I'm a late developer too, so I'm now at 60 having to do the graft that I should have been doing at 30! 🤦🏽♂️ Thank God I'm seeing a glimmer of light at the end of the tunnel as mortgage cleared and piling away 50% of wages! So wish I could box the ears of my younger self! 🥊💥🤦🏽♂️
You're right, no matter who you are, you have one of those problems. I would put me in the income problem, as the saying goes "too much is never enough" Not that I have too much income, I'd just like a little more so I could take more risky investments. Someone once said to me, a lot of people are just expecting to win the lottery to sort out their futures, they never say "if I win", it's always "when I win". A mate said to me only the other week that he was determined to win the lottery, not sure how he's going to do that but if he does , he can do mine as well.
Great video Perry. I got an income problem. Definitely finding solution for it. I have been cutting what I can at the moment and finding ways to make more money by taking up more shifts at a new job.
It’s hard Jason. People say ‘enjoy the journey’. Honestly? I’m not enjoying the journey. It’s something you have to push through though to get where you want to be
The point about income vs. discretionary spending is a key point, since that gap has narrowed for many people in the past 4 years. You say that working harder is the only way, but many people already have multiple jobs and can't physically do more hours. So what about working smarter? I'm talking about re-training in a new skill/industry, stuff like that. The stuff you read about entrepreneurial "side hustles" is generally not realistic for most people.
For sure. My advice, especially to a younger person is learn a high paying skill. Housing costs are a massive drain on income. That’s largely a geographical problem. It’s a problem that’s much easier to fix ‘oop north’.
@@StupidIsTheNorm thanks for your reply. I’d be curious to know whether housing is truly a geographical problem, since whilst house prices are lower in the north of England, so are salaries. So what’s important is the ratio of net income to housing costs, and maybe even better is the absolute £ difference between the two, since that’s what can be saved and compounded. And probably rents are more relevant than house prices, since this challenge will affect more lower income households, who are more likely to rent. Have you come across any data or experience on that? (Probably London should be separated from “the south” since it’s so different)
@simong9163 I have no data. Only experience. Both my children (30 and 35,) have bought their own homes. They make average salaries for up here (both work for the Newcastle Building Society). You can buy a nice 2/3 bedroom terrace house, in a nice area, for £80,000, so a £60k mortgage.
@@StupidIsTheNorm Thanks! Assuming a similar house in SE England would be around 400K, that's 5 times cheaper, and I imagine that NE salaries are way more than 20% of SE salaries, especially after tax. Makes sense then that living in the North East can make a huge difference to how much people are able to save.
@@simong9163 it’s sad that the housing market locks out so many people down South. The reality is it’s a very popular place to live. There’s a lot of work so it attracts a lot of people. Naturally that means the demand for housing is greater.
I'm a late developer too, so I'm now at 60 having to do the graft that I should have been doing at 30! 🤦🏽♂️
Thank God I'm seeing a glimmer of light at the end of the tunnel as mortgage cleared and piling away 50% of wages! So wish I could box the ears of my younger self! 🥊💥🤦🏽♂️
Same here.😉Ourselves as young uns were selfish weren't we.
With you on that one Clarence
You're right, no matter who you are, you have one of those problems. I would put me in the income problem, as the saying goes "too much is never enough" Not that I have too much income, I'd just like a little more so I could take more risky investments.
Someone once said to me, a lot of people are just expecting to win the lottery to sort out their futures, they never say "if I win", it's always "when I win". A mate said to me only the other week that he was determined to win the lottery, not sure how he's going to do that but if he does , he can do mine as well.
Haha. It’s a mad world Chris
Great content as allways :-)
Thank you Stephen
He who dares Rodney, he who dares...
Mange tout Vince, mange tout 😂
Great video Perry. I got an income problem. Definitely finding solution for it. I have been cutting what I can at the moment and finding ways to make more money by taking up more shifts at a new job.
Great effort John.
Always maximise the income generating potential of your current job before taking on a side hustle
yes. other channels are not as good as this. real, practical steps. difficult but workable steps.
It’s hard Jason. People say ‘enjoy the journey’. Honestly? I’m not enjoying the journey. It’s something you have to push through though to get where you want to be
The point about income vs. discretionary spending is a key point, since that gap has narrowed for many people in the past 4 years. You say that working harder is the only way, but many people already have multiple jobs and can't physically do more hours. So what about working smarter? I'm talking about re-training in a new skill/industry, stuff like that. The stuff you read about entrepreneurial "side hustles" is generally not realistic for most people.
For sure. My advice, especially to a younger person is learn a high paying skill.
Housing costs are a massive drain on income. That’s largely a geographical problem. It’s a problem that’s much easier to fix ‘oop north’.
@@StupidIsTheNorm thanks for your reply. I’d be curious to know whether housing is truly a geographical problem, since whilst house prices are lower in the north of England, so are salaries. So what’s important is the ratio of net income to housing costs, and maybe even better is the absolute £ difference between the two, since that’s what can be saved and compounded. And probably rents are more relevant than house prices, since this challenge will affect more lower income households, who are more likely to rent. Have you come across any data or experience on that? (Probably London should be separated from “the south” since it’s so different)
@simong9163 I have no data. Only experience.
Both my children (30 and 35,) have bought their own homes. They make average salaries for up here (both work for the Newcastle Building Society).
You can buy a nice 2/3 bedroom terrace house, in a nice area, for £80,000, so a £60k mortgage.
@@StupidIsTheNorm Thanks! Assuming a similar house in SE England would be around 400K, that's 5 times cheaper, and I imagine that NE salaries are way more than 20% of SE salaries, especially after tax. Makes sense then that living in the North East can make a huge difference to how much people are able to save.
@@simong9163 it’s sad that the housing market locks out so many people down South.
The reality is it’s a very popular place to live. There’s a lot of work so it attracts a lot of people. Naturally that means the demand for housing is greater.