Why MOST People Won’t Become Wealthy
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- Опубліковано 18 чер 2024
- This week I want to explain to you why it is that most people won't become wealthy.
As always leave a comment below and drop the video a like.
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Great video as always Perry! I started at age 29 and took me 1 year to just clear my debts and start saving 70% of my salary as delivery rider but once I switched to a full time job it drop to 50% as I have to eat out more often and transport and help out with household bill and give my parents money 😅. It is definitely steeper as compared to starting at age of 18. But I am glad you inspire me to start it ASAP. I am sure the next few years of the suck is worth going through for the financial future at the end of the tunnel.
Thank you Perry! ❤🎉
Amazing effort so far mate. The next 5 years will be incredible for you
Great video Perry and it shows why you need to start earlier, I have a mate what retires next year and we've bought an house together which might give him a little top up but it's not going to be enough,. we might be able to get another one or even 2 at a push but then if we'd have started earlier with him then it would be a different story.
Wouldn’t it be great to turn back the clock Chris.
@@StupidIsTheNorm Yes, if we could transfer our knowledge back to ourselves at 21 it would be great, unfortunately we can't do that so the next best thing is pass that knowledge onto others that are at that age or are younger so they can start earlier and turn that steep mountain into a bit of an hill.
Keep inspiring the younger ones and those just starting Perry, we know what it's like try and make up that lost time when you can see the finish.
@kujouk we’ll both keep keeping on Chris
100k in a pension pot should not be the norm for people auto enrolled. 40 or 50 years even with a small amount and company match. You should destroy 100k easily with time, also with that timeframe invest heavier weighted to equities. You've got decades to ride out the volatility
Unless you’re female of course when you may have a couple of long career breaks for childcare
@@StupidIsTheNorm even that's no excuse. Lets say 20-30 years old you're putting in 200 a month. With employer match and tax relief making up a big percentage of that so is realistically possible
At 8% return by the age of 30 you're looking at circa 40k in a pot. You then take a 10 year career break from 30 to 40 for having children putting nothing in. You return to work at 40. By this point it's compounded by you adding nothing to 80k at 40.. Start again putting in 200 a month (not actually costing you anywhere close to that with match and tax relief) you do this for another 25 years and retire at 65.
You'd have over 700K in your pot. Key is starting early and actually having an interest in what you're invested in and being consistent. Taking more focus on equities when you have 40+ year outlooks They aren't ridiculously high numbers.
If you put in 100 in a lower tax rate bracket it becomes 125... Depending on your employer and what they are willing to match but even at bare minimum required you'd be getting close to the 200 with their addition.
Even if you drop the returns rate to a more modest 5% the pot sizes are still considerable.
Problem is no one is taught this, people bury heads in the sand and think retirement is forever away or assume the system is out to steal all their money. It's pretty simple if you take some time to understand it and the earlier you start the easier it gets.
@BaileyMxX I don’t question the maths but good luck getting an 18 year old to invest £200pm without getting any benefit for 40+ years.
As a rule of thumb, by simply investing 2 hours of your weekly wage every week over a lifetime will make you a millionaire.
The hurdle is the time. It’s why I’m developing a product called ‘the 10 year retirement plan’.
It's not 200quid though is it.. in our scenario it's out of pocket 100 then the rest is tax relief and employer match. Depending on how much the employer will match but at minimum will be 3% on 6-50k...
That's the problem. People put it off until later age catches up with them and the slog is ridiculously harder.
10 years? You either have to put in crazy high percentages of your earnings at that point or go much much higher risk/ get rich quick schemes that can put you in a bad place. Just do the leg work when you're younger, small acorns grow into big oak trees. Credit to you that you've looked for ways to do it with a later start and I certainly admire someone willing to do 60-70 hr work weeks to get them where they want to be.
@BaileyMxX don’t forget the almost 3% charges if it’s in a nest pension.
As I said, the maths is unarguable.
Only if you’re thinking about equities. I reached lean FI in only 3 years by buying 3 houses with only £40k.
Anyone who is cash rich can retire in 10 years.
Hope you're well Perry. Is your SA up and running yet? Will you be showing the figures for it?
I shot a video today on that very subject Joe, which will be out next Saturday
I'm looking forward to it. Cheers Perry.
Watched an interesting video about UA-cam videos. It said don't make the end of the video obvious with a catchphrase or an outro clip, just stop talking. Because when people sense the video is over they click off, so no post roll Add can run.
Looking at this video, you could have cut it when you said "start investing NOW!"
Sorry, Hi Perry, great video as always 👍🏼
Cheers Vince. Interesting. It’s a bit like asking people to ‘like’ at a certain point in the video, or saying ‘if you’re enjoying this video then consider etc’. I should do all that too. It’s probably a reason my subs are so low.
I can help you speed things up by a large margin. Talk?
Drop me an email at editor@stupidisthenorm.co.uk