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Earning More Than €40k? Avoid This & Retire Early

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How is it that you can make plenty of money and still feel broke? You're earning a good salary, but your finances aren't coming together like you imagined. Ever heard of lifestyle creep? No? Well you should have, because it's likely the root cause of your problems.
As we earn more money we tend to spend more money. This might seem logical at first, but in reality, increasing your expenses alongside your income is very damaging to your hopes of building wealth. In this video, we explore lifestyle creep in more detail. We talk about how to avoid it and how you can put that money to better use through sensible investing.
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Опубликовано:

27 авг 2024

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Комментарии : 32

@malone_financial Год назад

Apologies for the slight camera shaking at the beginning, my chair was a little too close to my desk 😂 Can you relate to anything I discussed in this video? Let me know!

@declanmcardle Год назад

Saving a fiver a day on coffee can also lead to "reward creep"....I've been good all week and then you suddenly blow 150 on sliders and shots on a Friday night...undoing all the good work of not having a coffee...

@malone_financial Год назад

Love this!

@zerezzrz689 Год назад

Very interesting topic Malone. After watching a couple of your videos, I started really looking into my money and decided with my partner to start saving 50-70% or our income through lump sum payments in our pension funds and investing in ETFs. We maybe are not living like we use to, simply because we don't have available spending money (If you don't see it you can't spend it) but on the other hand it allowed us to scale back the useless spends we had (Like 400 euros a month on Deliveroo and other services). Sadly we fell in the category you mentioned... We got back to back promotions in our jobs rapidly increasing our salaries and scaled our spending accordingly. In retrospect it was maybe not the smartest decision. Hopefully on a better track now thanks to you and some good financial books on investing and saving ! Keep up this type of content !

@malone_financial Год назад

This comment makes me very happy, well done! You’re on the right path

@Decoarchy Год назад

Hi! If you are spending 48k euro over 40 years it will be 300k. BUT you need to do inflation adjustment. I don't now avg inflation in Ireland. Suppose average inflation 3%. Inflation adjusted ~310k is ~95k now. So inflation adjusted cost of opportuniy of drinking coffee in starbucks is only ~47000 euro. And probably it makes sense to drink coffee every day all of your life for this price because life quality increasement is pretty large comparable to sum.

@luigy358 7 месяцев назад

That's why you would have to increase your "coffee" contribution. In the first year the coffee would be 3$, in 10 years would be 3.30$ daily, in 20 years your contribution would be 3.63$ daily and continuos...

@herrop Год назад

When kids arrive, you quickly learn financial discipline. Invest double all child benefit (50% from patents). Once kids leave Creche/Childcare Invest amount equal to to max childcare period (1.5k to 2k / month for 2 kids). By time your kids are 20 you'll have a decent fund size. This is what I plan to do. Extra hard-core if I mange to Invest all pay rises.

@malone_financial Год назад

Sounds like a plan 👌

@markdwyer2744 2 месяца назад

Everyone says you invest it at an 8% or 10% or whatever annual return but nobody says where to invest it in Ireland. The S&P index stock cant be bought in Ireland. so an ETF? S&P Global? FTSE? also to not that you have to pay tax after 8 years to irish government even if you dont sell it. Is there a more intelligent approach than this? Thanks

@MrUsername1712 Год назад

Hi Dan, could you do a video on deemed disposal and how it’s paid? Or even a video on handling tax with ETFs such as vanguard S&P 500 ETF? Thanks a mil

@MrUsername1712 Год назад

Also could you just pick the top maybe 10 or 20 for example stocks in an ETF and make your own version to just pay CGT instead of deemed disposal?

@malone_financial Год назад

@@MrUsername1712 Hey Conor, I've a full video dedicated to the taxation of ETFs in Ireland already on the channel. It's one of my more popular videos if you filter by popular videos. As for the stocks question, you could yes, but it would result in a) much less diversification and b) higher trading fees. I personally would just go the ETF

@MrUsername1712 Год назад

@@malone_financial thanks a mil Dan, I just found that video shortly after I commented. Thanks a mil for replying , I appreciate it. Keep up the good work! Really useful information for Irish investors

@malone9846 Год назад

Excellent and informative content. Would it be worth looking at dollar cost averaging into something like Berkshire Hathaway class B shares as an alternative to the S&P 500 ETFs? Especially for someone's who started late? There'd be less tax to pay upon exit and no deemed disposal.

@malone_financial Год назад

Sure you could always do something like if it felt appropriate. However it's a dangerous game trying to make up for being "late" by taking risk to try and achieve higher returns. Just food for thought, might be worthwhile assessing the mentality behind that process!

@declanmcardle Год назад

Is that a Hill Street Blues Amsterdam sticker? (Above The Intelligent Investor)

@brettmoloney109 8 месяцев назад

Another super video ..one question if your already paying into a pension (I’m a care assistant, 34 years old , been paying into pension with 13years) ..would you max your avcs amount or invest in a index fund aswell as an Avc maybe €100 in both or would you go with €200 just into acvs ? Thanks would love to hear your thoughts 👍🏻

@marktyrrell8503 Год назад

Really insightful, Q is what stock would give an 85 return per year in the market? I really enjoy your vids.

@malone_financial Год назад

If you find out the answer to that question let me know lol

@Daniele_Irish Год назад

@@malone_financial😂😂😂😂let us all know

@SwolePatrol_1969 Год назад

Taxes on investing are a balls though in Ireland. Is it still worth it? We surely can't use the same projections that the americans use right?

@malone_financial Год назад

100% still worth it, what’s the alternative? If you’re paying tax you’re making money. A reasonable expectation for return after taxes and inflation would be 5%

@alanfreeney587 Год назад

do you think Degiro is suitable for holding etfs/stocks for long periods of time like 40 years, given the platform is less than 20 years old ?

@malone_financial Год назад

I personally use DEGIRO for all investing activity and have done so for years. If you feel nervous about just using one singular platform you could use multiple.

@patmulligan7157 Год назад

Good video as usual, can a individual investor in Ireland invest in their own "retirement account" and is there any special treatment like in the US for IRA and 401K. I have accounts with Etoro, IBKR and Degiro but don't see any information on "retirement accounts"

@malone_financial Год назад

Cheers Pat! Unfortunately not yet for Irish investors. The issue is that revenue only recognises certain accounts for pension purposes in the tax code (I.e. PRSAs, Occupational Schemes etc.). They need to introduce legislation permitting general pension accounts to be established by investment managers and/or online brokerages. The closest you’ll get at the moment is a self-directed pension account with certain providers like Davy (though you’ll need to consider fees)

@patmulligan7157 Год назад

@@malone_financial Thanks, I am always amazed that you reply. Keep up the good work, you can see from your videos that you are passionate about investing.

@malone_financial Год назад

@@patmulligan7157 Cheers Pat, appreciate it

@Katelynfacts8771 9 месяцев назад

Great Content

@carlanellis3709 Год назад

Was a good enough video. But would have enjoyed you engaging with the title a bit more. Over 40k. Engaging over the topic of what is enough would have been nice to see