Thanks for the video,very concise and informative.Due to debt built up over almost 2 decades and the stress entailed,an employer who gave me a 50p total an hour raise in 14 years,i sold my property settled all debts,chucked the job in and have been trying to make concrete plans for the future,but at 49 in the current climate,things seem as clear as mud!! Interested in investing but realise the formula for everybody can't be entirely the same carbon copy.
Add counsellor to your CV too! Great video. I'm 39 with a small defined contribution workplace pension I started in my early 30s. I will continue to pay into that, but I'm just starting my investing journey hoping to open a pension or LISA before I'm 40. Just trying to work out what's best. I find your videos so helpful, so keep up the good work.
Hi James, I left you a comment last year how you inspired me to start investing. It's going great I plan to save £3k+ this next tax year. Why am I telling you this, because I'm 68 next month. Just get investing people! All the best Steve Walsh.
Here are some words of encouragement for those in their 40s who are wondering whether there is any point... I bought my first shares when I was 43yo. I had a mortgage and that was it. The paltry pension pots I had did quite well when placed into the right hands, in my case those were Fidelity, Phoenix and AXA, but they were later combined into a SIPP which I control. I also put a lot of effort into learning and maxxing out my ISA investments when I was able..... I retired ten years ago in my late 50s, although I continued putting a lot of time and effort into managing my investments. If you want to DIY then treat it like a second career, it will take several years to become competent and it is a realistic goal. When I started there was no such thing as UA-cam. James' videos are a boon. Thank you, James
@@kevh7941 Hi, I’m 53 and started my SIPP last year. I’m investing what I can and that is the best any of us can do. I might might never get to retirement, but my SIPP is inside my estate and I’ve decided who gets the benefit. Be happy and smile knowing you are doing the best you can and that is better than most. Good luck M.
I was in my mid 40s before I looked at my retirement and what I had to do about it. I was renting and had no pension. First on my list was sorting a home that I would own when I hit 60. Then looked at how much I would need if I wanted to retire at 60. This gave me my goal, and I am happy to say that 10 years later, and 5 years from retirement I am on track. The only change I have made is that having experienced lockdown I no longer want to stop working when I hit 60 but go part time. So now I will actually have more than I had planned on. Long story short, it is never too late.
Love this Brian! If you can find a lifestyle Job that allows you to work part time it’s almost better than full retirement. Especially as it allows you to stop sooner.
Great vid. 👍 I also started investing relatively late - ten years ago (in my mid forties) I had very little in the way of investments and pension and things seemed pretty desperate, but I started saving and investing as much as I could every month - it hurt, but over ten years I’ve gone from pretty much zero to a really decent pot and I may actually have a shot at a decent retirement in the next 5 years. Don’t underestimate what it is possible to achieve over 10 years with discipline and a sensible investment plan.
I started investing at 48 after a friend sent me a link to the book 'The Simple Path to Wealth' by J.L. Collins. Before listening to the book I wrongly assumed investing in stocks and shares was only for wealthy people, and besides I didn't even know how to invest! But the book broke it down and helped me to understand that it can be simple.
49y/o started investing in 2023. Looking to keep investing each year, started with a S&S ISA and I am now learnings about SIPPS. Going to try and pump as much spare capital in to these going forward each year. I have started with buyings shares but I am hoping to start looking at buying some global index funds to keep it simpler. Fingers crossed.
53 y.o. with a great career, and in 2020, my salary finally got to the mid-100s. I was ready to start investing, but then Covid hit, and I lost focus. I recently started investing in the stock market. There were days when I beat up on myself for starting so late, but the more I did that, the more depressed I would become. So, I accepted my mistakes and forgave the younger me. I can't say I know what I am doing, but I am learning daily.
There is a way you can still achieve financial security and I would very much like to show you how. I am a financial advisor with a fiduciary duty to you - please reach out to me.
Sounds familiar. I just started when COVID reduced the indexes with like 50%, so I paniked and sold half. That was a good lesson. Now the indexes are like 200% higher. So If I didn't sell, but buyed instead, it would have a very good positive effect. Now I am not the one who buys if everything falls, but it learned me to get more calm and not sell with the first bad news.
It's like you made this video just for me. I'm a single dad, whose youngest just became an adult. I recently started my 401k. My house is nearly paid off and I have saved an emergency fund that could carry me about a year if I lost my job. Something else to consider with 'older' people (especially parents) is that we are less apt to chase 'the shiney new things'. Odds are that we've been through that phase of our lives and are now more comfortable living below our means. Not to mention that parenting forces you to be more mindful about money. I definitely regret not putting at least something towards my 401k earlier. I'm telling my kids now to get in the habit of contributing even a small amount to a 401k. I hope they listen to the old man.
I am a financial advisor with a fiduciary duty to you - I would love to show you a way you could significantly improve your returns. Please reach out to me.
I have nothing substantive to add here - I'd just like to thank you for lowering my anxiety levels a little (46 - no pension as yet, but that's going to change very bloody soon).
I'm currently pursuing a balance between fat and lean FIRE with the guidance of financial advisor David Marvin Willis. By diligently budgeting and keeping living costs in check, I save a substantial portion of my income. However, I prioritize enjoying life, dining out, going on holidays, and savoring good food at home. With the goal to grow my income in the next 5-10 years (I'm 44), maintaining a savings rate of 30-40%, I aim to potentially reduce working hours around the 45-50 age range. This journey, spanning the next 10-15 years, won't entail a bare minimum lifestyle.
The only downside of this channel is that I can’t wait for another episode. Simply the best financial UK based YT channel at the moment. Pensioncraft also has good content but somehow you sound so much more refreshing James. Great work, all the best.
An older video, I know, apologies for opening up an old thread, but I've just come across James' channel. This is a great video, and very encouraging for people like me. I'm in my 40's ( just ), and I have very recently cleared all of my debts ( excluding mortgage), so I am very keen to now start investing and videos like this really help.
Great content James....as you say there's so much content aimed at those in their 20s & 30s, it's very hard not to feel as though you dropped the ball! I'm 54 and just starting to invest, reassured by the knowledge that these are my best earning years and any Investments won't stop growing just because I reach retirement age!
I think that people feel life they have missed the boat and it's too late. There is maybe a sense a shame and regret. Thank you for demonstrating that it's NEVER TOO LATE.
I started investing at 38 & yes I wish I started sooner, but I still have plenty of time to retire very comfortably and even sooner than 65. Just learn & TAKE ACTION, you have time. 🤗 Just ZERO time to waste.
Hi James, thanks for this video, super helpful and encouraging. Am sending this to my sister who just turned 50 and is trying to get her head around investing. Just to flag that a discouraging point is a presumption that someone in their 50s has a mortgage (being paid off) and kids out of the home, which is not necessarily the case (in either respect). While it may be ‘probable’, would find it more encouraging to add in the proviso of ‘even if not…’, just because (as you have flagged) it can be so demoralising examining your financial situation, that extra bit of inclusivity can be helpful. Thanks so much for your content, really appreciate the good work you are doing.
@James I was about to mention that not many people in their 20s have 5k per year to just throw into an investment portfolio and then I watched the video. Yeah, you are absolutely correct with regards to both investment and those fitness Instagram. Subscribed
just came a crossed with this video and I totally agree with you telling it's embarrassing to start investing in your forties since I just started my journey...I'm about to hit mid-forty and I am thankful to all the financial gurus who keep on sharing insights and tips on investing
Thank you for making this video. I'm in my mid thirties and have just started investing. I've been feeling so dejected and behind looking at all the Alice's on UA-cam. I really appreciate the message in this video and it's really motivated me to increase my contributions and keep investing. Thank you!
I am 44 years old, and only started getting my financial house in order this year. Up to that point I had never budgeted, and let myself slide further into debt every year. Now I have a plan to be out of debt in 2 years, and start actually saving for my future by 46. I don't know if I will be able to retire at a reasonable age, but my chances are better now than they ever have been before.
I work in the architectural design field and I had a conversation with a landscape architect many years ago. He said “the best time to plant a tree was 30 years ago. The second best time to plant a tree is TODAY”. The same thing holds true for investing…
Just started Investing after years of struggling. Got 2 business and as well as working full time, so i have been investing in myself. This video gave me massive motivation. Thank you for making it. Subscriped and watching your content.
Just paid off my huge credit card debts age 48. Saving grace has been my Australian super. I have 2 young kids and don’t own home and just started index investing for family. My thinking is if I start now for my 5 & 6 year old, the opportunity I missed is there’s now and so I’m happy about that!
Yes, I really appreciate that. Imagine where your children will be if you invested on their behalf until they’re old enough to start themselves. Naturally you can also save less in their case, as the growth potential is more, which leaves a good proportion left over, hopefully, for your own retirement.
I'm 60 and semi-retired. One part of the video that really resonated with me was the reminder that our investments horizon shouldn't just be how much money we have the day we retire. It's not like the day we retire we cash out and stuff our suitcases with money to spend over our retirement. In all likelihood our investment horizon is the entirety of our remaining lifespans. Yes, we will make withdrawals but not from the suitcase but from a pool of investments that continues to grow.
Agreed. I think a lot of people who contributed to pensions before drawdown was an option have understandably been programmed to think about the commencement of retirement being the "end" of the investing phase, when in fact that is really unlikely to be the case for the vast majority of people in DC schemes.
Hi Ross, same boat here, 60 and only started investing in Vanguard last March, transferred my pension over too. Pretty impressive gains last year, big drops this month has wiped out all those gains however, like you said, the money will be in there for decades so should be fine. Also it's better than being in a bank account Time to buy more !!
@@tonyh1460 Tony, I've been investing since the late 1980's and have seen lots of volatility but stuck with it to benefit from long-term gains. There will be challenging times ahead (even worse than the recent beating is guaranteed) but perseverance is the real game. Good luck to us all!
James. Thank you for your information. I was thinking I was way behind because I am 40 and have nothing invested. I am just starting. I now know better. I will stop looking behind me, because you are right, I cannot change the past. I need to be looking forward. I will definitely eep watching your content. Thank you so much.
Thank you for yelling at me. I needed that. And also, my paramedic teacher told the class that everyone should think of themselves 10 years younger than they really are because of how much cardiac has and continues to advance. Life expectancy continues to grow.
Hello everyone... Just a real life encouraging email to say to live and start investing. Im a 47 year old dad who got divorced after 22 years of marriage. Never invested and also was the lower earner in the relationship. We have gone our seperate ways and now i have got myself a mortgage on my own which im proud about. I also started investing for the first time and this was in September 2021. Not a clue what i had to do but with many mistakes and trial and error i deposit something even if its £20 a month. If i can do it folks and i mean i had not even a place to live in for myself then aanyone can. Am I scared, yes. Am i proud of myself and what ive achieved, yes. Take the plunge and invest, move forward and invest. You can lose folks cause the banks will take your money if you dont. TAKE THE LEAP OF FAITH!!!!
I didn’t even know about investing until last year!! I’m 43 and started investing last September. Now I’m excited to see what I can achieve for the future! Keep up the great videos James.
Oh man, this video is so refreshing. I was driving a taxi until 10 years ago. I went back to school and graduated at 36 years old. I only started saving when I was 41 years old. Ten years ago my net worth was 0. Between my investments and home equity my net worth is $550K now. We don’t all start this marathon at the same starting line. But it should not be an excuse. It is never too late. Thank you for putting this content out.
My parents instilled a great savings discipline in me, but they had no investing smarts beyond bank term deposits and maybe a fixed lump sum in a managed fund. I really wish I knew more about investing 30yrs ago when I started my professional career. Fortunately my work place kicked off a superannuation plan that I have always contributed to, so there is a decent super funded pension for my senior years. But I could have probably been FIRE retired in my late 40’s if I’d taken up active investing in my 20’s. Can’t cry over spilt milk right? The time to start investing for a self funded FIRE is now.
Spot on! I'm 59, just cleared my mortgage, started late on good pension contributions, but will follow this advice. I have a sick daughter I am caring for but still have the space to invest more. Thank you.
Thank you James - really grateful for the way you approach these topics and deal with them in a realistic way ie considering life situation, emotions etc.
Brilliant content, thank you! This gives me hope. I have a decent pension pot which, I’m trying to work out how to handle. My wife does not have a similar pot and now in our early 50s we’re finally getting in a position to do something about that!
I really like your channel. Never heard of an ISA until I was 36 and make good money. Now put £1666.67 pcm into my S&S Vanguard. Up to £8k already and loving watch it grow. Roll on early retirement.
54 here and ZERO savings for retirement until past february. I had to emigrate and start all over from scratch at age 33. Had no financial education and was just living paycheck to paycheck. Like many others here thought that I had to keep on working until the grave, but after watching your videos and several from other youtubers, I decided to educate myself in investing and trading. I started investing last february (just 3 months ago) and set saving and investing targets for the next 7 years. Hopefully, even if I have to work until I drop, my future looks a lot brighter thanks to you.
Started late also use my employer 401k match and have it in a more safe investment. Do stocks on the side on my own to get better results. Investing in dividend stocks. at this time getting 1200 a month from this. Pay off all your debts first and you will be fine.
43 years old and started 'tinkering' last year with investing (ETFs mainly but a couple companies). Currently have 2k invested and in the process of restructuring finances (£20k Debt - reduced from 50 last month), no mortgage, no savings and live in overdraft. Currently earning £80k plus 15% bonus and £5k car allowance. Consolidated pension sitting at £50k 2 year old and wife re-qualifying being a driver for making a change now with plans to put a few hundred a month in investing but priority is to get rid of debt as a priority.
Hi James, thank you for this video. I am in my late 40s, spent 20 years of my life in academia but was earning and contributing to a pension for some of that time. I am renting still, never bought a home, and am weighing up the option of whether buying is worth it now. I got into investing in my early 40s, but lost the savings I had. I rebuilt my career though and now earn a very good wage, and built up some savings. I do have some of my savings invested, but most of it is just gathering dust stagnating. After doing some calculations on how much money I would need in retirement, I realise I'm way off, so I'm ramping up efforts now to make my money work for me.
I would say it is always worth investing as whatever you can accumulate will make your life much easier. There are properties available in non-prime areas that perhaps need renovated (for example available at auction). I renovated a flat that I now live in and I never had a mortgage on it as it was a cash purchase. Getting a place to live in and paid off is important, I'll be honest.
Here's me at 40 and saved all my life thinking its to late to invest and not sure how to go about it will definitely need to get started thanks for the videos mate
I’m 24 now. Started investing last year. Don’t have a huge income but no debt also. Was amazed to see that I was in the 5% of viewership! Expected 10-15%. Got two separate accounts one for growth and another for dividends but building the dividend portfolio takes a while.. currently avg 30$/month. Def takes time but like he said it’s ur own journey. Personally, struggling with the patience and income
Assuming you progress in your field, You'll make more in your later years, even if some of that is due to inflation. Resist the urge to inflate your lifestyle at the same rate that your income increases. It's fine to want more, bit let your income increase at a faster rate than your lifestyle. This way you can save and hence invest more.
Great video........ the best time to plant a tree is 20 years ago, the second best time is now!! What ever you want to do, start now!! I invested £50 a month in a pension in my late 20s. Payed for about 9 years. About 6/7 yrs ago I remembered about it. It was worth £50,000. I'm 58yrs old now. I've started investing property in the last 3 years. Both my parent's died. I bought a house and now invest about £100 A week. I currently have over £110,000 invested in pensions and isa' s...... it never too late. Just remember compound interest will work for you every year!!!
I started a workplace pension in 2003. In 2008, the crash really shook me and knocked a big hole in my small-ish pension pot. I built it back up and have continued to put money in. However, in the last 20 months or so the pot (now 2 pension pots) has lost just over 20% of its value, just as i've reached 5 years from retirement! As you can imagine, i have found this worrying to say the least. After watching this video i can genuinely say i have felt a weight lift from my shoulders. That it's not the end of the world and there is a way through. Thanks, James!
30, just started investing. Definitely feel a bit behind. But! I have a third of a house saved up without any help and a small pension pot. I think what most of us forget is that when you’re in your twenties you aren’t earning much and still need to buy all the adult basics like first car etc. You also tend to buy more shiny stuff that you may not need. But as you get old you earn more, get more discipline, learn to budget and just get better at delayed gratification. So I try to feel proud of myself rather than feeling like I’ve missed out. These videos help a lot. I think we should try to think positively and take our own situation into consideration.
I am now 28 years old. I started investing in myself first: got two diplomas at Pitman Training, had a laser eye surgery, got my Invisalign to sort out my teeth, travelled a bit, and I am glad that I paid for these things. With no children (yet), explore the world and get yourself "sorted", invest in yourself as well, until you have more time and energy, later on it might be harder, but still not impossible of course. These things helped me a lot to improve my life, so definitely good investments. Love your videos, keep up the good work! :)
28 years old myself, i haven’t really invested much in myself although I’m now married with 2 kids. Not much remains to invest each month but will try my best to invest what I can to help me free up life when the kids are out the way :)
I’m 51 my company recently shut down the final salary pension where I have amassed a 300k pension pot. I also paid AVC’s where I have 36k. I paid off my mortgage at 47 and have been investing since, I have 35k in a stocks and shares ISA. I hope to retire in 4 years but expect when I get there prices of everything will force me to work on. I definitely think I started too late. Watching you content has got me really looking at the vanguard life strategy etf which I intend to start soon. Keep up the great content
Thanks, James. Nice to know that even though I'll only be starting later this year (43 and will finally be rid of a lifetime of bad debt from financial ineptitude) but it's good to know that I'm not alone and will in fact be ahead of others who have not come across the right books or UA-cam videos yet. Thanks for the information you share!
Great effort working your way out of that debt! People that pay off debt often end up going onto be the best savers and investors. It's hard to believe that you're ahead but very few people ever do think they're ahead, because there's always someone infront of us to compare ourselves to!
Yup another 43 year old , young kids so feeling the squeeze and historically in debt since 18 , but trying to make headway now, tough going but try to be consistent. This channel was the 1st I came across that gave some hope that I can still improve overstate pension etc . Will be educating my kids on this, so they learn it earlier than I did.
Started a pension in my 20s then 15 year's of no available income to contribute to it. Now in my late 40s and trying to do the research to understand what I need to do to minimise the damage.
Another great video James. I spent my ''younger years'' pissing it up and not saving or investing, in 2007 aged 28 I started working for a local authority and entered their pension scheme, not having a clue about it but knowing that I really should be investing in a pension. I'm so glad I did as I know understand that I have a defined benefit pension that many other people would die for. Last year I began to learn and understand more about investing when I inherited modest four figure sum. In addition to my LGPS pension I know have a S&S ISA and a SIPP which I try to pay into monthly and a Junior S&S ISA for my 11 year old son which has a modest 3 figure sum but I am hoping that he will carry on investing into and reap the rewards of compound growth. I am also very lucky that my partner and I have a house in the South of England with approaching 50% equity. I'm from humble working class background but hoping to build for the future and my son's future. Keep up the good work!
Wise words James- compounding is actually "magic". I started again at 40 after a divorce and am now 53. Maxed out employer contributions, paid as much as i could in AVC's to pay 20% tax. Invested in eqities - non UK and S&P heavy and even successfully timed the market a couple of times - including putting a lot into cash Jan 3rd and back in S&P 27th Jan. I have had to invest a lot and taken a fair bit of risk but should work out that i have options in 2-4 years to think more about how much of my time i commmit to working. Starting even 5 years earlier would have made all the difference. One thing i am going to do for my kids is make sure they start early with pensions and try and get a bit in there for them whist they are still in their early 20's
Hi Rod - thanks for sharing! Divorce is a read kick in the teeth. You can be doing everything right and then suddenly you're set back 15 years. It's very hard to pick yourself up from it. But well done for your effort!
Thank you. This is a very reassuring video. I've never really thought about money that much and only ever earned an average income but now that I've turned 50 I've become anxious about how I'll manage in retirement. Or even if I'll ever be able to afford to retire. But I have managed to save up around £35k in the last 6 years (one of the few benefits of the pandemic and not having anything to really spend money on, as well as giving up smoking) and after watching lots of videos finally took the plunge and opened a Vanguard account in January where I'm in the process of depositing most of my savings across a couple of funds. I do feel that I've left things late, especially given the gains of the stock market in recent years, but doing something proactive has at least eased my anxieties about my standard of living in retirement.
I'm 20 years old now, but I started investing on my 18th birthday, putting my first bit of cash into a Vanguard S&P 500 fund through a Stocks and Shares ISA. Over the past two years, I've worked hard to keep contributing as much as possible, and I've now built it up to £25k. It's amazing to see how much compound interest has played a role in that growth already. I'm aiming to retire well before 65, with a target of reaching £625k. Videos like this have been incredibly helpful along the way. Thanks, James!
I grew up Jehovah's Witness. I was told from a very early age that money didn't matter because the end of the world was coming. It was better to spend time preaching than building a career. Now I'm 47 and out of that cult. I grew up in Baltimore raised by a single mom with 5 children. I never learned any good money habits. I started saving 4 years ago with my 401K. Now I'm saving 23% of my income, I want to raise it to 25%. Plus I'm paying for my M.S. in Information Systems out of pocket. No more student loans for me! I owe enough to buy a house in Cleveland. But I see the light at the end of this tunnel, its not that far away. One day I'm going to have saved as much as I owe. I'm going to be debt free. And then I'll have few more years to save with. But if I'm debt free with a house, which is my goal, then I think I won!
I'm 57 we had a property we rented which we've just sold. We don't want to reinvest in property so we are trying to get our heads around the best way to invest, without spaffing away our retirement funds.
I never would've dreamed of investing, didn't know a thing about index funds etc. Then the pandemic hits and my nephew informs me that the market has crashed and I should start investing. Initally, very sceptical - I learned bit by bit and eventually decided to go for it. Now, four years later I am on track for a decent little nest-egg once I retire. So cheers, nephew! Am in my late forties for context.
Nobody in my family invested in stocks and I knew nobody who did. I only found out about this stuff on YT in my 50s. I have been buying silver and gold because it was the easiest thing to do.
You are bloody good James! Clear delivery, great content, graphics and editing. Love the advice you are giving and I am very greaful for the youtube algo for putting your content in my feed.
I'm 58 this year, divorced, left in debt by my husband, who died a few years ago & who I discovered had over a 1/4 million in the bank but had spent most of it before he died. I rent & have only been working the last 8 years due to caring responsibilities of a disabled son. However, I paid off the debt & have only just opened a Vanguard Target Retirement Fund at a £100 per month to begin with until I've saved an Emergency Fund. I will get a final salary pension, but it won't be much, but I've 10 years to hopefully make a difference. I'm just sad I never managed 2 get onto the property ladder, although I've thought about Shared Ownership, I'm not sure if my age would be against me.... thanks for the inspiration James! 😁
going to turn 47 this year. Lucky enough to have a DB pension that will currently pay me £13k in retirement. added to state pension, that just about covers my needs. last year I bought two cheap houses to rent and this provides a decent yield of around 8%. I only started thinking about retirement last year (hence the property purchases) but have never really saved and invested. I now have a small SIPP that gets £1200 a year and an investment product with high risk with another £1200 going in a year. None of this is mega money, but allows me to sleep peacefully knowing that, bar any significant changes, I shall be sorted in retirement. both my kids (18 and 22) have SIPPS and investments so I now invest vicariously through them. I consider myself very lucky. still have monthly mortgage to pay as well as all the increasing bills, but these are covered by salary and income from rentals. Thanks for the vids James.
Hi James, excellent videos. I started investing really late (early 50s) - which is bewildering for a Taurean. However, just to give some idea as to how compound interest is working for me ... I invest £800 per month and actually really enjoy checking the progress of those investments. Over the last 5 months alone I have invested £4k. However, they have returned £9k in just those 5 months. As my pot increases the next 5 months will see a dramatic increase on the £9k compared to the last 5 months. So my message to everyone is keep going and keep watching the videos from James because it's all educational and it's all a positive. Don't get disillusioned or demoralised by those goody two shoes who had the privilege of sound advice when younger. The vast vast majority of people in the country haven't got a pot to piss in so the fact that you're setting money aside to buy a pot to piss in should be worth a good back pat for yourselves. Keep going.
I'm 25 and STILL feel behind. FOMO is one powerful drug and comparing yourself is the thief of joy. Focus on yourself, and be happy you've found channels like this. Most people still rely on a 0.1% savings account. Cheers as always James.
The rising interest in "financial independence" among young people can have negative side effects. It can set unrealistic saving expectations when you're young. Instead of trying to save 50% of your income, or something like that, i would suggest trying to save 50% of any future raises you make. With this, instead of focusing on saving more, you're then focused on growing your income. Which is what you should be focused on in your 20/30s. All the best!
@@JamesShack Great advice, never really thought about it in that way. And yes, tell me about it... you have these people saying 'just invest as little as £1,000 a month' or you have CNBC 'make it' videos telling you someone aged 21 is earning 200k a year and has half a mill in investments. Not good for the 99% with different circumstances.
@@jamblpaints8453 100%. The only time I ever listen to financial advise is if they talk about pensions or ISAs that are invested in funds or Bonds. Anything else is usually random nonsense
I started investing last year at age 58. Opened up a SIPP with Vanguard ftse global index fund accumulation. This year at age 59 I opened a S&S ISA with Vanguard.. I still will be working until 2032.. I have years to continue important thing is to get started.. I only joined work pension last year DB pension.. I am trying to improve my financial situation..
I started investing at age 31 kind of late but in 10 years my wife and I paid off our mortgage with 0 debt of any kind, max out Roth IRA and 401k, fund 2 kids 529s a month and have 3 year worth of fully funded emergency fund if both my wife and I were to lose our jobs. I’m 41 and 3 years ago hit just over 1M in net worth. We do save 35% of our income and some years as high as 40% with no life style creep. Hoping to retire in 10 years or by 55.
Yes I’m mid 40s and only just started investing but I see this as a positive step toward the goals I am looking to achieve. But thanks to videos like this my children will be investing ASAP so at least they can achieve the level of financial freedom I would have liked to achieve. That’s a positive legacy to leave. Great videos BTW
Hi Paul - thanks for sharing. You're at a prime time to start saving and really make a difference. Which is great but - as you say - the best part is that you can pass what you learn onto the next generation so they have it easy!
Hi James - another great video with some really important messages. Let me echo what you've said: Ben and Alice are great for showing the power of compounding over time but if you're starting later than either of them - don't worry. Just start. Decided on a target and then work backwards to decide what you need to do to get where you want to be - there are some great videos on this channel to show you exactly how. I started in my 40's and did exactly this. Keep up the good work!
Watching videos like this makes me feel that I have been doomed by insurance / financial advisor agents back during those days when I first started. I first started my ILPs during when I was 26 years old, paying a total of around $4K a year. If back during those days, agents are mandatory to inform that there is such a thing called Index Funds, S&P500 etc, I would be in a better position. Now, advising me that that there is a potential 7-9% growth rates year-on-year (yes, they used such high quanta back then) doesnt negate the fact that as people ages, their mortality charges increase to such a rate that it will drain any potential growth to 0 later on in live. Don't they have limited pay policies back then? I would think there were, but ILPs pays more to the agents, so where possible they would try to sell those.
James mate, excellent content.. I think it would also be good in future videos to run some modeling & scenarios that if a person invested X amount today ( or in monthly chunks ) in Y funds then based on historic data & market outlook ( the ones which vanguard and blackrock produce for 5-10+ years ) the result will be Z in 15 years ( or longer ) time..... & then compare a couple of index funds based on same criteria ............ I know nothing is a guaranteed return but with some assumptions a few modeling and examples will be interesting to see... great work & great respect for you because of the value you add for us here at youtube and to your clients as well...
This is one of my favourite videos from you. The initial Alice and Ben graph is, as you suggest, astonishing. I felt badly for Ben who seemed to be running just to keep pace with Alice, who was standing still. The point you make a few seconds later about de-motivation holds true. But I felt a real "Avengers" moment when you later moved on to say "You Are Not Alone" [emphasis mine]. Yes, we are all incompetent, imperfect, irrational beings. Few of us have been taught the value of money, the value of investment, or the mysteries of money management. Thank you for publishing those statistics of your viewing audience - it does make me feel as though I'm not the only unqualified chimp in the room! Your channel is providing me with some optimism about planning for a future which is hurtling towards me (I'm 53 years old). I bought my first ever house last June. It's one I'd been renting for six years before. My chimp-like plan was to own it before retirement and either sell it and live off the proceeds, or release the equity in it (while still living in it) or marry a multi-miillionairress. Not terribly useful plans. Not a particularly helpful or optimistic strategy. I'm looking forward to our future financial planning session when you have time to fit me in. Like everyone else here, I need help! Thanks for providing so much of it.
I was very fortunate i got a pretty good start from an inheritance when i was 27 of 212k. Last year i was up 14% roi so i am hoping by 70 i will have well over a couple million.
Me 42 yo, a housewife.. working on and off. Mother of two young children. My husband pays most of the bills, we don't own a house yet and just moved to another country in Europe. But still saving some money as I work.
Started to invest the day I turned 40. Withdrew my 10k from my retirement fund (30k only) and implemented a highly concentrated portfolio into stocks (2 only). One of the stocks went to the moon within two years. I’m sitting on six figures. Please don’t try this. I was just fortunate.
Well. I started investing at 12 with my paper route money. I was on my way easily when I decided to take it all out to invest in a new multi level marketing company promising me big profits. Well that didn’t turn out and unfortunately I never invested again until 42. I am filled with regrets. But I have to try and do the best I can. What I do now isn’t for me anymore. It’s for my kids
You are normal! Please let me know about your journey, your struggles and your successes, in a comment below!
Thanks for the video,very concise and informative.Due to debt built up over almost 2 decades and the stress entailed,an employer who gave me a 50p total an hour raise in 14 years,i sold my property settled all debts,chucked the job in and have been trying to make concrete plans for the future,but at 49 in the current climate,things seem as clear as mud!! Interested in investing but realise the formula for everybody can't be entirely the same carbon copy.
James - please see my comment below and the reply - apparently from you... You may want to look into this? - thank you
@@kylebennett1928 It’s a bot. Please report them if you see them!
@@JamesShack done - thanks
Add counsellor to your CV too! Great video. I'm 39 with a small defined contribution workplace pension I started in my early 30s. I will continue to pay into that, but I'm just starting my investing journey hoping to open a pension or LISA before I'm 40. Just trying to work out what's best. I find your videos so helpful, so keep up the good work.
Hi James, I left you a comment last year how you inspired me to start investing. It's going great I plan to save £3k+ this next tax year. Why am I telling you this, because I'm 68 next month. Just get investing people! All the best Steve Walsh.
Epic news! Keep it up!
Here are some words of encouragement for those in their 40s who are wondering whether there is any point...
I bought my first shares when I was 43yo. I had a mortgage and that was it. The paltry pension pots I had did quite well when placed into the right hands, in my case those were Fidelity, Phoenix and AXA, but they were later combined into a SIPP which I control. I also put a lot of effort into learning and maxxing out my ISA investments when I was able..... I retired ten years ago in my late 50s, although I continued putting a lot of time and effort into managing my investments.
If you want to DIY then treat it like a second career, it will take several years to become competent and it is a realistic goal.
When I started there was no such thing as UA-cam. James' videos are a boon. Thank you, James
Thank you for sharing this Stephen. It's a great example of what you can do!
I'm 39 and only just about to start my investment journey, so this is encouraging. Thank you.
Snap! At 39 I'm starting to think about a retirement at around 55. I'm probably going to invest £400 per month into the s&p500 soon. See how that goes
@@kevh7941 Hi, I’m 53 and started my SIPP last year.
I’m investing what I can and that is the best any of us can do.
I might might never get to retirement, but my SIPP is inside my estate and I’ve decided who gets the benefit.
Be happy and smile knowing you are doing the best you can and that is better than most.
Good luck M.
I was in my mid 40s before I looked at my retirement and what I had to do about it. I was renting and had no pension. First on my list was sorting a home that I would own when I hit 60. Then looked at how much I would need if I wanted to retire at 60. This gave me my goal, and I am happy to say that 10 years later, and 5 years from retirement I am on track. The only change I have made is that having experienced lockdown I no longer want to stop working when I hit 60 but go part time. So now I will actually have more than I had planned on.
Long story short, it is never too late.
Love this Brian! If you can find a lifestyle Job that allows you to work part time it’s almost better than full retirement. Especially as it allows you to stop sooner.
exactly what i'm doing but in japan. 20k for a house? yes please
Great vid. 👍 I also started investing relatively late - ten years ago (in my mid forties) I had very little in the way of investments and pension and things seemed pretty desperate, but I started saving and investing as much as I could every month - it hurt, but over ten years I’ve gone from pretty much zero to a really decent pot and I may actually have a shot at a decent retirement in the next 5 years. Don’t underestimate what it is possible to achieve over 10 years with discipline and a sensible investment plan.
I started investing at 48 after a friend sent me a link to the book 'The Simple Path to Wealth' by J.L. Collins. Before listening to the book I wrongly assumed investing in stocks and shares was only for wealthy people, and besides I didn't even know how to invest! But the book broke it down and helped me to understand that it can be simple.
49y/o started investing in 2023. Looking to keep investing each year, started with a S&S ISA and I am now learnings about SIPPS. Going to try and pump as much spare capital in to these going forward each year. I have started with buyings shares but I am hoping to start looking at buying some global index funds to keep it simpler. Fingers crossed.
53 y.o. with a great career, and in 2020, my salary finally got to the mid-100s. I was ready to start investing, but then Covid hit, and I lost focus. I recently started investing in the stock market. There were days when I beat up on myself for starting so late, but the more I did that, the more depressed I would become. So, I accepted my mistakes and forgave the younger me. I can't say I know what I am doing, but I am learning daily.
COVID was a massive opportunity to START investing
There is a way you can still achieve financial security and I would very much like to show you how. I am a financial advisor with a fiduciary duty to you - please reach out to me.
Sounds familiar. I just started when COVID reduced the indexes with like 50%, so I paniked and sold half. That was a good lesson. Now the indexes are like 200% higher. So If I didn't sell, but buyed instead, it would have a very good positive effect. Now I am not the one who buys if everything falls, but it learned me to get more calm and not sell with the first bad news.
I love how you talk about the positive side of investing in our 50's. Other financial vloggers tend to beat you up!
It's like you made this video just for me. I'm a single dad, whose youngest just became an adult. I recently started my 401k. My house is nearly paid off and I have saved an emergency fund that could carry me about a year if I lost my job. Something else to consider with 'older' people (especially parents) is that we are less apt to chase 'the shiney new things'. Odds are that we've been through that phase of our lives and are now more comfortable living below our means. Not to mention that parenting forces you to be more mindful about money. I definitely regret not putting at least something towards my 401k earlier. I'm telling my kids now to get in the habit of contributing even a small amount to a 401k. I hope they listen to the old man.
I am a financial advisor with a fiduciary duty to you - I would love to show you a way you could significantly improve your returns. Please reach out to me.
I have nothing substantive to add here - I'd just like to thank you for lowering my anxiety levels a little (46 - no pension as yet, but that's going to change very bloody soon).
Did you do it?
@@fotografiasromero Yes.
I'm currently pursuing a balance between fat and lean FIRE with the guidance of financial advisor David Marvin Willis. By diligently budgeting and keeping living costs in check, I save a substantial portion of my income. However, I prioritize enjoying life, dining out, going on holidays, and savoring good food at home. With the goal to grow my income in the next 5-10 years (I'm 44), maintaining a savings rate of 30-40%, I aim to potentially reduce working hours around the 45-50 age range. This journey, spanning the next 10-15 years, won't entail a bare minimum lifestyle.
The only downside of this channel is that I can’t wait for another episode. Simply the best financial UK based YT channel at the moment.
Pensioncraft also has good content but somehow you sound so much more refreshing James. Great work, all the best.
An older video, I know, apologies for opening up an old thread, but I've just come across James' channel. This is a great video, and very encouraging for people like me. I'm in my 40's ( just ), and I have very recently cleared all of my debts ( excluding mortgage), so I am very keen to now start investing and videos like this really help.
Great content James....as you say there's so much content aimed at those in their 20s & 30s, it's very hard not to feel as though you dropped the ball! I'm 54 and just starting to invest, reassured by the knowledge that these are my best earning years and any Investments won't stop growing just because I reach retirement age!
I think that people feel life they have missed the boat and it's too late. There is maybe a sense a shame and regret.
Thank you for demonstrating that it's NEVER TOO LATE.
I started investing at 38 & yes I wish I started sooner, but I still have plenty of time to retire very comfortably and even sooner than 65. Just learn & TAKE ACTION, you have time. 🤗 Just ZERO time to waste.
Hi James, thanks for this video, super helpful and encouraging. Am sending this to my sister who just turned 50 and is trying to get her head around investing.
Just to flag that a discouraging point is a presumption that someone in their 50s has a mortgage (being paid off) and kids out of the home, which is not necessarily the case (in either respect). While it may be ‘probable’, would find it more encouraging to add in the proviso of ‘even if not…’, just because (as you have flagged) it can be so demoralising examining your financial situation, that extra bit of inclusivity can be helpful.
Thanks so much for your content, really appreciate the good work you are doing.
@James I was about to mention that not many people in their 20s have 5k per year to just throw into an investment portfolio and then I watched the video. Yeah, you are absolutely correct with regards to both investment and those fitness Instagram. Subscribed
just came a crossed with this video and I totally agree with you telling it's embarrassing to start investing in your forties since I just started my journey...I'm about to hit mid-forty and I am thankful to all the financial gurus who keep on sharing insights and tips on investing
Thank you for making this video. I'm in my mid thirties and have just started investing. I've been feeling so dejected and behind looking at all the Alice's on UA-cam. I really appreciate the message in this video and it's really motivated me to increase my contributions and keep investing. Thank you!
I am 44 years old, and only started getting my financial house in order this year. Up to that point I had never budgeted, and let myself slide further into debt every year. Now I have a plan to be out of debt in 2 years, and start actually saving for my future by 46. I don't know if I will be able to retire at a reasonable age, but my chances are better now than they ever have been before.
I work in the architectural design field and I had a conversation with a landscape architect many years ago. He said “the best time to plant a tree was 30 years ago. The second best time to plant a tree is TODAY”.
The same thing holds true for investing…
Yes indeed!
Just started Investing after years of struggling. Got 2 business and as well as working full time, so i have been investing in myself. This video gave me massive motivation. Thank you for making it. Subscriped and watching your content.
Just paid off my huge credit card debts age 48. Saving grace has been my Australian super. I have 2 young kids and don’t own home and just started index investing for family. My thinking is if I start now for my 5 & 6 year old, the opportunity I missed is there’s now and so I’m happy about that!
Yes, I really appreciate that. Imagine where your children will be if you invested on their behalf until they’re old enough to start themselves.
Naturally you can also save less in their case, as the growth potential is more, which leaves a good proportion left over, hopefully, for your own retirement.
I'm 60 and semi-retired. One part of the video that really resonated with me was the reminder that our investments horizon shouldn't just be how much money we have the day we retire. It's not like the day we retire we cash out and stuff our suitcases with money to spend over our retirement. In all likelihood our investment horizon is the entirety of our remaining lifespans. Yes, we will make withdrawals but not from the suitcase but from a pool of investments that continues to grow.
Agreed. I think a lot of people who contributed to pensions before drawdown was an option have understandably been programmed to think about the commencement of retirement being the "end" of the investing phase, when in fact that is really unlikely to be the case for the vast majority of people in DC schemes.
Hi Ross, same boat here, 60 and only started investing in Vanguard last March, transferred my pension over too. Pretty impressive gains last year, big drops this month has wiped out all those gains however, like you said, the money will be in there for decades so should be fine. Also it's better than being in a bank account
Time to buy more !!
@@tonyh1460 Tony, I've been investing since the late 1980's and have seen lots of volatility but stuck with it to benefit from long-term gains. There will be challenging times ahead (even worse than the recent beating is guaranteed) but perseverance is the real game. Good luck to us all!
@@rossmacintosh5652 thanks Ross, I'll HODL as they say 😀
Thank you! I needed this and I feel much better:)
James. Thank you for your information. I was thinking I was way behind because I am 40 and have nothing invested. I am just starting. I now know better. I will stop looking behind me, because you are right, I cannot change the past. I need to be looking forward. I will definitely eep watching your content. Thank you so much.
I’ve watched thousands of finance videos on the internet. This is one of the first videos that left me feeling hopeful and not hopeless. Thank you.
Same here! Thank you for this video, super reassuring
Thank you for yelling at me. I needed that. And also, my paramedic teacher told the class that everyone should think of themselves 10 years younger than they really are because of how much cardiac has and continues to advance. Life expectancy continues to grow.
I'm in my mid-20s with low income，your videos motivate me to start investing and save money for the future
Hello everyone... Just a real life encouraging email to say to live and start investing. Im a 47 year old dad who got divorced after 22 years of marriage. Never invested and also was the lower earner in the relationship. We have gone our seperate ways and now i have got myself a mortgage on my own which im proud about. I also started investing for the first time and this was in September 2021. Not a clue what i had to do but with many mistakes and trial and error i deposit something even if its £20 a month. If i can do it folks and i mean i had not even a place to live in for myself then aanyone can. Am I scared, yes. Am i proud of myself and what ive achieved, yes. Take the plunge and invest, move forward and invest. You can lose folks cause the banks will take your money if you dont. TAKE THE LEAP OF FAITH!!!!
I didn’t even know about investing until last year!! I’m 43 and started investing last September. Now I’m excited to see what I can achieve for the future!
Keep up the great videos James.
Oh man, this video is so refreshing. I was driving a taxi until 10 years ago. I went back to school and graduated at 36 years old. I only started saving when I was 41 years old. Ten years ago my net worth was 0. Between my investments and home equity my net worth is $550K now. We don’t all start this marathon at the same starting line. But it should not be an excuse. It is never too late. Thank you for putting this content out.
Superb videos James. I have subscribed to lots of American videos but its refreshing to have an English man doing it. Keep educating.
My parents instilled a great savings discipline in me, but they had no investing smarts beyond bank term deposits and maybe a fixed lump sum in a managed fund.
I really wish I knew more about investing 30yrs ago when I started my professional career. Fortunately my work place kicked off a superannuation plan that I have always contributed to, so there is a decent super funded pension for my senior years. But I could have probably been FIRE retired in my late 40’s if I’d taken up active investing in my 20’s. Can’t cry over spilt milk right?
The time to start investing for a self funded FIRE is now.
Spot on! I'm 59, just cleared my mortgage, started late on good pension contributions, but will follow this advice. I have a sick daughter I am caring for but still have the space to invest more. Thank you.
Thank you James - really grateful for the way you approach these topics and deal with them in a realistic way ie considering life situation, emotions etc.
You made me feel so much better!
Brilliant content, thank you! This gives me hope. I have a decent pension pot which, I’m trying to work out how to handle. My wife does not have a similar pot and now in our early 50s we’re finally getting in a position to do something about that!
I really like your channel. Never heard of an ISA until I was 36 and make good money. Now put £1666.67 pcm into my S&S Vanguard. Up to £8k already and loving watch it grow. Roll on early retirement.
It's as easy as that - just contribute each month - and let it do it's thing.
54 here and ZERO savings for retirement until past february. I had to emigrate and start all over from scratch at age 33. Had no financial education and was just living paycheck to paycheck. Like many others here thought that I had to keep on working until the grave, but after watching your videos and several from other youtubers, I decided to educate myself in investing and trading. I started investing last february (just 3 months ago) and set saving and investing targets for the next 7 years. Hopefully, even if I have to work until I drop, my future looks a lot brighter thanks to you.
You'll have money for the medical emergencies. And if you have a house already then you are golden.
Started late also use my employer 401k match and have it in a more safe investment. Do stocks on the side on my own to get better results. Investing in dividend stocks. at this time getting 1200 a month from this. Pay off all your debts first and you will be fine.
@@CGAZ66
Thanks. Self employed here. No 401k option. But saving as much as I can. Thanks!
Thank you James.
I started investing in my 50's but do not seem to good progess. We are now approching 60s and would like to get back on track.
43 years old and started 'tinkering' last year with investing (ETFs mainly but a couple companies). Currently have 2k invested and in the process of restructuring finances (£20k Debt - reduced from 50 last month), no mortgage, no savings and live in overdraft. Currently earning £80k plus 15% bonus and £5k car allowance. Consolidated pension sitting at £50k
2 year old and wife re-qualifying being a driver for making a change now with plans to put a few hundred a month in investing but priority is to get rid of debt as a priority.
TY. Felt like I've left too late (51 y.o.). From your vids I feel there is hope.
Nice click/view funnel. All good advice. I’ll be implementing some of it soon.
Hi James, thank you for this video. I am in my late 40s, spent 20 years of my life in academia but was earning and contributing to a pension for some of that time. I am renting still, never bought a home, and am weighing up the option of whether buying is worth it now. I got into investing in my early 40s, but lost the savings I had. I rebuilt my career though and now earn a very good wage, and built up some savings. I do have some of my savings invested, but most of it is just gathering dust stagnating. After doing some calculations on how much money I would need in retirement, I realise I'm way off, so I'm ramping up efforts now to make my money work for me.
I would say it is always worth investing as whatever you can accumulate will make your life much easier. There are properties available in non-prime areas that perhaps need renovated (for example available at auction). I renovated a flat that I now live in and I never had a mortgage on it as it was a cash purchase. Getting a place to live in and paid off is important, I'll be honest.
Here's me at 40 and saved all my life thinking its to late to invest and not sure how to go about it will definitely need to get started thanks for the videos mate
I’m 24 now. Started investing last year. Don’t have a huge income but no debt also. Was amazed to see that I was in the 5% of viewership! Expected 10-15%. Got two separate accounts one for growth and another for dividends but building the dividend portfolio takes a while.. currently avg 30$/month. Def takes time but like he said it’s ur own journey. Personally, struggling with the patience and income
Assuming you progress in your field, You'll make more in your later years, even if some of that is due to inflation. Resist the urge to inflate your lifestyle at the same rate that your income increases. It's fine to want more, bit let your income increase at a faster rate than your lifestyle. This way you can save and hence invest more.
Great video........ the best time to plant a tree is 20 years ago, the second best time is now!! What ever you want to do, start now!! I invested £50 a month in a pension in my late 20s. Payed for about 9 years. About 6/7 yrs ago I remembered about it. It was worth £50,000. I'm 58yrs old now. I've started investing property in the last 3 years. Both my parent's died. I bought a house and now invest about £100 A week. I currently have over £110,000 invested in pensions and isa' s...... it never too late. Just remember compound interest will work for you every year!!!
Absolutely - compound interest and a positive attitude are unstoppable!
I started a workplace pension in 2003. In 2008, the crash really shook me and knocked a big hole in my small-ish pension pot. I built it back up and have continued to put money in. However, in the last 20 months or so the pot (now 2 pension pots) has lost just over 20% of its value, just as i've reached 5 years from retirement! As you can imagine, i have found this worrying to say the least. After watching this video i can genuinely say i have felt a weight lift from my shoulders. That it's not the end of the world and there is a way through. Thanks, James!
I'm glad to hear that! Most pension have taken a hit this year. In 5 years time it will look very different!
30, just started investing. Definitely feel a bit behind. But! I have a third of a house saved up without any help and a small pension pot. I think what most of us forget is that when you’re in your twenties you aren’t earning much and still need to buy all the adult basics like first car etc. You also tend to buy more shiny stuff that you may not need. But as you get old you earn more, get more discipline, learn to budget and just get better at delayed gratification. So I try to feel proud of myself rather than feeling like I’ve missed out. These videos help a lot. I think we should try to think positively and take our own situation into consideration.
I am now 28 years old. I started investing in myself first: got two diplomas at Pitman Training, had a laser eye surgery, got my Invisalign to sort out my teeth, travelled a bit, and I am glad that I paid for these things. With no children (yet), explore the world and get yourself "sorted", invest in yourself as well, until you have more time and energy, later on it might be harder, but still not impossible of course. These things helped me a lot to improve my life, so definitely good investments. Love your videos, keep up the good work! :)
28 years old myself, i haven’t really invested much in myself although I’m now married with 2 kids. Not much remains to invest each month but will try my best to invest what I can to help me free up life when the kids are out the way :)
Great video and wise words for money and life in general
I’m 51 my company recently shut down the final salary pension where I have amassed a 300k pension pot. I also paid AVC’s where I have 36k. I paid off my mortgage at 47 and have been investing since, I have 35k in a stocks and shares ISA. I hope to retire in 4 years but expect when I get there prices of everything will force me to work on. I definitely think I started too late. Watching you content has got me really looking at the vanguard life strategy etf which I intend to start soon. Keep up the great content
Thanks, James. Nice to know that even though I'll only be starting later this year (43 and will finally be rid of a lifetime of bad debt from financial ineptitude) but it's good to know that I'm not alone and will in fact be ahead of others who have not come across the right books or UA-cam videos yet. Thanks for the information you share!
Great effort working your way out of that debt! People that pay off debt often end up going onto be the best savers and investors. It's hard to believe that you're ahead but very few people ever do think they're ahead, because there's always someone infront of us to compare ourselves to!
You're not alone mate, also 43 and slowly getting my finances in order
Yup another 43 year old , young kids so feeling the squeeze and historically in debt since 18 , but trying to make headway now, tough going but try to be consistent. This channel was the 1st I came across that gave some hope that I can still improve overstate pension etc . Will be educating my kids on this, so they learn it earlier than I did.
Started a pension in my 20s then 15 year's of no available income to contribute to it. Now in my late 40s and trying to do the research to understand what I need to do to minimise the damage.
Another great video James. I spent my ''younger years'' pissing it up and not saving or investing, in 2007 aged 28 I started working for a local authority and entered their pension scheme, not having a clue about it but knowing that I really should be investing in a pension. I'm so glad I did as I know understand that I have a defined benefit pension that many other people would die for. Last year I began to learn and understand more about investing when I inherited modest four figure sum. In addition to my LGPS pension I know have a S&S ISA and a SIPP which I try to pay into monthly and a Junior S&S ISA for my 11 year old son which has a modest 3 figure sum but I am hoping that he will carry on investing into and reap the rewards of compound growth.
I am also very lucky that my partner and I have a house in the South of England with approaching 50% equity. I'm from humble working class background but hoping to build for the future and my son's future. Keep up the good work!
Thank you for this. I'm actually American but I found this such a positive video that I subscribed anyway.
This canadian just subbed too. Cheers!
Your like a general counselor as well as your money advice = such a top guy!
Wise words James- compounding is actually "magic". I started again at 40 after a divorce and am now 53. Maxed out employer contributions, paid as much as i could in AVC's to pay 20% tax. Invested in eqities - non UK and S&P heavy and even successfully timed the market a couple of times - including putting a lot into cash Jan 3rd and back in S&P 27th Jan. I have had to invest a lot and taken a fair bit of risk but should work out that i have options in 2-4 years to think more about how much of my time i commmit to working. Starting even 5 years earlier would have made all the difference. One thing i am going to do for my kids is make sure they start early with pensions and try and get a bit in there for them whist they are still in their early 20's
Hi Rod - thanks for sharing! Divorce is a read kick in the teeth. You can be doing everything right and then suddenly you're set back 15 years. It's very hard to pick yourself up from it. But well done for your effort!
Thank you. This is a very reassuring video. I've never really thought about money that much and only ever earned an average income but now that I've turned 50 I've become anxious about how I'll manage in retirement. Or even if I'll ever be able to afford to retire. But I have managed to save up around £35k in the last 6 years (one of the few benefits of the pandemic and not having anything to really spend money on, as well as giving up smoking) and after watching lots of videos finally took the plunge and opened a Vanguard account in January where I'm in the process of depositing most of my savings across a couple of funds.
I do feel that I've left things late, especially given the gains of the stock market in recent years, but doing something proactive has at least eased my anxieties about my standard of living in retirement.
Taking action is the important thing. You're on the move, heading in the right direction. That in itself feels GOOD!
I'm 20 years old now, but I started investing on my 18th birthday, putting my first bit of cash into a Vanguard S&P 500 fund through a Stocks and Shares ISA.
Over the past two years, I've worked hard to keep contributing as much as possible, and I've now built it up to £25k.
It's amazing to see how much compound interest has played a role in that growth already.
I'm aiming to retire well before 65, with a target of reaching £625k.
Videos like this have been incredibly helpful along the way.
Thanks, James!
Just started my investment journey now at 36 and feel like I'm very late to the party.
This video gives me hope, so thanks!
I grew up Jehovah's Witness. I was told from a very early age that money didn't matter because the end of the world was coming. It was better to spend time preaching than building a career. Now I'm 47 and out of that cult. I grew up in Baltimore raised by a single mom with 5 children. I never learned any good money habits. I started saving 4 years ago with my 401K. Now I'm saving 23% of my income, I want to raise it to 25%. Plus I'm paying for my M.S. in Information Systems out of pocket. No more student loans for me! I owe enough to buy a house in Cleveland. But I see the light at the end of this tunnel, its not that far away. One day I'm going to have saved as much as I owe. I'm going to be debt free. And then I'll have few more years to save with. But if I'm debt free with a house, which is my goal, then I think I won!
Well done William! Thank you for sharing your journey!
I'm 36 and just got a grip on my finances. I loved seeing this video!
pffff well ahead of the game!
Thanks James for exfoliating that so beautifully. I was certainly one of disappointed and dejected viewer.
I'm 57 we had a property we rented which we've just sold. We don't want to reinvest in property so we are trying to get our heads around the best way to invest, without spaffing away our retirement funds.
I never would've dreamed of investing, didn't know a thing about index funds etc. Then the pandemic hits and my nephew informs me that the market has crashed and I should start investing. Initally, very sceptical - I learned bit by bit and eventually decided to go for it. Now, four years later I am on track for a decent little nest-egg once I retire. So cheers, nephew! Am in my late forties for context.
Nobody in my family invested in stocks and I knew nobody who did. I only found out about this stuff on YT in my 50s. I have been buying silver and gold because it was the easiest thing to do.
This is the video i was looking for... Subscribed.
You are bloody good James! Clear delivery, great content, graphics and editing. Love the advice you are giving and I am very greaful for the youtube algo for putting your content in my feed.
Thanks for saying so Jim. I’m glad you’ve found them useful.
I'm 58 this year, divorced, left in debt by my husband, who died a few years ago & who I discovered had over a 1/4 million in the bank but had spent most of it before he died. I rent & have only been working the last 8 years due to caring responsibilities of a disabled son. However, I paid off the debt & have only just opened a Vanguard Target Retirement Fund at a £100 per month to begin with until I've saved an Emergency Fund. I will get a final salary pension, but it won't be much, but I've 10 years to hopefully make a difference. I'm just sad I never managed 2 get onto the property ladder, although I've thought about Shared Ownership, I'm not sure if my age would be against me.... thanks for the inspiration James! 😁
You’re been through a lot, we’ll done for staying the course. Keep it up!
going to turn 47 this year. Lucky enough to have a DB pension that will currently pay me £13k in retirement. added to state pension, that just about covers my needs. last year I bought two cheap houses to rent and this provides a decent yield of around 8%. I only started thinking about retirement last year (hence the property purchases) but have never really saved and invested. I now have a small SIPP that gets £1200 a year and an investment product with high risk with another £1200 going in a year. None of this is mega money, but allows me to sleep peacefully knowing that, bar any significant changes, I shall be sorted in retirement. both my kids (18 and 22) have SIPPS and investments so I now invest vicariously through them. I consider myself very lucky. still have monthly mortgage to pay as well as all the increasing bills, but these are covered by salary and income from rentals. Thanks for the vids James.
Hi James, excellent videos. I started investing really late (early 50s) - which is bewildering for a Taurean. However, just to give some idea as to how compound interest is working for me ... I invest £800 per month and actually really enjoy checking the progress of those investments. Over the last 5 months alone I have invested £4k. However, they have returned £9k in just those 5 months. As my pot increases the next 5 months will see a dramatic increase on the £9k compared to the last 5 months. So my message to everyone is keep going and keep watching the videos from James because it's all educational and it's all a positive. Don't get disillusioned or demoralised by those goody two shoes who had the privilege of sound advice when younger. The vast vast majority of people in the country haven't got a pot to piss in so the fact that you're setting money aside to buy a pot to piss in should be worth a good back pat for yourselves. Keep going.
I'm 25 and STILL feel behind. FOMO is one powerful drug and comparing yourself is the thief of joy. Focus on yourself, and be happy you've found channels like this. Most people still rely on a 0.1% savings account. Cheers as always James.
The rising interest in "financial independence" among young people can have negative side effects. It can set unrealistic saving expectations when you're young. Instead of trying to save 50% of your income, or something like that, i would suggest trying to save 50% of any future raises you make. With this, instead of focusing on saving more, you're then focused on growing your income. Which is what you should be focused on in your 20/30s. All the best!
@@JamesShack Great advice, never really thought about it in that way. And yes, tell me about it... you have these people saying 'just invest as little as £1,000 a month' or you have CNBC 'make it' videos telling you someone aged 21 is earning 200k a year and has half a mill in investments. Not good for the 99% with different circumstances.
@@jamblpaints8453 100%. The only time I ever listen to financial advise is if they talk about pensions or ISAs that are invested in funds or Bonds. Anything else is usually random nonsense
I love this video...thanks mate. It gives me hope
I started investing last year at age 58. Opened up a SIPP with Vanguard ftse global index fund accumulation. This year at age 59 I opened a S&S ISA with Vanguard.. I still will be working until 2032.. I have years to continue important thing is to get started.. I only joined work pension last year DB pension.. I am trying to improve my financial situation..
The best don't compare yourself argument I have heard when it comes to finance
Your videos are so interesting and useful great channel thanks for sharing
Got out of debt at 46. Started investing at 47. Now 52 - house will be paid off this year. Hoping to retire at 60!
I started investing at age 31 kind of late but in 10 years my wife and I paid off our mortgage with 0 debt of any kind, max out Roth IRA and 401k, fund 2 kids 529s a month and have 3 year worth of fully funded emergency fund if both my wife and I were to lose our jobs. I’m 41 and 3 years ago hit just over 1M in net worth. We do save 35% of our income and some years as high as 40% with no life style creep. Hoping to retire in 10 years or by 55.
Yes I’m mid 40s and only just started investing but I see this as a positive step toward the goals I am looking to achieve. But thanks to videos like this my children will be investing ASAP so at least they can achieve the level of financial freedom I would have liked to achieve. That’s a positive legacy to leave. Great videos BTW
Hi Paul - thanks for sharing. You're at a prime time to start saving and really make a difference. Which is great but - as you say - the best part is that you can pass what you learn onto the next generation so they have it easy!
Thank you for the uplifting guidance
Hi James - another great video with some really important messages. Let me echo what you've said: Ben and Alice are great for showing the power of compounding over time but if you're starting later than either of them - don't worry. Just start. Decided on a target and then work backwards to decide what you need to do to get where you want to be - there are some great videos on this channel to show you exactly how. I started in my 40's and did exactly this. Keep up the good work!
Thanks for the comment Ed. As soon as you start taking control of your future it feels so GOOD!
Thanks for this perspective.
Watching videos like this makes me feel that I have been doomed by insurance / financial advisor agents back during those days when I first started. I first started my ILPs during when I was 26 years old, paying a total of around $4K a year. If back during those days, agents are mandatory to inform that there is such a thing called Index Funds, S&P500 etc, I would be in a better position.
Now, advising me that that there is a potential 7-9% growth rates year-on-year (yes, they used such high quanta back then) doesnt negate the fact that as people ages, their mortality charges increase to such a rate that it will drain any potential growth to 0 later on in live. Don't they have limited pay policies back then? I would think there were, but ILPs pays more to the agents, so where possible they would try to sell those.
My God, this video is so refreshing!
James mate, excellent content.. I think it would also be good in future videos to run some modeling & scenarios that if a person invested X amount today ( or in monthly chunks ) in Y funds then based on historic data & market outlook ( the ones which vanguard and blackrock produce for 5-10+ years ) the result will be Z in 15 years ( or longer ) time..... & then compare a couple of index funds based on same criteria ............ I know nothing is a guaranteed return but with some assumptions a few modeling and examples will be interesting to see... great work & great respect for you because of the value you add for us here at youtube and to your clients as well...
This is one of my favourite videos from you. The initial Alice and Ben graph is, as you suggest, astonishing. I felt badly for Ben who seemed to be running just to keep pace with Alice, who was standing still. The point you make a few seconds later about de-motivation holds true. But I felt a real "Avengers" moment when you later moved on to say "You Are Not Alone" [emphasis mine]. Yes, we are all incompetent, imperfect, irrational beings. Few of us have been taught the value of money, the value of investment, or the mysteries of money management. Thank you for publishing those statistics of your viewing audience - it does make me feel as though I'm not the only unqualified chimp in the room! Your channel is providing me with some optimism about planning for a future which is hurtling towards me (I'm 53 years old). I bought my first ever house last June. It's one I'd been renting for six years before. My chimp-like plan was to own it before retirement and either sell it and live off the proceeds, or release the equity in it (while still living in it) or marry a multi-miillionairress. Not terribly useful plans. Not a particularly helpful or optimistic strategy. I'm looking forward to our future financial planning session when you have time to fit me in. Like everyone else here, I need help! Thanks for providing so much of it.
I was very fortunate i got a pretty good start from an inheritance when i was 27 of 212k. Last year i was up 14% roi so i am hoping by 70 i will have well over a couple million.
Me 42 yo, a housewife.. working on and off. Mother of two young children. My husband pays most of the bills, we don't own a house yet and just moved to another country in Europe. But still saving some money as I work.
Thanks James, i really needed to hear this
Anytime!
I really needed this video tonight. What a great find. I'm late to the video from release but the advice will always be relevant. Thank you
You've got it!
This is brilliant I am 64 and looking at vanguard. My current pension income is already 1900 per month but I need more.
I"m 54 with a ton of debt and live day to day. :-(. I totally feel like a loser and wonder where to start. But, I hear ya.
10/10 vid - I'm late 40s so info is VERY encouraging!
I'm glad you found it useful!
Started to invest the day I turned 40. Withdrew my 10k from my retirement fund (30k only) and implemented a highly concentrated portfolio into stocks (2 only). One of the stocks went to the moon within two years. I’m sitting on six figures. Please don’t try this. I was just fortunate.
Well. I started investing at 12 with my paper route money. I was on my way easily when I decided to take it all out to invest in a new multi level marketing company promising me big profits. Well that didn’t turn out and unfortunately I never invested again until 42. I am filled with regrets. But I have to try and do the best I can. What I do now isn’t for me anymore. It’s for my kids