Honestly back to basics. Avoid debt where possible. Clear debts asap if unable to avoid. Pay cash. Live humbly. Have a solid emergency fund. And most importantly be content with your life
Growing up in Jamaica where my parents couldn't even afford to buy us shoes or clothes. Only going to school some days because we couldn't afford lunch and when did go to school we would have to walk back home to eat lunch because we were embarrassed by the lunch our parents could afford. Looking back at this experience I believed it hasn't given me and my sisters good money habits. I own my own little car which everyone keep asking when are you going to change your car. My daughter went to private school but I made sure she got a scholarship for that. I brought a little flat which allows me to pay my mortgage without stress. And I try to put a little bit of money aside each month. I don't buy much clothes and never go to the hair dresser and people always say how nice I look in my wigs and second clothes from my sisters Lol
Peace with little vs stress with much. I think you have chosen wisely, unfortunately, a lot of people live based on their peers or what society says you should have to show you are successful.
Congratulations for ur child getting a shoolership is not easy to get in to private school, paying extra money for a course, books exam, interview, letter from head school, 😏😏
The biggest issue for me is childcare costs. My partner left when my daughter was born and I left London, moved up north, bought a house 2.5 times my salary, stopped drinking, stopped holidays, I have an 8 year old corsa. But nursery fees were over £1000 a month and it crucified me. From September I finally no longer have to pay fees so I’m hoping to pay off my overdraft and as much as I can on my credit cards before I then get crucified by a huge increase in my mortgage.
Oh wow 😭. Childcare is very difficult for all parents and even more so for single parents. Good to hear though that things are gradually improving for you.
Same here, having a child was really got me thinking. Childcare was in excess of £50,000 ( £1,100 a month for almost 4 years we did not qualify for any support). I worry the UK population is going to decline significantly in the next few decades if the government does not subsidise child care by a great deal.
It’s a great topic - back in the dark ages when I was student (mid 90s) I had a weekend job in PC World. Back in those days computers were really expensive a typical laptop could cost as much as £3,000 or even £4,000. As well as selling, I used to fill in the finance agreements which in those days were still done by completing a paper form. On the form people had to provide their salary range with the top figure being £50,000+ a lot of money back in the early to mid 90s. Guess which income band, failed the credit checks more than any other? Yep the £50,000+ group, I learned way back then that people who made a lot of money, usually spent a lot of money, and were often in more debt than people who earned far less.
Great video. My boyfriend still drives his 2008 ford fiesta and it still gets us from A and B. He won't change it as it's paid outright and he doesn't have to pay the monthly cost.
Me and my husband live in a downtown area of a bigger town here in the UK. 25% of our net combined paycheques goes towards renting. Another 25% goes straight to savings. We give away 10% and the remainder is used to cover our living costs. It’s not ideal of course to spend so much on rent, but this allows me to be within walking distance of my workplace and thus we save money and (most importantly!) time instead of me having to commute. I am doing a graduate scheme and I use the extra time to prepare for my exams. I hope that once I qualify, my salary will increase significantly. When I was younger and was living with family in Europe, I was super adamant about buying my own place as soon as possible. Now that I am bit older, I feel much more reluctant to settle down and commit to buying a property, especially in the UK.
Great video! I see so many friends and colleagues getting the latest cars and gadgets on finance, and then complaining they are skint until payday! I’m fortunate to have seen the light a few years ago in my early 20’s as to not succumb to lifestyle inflation
Love this channel. You literally take the common sense approach to understanding and managing money, personal finance and building wealth. Financial independence is a mindset and a way of life. Changing your thinking towards money will change your habits, which will ultimately give you financial stability, security and wealth.
I am surrounded by high earners, I’m a humble middle earner yet I notice that most high earner don’t understand the basics rudimentary of stock and shares ISA meaning that they are not investing in tax wrappers. The big detached houses with children in private schools, driving new German SUVs every 3 years, this is rife in my community. I have not had a pay rise since 2005, as every pay increase is tucked away from a deduction before it even reaches my bank, just like my tax, NI and pension so there no reason to forget to invest. High earning is not the key rather investing is the ultimate strategy for sustainable financial growth. Excellent content Ken & Mary, please can you do a part two 😅 people need to get your financial education as a means of surviving high interest rates.
I used my last car for 12 years. A Nissan note before we bought a new one cash in 2020. The mileage was 127,000 + and was still going strong. Wonderful wisdom from you guys.
@@TheHumblePenny just pulling ur legs man!!. Mary's laugh makes me tgink she has no plan to use it for 10 years😄. But on a serious note this was a great video. I can totally relate
When I bought my house, i bought 4 bed because it is going for the same amount as the three bed. It was later I found out that additional living cost applies like my council tax that is now 230 pounds (3 bed is cheaper) as well as cost of heating.
Very good advice guys. I am lucky that I don’t have any debt anymore which is life changing. I now have a rule that I would only spend substantial money if it’s going to make me money. Cars are very bad investment unless it makes you money but don’t buy it with debt.
Unfortunately we have a system in the UK where we have to pay for others. We pay for someone elses rent. Someone elses children. Someone elses health care. And the list goes on and on.
A colleague of mine got told his rent was going up by £1000. He and his partner are now looking at moving further out. Personally I want everyone to stay in the city for selfish reasons. Don’t give my landlord a reason to raise rent 😭
I felt the bit about how our decisions on where we live and what house we buy have such a big impact and can be hard to change later down the line. We moved from Warwickshire to County Durham at the start of the year. 2 bed ex-council house in the south sold for £245k. We thought a lot about what we wanted for our next home. We could have easily ended up with a significant mortgage. Most people around us advised to get as big a mortgage as possible. Thanks to the increase in value of the house in the south as well as mortgage overpayments over the last 7 years we had a healthy sum. We recently had an offer accepted on a house for £130k. It’s a 2-bed semi with a garage, although it’s still a 2 bed it’s still bigger than our previous home. We are buying it in cash and will be mortgage free at 30
My practice used to make me park my 2nd hand Vauxhall Corsa 'round the back' with the other 3 people with Corsa's. Now I work freelance around kiddo and hobbies.
I’ve been driving the same car (used 2017 Mini JCW) for the last 5 years which is fully paid for. Provided the car is running trouble free l will keep the car for as long as possible while continue to build my wealth with not a care in the world what others think. People should run a compound interest calculator of how much £300 invested every month for 20 years would compound...
If one of you earn just over 100k, meaning you loose your 30 hours of childcare, you can just put some of your income into a private pension such that you stay under 100k. That way you'll still get those 30 hours free childcare, and the government will give you back 40% of how much you put into the pension (20% gets put in automatically straight away, and the other 20% you will have to claim back through your self assessment).
Yes, exactly. Salary sacrifice it or pay into net income via a SIPP and claim back tax. Theoretically, great but in reality not easy if one's lifestyle is already quite high
@@TheHumblePenny True, but if you earn just slightly over £100k, you could have more money in your pocket at the end of the year if you put the excess into a SIPP such that you stay under £100k. For example, if you earn £105k and 30 hours free childcare care equates to a saving of £6k, if you put £5001 into a SIPP, you would have £999 more in your pocket at the end of the year had you not put it into a SIPP. To work out how much money you save by getting 30 hours of childcare, I think you would work out the hourly rate of your childcare, then multiply it by 15, and then 52 (15 because if you don't get qualify for the 30 free hours, you would still get 15 free hours. And 52 because that's the number of weeks in the year).
I am a therapist and work with a lot of older, in particuarl, single women on their own who have brought up their children but are now struggling financially and are worried about retirement, loosing health. Could you do a video about those who feel their financial situation is hopeless. I know you are not a miracle worker but if there is anything I could suggest to these women will be helpful. The problem is when you are living from paycheck to paycheck, how do you reitire when you don't have a pension pot to speak off when you work part-time for most of your life?
Yes surely a video if possible interview a comfortable working class single mother who left the rat race of living paycheck to paycheck and is not worried about retirement
Yep, I’m a single woman in her 50’s. Exhausted working and never getting anything behind me. Interest only mortgage that ends in 9 years. Can’t see the way out at the moment. We are being battered. 😢
Hi Ken and Mary ! Thank you for the great video as always! Can you guys do a video on protecting your assets? What are your views on trusts? Having a power of attorney. I’m 28 and I’m trying to navigate the space of asset protection, I’m on my financial freedom journey for 3 years now. Thanks in advance
Great suggestion. We talked about POA and Trusts in a recent video about Adulting: Things To Do Sooner Not Later. However, we'll make a more detailed video soon.
There is so much debt about. My wife and i earn a decent wedge between us in the Midlands (£120k combined) but can't afford the cars and holidays that others seem to have. So either they are all out earning us (unlikely) or they are leveraged up to their eyeballs in debt.
@@TheHumblePenny yes that’s the one! I usually listen to UA-cam vids whilst working and first time I was like that’s a familiar voice! Lol. But good to see you guys growing and expanding. And Ken I’m with you bro until that car stops working keep at it 😂😂😂😂!! Or until Mary is like it’s enough let’s just get that Tesla 😅😅😅
Private schools fees are going up (due to the forthcoming VAT exemption changes) to around £50k a year per child. Unaffordable for essentially everybody.
A silly idea from Labour. It will make private schools even MORE exclusive and only for the richest....then all of the kids who have to attend 'normal' school start to cost the government, which they were not previously.
I got a notification from my bank about my 0% rate ending and the %rate increasing to 22% on my credit card, i said “aw hell no” i had to dip into savings to pay off the balance which was not ideal coz im in between employment contracts but I REFUSE to pay interest on stuff like that
Tax is brutalising me. If you'd told me ten years ago what I'd be earning now (on paper), I'd have thought I'd be wedged, but the penalties for earning over £100k are absolutely insane. Between £100k and £127k (ish) I effectively paid around 67% tax. How is that fair? This year I believe I'll be even worse off, as the brackets have dropped even lower, so I'll be into the 45% far sooner. Don't get me wrong, I'm living comfortably and not paycheck to paycheck, but I'd have thought I'd be significantly better off than I am. I'm PAYE too, so very little I can do to take any sort of dent out of this. This country offers no incentive whatsoever to work harder, if anything... Actively discourages it. Rancid.
That £100k to around £127k is horrific as PAYE 😤. I remember this very well. Plus 45% now starts at £125k. It's just cruel. I'm better off actually earning way less out of PAYE and not as a salary.
@@TheHumblePenny Aye. If I could do that, I would. We've been strangled into full PAYE though. I have to do a lot of overtime too, which I begrudge doing because of how little I see of it. Really is a broken system. A lot of lads I know who have been in Oil & Gas literally stop working once they hit £100k, because they refuse to work away weeks at a time and get hit so hard, which I assume is a common theme in that industry.
Having same issue. £186k on PAYE and the taxman is gouging my pay. I have had to go find a lower paying job now because I don't get any allowance plus HMRC has asked for a self assessment only to find out I owe an extra £25k in unpaid taxes. The whole system just discourages one from aiming to earn higher. I am still trying to find a job that I can earn below £100k. It is just insane how the system works
Declare war on debt.. love that.. glad i have no debt.. for now but yet would be looking to get some in the form of a mortgage.. is that compounding debt as well?
I'm in the same place brother, why get another car when the when we've got is running fine? Also, I agree with Mary, don't get why anyone will get a German car (except you are a millionaire).
I agree with all your points as always except the one where you suggest that people in their 40s have 10 years of earning potential. This is a very bleak and restrictive way of looking at life. I get where you are coming from but I have seen people in their 50s and 60s achieving more than they did in their 30s and 40s.
Yes, in the best case scenario, we will be one of those people too. However, spend some time with people in their 50s and 60s and most of them are winding down or wish they could but can't because of the state of their finances. Careers don't get easier at that age too unless you start your own business, which is always a great idea at any age. If you don't have a deadline, you simply kick the can down the road always. The 10 year period helps to sharpen the need for urgency. Our careers will unfornately not carry on in a straight line for most people. Life and many unforseen things will happen.
Ditch the private school, let the kids go to the local public school! Tutor the kids at home or get them a tutor, this will cost you a tiny fraction of private school.
@@TheHumblePenny same here. Can't tell you how many tutors we've had before our gold find but they are both worth the £'s. Science and mathematics tutors are like needles in a haystack!
2013 Nissan leaf😂😂❤, listen they may not be cute but they are reliable! I think this expensive car thing has people in a chokehold, especially our people! There's a really UNHEALTHY obsession with appearing wealthy! No problem if you can afford it, but unwise if you can't. Let them laugh 😂 because you'll have the last laugh!
For me to get a mortgage where the payments are less than 25% of my take home I would have to put down a 33% deposit down on a home, how tf am I supposed to do that? I can’t leave the area and a two bedroom house costs around £280,000, my take home is £3,800 pm and to make it so that mortgage payments over 35yrs are
Thanks for sharing. We hear you. Please see our Community tab where we asked people how much of their net income goes towards their mortgage. Most people who comments said it was below 25% before the count overpayments. So yes, they're sticking to the rule. If you're currently spending significantly above 25% of your net income on your mortgage even before you've counted any overpayments, it means you're possibly not earning enough relative to property prices. If you can sustain such monthly payments, that's fine. Otherwise, you may need to make other changes in terms of where you choose to live. If you're paying away most of your money on a mortgage, it has an opportunity cost because you'll be unable to invest and so. So you really need to weigh up what's best for you. That's why for some people, renting might be a better alternative, although not always.
@TheHumblePenny thank you for the reply but it is absolutely insane that someone earning £64k per year in this country can’t buy a house without massively over leveraging themselves in your opinion :( the joys of being single, I can’t house share because I need space for my daughter when she visits, and I can’t move back to my parents because they live miles and miles away. My rent comes to 25% of my income at £900 pm but that is for a small studio flat. Maybe my best bet would be to keep saving and move elsewhere in the future when my daughter has grown up :( but I do love Bristol and it would be sad to leave here :(
I totally hear you and it is sad. £64k is such a good salary and I feel your frustration deeply. Such is the utter mess that we find ourselves in this country.
Cut my up credit card well back at uni after I realized how quickly it is to get in debt, never had one since no matter how much the banks are trying. Never been in debt since. Well, lets ignore the student loan ha ha.
I just found your channel and I like your content so I subscribed. However please upgrade your mics or adjust the bass...the sound is very tinny and uneasy on the ear. Thank you
We appreciate you subscribing. The sound is very tiny? That's odd. No one else has said that. Are you listening with headphones? If so, maybe listen without it?
The middle class trap. Bullied literally to ' level up' to your role or job title. Buy brand names for everything from mattrasses, watches, clothes, travel business class etc. Go for expensive vacations etc.
A colleague of mine got told his rent was going up by £1000. He and his partner are now looking at moving further out. Personally I want everyone to stay in the city for selfish reasons. Don’t give my landlord a reason to raise rent 😭
@@TheHumblePenny Regents Park so not the struggle life. But he’s less senior than me so I imagine he was already close to his limit event with two incomes coming in. Not sure what it was before but I know it was enough for him to not even have to calculate whether he could afford it. He started flat hunting the very next day.
Are you currently living paycheck to paycheck? What is your biggest area of struggle? Comment below.
Great info….but Ken, I’m not sure about that car.
@@rufdymond😂😂
Whenever I do extra shifts on my 2nd job. I end up getting hit by tax bills loll😅
@@abdulrahman31350 It is frustrating!
When I was pay check to pay check, my biggest driver was the compounding interest calculator website. Always got me fired up and still gives me drive.
Honestly back to basics. Avoid debt where possible. Clear debts asap if unable to avoid. Pay cash. Live humbly. Have a solid emergency fund. And most importantly be content with your life
This comment is everything ❤️
Have a solid Freedom fund, language is important.
Growing up in Jamaica where my parents couldn't even afford to buy us shoes or clothes. Only going to school some days because we couldn't afford lunch and when did go to school we would have to walk back home to eat lunch because we were embarrassed by the lunch our parents could afford.
Looking back at this experience I believed it hasn't given me and my sisters good money habits. I own my own little car which everyone keep asking when are you going to change your car.
My daughter went to private school but I made sure she got a scholarship for that.
I brought a little flat which allows me to pay my mortgage without stress.
And I try to put a little bit of money aside each month.
I don't buy much clothes and never go to the hair dresser and people always say how nice I look in my wigs and second clothes from my sisters Lol
You're living a peaceful financial life 😊
Peace with little vs stress with much. I think you have chosen wisely, unfortunately, a lot of people live based on their peers or what society says you should have to show you are successful.
Girl trust me don't mind what people say, people this days are toxic, I am staying away from most people right now and its peaceful
Congratulations for ur child getting a shoolership is not easy to get in to private school, paying extra money for a course, books exam, interview, letter from head school, 😏😏
The biggest issue for me is childcare costs. My partner left when my daughter was born and I left London, moved up north, bought a house 2.5 times my salary, stopped drinking, stopped holidays, I have an 8 year old corsa. But nursery fees were over £1000 a month and it crucified me. From September I finally no longer have to pay fees so I’m hoping to pay off my overdraft and as much as I can on my credit cards before I then get crucified by a huge increase in my mortgage.
Oh wow 😭. Childcare is very difficult for all parents and even more so for single parents. Good to hear though that things are gradually improving for you.
Same here, having a child was really got me thinking. Childcare was in excess of £50,000 ( £1,100 a month for almost 4 years we did not qualify for any support). I worry the UK population is going to decline significantly in the next few decades if the government does not subsidise child care by a great deal.
It’s a great topic - back in the dark ages when I was student (mid 90s) I had a weekend job in PC World. Back in those days computers were really expensive a typical laptop could cost as much as £3,000 or even £4,000.
As well as selling, I used to fill in the finance agreements which in those days were still done by completing a paper form. On the form people had to provide their salary range with the top figure being £50,000+ a lot of money back in the early to mid 90s. Guess which income band, failed the credit checks more than any other? Yep the £50,000+ group, I learned way back then that people who made a lot of money, usually spent a lot of money, and were often in more debt than people who earned far less.
Wow, that's really insightful
I'm still rolling around on the floor from Mary's reaction to the 10 year car plan! 😂😂😂😂😂
You guy's have made my evening!
Hahaha 😆. We appreciate you watching. Do share with others.
@@TheHumblePenny absolutely! Thanks for your work. 🙏🏾👏🏾👏🏾
Great video. My boyfriend still drives his 2008 ford fiesta and it still gets us from A and B. He won't change it as it's paid outright and he doesn't have to pay the monthly cost.
Great!
I enjoyed this episode. I'm 34 and will be paying my mortgage off in full in October. I am watching the videos to keep me motivated. 🎉
Whoa!! 🙌🏾. What area do you live?
Good for you on the mortgage.
@@TheHumblePenny Cardiff. More affordable than pricey locations like London.
Good for you 🎉
Congratulations 👏🏿
Me and my husband live in a downtown area of a bigger town here in the UK. 25% of our net combined paycheques goes towards renting. Another 25% goes straight to savings. We give away 10% and the remainder is used to cover our living costs.
It’s not ideal of course to spend so much on rent, but this allows me to be within walking distance of my workplace and thus we save money and (most importantly!) time instead of me having to commute. I am doing a graduate scheme and I use the extra time to prepare for my exams. I hope that once I qualify, my salary will increase significantly.
When I was younger and was living with family in Europe, I was super adamant about buying my own place as soon as possible. Now that I am bit older, I feel much more reluctant to settle down and commit to buying a property, especially in the UK.
What an insightful comment. Thanks for sharing. By the way, what type of giving do you do with your 10%?
Great video! I see so many friends and colleagues getting the latest cars and gadgets on finance, and then complaining they are skint until payday! I’m fortunate to have seen the light a few years ago in my early 20’s as to not succumb to lifestyle inflation
Well said!
Love this channel. You literally take the common sense approach to understanding and managing money, personal finance and building wealth. Financial independence is a mindset and a way of life. Changing your thinking towards money will change your habits, which will ultimately give you financial stability, security and wealth.
Thank you 😊🙏🏾🙏🏾. We appreciate your comment. Please share with others.
I am surrounded by high earners, I’m a humble middle earner yet I notice that most high earner don’t understand the basics rudimentary of stock and shares ISA meaning that they are not investing in tax wrappers. The big detached houses with children in private schools, driving new German SUVs every 3 years, this is rife in my community. I have not had a pay rise since 2005, as every pay increase is tucked away from a deduction before it even reaches my bank, just like my tax, NI and pension so there no reason to forget to invest. High earning is not the key rather investing is the ultimate strategy for sustainable financial growth.
Excellent content Ken & Mary, please can you do a part two 😅 people need to get your financial education as a means of surviving high interest rates.
What an excellent comment. It's not about how much you make but how much you can keep :)
Guys, should we do a part 2?
I used my last car for 12 years. A Nissan note before we bought a new one cash in 2020. The mileage was 127,000 + and was still going strong. Wonderful wisdom from you guys.
Thank you, Chris. Do comment more often 😊
😂 her face when you said 10 years
😆🤣🤣
I know right!! Ken u gotta change that car man😂😂😅
@@GB-rt LOL! why though? It works :)
@@TheHumblePenny just pulling ur legs man!!. Mary's laugh makes me tgink she has no plan to use it for 10 years😄. But on a serious note this was a great video. I can totally relate
@@GB-rt Thank you for watching :)
Nice to see you doing videos as a couple again
More to come! 😊 We try to be consistent together but it's not always easy because of family life and other things.
When I bought my house, i bought 4 bed because it is going for the same amount as the three bed. It was later I found out that additional living cost applies like my council tax that is now 230 pounds (3 bed is cheaper) as well as cost of heating.
Ahhh so interesting. And that's additional for as long as you live there
A war on debt, absolutely! 💯
Let's go! 💪
Very good advice guys. I am lucky that I don’t have any debt anymore which is life changing. I now have a rule that I would only spend substantial money if it’s going to make me money. Cars are very bad investment unless it makes you money but don’t buy it with debt.
Great rule, Brian :)
Unfortunately we have a system in the UK where we have to pay for others.
We pay for someone elses rent.
Someone elses children.
Someone elses health care.
And the list goes on and on.
Truth
A colleague of mine got told his rent was going up by £1000. He and his partner are now looking at moving further out. Personally I want everyone to stay in the city for selfish reasons. Don’t give my landlord a reason to raise rent 😭
I felt the bit about how our decisions on where we live and what house we buy have such a big impact and can be hard to change later down the line.
We moved from Warwickshire to County Durham at the start of the year. 2 bed ex-council house in the south sold for £245k. We thought a lot about what we wanted for our next home. We could have easily ended up with a significant mortgage. Most people around us advised to get as big a mortgage as possible. Thanks to the increase in value of the house in the south as well as mortgage overpayments over the last 7 years we had a healthy sum. We recently had an offer accepted on a house for £130k. It’s a 2-bed semi with a garage, although it’s still a 2 bed it’s still bigger than our previous home. We are buying it in cash and will be mortgage free at 30
Wowza, Patsy!!! 👏🏾👏🏾
Wow patsy this is amazing and inspiring. Good for you. I moved from London to leeds and living my best life since.
@@MrSebastianBlake Thanks! The north is where it’s at. We love it here 😊
My practice used to make me park my 2nd hand Vauxhall Corsa 'round the back' with the other 3 people with Corsa's. Now I work freelance around kiddo and hobbies.
I’ve been driving the same car (used 2017 Mini JCW) for the last 5 years which is fully paid for. Provided the car is running trouble free l will keep the car for as long as possible while continue to build my wealth with not a care in the world what others think.
People should run a compound interest calculator of how much £300 invested every month for 20 years would compound...
Stumbled across your channel , love your energy and Knowledge subscribed immediately 🙏🏽
Yay! 😊🙏🏾
Love your content! I'm a subscriber and always look forward to your videos. Very educational and makes you think about your finances.
Thank you 😊
If one of you earn just over 100k, meaning you loose your 30 hours of childcare, you can just put some of your income into a private pension such that you stay under 100k. That way you'll still get those 30 hours free childcare, and the government will give you back 40% of how much you put into the pension (20% gets put in automatically straight away, and the other 20% you will have to claim back through your self assessment).
Yes, exactly. Salary sacrifice it or pay into net income via a SIPP and claim back tax. Theoretically, great but in reality not easy if one's lifestyle is already quite high
@@TheHumblePenny True, but if you earn just slightly over £100k, you could have more money in your pocket at the end of the year if you put the excess into a SIPP such that you stay under £100k.
For example, if you earn £105k and 30 hours free childcare care equates to a saving of £6k, if you put £5001 into a SIPP, you would have £999 more in your pocket at the end of the year had you not put it into a SIPP.
To work out how much money you save by getting 30 hours of childcare, I think you would work out the hourly rate of your childcare, then multiply it by 15, and then 52 (15 because if you don't get qualify for the 30 free hours, you would still get 15 free hours. And 52 because that's the number of weeks in the year).
I am a therapist and work with a lot of older, in particuarl, single women on their own who have brought up their children but are now struggling financially and are worried about retirement, loosing health. Could you do a video about those who feel their financial situation is hopeless. I know you are not a miracle worker but if there is anything I could suggest to these women will be helpful.
The problem is when you are living from paycheck to paycheck, how do you reitire when you don't have a pension pot to speak off when you work part-time for most of your life?
OMG, this is REAL! We will make a video about this topic. It will help us a lot if others could comment and tell us if they're also in this situation
Yes surely a video if possible interview a comfortable working class single mother who left the rat race of living paycheck to paycheck and is not worried about retirement
@@TheHumblePenny yes it is a real thing. So many single moms around and this is a real ticking time bomb.
Yep, I’m a single woman in her 50’s. Exhausted working and never getting anything behind me. Interest only mortgage that ends in 9 years. Can’t see the way out at the moment. We are being battered. 😢
@@Kaveda11😢. We'll make this video
I find Ken so unintentionally funny, it adds a layer to the content I really enjoy!
😊❤️❤️
Hi Ken and Mary ! Thank you for the great video as always!
Can you guys do a video on protecting your assets? What are your views on trusts? Having a power of attorney. I’m 28 and I’m trying to navigate the space of asset protection, I’m on my financial freedom journey for 3 years now. Thanks in advance
Great suggestion. We talked about POA and Trusts in a recent video about Adulting: Things To Do Sooner Not Later. However, we'll make a more detailed video soon.
You're both so enertaining. Love to see the channel grow and grow
Thank you 😊🫶🏾
This was informative and I really liked seeing the bond between you both
Thank you 😊🙏🏾🙏🏾
There is so much debt about. My wife and i earn a decent wedge between us in the Midlands (£120k combined) but can't afford the cars and holidays that others seem to have. So either they are all out earning us (unlikely) or they are leveraged up to their eyeballs in debt.
The latter for sure 💯
I paid 500 upfront and 480 a month for 3 years.. I get a car allowance for work however....This suits my needs.
Cool 👍🏾
Just found you guys. Wow what timely advice. Keep up the good work. You have a new subscriber 👏🏾👏🏾👏🏾
Welcome aboard! ❤️
I find this content so informative, thank you guys for putting in the time and effort needed to put this together.
You're so welcome. Please comment more often and share with others 😀
I just stumbled on this channel. Love, Love, Love!!!
Welcome aboard 😊
Love the energy between you guys!!! And big up Mary I keep seeing her ads on UA-cam!!!
Oh wow, what ads are you seeing? Is it for PensionBee?
@@TheHumblePenny yes that’s the one! I usually listen to UA-cam vids whilst working and first time I was like that’s a familiar voice! Lol. But good to see you guys growing and expanding. And Ken I’m with you bro until that car stops working keep at it 😂😂😂😂!! Or until Mary is like it’s enough let’s just get that Tesla 😅😅😅
@@Kofz89 ♥
I just love the energy between you both -e.g at 10:16 and 10:47 😂😂you make such a good team ❤
😊❤️❤️
Private schools fees are going up (due to the forthcoming VAT exemption changes) to around £50k a year per child. Unaffordable for essentially everybody.
Oh boy! This will be a huge blow for a lot of parents.
A silly idea from Labour. It will make private schools even MORE exclusive and only for the richest....then all of the kids who have to attend 'normal' school start to cost the government, which they were not previously.
love this video, thank you!
Thank you, Abi 😊
I'm going on holiday o 😂❤
I love you guys. Learning so much from you and really managing my finances well. Thank you
😊❤️❤️
Interesting video 😊. Long live the Nissan Leaf! Is that the one with the 4.2 litre V8?
😂🤣🤣 and a sub woofer
I got a notification from my bank about my 0% rate ending and the %rate increasing to 22% on my credit card, i said “aw hell no” i had to dip into savings to pay off the balance which was not ideal coz im in between employment contracts but I REFUSE to pay interest on stuff like that
That's insane! I bet they were hoping you didn't see that notification 😆
Great content. From USA.
Thank you, Gina 😊
Tax is brutalising me. If you'd told me ten years ago what I'd be earning now (on paper), I'd have thought I'd be wedged, but the penalties for earning over £100k are absolutely insane. Between £100k and £127k (ish) I effectively paid around 67% tax. How is that fair? This year I believe I'll be even worse off, as the brackets have dropped even lower, so I'll be into the 45% far sooner. Don't get me wrong, I'm living comfortably and not paycheck to paycheck, but I'd have thought I'd be significantly better off than I am. I'm PAYE too, so very little I can do to take any sort of dent out of this. This country offers no incentive whatsoever to work harder, if anything... Actively discourages it. Rancid.
That £100k to around £127k is horrific as PAYE 😤. I remember this very well. Plus 45% now starts at £125k. It's just cruel. I'm better off actually earning way less out of PAYE and not as a salary.
@@TheHumblePenny Aye. If I could do that, I would. We've been strangled into full PAYE though. I have to do a lot of overtime too, which I begrudge doing because of how little I see of it. Really is a broken system. A lot of lads I know who have been in Oil & Gas literally stop working once they hit £100k, because they refuse to work away weeks at a time and get hit so hard, which I assume is a common theme in that industry.
Having same issue. £186k on PAYE and the taxman is gouging my pay. I have had to go find a lower paying job now because I don't get any allowance plus HMRC has asked for a self assessment only to find out I owe an extra £25k in unpaid taxes. The whole system just discourages one from aiming to earn higher. I am still trying to find a job that I can earn below £100k. It is just insane how the system works
Mary laughing made me laugh. 😂😂 sis 4 more years you can do it
😆😁
Declare war on debt.. love that.. glad i have no debt.. for now but yet would be looking to get some in the form of a mortgage.. is that compounding debt as well?
Definitely compounding, unfortunately. Even more so with rising interest rates
I'm in the same place brother, why get another car when the when we've got is running fine? Also, I agree with Mary, don't get why anyone will get a German car (except you are a millionaire).
Thank you!!
I agree with all your points as always except the one where you suggest that people in their 40s have 10 years of earning potential. This is a very bleak and restrictive way of looking at life. I get where you are coming from but I have seen people in their 50s and 60s achieving more than they did in their 30s and 40s.
Yes, in the best case scenario, we will be one of those people too. However, spend some time with people in their 50s and 60s and most of them are winding down or wish they could but can't because of the state of their finances. Careers don't get easier at that age too unless you start your own business, which is always a great idea at any age.
If you don't have a deadline, you simply kick the can down the road always. The 10 year period helps to sharpen the need for urgency. Our careers will unfornately not carry on in a straight line for most people. Life and many unforseen things will happen.
@@TheHumblePenny Agree.
Ditch the private school, let the kids go to the local public school! Tutor the kids at home or get them a tutor, this will cost you a tiny fraction of private school.
Tried that! Doesn't work. Tutor fees have sky rocketed. It's a catch 22 situation.
How much was your school fees per term?
Tutor fees ain't cheap. Typically between £240 and £600 a month per child. BUT, it is still cheaper than private overall for sure.
@@TheHumblePenny same here. Can't tell you how many tutors we've had before our gold find but they are both worth the £'s. Science and mathematics tutors are like needles in a haystack!
A lot is down to car finance I would guess ..
Yup
Bro, your eyes when you said "that pino colada" was too funny. It's true, act your wage.
man!
2013 Nissan leaf😂😂❤, listen they may not be cute but they are reliable! I think this expensive car thing has people in a chokehold, especially our people!
There's a really UNHEALTHY obsession with appearing wealthy! No problem if you can afford it, but unwise if you can't.
Let them laugh 😂 because you'll have the last laugh!
💯
For me to get a mortgage where the payments are less than 25% of my take home I would have to put down a 33% deposit down on a home, how tf am I supposed to do that? I can’t leave the area and a two bedroom house costs around £280,000, my take home is £3,800 pm and to make it so that mortgage payments over 35yrs are
Thanks for sharing. We hear you. Please see our Community tab where we asked people how much of their net income goes towards their mortgage. Most people who comments said it was below 25% before the count overpayments. So yes, they're sticking to the rule.
If you're currently spending significantly above 25% of your net income on your mortgage even before you've counted any overpayments, it means you're possibly not earning enough relative to property prices. If you can sustain such monthly payments, that's fine. Otherwise, you may need to make other changes in terms of where you choose to live. If you're paying away most of your money on a mortgage, it has an opportunity cost because you'll be unable to invest and so. So you really need to weigh up what's best for you. That's why for some people, renting might be a better alternative, although not always.
@TheHumblePenny thank you for the reply but it is absolutely insane that someone earning £64k per year in this country can’t buy a house without massively over leveraging themselves in your opinion :( the joys of being single, I can’t house share because I need space for my daughter when she visits, and I can’t move back to my parents because they live miles and miles away. My rent comes to 25% of my income at £900 pm but that is for a small studio flat. Maybe my best bet would be to keep saving and move elsewhere in the future when my daughter has grown up :( but I do love Bristol and it would be sad to leave here :(
I totally hear you and it is sad. £64k is such a good salary and I feel your frustration deeply. Such is the utter mess that we find ourselves in this country.
Amazing❤
Please share with others 😊
Cut my up credit card well back at uni after I realized how quickly it is to get in debt, never had one since no matter how much the banks are trying. Never been in debt since. Well, lets ignore the student loan ha ha.
You've done well :)
'Mortgage no where near 25% of your mortgage payments' sorry please explain this
Aim for your mortgage payment to be 25% of your net income before overpayments.
@@TheHumblePenny ok great thanks
Amen😂😂😂...Peace is everything 🙏 😅
Yes o! 😊
Team Mary, how soon will that car be replaced? I vote next year.
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This Nissan Leaf breaks down...
It would be emotional to let it go :)
I just found your channel and I like your content so I subscribed. However please upgrade your mics or adjust the bass...the sound is very tinny and uneasy on the ear. Thank you
We appreciate you subscribing. The sound is very tiny? That's odd. No one else has said that. Are you listening with headphones? If so, maybe listen without it?
😂😂😂😂😂 Her face at 10 was classic 😂😂😂😂
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Leaf lover ❤
😊❤️
Very interesting 😂
Glad you enjoyed it :)
She was like hubby 16 years on one car 😂😂😂😂 come on now lol
😂🤣🤣
Leasing a car for life 🤯. Deffo don’t care what the neighbours think, drive the older, paid for car 🚙 😂. Financial peace all the way ✌🏼
Let's go! 🙌🏾🙌🏾
She wanted to cry regarding the 10 more years with the same car😂😂😂😂
😆😁
Better still ditch the car!
If you can, 💯
mate, you're not keeping that Leaf :D :D :D
😆🤣. I feel even more determined now LOL
The middle class trap.
Bullied literally to ' level up' to your role or job title.
Buy brand names for everything from mattrasses, watches, clothes, travel business class etc.
Go for expensive vacations etc.
💯 💯
Too much Balenciaga
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Ummm mmmmm mmmm 😆
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A colleague of mine got told his rent was going up by £1000. He and his partner are now looking at moving further out. Personally I want everyone to stay in the city for selfish reasons. Don’t give my landlord a reason to raise rent 😭
£1000 😲😲. What was the rent before?? What area?
LOL re everyone staying in the city 🤣
@@TheHumblePenny Regents Park so not the struggle life. But he’s less senior than me so I imagine he was already close to his limit event with two incomes coming in. Not sure what it was before but I know it was enough for him to not even have to calculate whether he could afford it. He started flat hunting the very next day.
@@dicerevo Oh wow, that's super posh! I used to work around there on Marylebone high street.