★★ LINKS MENTIONED IN THE VIDEO ★★ (07:07) - Is Keeping Up With The Joneses Destroying Your Future? - thehumblepenny.com/keeping-up-with-the-joneses (08:14) - How To Create A Budget The Works For You - thehumblepenny.com/how-to-create-a-budget-that-works-for-you (08:28 / 08:38) - BUDGET FOR LIFE - thehumblepenny.com/BudgetForLife (18:50) - 12 BEST Side Hustle Ideas To Make Extra Money - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Ns4g9h7OxuQ.html (19:00) - 27 Legit Ideas on How To Make Money Online - thehumblepenny.com/how-to-make-money-online (19:05) - 85 Ways To Make Extra Money - thehumblepenny.com/85-ways-make-extra-money
I was never taught about money growing up and my mum was always in debt, I've spent most of my early 20s in debt, not saving, falling to lifestyle creep and living month to month on credit cards. Now I'm 25 and have a daughter on the way has given me the kick to sort my life out, with £15k debt and a dead end job I've got a lot to work on, you're channel has inspired me massively and I've been trying to get my partner to watch aswell but so far no luck.
First step, we did to get out of debt was take a bank account out with Think Money! They ring fence your bills money so you can't touch it, you are then left with what ever you have to budget with on your card for the rest of the month, we cleared 18k of debt using think money, we still bank with them too! Our credit score is now 999 on Experian . P.s budgeting with what is left gets really easy and each debt that clears gets put back in your balance , we just decided what we couldn't afford we couldn't have its as simple as that! You can't have what you can't afford. Decide is it a need or a want...wants aren't a necessity. Go with out wants, eventually your debt will clear it took us 6 years.
I just came across your channel and I am liking it, as it is UK based. I've been watching a lot if the US ones and it so refreshing to come across a UK. I feel I can relate a lot more rather than adapting and tweaking the US stuff. I'm on a debt clearing journey and came across Ramsey and have been binge watching him. I think I'll be binge watching your channel instead. Thank you both for doing this. It will change lives.
I paid off my mortgage in 2017 and began paying into a private pension in 2019. I used to work as a teacher and now I am a stay and home mum. My son aged 13 is disabled and has a lot of caring needs. I also have a daughter age 11 years old. I see I overspend in some months. I am not in any credit card debt and I don't wish to go back into debt.
Great video, love these points. I learned my blueprint from grandparents than my parents thankfully. I think a huge thing for me is Contentment. If everyone were more content, and put money to truly important values, the rest of the money could go towards the future, investments and priorities. Learning pleasure delay and good financial habits young is key. Also wish I'd understood compound interest, positive and negative, from an early age. A budget is absolutely key, I love YNAB for that 👍
Hi Sophie Thanks for watching! Fascinating that you learned your money blueprint from your grandparents. One major regret I have is never having the opportunity to discuss money with my grandparents. I love your point about learning pleasure delay. This is something that are working on instilling in our children super early. And the importance of budgeting and powerful mechanisms such as compounding 😀. By the way, how do you practice contentment in your life? I.e. day to day
Great video. If you have any tips for the diaspora, please share (there is always someone sick, in hospital or hungry back home). and tips for single income household (if you have any). Great content as always
Great video Ken, I can relate to many of these things. I used to have thousands on credit cards that just built up from 'treating myself' each month. Normally when I'd had a bad day at work which made me impulsive. That's all paid off now, zero on credit cards, loans and have a decent amount of savings. I live well within my means now but I've noticed the recent rise in the short term zero interest lenders like PayPal credit. The odd time I do treat myself now 'normally something photography related' I tend to use PayPal credit as it just sways me enough to not feel guilty, but if I'd not had the option and the money is coming from my bank I'd be much less likely to make the purchase. After watching this I'm going to sort out closing it down. Something else I've realised recently is how important doing a job you enjoy is, I think many people treat themselves to justify doing something they hate. I'm in a job I don't particularly enjoy at the moment but pays well, I'm on the start of a journey to a more minimalist lifestyle hopefully to do something more meaningful that will inevitably pay less, so I'm seriously looking at some form of side hussle. No idea how this comment got this long 😁 Cheers, Paul.
Paul, WOW! So much to talk about in your message. Really insight comment about PayPal Credit and the psychology around using your own money vs using borrowed money for purchases. I'd seriously shut that down. About work - HUGE point. I hadn't quite connected the dots as fully as you did there. But you're absolutely right. This particular point is a bigger driver for the Academy Membership offering that we are working towards launching in Jan 2020. MANY people HATE their jobs. But they have absolutely no idea how to discover what they love or even possibly turn it into something that makes them enough money to do life on their own terms. We are going to be changing all that for our tribe in the Academy because a big part of what people are missing is Accountability and the right mix of Community and Access to the right type of specislised Knowledge and Experience. So I totally hear you. We've been there and actually done it and completely believe that so can you and many others who REALLY want to make their dreams come true. It requires a lot of work and a willingness to design a totally different life but it's totally possible 😀
Ouch that was very personal... thank you for the insight. Most people are victims of keeping up with the Other people, my downfall was a failure to budget, I used to just budget in my head, and the end up forgetting paying off other essential bills, the off course they end up doubling and I get charged late fees, and again downhill goes the credit rating as well. I now have a written down list of all my bills and direct debits, and I keep an eye on my account ensuring all payments have actually been made, it’s working better coz I actually managed to save money.
Hi maDaa, I love your honesty! What I particularly like about your new approach to your finances is just the level of modest change that you've made in order to start seeing results. In business, we'd refer to these as "controls". If more people gave their finances more time and attention, things would look very different. But in today's world, time is so scarce!
This is so much wisdom! Thank you for sharing. This type of education should start at nursery. #5 is so true. #9 is a major issue for Africans in the diaspora. People should invite you to give talks in churches and community groups. We NEED this!
Hi Ken, great video as always. Number 9 is particularly challenging, especially if you come from a disadvantaged background and the human liabilities are your family! This so called ‘black tax’ will cripple you financially and prevent you from ever building generational wealth. If you are the first to do ok in the family, best believe you will have to fund your siblings education, everyone’s healthcare, food etc. The emotional blackmail that goes with this means you are very unlikely to say no 😞
Hi Rumbi It's a challenge. For sure. My mum actually faces this big time today as the first one to "do well" in her much extended family. It's tough but in a strange way, helping family members from what I have seen doesn't always translate into being a good thing. People have an expectation that you have to help them and when you don't (or the help you give doesn't meet their expectations), you become the enemy. This is a very real problem. The less one shows they're doing well, the better for them.
I’v had it in me at a very early age to save money. The majority of people don’t have a clue how to live within their means. Save, invest then preserve your wealth. Gain the intelligence in order to do all three. The world we live in is crazy and there are lots of distortions in the market to take advantage of.
Yet another Great Video! As a new RU-vidr, I have a new-found appreciation for the effort it takes to make and edit quality videos. I have been inspired!
Much appreciated! 😀 A lot more work goes into creating these than people might think. My wife (thankfully) has the patience of video editing and has had to learn using Adobe Premiere Pro (Creative Cloud) in the last 3months. The whole thing is foreign to me 😁
Great video! It’s a very interesting topic- I’m really interested to know the answer to this myself. I think the main thing I see is life style inflation and just a warped perception of what is a reasonable lifestyle for a particular wage/salary i.e living above your means.. and social media has a lot to do with that I think!
Thank you, Yolanda! 😊. Social media has A LOT to do with blurring the lines between fantasy and reality. In many ways, social media is a curse to the net consumer.
Great content Ken I will definitely be having lots of discussions with my future partner about money, its a big one that people over look and then break up over. Also its very important to be self-aware too.
Rachel, awesome! The one thing that helps with asking difficult questions is the write them down as part of journaling. This way, it's in ink and can be referred to again and again. For people in a relationship, asking the hard questions in a new environment is refreshing.
@@BoluAdekoya yes, absolutely. A different physical environment because it also encourages a change of routine necessary for important conversations to be had 😀
@@TheHumblePenny Thank you!! Would love to learn about ISA accounts and saving tips for a house eg. help to buy / share to buy - whats best, buying in London? buying with friends etc, investment tips, financing cars etc when should young people look to stocks/trading and a break down of it all! I still have many vids to catch up on haha so may have listed something I'm yet to watch but I really enjoy how you're UK based and so informative!!
@@WhatsMineIsYoursPod Haha that's a big list. I appreciate it though as it helps guide me. I've made a number of videos that you should definitely check out. Like the "Investing for beginners" one and a couple on property. But I'll hone in on the specifics you shared at some point. Out of interest- 1) how old are you? (If you don't mind me asking. Trying to match age and content need) and 2) how did you come across our channel? I.e. did you search for something specific? Or was it recommended to you? 😀
@@TheHumblePenny I used to make youtube content myself, so know how much it means to have ideas for following videos plus I would love to see them too haha! I'll deffo check out that video I'm working my way through them all :) I'm 24 and I think I typed in financial literacy as I want to expand my knowledge in that area and came across you.
@@WhatsMineIsYoursPod Interesting. You're one of the 9% of visitors we get aged 18 to 24. 54% are aged 25 to 34. 35% are aged 35 to 44. 2% are aged 45 to 54. Will you get back to creating content again? If not, why not? By the way, I'm pleased to be creating UK content. Tbh, wasn't sure whether there'd be much interest. Even though we're aware of the desperate need for Financial Literacy in this country due to the demand we got from our blog at thehumblepenny.com
its more about how people use their minds. a simple understanding of right from wrong, what makes sense against what doesnt make sense, everything and its opposite really. my parents are and always have been the tightest of the tightest where it comes to money, but i will happily give to a friend in need or buy myself some food while im out if im hungry, instead of waiting till im home. your surrounds shape you personality wise, but financial awareness doesnt come from having financially aware parents, it comes from your own understanding of what money is worth. everyone has their own minds; yeh we tick a lot alike, but we all grow to think for ourselves (to those who still actually do, do their own thinking). anyone with their own thought process will figure the goods and bads out about money; its when people like yourself, who starts labelling an individuals traits as something thats been passed down, that people start subconsciously believing their shitty money situation is because of their parents. you are starting probably 10,000 family wars at home with this video, but that didnt cross your mind did it? lol. people........... PLEASE analyse situations before you take the word of a youtuber to go causing family wars. this is this dudes opinion, its what HE believes to be the reason because its most likely what he experienced. just because he has fair views doesnt mean he's bloody correct. look at your own situation, analyse it, and solve it based on your OWN personal issues. you'll never find yourself or own true worth by trying to solve problems in your life that happened in others lives. live your own fucking life and solve the problems it gives to YOU. you wont find your problems answers through someone elses opinion.
If you're inveroused to live with your parents but can't afford an apartment, what you can do is pay your parents rent, about 300 a month seems about right.
I watch your videos and the point you made about marriage is a brilliant one......I WAS married to someone who had terrible financial habits, just say it cost me dearly, both emotionally and financially. I wish I would have had someone give me some advice when I was younger...it would have saved me a lot of pain.
Thanks for watching the videos, man! Marriage/relationships and money is a BIG DEAL. Sorry to hear about your previous marriage. The impact from these experiences can last a while. Hope you're now living a happier life.
Yes I’m fine now, and I have to put it down to a life lesson, we are actually on good terms now and will have a chat if we ever bump into each other. I think the most damaging aspect was I honestly thought I could fix her...that was the worse thing, constantly bailing her out of the mess she got herself into. Ultimately you realise that unless a person is willing to change themselves you are just wasting your time. I think she still has financial problems now, in her 50s which is really sad . Can’t emphasise enough the great job you guys are doing, and I’ve introduced quite a few family members to your channel - they actually might listen to you guys as I think they are fed up with their old uncle telling them to invest their money lol. Great video and keep up the good work.
Everyone seems to be pointing their fingers at their parents these days. If they are socially awkward, it’s because of their parents. If they overspend, it’s because of the parents.
hey nice vid, you mention the blueprint but how does that work with siblings? I come from a working class background and very good with savings and money management whereas my siblings just want to spend on designer..
partner for me lmao, i have a good salary/options and i’m trying to help them start a business so they aren’t as dependant on me and so they can learn about investing and saving
Make sure you know what your partner's means are before you decide that they are spending outside of their means, haha. I know he said that, but I just wanted to emphasize not to judge when you don't really know...communicate✨
