I discovered your content in January and since then have completely transformed my long term outlook on money. Sorted my work place pensions, created a SIPP, investing in an index within a S&S ISA and so much more. Genuinely thank you Damo for everything you do. You'll be the next MSE one day for sure
I invested in some stocks myself using pure speculation. Long story short, I blew my account and lost it all. Jonas Herman, a licensed fiduciary is the brain behind my success. I've gotten into a plethora of assets with $31k spread across stocks (options and futures) for the short term and Roth IRA, index funds, and ETFs, for the long term. Now with over 181k in roi, I sit back and just reinvest at intervals while I handle my other career and family.
After watching your last video about common pension mistakes, I reclaimed my tax refund and received £860 for the past two years. Thank you so much Damien!
Damien ,if you're reading this , thank you very much for answering my question on whether i should set up an emergency fund before investing. Your answer really helped to clear things up!
You state that you have a 3 year cash buffer in the highest rate bank account you can find. Will you change this approach if rates drop to the measly rates we had a few years back, under .5% for example ?
What a channel honestly!! I'm around 30 and wanted to sort out my budget (saving, overpaying mortage, investing etc) after watching 10 videos of yours I learned more about money and how to become richer and how to manage my money that I've learned in my entire life. Such a legend!! 👊
i rarely comment on youtube videos but just wanted to say this video was excellent. One of the few guys in the finance youtube space that seems genuine 👏👏👏
Hands down man. Damien is single handedly giving doing the job of improving the financial lives of millions of people across the UK. Our education system should be doing this job
This is what you call real fan service. Thanks for your help always damien. Since watching your videos i have moved my pensions into more cost effective funds and i have started my own personal contributions too. Feels so good to secure the future with more confidence. You sir a legend, and have my gratitude 🎉
Im 23, and ever since I've been watching you I've learned so much about investing. Each video I watch of yours reassures me that I'm on the right path financially, investing globally in an ISA and LISA. Thank you for such an honest video!
Great video, thank you. I like how you explain financial planning using a simple language. It's clear you know all the details and complexities, it is your skill to translate it to us plebs is why I subscribed :)
Thank you for answering my question regarding the use of a financial advisor, and finding the level of competence to go it alone. I found this video not only one of your best, but it makes you stand out amongst your peers. The questions were valid and your answers were concise, helpful and informative. Please consider making another session. Cheers.
Thank you Damien this is an absolutely fantastic video and has helped me a lot with many of my own finance questions. For someone like me who doesn’t have time to watch alot of videos this has distilled so much wisdom into one place so thank you again!
Thank you Damien, I watched every bit of this video and found your answers so empathetic and also appreciated the genuine warmth and good will in every answer, it can't have been easy to sit through and do all that for the video, I hope you get tonnes of likes and that your channel continues to grow. We appreciate you 🙌
Thanks to your videos I've changed my workplace pension from the default and plan every 6 months to transfer a chunk out to my vanguard sipp for more control. Keep up the good work mate
I just want to say thank you, Damien. Question about inheriting 96k and your answer really got me. I cared for my Dad for over 6 years and my Mum for 27 months. It was so hard but the best thing I have ever done. I've also received a very decent inheritance from my dear Mother. YES, she would want me to do something completely epic in memory of them, something for me! I should take that trip to Sicily she wanted me to! Thanks, mate!
100% take that trip! Do it in style Caring for your parents at the end is a wonderful thing to do for the two humans that loved you the most. You should be very proud of yourself.
@@DamienTalksMoney Thank you for such a really lovely reply. It means a lot. Despite the hardships there was a lot of love in this house. Damien, I'm going to be following your account for some time so just wanted to tell you why I have such a silly username. I was a primary school teacher with special educational needs training, and Lemmy Bongo was the creation of a special boy who had complex autism. This imaginary person became very important at times to how we interacted, stories we shared, writing, learning, behaviour negotiation, etc. He became a 'real' person to us! Thanks and I hope you have a great holiday!
That was incredibly self assuring. Many of those questions were ones I couldn't think of when I got your news letter. So thanks to everyone for theirs. I now feel like I'm on roughly the right track and that 16 years until retirement may actually be enough. Thank you Damien, Public Service Broadcasting in action. Hope you're enjoying your well deserved hols
An exceptionally good video, even for Damo! Love the timestamps.I will definitely be sharing this one with a couple of friends who are new to investing.
Watched this all the way. Glad I did, the final question, your answer and comment from your Aunt will help a lot of people. Simply realising they are not alone in their concerns and the notion of looking back 10yrs does help put things into perspective. Thank you!
I love this especially how you’ve set up a pie for your son and then got him to also buy a global fund to benchmark and gamify it a bit too! Great idea! 💡 always the best ideas and advice Damo thank youuuu ❤
This would be a good yearly video. Do one every year when you are taking time off for your vacation and need something easier, but at the same time, really helpful. I found it interesting and I don't even live in the UK. Yay Canada!
Damien, absolutely brilliant video, you should definitely do more of the same type of format. It really works. Ive watched it twice in case I missed anything 🤣. Ive been a subscriber since the beginning and its been great to watch you grow and mature as a content provider. You should be proud of how far you've come.
You dont have to do a tax return to claim the additional tax relief. Just give them a call with your last payslip for year. They will then adjust your tax code for years going forward. Although you nened to call them any time you increase your pension payments so they can update the code. I did this every year until we recently moved to salary sacrifice
Great content as always, you have massively helped me and my family by getting into imvesting in Uk, we come from India with no knowlege of what are investment options in UK including how workplace pensions should be invested in right fund, i find myself in good control of my money earned here in UK...have a lovely vacation 😊
So lovely to hear this! Thank you for sharing out of interest what is the process for investing and pensions like in India? Would you say the U.K. is better?
@@DamienTalksMoney UK having 20k ISA tax wrapper is best thing, we don't have that in India, all gains are taxed in India, rest investment options with taxations involved are similar in UK and India
Andy. You the one who asked the first question? I'm just wondering what's the nature of your job mate? If you're willing to share. That 10% employer contribution got me hooked up. My NHS pension sucks to be honest.
If Andy doesn’t reply, I’d say this is pretty representative of much of the private professional sector. I work for a pharmaceutical company and they match up to the employee paying 9%/them paying 12%. Peers in other companies report similar rates. Hope that helps!
@@Yesthatisme14 interesting you feel the NHS pension sucks. What particularly has been the issue? Most IFAs I've heard on podcasts would gladly swap their DC private pensions for the NHS DB scheme. The TRS usually gives a figure for the equivalent cost of an annuity to pay the same pension benefits. Looks quite good IMHO.
Educating myself on finance in my mid twenties has really made me realise how much your parents can either make or break your future. Sometimes I wonder how better off I'd be had my parents cared about my future finances besides "get a retail job"
I normally watch Damo’s videos straight after being posted. I saw the length and i thought i will need some time to digest this. BUT i was wrong everything was explained so clearly, once i started i could not stop. So much useful info in one single video. Thanks for the amazing content Damo. Keep them coming.
Brilliant content mate, your ability to answer and explain financial topics in a informative, easy to understand style is great for us in a humorous way 👍🏻
Excellent content, especially the last answer. Id set a significant financial milestone to achieve by the end of next year a few years back, one of those milestones to make you feel happier and more comfortable. We achieved it earlier this year, 18 months ahead of target. And I felt nothing. There was no party, no even a celebratory brew, just an oh, that's done. Security, happiness, whatever you call it isn't a number. I'm not sure what it is, but the key thing is the process - if you can fight to save/invest £100 then the same method will get you to £1000 and then to £1m. Just trust you're doing the right thing and wait for time to do it's job.
Make sure you celebrate that achievement. Make the feeling happen if that makes sense! Stop, sit there and go I said I would do this and I did it EARLY.
Love all your stuff Damien. Aside from giving good advise to people, I can see you have thoughts in regards to use of time in life as a counter balance to saving for this monitary future goal that will change in its comfort level. I lost a father at 3 years old and mother when I was 22. This brought a huge weight on time being precious and money to be spent on life now. Alongside future planning! I think the way you present yourself is fantastic and relateable for many. Keep up the great work 💪
Thank you so much for your kind words, sorry to hear you lost both your parents so early in life. My father passed away when I was 12 so I think that also shaped my views on the importance of time.
Its a yes from me 👍 worth every second to anyone who is unsure about investing and also a good reminder that everyone is different and there is no just one answer. I now finally have some ear buds so i can listen to your pod casts while i work.
To add to the question about 400k in a workplace pension. I had the same dilemma recently knowing I had to get out of the default and having the confidence to do it. I found the pension provider- Scottish Widows had a 100% global equity low cost fund with a similar allocation to VWRP/L and a similar five year return. I moved it with a couple of clicks on their app and there was no cost for doing so and no lost benefits. Big sigh of relief now it is done. If it wasn’t for you , Damien, I wouldn’t have had the guts to do it. Thank you.
Yes Damian!! Love the long videos!! My top moment watching your videos was when you and ramin from pension craft had and extended video together. And after it had got to about the hour mark he basically politely said shall we start to wrap this up. You almost sounded disappointed and said you were just getting started and wanted to carry on. I think you might have had a beer and wanted to chat all night 😂😂 so he carried on with you for another half an hour fair play mate loved your enthusiasm coming through. Not started watching this yet I know it will be good!!
Bless you for. Your generosity in sharing so much to help all with an interest of being ready for living a good life future life. I share your sight with others.
The kids finance approach is brilliant. It’s how I was raised, but my parents were more draconian when I spent any money. I wasn’t really allowed to learn through mistakes because I was controlled. Now, I did learn, but I also didn’t experience. I missed out on that decision making experience.
Excellent as always - thanks, Damien! It doesn't matter if your videos are in long or short form - I always enjoy watching them and get so much out of them. Great question to end on.
This is a great video and should be watched in full. It could be the best almost two hours you ever spend. there is a load of common sense / suggestions here for everyone no matter where you are in your investing journey.
Great video mate, I think anyone who doesn't yet invest should watch this as it will most likely take away the fear and answer all the initial doubts they may have.
One of the best financial video's out there Damien, the amount of practical advice is amazing and brilliantly/clearly presented. Hope you and your family are having a brilliant holiday.
Love this video Damo!! My biggest concerns around pensions is that the NMPA on private pensions started out at age 50, then moved to 55. It is now set to rise to 57. This is more than likely going to rise again, and me and you could very well be seeing our 60s before we can access our pensions. This takes our autonomy and freedom to retire early away massively. What are your thoughts on this please mate ?
I'm guessing this is covered by Damien 's inclusion of ISAs - you can access your ISA in your 50s if you need money before pension age. Thus, ISAs provide useful interim buffers.
@soggymoggytravels doesn't cover in any detail, the fact that it's rising and could take years off our potential RA. Not to mention if it goes up further.
Brilliant Damo and the best question / answer was the last one in my opinion. We are all insecure really but that's what helps get us out of bed each morning and push on.
Such a great content, Damo. I love your channel. For a beginner like me I have truly learnt a lot from your amazing and inspiring knowledge. Thank you Damo. Keep doing what you are doing.
54 mins in - there are ways to invest more ethically ESG is now a very broad term Impact funds are seen as more diligent. Broadly speaking they screen out alot of industries many people would consider as negative but also looks at the net positive benefits that the companies are left
As always, brilliant content. It’s refreshing to find a genuine person who’s passionate about helping others succeed 🤗; a lovely gesture too in offering personal support to the Bob Marley guy too 👍
thank you for this video Damien - an amazing amount of knowledge and help crammed in to it - thank you for taking the time to produce this and make it available to all 👍
Great well diverse video. Covers a lot of ground. On your last point, feeling secure, I think once you get passive (ish) income covering all the basic living costs you feel more relaxed. Then any earnings is fun money. To me that's when you have financial independence. So no job means you still can lie day to day with no stress. Lastly no debt.
Really great content as always and thank you for all of the effort Damien! I had this issue recently so thought I'd share my experience to point out that HMRC won't accept a tax return to only claim higher / additional rate tax relief on personal pension contributions. You'll need to contact them directly and explain what you're trying to do. They will ask for details on your previous gross pension contributions (including the basic rate tax relief automatically added) and may request statements from your pension provider. If you're doing a tax return for something else anyway then you can add the pension contributions to the tax return but if that's all you're looking to do then they won't let you do a tax return for just this.
Great video, Damien. You touched on something I was initially unsure about doing, but have stuck to my plan. I just don't see Bonds in my portfolio. I'm 66 and probably two years away from being fully retired (not that I will sit in a rocking chair all day). But both my pension and ISAs are in Equity Index Funds. However, we do have around four years of cash reserve. Therefore, that will be my first port of call for when I do retire, however the market is doing. It just seems a more logical approach. Even Bonds aren't immune to dropping in value. Your thoughts!
Hi bud, great video as always. I just want to clarify one point around national insurance contributions and Salary Sacrifice pension arrangements. Namely there are two components to NI, employee and employer. Any money you salary sacrifice to your pension is before NI is calculated, so as it it currently stands you save 8%. Employers also pay national insurance, which is also reduced by salary sacrifice. Unfortunately very few employers will pass on the saving. When you pay into a pension from your take home pay, you are only able to get a top on the tax element, not the NI contributions, something to bear in mind.
Excellent and very informative 👌 Thank you for all the advice. I've only discovered your channel late last year and started investing in January as my new year resolution and now I'm addicted. Regretting I haven't started earlier on. I guess, better late than never. 😁
Hi Damien. Thanks for this fantastic content! Quick question for you … 3 years Cash versus Bond Ladder - what are your thoughts ? I seem to remember this being discussed on your podcast All the best to you !
I think the bond ladder achieves a very similar thing and could be more tax efficient/higher return if the cash is not in an isa say. I probably should have stated that my plan is to have 3 years of cash or cash equivalent so that could be bonds but I just haven’t looked at it in much detail yet,
Hi Damo, I would be hugely grateful if you could answer the following question please. I asked my pension administrator to explain the inflationary increase each year for my defined benefit pension, as I no longer pay into it and they replied with the following statement. Does it sound correct to you? : "The annual revaluation for your core credit in respect of service prior after 5 April 2009 will be increased by price inflation up to 2.5% for each complete year between the date you leave the Plan and your Normal retirement date. The benefits in deferment are revalued in line with UK statutory orders which were based on RPI capped at 5% to 2009 and currently based on CPI capped at 2.5% thereafter." thanks Ben
For the next video with so many questions: Tiny screen at the bottom of the video with a separate video of a GoPro showing the bin, and every time you get the paper in, then £10 go to one of three selected charities that the question writer has to select beforehand.
Where's the guy who complained about my last video being 16 minutes long? This one’s for you mate.
Love your content!!
I’m going to complain about the length of this video.
As my fiancée said to me - wish it was longer!
Eat that Mr Complainer.
@@TKMRacer28you legends
How can someone moan it's too long, just have it on in the background and listen while you're doing stuff 🤷🏼♀️
Life has taught me that someone will complain no matter what you do. Thanks for the content as always
Perfect length for Spurs fans as they can watch this during a game and feel like they've won something by the end of it.
I'm sorry for your losses.
Love from the other side of North London.
😢 low blow
As a Chelsea fan, by the time I finish watching this we would've announced 4 new signings.
Ha ha 👍
Liverpool fan here and love the banter! 😀
I'm raw dogging this video, no drinks, no snacks no toilet breaks and watching every advert in full
I saw this and instantly thought dam I wish I had thought of this comment 🤣
Watching every advert in full? #youtubemoney
@@ModernMoneyTalk funnily enough one of the ads was for Jamie yorks property course 😂
I discovered your content in January and since then have completely transformed my long term outlook on money. Sorted my work place pensions, created a SIPP, investing in an index within a S&S ISA and so much more. Genuinely thank you Damo for everything you do. You'll be the next MSE one day for sure
Well done for taking action and in just over 6 months putting yourself on an amazing path. Can’t wait to hear how it goes long term for you!
Investing has been rather rewarding to me and I've learned that getting a good roi is very much attainable if you know your way around it.
What’s the secret behind your success? I can tell you that not everyone is as lucky as you are.
I invested in some stocks myself using pure speculation. Long story short, I blew my account and lost it all. Jonas Herman, a licensed fiduciary is the brain behind my success. I've gotten into a plethora of assets with $31k spread across stocks (options and futures) for the short term and Roth IRA, index funds, and ETFs, for the long term. Now with over 181k in roi, I sit back and just reinvest at intervals while I handle my other career and family.
To me, investing is not worth it and I know that's the same mindset holding me back from taking a step forward in my finances. It’s all gambling.
Can he help me? I turn 53 soon. I hope it's not too late for me.
@@Willycheng590 Can he help me? I turn 53 soon. I hope it's not too late for me.
After watching your last video about common pension mistakes, I reclaimed my tax refund and received £860 for the past two years. Thank you so much Damien!
Yes! That’s epic to hear. Love that a free video has earnt you real money. The best thing is you can claim some money every year
So when are you sending Damien a cheque, or is it in the post? 😉
Damien ,if you're reading this , thank you very much for answering my question on whether i should set up an emergency fund before investing. Your answer really helped to clear things up!
You are welcome! Well done for asking the questions at your age, You will go so far
One thing I appreciate about videos like this is I can run through and tick off things I've already done, so I know I'm on the right track :)
You state that you have a 3 year cash buffer in the highest rate bank account you can find. Will you change this approach if rates drop to the measly rates we had a few years back, under .5% for example ?
Whoever does the index for this one in the comments deserves a medal
That would be Luke he did them already, you can see them all in the description
What a channel honestly!! I'm around 30 and wanted to sort out my budget (saving, overpaying mortage, investing etc) after watching 10 videos of yours I learned more about money and how to become richer and how to manage my money that I've learned in my entire life. Such a legend!! 👊
i rarely comment on youtube videos but just wanted to say this video was excellent. One of the few guys in the finance youtube space that seems genuine 👏👏👏
The best UK finance channel 🏆
Thank you so much
Ture, and it continues to get even better. Great job Damien.
Hands down man. Damien is single handedly giving doing the job of improving the financial lives of millions of people across the UK. Our education system should be doing this job
The kid Damo is one of the best in the game right now
❤
Quality content, every single answer to every question was either confirmatory or informative. An hour well spent. Cheers pal.
Thank you! Glad you enjoyed it
Thank you Damien for addressing a vast number of questions and also to the viewers who put their great questions forward.
❤
This is what you call real fan service. Thanks for your help always damien. Since watching your videos i have moved my pensions into more cost effective funds and i have started my own personal contributions too. Feels so good to secure the future with more confidence.
You sir a legend, and have my gratitude 🎉
Im 23, and ever since I've been watching you I've learned so much about investing. Each video I watch of yours reassures me that I'm on the right path financially, investing globally in an ISA and LISA. Thank you for such an honest video!
Great video, thank you. I like how you explain financial planning using a simple language. It's clear you know all the details and complexities, it is your skill to translate it to us plebs is why I subscribed :)
This is absolutely awesome!!!!!
Thanks Damien and thanks to his community!!!
You have come a long way…. You’re the man baby! …. Outstanding content … thanks again
This video slapped harder than Will Smith!
Thank you for answering my question regarding the use of a financial advisor, and finding the level of competence to go it alone. I found this video not only one of your best, but it makes you stand out amongst your peers. The questions were valid and your answers were concise, helpful and informative. Please consider making another session. Cheers.
Thank you Damien this is an absolutely fantastic video and has helped me a lot with many of my own finance questions. For someone like me who doesn’t have time to watch alot of videos this has distilled so much wisdom into one place so thank you again!
Thank you Damien, I watched every bit of this video and found your answers so empathetic and also appreciated the genuine warmth and good will in every answer, it can't have been easy to sit through and do all that for the video, I hope you get tonnes of likes and that your channel continues to grow. We appreciate you 🙌
Thank you so much for this lovely comment and for watching the whole thing!
Thanks to your videos I've changed my workplace pension from the default and plan every 6 months to transfer a chunk out to my vanguard sipp for more control. Keep up the good work mate
Must have been a long Tesco trip uploading this one!
6 meal deals.
@@DamienTalksMoney LOL
Thanks for your hard efforts mate. Will give it a watch after I've put the little one to sleep. Appreciate you mate. 👊🏽
I answered your question lad so i am completely ok with you just skipping to that
I just want to say thank you, Damien. Question about inheriting 96k and your answer really got me.
I cared for my Dad for over 6 years and my Mum for 27 months. It was so hard but the best thing I have ever done. I've also received a very decent inheritance from my dear Mother. YES, she would want me to do something completely epic in memory of them, something for me! I should take that trip to Sicily she wanted me to! Thanks, mate!
100% take that trip! Do it in style
Caring for your parents at the end is a wonderful thing to do for the two humans that loved you the most. You should be very proud of yourself.
@@DamienTalksMoney Thank you for such a really lovely reply. It means a lot. Despite the hardships there was a lot of love in this house.
Damien, I'm going to be following your account for some time so just wanted to tell you why I have such a silly username. I was a primary school teacher with special educational needs training, and Lemmy Bongo was the creation of a special boy who had complex autism. This imaginary person became very important at times to how we interacted, stories we shared, writing, learning, behaviour negotiation, etc. He became a 'real' person to us!
Thanks and I hope you have a great holiday!
@@lemmybongo8611 My step son is autistic so lovely to hear you worked and supported children with similar needs.
Stay off yachts… 🙁
That was incredibly self assuring. Many of those questions were ones I couldn't think of when I got your news letter. So thanks to everyone for theirs. I now feel like I'm on roughly the right track and that 16 years until retirement may actually be enough. Thank you Damien, Public Service Broadcasting in action. Hope you're enjoying your well deserved hols
Might need this while listening to the City v Ipswich game this weekend!! 😀 Cmon the Tractor boys!!! 🥳
An exceptionally good video, even for Damo! Love the timestamps.I will definitely be sharing this one with a couple of friends who are new to investing.
Watched this all the way. Glad I did, the final question, your answer and comment from your Aunt will help a lot of people. Simply realising they are not alone in their concerns and the notion of looking back 10yrs does help put things into perspective. Thank you!
Well I know what I am listening to at work tomorrow!
😂
The back catalogue of Marillion maybe? 🤔
I love this especially how you’ve set up a pie for your son and then got him to also buy a global fund to benchmark and gamify it a bit too! Great idea! 💡 always the best ideas and advice Damo thank youuuu ❤
You are very welcome 😊
Really insightful Damien. Appreciate the time clearly taken to make !!
You are welcome
This would be a good yearly video. Do one every year when you are taking time off for your vacation and need something easier, but at the same time, really helpful. I found it interesting and I don't even live in the UK. Yay Canada!
Yay Canada! I really need to come visit your beautiful country I hear so many good things.
Damien, absolutely brilliant video, you should definitely do more of the same type of format. It really works. Ive watched it twice in case I missed anything 🤣.
Ive been a subscriber since the beginning and its been great to watch you grow and mature as a content provider. You should be proud of how far you've come.
You dont have to do a tax return to claim the additional tax relief. Just give them a call with your last payslip for year.
They will then adjust your tax code for years going forward.
Although you nened to call them any time you increase your pension payments so they can update the code.
I did this every year until we recently moved to salary sacrifice
Great content as always, you have massively helped me and my family by getting into imvesting in Uk, we come from India with no knowlege of what are investment options in UK including how workplace pensions should be invested in right fund, i find myself in good control of my money earned here in UK...have a lovely vacation 😊
So lovely to hear this! Thank you for sharing out of interest what is the process for investing and pensions like in India? Would you say the U.K. is better?
@@DamienTalksMoney UK having 20k ISA tax wrapper is best thing, we don't have that in India, all gains are taxed in India, rest investment options with taxations involved are similar in UK and India
Legend mate cheers for answering my question! (SIPP)
You are always welcome mate! Thanks for all the support you have shown the channel over the years
Andy. You the one who asked the first question? I'm just wondering what's the nature of your job mate? If you're willing to share. That 10% employer contribution got me hooked up. My NHS pension sucks to be honest.
@@Yesthatisme14I was wondering the same thing
If Andy doesn’t reply, I’d say this is pretty representative of much of the private professional sector. I work for a pharmaceutical company and they match up to the employee paying 9%/them paying 12%. Peers in other companies report similar rates. Hope that helps!
@@Yesthatisme14 interesting you feel the NHS pension sucks. What particularly has been the issue? Most IFAs I've heard on podcasts would gladly swap their DC private pensions for the NHS DB scheme.
The TRS usually gives a figure for the equivalent cost of an annuity to pay the same pension benefits. Looks quite good IMHO.
Superb format. The little I have watched has been excellent. I'll pick at the rest over time. Big thanks.
Educating myself on finance in my mid twenties has really made me realise how much your parents can either make or break your future.
Sometimes I wonder how better off I'd be had my parents cared about my future finances besides "get a retail job"
I normally watch Damo’s videos straight after being posted. I saw the length and i thought i will need some time to digest this. BUT i was wrong everything was explained so clearly, once i started i could not stop.
So much useful info in one single video.
Thanks for the amazing content Damo. Keep them coming.
One of your best videos. Thank you for this
Great work Damo
Brilliant content mate, your ability to answer and explain financial topics in a informative, easy to understand style is great for us in a humorous way 👍🏻
😊
Excellent Q&A session. Really enjoyed this long format. Keep it up mate 👌
Glad you enjoyed it!
Excellent format. As usual, advice which is easily understandable and from a very personable guy. Keep up the good work Damien
Awesome video mate! Appreciate there would have been a lot of time invested in this, thanks for everything you do.
Excellent content, especially the last answer. Id set a significant financial milestone to achieve by the end of next year a few years back, one of those milestones to make you feel happier and more comfortable. We achieved it earlier this year, 18 months ahead of target. And I felt nothing. There was no party, no even a celebratory brew, just an oh, that's done.
Security, happiness, whatever you call it isn't a number. I'm not sure what it is, but the key thing is the process - if you can fight to save/invest £100 then the same method will get you to £1000 and then to £1m. Just trust you're doing the right thing and wait for time to do it's job.
Make sure you celebrate that achievement. Make the feeling happen if that makes sense! Stop, sit there and go I said I would do this and I did it EARLY.
Thanks for taking the time to answer my question Damien. Great video!
You are welcome Andy thank you for submitting it
Unmatched content as always 👏🏾.. authentic and informative
Thank you!
great video - love the indexing with links to questions. Thank you for your time in producing this!
Glad you enjoyed it!
Like watching a Man vs. Finance. Bravo sir 👏
Great video Damien. There’s several questions you answered that definitely struck a chord with me. Thanks for the content.
My pleasure!
Love all your stuff Damien. Aside from giving good advise to people, I can see you have thoughts in regards to use of time in life as a counter balance to saving for this monitary future goal that will change in its comfort level. I lost a father at 3 years old and mother when I was 22. This brought a huge weight on time being precious and money to be spent on life now. Alongside future planning! I think the way you present yourself is fantastic and relateable for many. Keep up the great work 💪
Thank you so much for your kind words, sorry to hear you lost both your parents so early in life. My father passed away when I was 12 so I think that also shaped my views on the importance of time.
Thanks Damien Your best vlog yet, Thanks alot.
Thanks for all your content, Damien. Completely changed my outlook on finances. Been more active with pensions and investing and it feels good!
Cor you've spoilt us here. Cheers Damo!
Loved this, Damien! Investing can feel so overwhelming at first because everyone's journey is unique, and we all have our own questions to tackle.
Its a yes from me 👍 worth every second to anyone who is unsure about investing and also a good reminder that everyone is different and there is no just one answer.
I now finally have some ear buds so i can listen to your pod casts while i work.
Just finished this. Damien at his best. Loved the statement at 1:29:40
Thank you
Really enjoyed this video!
Thank you!
To add to the question about 400k in a workplace pension. I had the same dilemma recently knowing I had to get out of the default and having the confidence to do it. I found the pension provider- Scottish Widows had a 100% global equity low cost fund with a similar allocation to VWRP/L and a similar five year return. I moved it with a couple of clicks on their app and there was no cost for doing so and no lost benefits. Big sigh of relief now it is done. If it wasn’t for you , Damien, I wouldn’t have had the guts to do it. Thank you.
Love the way you're so positive Damien, enjoy your time off
Yes Damian!! Love the long videos!! My top moment watching your videos was when you and ramin from pension craft had and extended video together. And after it had got to about the hour mark he basically politely said shall we start to wrap this up. You almost sounded disappointed and said you were just getting started and wanted to carry on. I think you might have had a beer and wanted to chat all night 😂😂 so he carried on with you for another half an hour fair play mate loved your enthusiasm coming through.
Not started watching this yet I know it will be good!!
I had 100% had a beer haha
Bless you for. Your generosity in sharing so much to help all with an interest of being ready for living a good life future life. I share your sight with others.
Great video. The amount of growth people that avoid the sequence of returns risk discussion is dangerous. Thank you
Damien Great.
Video Live long and prosper
The kids finance approach is brilliant. It’s how I was raised, but my parents were more draconian when I spent any money. I wasn’t really allowed to learn through mistakes because I was controlled. Now, I did learn, but I also didn’t experience. I missed out on that decision making experience.
Damo, enjoy your time off with your family, you deserve it. Thank you.
Really enjoyed your approach to making this video as well as the no nonsense content. Very well done 👍
Excellent as always - thanks, Damien! It doesn't matter if your videos are in long or short form - I always enjoy watching them and get so much out of them. Great question to end on.
This is a great video and should be watched in full. It could be the best almost two hours you ever spend. there is a load of common sense / suggestions here for everyone no matter where you are in your investing journey.
Great video mate, I think anyone who doesn't yet invest should watch this as it will most likely take away the fear and answer all the initial doubts they may have.
Love this vid Damien cheers for all this!
One of the best financial video's out there Damien, the amount of practical advice is amazing and brilliantly/clearly presented. Hope you and your family are having a brilliant holiday.
Love this video Damo!!
My biggest concerns around pensions is that the NMPA on private pensions started out at age 50, then moved to 55. It is now set to rise to 57. This is more than likely going to rise again, and me and you could very well be seeing our 60s before we can access our pensions. This takes our autonomy and freedom to retire early away massively.
What are your thoughts on this please mate ?
I'm guessing this is covered by Damien 's inclusion of ISAs - you can access your ISA in your 50s if you need money before pension age. Thus, ISAs provide useful interim buffers.
@soggymoggytravels doesn't cover in any detail, the fact that it's rising and could take years off our potential RA. Not to mention if it goes up further.
Love the long videos. Love em! ❤
thanks for sharing your knowledge, videos like this take a lot of time and effort and i greatly appreciate it :)
My pleasure!
Brilliant Damo and the best question / answer was the last one in my opinion. We are all insecure really but that's what helps get us out of bed each morning and push on.
Such a great content, Damo. I love your channel. For a beginner like me I have truly learnt a lot from your amazing and inspiring knowledge. Thank you Damo. Keep doing what you are doing.
54 mins in - there are ways to invest more ethically
ESG is now a very broad term
Impact funds are seen as more diligent. Broadly speaking they screen out alot of industries many people would consider as negative but also looks at the net positive benefits that the companies are left
As always, brilliant content. It’s refreshing to find a genuine person who’s passionate about helping others succeed 🤗; a lovely gesture too in offering personal support to the Bob Marley guy too 👍
Thank you. That's was really good. Now just need to put the theory into practice
You can do it!
thank you for this video Damien - an amazing amount of knowledge and help crammed in to it - thank you for taking the time to produce this and make it available to all 👍
Thank you Damian for this and especially answering my question
You are welcome!
Great well diverse video. Covers a lot of ground. On your last point, feeling secure, I think once you get passive (ish) income covering all the basic living costs you feel more relaxed. Then any earnings is fun money. To me that's when you have financial independence. So no job means you still can lie day to day with no stress. Lastly no debt.
Awesome content!
Really great content as always and thank you for all of the effort Damien!
I had this issue recently so thought I'd share my experience to point out that HMRC won't accept a tax return to only claim higher / additional rate tax relief on personal pension contributions. You'll need to contact them directly and explain what you're trying to do.
They will ask for details on your previous gross pension contributions (including the basic rate tax relief automatically added) and may request statements from your pension provider.
If you're doing a tax return for something else anyway then you can add the pension contributions to the tax return but if that's all you're looking to do then they won't let you do a tax return for just this.
Great video, Damien. You touched on something I was initially unsure about doing, but have stuck to my plan. I just don't see Bonds in my portfolio. I'm 66 and probably two years away from being fully retired (not that I will sit in a rocking chair all day). But both my pension and ISAs are in Equity Index Funds. However, we do have around four years of cash reserve. Therefore, that will be my first port of call for when I do retire, however the market is doing. It just seems a more logical approach. Even Bonds aren't immune to dropping in value. Your thoughts!
Only a few mins in but this is great Carol. Thanks a lot
You are very welcome! Shout out the Carol reference 🤣
Thanks Damien enjoy your holiday.
Hi bud, great video as always. I just want to clarify one point around national insurance contributions and Salary Sacrifice pension arrangements. Namely there are two components to NI, employee and employer. Any money you salary sacrifice to your pension is before NI is calculated, so as it it currently stands you save 8%. Employers also pay national insurance, which is also reduced by salary sacrifice. Unfortunately very few employers will pass on the saving. When you pay into a pension from your take home pay, you are only able to get a top on the tax element, not the NI contributions, something to bear in mind.
Thanks Damo, really appreciate your videos and the effort you put in. Have a great break 👍
Brilliant video Damien 👌 Definitely should be a monthly show.
Excellent and very informative 👌
Thank you for all the advice. I've only discovered your channel late last year and started investing in January as my new year resolution and now I'm addicted. Regretting I haven't started earlier on. I guess, better late than never. 😁
Hi Damien. Thanks for this fantastic content! Quick question for you …
3 years Cash versus Bond Ladder - what are your thoughts ? I seem to remember this being discussed on your podcast
All the best to you !
I think the bond ladder achieves a very similar thing and could be more tax efficient/higher return if the cash is not in an isa say.
I probably should have stated that my plan is to have 3 years of cash or cash equivalent so that could be bonds but I just haven’t looked at it in much detail yet,
@@DamienTalksMoney thanks Damien - really helpful - enjoy your break and time with your family
Hi Damo, I would be hugely grateful if you could answer the following question please. I asked my pension administrator to explain the inflationary increase each year for my defined benefit pension, as I no longer pay into it and they replied with the following statement. Does it sound correct to you? : "The annual revaluation for your core credit in respect of service prior after 5 April 2009 will be increased by price inflation up to 2.5% for each complete year between the date you leave the Plan and your Normal retirement date. The benefits in deferment are revalued in line with UK statutory orders which were based on RPI capped at 5% to 2009 and currently based on CPI capped at 2.5% thereafter." thanks Ben
Definitely this video added value to all of us. Thank you
For the next video with so many questions: Tiny screen at the bottom of the video with a separate video of a GoPro showing the bin, and every time you get the paper in, then £10 go to one of three selected charities that the question writer has to select beforehand.
This will happen