Are You On Track Financially?

[@liamaubrey3086]

Keep up the good work guys, who'd have thought two mates sitting in a kitchen could change the lives of so many whilst asking for so little in return. Legends.

[@MrTrippy11]

It really does come in 3's Made redundant on Monday... car needed £800 work Wednesday and today the roof leaked in the bad weather in the house 😅 You have to laugh or you would cry... Job interview tomorrow so hopefully that's the sign of better things to come 💪

[@DixieDaydreamer]

jeez, good luck in the interview

[@kr050]

Good luck buddy.

[@MrTrippy11]

Got through it and have second phase interview next week 🙌

[@ManyMannyMan]

​@MrTrippy11 get in. You got this fella 👊

[@midgeman90]

Sorry to read of your troubles. All the more case to make sure you have an emergency fund on hand as a priority before investing etc.

[@juliegovier6570]

I know you're making light of the fact than women don't have as much in savings as men, but this is really important and I'd love to see you putting out more video's that encourage women to engage in finance, saving and taking responsibility.

[@wl660]

But they are just not interested. Procrastinators and scared of risk in my family experience.

[@YeahThatYeah]

@@wl660sweeping statement

[@Emma-kf2kj]

And also push harder that guys in T's position - of which there are many - really should be contributing to their partner's savings if she's off work to raise his kids. Great that he's doing it, not enough men are. Make it the norm. Make it unquestionable. One person in a relationship taking time out to raise kids and/or keep the house is still working, and with their labour is investing in the partner whose job is paid. It's only fair that the earning partner invests monetarily in their at home partner in return.

[@JimboJimbo-i4i]

It’s not a financial advice channel mate, trying to encourage ‘women to invest’ would literally be that

[@QBR1234]

@@YeahThatYeahits true though, alot of women are happy to rely on others when times get hard. Often there is no one a man can rely on, the buck stops with them.

[@Exciteddelirium1]

I'm always impressed with the content. How on earth you are not pushing towards 100k subs is beyond me. Exceptional knowledge and application.

[@ManyMannyMan]

At this rate we're going to have to nickname Damo "the mailman", as he's always delivering recently

[@MakingMoneyPodcast]

🤣

[@MinkieWinkle]

Damo's Pizza. Slogan: "buy a slice of that portfolio"

[@AaronMatthews1985]

Know a guy in his 50's who lived on his ISA for the last 3 years of his career. in that time, he was earning just under 80K per year. Said to his employer to put his whole salary in his pension for his last three years and needless to say, this amounted to over £250K with employer contribution and tax relief etc. It isn't too late!

[@Jamaal67i]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[@jerrycampbell-ut9yf]

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .

[@larrypaul-cw9nk]

Exactly ! That's my major concern and what lucrative investment can one venture into with the current rise in economic downturn

[@sabastinenoah]

I have been investing in stocks for over 10 years now and I have made a lot of money. My portfolio has grown exponentially and I can't thank stocks and my advisor “ Annette Christine Conte ” enough for such an amazing way to make money!

[@larrypaul-cw9nk]

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

[@bebbierose]

I am the breadwinner, not my husband, and I save significantly more than he does, even taking into account the difference in our salaries. I have the benefit of working in the wealth management industry my entire adult life, so I've always been careful with money and savings. I'm a 36yo Paraplanner with a fantastic projected pension, emergency fund and S&S ISA, but that is solely because I work in the industry. I was lucky. I wish this was taught in schools.

[@MrRach19]

I’m the breadwinner too, by a significant margin (except when on maternity leave!) I’m not in finance though, and my husband and I share everything we can jointly, but it’s me that sorts all the savings, all the investments and all the financial admin. I feel like the majority of finance social media aimed at women is about getting good deals on grocery shopping etc, not actual wealth building. Irritates the life out of me that my husband’s feed is so different but he couldn’t care less because I sort it all 😅

[@steve6375]

I tried the property rental market for about 5 years around year 2000. I used an agent to find tenants and 'manage' my property. One thing I learnt the hard way, was when the agent say they are doing 'checks' on prospective tenants, they actually mean only finance/credit checks. They do not check the tenants history, employment record, references from previous landlords, etc. It turned out one of my tenants had a criminal record in his country (Philippines) and he was trying identity theft on me! Another failed to pay rent and I never got the money back (6k) as they had no assets and it would have cost me more to take legal action with no guarantee to recover costs. It was less stress to just write the loss off. Now combine this with rising taxes on BTL CGT, etc. and not having to re-grout a bath or fix broken drawers at weekends or else pay for tradesmen to do a botch job, and I quit that game. Just my 2p, but good luck! I suggest you personally vet all prospective tenants and ask for references from previous landlords or a phone number (e.g. any trouble, what condition did they leave the place in, pay on time, etc.). Don't rely on just agent 'checks'!

[@TheMagicLemur]

Thanks m8 - literally just getting a lodger so sound advice. Gonna use an online agency for vetting.

[@LabradorsAreGoodDogs]

Getting a reference from a previous agent can be just as useless to be honest. As a tenant years ago I once had to give my landlord a reference. I asked my current landlord's agent about it (they'd never been to the property, all they knew was whether I'd paid my rent or not) and they said it was £25 for a good reference, and if we didn't pay then they'd give us a bad reference.

[@sam90heywood]

The quality of the financial education content at the moment is insanely good 👌

[@satyb]

I start getting my state pension next month, I already have 2 DB pensions (from working at one company for 8 years and another company for 14 years) paying me and I am still working so I have free money to put into my DC pension, my ISA;s (cash and S&S) and general savings. Yet I stumbled through my life without any financial knowledge or advice and only started to manage things about 2.5 years ago (ergo I have only put in 3 times into my ISA's). I have sympathy for younger people worried about their future but envious that they have access to knowledge and directions such as in this channel. I have been 2 months away from wiping out my bank account and defaulting on my mortgage (when interest rate was 12%) so things were not always been easy. Just to say Good Job guys.

[@boandonoff4026]

Love the video - I've been living in the UK since 2017 - I made it my home, 4-5 years I was working and spending, blew money away at the stock market trying to day trade - I discovered the LISA in 2023, and that's where my & my partner's savings journey began, now I'm waiting for 6th of April like it's Christmas Day , the second the LISA allowance resets it gets maxed out! :) This will be the first year I've maxed out my ISA allowance - 4K in a LISA for a house deposit, 16k in Stocks & Shares. The country where I'm from doesn't have such wonderful savings tools - make use of them! And also...don't downplay UK companies! I know the S&P always looks attractive and Brits seem to talk down on the Footsie, but I believe British business will do well in the future! Thank you for your videos! I've been loving your podcasts!

[@norv87]

Brilliant information as always both. Don't let the negative comments live rent free in your head. You help people secure their futures and will be remembered by those that listen when they retire.

[@ceciliabrown3301]

Just wanted to say thank you for all the work you do. I've discovered you only last year. I had zero savings last January and after following you, started investing all my spare cash into ISA stocks and shares. I'm close to £10K now. 😊

[@Msqump]

Only a few mins in, but good idea for a video lads. The kid Damo continues to deliver 👍

[@carguyuk7525]

Great chat. I typically have £200 in the bank at the end of every month. It is because I push 40% of my gross earnings into my pension. I have saved 3 months of wages as my emergency fund. I'm lucky as I could retire tomorrow and have a good income from my pension. However, I enjoy work, and I don't know what to do if I retire.

[@DixieDaydreamer]

"You can always get more money but you can never buy more time." Life has a nasty habit of surprising you. My Dad retired at 64 and my mum was 63 and just 6 months to go, she slipped and fell out of her truck, broke her leg, suffered a massive stroke that killed her within 24 hours. 40 years together, all the money saves and all the plans my parents had all gone up in smoke inside 24 hours. That was 20 years ago and my father now 84, bless him, has lived like a demon and lived 2 lives in one to make up for her loss. It's too easy to say "Tomorrow.", sometimes it never comes. At age 53 I have 10x my annual salary saved, my wife who hardly worked as she stayed home with kids she has way over the average pension savings alone as I topped hers up as well over the years. 2 years ago she got severe arthitritis in her knees and now she cannot walk unaided, we had plans and we can still do some of them but a few are now off the list for good now.

[@gemma8611]

Volunteer! There are literally thousands of people all across the country that need help.

[@mikerophone324]

Personally I like a 12 month emergency fund in this current environment. The job market isn’t great, and it feels like it may well take several months and a potential move to reach a new job.

[@jamielumpkin6469]

You’re bang-on about giving yourself some perspective and taking a moment to see how far you’ve come financially. Really helps after the post-Christmas spend too!

[@pablob618]

Congrats Damien for having the courage of exploring the buy-to-let option. I thought many times about this, but always scare all the negatives, the burden of the taxes, the managing of the property. It would be amazing if you could, time to time, let us know how the journey is, pros and cons, learnings, etc. Best of luck!

[@ndog666gaming]

haha love that in the middle 'D head' lol my budget is healthy MATE!!! lol

[@tomv7986]

Watching you from Poland. A lot of principles apply here too. Only difference is that employers pay bonkers but the plebs have a solid 4 pillars to use to invest in.

[@brummieirish9476]

Salary sacrifice for people over 55 is almost too good to be true. You can be as aggressive as possible whilst being safe in the knowledge that you can access your pension tax free at any time. I sacrifice more than 50% of my salary, right up to the maximum I’m allowed, and I’d do even more if I was allowed to.

[@kw8757]

Isn't the maximum allowed 100% of your qualifying earnings?

[@SimonC-x7e]

You can put 100% of qualifying earnings into a pension but not via salary sacrifice. There are national minimum wage rules that must be adhered to.

[@CaroDestigo]

It's crazy how underrated The Censored Guide to Wealth on Bovolorus is It's honestly eye opening

[@davetaylor7664]

"lets read the rest cause we need the content." and this is why I come back. HONESTY. Big fan.

[@shadeofheresy]

I'm in a better position in life than a lot of my friends who earn twice as much thanks to U-tubers and podcasters like this. Thanks Damo and T, keep going fellas. I've learnt more about finance from this channel than ALL the teachers in my life, my friends and my parents put together. Why this shit isn't taught in schools is utterly insane. Really starting to enjoy the podcast chats in the background whilst working.

[@lollylaunder]

I really enjoyed this. I think first ever financial advice video I've ever watched that made me smile and laugh throughout. Great chemistry guys, nice one. For Damo one piece of payback advice I can give is you absolutely should use an agent to let your BTL. There is so much legislation and things to do these days that it will save you a massive headache with potentially missing legal requirements.

[@AJclaret]

31:45…. Really really important to remember this !! No matter how much you have you will always compare to others with more and think it’s not enough. Appreciate the improvements you have made and would your past self have taken you current position if offered. Trust me!

[@OffBy0x01]

Credit card is for the purchases from sketchy online companies. To me it’s less a finance choice and more a buyer protection tool.

[@JoeeyTheeKangaroo]

4minutes in, people usually prioritise cash because of things like the financial crash. 2008 is still fresh in peoples minds.

[@wl660]

And the crazy thing is, investing in the last 10 years would have seen massive gains.

[@JoeeyTheeKangaroo]

@@wl660 It kind of made society a low trust society instead of what it once was.

[@YeahThatYeah]

I get this point, but equally having cash in a savings account is trusting a bank to look after it. Unless people are hiding notes on top of their fridge like my grandma did

[@MattMcQueen1]

@@wl660 although there was no way of knowing that in advance. If it was that easy, we could predict returns up to 2035 today.

[@wl660]

@@JoeeyTheeKangaroo I disagree. Nothing to do with trust. It’s ignorance and fear. They ignore inflation when thinking 1-2% interest rates are good.

[@stephenchilds3909]

Great advice from T to reflect on where you have come from instead of where you want to be. If I do it that way, I am much more optimistic about what can be achieved!

[@dockeyboy]

I lost my job, didn’t have any emergency fund so got a job as a delivery driver for 3 months. Managed to get another engineering job while I was delivery driving so didn’t work out too bad in the short term.

[@johnristheanswer]

@ 27.45 - Debt doesn't " die with you ". Your estate pays your debts.

[@wl660]

There is a small time frame for some debts to make a claim on the estate. The debt certainly doesn’t pass on to anyone else….which is what I think he was saying.

[@johnristheanswer]

@wl660 The executors pay the debts , it's a legal duty to do it They are not " claimed " by the company or person owed as you suggest.

[@stu_13]

8:25 Murphy’s law. Also called Sod’s Law 😂

[@Newbie-t7s]

It’s wild you guys think £17k is a lot for an emergency fund. A replacement roof will empty that on a decent size house down south. For a high earner in a niche area it could take 6+ months to find a replacement job, and £17k won’t last long.

[@Flattyflaf]

True. I keep more than that and I don’t live in a house. 17k isn’t what it used to be 😢

[@peterwstacey]

I heard the rule-of-thumb was something like 3-6 months of your expenses - for some people in specialist high-paid rôles, 6 months would be easily £50k if they have kids in public school etc

[@DamienTalksMoney]

Hi I don’t think 17k is a lot for plenty of people. But we were discussing the mean figures and I think the suggestion that the average person in the uk has 17k in easy access financial assets is a lot and not reflective of the reality for most people. Thats why I then discussed the median I did say higher earners could reasonably have this as an emergency fund, I was more pushing back on the mean figures.

[@Newbie-t7s]

⁠​⁠​⁠@@DamienTalksMoneybut the mean worker has been in work for what, 20 years? £17k doesn’t sound like a lot to have saved up in that amount of time given that even basic “emergency” expenses can get into 5 figures.

[@wl660]

£17k isn’t a lot to you. Your comments suggest you are way above the average UK salary. But the reality for millions in this country is that they are on Minimum wages, lucky if both working full time - so lucky to bring home £30k a year. Trying to fight cost of living, and surviving - means MOST of these do not have £17k. The figures given allowed for Phil Foden people too. I’m sure the poorest in our society would like more in savings, but their reality is very different to yours and mine.

[@elliotm]

Enjoyed the heavily caffeinated Damo. You are doing great work. Keep it up 👌

[@H_S_Jones]

IMO (most) car finance should be seen as bad debt - we shouldn’t see it as comparable to property debt. One appreciates, the other depreciates.

[@LDNBikes]

Damo was on smoke this episode 😂

[@JimboJimbo-i4i]

I saw on linkedin in the other day the average length of unemployment after losing your job is now 7 months for white collar workers

[@simonholliday3421]

Ive got two retireent pots, one is Kiwsaver (think the new Zealand equivalent of an ISA, the analogy isn't perfect but its close enough) that I can't access until age 65. The other is basically a brokerage account. That brokerage account is a key part of my retirement plan, but it doubles as the emergency fund. I don't fully understand why this isnt the accepted way to do it. You get the advantage of growth over the long term so your emergency fund is working rather than sleeping, and, its still available at short notice. Sure there's risk the emergency fund reduces in value if the market crashes, but as long as the pot is large enough to absorb the market pull back and still have enough in it to cover your emergency neeeds, you're a lot better off in the long run

[@gregothy9190]

I guess the problem would be that the fund is likely to crash *when* you have an emergency (obviously this depends on the kind of emergency). Personally, my emergency fund is also not massive, so the opportunity cost is worth the added stability for me. That said, you make a very good point!

[@TheUnluckyGama]

The Kiwsaver sounds more like a SIPP or Lifetime ISA in the UK. The problem with investing the emergency fund is if the markets are crashing, that's most likely when you need cash. It should be a small proportion of your overall savings after a while, so the difference on return on an emergency fund in cash to stocks will be minor

[@peterwstacey]

Really good video - great to do an informal Q&A every so often 😀

[@DoFi12]

Damien, I would love for you to dedicate a video/longer section to talk through the whole process of BTL. Percentage of your money you dedicated to it, the mortgage process, type of mortgage (interest only or repayment), finding the right property, choosing the right area, bidding process, the whole lot! Love the channel.

[@John-ww2fv]

Very informative video you have, I have been able to understand the messages you pass but there are some other challenges that may come about when taking some other risks or planning

[@AG-so4gl]

Keep a few years savings to counter any market downturn in investments - 3 bucket principle.

[@ilovesaber7749]

Really enjoyed this chaps, the banter had me laughing.

[@jimmychill2769]

Love the show lads, thank you.

[@holycowbmxman]

38:27 didn't that happen to Fry on Futurama, had 20cents in the bank and froze for 1000 years 🤑

[@MrDown2AT]

That was a great episode of Futurama!

[@TomRyanElliott]

It's great to hear that you're going down the route of B2L. If you're planning to buy a few in advance, I hope you did it through a business as opposed to yourself. I bought my first one personally but will be doing all the next ones through a Ltd company.

[@user-hs3dg8jy3t]

Quality lads, really great. You've both given me the advice and knowledge to take care of my finances. Seriously good stuff.

[@kevinsyd2012]

I also wanted some "property" exposure in my portfolio but rather than a BTL I invested in housebuilders' shares during Covid. Far easier and hassle-free, dividends re-invested in same shares and some interesting capital growth so far.

[@TheMagicLemur]

Buy to let: interesting on being bold when others are fearful. I'm just setting up as a live-in landlord. AirBNB theoretically earns a whole lot more - can be £250+ a weekend for a house. Good luck either way, Damo!

[@loose167]

8:33 - Really enjoyed this conversation. Think it's an important conversation to be having, I know your main audience will be men but it's sad if some men need persuading with the "tax advantages" to put money away equally for themselves and the woman who is raising their child. Having a child can be devastating to a woman's finances, career etc, hopefully more couples start having these conversations before making the decision to have a child.

[@LiveToRideMTB]

Top tier content as always 👍👍

[@Saltytoxico]

I used to be one of those people with the 18k in a savings account. I can't blame poor education too much, I should have researched it all better. So i just want to say thank you both for being that source of education. Stocks and shares and Cash ISA user now.

[@patelkamdar1554]

Great episode 👍🏽

[@RRedmondiy43]

as a male early 30s in london with a c.45k salary, women arent interested in me despite not being unatractive. so no i am not on track financially if i want a partner. You should do a video on how much you need to raise a family with 2 children, own a car, and go on two holidays a year, with the odd treat every month. I think most men like me are priced out of married life with a home and child and i need to go a grieve and find new aims in my life.

[@StanStanman-o3e]

Just need to move out of London. I honestly wouldn't want to live there on twice my income

[@RRedmondiy43]

@ yeah man I’m now planning a move out - should be out by summer

[@alexandermcdonald1117]

The important thing about credit cards is that is has insurance on it if someone steals it. A debit card has less protection. fraud protection: Credit cards typically have strong fraud protection due to laws like the U.S. Fair Credit Billing Act (or similar policies in other countries).

[@JimboJimbo-i4i]

Does this factor in people paying a repayment mortgage? I’d count that as an investment

[@JayLou-v9p]

Chocolate fire guard haha. Not light bulb. 😂

[@DamienTalksMoney]

I’m standing by the fact they are both useless

[@dannyp7070]

Loved this, thanks lads 🫶

[@peterwstacey]

Re the question from Coco at the end - I always think a good starting point is to ask "what level of volatility or risk are you happy with", then look at the correlation between asset classes and stocks, and then weight it yourself. If you're ok with the volatility of a Global ETF, then just go with that. As Damien says, you need to be clear what the goal is. (Not financial advice 🤣)

[@salochinthims]

Great discussion guys. I’ve always had a simple (no pastel colour!) spreadsheet for my monthly income and outgoings and another for savings & investments. I also have a credit card for big purchases and expenses which I clear monthly interest free. I did however, go down the personal loan route to buy a new car, which I’m now desperately trying to pay off with additional monthly payments, so I can redirect the money into my S&S ISA

[@wl660]

There are many who would invest rather than pay debt down fast. I disagree, you are on the right track. Once debt free, you get ahead of always owing, to always investing.

[@alastairkeith8553]

Great podcast - we need to keep talking about this stuff. I agree with doing the bulk of you 'saving' in your 40-50's when you have money after paying off some of the mortgage and the kids are no longer dependants. The exception is regular pension contributions which need to start early and continue throughout your career to build up that solid base for compound growth. Salary sacrifice is the best thing ever! Get out of that default fund!!!!!

[@wl660]

The reality is people are leaving having kids until later in life, Cus they bought their house later too. I bought house at 22, kept my original mortgage completion date each time I moved, and so finished mortgage at 47. Just in time for my 2 kids to go through Uni, so the last 8 years have been supporting that. I think people today will have done very well to be done by 40-50’s, more likely add 10 years to that.

[@alastairkeith8553]

@ good plan - my experience is that the kids don’t ‘go off the books’ until well after Uni and are still dependents - both 28 in my case.

[@Alex-ng6wx]

"1 in 3 adults still shit their pants"

[@carguyuk7525]

😂

[@MakingMoneyPodcast]

Well i'm relieved it isn't just me

[@MattMcQueen1]

Bear in mind, a lot of the people with low or no savings are also either being paid minimum wage, or living on benefits. For those who have in excess of £16,000 in savings, they are very limited in what benefits they can claim if they lose their job or have to give up work due to ill health (they can claim £180 per fortnight either as New Style JSA or ESA. Due to their savings, they would not be eligible for Universal Credit or other benefits).

[@wl660]

I don’t think those people relying on Benefits have much disposable income to consider bitcoin or SS ISA etc. If they stay on Benefits most of their lives, then they will be on State Pension and PC only. Minimum standards.

[@MattMcQueen1]

@@wl660 Trust me, as I have found out, ill health can come before you are ready to retire. I'm currently living on my savings.

[@declanmcardle]

@2:30 2018: "I have 100k in the bank" 2025: Congratulations, now it's worth 75% of that. (maybe less)

[@midgeman90]

You are dead right about jumping into the property market now. While a lot of landlords are jumping out, now is the time to jump in - so few people see it like that and see the opportunity.

[@davidbaker4614]

Another good one gents. Just quickly, credit cards do offer some extra consumer protection over debit cards or cash. And if you're trying to save, nobody wants to pay twice, should a problem occur, especially with a high cost item. So credit cards aren't all that bad if you can control your spending.

[@jamesc328]

Just got to the end, it would be interesting if you do video going through your Buy-To-Let journey

[@JoeeyTheeKangaroo]

"As useful as a chocolate lightbulb" - Damo

[@Fashionanimation]

As for now we won't see a forever compounding bank account, Damien I recommend checking out the Futurama episode in which on Fry's bank account there is only 93 cents when he leaves the year 2000 and it compounds into up to $4.3 billions when he goes to the bank in the year 3000 😁

[@20Sky25]

What did you mean about your mate saving on capital gains tax because the partner is unemployed? Are there any special allowances for unemployed? Can you elaborate please?

[@MakingMoneyPodcast]

sorry I wasn’t very clear there was I. Her CGT bill is at the lower percentage due to her income. My friend would pay a higher rate due to being a higher rate tax payer

[@20Sky25]

@ got it thank you! 🙂

[@VerificationAssistant-j9v]

Thanks for the breakdown! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (mistake turkey blossom warfare blade until bachelor fall squeeze today flee guitar). How should I go about transferring them to Binance?

[@chandamatrix]

It’s perfectly possible to be a fair and ethical landlord, just as it’s perfectly possible to be a fair and ethical employer. I’m sure you will be Damien, good luck with the BTL.

[@andyodoherty1323]

Damo don't forget CGT on the gains

[@rayphot]

I find credit cards can be incredibly useful when used correctly. Recently I wanted to buy a new DSLR camera and a Mirrorless one as a second body. My old kit was very outdated (and over 12 years old) and I wanted to treat myself as I felt that I was saving too much. I could have used money from savings, or from the emergency fund, but I like seeing my net worth increase every month on my spreadsheet. So I got a credit card with 0% on purchases for 21 months. I'll pay the minimum each month, but any money left over at the end of the month will go on it, plus I'll sell my old kit which will go towards the bill. The next two months have no council tax payments, so that money can be diverted as well. I'm disciplined and I track all of my spending in Quicken on my PC. So I have no issues with using credit cards.

[@Sabadiver]

That's insane that only 6% of adults have a stocks and shares ISA

[@samwfeefeg6588]

Great video, but i agree on the pastel colours point

[@cybetica]

In Britain the law is called Sod's Law: 'if something can go wrong, it will go wrong'. Not sure why Murphy didn't know this already. 🤔 Had he done so, maybe he wouldn't have been in so much of a pickle!

[@philiplythgoe7173]

Invest in REIT's, owning actual property is too much hassle...

[@philip6252]

Why the hell haven’t tax bands changed? Absolute crime.

[@grantmaxwell8295]

Tax allowance more like! £12k for years Should be in line with inflation, even target inflation 2%

[@samwfeefeg6588]

As a landlord, I would say that BTL is not the wa to go but just my view!

[@shelleyk7462]

Where is the podcast with the person from Nest pensions? I can’t find it or has it not been uploaded yet?

[@MakingMoneyPodcast]

Coming out on Monday

[@shelleyk7462]

@@MakingMoneyPodcastgreat, I’m looking forward to this one. Thanks

[@zakhilt0n]

Its impressive that your able to make a podcast about finance funny

[@dillonblake6219]

What is a good allocation in global equity funds? I’m considering one for my pension that is 74% US, 11% Japan, 3.5% UK for example, is this about right? Another option gives me 65% US

[@adrianl5899]

Currently a global tracker would have about 65% in the USA, while an ex-Emerging Markets one would be 74% in USA. In either, Japan would be about 5-6% and UK 3-3.5%.

[@EmmaCruises]

I AM NOT COMFORTABLE WITH A DIFFERENT ANGLE PUT ME BACK

[@trainerbeast409]

Great videos as always 👍 Would love to see a guest come on and talk about moving to another country in retirement. I can see Damian moving to Thailand and running full moon parties and T becoming a crypto billionaire and moving to Dubai 😂😂😂

[@christiansoldier1118]

I bought a car that cost me 2 weeks wages - every time I drive it - I go "ch-ching" with a big smile on my face - plus its got Blue-teeth 😁 - but seriously I use it mainly for commuting - when I come back to it there is a new scratch or a new dent - invest the money instead and buy your liabilities later in life when you have less hair!

[@JoeeyTheeKangaroo]

Me bumping the average on savings up 👍

[@Ozzy1984_]

I really hope I'm doing enough because life's expensive! I've got a good defined benefit pension which I've paid in to for 13 years with about 20 years remaining. I've got £87K in my pensionbee SIP transferred from a previous employer. My LIFA has 1K because I've only had it a short time and pay £50 per month in it. I pay £50 per month in to a stocks and shares ISA. I've got £2K in a cash ISA so I suppose you could label than an emergency fund. I'd like to save more but my family deserve holidays, and the Liz Truss budget F'd my mortgage payment so things are quite tight. I avoid crypto and gold etc. I see crypto as gambling and that's not my style. Ethically you make money by others losing which I don't agree with morally.

[@QBR1234]

Some people are fkin helmets over things like budgets. I wonder if Rachel Reeves used pastel colours.

[@markne5vt]

A little confused, £17k is saying a lot in easy access savings, not invested , but I always thought that having a cash buffer and still 100% equities, so if there is a couple of down years, then having 2 to 3 years in easy access cash will counter that, therefore £17k isn’t enough for 3 years, or am I missing something?

[@wl660]

Emergency fund would be 3 months of living costs. Applies to everyone in work, while saving / investing. I think the 2/3 years cash was when in retirement - and withdrawing down from your portfolio. Then, it’s best to have 2/3 years cash around…so if stock market crashes, you don’t need to draw down, and can wait the crash out.

[@BaileyMxX]

The 2 or 3 years to weather a downturn, that's normally suggested to those retired and drawing down on their investments and pension. That's not generally the suggested emergency fund for those still working and in the accumulation phase.

[@markne5vt]

I get that, but even when still working, there also needs to be saving towards that 2 to 3 years cash too, as it’s not something that just appears before retirement, so in a way we are all working towards retirement and having to have 2 pots, investment and then savings to aid investment

[@melc900]

​@@wl660it should be more like 6-12 months these days

[@BaileyMxX]

@@markne5vt why do you need to be 3 years worth of expenses cash when working? Even in the biggest downturn envisaged are you realistically expecting to be out of work or not capable of making a form of income for 3 years?

[@DanRobards]

Another thing regarding women raising the kids.. Like a recent guest mentioned you *have* to make sure your partner has hit that 35y NI contribution barrier!

[@wl660]

A new thing for me, which I didn’t realise when my wife was stay at home mum, was that she could contribute £2880 into a SIPP and get >£700 in tax relief added in too. Instant 25% return. That’s a winner.

[@logwhitley]

At one point I had £25k in my bank savings (not ISA) in my defense it was a deposit

[@DeputyChiefWhip]

To me, an Emergency Fund is 6 months of full expenses if I lose my job.

[@DeputyChiefWhip]

6:14 oh and here you speak about it :)

[@DamienTalksMoney]

Out of interest would you include savings in those ‘full expenses’

[@DeputyChiefWhip]

​@@DamienTalksMoneyHi. No I probably wouldn't. Here's what I did. I saved like crazy to get that money together for that fund and put it in an easy access cash ISA. I do 1 share per month in Vanguard ETF. I started a private pension scheme alongside my workplace pension putting in as much as I can afford each month in addition to the set amount that I pay in to it. I dunno if this is the best way, but as a 50 yr old Brit living in an EU country, I'm going all in on pension. What do you think?

[@wl660]

Are you getting HMRC Tax Relief added into your pension? Contributions from your employer? Depending on these answers while in EU, you may be better just putting it into ISA.

[@DeputyChiefWhip]

​@@wl660hi. I'm an EU citizen. So no HMRC.

[@Arkade_Perfect]

‘1 in 3 adults” this I gotta see!

[@stewartmacdonald601]

@38m. Compounding forever. Someone has been watching Red Dwarf...

[@steviebooth]

Don’t forget State Pension when working out pension pot needed in retirement. 4% rule is too simplistic

[@unclepeter8012]

I know you give sensible info especially in relation to pensions but would you also cover more “Risky” sections of the market? 5% of your portfolio in Bitcoin surely, even now is a good long term call but we can’t add an ETF to our ISA’s. Highlight how the UK which used to ahead of the curve in finance has been on the back foot with this. We look on the back foot with AI too (Expensive energy). The American general public invest outside their work pension more than us and they wouldn’t have these delays. 100% think people should buy global indexes but spicing things up a bit might get people in the game. It did me

[@dafruk1]

You can have etf's in a s&s ISA. Maybe not all offer this but definitely some do. Or have I misread what you were meaning?

[@unclepeter8012]

@@dafruk1 I meant in relation to Bitcoin. We seem to be falling behind re: public bitcoin investing (And general risk taking outside our pensions) and it looks like we’re doing the same with AI due to energy issues. I know I rambled

[@kevinsyd2012]

Bitcoin is not investing. You may as well spend 5% of your portfolio betting on horses

[@tinomutasa5371]

I don’t know if I’m boring as fuck or you guys deserve a sitcom cos I’ve found this episode so jokes. Damo ‘I’m so fucking angry today’ killed me cos I was thinking it. WTF is up mate

[@hypersynesthesia]

The daft thing is, though I'm in that mythical 6% who has a S&S ISA (I've been contributing to it on & off for 8 years - intensively the last 5 years), I'm nowhere near what 'the numbers' say my savings should be at this age. I've spent most of my career in small businesses in the creative industries. Pensions, before auto-enrolment was a thing? Lolllllll. Working my way up to a good salary? Laugh til you cry. I've been consistent in my saving, but it's really only in the last few years that life has stabilised enough for me to focus on this, and while I wouldn't trade the benefits & work-life balance of my job now, the salary is just not strong enough for me to catch up to those numbers, so I'm not going to make that my aim. I'm putting away circa 30% of my net salary every month across savings, pensions & investments. That's what I can afford, so I'm just focusing on staying consistent and making other savings where I can without living miserably!