping expenses low is the goal to enjoy experiences over material goods. Saving and overpaying the mortgage whilst not losing yourself saving every penny and becoming obsessed (did at one point), and enjoying some for the hobbies. It’s a tricky balance for sure! Interesting to see the labels, it allows the brain to rationalise what I see everyday but like you say, it’s reassuring that you’re on the right thought process and there are others that feel the same way!
Same as you. When I was in my early late teens/twenties, I was definitely money status and money avoidance (fair amount of debt and no spending control - buying needless stuff). But in my thirties, my attitudes towards money have drastically changed (no debt at all, except mortgage). I would say I'm more money focused and money vigilant. I would put it down to lack of any education about handling money as a youngster.
I definitely used to be in the money avoidance camp in my 20s. It’s what I was taught growing up and used to find money stressful. When things inevitably went tits I had no choice but to face my issues with money, get a grip of my finances and now, according to the test, I’m mostly money vigilant with a lot of money focus. So gotta agree that you’re not necessarily set from childhood.
Thanks Damien. This was very interesting stuff. I remember having charts on my wall when I was about 13, showing how close I had got saving up my pocket money to buy something I wanted. (A golf club for £6.85 I think). I have been doing something similar, for a dozen years or so, with a spreadsheet, trying to predict when I can safely retire. So I think you are right, attitudes to handling money get embedded quite early in life.
Fascinating video as always. I definitely agree with your point that money scripts can change. I think I would have classed myself as an avoider in my early 20s, largely due to a lack of understanding and education. Fortunately I discovered channels like yours and have since educated myself. Having just taken then test I am now strongly money vigilant (and a bit money focused too)
I know this sounds stupid, but i was money avoidant until since starting DCAing into BTC and learned how and why to save/invest in early 2020. I've cleared all credit card debt and ridden the bitcoin rollercoaster. The emphasis on hard money has revolutionised my thinking about money. From avoidant to being focused on security and retention.
Really interesting content, I agree that people can change their actions, particularly by educating themselves. I've previously fallen into the trap of buying luxury items for status. Through learning more about money management, I've started to be able to avoid the pitfalls and build a decent financial platform
Yes! Thank you for sharing this Tom. Well done on recognising an area of your relationship with money you could work on. Sounds like you are doing great now
There is so much good advice in this video. It sums up everyone I know. More money doesn't reduce problems, after a point. Make over about £60k a year and you'll be set. Anything more just save.
Subscribed! amazing video, so insightful. I tend to be a 50/50 split between money vigilance and money focus. The story about the £1k suit and £15k salary sounds how I used to be with money many years ago, you clearly have moved on since then which is fantastic. It's a continuous path of learning for sure. Thanks!
Thank you! I am glad you enjoyed the video, it is indeed a continuous path of learning and that is why I thought share the failings instead of sitting here pretending I am perfect
Damo, can you do a video about switching funds. Not so much the process, that's easy to do (Vanguard here), but more the implications of when and the effects its has on the funds themselves. Say, if you partially switch a percentage or small amounts to switching the whole lot in one go. Obviously switching when its in profit would be a start. I'm interested in the ramifications and have found little on this subject, so hoping you might give it a go! Keep up the fantastic & entertaining videos
Great link to this KMSI-R thanks! Was interesting to see my results (high focus/vigilance, low avoidance/status) and i'll be sharing this with my family to do. Continue the great work thank you.
Thank you for sharing the video. Really glad I could make a piece of content that you can then take something away that applies to you. Thanks for leaving this comment
Great video (as always) Damien. The final section where you discuss your scripts is very relatable as your journey is similar to mine. You're completely right that we aren't fixed to a script from a young age. This should hopefully give plenty of people food for thought and help understand their relationship with money before it becomes too negative!
Glad you thought the video was useful and it is reassuring for me to hear that others have followed a similar path to mine. I hope you are doing well now!
4.29 money focus 4.13 money vigilant Low in rest Just did the survey after catching up with some work over the weekend and the over worry over work comments struck a real chord. After reading the summary I have to agree with you Damo nice to have a label on things. Now I need to evaluate steps I can take to rebalance a little . Great video idea ❤️
Great video I just found out I'm money focused and money vigilant but I already set up a timeline to quit my current well paying job to spend more time with family and to travel more.
Great video - I did the test and was not to surprised to see that I scored the highest in the category of money vigilance, and I scored reasonably high in money focus. I think these categories to change over your lifetime. When I was young I was definitely in the "money status" I drove Ferrari's, Porsche's and Lotus's and I wore designer labels such as Benetton and Polo which should show how old I am. The caveat is that I usually purchased the high end cars broken and repaired them usually selling them on at a modest profit, and I was somewhat adverse to debt so I probably was not a pure "Money status" person. I switched to a "Money Focus" in my 30's and early 40's and then evolved into more of a money vigilance. I say this because I think some people do change over time, though I have met a few "Money avoidance" types and they don't
Great video this gave me a big reality check, done the test and definitely describes me.. having the feeling of never having enough money, working far too many hours and never spending money on myself either just saving and investing and waiting on a lot of money to appear from somewhere to make me feel happy
I am glad you got something from the video. I often fall into the trap of work, save and not much else... Recently I have been spending money on experiences and activities, making the time and budget for it. i have really enjoyed it and i do not regret spending the money at all. Maybe give it a try.
Every day's a school day! Fascinating stuff Damo, will try the test later and also share the video with my children who seem to have very different attitudes to money. Will need to go through some of the papers you've cited as I guess there will be significant Nature vs Nuture debate around this aspect of people's behaviour, as there is with everything else. Great content as always, good luck getting to 100K subs.
I'm a money avoider and for the last year I've noticed I had a problem and have been trying to fix it. Still haven't managed to save any money yet but I am trying really hard. I think I need to start small and build a habit first as I'm trying to make up for lost time and save too much.
Really interesting. I think a lot of financial “common sense” isn’t so common anymore because we don’t explicitly teach it to kids and they’re surrounded by bad examples. Basically money only brings you happiness up to a point, live within your means by budgeting accordingly, always save as much as you can, invest a proportion for your future, there’s no such thing as quick money, spread your risks, work hard to increase your earnings over time.
Great video. My parents were a mess financially and my dad ended up dying. I had to pay of 74k euros of debt for my mom. Took me 4 years. Now I'm finally done and I'm the definition of money vigilant. I make good money but I refuse to get a car and don't like buying new clothes. I call my mom regularly to ensure she's not using any creditcards and I refuse to buy things on credit. Maybe I should ease up a bit.
I wasnt ready for that ending 🤣🤣🤣 I died laughing it was so great and unexpected. This is a really cool topic that should be brought up more often with all financial advice. Understanding where you come from and your habits/attitudes will help you to move toward the future you are aiming for. Keep up the great work Damien!
Such an interesting topic, nice one fella. Love the sociology… money is seemed to be a dirty word that people don’t like talking about.. huge change in mind set. Not long to 100k subs! And we’ll deserved 👍🏻
12:23 stil watching.. such a fantastic video. I can see you’ve put a lot of thought and research into this content. Well done mate. Really interesting - just helped devolve my psyche a little with this. I think the key thing I can see is you can yo-yo between personality types as they are not mutually exclusive. So you could score higher on one end and then in another depending on situation
I am deffo in the vigilante with a hint of status for sure 🤣. But I absolutely hate feeling being ripped off also, I don’t buy anything that I can’t get the value out of fully or be able to resell the item in the future for the same or more than I paid. That way it justifies owning the item for me. I can just think of the item as “money” that can be liquidated. So idk where I am! I do also feel anxious that I’m not doing well enough (your videos have helped reassure me that actually I’m doing okay and compared to history I am living better than a king from not that long ago). Thanks Damien as always, informative and well researched!
Really good video everything he is saying is true any millionaire l have worked for never drive a Ferrari or Porsche they love saving money buying things that make them money also they will recycle everything only the old school people think this way something that is a dying, Breed, it’s the right way. The thing is everyone’s a millionaire or they think they are because they buy a bmw when it brakes down they can’t fix it. Is that a millionaire? Great video as always remember the one thing l have learned in life nothing is what it seems never judge a book by it’s cover be the true you the one that’s happy with life.
Great content, love the psychological insight on your channel. I used to be money avoidant most of my life, and Im a psychologist, but since I started working in finance Ive completely shifted into money worship....and since I got signed off work due to chronic illness Ive shifted into money vigilance. So I totally agree with it not being a stable trait. Very few traits are. Especially behaviours that are closely linked to circumstances and affected by conditioning. Maybe you're familiar with my colleague/mentor Adrian Furnham's work? Absolutely agree with the importance of this topic
There is no way I would provide financial information on line to a web site that required my email address. This would open me up to scams of all kinds.
For me I think all aspects of life need a balance. Money has to be managed, spent, made, invested, borrowed (credit, not wise to always use your own cash).
@@DamienTalksMoney actually thank YOU. You're one of the two people who talk about money and investment whose work i find, without a doubt extremely useful. Everyone else seem to be going out and parroting the same stuff. Yours is truly debate opening on the other hand. That is what we need. Not another person saying the same with different words. 🙏
@@zero-lpds Wonderful feedback. So glad you think the content prompts meaningful debate, really appreciate you taking the time to leave this comment it has made my morning!.
Fantastic video Damien. I'm inclined to agree with you that a person's attitude towards money can change and evolve over time, but I wonder if there is any research on how likely or often that can happen. I suspect that a significant number of people aren't able to look at their own experiences objectively, leading to belief perseverance. My 2 big criticisms of education today is that schools don't teach basic financial management or critical thinking patterns - people aren't equipped with the right tools to begin with to break out of any negative scripts we form as kids. We're just left to work these out for ourselves.
Utter rubbish, you can't pigeon hole people..... Holy crap, that's me !. Easy to see where friends and family sit too. Great info, made me think about myself and me financial behaviour in a way I haven't before. Also interesting to think back to how I have changed as I moved through life without realising it. Great video.
Life is a bit arbitrary. You come into the world, and try to make your way through it. And sometimes, you even learn from those experiences. Whatever you do, treat Failure as a friend, and learn from them, because we all fail in different ways. And they are opportunities to reorient yourself and move in the right direction. And forgive yourself, because it's part of the deal in being human. Stay curious, and have fun.
Regardless the financial situation one finds themselves in, you’re always damned by someone, or yourself, no matter what you think/say/do or don’t think/say/do.
👏👏 brilliant video Damo! It’s definitely possible to transition from one set of habits to another. Not necessarily easy though. The last clip had me creasing 😂😂
Great video, thanks for bringing ideas like this to our attention! I need to now do some research about what are possible triggers for the scripts developing. It must be quite complex I imagine. My parents are both leaning into the money avoidant group, they worked hard and have decent standard of living, but they never saved up seriously (nor took any loans, just not willing to deal with any financial stuff) I turned out quite money vigilant, but what baffles me is that my brother is pathologically money status oriented. We grew up in the same household but have such a different attitude towadrs money. I think I was concerned about my parents being oblivious to the lack of security, while my brother just learnt that living paycheck to paycheck and on top of that inflate the image of wealth is a good idea. I wonder how early kids can pick up on stuff like that.
I’m reading a George Soros’ book at the moment. A good video would be about his theory of reflexivity. Although I’m reading a different book, he has stated that the Alchemy of finance is the best book for this, in case you want to read it.
I think in a general sense. People who do not have an instinct to develop, get better! KHI, maybe? And everyone "should" have a opportunity to become all they can be.
"Facking Hell Becky" 🤣Man.. your sense of humour is right in line with mine. Love it. Also feel like we must be of similar age as i also had one of those aliens as a kid and for some mad reason believed it would reproduce. Man the stuff we believe as kids! On the financial stuff, love that you've shared part of your own story here. Mine is historically a bit dire, grew up on a council estate, mum was the sole breadwinner, dad was a lazy tw@, remember constantly struggling day to day to keep the heating and electric going let alone anything else. Fast forward to an adult and my first decent paid job i spent like an idiot, got myself in a lot of debt, ended up having to take a Scottish Trust Deed to clear it, took 5 years, got out of the financial hole i dug myself, got a better job and once the remainder of some debt is paid off next year, I should be able to invest just under 50% of my wages each month. I learnt the hard way, I'm 35 soon and it wasn't until... 2020 that i really started taking control of my financial education. Hence why I'm here and enjoy these videos. About to take that test now.. cheers for sharing & the great content as always.
Just don't be too hard on yourself for how you got into a mess at the end of the day you was raised in an enviroment where those around you didn't have good money habits.. Well done for getting yourself straight now and can't wait to hear how you get on with investing
Coming from a poor background and building wealth by hard work and some risk taking I defo have a problem with money in that I'm scared of losing it to the government who did nothing to help me build that wealth but are constantly clawing it back with taxes and inflation. I'm scared to spend it on frivolous things too because growing up poor makes me question every purchase I make. So yes I've definitely been following a script based on my own experiences.
Thank you for sharing this. Great that you can recognise this in yourself now. I have been scared to spend on myself for my own reasons and recently i have got over that by spending money on experiences, recently went climbing as an example.. all the science suggests experiences are a route to happiness over stuff. So maybe consider that as a way to get started with a bit more spending on yourself
@@DamienTalksMoney all my good memories are of doing stuff like climbing , Kayaking , cycling, motor biking, skiing, hiking etc etc. Looking back over the decades those were all money well spent to create happiness and good memories.
Moving to London with nothing changed my view on money… it was simple, make more to move out of a bedsit in a dangerous area or make less and live in deprivation and poverty for the rest of my life. I chose the former.
Name another RUclipsr who can fit a sticky alien into a finance video perfectly... I'll wait... I believed you had to put two of them back to back in an egg overnight :D
Very interesting content! With money you can invest in whatever is important for oneself. In my opinion, nothing is more valuable than lifetime, so what better investment might be there then a way to either save money systematically or to generate passive income (eg via dividend stocks) so you need less lifetime to work for the money you need? The long term goal is happiness, of course. But the best things in life cannot be bought with money but need time and devotion - for example a happy and lasting relationship.
I love the topic. I think you should elaborate more. As this topic will make people make peace with their money believes and maybe make a positive change. Its not enough to see videos about how to invest if you can not make yourself invest as your believes don't let you do it. I have to say i am a big fan of your cat.
This test is constructed through a lense of belief that capitalism is a natural and positive economic system rather than from an objective viewpoint. I’m my opinion it is likely to create spurious results for many people and actually be of very little value to anybody that philosophically stands outside of the current orthodoxy around economic and social systems.
...and I remember those damn Aliens! We were always told you need to stick 2 of them back-to-back to make them have babies 😂 I wasn't allowed one, Mum told me they were a waste of money lol
Attitude towards money should be that knowing, money has no real value, and the state can print money whenever they want, which definitely helps inflation. Institutions likes the IMF control what the central banks can do.
I also appear to be a money worshipping vigilant, with very low avoidance and status scores! I've always had an issue with the strongly/slightly way of scoring when the questions are so general, as you can't help but apply your answer to a specific scenario that pops into your head. Or is it just me?
I learned from my parents mistakes with money , and the self inflicted hardships that they had to endure. I vowed never to be without a savings as a security blanket. Having savings and investments is a protection that will save us from suffering hardship, if we lose our job or some other emergency occurs.It's like wearing a life jacket while navigating a small boat in rough seas.If the boat sinks the life jacket can save us from drowning. Damien thank you again for all your hard work and advice.
The phrase I've used to describe Money Avoidance individuals is, "If you believe money is the root of all evil, you'll exercise your bank account every week."
This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!
I am not sure which bit of the video you mean sorry so i cannot speak with certainty but i think the study means that we unconsciously act on these money scripts as they are part of our subconscious brain .
@@DamienTalksMoney 3.36 My apologies though. It didn't make sense to me having unconsciously, but looking it up, apparently that is the right word. I thought unconscious(ly) can only mean when you're knocked out/ asleep
Hi Damien, so glad I discovered your channel. I'm currently invested in index funds and actively managed funds. Should I buy individual shares instead of funds? is it cheaper? Is it better in the long run? I like the idea of not having to constantly watch my portfolio but would also consider anything that would increase my net worth in the long term. Cheers.
While I appreciate the content, I think you can do a better job with titling your videos. The title is clickbait. The actual content of the video is straight forward and honest financial advice. I understand the urge to drive up the view count, but it could drive away people in search of actual advice who dismiss your channel as just another financial influencer.
Don’t understand the test link. Weird page. Sounds like a scam website where you have to give your email to get test results. Though I don’t need it. I am a money secure person. Don’t worship money or stuff. But if I have enough money I feel like i can focus more on being happy than on earning/having money.
Spinny wheel on the test at first but now in. for info too, if you click outside of the test, you have to start again. one to note lol. ok, vigilance is owned here :) but as everyone has there own circumstances in which there world has been shaped by events in and outside of there own control, the snapshot test is exactly just that, a snapshot. Maybe if you did this test once a year you may have a different result. Worth a try though.
Hi Damien, I am currently in my first year at Durham studying maths! Awesome to know that my favourite content creator went to the same uni as me. You’ve taught me so much that unfortunately just doesn’t get taught in schools and at a young age, having only just left school/college it’s a real shame that still in 2022 I left school having no real knowledge of finances in the outside world. I know I am very lucky to have found your channel and be well educated in finances at my age and so I make sure to share your channel to my friends.
Well done for getting into Durham! Maths is no joke and such a great choice for a degree i am sure you will do well. Honestly Todd as i discuss in this, my time in education didn't really prepare me in a financial sense for the wider world at all i learn through failure essentially.. I hope you don't need to learn in the ways i did and all i can say is tuck away a little each month and stay consistent and you will do amazing! Next time you are in Castle bar have a Smenergy for me!
Damo
I’m teaching my kids in the car on the way to Sunday swimming lessons. Covered inflation and mortgages so far. They are 10 & 7! Should be taught in schools
I'm really glad i discovered this channel last week, i was following afew other finance channels but yours has quickly become my favorite. As someone with well over 6 months of emergency fund saved whos been putting off buying a £30 item for the house for weeks now for fear that its 'alot of money' i know which catagory i fall into. Channels like this encourage peaple to work on improve themselves and their relationships with money little by little. Its providing valuble content to the world. keep up the good work man.
Love this feedback thank you so much! Your situation with the £30 item is so relatable i have been there myself!
I very much believe we can all improve ourselves little by little and that a healthy relationship with money is as much self improvement as going to the gym.
So interesting, I relate to you so much on your story of the suit, my first job was on £15k too and my highest monthly spending time was when I was in that job and it was on needless things like designer clothes too. It shows it was an insecurity because when you're actually in a position to afford these things you don't buy them anymore really and they lose their appeal or at least that was the case for me.
The branch of financial psychology you are referring to is called behavioral finance. It was my favorite class in grad school.
Balance is what works for me, I don't dream big, have small goals to begin with, and grow them just bigger and bigger as time goes by.
Really appreciate you introducing this topic to us while being transparent and honest about your own journey… it makes the content that much more relatable.
Thank you mate i really appreciate this! At the end of the day my journey has made me who i am financially especially the mess ups. I hate that so many pretend to be perfect online when I think the truth is far more compelling.
Mentioned study from Tang & Gilbert (1995) "Money attitudes are established early in childhood and remain fairly consistent throughout one's life..". This one is the most important for me. I can see it on myself and trying to change it for my kids. Start talking about money with kids early, give them oportunity to get involved etc.
Great topic Damien as always!
Yes! The data suggests talking to kids about money as early as possible is so good for their development, don’t hide money from them
Hey mate. When I was younger I was terrified of burglars. So much so my dad, who had an old jaguar car at the time, told me that badgers had stolen the famous leaping cat badge from the front of his car during the night.
I was way into my 20's about to recount this story about badgers to my workmates before it dawned on me that he'd lied...
-SD
HAHA! incredible mate, well at least you didn't tell the story then realise.. But what a beautiful example of how the inputs as children can stay with us long past when they probably should
@@DamienTalksMoney true, I'm amazed it never dawned on me though that badger sets weren't full of car badges though 😅
Could it not have been a slang term for people stealing badges?
It started with VW badges. A trend due to the Beastie Boys wearing them.
I changed my habits like yourself. The realisation that spending every wage in the first 2 weeks and it still wasn’t enough. My upbringing was very much, don’t worry about money, if you want it buy it. No thought about the future. The film “99 homes” with Andrew Garfield brought the importance of financial preparation to my attention.
It’s still tricky envying a newer car/ bigger house (human nature I think), but trying to be aware that keeping expenses low is the goal to enjoy experiences over material goods.
Saving and overpaying the mortgage whilst not losing yourself saving every penny and becoming obsessed (did at one point), and enjoying some for the hobbies.
It’s a tricky balance for sure!
Interesting to see the labels, it allows the brain to rationalise what I see everyday but like you say, it’s reassuring that you’re on the right thought process and there are others that feel the same way!
Same as you. When I was in my early late teens/twenties, I was definitely money status and money avoidance (fair amount of debt and no spending control - buying needless stuff). But in my thirties, my attitudes towards money have drastically changed (no debt at all, except mortgage). I would say I'm more money focused and money vigilant. I would put it down to lack of any education about handling money as a youngster.
I definitely used to be in the money avoidance camp in my 20s. It’s what I was taught growing up and used to find money stressful. When things inevitably went tits I had no choice but to face my issues with money, get a grip of my finances and now, according to the test, I’m mostly money vigilant with a lot of money focus. So gotta agree that you’re not necessarily set from childhood.
Thanks Damien. This was very interesting stuff. I remember having charts on my wall when I was about 13, showing how close I had got saving up my pocket money to buy something I wanted. (A golf club for £6.85 I think). I have been doing something similar, for a dozen years or so, with a spreadsheet, trying to predict when I can safely retire. So I think you are right, attitudes to handling money get embedded quite early in life.
Fascinating video as always. I definitely agree with your point that money scripts can change. I think I would have classed myself as an avoider in my early 20s, largely due to a lack of understanding and education. Fortunately I discovered channels like yours and have since educated myself. Having just taken then test I am now strongly money vigilant (and a bit money focused too)
I know this sounds stupid, but i was money avoidant until since starting DCAing into BTC and learned how and why to save/invest in early 2020. I've cleared all credit card debt and ridden the bitcoin rollercoaster. The emphasis on hard money has revolutionised my thinking about money. From avoidant to being focused on security and retention.
That joke about the alien made me laugh 😂, I remember kids at school saying the same thing and then begging my mum to buy one so I could try it hahaha
Really interesting content, I agree that people can change their actions, particularly by educating themselves. I've previously fallen into the trap of buying luxury items for status. Through learning more about money management, I've started to be able to avoid the pitfalls and build a decent financial platform
Yes! Thank you for sharing this Tom. Well done on recognising an area of your relationship with money you could work on. Sounds like you are doing great now
There is so much good advice in this video. It sums up everyone I know.
More money doesn't reduce problems, after a point. Make over about £60k a year and you'll be set. Anything more just save.
Subscribed! amazing video, so insightful. I tend to be a 50/50 split between money vigilance and money focus. The story about the £1k suit and £15k salary sounds how I used to be with money many years ago, you clearly have moved on since then which is fantastic. It's a continuous path of learning for sure. Thanks!
Thank you! I am glad you enjoyed the video, it is indeed a continuous path of learning and that is why I thought share the failings instead of sitting here pretending I am perfect
Damo, can you do a video about switching funds. Not so much the process, that's easy to do (Vanguard here), but more the implications of when and the effects its has on the funds themselves. Say, if you partially switch a percentage or small amounts to switching the whole lot in one go. Obviously switching when its in profit would be a start. I'm interested in the ramifications and have found little on this subject, so hoping you might give it a go! Keep up the fantastic & entertaining videos
Great link to this KMSI-R thanks! Was interesting to see my results (high focus/vigilance, low avoidance/status) and i'll be sharing this with my family to do. Continue the great work thank you.
Thank you for sharing the video. Really glad I could make a piece of content that you can then take something away that applies to you. Thanks for leaving this comment
Great video (as always) Damien. The final section where you discuss your scripts is very relatable as your journey is similar to mine. You're completely right that we aren't fixed to a script from a young age.
This should hopefully give plenty of people food for thought and help understand their relationship with money before it becomes too negative!
Glad you thought the video was useful and it is reassuring for me to hear that others have followed a similar path to mine. I hope you are doing well now!
4.29 money focus
4.13 money vigilant
Low in rest
Just did the survey after catching up with some work over the weekend and the over worry over work comments struck a real chord.
After reading the summary I have to agree with you Damo nice to have a label on things. Now I need to evaluate steps I can take to rebalance a little .
Great video idea ❤️
Thank you for letting me know! Love that you have been able away to take something away from the video.
Great video I just found out I'm money focused and money vigilant but I already set up a timeline to quit my current well paying job to spend more time with family and to travel more.
Great video - I did the test and was not to surprised to see that I scored the highest in the category of money vigilance, and I scored reasonably high in money focus. I think these categories to change over your lifetime. When I was young I was definitely in the "money status" I drove Ferrari's, Porsche's and Lotus's and I wore designer labels such as Benetton and Polo which should show how old I am. The caveat is that I usually purchased the high end cars broken and repaired them usually selling them on at a modest profit, and I was somewhat adverse to debt so I probably was not a pure "Money status" person. I switched to a "Money Focus" in my 30's and early 40's and then evolved into more of a money vigilance.
I say this because I think some people do change over time, though I have met a few "Money avoidance" types and they don't
Great video this gave me a big reality check, done the test and definitely describes me.. having the feeling of never having enough money, working far too many hours and never spending money on myself either just saving and investing and waiting on a lot of money to appear from somewhere to make me feel happy
I am glad you got something from the video. I often fall into the trap of work, save and not much else... Recently I have been spending money on experiences and activities, making the time and budget for it.
i have really enjoyed it and i do not regret spending the money at all. Maybe give it a try.
Sign up to The Daily Upside on bit.ly/3XAtMNu It is completely free and the newsletter is incredible.
Signed up to the upside after months of intending to! Good man.
@@SmigtySmig Hope you enjoy it Mark!
Every day's a school day! Fascinating stuff Damo, will try the test later and also share the video with my children who seem to have very different attitudes to money. Will need to go through some of the papers you've cited as I guess there will be significant Nature vs Nuture debate around this aspect of people's behaviour, as there is with everything else. Great content as always, good luck getting to 100K subs.
I'm a money avoider and for the last year I've noticed I had a problem and have been trying to fix it. Still haven't managed to save any money yet but I am trying really hard. I think I need to start small and build a habit first as I'm trying to make up for lost time and save too much.
I had loads, but it imprisoned me. Now I have enough to be free, which is enough for me. I’m 54. Great content fella.👍
Your story sounds fascinating and I bet we could all learn a-lot from what your are discussing here! Well done for finding balance.
Really interesting. I think a lot of financial “common sense” isn’t so common anymore because we don’t explicitly teach it to kids and they’re surrounded by bad examples. Basically money only brings you happiness up to a point, live within your means by budgeting accordingly, always save as much as you can, invest a proportion for your future, there’s no such thing as quick money, spread your risks, work hard to increase your earnings over time.
Great video. My parents were a mess financially and my dad ended up dying. I had to pay of 74k euros of debt for my mom. Took me 4 years. Now I'm finally done and I'm the definition of money vigilant. I make good money but I refuse to get a car and don't like buying new clothes. I call my mom regularly to ensure she's not using any creditcards and I refuse to buy things on credit. Maybe I should ease up a bit.
Your hair suits you much better now than at Uni if nothing else! Enjoyed your content and found your take really interesting. Subscribed 🙏
I wasnt ready for that ending 🤣🤣🤣 I died laughing it was so great and unexpected. This is a really cool topic that should be brought up more often with all financial advice. Understanding where you come from and your habits/attitudes will help you to move toward the future you are aiming for. Keep up the great work Damien!
Such an interesting topic, nice one fella. Love the sociology… money is seemed to be a dirty word that people don’t like talking about.. huge change in mind set.
Not long to 100k subs! And we’ll deserved 👍🏻
Awesome video man. I'm the same traits as you Damian and live with my gf who is an money avoider.. it's so hard sometimes!
You put a lot of work in making these videos, thank you for the service provided
Great video - I found it really interesting to find out more about money psychology!
Was literally looking at your channels homepage about 20 mins before you posted this thinking "12 days, the lazy sod" ;)
Moar ser! Blz MOAR!!!!
Fuck.... "giving it a name, can change everything"
*sighs*
Suppose I better get ADHD checked then
HAHAH! Sorry i wont let it be 12 days again..
Thank you for checking in on me!
12:23 stil watching.. such a fantastic video. I can see you’ve put a lot of thought and research into this content. Well done mate.
Really interesting - just helped devolve my psyche a little with this.
I think the key thing I can see is you can yo-yo between personality types as they are not mutually exclusive. So you could score higher on one end and then in another depending on situation
I am deffo in the vigilante with a hint of status for sure 🤣. But I absolutely hate feeling being ripped off also, I don’t buy anything that I can’t get the value out of fully or be able to resell the item in the future for the same or more than I paid. That way it justifies owning the item for me. I can just think of the item as “money” that can be liquidated. So idk where I am!
I do also feel anxious that I’m not doing well enough (your videos have helped reassure me that actually I’m doing okay and compared to history I am living better than a king from not that long ago).
Thanks Damien as always, informative and well researched!
I was obsessive for awhile, spent last year ignoring my investments, feels so good to be looking again
Really good video everything he is saying is true any millionaire l have worked for never drive a Ferrari or Porsche they love saving money buying things that make them money also they will recycle everything only the old school people think this way something that is a dying, Breed, it’s the right way. The thing is everyone’s a millionaire or they think they are because they buy a bmw when it brakes down they can’t fix it. Is that a millionaire? Great video as always remember the one thing l have learned in life nothing is what it seems never judge a book by it’s cover be the true you the one that’s happy with life.
Great content, love the psychological insight on your channel. I used to be money avoidant most of my life, and Im a psychologist, but since I started working in finance Ive completely shifted into money worship....and since I got signed off work due to chronic illness Ive shifted into money vigilance. So I totally agree with it not being a stable trait. Very few traits are. Especially behaviours that are closely linked to circumstances and affected by conditioning. Maybe you're familiar with my colleague/mentor Adrian Furnham's work? Absolutely agree with the importance of this topic
Another beautiful video, and a flawless delivery!
Thanks for the great insights
There is no way I would provide financial information on line to a web site that required my email address. This would open me up to scams of all kinds.
You produce brilliant videos with great content and this video is another great 👍🏾 one. Keep up the great very relatable work.
For me I think all aspects of life need a balance. Money has to be managed, spent, made, invested, borrowed (credit, not wise to always use your own cash).
I definitely like these money theory videos. Keep them up
Production quality is going up steadily in your work mate. Thanks for the great work. 🚀🚀
Thank you!
@@DamienTalksMoney actually thank YOU. You're one of the two people who talk about money and investment whose work i find, without a doubt extremely useful. Everyone else seem to be going out and parroting the same stuff. Yours is truly debate opening on the other hand. That is what we need. Not another person saying the same with different words. 🙏
@@zero-lpds Wonderful feedback. So glad you think the content prompts meaningful debate, really appreciate you taking the time to leave this comment it has made my morning!.
Fantastic video Damien. I'm inclined to agree with you that a person's attitude towards money can change and evolve over time, but I wonder if there is any research on how likely or often that can happen. I suspect that a significant number of people aren't able to look at their own experiences objectively, leading to belief perseverance. My 2 big criticisms of education today is that schools don't teach basic financial management or critical thinking patterns - people aren't equipped with the right tools to begin with to break out of any negative scripts we form as kids. We're just left to work these out for ourselves.
I've lived like I have nothing my whole life - so that I don't have to live with nothing. Very strange, but working out ok.
Utter rubbish, you can't pigeon hole people..... Holy crap, that's me !.
Easy to see where friends and family sit too.
Great info, made me think about myself and me financial behaviour in a way I haven't before.
Also interesting to think back to how I have changed as I moved through life without realising it.
Great video.
Cracking samples and musical references AND sound financial content as always ❤
Life is a bit arbitrary. You come into the world, and try to make your way through it. And sometimes, you even learn from those experiences. Whatever you do, treat Failure as a friend, and learn from them, because we all fail in different ways. And they are opportunities to reorient yourself and move in the right direction. And forgive yourself, because it's part of the deal in being human. Stay curious, and have fun.
That Sean Paul line was super smooth 😎
Thank you!
Regardless the financial situation one finds themselves in, you’re always damned by someone, or yourself, no matter what you think/say/do or don’t think/say/do.
👏👏 brilliant video Damo! It’s definitely possible to transition from one set of habits to another. Not necessarily easy though.
The last clip had me creasing 😂😂
Great video, thanks for bringing ideas like this to our attention!
I need to now do some research about what are possible triggers for the scripts developing. It must be quite complex I imagine. My parents are both leaning into the money avoidant group, they worked hard and have decent standard of living, but they never saved up seriously (nor took any loans, just not willing to deal with any financial stuff) I turned out quite money vigilant, but what baffles me is that my brother is pathologically money status oriented. We grew up in the same household but have such a different attitude towadrs money. I think I was concerned about my parents being oblivious to the lack of security, while my brother just learnt that living paycheck to paycheck and on top of that inflate the image of wealth is a good idea. I wonder how early kids can pick up on stuff like that.
I’m reading a George Soros’ book at the moment. A good video would be about his theory of reflexivity. Although I’m reading a different book, he has stated that the Alchemy of finance is the best book for this, in case you want to read it.
I'm high on money vigilant
Excellent video. Pls keep up this very valuable content. 👏🏻
I do love your videos...so funny and easy to watch 👍
I think in a general sense. People who do not have an instinct to develop, get better! KHI, maybe? And everyone "should" have a opportunity to become all they can be.
Another great video 👍😁 very interesting
Brilliant video big man!
Hey Damien, great video quality! Can I ask what camera you are using please? tks
"Facking Hell Becky" 🤣Man.. your sense of humour is right in line with mine. Love it. Also feel like we must be of similar age as i also had one of those aliens as a kid and for some mad reason believed it would reproduce. Man the stuff we believe as kids!
On the financial stuff, love that you've shared part of your own story here. Mine is historically a bit dire, grew up on a council estate, mum was the sole breadwinner, dad was a lazy tw@, remember constantly struggling day to day to keep the heating and electric going let alone anything else. Fast forward to an adult and my first decent paid job i spent like an idiot, got myself in a lot of debt, ended up having to take a Scottish Trust Deed to clear it, took 5 years, got out of the financial hole i dug myself, got a better job and once the remainder of some debt is paid off next year, I should be able to invest just under 50% of my wages each month. I learnt the hard way, I'm 35 soon and it wasn't until... 2020 that i really started taking control of my financial education.
Hence why I'm here and enjoy these videos. About to take that test now.. cheers for sharing & the great content as always.
Just don't be too hard on yourself for how you got into a mess at the end of the day you was raised in an enviroment where those around you didn't have good money habits.. Well done for getting yourself straight now and can't wait to hear how you get on with investing
Phenomenal channel Damien, keep doing what you’re doing.
Thank you Grant!
Coming from a poor background and building wealth by hard work and some risk taking I defo have a problem with money in that I'm scared of losing it to the government who did nothing to help me build that wealth but are constantly clawing it back with taxes and inflation.
I'm scared to spend it on frivolous things too because growing up poor makes me question every purchase I make.
So yes I've definitely been following a script based on my own experiences.
Thank you for sharing this. Great that you can recognise this in yourself now. I have been scared to spend on myself for my own reasons and recently i have got over that by spending money on experiences, recently went climbing as an example.. all the science suggests experiences are a route to happiness over stuff. So maybe consider that as a way to get started with a bit more spending on yourself
@@DamienTalksMoney experiences are priceless, I always wanted to do a sky dive, time to make that happen I think as a start.
@@DamienTalksMoney all my good memories are of doing stuff like climbing , Kayaking , cycling, motor biking, skiing, hiking etc etc.
Looking back over the decades those were all money well spent to create happiness and good memories.
Moving to London with nothing changed my view on money… it was simple, make more to move out of a bedsit in a dangerous area or make less and live in deprivation and poverty for the rest of my life. I chose the former.
Great video & advice for many people here.
Great as always mate, laughed out loud at how much I related when you discussed money vigilant 😂
Mate when i was reading these i was like wow... A lot of people are going to feel this
Name another RUclipsr who can fit a sticky alien into a finance video perfectly... I'll wait...
I believed you had to put two of them back to back in an egg overnight :D
Very interesting content! With money you can invest in whatever is important for oneself. In my opinion, nothing is more valuable than lifetime, so what better investment might be there then a way to either save money systematically or to generate passive income (eg via dividend stocks) so you need less lifetime to work for the money you need? The long term goal is happiness, of course. But the best things in life cannot be bought with money but need time and devotion - for example a happy and lasting relationship.
Great content Damien. Thank you 😊
All the money in the world can’t buy good health. Health is Wealth.
Brilliant video Damian - was late on this one but it’s quality
I love the topic. I think you should elaborate more. As this topic will make people make peace with their money believes and maybe make a positive change. Its not enough to see videos about how to invest if you can not make yourself invest as your believes don't let you do it. I have to say i am a big fan of your cat.
Glad you like the cat! I will make more videos like this ,thank you for your comment.
Unreal content again Damien 👏🏼
This test is constructed through a lense of belief that capitalism is a natural and positive economic system rather than from an objective viewpoint. I’m my opinion it is likely to create spurious results for many people and actually be of very little value to anybody that philosophically stands outside of the current orthodoxy around economic and social systems.
Great content as usual Damo, I feel like have traits from everything here, am I financially Bipolar?
Dude, what if the goo you found on your chin was the little alien baby you've been waiting for?
Nooooooo 🤣
Thanks as ever for your insights, Damo - legend, son!
Big love from London, my G 🙏🏻❤🇬🇧
Edit: 11:37 dude... 🔥
...and I remember those damn Aliens! We were always told you need to stick 2 of them back-to-back to make them have babies 😂
I wasn't allowed one, Mum told me they were a waste of money lol
Your mum was spot on about the aliens! haha
Attitude towards money should be that knowing, money has no real value, and the state can print money whenever they want, which definitely helps inflation. Institutions likes the IMF control what the central banks can do.
Really insightful video 👍
JORDAN AND REBECCA 😂 That really sent me!
I also appear to be a money worshipping vigilant, with very low avoidance and status scores! I've always had an issue with the strongly/slightly way of scoring when the questions are so general, as you can't help but apply your answer to a specific scenario that pops into your head. Or is it just me?
Link to the test???
In the description
Really thought provoking and informative video. Top content as always👍
Thank you as always for watching it! So glad you enjoyed it
I learned from my parents mistakes with money , and the self inflicted hardships that they had to endure. I vowed never to be without a savings as a security blanket. Having savings and investments is a protection that will save us from suffering hardship, if we lose our job or some other emergency occurs.It's like wearing a life jacket while navigating a small boat in rough seas.If the boat sinks the life jacket can save us from drowning. Damien thank you again for all your hard work and advice.
The phrase I've used to describe Money Avoidance individuals is, "If you believe money is the root of all evil, you'll exercise your bank account every week."
This seems like the worst period.
Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!
Good video, only one small error near the beginning. Our psychological concepts are ingrained subconsciously, not unconsciously (at least I think so)
I am not sure which bit of the video you mean sorry so i cannot speak with certainty but i think the study means that we unconsciously act on these money scripts as they are part of our subconscious brain .
@@DamienTalksMoney 3.36
My apologies though. It didn't make sense to me having unconsciously, but looking it up, apparently that is the right word. I thought unconscious(ly) can only mean when you're knocked out/ asleep
@@mattydoherty3784 no need to apologise! I often get things wrong..
Appreciate the Sean Paul at the end!!
Glad someone did!
Hi Damien, so glad I discovered your channel. I'm currently invested in index funds and actively managed funds. Should I buy individual shares instead of funds? is it cheaper? Is it better in the long run? I like the idea of not having to constantly watch my portfolio but would also consider anything that would increase my net worth in the long term. Cheers.
Funds
Tom Po with some wisdom here.
@@tom7676 thanks mate, appreciate a second opinion!
While I appreciate the content, I think you can do a better job with titling your videos. The title is clickbait. The actual content of the video is straight forward and honest financial advice. I understand the urge to drive up the view count, but it could drive away people in search of actual advice who dismiss your channel as just another financial influencer.
Don’t understand the test link. Weird page. Sounds like a scam website where you have to give your email to get test results.
Though I don’t need it. I am a money secure person. Don’t worship money or stuff. But if I have enough money I feel like i can focus more on being happy than on earning/having money.
Spinny wheel on the test at first but now in. for info too, if you click outside of the test, you have to start again. one to note lol.
ok, vigilance is owned here :) but as everyone has there own circumstances in which there world has been shaped by events in and outside of there own control, the snapshot test is exactly just that, a snapshot. Maybe if you did this test once a year you may have a different result. Worth a try though.
Glad you got access in the end!
Another great video Damien!
Glad you enjoyed it!