Loads of the sources are linked in the description if you want some further reading. I am just popping out for lunch and when i am home i will reply to comments. Happy Sunday guys hope you are having a lovely weekend!
📌Nice video, love how you take your time to educate your viewers. Right now, I am enjoying a good life and touring round the world with what I made investing. Indeed ,building a Portfolio income(investing) through a licensed investment adviser is one out of many ways to earn passive income.
This really resonates with me and its really good rather than compared with quite a few Finance UA-cam Vloggers .. with their robust bombastic overtures " You are this and they are that - end of !!" ... it gives seemingly the under appreciated guy who think hes possibly average , that hes actually better than some of the show off`s with flashy stuff on Tiktok or instagram ... maybe im talking about myself and others ... who knows .. I hope you can read this after your Sunday lunch break ..
Do what everybody else is doing if you are okay with only having what everybody else has.Information that will pay you everyday, you've got to stop saving all your money. Venture into investing some, if you really want financial stability. Choose to grow and elevate your mind by studying audios, videos, attending conferences that will give you the edge!
I done report on this Nimblefins data na ONS statistic last year in college and it was shocking, but even more shocking is that people do nothing to change their behavior in the matter.
Never worried about being "rich" bought homes on poor side of town, strung clothesline, kept working, loved my homes and have been sorta warm, fed, sheltered and free to pursue passions. Cook at home, cut my own hair, spin my own yarn, grow a bit of food and give thanks I am not in a war zone.
I'm of the same train of thought. Staying humble is such a hard thing for people nowadays. Everyone wants a mansion with a fleet of cars in London. I'd be happy just to get on a property ladder in Liverpool.
Omg. Your message is so relevant nowadays. I agree with you and the one speaking on this video. We have so much to be thankful for. Be contented and avoid comparing yourself with others. ❤❤❤
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
My CFA Teresa L. Athas a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thanks, I just googled her full name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
When my daughter was in high school, she met a group of girls who became her best friends, and they would have sleepovers at each other's houses. When I would drop her off at her friends' houses, I began to notice that their parents were all doing much better than my wife and I were doing financially, and it started to bother me. I would get depressed and I felt like a loser. And then, one night, when I dropped my daughter off for another sleepover, I had this epiphany. I realized that obsessing over the financial success of other people did me no good. Because no matter how well you're doing, someone else is always going to be better off than you are. Even though our financial situation isn't amazing, it's better than a lot of people I know, and I should just be fortunate to have what I have. Otherwise, you'll just drive yourself crazy.
I was one of seven children, we were often told by my mother not to ask for things if we went out on a day trip as there was not enough money to go around. Although I was only about seven years of age, I understood that it would be embarrassing for my parents. There was never a shortage of love in my family and I adored them more for their honesty. Don't underestimate the power of valuable life lessons .❤
I stumbled across this video, and I'm glad I did. What a great message! My wife and I had the same conversation a few years ago about how is "everyone else" taking vacations, buying clothes, vehicles, etc. Then we realized, they are in massive debt. We are much farther ahead than we ever imagined.
We feel the same way. It seems like everybody has so much except for us. We joke that we are the poor people in the neighborhood. Every house on our block has purchased one or two new cars this year except for us. Now that I work from home, I rarely drive. I just assume that everybody has to have at least double my net worth.
My wife and I had the exact same conversation last week. They are swimming in debt to live like that. We save, invest, buy what we have cash for, and only owe on a rapidly shrinking mortgage. The lack of debt stress is far more pleasing than having new "stuff". We have nice 8-10 year old vehicles that get us to the same places that new ones would. Life is good.
@@kyleb1984 Just a heads up that words hurt. My dad passed away a long time ago, and I still miss him. He didn't pay off my debts, but he did teach me how to be independent and kind.
As someone who had an addiction and became homeless a few years ago, my financial goals have been to avoid that happening again. I even went without food several times. Now that I got back on my feet, that memory motivates me every day and I'm only compared to my past self.
I admire you for every step you took out of the darkness. It takes so much strength and courage. Cheers to the lessons you learned and the amazing road ahead of you.
Well done, I congratulate you on your survival and success. Look forward and move forward, looking back should serve just as a reminder of where you were and how you've improved.
After I got rid of useless debt from buying stuff I didn't need just to impress other people, that's when I finally felt good with myself and my financial situation. It's not about showing the whole world how much you earn, but to be comfortable enough to live a good life and provide to your family.
Dude, the way you told this story was a work of art. I follow a lot of FIRE blogs and have plugged away for a few years. As we are approaching a significant milestone, I noticed myself feeling as anxious as ever. That we're not doing enough, saving fast enough. The truth is, I am constantly moving the target further out and comparing ourselves to the small percentage of people who are progressing faster than us. This is perspective and you really drove it home. Great video.
I consciously decided to earn less and do a job I loved instead of having a well paying job which was draining me. Despite living officially under the poverty line for two thirds of my adult life (I'm 60) I have very good savings, and since I paid my mortgage off aged 40- because I never upgraded my lifestyle from being a student, it's quite hard work but I enjoy it. It's much easier to be happy if you can learn not to compare yourself to others.
I hear you. I cannot work at something I don't like just for a bigger cheque. I left a good job in the city...working for the man...literally. I wouldn't have stayed for triple. - Cheers
@@davidashley4386 Thank you- I had help, I worked in the financial sector in the 1980's, and strangely I didn't hate it- but I still kept living in the same way. After about 7 years I realised it was going to eat me up, and I retrained to do something creative I had always wanted to, but pays next to nothing. You have to focus on the fact money is just a tool to give you the life you want-whatever that might be.
I switched over to working 3 days a week from home. I used to work 65 hours or more per week without lunches or breaks. I love having four days off to spend with family. I earn a little less now but am still earning in the top 10% of the US. My wife works part time and earns six figures. we live below our means and max our retirement accounts each year. We are frugal by nature but feel that we are behind. It appears as though everybody around us must be multi millionaires. everybody is driving around in luxury cars and posting pics from their lavish vacations. We have saved several million but still live paycheck to paycheck after savings and investments.
"I'm not racing anyone but myself." Loved that! Yes, we need to focus on our own goals and work on what will be best for us and our families. What WE want, not what society says we 'should' have. As you so eloquently put it, there will always be someone richer than us and focusing on what we are lacking does not allow us to feel grateful and happy in our lives and just keeps us in the rat race.
Everything about this video is top quality! You've got a real talent for script writing. The way you tie the story together with jokes which keep popping up is genius. And the moral message you send is also spot on. This is such good quality content. I also love the way you use data and the way you credit the sources you use and the integrity you show in citing them. Keep this up. You're my favourite chanel with the best content of any genre right now and your content keeps getting better and better. Keep it up.
Thank you so much Alex this is wonderful feedback! Lovely way to start my day reading this, i really appreciate you taking the time to leave this comment. Damo
Everytime I envy a person with a better car I tell myself: "But I paid my car in cash. I don't have to pay on a monthly basis for a car. I own a car, I don't owe for a car."
This is the first personal finance video I’ve watched in a long while that critiques hyper accumulation from an empathetic lens. Typically I see FIRE vloggers that stress hyper accumulation or others that call out its toxicity. I think you’ve struck a great balance of calling out the importance of increasing savings but giving your viewers the okay to do it on their own terms and congratulating them for even being on the path. Wonderful video!
Thank you, I think it's so important to take a step back sometimes and tell ourselves "You're doing a good job!" when so much of the world seems to tell us we're failing. Superb editing btw👍🏻
I feel like the whole world needed this video. In a world where we are constantly told we are not enough, or that we need to be earning more money, I felt so.. tired. I'm now trying to pursue things that bring me happiness and contentment instead of money, and my quality of life has gotten so much better after I quite my corporate job to do something more hands on.
To me, a sign I‘m doing financially well is when I can order delivery food or go out to eat and can order what I fancy, not having to look at the price, not feeling guilty afterwards and not having to pull up my balance to check where I stand.
You're setting yourself too low a bar my friend. Depending on your age at least. You really want to aim to get to a point where you have enough money that you never get to the end of the month worrying it you'll have enough. That for most people might just be a £1000-1500 buffer if your job is secure
@@happym5717 I make 6000€ after taxes, 2000 of those pay off my house, 500 I can put away to build additional wealth each month. Not quite the 1-1.5k you mention, but its fine. I also have 15k in the bank for unexpected emergencies, and I‘m not really touching that. So I can’t make a spontaneous Maledives vacation, but as I wrote, I can order food (which has become pretty expensive…) if I don’t feel like cooking myself. To me, that’s an immense luxury, looking at at least one billion people going hungry in the World. I‘m a single dad, and I can raise my daughter in solid middle class style, music lessons, going to concerts, going to see countries near and far to experience culture and broaden the perspective (this summer South Korea and Japan). So I am spending quite a bit of money consuming over a year, we don’t really live frugal. I think I‘m doing well financially, and it also feels like it. 🙂 And I hope I can give my daughter a good starting point to pursue a happy and wealthy life of her own. And my job is secure: Commissioned Officer in the German Armed Forces. Not a chance of getting laid off, and retiring in not even 10 years.
@@financialsuccess870 I should add: From the net that’s still available AFTER having paid for the wealth building part. I didn’t mean doing that while living day by day. When you pay off your house or appartment, put money away for emergencies and wealth building, and can still order food at any time.
You make so many VALID points!!!! I was in that COMPETITIVE perspective while I was a stockbroker before 9/11. That day, my ENTIRE world came crashing down around me (I was 30 then). I took a different look at what's important. From that day forward, my thought process was, when is enough, ENOUGH? I downsized DRASTICALLY. Now, I have a small but comfortable life with my part time job. Theres NOTHING more I could ask for. Thank you so much for this video. It was very ENLIGHTENING!!! I hope you are enjoying the day and be safe xoxo
My husband and I have worked very hard to become financially successful. We have stayed true to ourselves by deciding to make a good living and not spend time competing. I realize a good living may mean different things to different people but for us it meant debt free, mortgage free, investments, retirement covered and no stress to pay living expenses. We made it before the age of 50..👍 This is an excellent video..thank you!
Yes, financial success means different things to different people. We immigrated from Germany ( we are half Guatemalan, half german) to the USA in 2018. In Germany we rented a small apartment for years. Despite my husband having a doctors degree and I a Masters, it wasn’t possible to own a house in Germany. Most people live in small apartments for their whole life, lowest house ownership rate in the west. But we also learned so much about financial decisions. Germans don’t go into big debt in general. Only for a house, if they can afford it. So, after moving to the USA we didn’t immediately spend the money we earned now ( four times of what we earned in Germany plus lower taxes). We wanted a house but my husband was set on not having huge debt. So we rented a smaller house , didn’t eat out, took our own food to work etc. After four years, we could buy our house, cash. Yes, it wasn’t perfect. It is definitely cheaper than the houses of people with similar income. But we already painted and fixed so much ourselves and saved now enough for the construction work we want. My husband also learned he enjoyed doing things on the house himself. In a year or two it’ll be our true dream home, without debt. Yet, there is huge competition in our friend circle. They constantly buy stuff. I often felt a bit jealous but then I learned that they don’t earn more, they are just in huge debt. Of course you have to enjoy your life but money should not be spend to compete with others. Compared to Germany and maybe Great Britain too, the US upper middle class and middle class means something completely different, they expect much more here. They don’t even count eating out daily as a luxury. I know families that eat out five times per week. Even with a stay at home parent. I sleep better, not being in big debt.
Damien, you're changing lives with content like this. Comparison is the thief of joy, and shifting mindsets to be grateful for "enough" is a much healthier way to look at money. Great work!
YES Carol! This is so great. I love you even more after this video! As someone who has found inner peace quite 'early' in my 30s, with a 25 year old car, 2 bed end of terrace house and an average job, find your purpose and ignore societal norms. It's great to have a financial plan and to seek financial freedom, wealth, security etc. But don't let it own you. There is so much more to life. I used to be envious of those that I perceived had 'more'. I soon realised that they earned more but had little else. I now love the fact that we have paid off our mortgage through 10 years of living below our means. Which now allows us to work part-time so that we can volunteer with youth development charities, de-litter our local woodlands at the weekend and spend more time with our aging grandparents. Full disclosure - Both of us earn less than £40k a year.
I'm a 63 year old airline captain, flying the biggest jet for one of the biggest airlines in the world. Only now am i fully realizing the truth of your words. I live in West Palm Beach, Florida, and man, I'm sick of the materialism, the one-upmanship, the pettiness, the ostentatious display of wealth, the egos. I crawled from humble beginnings i guess, the grandson of Mexican immigrants, and played that game far too long. I decided to retire, to Thailand, later this year. Already, i'm selling my stuff....stuff that once seemed so important. The boat, the RV, the big motorcycle, the trophy wife...gone. I just don't want to be part of it anymore. My goal: To move to Thailand and take with me nothing more than i can fit in a carry-on suitcase. And yes, 2 marriages, 2 kids in college, and a load of debt (almost completely gone) took their toll. But that part about having enough stuck a chord. I have enough, and for that i am grateful now.
The rat race is real. My wife and I just had the is conversation. We’re both sick of the rat race. We work our tails off (both work in medicine), we make solid paychecks, but it’s hard to see what we’re really getting out of it, except a mountain of stress trying to keep up. Keep up with what you ask? I’m asking myself the same question.
Man! You timed this video perfectly with how I've been feeling this weekend. Sat down, opened UA-cam, and this was the top of my subscriptions. Thank you Damien! It's so important to try and take a step back, give your head a wobble and be grateful for what you have. If you can't be grateful for what you have, what you achieve will never be enough.
Genuinely loved this Damien. Living a simpler life with simpler pleasures has been the best thing for me. I’m not aiming for anything material or a certain salary level. I still struggle with really defining what my goal in life if though so just trying to stay debt free and save as much as I can so I have a big enough buffer for when I’ve figured it out ☺️.
Same here, started really thinking about money and pension late in life mid 50’s, I’m 63 in feb, made redundant in lockdown and earn 50% of what I’d did, but through various things inheritance, tweaking mortgage etc I’m in a good place. I won’t be the richest pensioner and not the poorest but we will have enough, I have a new granddaughter in USA and hope to be able to see her 4 times a year minimum. My other kids are UK based so as long as I’m ok health wise and my kids are doing OK everything else is a bonus.
This video WAY more than whether or not one is doing well financially. It’s way beyond and I really hope it gets to the people who really need to see it: those who are truly struggling and hurting and believe they haven’t anywhere to go or anything else to live for. You made this very clear with undeniable facts and numbers. But more importantly, you pinpointed the sickness where we’ve bastardized and justified “creating greater and greater because it makes life more fun and more ease” into “competition.” A lot of people are a lot more exceptional than we believe and that the world has told us we are. When, in truth, we’re just a whisper from a trusted and true friend away from greatness. Thank you for this and I’ll be sharing this with everyone I meet who needs it.
Damien I find your videos absolutely humbling. And a world where we are expected to be brilliant, productive, witty, funny, talented and valuable all the time I find your empathetic approach to financial education so refreshing. The facts, the narrative the delicacy of recognising the dissonance and dissatisfaction of those well of and their concerns while being mindful of the struggling reality of many is brilliant. As one of those lucky ones who doesn’t have debt, saves some money each month, and can cover my bills with enough for takeout once a month, you have not only perfectly captured the feeling of still feeling behind, but also made very appreciative of the reality of the lucky position I hold. Keep educating, your content is priceless
I'm glad I found your channel. Well done video. I spent my 20s trying to compete with the world, and I'm spending my 30s trying to focus on myself and my circle. I have to remind myself often that I'm doing better than many. Showing gratitude for the people in your life is one of the most powerful things. "When what you have is enough" ❤
I'm trying to apply a similar approach here. Honestly, many people have more money, better car, maybe a better paying job. Does that translate to a happier life? You never know unless you will follow these people's lives 24/7. Else you can only guess. Our brains have a very weird flaw, it's a kind of "halo effect" - whenever we consider something or someone as a really high value/desirable, we always think of it in the best possible way. Or vice versa in the dating world, if we fancy a hot girl and she stops responding, we start visualizing the worst possible scenario for us: she must be on a date with a guy better than me. Sometimes the reality is not like that, it's our minds that project visions like that. Make sure you stand your ground and keep on improving yourself, the rest will be just a by-product of it.
Thank you Damo, this is an awesome video! I literally had a chat with my partner yesterday on how social media is making people unhappy and dissatisfied. This video helped me elaborate on those thoughts, thanks to your examples and analysis. Keep up the good work!
Why did I tear up at the end of this. This is a trap I pull myself out every few years but this was so eloquently told and I needed to hear this message again
I think this story shows it is more impressive to bring your family and friends with you, than to try and compete with them. Use our talent not to show off but uplift. We get more value by stepping back. There is no point in winning if you leave everything and everyone behind. In terms of financial well being. There always going to be some better off. Be comfortable with what you have and if it meets you goals. Interesting video.
Thank you Damien. This is exactly what I need. All my friends earn 3 or 4 times the amount that I do and I constantly feel like a failure. This video has made me feel better.
I know this isn’t a motivation channel, but you told the story well, you circled back round and this became one of my favourite videos. I’ve often enjoyed your in depth videos on finances but this one struck a different chord, and would love to see similar videos like this. It’s not good enough to be finically independent…sometimes that brings nothing but relief, but taking a step back and knowing your are emotionally and mentally rich is worth so much more. Thanks for reminding me of that Damien.
This is an outstanding video. What you are saying is so true. I've made so many mistakes when I was in my 20s and 30s but then I turned my finances around completely. I sometimes kick myself for not doing what I do now earlier than I did. Truth is I started turning things around when I was in a job I was happer in, earning less money and I stopped comparing myself with others. I started to focus on being in competition with myself. It might appear that to others that I've little money coz I live in a modest house and I have a little car etc. I like living a simple life where I can splash the cash every now and again. My goal is to retire early. I've no intention of slaving away into my late 60s.
Truly inspirational video. So often I've been in the position of "why does everyone else seem to have more/go on better holidays than me?" I wasn't frugal - but I did put money away every month into a pension and overpaid on the mortgage, did extra paid work when it became available. I recently did a financial review and realised I could retire in 6 months time at the age of 57 - on the same money I get currently paid rising in line with inflation. I got there accidentally by hard slog and not trying to compete with others.
@@kingofthemawds9472 Many people have a few kids when they can't afford it, they also buy new cars, go out to bars and spend tons of money... then complain that sadly they can't save.
You are indeed inspirationl. i am now in my seventies and can tell you the sooner you realise always searching for the next win, you will only encounter more losses, so be grateful for everyday. ill leave you with one sentence which will hopefully promote thought, and reflextion. "When you shoot for the moon the stars come free"
The story about the two friends climbing a mountain made me cry. What a storyteller you are! To make me cry in a video about something as mundane as money...
The way you tell stories to simplify tricky matters without sounding patronising is a skill. 100k subscribers in sight and absolutely deserved. Keep smashing it Damo.
My mum always told me that while competition can be a healthy source of motivation, comparison is the thief of joy. I think especially in this current social climate where we are bombarded with the successes of those around the globe (particularly in the UK and US), that it's easy to look at someone and compare ourselves. This someone who is perhaps your age or younger, the same race, with similar circumstances, a person you do NOT even know, and you think to yourself, well why can't I? What am I doing wrong? Why don't I measure up? This was recommended on my FYP and I just wanna say thank you for this video. I loved the story of Tommy and Kevin and the Dawn Wall. As corny as it sounds, the only person I can compare myself is to who I was yesterday, and if I can incrementally get better,, day by day, bit by bit, well that's a job well done.
Hats off to a new channel I'm discovering in the vast low-quality personal finance YT channels. This is a great, very well done video that tackles a simple yet much under looked (psychological) problem in developed countries and their societies. Bravo.
Deleting all social media has really helped my happiness. I certainly "have enough" and have come to realize that I'm probably further ahead than I give myself credit for by opening my eyes in both directions.
I really really like the way you compile your videos. Your content, scripting, it's a skill that will take you a long way and I am so happy for you mate.
Catching you at 100K subscribers is like buying stock in Apple before it went public. If you continue to offer trenchant social, economic, and existential analysis like this video, you will hit a million subscribers in no time.
This rings so true. I can’t tell you how many times I’ve inwardly thought to get my house in order, or to start exercising more often, only to scroll UA-cam and see, what is by comparison, unachievable beautiful homes, relationships, and physiques; making me quit on the spot. It’s also paired with that addiction of having a device in hand all the time. Really need to ditch the habit and then when that perception of all the competitors dies down, it will be so much easier to commit to action. Thanks for this video. The awareness alone is gonna help a tremendous amount!
I don't comment often, but man, you've got a wonderful way of keeping it down to earth and calm. Brilliant video. And feels so true. The other week I got my electricity bill and obviously with rising energy costs it was... not good. I found myself stressing out about cost of living as I paid the bill, when I suddenly realized: Hang about, I can still pay this without going over any budgets or having to reallocate funds or wondering how I'm going to pay next month's bills. This may not be great, but I'm doing absolutely okay - and with the state the world's in, that suddenly feels like such a blessing.
This is such a great video… I recently had to take a step back from all the financial stuff I followed as I realised I was becoming so obsessed with budgeting and how much I’d have at retirement that it was becoming detrimental to the way I’m living now! Imagine spending all that time saving and sacrificing and you don’t even make it to that age… so now I’m working harder to enjoy the here and now!
Thank you so much for this, I know I often feel like this and its great that someone can highlight this. I save significantly more than the average person yet it never seems enough to make me content. I almost have an irrational fear of not having enough when I retire and constantly battle to keep it in check. Fantastic content and such an important message.
Really reassuring that i am not alone in these feelings. I think i have learnt if you have more than most and you are not content then even more is not the answer and we need to look at another way to find that content feeling.
Thank you! I needed to hear this today. I took a pay cut at my job and I saw my first paycheck today and felt like crap. I feel better but there is still a voice inside my head that is turning up the pressure. I will find out what the universe has plan for me. Thank you again for this message, I feel like there is light at the end of tunnel.
No-one tells you "you're doing well", you just continue to struggle onwards trying your hardest for the sake of your family. This video really made me stop and think about our financial situation and actually we're doing fine. Not rich, but we definitely have "enough". Great narration and superb content. Thank you.
Excellent story telling and editing Damien! It's so true, I've a business that employs 12 people. I never felt like I've made it, if anything it feels if I don't stop pushing it'll all fail.
That is the reality . We take the responsibility of paying every employees bills and have to keep the work coming . However employees do not always understand that.
My step mother went to work for two brothers. She was a buyer for a pharma's before she went there and they sold machinery to factories and farms. Both loaded. However they worked themselves so hard both were dead on their 40's sometimes you have to just enjoy the scenery.
This made me feel brilliant! I’m earning less at the moment after having gone to youtube full time. But I have zero debt (even own my phone and car outright) and put away about 70% of my earnings each month. It’s been a lot of years of living within means and clearing debts. But definitely been worth it!
Fantastic video! Thanks so much for making this. I work in tech and switched back to a flip phone a little while back, its honestly been the best decision for mental health I've ever made, my husband also switched when he saw how much nicer life could be without constant popups just the people who you actually know trying to get ahold of you :)
Dude. Those last two segments are among the most compelling and moving motivational, capital T Truths of being human, pieces I have ever seen. And that Kevin/Tommy finale really smashed me in the feels and truly sums up the right perspective and how to try to think in trying to evaluate and measure your life, performance, and circumstances. It's like that old truism, 'the race is long, and in the end its only with yourself.' So you've got to fight the natural urge to use comparison as your measuring stick -- because truth be told, we're really only interested in comparing ourselves with folks who are doing it, or who've got it, better. Very well done.
Your video just came up on my feed. I am not exaggerating when I say it was life-changing. New thought pattern. Mind blown. Thank you, my friend. You have no idea how many people you have helped with just this one video. Bravo!
Damien, this video has been recommend for weeks and I am finally watching it! Thank you! A lot of us are doing WAY better than what we think. I am a Brit but also Nigeria. It is sad that when I touch base with folk in Nigeria I am instantly reminded of how good I have it. This video is extremely timely and also very encouraging! Thank you! You have gained a new subbie
This video is, by far, the best thing I've seen in a very long time. It is thoroughly researched, brutally honest and presented in a totally engaging and accessible way. Thank you for this - you just made my day.
I think many of us who are effective savers have a hard time patting ourselves on the back. I am constantly moving the goal post for myself, stressing out when I'm doing much better than my peers. It's definetly important to put things in perspective and to give yourself some credit. Great video!
Totally feel the same. My savings rate is close to 50%(Which i find too low...). Have a cash paid Tesla. Low mortgage 5 bedroom house. And that all as a single millennial person. And im still feeling like im doing bad. Im afraid to spend money, and always looking for the best deal. Buy only stuff that has low deprecation. For example herman miller chairs instead of cheap chairs so it will hold it's value. Im such a weird person for going deep in such stupid details. Like the Tesla i know this battery(LFP) can handle 3000 cycles * 400km = 1200000 km (minimum, it can do a lot more) And the Herman Miller chairs have 12 years warranty while i bought them for 50% off. And can sell them for 75% of their price. As it was a showroom model. The Tesla i bought for 40K euro almost brand new. Can even sell it now for more. Such stupid details i feel like its controlling my life. (I come from a poor family) Investing in stuff like Solar Panels, house insulation. Always i calculate ROI's on everything. Or i calculate how i can get low deprecation on value if i can't get ROI.....
Same. I grew up in poverty, sunk myself into debt as a young adult, and spent 6 years digging myself out of it. Now I'm terrified of being poor again and, no matter how much I save and deprive myself, I feel like it's never enough. Stopping to acknowledge that we're doing ok is so important.
@@Angela-ne9cy right there with you. My parents got divorced and they constantly fought about money. I think that's where my money saving obsession comes from lol. Never wanted it to be that big of an issue in my life.
I'm really glad that I found this video. I was searching online and looking for financial advice. It turns out I was looking for the wrong answers. This is a really healthy perspective on money and life. Thank you.
My 16 year old son made me watch the Kevin video, it's amazing He started a permanent part-time job a few weeks ago, so I'm gonna make him watch this with me. We're a pretty grateful bunch in our house, and you nailed it here. Well done.
Amazing & important video Damien! Although I can acknowledge that I personally have made strides in the last few years I often still feel like I'm playing 'catch up' or underachieving. Thanks for shedding some light on these feeling.
This is great content - Thanks for creating 👌 I battled the 'I'm behind in the race to financial freedom compared to others' perception for a while, but concluded a couple of years back that it's my goals and those of my family that matter and we are in good shape to achieve them - In fact I now get more enjoyment from bucking the trend... I traded my 'fits in with the crowd at work' new BMW for a £400, 20 year old ford from EBay - It still stands out in the corporate car park but for a very different and satisfying reason - It's the only one not carrying a £700+ per month PCP payment ... My Vanguard ISA is grateful for my new life choices and not chasing the crowd.
Very wise move - I did that 25 years ago - binned my company BMW 328SE & got an old renault megane 1.4 when my 1st son was born & onto my 3rd speeding ticket. Followed it up with more “crap” cars. Invested - now plenty of £ to retire before I’m 60 & help my sons launch their careers and get a flash car if I wanted one !
I have a very similar story to yourself but maybe not on as grand a scale. I traded my 4series BMW in for a 10yr old citreon C1 and I can’t believe how much happier I actually am. It’s the most comfortable I’ve been financially in my life and I can still invest £200-£400 per month. It’s so freeing to finally give up on keeping up with the joneses and to not feel trapped financially just to look like I’m doing well!
@@cbrockett6736 And you never worry about where you park, scratches, people opening their car doors onto your car, rubbish/leaves in the back, babies puking 🤮 on the seats etc 😀
@@jansher9 That’s another very good point! I don’t have to be anxious going anywhere that’s busy because I don’t care if my £1500 car gets a slight scratch. As long as it drives A to B that’s all I need
I did the same - I used to have a company car BMW through work which cost me hundreds of pounds every month, but I hated my job and I ended up hating the car too. I changed jobs to something less senior with far less stress, and bought a 2003 Volvo (also from ebay!) - I also started saving money every month, and ended up being able to start paying a personal trainer for two intense gym sessions every week. I've lost lots of weight, I look better but more importantly I feel SO much happier than I did!
One of your best videos ever! Nice work. Your scripts, editing and explanations have made you my favourite channel. Me and my OH both grew up in poverty in London and now through sheer hard work we're about to buy our first home on the south coast- we're both in our 40s and work online, faced with young millionaires with 10x the views/sales and the market has made buying a home tricky. It sometimes feels like we'll never quite get there and it's easy to feel sorry for ourselves and that we're behind everyone else, but things could be SO much worse. I started investing £50 a month a year ago and have felt the whole time "it's not enough", but the fact I can do anything is pretty amazing. We don't want to rule the world, we want a home of our own, pay the bills and have some quiet (and get away from our crappy neighbours). It's funny you mention competition and motivation- we've almost turned being frugal into a game against ourselves to maximise our savings. Here's to having enough
Thanks for this great video. I am one of those paycheck to paycheck $100k Americans and often felt discouraged because my coworkers live on twice as much with two incomes to my one. They have new cars every year, huge houses and best of everything while I've driven the same car for 20 years and thrift shop for my kids clothes. I can pay my bills though so not as bad as it feels, it's not a race. Thanks for the lesson.
Another genius quality video Damien, thank you 🤩 I'm stunned by the way you go deep into data and philosophy while still keeping it light. You could explain anything to anyone and make it interesting and fun. I honestly think your videos will become classics of their time, as well as helping so many of us now.
Thank you so much for this video. I am in my early 30s, single, renting a flat on my own, I have many friends who earn more than I do, have mortgages, have partners and families of their own. combine that with social media and its no wonder I feel so crap about myself that I struggle so much day to day...this whole videos explanation of competition and just the figures too. I am much more well off then Ive given myself credit for. It is the constant comparison to everyone else that hurts me. This video really made me feel a bit better. got a bit emotional when kevin gave out that "yeeaahhh"
@@DamienTalksMoney thank you again. Today I have climbed my mountain. Or one of them anyway! I am collecting the keys this morning for my house that I have bought. This is my dream
This was such a fantastic video! My husband just retired & I am constantly worried that we “don’t have enough” I have to stop comparing apples to oranges. If we are happy, are debt free, have a roof over our heads then we are doing well
This video ended up being way more Powerful than I thought it would be going into it... and doesn't just apply to finance either.. This is a massive life-lesson kind of video where finance is just the working example. I've just potentially changed my way of thinking about running my channel based on this one video alone - that's how good this is. Thank you for this.
What a great video, packed with great info. I’ve watched this documentary a while ago and never thought of that. Great perspective! Once the pressure for competition was removed, he managed to live up to his true potential. Loved it!
I can't "like" this enough--absolutely inspiring! Excellent message, wrapped in an encouraging story of friendship, and told powerfully. Thank you for this!
i still struggle with it, but what helps me get out of the negative mentality is focusing on my own personal growth rather than comparing myself. some ppl were born into wealthy families, some ppl had connections, some got lucky. but if i have been able to increase my income substantially over the years, then that is definitely something to feel good about, regardless of where one might start.
Banger one. Thanks. There's never enough: - happiness - money - love - fulfillment - social status - things - people - achievements - knowledge - books - ....... - there's only enough is enough.
In psychology this talk is called Cognitive Behavioural Therapy. It's a way of ridding your fears through a thought process change. Brilliant talk and thanks for this.
This video introduced me to your channel; case studies are really helpful, and I hope to see more in the future! Establishing habits, such as regularly setting aside money for wise investments at regular times, is essential to building wealth.
You're right; I believe that diversifying your investments is the best course of action. By investing in a variety of asset types, such as foreign stocks, bonds, and real estate, you can reduce the danger of a market meltdown.
It seems like a sensible plan. Working closely with a financial market expert, I have developed a six-figure diversified stock portfolio over the last two years. This year, I want to diversify even more.
Renowned for her proficiency and expertise in the financial market, “ 'Annette Marie Holt ” my financial advisor, holds a broad understanding of portfolio diversification and is recognized as an authority in this domain.
Thanks Damien! I really needed that. I’m in my late forties and recently I’ve been obsessing over my SIPP. My mind swings from being glad I’ve got a pension pot much larger than the UK average through to feeling utter despair when I see the figures necessary to retire comfortably. Your video gave me a better and more hopeful and helpful perspective. Thanks
I'm the same I think. I'm 45 in a few months and I only started saving into my SIPP in April 2022. It does help a bit to get some context. These videos help me stay on top of it.
@@chrisclarke1458 thanks for the comment. In my specific situation I started my personal pension in 1998. I decided on a monthly amount and then set it to increase 5% a year but then really took “set and forget” a bit too literally as I didn’t really think about it again until 2021. Without reviewing it annually, I’d really forgotten the logic of my decisions and whether my risk levels and fees were good. I felt quite foolish and obsessed over what better or more timely decision making might have resulted in. I guess there’s a balance to be struck between fiddling around with it too much and just letting things continue uninterrupted.
Another fantastic video Damien. Couldn’t have been better timing for me, as I hurtle towards 40 and contemplate many aspects of my life. This video answered many questions that I hadn’t even quite formed yet. Thank you for all the work that you put in to making this content.
One doesn't often hear so much commonsense coming from a person especially one with empathy, an understanding and recognition of other people's position. Thank you.
The best youtube video I will possibly ever watch. Even just for my own mental health, as a 24 year old I already feel the weight of the world on my shoulders but this really hits home. Thanks for this.
You’ve made great content from the start. I stumbled across your channel during lockdown one in 2020 when you had only about 2,000 subs. This video however was standout. Whilst I’m sure you don’t need my praise, help yourself to some. This really was a fantastic video. 🎉
Incredible video. I'm young in my journey, just turning 27. Made the decision two years ago to leave my city apartment living paycheck to paycheck to invest in myself and my own financial goals. The stress wasn't worth the lifestyle. Moved in with my parents and have been saving every penny possible since with the goal of buying a multifamily property, fixing it up, and living the rest of my life rent free. My digital life is swarming with these self-starter millionaires in their 20's and I have felt so behind. I know rationally I'm doing well and am on the correct path. It's hard to shake that feeling that I could have started earlier, could have pushed myself harder and been further along in my journey towards financial freedom.
I thought I was going to get a typical list format type video just to pass the time to be honest, but this video along with this message was actually relatable and powerful to me. You’ve definitely earned a new subscriber.
im 18. ive been working as a delivery driver for the last year while being full time in college doing a levels. i managed to save over half of my weekly wages from my previous job, and now manage to get by living off just the fuel money and around 10% of my monthly paycheck. Since spending my savings from the last 10 months of work on a newer car that will last me through uni and beyond with regular maintenance, ive gone back to saving large amounts, not buying expensive things that i dont need, as i know fine well i will need this money for uni, i still plan on trying to save at uni and come out with more money in my account as to when i started. i have friends who are a bit older and make almost double the money i make a month, and its easy to see where they can cut down on expenses and save more each month; however, the adaptation to this is hard. its something that really needs to get taught from a young age in schools, because so many people do not know how to manage their income and expenses. but it isnt
You really need to be investing that money. The sooner you start the better off you'll be. Don't just save cash b/c you're actually losing money long term due to inflation. Look into high interest savings accounts, CD's, brokerage accounts, etc. If I had started doing what I'm doing now at your age I could likely have retired around 40 years old. Instead, I'm almost 34 and really only started investing my money over the last 3-4 years. I likely pushed my retirement age to 55 or beyond b/c I missed 12 years of investment time. Figure out what you need to live for 6 months to 1 year and have that tucked away just in case you lose your job or have a major expense. Everything else needs to be invested in something that gives you a return. Make sure you diversify. Precious metals, stocks, ETF's, CD's, mutual funds, retirement funds, cryptocurrency, property, physical assets that increase in value, etc. DO NOT WAIT TO START.
@@oldscratch3535 100%. If I knew then what I know now. The advantage of starting way young is you have tons of time, so initially don't need as much money. The older you get the less time you have, so you need more money. I totally screwed myself, and now I have neither time nor money. I am always hoping for 'luck' to cross my path that leads to some type of catch up score. I was 34, 27 years ago. May the force be with you!! - Cheers
Interesting how you have put this into context. I've known my own Dawn Wall for a long time, basically to own my own house. I'm still nowhere near the top yet I see people half my age achieving what I've dreamed of for years. It's only when you look into how they've achieved it (Family help, being in a relationship, not going to university) that you realised that the prize may be the same, but the race to get there has taken completely different routes. It's the difference of running 26.2 miles and driving it. I'll get there. I don't know how, but I will eventually.
It is often just sheer luck. I grew up with a single mum in a council house and never thought I'd be able to own my own home outright, but my partner's Mum sadly passed away in 2021 and her house sale plus some savings mean we're about to become mortgage free (we live in Stoke-on-Trent so our house was very cheap). I'm 38, and I can't quite believe the position I have ended up in - I'm so lucky compared to most. You're right, you will get there eventually, and it'll be all the more satisfying because you did it yourself with no help.
Thank you for this Damien (recently found your channel). I constantly worry about savings and what I have available but need to take stock at times. I have shares/investments/premium bonds but often worry about "what if" and I need to stop doing that
Thank you so much for this Damien. It really resonated with me. I would say I am doing well in life yet I still feel like I am failing. I never celebrate my achievements in life as I have already left that goal behind for the next one. I am genuinely scared that I will never be happy because I honesty don't know what I am striving for. I suffer with severe imposter syndrome a lot of the time and crumble for a while but then I am an unstoppable force to be reckoned with at other times. Its so exhausting lol.
I grew up poor so I am always grateful for everything that I have. I finally reached a point where I started working part time to spend more time with my family. I spent the earlier part of my life working as much as I could. I saved and invested all of my overtime money. I probably have enough to retire, but will most likely work for another 10-15 years only part time. Now I can go to the gym, bike, play tennis and cook. I get to see my kids off to school and be there when they come home.
Damien, I swear your videos are edited so well. Your storytelling is just perfect. You got me into investing a couple years back and it’s the best thing that has happened to me. I have also been feeling this way so for you to put this video out was a sigh of relief. Thank you 😊
Thank you so much. Great to hear you have stuck with investing! The buying you are doing right now will pay off so much in the future. I have been surprised myself by just how many people seem to share this feeling i have found it really reassuring that it isn't just me.
I'm giving you a 10/10! Well written, well told, and you even stirred some emotions 👍 A shift in focus is what's needed! Going from comparing your own results to others, to focusing on your own progress! Easier said than done, but I believe it's worth the efforts😇
EXCELLENT video Sir. I'm an older Gen X guy and it brightens my heart to see persons in the younger generation reflecting on simply being happy with yourself....as YOU are....While still trying to be the best version of yourself. Money does not make you happy. I've known LOTS of wealthy people who are miserable. Money makes you comfortable. Happiness comes first from within, and then from the people you surround yourself with. It's really just as simple as that 😀
This was motivating. Thanks a lot Damien. Being a recent immigrant, was thinking I was way behind the pack. But this just motivated me to be better here 🙏
Loads of the sources are linked in the description if you want some further reading. I am just popping out for lunch and when i am home i will reply to comments. Happy Sunday guys hope you are having a lovely weekend!
📌Nice video, love how you take your time to educate your viewers. Right now, I am enjoying a good life and touring round the world with what I made investing. Indeed ,building a Portfolio income(investing) through a licensed investment adviser is one out of many ways to earn passive income.
This really resonates with me and its really good rather than compared with quite a few Finance UA-cam Vloggers .. with their robust bombastic overtures " You are this and they are that - end of !!" ... it gives seemingly the under appreciated guy who think hes possibly average , that hes actually better than some of the show off`s with flashy stuff on Tiktok or instagram ... maybe im talking about myself and others ... who knows .. I hope you can read this after your Sunday lunch break ..
Do what everybody else is doing if you are okay with only having what everybody else has.Information that will pay you everyday, you've got to stop saving all your money.
Venture into investing some, if you really want financial stability.
Choose to grow and elevate your mind by studying audios, videos, attending conferences that will give you the edge!
Absolutely fantastic video mate, the quality is outstanding. Have a great lunch!
I done report on this Nimblefins data na ONS statistic last year in college and it was shocking, but even more shocking is that people do nothing to change their behavior in the matter.
"The opposite of poverty is enough"
That's powerful.
Paraphrasing a bit of eastern philosophy... The richest person alive isn't whoever has the most, it's whoever wants the least.
Yeah when i read it i thought wow i have never considered it like that at all...
Real shit man ❤
I think “there’s always a bluer Bentley” will stuck in my mind.
Brilliant my friend... thank you :)
Never worried about being "rich" bought homes on poor side of town, strung clothesline, kept working, loved my homes and have been sorta warm, fed, sheltered and free to pursue passions. Cook at home, cut my own hair, spin my own yarn, grow a bit of food and give thanks I am not in a war zone.
I'm of the same train of thought. Staying humble is such a hard thing for people nowadays. Everyone wants a mansion with a fleet of cars in London. I'd be happy just to get on a property ladder in Liverpool.
You need to look the part!😂
@@dongmingzhu666 You can look the part or be the part.
Omg. Your message is so relevant nowadays. I agree with you and the one speaking on this video. We have so much to be thankful for. Be contented and avoid comparing yourself with others. ❤❤❤
Awesome ❤
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
My CFA Teresa L. Athas a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thanks, I just googled her full name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
When my daughter was in high school, she met a group of girls who became her best friends, and they would have sleepovers at each other's houses. When I would drop her off at her friends' houses, I began to notice that their parents were all doing much better than my wife and I were doing financially, and it started to bother me. I would get depressed and I felt like a loser. And then, one night, when I dropped my daughter off for another sleepover, I had this epiphany. I realized that obsessing over the financial success of other people did me no good. Because no matter how well you're doing, someone else is always going to be better off than you are. Even though our financial situation isn't amazing, it's better than a lot of people I know, and I should just be fortunate to have what I have. Otherwise, you'll just drive yourself crazy.
Yes you are 100% correct, just be happy with what you have, and Do Not envy the Rich, BUT!! you certainly should NOT envy the poor either.
When we look at others and are envious of what they have … remember there are people looking at YOU and envious of what you have !! 😊
100% but that doesn’t mean you can’t try either :)
Also possible they weren't doing much better than you but simply spent more than was advisable.
I was one of seven children, we were often told by my mother not to ask for things if we went out on a day trip as there was not enough money to go around. Although I was only about seven years of age, I understood that it would be embarrassing for my parents. There was never a shortage of love in my family and I adored them more for their honesty. Don't underestimate the power of valuable life lessons .❤
I stumbled across this video, and I'm glad I did. What a great message! My wife and I had the same conversation a few years ago about how is "everyone else" taking vacations, buying clothes, vehicles, etc. Then we realized, they are in massive debt. We are much farther ahead than we ever imagined.
We feel the same way. It seems like everybody has so much except for us. We joke that we are the poor people in the neighborhood. Every house on our block has purchased one or two new cars this year except for us. Now that I work from home, I rarely drive. I just assume that everybody has to have at least double my net worth.
Welcome to the club!
My wife and I had the exact same conversation last week. They are swimming in debt to live like that. We save, invest, buy what we have cash for, and only owe on a rapidly shrinking mortgage. The lack of debt stress is far more pleasing than having new "stuff". We have nice 8-10 year old vehicles that get us to the same places that new ones would. Life is good.
Omg, my hubby and I say the same, we don’t do anything, but friends do, we have no debt, I wonder about our friends.
Absolutely! There is wealth and the appearance of wealth. Most people are just creating the appearance of wealth with massive debt.
As a climber who has worked her way out of debt and now saves each month, I cannot tell you how much I appreciated your message today. Thank you 🙂
I am not a climber so I hope I did your pass time some justice here! Well done on your personal finance journey also
Damo
As a climber I think this is a brilliant message for climbers, as well as those interested in personal finance!
Same 🤣
Haha she's like " I'm a strong independent woman by the way thanks Dad for paying off my debt" lol
@@kyleb1984 Just a heads up that words hurt. My dad passed away a long time ago, and I still miss him. He didn't pay off my debts, but he did teach me how to be independent and kind.
As someone who had an addiction and became homeless a few years ago, my financial goals have been to avoid that happening again. I even went without food several times. Now that I got back on my feet, that memory motivates me every day and I'm only compared to my past self.
I admire you for every step you took out of the darkness. It takes so much strength and courage. Cheers to the lessons you learned and the amazing road ahead of you.
Continuous improvement is the only competition.
👍🏻🙏
Well done, I congratulate you on your survival and success. Look forward and move forward, looking back should serve just as a reminder of where you were and how you've improved.
Every once in awhile UA-cam delivers something that doesn’t ruin your day - I could cry. Thanks brother, great video.
After I got rid of useless debt from buying stuff I didn't need just to impress other people, that's when I finally felt good with myself and my financial situation. It's not about showing the whole world how much you earn, but to be comfortable enough to live a good life and provide to your family.
Dude, the way you told this story was a work of art. I follow a lot of FIRE blogs and have plugged away for a few years. As we are approaching a significant milestone, I noticed myself feeling as anxious as ever. That we're not doing enough, saving fast enough. The truth is, I am constantly moving the target further out and comparing ourselves to the small percentage of people who are progressing faster than us. This is perspective and you really drove it home. Great video.
Thank you! Well done on pursuing your FIRE goal and sticking with it
Thank you! Well done on pursuing your FIRE goal and sticking with it
I do the exact same thing. It helps to take a step back and really consider how well you're doing
I consciously decided to earn less and do a job I loved instead of having a well paying job which was draining me. Despite living officially under the poverty line for two thirds of my adult life (I'm 60) I have very good savings, and since I paid my mortgage off aged 40- because I never upgraded my lifestyle from being a student, it's quite hard work but I enjoy it. It's much easier to be happy if you can learn not to compare yourself to others.
You are a wise and richer person for that decision. A beautiful soul 😊
I hear you. I cannot work at something I don't like just for a bigger cheque. I left a good job in the city...working for the man...literally. I wouldn't have stayed for triple. - Cheers
@@davidashley4386 Thank you- I had help, I worked in the financial sector in the 1980's, and strangely I didn't hate it- but I still kept living in the same way. After about 7 years I realised it was going to eat me up, and I retrained to do something creative I had always wanted to, but pays next to nothing. You have to focus on the fact money is just a tool to give you the life you want-whatever that might be.
I switched over to working 3 days a week from home. I used to work 65 hours or more per week without lunches or breaks. I love having four days off to spend with family. I earn a little less now but am still earning in the top 10% of the US. My wife works part time and earns six figures. we live below our means and max our retirement accounts each year. We are frugal by nature but feel that we are behind. It appears as though everybody around us must be multi millionaires. everybody is driving around in luxury cars and posting pics from their lavish vacations. We have saved several million but still live paycheck to paycheck after savings and investments.
Good for you, mate. More power to you!
"I'm not racing anyone but myself." Loved that! Yes, we need to focus on our own goals and work on what will be best for us and our families. What WE want, not what society says we 'should' have. As you so eloquently put it, there will always be someone richer than us and focusing on what we are lacking does not allow us to feel grateful and happy in our lives and just keeps us in the rat race.
Everything about this video is top quality!
You've got a real talent for script writing. The way you tie the story together with jokes which keep popping up is genius. And the moral message you send is also spot on. This is such good quality content.
I also love the way you use data and the way you credit the sources you use and the integrity you show in citing them. Keep this up. You're my favourite chanel with the best content of any genre right now and your content keeps getting better and better. Keep it up.
Yeah really impressed by the segues+narrative, prime finance UA-cam here
Thank you so much Alex this is wonderful feedback! Lovely way to start my day reading this, i really appreciate you taking the time to leave this comment.
Damo
I agree with all of that! Well done. The quality is superb.
I second this. Great work Damien.
Very Well put together
Everytime I envy a person with a better car I tell myself: "But I paid my car in cash. I don't have to pay on a monthly basis for a car. I own a car, I don't owe for a car."
oke de most egy kocka suzukival ne verd mar magad xd
If it flies, floats or flux, lease it. That goes for cars too nowadays (unless you're a car mechanic). 👍
Sometimes to owe a car is financially smarter than to own one ;)
How do you know they didn’t pay cash for the car also 😂😂😂😂😂😂😂😮
This is the first personal finance video I’ve watched in a long while that critiques hyper accumulation from an empathetic lens. Typically I see FIRE vloggers that stress hyper accumulation or others that call out its toxicity. I think you’ve struck a great balance of calling out the importance of increasing savings but giving your viewers the okay to do it on their own terms and congratulating them for even being on the path. Wonderful video!
Thank you, I think it's so important to take a step back sometimes and tell ourselves "You're doing a good job!" when so much of the world seems to tell us we're failing. Superb editing btw👍🏻
Thank you!
I feel like the whole world needed this video. In a world where we are constantly told we are not enough, or that we need to be earning more money, I felt so.. tired. I'm now trying to pursue things that bring me happiness and contentment instead of money, and my quality of life has gotten so much better after I quite my corporate job to do something more hands on.
To me, a sign I‘m doing financially well is when I can order delivery food or go out to eat and can order what I fancy, not having to look at the price, not feeling guilty afterwards and not having to pull up my balance to check where I stand.
Exactly. I don’t care to chase the Louis Vuitton coat tails of the rich.
You're setting yourself too low a bar my friend. Depending on your age at least. You really want to aim to get to a point where you have enough money that you never get to the end of the month worrying it you'll have enough. That for most people might just be a £1000-1500 buffer if your job is secure
@@happym5717 I make 6000€ after taxes, 2000 of those pay off my house, 500 I can put away to build additional wealth each month. Not quite the 1-1.5k you mention, but its fine. I also have 15k in the bank for unexpected emergencies, and I‘m not really touching that. So I can’t make a spontaneous Maledives vacation, but as I wrote, I can order food (which has become pretty expensive…) if I don’t feel like cooking myself. To me, that’s an immense luxury, looking at at least one billion people going hungry in the World. I‘m a single dad, and I can raise my daughter in solid middle class style, music lessons, going to concerts, going to see countries near and far to experience culture and broaden the perspective (this summer South Korea and Japan). So I am spending quite a bit of money consuming over a year, we don’t really live frugal. I think I‘m doing well financially, and it also feels like it. 🙂 And I hope I can give my daughter a good starting point to pursue a happy and wealthy life of her own. And my job is secure: Commissioned Officer in the German Armed Forces. Not a chance of getting laid off, and retiring in not even 10 years.
The problem is many people are at that point but really don’t have any wealth.
@@financialsuccess870 I should add: From the net that’s still available AFTER having paid for the wealth building part. I didn’t mean doing that while living day by day. When you pay off your house or appartment, put money away for emergencies and wealth building, and can still order food at any time.
You make so many VALID points!!!! I was in that COMPETITIVE perspective while I was a stockbroker before 9/11. That day, my ENTIRE world came crashing down around me (I was 30 then). I took a different look at what's important. From that day forward, my thought process was, when is enough, ENOUGH? I downsized DRASTICALLY. Now, I have a small but comfortable life with my part time job. Theres NOTHING more I could ask for. Thank you so much for this video. It was very ENLIGHTENING!!! I hope you are enjoying the day and be safe xoxo
My husband and I have worked very hard to become financially successful. We have stayed true to ourselves by deciding to make a good living and not spend time competing. I realize a good living may mean different things to different people but for us it meant debt free, mortgage free, investments, retirement covered and no stress to pay living expenses. We made it before the age of 50..👍
This is an excellent video..thank you!
Yes, financial success means different things to different people. We immigrated from Germany ( we are half Guatemalan, half german) to the USA in 2018. In Germany we rented a small apartment for years. Despite my husband having a doctors degree and I a Masters, it wasn’t possible to own a house in Germany. Most people live in small apartments for their whole life, lowest house ownership rate in the west. But we also learned so much about financial decisions. Germans don’t go into big debt in general. Only for a house, if they can afford it. So, after moving to the USA we didn’t immediately spend the money we earned now ( four times of what we earned in Germany plus lower taxes). We wanted a house but my husband was set on not having huge debt. So we rented a smaller house , didn’t eat out, took our own food to work etc. After four years, we could buy our house, cash. Yes, it wasn’t perfect. It is definitely cheaper than the houses of people with similar income. But we already painted and fixed so much ourselves and saved now enough for the construction work we want. My husband also learned he enjoyed doing things on the house himself. In a year or two it’ll be our true dream home, without debt. Yet, there is huge competition in our friend circle. They constantly buy stuff. I often felt a bit jealous but then I learned that they don’t earn more, they are just in huge debt. Of course you have to enjoy your life but money should not be spend to compete with others. Compared to Germany and maybe Great Britain too, the US upper middle class and middle class means something completely different, they expect much more here. They don’t even count eating out daily as a luxury. I know families that eat out five times per week. Even with a stay at home parent. I sleep better, not being in big debt.
Kids?
That's definitely an example of someone who is financially successful
Even though I’m 43 years old, it’s hard not to compare yourself as others. However I am blessed to say that I’m debt free 😊
I'm 64 and getting close! God bless you!❤
Damien, you're changing lives with content like this. Comparison is the thief of joy, and shifting mindsets to be grateful for "enough" is a much healthier way to look at money. Great work!
YES Carol! This is so great. I love you even more after this video!
As someone who has found inner peace quite 'early' in my 30s, with a 25 year old car, 2 bed end of terrace house and an average job, find your purpose and ignore societal norms.
It's great to have a financial plan and to seek financial freedom, wealth, security etc. But don't let it own you.
There is so much more to life.
I used to be envious of those that I perceived had 'more'. I soon realised that they earned more but had little else.
I now love the fact that we have paid off our mortgage through 10 years of living below our means.
Which now allows us to work part-time so that we can volunteer with youth development charities, de-litter our local woodlands at the weekend and spend more time with our aging grandparents.
Full disclosure - Both of us earn less than £40k a year.
I bet your life is much better than many rich people.
I'm a 63 year old airline captain, flying the biggest jet for one of the biggest airlines in the world. Only now am i fully realizing the truth of your words. I live in West Palm Beach, Florida, and man, I'm sick of the materialism, the one-upmanship, the pettiness, the ostentatious display of wealth, the egos. I crawled from humble beginnings i guess, the grandson of Mexican immigrants, and played that game far too long. I decided to retire, to Thailand, later this year. Already, i'm selling my stuff....stuff that once seemed so important. The boat, the RV, the big motorcycle, the trophy wife...gone. I just don't want to be part of it anymore. My goal: To move to Thailand and take with me nothing more than i can fit in a carry-on suitcase. And yes, 2 marriages, 2 kids in college, and a load of debt (almost completely gone) took their toll. But that part about having enough stuck a chord. I have enough, and for that i am grateful now.
I’m 32 and thinking of moving to Thailand to escape Australia
Why do you want to escape Australia @@ImJareds
The rat race is real. My wife and I just had the is conversation. We’re both sick of the rat race. We work our tails off (both work in medicine), we make solid paychecks, but it’s hard to see what we’re really getting out of it, except a mountain of stress trying to keep up. Keep up with what you ask? I’m asking myself the same question.
I really REALLY needed this. Exactly how I have been feeling, with lots of anxiety and stress for no practical reason. Thank you so much.
This video is more important for a lot of people to see than you might realise
Man! You timed this video perfectly with how I've been feeling this weekend. Sat down, opened UA-cam, and this was the top of my subscriptions. Thank you Damien! It's so important to try and take a step back, give your head a wobble and be grateful for what you have. If you can't be grateful for what you have, what you achieve will never be enough.
Genuinely loved this Damien. Living a simpler life with simpler pleasures has been the best thing for me. I’m not aiming for anything material or a certain salary level. I still struggle with really defining what my goal in life if though so just trying to stay debt free and save as much as I can so I have a big enough buffer for when I’ve figured it out ☺️.
@@crayfish6735Love it when the comments are so philosophical 🧐 😂 totally agree
Same here, started really thinking about money and pension late in life mid 50’s, I’m 63 in feb, made redundant in lockdown and earn 50% of what I’d did, but through various things inheritance, tweaking mortgage etc I’m in a good place. I won’t be the richest pensioner and not the poorest but we will have enough, I have a new granddaughter in USA and hope to be able to see her 4 times a year minimum. My other kids are UK based so as long as I’m ok health wise and my kids are doing OK everything else is a bonus.
Spot on Paul. Same here 👍🏻
Well done Paul, good for you.
This video WAY more than whether or not one is doing well financially. It’s way beyond and I really hope it gets to the people who really need to see it: those who are truly struggling and hurting and believe they haven’t anywhere to go or anything else to live for. You made this very clear with undeniable facts and numbers. But more importantly, you pinpointed the sickness where we’ve bastardized and justified “creating greater and greater because it makes life more fun and more ease” into “competition.” A lot of people are a lot more exceptional than we believe and that the world has told us we are. When, in truth, we’re just a whisper from a trusted and true friend away from greatness. Thank you for this and I’ll be sharing this with everyone I meet who needs it.
Damien I find your videos absolutely humbling. And a world where we are expected to be brilliant, productive, witty, funny, talented and valuable all the time I find your empathetic approach to financial education so refreshing.
The facts, the narrative the delicacy of recognising the dissonance and dissatisfaction of those well of and their concerns while being mindful of the struggling reality of many is brilliant.
As one of those lucky ones who doesn’t have debt, saves some money each month, and can cover my bills with enough for takeout once a month, you have not only perfectly captured the feeling of still feeling behind, but also made very appreciative of the reality of the lucky position I hold.
Keep educating, your content is priceless
I'm glad I found your channel. Well done video. I spent my 20s trying to compete with the world, and I'm spending my 30s trying to focus on myself and my circle. I have to remind myself often that I'm doing better than many. Showing gratitude for the people in your life is one of the most powerful things. "When what you have is enough" ❤
I'm trying to apply a similar approach here. Honestly, many people have more money, better car, maybe a better paying job. Does that translate to a happier life? You never know unless you will follow these people's lives 24/7. Else you can only guess. Our brains have a very weird flaw, it's a kind of "halo effect" - whenever we consider something or someone as a really high value/desirable, we always think of it in the best possible way. Or vice versa in the dating world, if we fancy a hot girl and she stops responding, we start visualizing the worst possible scenario for us: she must be on a date with a guy better than me.
Sometimes the reality is not like that, it's our minds that project visions like that. Make sure you stand your ground and keep on improving yourself, the rest will be just a by-product of it.
Thank you Damo, this is an awesome video! I literally had a chat with my partner yesterday on how social media is making people unhappy and dissatisfied. This video helped me elaborate on those thoughts, thanks to your examples and analysis. Keep up the good work!
Only just seen this and I wanted to say thank you so much for this generous donation! Really appreciate it
Why do you give him money??? He is doing well! Watch the video again
Why did I tear up at the end of this. This is a trap I pull myself out every few years but this was so eloquently told and I needed to hear this message again
I think this story shows it is more impressive to bring your family and friends with you, than to try and compete with them. Use our talent not to show off but uplift. We get more value by stepping back. There is no point in winning if you leave everything and everyone behind.
In terms of financial well being. There always going to be some better off. Be comfortable with what you have and if it meets you goals.
Interesting video.
Thank you Damien. This is exactly what I need. All my friends earn 3 or 4 times the amount that I do and I constantly feel like a failure. This video has made me feel better.
I know this isn’t a motivation channel, but you told the story well, you circled back round and this became one of my favourite videos. I’ve often enjoyed your in depth videos on finances but this one struck a different chord, and would love to see similar videos like this. It’s not good enough to be finically independent…sometimes that brings nothing but relief, but taking a step back and knowing your are emotionally and mentally rich is worth so much more. Thanks for reminding me of that Damien.
This is an outstanding video. What you are saying is so true. I've made so many mistakes when I was in my 20s and 30s but then I turned my finances around completely. I sometimes kick myself for not doing what I do now earlier than I did. Truth is I started turning things around when I was in a job I was happer in, earning less money and I stopped comparing myself with others. I started to focus on being in competition with myself. It might appear that to others that I've little money coz I live in a modest house and I have a little car etc. I like living a simple life where I can splash the cash every now and again. My goal is to retire early. I've no intention of slaving away into my late 60s.
Congratulations.
The last sentence you wrote had me nodding in agreement for sure.
Truly inspirational video. So often I've been in the position of "why does everyone else seem to have more/go on better holidays than me?" I wasn't frugal - but I did put money away every month into a pension and overpaid on the mortgage, did extra paid work when it became available. I recently did a financial review and realised I could retire in 6 months time at the age of 57 - on the same money I get currently paid rising in line with inflation. I got there accidentally by hard slog and not trying to compete with others.
Well done but many people can't afford to save or sadly don't even make it to retirement age.
@@kingofthemawds9472 Many people have a few kids when they can't afford it, they also buy new cars, go out to bars and spend tons of money... then complain that sadly they can't save.
You are indeed inspirationl. i am now in my seventies and can tell you the sooner you realise always searching for the next win, you will only encounter more losses, so be grateful for everyday. ill leave you with one sentence which will hopefully promote thought, and reflextion.
"When you shoot for the moon the stars come free"
The story about the two friends climbing a mountain made me cry. What a storyteller you are! To make me cry in a video about something as mundane as money...
Thank you! Lovely feedback on my video. I think the story tells it self. You should 100% watch the documentary. "The Dawn Wall"
The way you tell stories to simplify tricky matters without sounding patronising is a skill. 100k subscribers in sight and absolutely deserved. Keep smashing it Damo.
My mum always told me that while competition can be a healthy source of motivation, comparison is the thief of joy. I think especially in this current social climate where we are bombarded with the successes of those around the globe (particularly in the UK and US), that it's easy to look at someone and compare ourselves. This someone who is perhaps your age or younger, the same race, with similar circumstances, a person you do NOT even know, and you think to yourself, well why can't I? What am I doing wrong? Why don't I measure up? This was recommended on my FYP and I just wanna say thank you for this video. I loved the story of Tommy and Kevin and the Dawn Wall. As corny as it sounds, the only person I can compare myself is to who I was yesterday, and if I can incrementally get better,, day by day, bit by bit, well that's a job well done.
Hats off to a new channel I'm discovering in the vast low-quality personal finance YT channels. This is a great, very well done video that tackles a simple yet much under looked (psychological) problem in developed countries and their societies. Bravo.
Deleting all social media has really helped my happiness. I certainly "have enough" and have come to realize that I'm probably further ahead than I give myself credit for by opening my eyes in both directions.
I really really like the way you compile your videos. Your content, scripting, it's a skill that will take you a long way and I am so happy for you mate.
Absolutely second that! :D
Thank you so much as always Bernardo. I took my time with this one as i wanted to do the topic justice so i am glad you enjoyed the script!
Talking finance scares me, but this video and the content I’ve seen from you so far is so well put together and actually enjoyable to watch. Thanks!
Catching you at 100K subscribers is like buying stock in Apple before it went public. If you continue to offer trenchant social, economic, and existential analysis like this video, you will hit a million subscribers in no time.
Love this comment thank you so much
@shaynelee487 Wrong. You're paying for his product with your time. Not his stock. You've learned nothing.
This rings so true. I can’t tell you how many times I’ve inwardly thought to get my house in order, or to start exercising more often, only to scroll UA-cam and see, what is by comparison, unachievable beautiful homes, relationships, and physiques; making me quit on the spot. It’s also paired with that addiction of having a device in hand all the time. Really need to ditch the habit and then when that perception of all the competitors dies down, it will be so much easier to commit to action. Thanks for this video. The awareness alone is gonna help a tremendous amount!
I don't comment often, but man, you've got a wonderful way of keeping it down to earth and calm. Brilliant video.
And feels so true. The other week I got my electricity bill and obviously with rising energy costs it was... not good. I found myself stressing out about cost of living as I paid the bill, when I suddenly realized: Hang about, I can still pay this without going over any budgets or having to reallocate funds or wondering how I'm going to pay next month's bills. This may not be great, but I'm doing absolutely okay - and with the state the world's in, that suddenly feels like such a blessing.
This is such a great video… I recently had to take a step back from all the financial stuff I followed as I realised I was becoming so obsessed with budgeting and how much I’d have at retirement that it was becoming detrimental to the way I’m living now! Imagine spending all that time saving and sacrificing and you don’t even make it to that age… so now I’m working harder to enjoy the here and now!
What a lovely way to motivate people and get them to see the value they have regardless of how much money you have compared to others.
Thank you so much for this, I know I often feel like this and its great that someone can highlight this. I save significantly more than the average person yet it never seems enough to make me content. I almost have an irrational fear of not having enough when I retire and constantly battle to keep it in check. Fantastic content and such an important message.
Really reassuring that i am not alone in these feelings. I think i have learnt if you have more than most and you are not content then even more is not the answer and we need to look at another way to find that content feeling.
@@lenb9037 edited 😊
Thank you! I needed to hear this today. I took a pay cut at my job and I saw my first paycheck today and felt like crap. I feel better but there is still a voice inside my head that is turning up the pressure. I will find out what the universe has plan for me. Thank you again for this message, I feel like there is light at the end of tunnel.
No-one tells you "you're doing well", you just continue to struggle onwards trying your hardest for the sake of your family. This video really made me stop and think about our financial situation and actually we're doing fine.
Not rich, but we definitely have "enough".
Great narration and superb content.
Thank you.
Excellent story telling and editing Damien! It's so true, I've a business that employs 12 people. I never felt like I've made it, if anything it feels if I don't stop pushing it'll all fail.
That is the reality . We take the responsibility of paying every employees bills and have to keep the work coming . However employees do not always understand that.
My step mother went to work for two brothers. She was a buyer for a pharma's before she went there and they sold machinery to factories and farms. Both loaded. However they worked themselves so hard both were dead on their 40's sometimes you have to just enjoy the scenery.
This made me feel brilliant! I’m earning less at the moment after having gone to youtube full time. But I have zero debt (even own my phone and car outright) and put away about 70% of my earnings each month. It’s been a lot of years of living within means and clearing debts. But definitely been worth it!
Fantastic video! Thanks so much for making this. I work in tech and switched back to a flip phone a little while back, its honestly been the best decision for mental health I've ever made, my husband also switched when he saw how much nicer life could be without constant popups just the people who you actually know trying to get ahold of you :)
Dude.
Those last two segments are among the most compelling and moving motivational, capital T Truths of being human, pieces I have ever seen.
And that Kevin/Tommy finale really smashed me in the feels and truly sums up the right perspective and how to try to think in trying to evaluate and measure your life, performance, and circumstances.
It's like that old truism, 'the race is long, and in the end its only with yourself.' So you've got to fight the natural urge to use comparison as your measuring stick -- because truth be told, we're really only interested in comparing ourselves with folks who are doing it, or who've got it, better.
Very well done.
Your video just came up on my feed. I am not exaggerating when I say it was life-changing. New thought pattern. Mind blown. Thank you, my friend. You have no idea how many people you have helped with just this one video. Bravo!
Damien, this video has been recommend for weeks and I am finally watching it! Thank you! A lot of us are doing WAY better than what we think. I am a Brit but also Nigeria. It is sad that when I touch base with folk in Nigeria I am instantly reminded of how good I have it. This video is extremely timely and also very encouraging! Thank you! You have gained a new subbie
This video is, by far, the best thing I've seen in a very long time. It is thoroughly researched, brutally honest and presented in a totally engaging and accessible way. Thank you for this - you just made my day.
This comment made my day! Thank you so much
I think many of us who are effective savers have a hard time patting ourselves on the back. I am constantly moving the goal post for myself, stressing out when I'm doing much better than my peers. It's definetly important to put things in perspective and to give yourself some credit. Great video!
Totally feel the same. My savings rate is close to 50%(Which i find too low...). Have a cash paid Tesla. Low mortgage 5 bedroom house. And that all as a single millennial person. And im still feeling like im doing bad. Im afraid to spend money, and always looking for the best deal. Buy only stuff that has low deprecation. For example herman miller chairs instead of cheap chairs so it will hold it's value. Im such a weird person for going deep in such stupid details. Like the Tesla i know this battery(LFP) can handle 3000 cycles * 400km = 1200000 km (minimum, it can do a lot more) And the Herman Miller chairs have 12 years warranty while i bought them for 50% off. And can sell them for 75% of their price. As it was a showroom model. The Tesla i bought for 40K euro almost brand new. Can even sell it now for more. Such stupid details i feel like its controlling my life. (I come from a poor family) Investing in stuff like Solar Panels, house insulation. Always i calculate ROI's on everything. Or i calculate how i can get low deprecation on value if i can't get ROI.....
Same. I grew up in poverty, sunk myself into debt as a young adult, and spent 6 years digging myself out of it. Now I'm terrified of being poor again and, no matter how much I save and deprive myself, I feel like it's never enough. Stopping to acknowledge that we're doing ok is so important.
@@Angela-ne9cy right there with you. My parents got divorced and they constantly fought about money. I think that's where my money saving obsession comes from lol. Never wanted it to be that big of an issue in my life.
See what you did there " give yourself some credit "😂👌🏼
I'm really glad that I found this video. I was searching online and looking for financial advice. It turns out I was looking for the wrong answers. This is a really healthy perspective on money and life. Thank you.
My 16 year old son made me watch the Kevin video, it's amazing
He started a permanent part-time job a few weeks ago, so I'm gonna make him watch this with me.
We're a pretty grateful bunch in our house, and you nailed it here. Well done.
Amazing & important video Damien! Although I can acknowledge that I personally have made strides in the last few years I often still feel like I'm playing 'catch up' or underachieving. Thanks for shedding some light on these feeling.
You are welcome Chris! I hope next time you have those feeling you can check them.
This is great content - Thanks for creating 👌
I battled the 'I'm behind in the race to financial freedom compared to others' perception for a while, but concluded a couple of years back that it's my goals and those of my family that matter and we are in good shape to achieve them - In fact I now get more enjoyment from bucking the trend... I traded my 'fits in with the crowd at work' new BMW for a £400, 20 year old ford from EBay - It still stands out in the corporate car park but for a very different and satisfying reason - It's the only one not carrying a £700+ per month PCP payment ... My Vanguard ISA is grateful for my new life choices and not chasing the crowd.
Very wise move - I did that 25 years ago - binned my company BMW 328SE & got an old renault megane 1.4 when my 1st son was born & onto my 3rd speeding ticket. Followed it up with more “crap” cars. Invested - now plenty of £ to retire before I’m 60 & help my sons launch their careers and get a flash car if I wanted one !
I have a very similar story to yourself but maybe not on as grand a scale. I traded my 4series BMW in for a 10yr old citreon C1 and I can’t believe how much happier I actually am. It’s the most comfortable I’ve been financially in my life and I can still invest £200-£400 per month. It’s so freeing to finally give up on keeping up with the joneses and to not feel trapped financially just to look like I’m doing well!
@@cbrockett6736 And you never worry about where you park, scratches, people opening their car doors onto your car, rubbish/leaves in the back, babies puking 🤮 on the seats etc 😀
@@jansher9 That’s another very good point! I don’t have to be anxious going anywhere that’s busy because I don’t care if my £1500 car gets a slight scratch. As long as it drives A to B that’s all I need
I did the same - I used to have a company car BMW through work which cost me hundreds of pounds every month, but I hated my job and I ended up hating the car too. I changed jobs to something less senior with far less stress, and bought a 2003 Volvo (also from ebay!) - I also started saving money every month, and ended up being able to start paying a personal trainer for two intense gym sessions every week. I've lost lots of weight, I look better but more importantly I feel SO much happier than I did!
One of your best videos ever! Nice work. Your scripts, editing and explanations have made you my favourite channel.
Me and my OH both grew up in poverty in London and now through sheer hard work we're about to buy our first home on the south coast- we're both in our 40s and work online, faced with young millionaires with 10x the views/sales and the market has made buying a home tricky. It sometimes feels like we'll never quite get there and it's easy to feel sorry for ourselves and that we're behind everyone else, but things could be SO much worse.
I started investing £50 a month a year ago and have felt the whole time "it's not enough", but the fact I can do anything is pretty amazing. We don't want to rule the world, we want a home of our own, pay the bills and have some quiet (and get away from our crappy neighbours). It's funny you mention competition and motivation- we've almost turned being frugal into a game against ourselves to maximise our savings. Here's to having enough
Thank you so much! Glad to hear you and your OH working towards a goal together, start with 50 and in a couple years you’ll be laughing honestly
Man I am glad UA-cam recommenced this video. You really framed that well. Thank you for this.
Thank you for watching!
Not sure how UA-cam does it, but this video was so on time for me. Thank you, Damien.
Thanks for this great video. I am one of those paycheck to paycheck $100k Americans and often felt discouraged because my coworkers live on twice as much with two incomes to my one. They have new cars every year, huge houses and best of everything while I've driven the same car for 20 years and thrift shop for my kids clothes. I can pay my bills though so not as bad as it feels, it's not a race. Thanks for the lesson.
Another genius quality video Damien, thank you 🤩
I'm stunned by the way you go deep into data and philosophy while still keeping it light. You could explain anything to anyone and make it interesting and fun. I honestly think your videos will become classics of their time, as well as helping so many of us now.
Thank you so much Alison for this lovely feedback. ❤️
Thank you so much for this video. I am in my early 30s, single, renting a flat on my own, I have many friends who earn more than I do, have mortgages, have partners and families of their own. combine that with social media and its no wonder I feel so crap about myself that I struggle so much day to day...this whole videos explanation of competition and just the figures too. I am much more well off then Ive given myself credit for. It is the constant comparison to everyone else that hurts me. This video really made me feel a bit better. got a bit emotional when kevin gave out that "yeeaahhh"
You are doing great mate keeping climbing your mountain
@@DamienTalksMoney thank you again. Today I have climbed my mountain. Or one of them anyway! I am collecting the keys this morning for my house that I have bought. This is my dream
This was such a fantastic video! My husband just retired & I am constantly worried that we “don’t have enough” I have to stop comparing apples to oranges. If we are happy, are debt free, have a roof over our heads then we are doing well
This video ended up being way more Powerful than I thought it would be going into it... and doesn't just apply to finance either.. This is a massive life-lesson kind of video where finance is just the working example. I've just potentially changed my way of thinking about running my channel based on this one video alone - that's how good this is. Thank you for this.
What a great video, packed with great info.
I’ve watched this documentary a while ago and never thought of that. Great perspective! Once the pressure for competition was removed, he managed to live up to his true potential. Loved it!
I can't "like" this enough--absolutely inspiring! Excellent message, wrapped in an encouraging story of friendship, and told powerfully. Thank you for this!
i still struggle with it, but what helps me get out of the negative mentality is focusing on my own personal growth rather than comparing myself. some ppl were born into wealthy families, some ppl had connections, some got lucky. but if i have been able to increase my income substantially over the years, then that is definitely something to feel good about, regardless of where one might start.
Banger one. Thanks.
There's never enough:
- happiness - money - love - fulfillment - social status - things - people - achievements - knowledge - books - ....... -
there's only enough is enough.
In psychology this talk is called Cognitive Behavioural Therapy. It's a way of ridding your fears through a thought process change. Brilliant talk and thanks for this.
This video introduced me to your channel; case studies are really helpful, and I hope to see more in the future! Establishing habits, such as regularly setting aside money for wise investments at regular times, is essential to building wealth.
You're right; I believe that diversifying your investments is the best course of action. By investing in a variety of asset types, such as foreign stocks, bonds, and real estate, you can reduce the danger of a market meltdown.
It seems like a sensible plan. Working closely with a financial market expert, I have developed a six-figure diversified stock portfolio over the last two years. This year, I want to diversify even more.
That's quite impressive!, I could really benefit from the experience of these advisors, my portfolio has been performing poorly, who is assisting you?
Renowned for her proficiency and expertise in the financial market, “ 'Annette Marie Holt ” my financial advisor, holds a broad understanding of portfolio diversification and is recognized as an authority in this domain.
excellent share, just confirmed her page online after inputting her full name on my browser, she seems valid. very much appreciate it.
Thanks Damien! I really needed that. I’m in my late forties and recently I’ve been obsessing over my SIPP. My mind swings from being glad I’ve got a pension pot much larger than the UK average through to feeling utter despair when I see the figures necessary to retire comfortably. Your video gave me a better and more hopeful and helpful perspective. Thanks
I'm the same I think. I'm 45 in a few months and I only started saving into my SIPP in April 2022. It does help a bit to get some context. These videos help me stay on top of it.
@@chrisclarke1458 thanks for the comment. In my specific situation I started my personal pension in 1998. I decided on a monthly amount and then set it to increase 5% a year but then really took “set and forget” a bit too literally as I didn’t really think about it again until 2021. Without reviewing it annually, I’d really forgotten the logic of my decisions and whether my risk levels and fees were good. I felt quite foolish and obsessed over what better or more timely decision making might have resulted in.
I guess there’s a balance to be struck between fiddling around with it too much and just letting things continue uninterrupted.
Another fantastic video Damien. Couldn’t have been better timing for me, as I hurtle towards 40 and contemplate many aspects of my life. This video answered many questions that I hadn’t even quite formed yet. Thank you for all the work that you put in to making this content.
One doesn't often hear so much commonsense coming from a person especially one with empathy, an understanding and recognition of other people's position. Thank you.
Lovely comment thank you Gary!
The best youtube video I will possibly ever watch. Even just for my own mental health, as a 24 year old I already feel the weight of the world on my shoulders but this really hits home. Thanks for this.
You’ve made great content from the start. I stumbled across your channel during lockdown one in 2020 when you had only about 2,000 subs. This video however was standout. Whilst I’m sure you don’t need my praise, help yourself to some. This really was a fantastic video. 🎉
Thank you Rob!
Incredible video. I'm young in my journey, just turning 27. Made the decision two years ago to leave my city apartment living paycheck to paycheck to invest in myself and my own financial goals. The stress wasn't worth the lifestyle. Moved in with my parents and have been saving every penny possible since with the goal of buying a multifamily property, fixing it up, and living the rest of my life rent free.
My digital life is swarming with these self-starter millionaires in their 20's and I have felt so behind. I know rationally I'm doing well and am on the correct path. It's hard to shake that feeling that I could have started earlier, could have pushed myself harder and been further along in my journey towards financial freedom.
Bought my first house at 31, got 40 more by 40. You’re poised with great timing ahead
I thought I was going to get a typical list format type video just to pass the time to be honest, but this video along with this message was actually relatable and powerful to me. You’ve definitely earned a new subscriber.
Love the stories , the post it back story killed it . Thank for this. Enjoyed it . Nicely put together
im 18. ive been working as a delivery driver for the last year while being full time in college doing a levels. i managed to save over half of my weekly wages from my previous job, and now manage to get by living off just the fuel money and around 10% of my monthly paycheck. Since spending my savings from the last 10 months of work on a newer car that will last me through uni and beyond with regular maintenance, ive gone back to saving large amounts, not buying expensive things that i dont need, as i know fine well i will need this money for uni, i still plan on trying to save at uni and come out with more money in my account as to when i started. i have friends who are a bit older and make almost double the money i make a month, and its easy to see where they can cut down on expenses and save more each month; however, the adaptation to this is hard. its something that really needs to get taught from a young age in schools, because so many people do not know how to manage their income and expenses. but it isnt
You really need to be investing that money. The sooner you start the better off you'll be. Don't just save cash b/c you're actually losing money long term due to inflation. Look into high interest savings accounts, CD's, brokerage accounts, etc. If I had started doing what I'm doing now at your age I could likely have retired around 40 years old. Instead, I'm almost 34 and really only started investing my money over the last 3-4 years. I likely pushed my retirement age to 55 or beyond b/c I missed 12 years of investment time.
Figure out what you need to live for 6 months to 1 year and have that tucked away just in case you lose your job or have a major expense. Everything else needs to be invested in something that gives you a return. Make sure you diversify. Precious metals, stocks, ETF's, CD's, mutual funds, retirement funds, cryptocurrency, property, physical assets that increase in value, etc. DO NOT WAIT TO START.
@@oldscratch3535 100%. If I knew then what I know now. The advantage of starting way young is you have tons of time, so initially don't need as much money. The older you get the less time you have, so you need more money.
I totally screwed myself, and now I have neither time nor money. I am always hoping for 'luck' to cross my path that leads to some type of catch up score. I was 34, 27 years ago.
May the force be with you!! - Cheers
@@joeshmoe7967 It's never too late to start. Take whatever you can and invest. A small return is better than none at all.
Nice job
Interesting how you have put this into context. I've known my own Dawn Wall for a long time, basically to own my own house. I'm still nowhere near the top yet I see people half my age achieving what I've dreamed of for years. It's only when you look into how they've achieved it (Family help, being in a relationship, not going to university) that you realised that the prize may be the same, but the race to get there has taken completely different routes. It's the difference of running 26.2 miles and driving it. I'll get there. I don't know how, but I will eventually.
It is often just sheer luck. I grew up with a single mum in a council house and never thought I'd be able to own my own home outright, but my partner's Mum sadly passed away in 2021 and her house sale plus some savings mean we're about to become mortgage free (we live in Stoke-on-Trent so our house was very cheap). I'm 38, and I can't quite believe the position I have ended up in - I'm so lucky compared to most.
You're right, you will get there eventually, and it'll be all the more satisfying because you did it yourself with no help.
Thank you for this Damien (recently found your channel). I constantly worry about savings and what I have available but need to take stock at times. I have shares/investments/premium bonds but often worry about "what if" and I need to stop doing that
Thank you so much for this Damien. It really resonated with me. I would say I am doing well in life yet I still feel like I am failing. I never celebrate my achievements in life as I have already left that goal behind for the next one. I am genuinely scared that I will never be happy because I honesty don't know what I am striving for. I suffer with severe imposter syndrome a lot of the time and crumble for a while but then I am an unstoppable force to be reckoned with at other times. Its so exhausting lol.
I grew up poor so I am always grateful for everything that I have. I finally reached a point where I started working part time to spend more time with my family. I spent the earlier part of my life working as much as I could. I saved and invested all of my overtime money. I probably have enough to retire, but will most likely work for another 10-15 years only part time. Now I can go to the gym, bike, play tennis and cook. I get to see my kids off to school and be there when they come home.
Perfect combination of humour (honestly we all need it when it comes to this topic), facts and compassion. This was great and very insightful
Thank you so much! Glad you enjoyed it
Damien, I swear your videos are edited so well. Your storytelling is just perfect. You got me into investing a couple years back and it’s the best thing that has happened to me. I have also been feeling this way so for you to put this video out was a sigh of relief. Thank you 😊
Thank you so much. Great to hear you have stuck with investing! The buying you are doing right now will pay off so much in the future. I have been surprised myself by just how many people seem to share this feeling i have found it really reassuring that it isn't just me.
Never stop the anecdotes, always gives me a chuckle in between the hard hitting factoids. Great vid xD
I'm giving you a 10/10!
Well written, well told, and you even stirred some emotions 👍
A shift in focus is what's needed! Going from comparing your own results to others, to focusing on your own progress!
Easier said than done, but I believe it's worth the efforts😇
Great video. The quote " comparison is the thief of joy" comes to mind
EXCELLENT video Sir. I'm an older Gen X guy and it brightens my heart to see persons in the younger generation reflecting on simply being happy with yourself....as YOU are....While still trying to be the best version of yourself. Money does not make you happy. I've known LOTS of wealthy people who are miserable. Money makes you comfortable. Happiness comes first from within, and then from the people you surround yourself with. It's really just as simple as that 😀
This was motivating. Thanks a lot Damien. Being a recent immigrant, was thinking I was way behind the pack. But this just motivated me to be better here 🙏