Such common sense beautifully expressed - thank you, Pete. I would like to add one additional element to building wealth, namely START ASAP!. Time has a huge impact on investment performance, and it's non negotiable. So, the sooner you start the more your money will grow.
I just found your channel today while searching for some information about pensions.. I found a real treasure in terms of knowledge! Great content, looking forward for more. Thank you 😊
Yes, you are totally correct. At the end of the day, the markets will increase, so long as you are not forced(i.e. buying a house, car etc) to cash out when low, you will increase your holdings over time. In some ways, with instant access to our portfolios being the norm, it works against us. Years ago, you would get an annual statement from your pension, once a year, and to get a real-time update, would require calling, waiting in a queue etc. Instant access to data, is not always good
Thanks Pete. I took my old defined pension out last year invested it and watched it drop over 2022. Including paying into my company pension and seeing that drop. It has over the last few month recovered a good chunk but it is a roller coaster !! Cheers Graham
I agree with you mindset is everything not just investing and financial matters but all aspects of life. To have a open mind but not to open that your paralysed from making any decision , and hold firm on certain ones, I do like crypto but do not see Bitcoin going to last it’ but other crypto’s may last. 20% of bitcoins are lost forever and as more time passes more will be lost, I see a lot of people pinning there’s hopes on Bitcoin as euro lotto ticket jackpot instead of building wealth over time. But that is why discipline is so important.
Point 2 is such a good point but can be so difficult to get across, really well explained here. Adam Grant's 'Think Again' is one of my favourite books I've read this year on this topic. Great work as usual! 👍
Are you able to put a video together specific to my demographic (Iate 20s and early 30s)? I'm 29, I have a mortgage, work pension contributions with full match from employer into a work place pension, stocks and shares ISA with monthly contributions invested in S&P500. Small credit card debt & car finance. My usual concern is whether or not I exploiting all available tax wrapper/ investment vehicles with my spare cash. Your clips are concise and engaging. Keep up the good work!
Another great video Pete - sound, sensible advice, thanks. In previous videos, you mention you dabble a little in crypto - have you done a video on this subject or is there one in the pipeline?
Spot on. Obviously there are many drivers that prevent people following your advice and some of those will be outside of the unfortunate’s control but still sound observations
Excellent information. Not a billion dollar 💵 can equate what you have shared, I definitely relate. I have subscribed and will fully watch all ads as my contribution to your channel.
Very true, after the fall back a few years ago with the brexit vote, pension funds fell back but that ultimately is a good time to buy if you believe the fund/ market will recover
Do you have any advice for a 23 year old who's just started work, investing £651 a month into the pension (18% me, 13% work), and saving as much as the rest as I can into an ISA as a house deposit (£57k so far)
Quite impressed by your level of contribution. I'm sure that will help you in the long run, even if you will reduce your contributions later because this money will be compounding for a long time
Brilliant start! What type of ISA are you saving into? Have you considered a LISA for your first property? You get 25% free cash from the government, which can be a no-brainer. £57k is also quite hefty for a house deposit (depending on where you are looking to buy). Do you have any plans for long term saving, such as early retirement? If so, a S&S ISA could be something to look into.
@@edgarhaner1949 I hope so too! The plan is to put money away whilst I have the luxury of living under my parents roof. Also, being a recent graduate I am still not used to being paid at all, so any money I receive to spend is nice!!
I wish I had been watching my portfolio more closely in March/April 2020...I would have topped up and taken advantage of Bed & ISA. Unfortunately (or somewhat fortunately) I got stuck in lockdown at a friend's place in the middle of nowhere...for weeks...without my laptop. You just never know how things will play out :)
@@MeaningfulMoney It wasn't exactly ideal...but it did make me seriously reflect on: "Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.” :)
Hi. You over look the fact that knowing you have a behavioural bias doesn’t make you immune to it. For example I am 99% sure in a bull market that holding shares for the long term is the best strategy, (33% sure after a major correction) but 100% sure that I have the intellect but not the emotional make up to stick with it . I have chosen commercial property in a SIPP because the illiquid nature stops me selling and the cash flows give me enough to to know I’m winning. People DON’T have the ability to change their nature as much as you give them credit for, understand your nature and accommodate it. Dumb money stops being dumb when you know you’re dumb.
I've bought heavily during meltdowns and saw massive losses. You have to catch falling knives, and be cut to pieces. Some of my buys wouldn't go through the system. I had to phone Alliance Trust Savings. I got the impression the broker quite liked me, because decades had probably taught him that it was the person who would pay 229p for Dunedin Income Growth, and not sell when it falls to 190p, who'll benefit in the end. IMHO the time to buy is when there's blood on the streets, even if the blood is yours.
Sage advice as usual. Like you, coming around to crypto and dipping the tip of my little toe into the water via PayPal. 4k looks great on my TV. Hope you manage to catch that moth flying about. Did it come from your wallet?
Such common sense beautifully expressed - thank you, Pete. I would like to add one additional element to building wealth, namely START ASAP!. Time has a huge impact on investment performance, and it's non negotiable. So, the sooner you start the more your money will grow.
absolutely, and also be consistent. Slow and steady wins the race.
I just found your channel today while searching for some information about pensions.. I found a real treasure in terms of knowledge! Great content, looking forward for more. Thank you 😊
This approach goes well beyond wealth creation, it's a lesson for life. This is also true for sporting success.
Yes, you are totally correct. At the end of the day, the markets will increase, so long as you are not forced(i.e. buying a house, car etc) to cash out when low, you will increase your holdings over time. In some ways, with instant access to our portfolios being the norm, it works against us.
Years ago, you would get an annual statement from your pension, once a year, and to get a real-time update, would require calling, waiting in a queue etc. Instant access to data, is not always good
Dead right. I often tell my clients that they can view their portfolios, but they shouldn’t!
Thanks to you Pete, I have now started to increase the contributions on my sipp and isa s/s every 3 months. Roll on the wealth gravy train :)
Thanks Pete.
I took my old defined pension out last year invested it and watched it drop over 2022.
Including paying into my company pension and seeing that drop.
It has over the last few month recovered a good chunk but it is a roller coaster !!
Cheers Graham
So many gems here great work Pete. Glad to see your channel getting a lot more recognition recently!
Thanks Toby - exciting times!
As a financial planner, I totally agree with you. Keep up the good work.
Cheers Mark - appreciate it!
I agree with you mindset is everything not just investing and financial matters but all aspects of life. To have a open mind but not to open that your paralysed from making any decision , and hold firm on certain ones, I do like crypto but do not see Bitcoin going to last it’ but other crypto’s may last. 20% of bitcoins are lost forever and as more time passes more will be lost, I see a lot of people pinning there’s hopes on Bitcoin as euro lotto ticket jackpot instead of building wealth over time. But that is why discipline is so important.
This was great, and I completely agree. Thanks for sharing
Thank you, Neil!
These videos are excellent, great production and sound and the advice ain't half bad either!
Thank you!
Point 2 is such a good point but can be so difficult to get across, really well explained here. Adam Grant's 'Think Again' is one of my favourite books I've read this year on this topic. Great work as usual! 👍
Haven't come across that, George - will add it to my list...
Totally agree, it’s control of your emotions, makes a lot of sense
Great video, Pete. I'd be interest in hearing more about your thoughts on crypto.
Fab video Pete.
Are you able to put a video together specific to my demographic (Iate 20s and early 30s)? I'm 29, I have a mortgage, work pension contributions with full match from employer into a work place pension, stocks and shares ISA with monthly contributions invested in S&P500. Small credit card debt & car finance. My usual concern is whether or not I exploiting all available tax wrapper/ investment vehicles with my spare cash. Your clips are concise and engaging. Keep up the good work!
Another great video Pete - sound, sensible advice, thanks. In previous videos, you mention you dabble a little in crypto - have you done a video on this subject or is there one in the pipeline?
Great videos as always!
If I can take a guess at that fund manager, it seemed like half of the country had the same belief as your client at one point
You may be right!!
First name Neil? Glad I avoided that investment.
first half of surname = material
second half = car manufacturer
Any advice for a 21yo (truck driver) who is already maxing out £20,000 tax free ISA
Bang on
Spot on. Obviously there are many drivers that prevent people following your advice and some of those will be outside of the unfortunate’s control but still sound observations
Thank you John! 🙏🏻
Very informative. Thank you.
Excellent information. Not a billion dollar 💵 can equate what you have shared, I definitely relate. I have subscribed and will fully watch all ads as my contribution to your channel.
Thanks Sandile - appreciate your kind words...
Diversity, low cost, long term, - don’t time the market just stay in the market and use tax wrappers.
The last point is the most important
Fantastic video! Thanks for confirming my biases 😅
Tenacity and sticking with it when markets / prices go down. It is a hard thing to do to buy more of a stock when its price has fallen by 40%…
Very true, after the fall back a few years ago with the brexit vote, pension funds fell back but that ultimately is a good time to buy if you believe the fund/ market will recover
Regard it as a sale with 40% off. If the share or fund is worth buying at all then buying it in a sale is great
Very difficult indeed, but a useful skill if you can master it!
Do you have any advice for a 23 year old who's just started work, investing £651 a month into the pension (18% me, 13% work), and saving as much as the rest as I can into an ISA as a house deposit (£57k so far)
For what it’s worth, can I just say well done for keying in to personal finance at your age. Bravo and good luck with your future plans!
Quite impressed by your level of contribution. I'm sure that will help you in the long run, even if you will reduce your contributions later because this money will be compounding for a long time
Brilliant start! What type of ISA are you saving into?
Have you considered a LISA for your first property? You get 25% free cash from the government, which can be a no-brainer.
£57k is also quite hefty for a house deposit (depending on where you are looking to buy). Do you have any plans for long term saving, such as early retirement? If so, a S&S ISA could be something to look into.
@@LOUBAT1 Thank you, the same to you friend
@@edgarhaner1949 I hope so too! The plan is to put money away whilst I have the luxury of living under my parents roof. Also, being a recent graduate I am still not used to being paid at all, so any money I receive to spend is nice!!
It would be good to know your views on the tax wrappers investment products.
I wish I had been watching my portfolio more closely in March/April 2020...I would have topped up and taken advantage of Bed & ISA. Unfortunately (or somewhat fortunately) I got stuck in lockdown at a friend's place in the middle of nowhere...for weeks...without my laptop. You just never know how things will play out :)
I would really have struggled with that. I can’t imagine not having access to my laptop!
@@MeaningfulMoney It wasn't exactly ideal...but it did make me seriously reflect on: "Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.” :)
Pete, this is one of the best videos you’ve made to date. Love it.
I so appreciate that, Martin, especially from you - thank you! 🙏🏻👊🏻❤️
Great content Pete! Quiet apart from some of the more generic channels.
On teachability, "Those convinced against their will are of the same opinion still".
Like that, Steve!
So glad you confirmed what I thought when I came here 🤣
Ha! I’m glad too. I think…
@@MeaningfulMoney You provide cracking information with honesty 👏
Hi. You over look the fact that knowing you have a behavioural bias doesn’t make you immune to it. For example I am 99% sure in a bull market that holding shares for the long term is the best strategy, (33% sure after a major correction) but 100% sure that I have the intellect but not the emotional make up to stick with it . I have chosen commercial property in a SIPP because the illiquid nature stops me selling and the cash flows give me enough to to know I’m winning. People DON’T have the ability to change their nature as much as you give them credit for, understand your nature and accommodate it. Dumb money stops being dumb when you know you’re dumb.
I've bought heavily during meltdowns and saw massive losses. You have to catch falling knives, and be cut to pieces. Some of my buys wouldn't go through the system. I had to phone Alliance Trust Savings. I got the impression the broker quite liked me, because decades had probably taught him that it was the person who would pay 229p for Dunedin Income Growth, and not sell when it falls to 190p, who'll benefit in the end. IMHO the time to buy is when there's blood on the streets, even if the blood is yours.
Great video!
I expected a good video and once again my bias was confirmed. I'd have made so much money in the stock market, if it wasn't for me!
Ha! Cheers, Mike!
Another great video!! Would love to hear you on your own room on Clubhouse!? 👍
Well, there's a thought...
You remind of the Poem If!
If I build wealth, how do I prevent the Government from stealing it?
Not sure you can as they can change the rules to suit them
Come to the UK, that kind of thing doesn't happen here.
Pete, what’s your thoughts on funds vs investment trusts?
Both have their place. ITs are underused, for sure, but need to be understood.
Sage advice as usual. Like you, coming around to crypto and dipping the tip of my little toe into the water via PayPal. 4k looks great on my TV. Hope you manage to catch that moth flying about. Did it come from your wallet?
It was a fly and it was bloody annoying! The downside of 4K is that there’s nowhere to hide!
The maths says it’s avoiding the big losses
Without having watched the video, I would say:
Saving Rate
Asset Allocation
Consistency
You better watch the video
Tricky jumper😂
HULLO, HELLO, GOOD SIR! 💝
Cripto That went well lol
Your not right but then your not wrong either , you make money by gambling with other peoples money and when it goes wrong your not culpable !