Protect this man at all costs 😂🙌🏾 you’re so selfless with your knowledge and information! Thank you! Also it was me who you saw today by new Cavendish street, so lovely to see you ☺️
😂 that's made my day!! So lovely to bump into you, although briefly. I never ever think I'll meet people who watch our channel. Very lovely to see you although super briefly 😊
Ken I'm not on any stage I am a teenager however this information is very helpful because they don't teach theses things in school so I appreciate your videos
A family member of mine told me about your channel and I first started watching when you made the video about paying off your mortgage in 7 years, since then I started watching your videos because when I want to get older I want to know how to be financially responsible so I can live a where I can buy myself and family members of mine things they want and so I can have as little worry's as possible about money and being poor
@@vegento_editx f Fascinating! Well, I can assure you that if you put what we teach into action, being poor will not be an option 😀. Do please share the channel with others
Thank you so much for selflessly sharing such valuable information Ken. We've immigrated to Australia from South Africa 18 years ago, with 2 toddlers and a negative net worth. We are now working on stage 5. We've achieved this on 1 income. Those toddlers are also working on becoming financially independent. To God be the glory.🙏
We r on stage 5! Its been hard work but amazing and allowed our family to learn collective and individual goal setting that has brought us closer and given us the confidence we can tackle any goal without losing sight of our intrinsic blended values. Nice to be able to celebrate it as so many of people think you are bragging when really you just want to share the amazing insights and success controlling your money can bring and help them do it too!
Kerry that's beautiful!! I love that this has brought you closer. This the feeling that you share is part of what I refer to when I talk about Financial Joy. Something we're determined to help more people experience as a more permanent aspect of their lives 😊. It's an aspect of money that many never see. What's your current family set up? Do you have kids?
I'm a 20 year old student with 3 part time jobs living at home with parents so managing to save the majority of my income into index funds - I love your videos gives me the motivation to carry on despite every other university student doing the complete opposite so thank you so much i aspire to be a FIRE influencer one day like you!
How are you investing, as in what is your platform if I may ask, as a student are you diy it yourself or are you using a roboadviser like wealthsimple? Am 20 year old student aswell and looking at financial independence as a goal for my life and trying to figure out which investment platform to go with and really considering to start with wealthsimple?
Fidelity is also very good. It's the one I use, no minimum and there are many funds with 0% fees. They are called FidelityZero. I just drop as much as I can every month. Very user friendly, completely recommended. Please let me know if you have any questions
I'm working through Stage 4. I have built an emergency fund of about 4 and a half months and still adding to it. I've reduced the monthly amount I put into my emergency fund so I can drastically overpay on my car repayments. Once I finished that(in five months) all of my debt will be gone!! Thank you Ken and Mary for this wealth of knowledge you are giving to us, it has completely made me rethink our family's financial plan.
So many people have told me that I should. I just need to carve out the time and even consider simply converting the videos to podcast episodes. Thanks for the recommendation 😀
Thank you so much Ken! Informative, useful advice as always. You have inspired us to start overpaying our mortgage and 2 small loans. We're currently between stages 3 and 4 now that life allows this. Thank you so much for taking the time to advise people, they need to start teaching things like this in UK schools!
As you've read elsewhere, I started at $0 at 36 years old (Stage 2) and ten years later I'm at Stage 5, working towards Stage 6... as you said, you're never too old to start. On a trajectory to retire at 57 (maybe before!). You've probably realised by now, that I'm doing some binge watching, too!
@@TheHumblePenny Thanks and I'm finding your channel particularly useful for providing my F.I.R.E. with more fuel. Having been on this journey for a while it is good to watch somebody talk about the same journey and reinforce your beliefs that what you're doing is a worthwhile path to be on. I'll try not monopolise your channel with too many comments, maybe I need to start my own...
Hi Ken, Your chanel is fanstastic, so happy to have a the knowledge for the UK. We were on our way to stage 3, but then my husbnd lost his job. But still on a high, and will continue to work at it, whislt looking for work. Going through all of your video's from the start :)
Hi Lisa, Much appreciated! Sorry to read about your husbands job loss. My regards to him and I wish him success on that front soon :) Keep at it re FI. This is all part of the journey :)
Thanks Ken and Mary for your videos! I finished my PhD studies a year or two ago and now work full time. These video are really inspiring me to develop myself and to focus on using my money wisely and I hope I can follow your example of being financially independent in 10 years 🙏 keep teaching! 🤣😍😁
Hi Jade, We appreciate your message 😀. A PhD, WOW!!! You know what advantage that gives you? A Specialised Skill! Something many wish they had. Huge congrats! Hiw about using 2020 to really expand your income using that specialised skill? I'll talk a bit more about this in Thursday's video re Side Hustles. You can DEFINITELY do it in 10 years! By the way, look out for today's video on our goals for 2020. It should give you a framework!
Great video Ken, much appreciated. We're currently on stage 5 and this really only came about relatively recently. About 4 years ago I discovered the FIRE philosophy and we started with a review of where we were which was an eye-opener I can tell you. However, we made a budget and a plan to move forward and have now acheived stage 5. As the vast majority of our finances are assoicated with my SIPP, this limits where to move forward simply by age. In other words, although my SIPP makes enough money for us to live on, I cannot access this for another 10 years. Just gives more time to invest for the future and provide freedom of choice later on.
I posted a comment on another one of your videos and you actually responded so I'm going to ask a question here in the hopes you'll see it and be able to help! I'm 19 and currently in 1st year of university. The steps to get to financial independence, mostly the first ones, seem geared towards fully independent working adults, as in, when I'm home from uni, I can rely on my mum to pay the bills, if my bank balance is 0 or negative I should still be able to survive etc. I have no debts (ignoring student loans lol) and feel like I don't need an 'emergency savings' since as I said I can just rely on my mum and it's up to her to deal with an emergency. I'm getting quite a big student loan, to the point I may have up to £3000 extra that I won't spend from it each year for the next 3 years. If I follow your steps, I wouldn't have any debts to pay off and wouldn't really need an emergency fund until maybe my final year closer to graduation. So, is there any issue with me investing all of this money into the stock market early while I have the freedom to do so? I'll obviously want to keep some money for myself to enjoy my life and do things with friends, but from the compound interest graphs it looks like the more you put into investments more quickly, the faster your money will grow so maybe I'd be financially independent a few years quicker. Even if there's a crash soon or when brexit finally happens, since I won't be touching the money for 10+ years presumably the recession would have ended after that time. Long question I know, but if you respond thank you so much
Hey! I can't give you any financial advice as it's a regulated area. What I would say though is this: 1) Don't borrow excess money if you don't need it. 2) Avoid borrowing money to invest in the stock market. 3) Investing as early as possible is one of the quickest ways to achieve your financial goal. 4) Focus on getting the most value out of going to uni. Make that student loan really count for something. Overall, invest as early as possible but don't borrow money to invest in stocks. It's highly risky.
@@TheHumblePenny Thanks for the advice you've given, I didn't think about if there would be regulations haha. Learning about FIRE and just general personal finance I hope is going to motivate me to make the most of uni, at the very least to push on with the work in the knowledge that graduating will improve my future career even if the work and content is really boring I'm gonna limit myself to staying within my means with investing despite the excitement definitely, so outside of student loan payments and maybe a part time job I won't take out money I don't have to invest, that would seem like common sense but I guess enough people do it that it becomes a problem!
I have been binging on your videos they are really informative. I also love you like peoples comments and sometimes reply. You should really have more subs.
Your channel was recommended to me. I am 100% debt free and have been binge watching your videos, FIRE is for me. My question: I am maxing out my retirement at 15% (tax threshold in my country) but can contribute more, should I amp up there while i learn more about side hustle?
Hi Nina Welcome 😀. We get many messages from people who use those words "binge watching" 😊. We're honoured. Re pension, it would depend on whether your contributions are being matched by your employer + How quickly you need access to that money to support your lifestyle. Plus how you see the future changing. Please watch this video: ua-cam.com/video/BX5ZnFqW3F0/v-deo.html
@@TheHumblePenny My contributions are tax deductible up to 15% and there is an employer match. In Botswana (where i'm from) early retirement in 50 and i am 30 years old.
Another great info! Thank you! I’m hooked in fact. Binge watching:) I’m thinking of taking on your course, but before I do, I’d like to find out if you provide one to one “ session “ or “couching” Would appreciate your answer. Once again. Big thank you !
Hey Edyta Glad you're enjoying the content 😀. Yes, I offer coaching once in a while to those who are prepared to invest in one. Alternatively, I create courses too at a lower price point. If interested in coaching, please follow this link and complete a form: thehumblepenny.com/coaching Alternatively, see courses at: www.financialjoyacademy.com
Hi Ken, On Stage 2, with a car loan. My inspiration is to one day be financial independent but at the same time get a house. On what stage would I look to buy a house? Do I still invest in ISAs or save up in my savings accounts/L Isa? Currently building my emergency fund. (only started 3 months ago, at a super slow rate)
Welldone, Derrick! Progress might be slow, but it is a step forward. You'd typically expect to be saving to buy a house after setting in place an emergency fund (at least).
Hi Ken Please which stock market is the most reliable to invest in and how do I begin Also could you send me the link to your video that compares two families that save on stock market and in the bank
Hey Ken. I dont have any debt, I dont have much expenses but seem to struggle with handling weekly wages. Please advice on how to budget a weekly income
Hi Abigail, I'd budget weekly income in exactly the same way as monthly income. The goal is to understand the timing of your expenses, and match it well with the timing of your income. The other important thing is to use a robust budgeting tool. Check out our Budgeting Tool called the 'BUDGET FOR LIFE': thehumblepenny.com/BudgetForLife I'd also suggest you read these 3 pieces of content: 1) How to Create a Budget That Works For You: thehumblepenny.com/how-to-create-a-budget-that-works-for-you 2) How To Motivate Yourself To Budget Consistently: thehumblepenny.com/5-ways-to-motivate-yourself-to-budget-consistently 3) Budgeting Tips For People With Irregular Incomes: thehumblepenny.com/budgeting-tips-for-people-with-irregular-incomes I hope that's helpful 😀
@@natashastephenson6552 You shouldn't be ashamed or embarrassed. I think the important thing is that you realise this and want to do something about it. The key is to begin managing your lifestyle differently. Ask yourself what you're currently spending the most amount of money on and why. Your goal is to try creating some buffer in your life more consistently by living below your means for a number of months. You then want to use that buffer created to start to create some Financial Stability in your life. It will be hard to do this but it is possible.
Hi Ken, once you have 1-5 years worth of savings would you then focus more on paying off a mortgage quicker? Is there any value building more than 5 years savings before paying off a mortgage, I'm thinking for most people probably not?
Excellent video Ken, we're at stage 5, contemplating whether or not to pay off the mortgage in the next 2 years, then move up to another place with another mortgage... Or, not pay off and just continue investing even though markets seem turbulent. Option 1 is more guaranteed, any thoughts if you were in this position?
Hi Sophie, Excellent place to be financially. Interesting dilemma you have. Do you have to move home? If so, what would make you move? I ask because if you're DEFINITELY planning on moving and taking on more mortgage, then if I was in your shoes, I'd hold fire. Simply because access to the liquidity might be a stronger motivator given the circumstances. If, however, paying it off allows you to do something else too (e.g. improve your lifestyle), then that might take precedence. Markets being turbulent is quite normal if your time horizon is long.
@@TheHumblePenny thank you, we do not *have* to move but we thought when our son leaves year 6 would be the time to do it, so we have a 2.5 year timeline sort of thing if we do move. ie, we are not in our forever home yet, but, we could stay more time here if we had to. I guess our funds are technically to pay off the mortgage early, so my temptation is to keep adding to them and I guess we simply never touch them even if we move, and they become the next home 'early pay off' pot instead of for this current home.
Ok understood. In that case, you really have nothing to lose by paying it off. A big motivation for paying ours off was that we were certain that the house we're in would suit us for the next 10 - 20 years at least. But it doesn't mean that we won't move if there came a real need to do so. But we'd want to do it without taking on more debt.
@@TheHumblePenny yes, though to pay it off we would however be cashing in all our funds in order to do so, and just leave enough for a few months emergency fund. Paying it off incurs £3k ERC if prior to 2022. I imagine it means we'd then need to start again saving money for house buying fees - approx £12k, unless we could put those onto the next mortgage.
@@TheHumblePenny Studying to further my career, learning about all things financial and not wasting my income. That't the goal so far. I will have to write a goal plan out
Our Financial Independence Course - FIRE SuperPower - FIRESuperPower.com - Created with 8 Months of Love 😊
Love your channel. Been binge watching the videos slowly :) Not enough UK based money bloggers !
Hey Panda Boss, thank you!! 😀. There are actually a lot of UK Money Bloggers. But only a super tiny proportion are making videos
@@TheHumblePenny Oh yeah no I mean UA-camrs - I don't ever read actual blogs! Oops...
@@pandabossanna haha that's interesting. Good thing we started doing videos then. We also have our actual blog at thehumblepenny.com
Protect this man at all costs 😂🙌🏾 you’re so selfless with your knowledge and information! Thank you! Also it was me who you saw today by new Cavendish street, so lovely to see you ☺️
😂 that's made my day!! So lovely to bump into you, although briefly. I never ever think I'll meet people who watch our channel. Very lovely to see you although super briefly 😊
Ken I'm not on any stage I am a teenager however this information is very helpful because they don't teach theses things in school so I appreciate your videos
You're possibly the first teenager I've had on my channel 😉. Great to have you here. What made you click and watch?
A family member of mine told me about your channel and I first started watching when you made the video about paying off your mortgage in 7 years, since then I started watching your videos because when I want to get older I want to know how to be financially responsible so I can live a where I can buy myself and family members of mine things they want and so I can have as little worry's as possible about money and being poor
@@vegento_editx f
Fascinating! Well, I can assure you that if you put what we teach into action, being poor will not be an option 😀.
Do please share the channel with others
Thank you so much for selflessly sharing such valuable information Ken. We've immigrated to Australia from South Africa 18 years ago, with 2 toddlers and a negative net worth. We are now working on stage 5. We've achieved this on 1 income. Those toddlers are also working on becoming financially independent.
To God be the glory.🙏
Wow 🔥. That's amazing! Love that you're already working on the next generation becoming Financially Independent already 😊
We r on stage 5! Its been hard work but amazing and allowed our family to learn collective and individual goal setting that has brought us closer and given us the confidence we can tackle any goal without losing sight of our intrinsic blended values. Nice to be able to celebrate it as so many of people think you are bragging when really you just want to share the amazing insights and success controlling your money can bring and help them do it too!
Kerry that's beautiful!! I love that this has brought you closer. This the feeling that you share is part of what I refer to when I talk about Financial Joy. Something we're determined to help more people experience as a more permanent aspect of their lives 😊. It's an aspect of money that many never see.
What's your current family set up? Do you have kids?
@@TheHumblePenny yes 2 kids 2 cats! Im a freelance careers adviser, hubby is a carbon manager saving the energy crises
@@kerrylow6894 💪🏾
I'm a 20 year old student with 3 part time jobs living at home with parents so managing to save the majority of my income into index funds - I love your videos gives me the motivation to carry on despite every other university student doing the complete opposite so thank you so much i aspire to be a FIRE influencer one day like you!
Mason,
More power to you! 😊 ✊🏽. Keep going!
How are you investing, as in what is your platform if I may ask, as a student are you diy it yourself or are you using a roboadviser like wealthsimple? Am 20 year old student aswell and looking at financial independence as a goal for my life and trying to figure out which investment platform to go with and really considering to start with wealthsimple?
I use the Vanguard Lifestrategy 100 ISA so its 100% stocks and i invest the same amount every month so it's all done automatically
Thank you Mason, I will have a look into it.
Fidelity is also very good. It's the one I use, no minimum and there are many funds with 0% fees. They are called FidelityZero. I just drop as much as I can every month. Very user friendly, completely recommended. Please let me know if you have any questions
I'm working through Stage 4. I have built an emergency fund of about 4 and a half months and still adding to it. I've reduced the monthly amount I put into my emergency fund so I can drastically overpay on my car repayments. Once I finished that(in five months) all of my debt will be gone!!
Thank you Ken and Mary for this wealth of knowledge you are giving to us, it has completely made me rethink our family's financial plan.
You should really make a podcast, because this is the kind of stuff i would like to listen on my way to work etc. great content!!
So many people have told me that I should. I just need to carve out the time and even consider simply converting the videos to podcast episodes. Thanks for the recommendation 😀
@@TheHumblePenny A simple conversion would work! many others do this. but it is great to see some good UK FI content!! keep it up!
Thank you so much Ken! Informative, useful advice as always. You have inspired us to start overpaying our mortgage and 2 small loans. We're currently between stages 3 and 4 now that life allows this. Thank you so much for taking the time to advise people, they need to start teaching things like this in UK schools!
It gives me joy to receive a message like yours. Thank you 😀
My sister forwarded me your blog. I'm very grateful to her and to you for this invaluable content.
You are most welcome 😃
. Thank you for supporting the channel.
You earned yourself a subscriber, well done 👌🏼
Cheers, Aaron! 👊🏾
As you've read elsewhere, I started at $0 at 36 years old (Stage 2) and ten years later I'm at Stage 5, working towards Stage 6... as you said, you're never too old to start. On a trajectory to retire at 57 (maybe before!). You've probably realised by now, that I'm doing some binge watching, too!
Haha loving your journey and comments!
@@TheHumblePenny Thanks and I'm finding your channel particularly useful for providing my F.I.R.E. with more fuel. Having been on this journey for a while it is good to watch somebody talk about the same journey and reinforce your beliefs that what you're doing is a worthwhile path to be on. I'll try not monopolise your channel with too many comments, maybe I need to start my own...
Hi Ken, Your chanel is fanstastic, so happy to have a the knowledge for the UK. We were on our way to stage 3, but then my husbnd lost his job. But still on a high, and will continue to work at it, whislt looking for work. Going through all of your video's from the start :)
Hi Lisa,
Much appreciated! Sorry to read about your husbands job loss. My regards to him and I wish him success on that front soon :)
Keep at it re FI. This is all part of the journey :)
Thanks Ken and Mary for your videos! I finished my PhD studies a year or two ago and now work full time. These video are really inspiring me to develop myself and to focus on using my money wisely and I hope I can follow your example of being financially independent in 10 years 🙏 keep teaching! 🤣😍😁
Hi Jade,
We appreciate your message 😀. A PhD, WOW!!! You know what advantage that gives you? A Specialised Skill! Something many wish they had. Huge congrats!
Hiw about using 2020 to really expand your income using that specialised skill? I'll talk a bit more about this in Thursday's video re Side Hustles. You can DEFINITELY do it in 10 years!
By the way, look out for today's video on our goals for 2020. It should give you a framework!
Great video Ken, much appreciated. We're currently on stage 5 and this really only came about relatively recently. About 4 years ago I discovered the FIRE philosophy and we started with a review of where we were which was an eye-opener I can tell you. However, we made a budget and a plan to move forward and have now acheived stage 5. As the vast majority of our finances are assoicated with my SIPP, this limits where to move forward simply by age. In other words, although my SIPP makes enough money for us to live on, I cannot access this for another 10 years. Just gives more time to invest for the future and provide freedom of choice later on.
One of the best videos ever. Amazing summary, very motivating
Thank you! 😀
Fantastic video. I wish they taught stuff like this at school. Maybe I would have been one stage higher up by now!
Unfortunately, it might be viewed that it's not in the system's interests for people to become Financially Independent.
Pure goldmines channel 😃
I posted a comment on another one of your videos and you actually responded so I'm going to ask a question here in the hopes you'll see it and be able to help!
I'm 19 and currently in 1st year of university. The steps to get to financial independence, mostly the first ones, seem geared towards fully independent working adults, as in, when I'm home from uni, I can rely on my mum to pay the bills, if my bank balance is 0 or negative I should still be able to survive etc. I have no debts (ignoring student loans lol) and feel like I don't need an 'emergency savings' since as I said I can just rely on my mum and it's up to her to deal with an emergency.
I'm getting quite a big student loan, to the point I may have up to £3000 extra that I won't spend from it each year for the next 3 years. If I follow your steps, I wouldn't have any debts to pay off and wouldn't really need an emergency fund until maybe my final year closer to graduation. So, is there any issue with me investing all of this money into the stock market early while I have the freedom to do so? I'll obviously want to keep some money for myself to enjoy my life and do things with friends, but from the compound interest graphs it looks like the more you put into investments more quickly, the faster your money will grow so maybe I'd be financially independent a few years quicker. Even if there's a crash soon or when brexit finally happens, since I won't be touching the money for 10+ years presumably the recession would have ended after that time.
Long question I know, but if you respond thank you so much
Hey! I can't give you any financial advice as it's a regulated area.
What I would say though is this:
1) Don't borrow excess money if you don't need it.
2) Avoid borrowing money to invest in the stock market.
3) Investing as early as possible is one of the quickest ways to achieve your financial goal.
4) Focus on getting the most value out of going to uni. Make that student loan really count for something.
Overall, invest as early as possible but don't borrow money to invest in stocks. It's highly risky.
@@TheHumblePenny Thanks for the advice you've given, I didn't think about if there would be regulations haha.
Learning about FIRE and just general personal finance I hope is going to motivate me to make the most of uni, at the very least to push on with the work in the knowledge that graduating will improve my future career even if the work and content is really boring
I'm gonna limit myself to staying within my means with investing despite the excitement definitely, so outside of student loan payments and maybe a part time job I won't take out money I don't have to invest, that would seem like common sense but I guess enough people do it that it becomes a problem!
I have been binging on your videos they are really informative. I also love you like peoples comments and sometimes reply. You should really have more subs.
Much appreciated, Paul 😀. We're still quite new to UA-cam and 🤞🏽 to growth. I'm enjoying these early days with a small channel as best I can.
Your channel was recommended to me. I am 100% debt free and have been binge watching your videos, FIRE is for me. My question: I am maxing out my retirement at 15% (tax threshold in my country) but can contribute more, should I amp up there while i learn more about side hustle?
Hi Nina
Welcome 😀. We get many messages from people who use those words "binge watching" 😊. We're honoured.
Re pension, it would depend on whether your contributions are being matched by your employer + How quickly you need access to that money to support your lifestyle. Plus how you see the future changing. Please watch this video:
ua-cam.com/video/BX5ZnFqW3F0/v-deo.html
@@TheHumblePenny My contributions are tax deductible up to 15% and there is an employer match. In Botswana (where i'm from) early retirement in 50 and i am 30 years old.
Another great info! Thank you!
I’m hooked in fact. Binge watching:)
I’m thinking of taking on your course, but before I do, I’d like to find out if you provide one to one “ session “ or “couching”
Would appreciate your answer.
Once again. Big thank you !
Hey Edyta
Glad you're enjoying the content 😀. Yes, I offer coaching once in a while to those who are prepared to invest in one. Alternatively, I create courses too at a lower price point.
If interested in coaching, please follow this link and complete a form:
thehumblepenny.com/coaching
Alternatively, see courses at:
www.financialjoyacademy.com
Much appreciated quick replay.
Thank you !
The Humbl Penny
Hi Ken,
On Stage 2, with a car loan. My inspiration is to one day be financial independent but at the same time get a house. On what stage would I look to buy a house? Do I still invest in ISAs or save up in my savings accounts/L Isa? Currently building my emergency fund. (only started 3 months ago, at a super slow rate)
Welldone, Derrick! Progress might be slow, but it is a step forward. You'd typically expect to be saving to buy a house after setting in place an emergency fund (at least).
@@TheHumblePenny Thank you!
Hi Ken
Please which stock market is the most reliable to invest in and how do I begin
Also could you send me the link to your video that compares two families that save on stock market and in the bank
thanks for this, using this for 2021 and beyond! is there any platform that we can ask you guys q's ?
Beautiful video
👊🏼
About stage 2.8 - hoping to be stage 3 by this time next year 👍👌
#progress 😀👊🏼
Hey Ken. I dont have any debt, I dont have much expenses but seem to struggle with handling weekly wages. Please advice on how to budget a weekly income
Hi Abigail,
I'd budget weekly income in exactly the same way as monthly income. The goal is to understand the timing of your expenses, and match it well with the timing of your income. The other important thing is to use a robust budgeting tool. Check out our Budgeting Tool called the 'BUDGET FOR LIFE':
thehumblepenny.com/BudgetForLife
I'd also suggest you read these 3 pieces of content:
1) How to Create a Budget That Works For You:
thehumblepenny.com/how-to-create-a-budget-that-works-for-you
2) How To Motivate Yourself To Budget Consistently:
thehumblepenny.com/5-ways-to-motivate-yourself-to-budget-consistently
3) Budgeting Tips For People With Irregular Incomes:
thehumblepenny.com/budgeting-tips-for-people-with-irregular-incomes
I hope that's helpful 😀
The Humble Penny I am at stage 2☹️ and deeply ashamed and embarrassed about it.
@@natashastephenson6552 You shouldn't be ashamed or embarrassed. I think the important thing is that you realise this and want to do something about it. The key is to begin managing your lifestyle differently. Ask yourself what you're currently spending the most amount of money on and why. Your goal is to try creating some buffer in your life more consistently by living below your means for a number of months.
You then want to use that buffer created to start to create some Financial Stability in your life. It will be hard to do this but it is possible.
Stage 2....Working on Stage 3
💪🏾💪🏾
you are amazing!
👊🏾
also which Dave Ramsey book would you recommend to gain further understanding of this journey please? :)
Hi Ken, once you have 1-5 years worth of savings would you then focus more on paying off a mortgage quicker? Is there any value building more than 5 years savings before paying off a mortgage, I'm thinking for most people probably not?
You can definitely start paying off before 5 years for sure.
Woooohooo!
Age 24, stage 4
Love your videos Ken
Awesome! 👊🏼😊
Excellent video Ken, we're at stage 5, contemplating whether or not to pay off the mortgage in the next 2 years, then move up to another place with another mortgage... Or, not pay off and just continue investing even though markets seem turbulent. Option 1 is more guaranteed, any thoughts if you were in this position?
Hi Sophie,
Excellent place to be financially. Interesting dilemma you have. Do you have to move home? If so, what would make you move?
I ask because if you're DEFINITELY planning on moving and taking on more mortgage, then if I was in your shoes, I'd hold fire. Simply because access to the liquidity might be a stronger motivator given the circumstances.
If, however, paying it off allows you to do something else too (e.g. improve your lifestyle), then that might take precedence.
Markets being turbulent is quite normal if your time horizon is long.
@@TheHumblePenny thank you, we do not *have* to move but we thought when our son leaves year 6 would be the time to do it, so we have a 2.5 year timeline sort of thing if we do move. ie, we are not in our forever home yet, but, we could stay more time here if we had to. I guess our funds are technically to pay off the mortgage early, so my temptation is to keep adding to them and I guess we simply never touch them even if we move, and they become the next home 'early pay off' pot instead of for this current home.
Ok understood. In that case, you really have nothing to lose by paying it off.
A big motivation for paying ours off was that we were certain that the house we're in would suit us for the next 10 - 20 years at least. But it doesn't mean that we won't move if there came a real need to do so. But we'd want to do it without taking on more debt.
@@TheHumblePenny yes, though to pay it off we would however be cashing in all our funds in order to do so, and just leave enough for a few months emergency fund. Paying it off incurs £3k ERC if prior to 2022. I imagine it means we'd then need to start again saving money for house buying fees - approx £12k, unless we could put those onto the next mortgage.
@@sgist7824 No rush if you have an ERC. That's wasted money! I'd keep saving and investing personally and won't want to pay the ERC.
Positive networth. Not much though. Must work on that.
Keep going.
Ken I’m at stage 1
Hi Maame, awesome! What are you doing to get to stage 2?
So I am stage 2-3 with a goal to hit stage 5 by the end of 2020
What's your strategy?
@@TheHumblePenny Joined one of your courses lol
Lol. Resources such as courses are really just the beginning. Much work ahead.
@@TheHumblePenny Studying to further my career, learning about all things financial and not wasting my income. That't the goal so far. I will have to write a goal plan out
Just seen and replied to your email 😉