One Small Change to Massively Improve Your Finances
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- Опубліковано 13 чер 2024
- There is a branch of academic research focused on exploring the most impactful ways to influence human behavior and the choices we make. Today, we will examine how this applies to your finances.
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If you would like a summary of everything I discussed, you can get it here:
financialinterest.com/financi...
Links from video:
FCA paper on nudges
www.fca.org.uk/publication/re...
Pension Nudge
www.fca.org.uk/news/news-stor...
Fly in the toilet
worksthatwork.com/1/urinal-fly
The majority of quotes studies can be found in this paper
poverty-action.org/sites/defa...
Harvard study
scholar.harvard.edu/files/tod...
Timestamps:
00:00 - Don't Miss
01:26 - Nudges
02:38 - Defaulting
05:18 - Commitment Devices
06:50 - Better Commitment Devices.
10:45 - Reminders
DISCLAIMER: Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you.
DISCLAIMER: I am not a financial advisor and none of the content on this channel is financial advice. All information is provided for educational/entertainment purposes. If you are making investment or other financial decisions and require advice, please consult a suitably qualified licensed professional.
If you would like a summary of everything I discussed, you can get it here:
financialinterest.com/financi...
Just want to say that I watch pretty much zero finance videos, but you make this topic incredibly interesting and entertaining. Good work.
Thank you so much! I will show the mrs this to justify me covering the house with Lucozade
😂@@DamienTalksMoney
Just one thought... a lot of the products discussed are created by the government, a lot of the products are being nudged by the government.. The flaw.. Government has total control over the products created and can be subject to drastic change in a heartbeat. 20 years down the line you could be really doomed with no exit.😥Nudge or Not. Tax Free or not, projections or not...
I've managed to save almost £40k in two and a half years. Simply by asking myself: "Do I really need this?" every time I'm tempted to buy something. It's amazing the reasons people go to justify spending money on crap they don't need. I can say that my life hasn't really changed (I was always quite frugal). I still buy stuff that I need, day to day. But, being completely debt-free and with tens of thousands of pounds in my investment accounts, beats any temporary endorphin rush that you get from buying a load of crap that you don't need, and will probably never use.
Viewer from the U.S., and I thoroughly enjoy your videos. They are all well researched and thought provoking, but even more impressive is your ability to then distill it down to folks without a finance background and make it interesting and funny. Keep up the great work.
Thank you so much for watching from the other side of the Atlantic and for this lovely feedback!
Yes, you are correct on the psychology aspect. That's why, when you're doing a First Aid course, they teach you to shout "you, in the blue shirt, you phone 999" and "you, in the red shirt, you get the defibrillator". If there's no personal accountability, inertia takes over and people don't act. I wish I'd known all this stuff 20 years ago when I was starting out as an adult! Mind you, I suppose I did have some very enjoyable nights out, wasting money!
Fascinating insight thank you!
Your channel keeps me on track. I am on a low income but I managed to save 30% of my income last year and on track to pay off my mortgage in the next 3 months.
Good job 👏🏻👏🏻
Amazing result! Imagine how good it will be when you clear that mortgage. Please send some of that money on yourself. I like to allocate 50% to saving 50% to living life.
Can't be that low income if you've got a mortgage lol.
@@Rayraysplums Depends on how long they have had there morgage, it,s not always been the way its been made to be these days.
@@Rayraysplums I earn £24,000 a year, it's the highest wage I have been able to attain. I have been paying Mortgage for 19 years but on track to pay it off early, in part, due to this channel.
More peepole need to watch this
Love the typo
I'm glad you intend to produce more vids. Well done mate.
I've watched a lot of self finance videos and typically once you hear the basics new videos are just regurgitations of the same. This actually had some tips I haven't heard of before. Especially like the saving what you spent on the night out idea!
Damian, I've been watching your videos for a while but I must admit you're growth is very much deserved and most recently, your incorporation of humour in your videos are particularly impressive! 5/5 please keep this up
I love your videos so very excited for your goal of more this year 🙂
Thanks for all your videos. If my children ask about financial advice I now point them in your direction. Keep up the good work.
The artistry on this was is on 10000 well done mate!
Three videos in 8 days?! New year new Damien? We are lucky, thanks for the continued top tier content 👌
Thank you for noticing! Haha I do have a commitment to uphold now
Really doesnt want to send the money to Man U 😂
Nice one Damien. You and Nischa are by far the most relatable personal finance podcasters on YT. Keep it up! atb
Great information. Thank you for sharing
Great video as always Damo. Entertaining and informative, thanks so much mate 😎👍
The editing, the content & humour is always top tier bro 🔥
What a great video, thanks Damien. Have a coffee on me.
Quality video as always Damo! 👌
Our bank accounts are like our bladders - both need careful management to avoid unexpected leaks!
Love the video, Damo!
Even better is your return to adding more humour back into your vids - I've missed it a lot over the past year! Not only does this regular injection of laughs give you a USP that sets you apart from the more common 'boring' finance UA-camrs, it also keep us viewers glued to your content for longer!
I hereby commit to staying a subscriber of your channel all through 2024 - so don't let me down, mate! 😜
Haha I will try my best to add the jokes in to as many videos as possible. Can be tough to come up with stuff sometimes.
Almost lost my coffee over the toothpaste clip
Totally agree. The fun part helps to keep finances enjoyable, keeps my focus better and makes it more memorable.
Always great content damo ✌️
I'm loving your commitment to more videos. It really helps nudge me in the right direction 😊
Always so excited when he posts.
Thank you so much! Lovely feedback and such a compliment.
Great video and a lot of food for thought for how i handle my finances moving forward!
Its not much but I started my first ISA last year, only £100 a month but after watching this I should try to increase this amount each year. I know that long term I would be better putting this into my pension but I would like it to be available for emergencies.
This is becoming my favourite youtube channel, you gained a subscriber today.
Just discovered your channel, thanks for that great content !
Cheers from France.
Hey Damien, stumbled across you podcast recently and love it, personally feel like you should promote it more as I watch most your videos but feel like I hadn't heard of it before
Thx Damien; I'm in 👍🏿
Loved the vid Damien😂😂the Peeing made me laugh in between the good info. Very clever👏👏
LOL Damien, I love your format! 😁 Already looking forward to the next one!
Entertaining financial advice, finally 👏 🙌 Subscribed ✅️
Oh I can see Damien in form, love your editing here. 👍👍👍
Glad you liked this one! 🎉
Very entertaining - loved the humour element!! Laughed out loud at some bits
Good work on bringing all of these tips in together. Commitment, nudges, naming of savings pots, jeopardy of a sacrifice of target not achieved. All powerful tools that I have used. I highly recommend using as many as possible. You have set a tough benchmark for yourself with this standard of video.
Bloody brilliant Damien
Nothing to do with finance, but I have an entry in my work calendar that says "workout" which I ignore almost every day.
I am going to change this to "Get fit enough to play with
Yes!! Amazing example of attaching emotion to a reminder so you actually do it. All the best with this let me know how you are doing
Brilliant video mate, feels very applicable to a lot more aspects of life than money/finance as well
Yeah the older I get the more I realise that life is really just about doing the simple things over and over to get the results you want
Those first couple of unexpected pee cutaways made me genuinely laugh out loud. Quality financial advice content too, mind. Lots of love from down under for your consistently excellent content Damien!
In the Netherlands, urinating in a place one should NOT be urinating is called "wild plassen" ("wild pissing"). Not a lot of people know that.
I need to get out more . . . . .
These are facts we need in the comments thank you
Gotta hand it 2 ya damo u really put your dukes up with this vid and holding the UA-cam world in the palm of ya hand 🖐️
That was a lovely wee video. Aye.
Love your secret sauce fella 😉 cheers for intel and guidance 👍🏻
A couple of minutes from the end, I literally wondered what you'd used to make the liquid that very realistic colour 😅 So glad you randomly happened to answer that question at the very end! 😆 💛 🥂
Brilliant video mate, really gets the point across in an easy to watch way
Great first 2024 vid
Absolutely smashed it 👌
Damn Damien, you don't miss! Quality content mate. Incremental changes is the way to go and i've said to myself i'll assess my UA-cam progress after i've created and posted 100 videos! I hope I can provide 10% of edutainment as you do..
The quality of your videos just keeps getting better. Cheers, Damien.
I clicked for financial advice and got a golden shower video.
And you liked and subscribed as I did?
totally apeed with the video Damo the book atomic habits is also good for getting the aim right.
The money envelope to go to Utd cracked me up. Great video 👍
Great video as always, it really follows the flow (:
I love the video but even more so I love all the love for Damien in this comments section!
I’m that nightmare customer who takes advantage of free trials and sets up notifications to cancel the subscriptions a day before they are due to renew 😂
Ulysses pacts are so effective. That technique is what kept me on track while writing my dissertation!
Thank you Damien for helping more people to use knowledge of psychology to benefit themselves, not the corporations! So excited for 80 videos this year!!
This video was a golden shower of useful information 🚿
Great content. Different from a lot of the other finance you tubers and thought provoking. Love the research that you put into these.
Lovely feedback! Glad you think I am different from the other channels as my main aim is to be unique
Great video, a dull subject made memorable and really quite funny 😂
The irony here is that YOU are the “nudge” for a lot of people watching your channel!😂 Great video (as always)! 👍
100% - reminds me to check on things, and keeps it front of mind. I get a lot of flack from people because all my finances are in Banktivity, but it means every month I know exactly what I've spent and what I have saved in envelopes for different things. So rather than see I have £XXX thousands in savings, I know actually most of it is allocated to something and I'm less likely to dip into it. Most years, when inflation isn't going mad, I also put most of my pay rise into pension/savings and try to keep the budget pots for daily stuff like groceries, insurance, electric as stable as possible and get better deals on them each year to keep them low.
I had to watch the video twice as I got distracted cancelling all my subscriptions. I forgot how hard it was to do that...
Great video 👌
12/1/25 80 videos best of luck I have faith you'll smash it, maybe make a playlist folder called 80 videos for 2024 or something that way it'll be easier for you and us to keep track. And that way we can give a nudge to remind you. Luckily you get an extra day to complete it this year.
Yeah I signed up for donating my organs before the law changed while I was giving blood well i won't need them
I agree, you should make more videos.
Loved that that much I subscribed.... the pee jokes did it for me.
Quality video
Good man
From Erdington and you’re a Man City fan? Villa is just down the road. Great video again Damo. Thank you. Lee (Great Barr)
My step dad (who was born in Manchester) was a heavy influence on me when I was younger and he took me to city games we were terrible back then but that was the team I watched.
Heard a Basil Brush "Boom Boom" when you said - "You're Luck" (Urine Luck).
Entartaining and useful! Finally some fresh finance content. Graham Stephan should learn from you!
Your way of approaching and presenting information is exceptional.
I wish you could teach subjects outside of finance too. I’m sure you could help with most of life’s challenges.
Possible future posts that would help me: How to get teenagers out of bed in the morning/turn off the screens/leave the house.
Or:
How to find the emotional energy to better look after myself/learn new skills/manage time better.
I would love to research and present other topics I often think about this. But finance is my background and I am so blessed I get the opportunity to earn money from talking about it online.
The one around motivation speaks to me. If I helps I struggle everyday to motivate myself, it as constant battle and I don’t always win the fight. So please don’t think your alone in this.
Damo, you'd better knock them videos out or I'll never forgive you.
Keep up the good work, Cheers.
Great video 👍
Hope your goal of 80 videos this year has enjoyed a good first quarter, Damien. The only significant goals I have ever met have been those shared with my nearest and dearest. Good luck and thanks again for your excellent content.
I am behind on my target but have still made way more videos than I did by this time last year. If I fall short of the goal but have made more video total I will see that a huge result. In terms of the outcome of producing those extra videos the channel is doing great as a result
Good lad! Keep it up! @@DamienTalksMoney
Why focus so much on quantity? No point putting out a video if it's not good quality. We have arbitrary targets at work and people put out dross from time to time to make up the numbers.
I hope you get your bladder problem sorted.
My company is with Aegon. I knew how much was in it but didn’t now how little it was making. On just short of £30000 it’s made £2000 this is in there std fund over 12 years. Really crap return. So I’ve looked to what they offer and moved to something that look more like my stocks and share ISA a world fund where before it was all uk stocks & Bonds. That’s for your videos great help to me
Honestly the best thing I’ve watched in years. Keep this stuff coming dude and thank you
Thank you so much! Lovely feedback to start my weekend, thanks for watching
Just found this channel and already watched 4 videos b2b. Me and my family are looking to really get a hold of our finances this year. Been struggling on and off with debt over the last few years. Looking to move house to clear these debts and start fresh. Im the sole earner in the household and really would like to start using my money more wisely. I appreciate all the knowledge of pensions and will be looking into mine for sure. I hope you can fill me with more knowledge over the coming months!
Glad you are enjoying the videos! Well done for taking the steps to improve your finances it might seem like a long way off but honestly cut costs, get rid of the debt and when you are don’t invest and in no time it will transform your life.
Came for piss jokes. Left master of my own destiny. Recommended ⭐⭐⭐⭐⭐
Your videos have changed my ways of looking forward. Yours and the likes of Property Hub. It meant that I saved up my original investments for a B2L property up north (only because I live in London, and it's crazy down here) and invested all of the rest. The idea is to continue with all of this to do the same and continue to have multiple properties as well as to grow my investments within VHVG. Keep on going!
Well done for taking the leap with the property! I know that must have been scary especially as it was in a different part of the country. I hope it works out great for you and you see how great the north is also.
The piss on the toothpaste was hilarious, it got a bit old after that. Great video though, keep up the good work.
Defaulting saved me - I was young, didn't know about pension but wanted my extra few quid a month for some little debts at the time. The HR lady told me off, I was too shy to argue. I owe her! Thanks for the vids, they're giving me power to grow up and do better.
I refuse to believe that toothpaste subscriptions are a thing, it just seems so decadent and ridiclous.
But, then again, I also refuse to believe that anyone uses cash on a regular basis.
I think I just watched a watersport video by accident. I like how you even worked Man Utd's Old Toilet ground into it 🤣🤣
Straight up truth and some of those pee shots had me creasing 😂
'The downstairs bathroom' little flex there
Great video as always - maybe Man U model could have been to a viewer as who would get it at Man U?
Thanks Damo. Any update on when L&G will be added to your pension spreadsheet please?
I came expecting financial advice. Instead I got a psychology lesson and I'm here for it!
Hi, Damian. That little tin for your change brought back some memories. I used to live in Portugal at the same time i used to use real money. At the end of every day I'd have a pocket full of change which I'd put in a big jar. It was always enough to pay for my holiday flight home every summer (yes, I'd leave Portugal to spend summer in the UK). I know it's unrealistic these days, but the visual aspect of seeing my money grow (albeit in a jar😂) was quite motivating. Counting it out into little bags for the bank, not so.
I agree! Why do continental banks not have coin weighing machines, like they do (or at least used to) in the UK? I've lived in Spain for over 20 years, and the plastic blisters they give you here for coins at banks are not only really fiddly and time consuming to use, but they also insist that you take them to the bank only during certain hours, on certain days. I gave up in the end, and now use commercial coin-counters at the local shopping centre (which charges a 10% fee) to change coins into notes... 10%!!! But worth it just for the convenience. I'd rather pay €1.60 in commission to the owners of the coin machine than spend half an hour sorting through and counting up all my coppers every few months.
My nan had a massive glass bottle for her change and as a child I loved counting out the coins. So I am sure it has something to do with these fond memories why I do it.. I literally go out of my way to get cash out of the cash machine
A book called The Automatic Millionaire is meant to be really good. I've never read it but it's on my list.
Great vid Damo. Bet you had great fun cleaning up after it though 😂
A Man City fan from a Slade Road lad? Madness.
Damien your small doll hands are like "The Wads" Costco haul videos
9:01 sebs mate 😂
Anychance you could do a follow up video of where the commited % for savings should go, be it ETFs, savings, ISAs etc. and which products have performed the best over previous years? I feel like ETF is the way to go for someone in their early 30s?
Hi Damien would you mind sharing the link on the paper about the reminders from Bolivia and Peru I’m interested to read further, thanks.
your pension spreadsheet was brilliant btw
Thank you for this feedback took me a while to put it together so its great to hear it was useful
@@DamienTalksMoney when you look at other non-default options it's a no brainer, your video gave me the confidence to click through and get it changed / kick up the a**e.
Atomic habits is a great book that is on topic for this video. If you haven't, definitely read it!
Ill try and explain this to my wife, shes always bloody nudging me, load the dishwasher, clean the car etc
Pun Master General Damien.
Will you create a video on the BTC ETF?