Are you the ‘Patsy’
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- Опубліковано 22 гру 2023
- In this weeks video I'm going to explain to you how to find out if you're the patsy.
As always get involved in the comments below!
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#financialplanning #financialfreedom
It's all about the plan, unless you were born into money, you have to go through the "suck" until you can break out, but you need a plan 👍🏼
It’s true Vince. It is the most underrated aspect of success - a goal and a plan
I admit to being stupid which has meant that I can do something about it, rather than just assuming my intuition knows best.
In my 7 years of investing (fairly low level of experience) I have never lost a meaningful amount of money to hot stocks or "the latest thing" e.g. NFTs
It’s a long term thing. The reason most people don’t become wealthy is they see it as an event instead of a process
My view is, I'm always the patsy, that makes me think more before entering into anything and try to mitigate any issues, so I'm bascially a patsy with a plan. Also thinking I'm always the patsy is a reason I don't play poker 😉
Haha. Same as me Chris. To me it’s all about the odds. I like them stacked in my favour
It's impossible to become a millionaire in 10 years while earning minimum wage.
No it isn’t Sam and I’ve recorded it to prove it!
@@StupidIsTheNorm no, it's impossible. £10.42/hr. 40hr weeks = £21,700. X ten years equals. £217,000 of gross income. Now let's be unreasonably generous and assume that person pays no tax, and has no expenses (no rent, no living costs, no transport costs, no food, and no bills). Using beer mat maths (as there's no need to go into detail to prove your outlandish claim is false) and assuming they get an unacceptable 15% return a year, after 10 years they will have £528k.
Now consider that the income is slightly less than I've assumed, they will be paying taxes, they will have living costs and they won't have a 15% return (more likely to be half that) then we can conclude that £1m after 10 years is utterly impossible. Even after 20 years it would be impossible.
@clarkeysam hahaha. No one EVER became wealthy working 40 hour weeks Sam (or is it Clarkey?)
I started at age 57, working as a barman, no money in the bank and £10k of credit card debt.
I’m 5.5 years into my plan, am saving for my fifth house and unearned income is £20,000 (that’s more than I earn working).
If you run your maths again but working 80 hour weeks as I did in the beginning, (I only work 65 now,) and instead of investing in shares you bought a house everytime you saved up a deposit, then it works. That gets you a 30% return on your cash not the ‘unacceptable’ 15% you used.
As I said, it’s undeniable because I started recording my journey here 5 years ago. If you visit my home page and rank the videos ‘oldest’ first, you’ll see how I did it.
@@StupidIsTheNorm running the numbers for 80hr work week for 10 years is the same as 40hr work week for 20 years, if you're not taking into account tax and living costs. It still doesn't work.
You’re over complicating this and not taking into account the rental profit from the properties and the growth in value of the properties.
Here’s where I am after 5 years: £400k of properties netting £19600pa. (A large chunk of that is in a Ltd Co so won’t pay ANY tax. Add another £1000 I save from my earned income, so £31,600pa saving. That’s enough to buy at least another house every year for the next 5 years.
Extra income from UA-cam royalties (largely unearned), a subscription site launch in January and a book launch in July (again both largely passive or at least the income will be wildly disproportionate to the work required).
Yes there’s uncertainty (that’s why you should watch me,) but that’s life. There are no guarantees. By the 10th year the property portfolio maybe growing at £100k pa. It might not.
What I’m doing however, is stacking the odds massively in my favour.
But let’s say I fail, and I only get to £900k? So what? I’ll do it in 11 years.
What I’m proving is that an old guy with no skills or qualifications, starting with no money, can become wealthy. It’s a noble enough cause to at least try, even if I do fail. Who knows, it might inspire someone else to try the same thing.