How I Track My Money - The System That's Making Me A Millionaire

[@kortyEdna825]

Diversification is the secret to optimal performance. This is why I have my interests set on market sectors based on performance and projected growth, such as the EV sector, renewable energy, Tech, and Health. Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE

[@PatrickFitzgerald-cx6io]

If you don’t understand the markets, stick to an index like the S&P 500. Dollar cost average and hold long term, or better still consider financial advisory to avoid losses

[@brucemichelle5689.]

Sometimes I'm surprised most people don't even know they can do that. I've been making at least 200k every year from my investments by working with an FA. When you realise it, it feels like a life hack.

[@NoorJari406]

Wow, that's interesting . I've recently been exploring the option of working with an FA too. Any chance you could recommend who you work with? in her area and works for Empower Financial

[@brucemichelle5689.]

‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a geniusl Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.

[@NoorJari406]

Thanks a lot for the recommendation. I'll send her an email and I hope I'm able to connect with her.

[@AbigailOliviaq4l]

Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid economy crisis, and even pull it off easily in favorable conditions. Unequivocally, the collapse is getting somebody somewhere rich.

[@SophiaChloé6f]

I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts with experience since the 08' crash.

[@LoganGabriel6m]

The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.

[@GraysonNathan-v8y]

i'm blown away! mind sharing more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one as well.

[@LoganGabriel6m]

NICOLE ANASTASIA PLUMLEE' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@GraysonNathan-v8y]

I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@DaleClaassen]

4:37 - Easier to copy the list of descriptions in the category column and paste as values, remove duplicates in the data header and use 'SUMIFS', =SUMIFS(D:D,F:F,$I2). Way easier and less manual work. Or create a pivot table

[@liam.porritt]

Thanks for this Dale - lawyers don’t excel, so appreciate this tip! Still hope the overall system and way of looking at your finances was helpful 🤗

[@abbiglover1567]

Came here to say just this - as someone that works with data I begged to help with efficiency!

[@danielhague]

Use UNIQUE to populate I column also

[@rosstheboss1504]

Yeah easiest way is a pivot table

[@DaleClaassen]

@@danielhague good tip

[@ShawnWagner-sh8fi]

Investing in mutual funds offers a structured and diversified approach to building wealth, managed by professional fund managers. While there are costs and some limitations, the benefits of diversification, professional management, and ease of access make mutual funds a popular choice for achieving a variety of financial goals.

[@SarahMcCarthy-gy7qi]

ADBE, VWINX and FSPGX are all still good buy, but what do I know I’m not a financial advisor lol

[@DynamicConstructionz]

Exactly, I used to doubt the value of a financial advisor until my wife's company assigned her an investment adviser in 2020. Honestly, it’s been the best financial decision I’ve made. It helped tremendously; I went from barely making any profit to having a well-diversified portfolio that has grown significantly, with gains exceeding $850k.

[@HardyThomasD.]

I’ve been worried sick about the current state of my portfolio, who is your advisor?

[@DynamicConstructionz]

My CFA is Karen Marie Gendron, 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..

[@JoeGerald213]

Just ran an online search on her name and came across her website, pretty well educated. thank you for sharing.

[@SirHargreeves]

I do the same thing. I have a spreadsheet dashboard that tracks my finances and every year (for the past 10 years) I’ve recorded the number. I started with £644 in 2014. It’s now £100,000+

[@sbIvanov]

It is easier to use a pivot table and see the sum of all your expenses than to try and create complicated calculations. Also, you should add subcategories ie. Essential -> Sub-category Food. That way you can pivot your table on the category and then if needed break down everything into a sub-category and see where you over/under spent!

[@iBayleyyy]

I own a spreadsheet consultancy/data consultancy company so if you ever want to speed up your bank statement section you could do it monthly and it be a singular click and automatically done

[@Tomm9y]

One thing I do is identify the recurring items, such as subscriptions, the annual renewals, the budget/forecasts, you would need to up your excel skills to do that. I like the auto-investing, it ensures that the fund(s) are topped up, so you don't miss the money. It also leaves you to focus on other priorities such as career, health, etc. as the funds make the decisions on what to buy and sell. Over the years, I have lost a lot on poor timing as I was distracted by other demands. You are very fortunate to have such a high salary, it's wise to save lots while you can. Beware of property, it is entering a very risky ear due to the changing tax environment, it also can take a lot of your time, particularly if you are not familiar with methods used by the more experienced.

[@S-Hatami]

This is amazing and seems a worthwhile effort. However, as a lawyer from across the pond, the expenditures are striking between the two comparative markets (London vs NYC/Philly suburb). Our mortgage, obtained when rates were low, is $2500 and includes insurance and property tax; 2 bedroom rentals are $2100 per month at a minimum (plus electric (200+), gas (40), water (50), sewer (30), trash pickup (20), lawn or maintenance service(50)). Food expenses are significantly higher, for groceries and take out (you have several different food categories, but based on the total of non essentials, that amount would cover lunch out at work for the month. Forget pizza night!). Mobile is $100-200 a month; TV/internet/subscriptions around $250 monthly. And at $50, you could only get your hair cut three times a year! A man's cut is $20 with tip. I know the pound has more purchasing power, but wow! Also, very impressed with your low spending on "goods." Any Americans have ideas on cutting expenses?

[@SoulRBG]

I was thinking the same thing as I was doing the conversions to USD. Imagine if housing costs were less than $1500/m...

[@S-Hatami]

@@SoulRBG I suppose if you are splitting the rent or renting a room it's possible. But even assuming a 50% tax rate, he only needs to make 80k quid per year in a high end market to live comfortably. I think American metro areas have a much higher cost of living.

[@janesmith9024]

My mortgage (ldonon lawyer) was about US$120,000 a year at one point ( at its very worst), however so it depends your life stage (we have children, a bigger house etc). My broadband as I pay for two accounts is about US$260 a month. And once you have children in the US and UK the costs go sky high - 50% of our net salaries in first year of the baby in the 1980s and one of my children pays about US$78k a year divided by her and her spouse so half each but still a vast sum just to be able to work because of UK Government very very high employer taxes on top of the wage page.

[@pjscoglio7482]

Buy a $40k RV with a loan and pay a min of $950 USD/mo at 14% interest and within a few years, youll own an RV instead of paying rent to your landlord

[@kevjg4889]

Bro needs a pivot table

[@liam.porritt]

Lol - my excel knowledge is deficient and this was the format I created when I first did this - but thanks for noting that this would probably be better!! Once you have the format though, you can just copy and paste it for new spending each year, so not a huge deal! Hopefully the overall system and way of looking at your finances was helpful though 🤗

[@tommitchell7262]

@@liam.porritt Pivot tables are for Excel novices, Liam - using formulae gives you so much more control over how your data looks.

[@timothymarchant]

Excel knowledge not good? Why are you giving financial advice?

[@patmanrick]

​@@timothymarchanthe's not giving financial advice... and what has ability with excel got to do with it even if he was? That's like saying you can't be an art teacher if you're not experienced with spray cans. Excel is just a tool. You can be a master of excel and terrible with personal finance (many are) and the exact opposite can also be true

[@eren1707]

@@timothymarchanthes not… he’s showing you how he tracks his net worth… you’re definitely poor 😂

[@jtb52]

Good job. My approach is similar. Don't forget to check all that stuff...as invoices, statements, salary bulletin, etc. are electronic there's a tendency to not look at them anymore. Then things go under the radar.

[@harrydelalis8893]

Nice one! You could also create a pivot table instead of using the sumifs, it simplifies the step! :)

[@jonesmartinn9771]

Thank you for your openness with regarding your personal finances. It makes it a lot easier to understand and it is nothing which I consider to take for granted.

[@toomsy8285]

The legend is back. Thank you for pushing me to go and apply for vacation schemes when they open in September any tips on them especially for clifford chance would be amazing ❤

[@liam.porritt]

Good luck with them! Emphasise what life experience you have and how you have taken steps in that to have a positive impact - show what you have made happen! 🤗

[@toomsy8285]

@@liam.porritt thank you so much hopefully seeing you there soon !

[@maikuljay]

Legend, thanks for the excel tips - that actually has really helped me.

[@dougyt92]

This is great, but a budgeting app like Emma would save time and do a lot more than this.

[@chandrus7926]

This is a really good vid and very clear for anyone to follow and still has lot of takeaways for people who have control on finances. Great work Liam!

[@Tee_P]

Could you do an updated morning routine?

[@taylor-johnston7]

How do small businesses navigate early setbacks and challenges to transform into a successful business?

[@torben-schmidt]

Thanx for your videos. Have just began watching your channel and I already loving it. Keep up your good works and have a nice summer

[@liam.porritt]

Thanks so much Torben! Hope you have a great summer too!

[@MrCem1016]

I used to do a complete financial analysis every quarter, categorized everything, balanced my check book bi-weekly, etc. I spent hours knowing exactly where every penny of my $$ was coming from & where it was going (expenses by category, savings, investments). Then one day I realized that I knew w/i $2-$5 range the numbers that mattered most without this effort. So, now I save that time waste doing other things & enjoying life w/o worry.

[@montezeubanks5324]

Yes. As humans...we are creatures of habit. So without any extra events or abnormal situations occurring, we literally spend about the same each month. If your food bill was $400 last month it's more than likely not you're not gonna spend $800 the next. It's usually gonna be a small range. And other expenses like mortgage and utilities are pretty much fixed costs.

[@jamesgardner277]

Hi Liam, interested to know if you use credit cards for your day to day spending to take advantage of bonuses/points or whether all of the spending shown in the video is using debit cards? Or what your general view on this is. Thanks

[@sachinpateljlp]

I have the same question. As I would have to run this exercise using Credit Card data, if that is even possible to download in CSV format. Surely you are losing lots of benefits by not using a credit card?

[@BrickTemplar]

Living in debt is frowned upon in Europe.

[@sarahcraig1992]

Can you please do a video on paying off your student loan plan 2, I'm a high earner and I know that it is the right thing at 8% interest compounding monthly but I can't bring myself to start paying it down as everyone tells you not to. This is due to it wiping in 30 years, the govt can change the terms at any point and it's income contingent. Trouble is I'm looking at paying £100k for my degree, if I start paying it down early it will cost £66k. Both options aren't great but it would be good to hear your thoughts as I know you've started to pay yours down. Thank you so much x

[@patmanrick]

If you're a higher earner and expect to remain a high earner then it's a debt not a tax so pay it off ASAP. Rules can change but given state of the public purse it's highly unlikely that changes will be favourable

[@SootheSound]

Another great video, thank you. Is there any chance you could consider a video, or a Q&A video regarding what someone aspiring to a corporate law degree should be looking for: A levels, Duke of Edinburgh, good uni's that firms look for, the need dor internships etc ?

[@NitinAndrews]

Want an updated what’s on my iPhone video

[@glenntoal6346]

Please use a pivot table 90% of the copy and paste and formulas can be done with a pivot table.

[@jessestraube6157]

Interesting video!

[@georgeholmes6099]

Great video - thnx Excel wise, you can highlight the entire row, copy it, then go on data tab and remove duplicates, you will have a condensed list. Can then simplifying/speed up the sumif: change =SUMIF(F:F,”Bank Fees”,D:D) to =SUMIF(F:F,I3,D:D) and drag it down. Could also insert a pivot table. How do you categorise stuff that you have no idea what it is (i.e. random shop in a different city 9 months ago)? Aldi etc is easy but there are some random descriptions about like "izettle" Also be interested on your views on student loan for average salary graduates. Clearly makes sense for you to chip away at yours as you will pay it off anyway and save on the interest

[@rhymer2k]

He's a lawyer and excel isn't usually a core skill required :P

[@liam.porritt]

Hey George, thanks so much for this - lawyers don’t excel, so appreciate that the excel steps could be streamlined! Still hope the overall system and way of looking at your finances was helpful 🤗 I generally categorise all foreign currency transactions (assuming I’m not living abroad!) as holiday. If there is stuff I have no idea about, I take a reasonable guess at the spending, but it is very rare that there is a material expense for > £100 that I can’t figure out in a minute or two based on the date and my iPhone calendar 🤗

[@liam.porritt]

And on student loans - if you are not confident you will pay the whole thing off within 15-30 years, I wouldn’t ever overpay. You will lose the present value of your cash overpaying it, and then also likely never actually see the gain of getting more of your pay check into your account each month 😊 Beth, for example, has left hers and will likely never pay it off!

[@Great_PatBingsoo]

This is pointless when you can just pay a few dollars a month to easily see your spending across your accounts. This is way too time-consuming for the average bloke.

[@texasowl5356]

lol found the guy with CC debt. By having the system…. Every dollar is accounted for (literally) not just glanced at on an app.

[@MyEyesBlink]

@@texasowl5356that’s your take away?

[@Pankaj-qp5fc]

​@@JP7onEarthwhat bank is that? Thanx

[@jc-ph1qf]

@@texasowl5356There are apps that account for every dollar and help you make sure that you have no CC debt. I use YNAB currently. It’s not cheap but time savings is worth it for me.

[@MahNameIsJeff]

@@texasowl5356exactly… i have friends who have the automated apps and they have no idea where their money is going… because they dont have to look at it since it’s done automatically. Automation for financial tracking defeats the purpose… you spend more money on an app and you dont hold yourself accountable for each transaction since you dont have to type it in. I update my spreadsheet weekly not once a year though, it takes probably 15-20mins and i follow everything to the last cent.

[@Ana-ye9rx]

This is crazy free game

[@bradwilson5483]

You could just do a pivot table and it would work this out for you after you do your category’s

[@jnsam3152]

Great videos always!

[@geehothi4318]

Great progress!

[@wbrnnr]

Used to do the same for years with transactions, then just decided to pay for Snoop subscription (Emma and other similar ones would do the trick) - save myself hours of work

[@1eadzzz]

You could use Finary and connect everything

[@JamesCooke-jg8qk]

Hi Liam , I am fifteen I love the idea of being a lawyer. Is the newly qualified salary gained on the third year of being a corporate lawyer?

[@Tee_P]

I love your videos to watch. They are so inspiring and informative 😊❤

[@liam.porritt]

Thank you so much!

[@proudtobeblue]

Pivot instead of sum if, so much quicker

[@QuentinUttenweiler]

Hey Liam great video! What is your current amount you have spent? Over 500k :)?

[@timeacseh9367]

Hogyan lehet magyar feliratot beállítani? Köszönöm szépen!

[@Matteblak]

Wheres this excel template

[@itsmarcmarti]

hey, I love your channel, but please control that clickbait 😭. That system does NOT make you millonaire, rather your salary. have been using a budget, saving and investing what I can for years and I am very far from where you are.

[@liam.porritt]

Hey! Thanks for your support! I appreciate this, but unfortunately KZbin’s algorithm is so strongly impacted by getting people to click on a title and thumbnail, it’s the only way videos get any views now unfortunately! I test different thumbnails and titles to see what gets the highest click through rate and then use that. It’s a shame, but sadly what is needed to get people to see what I still hope is very helpful content behind that title and thumbnail! 🤗

[@itsmarcmarti]

@@liam.porritt thanks for answering liam. did not meant to sound shaming or anything. i hate that aspect of youtube, even though i completely understand that side for creators. good luck and keep it up with your content ❤️

[@oliversamuel1]

@@liam.porritt I see nothing wrong with the title, would help if you added in a minute of, based on current projects I'll have my net worth of a million by 2029...? And explain how this exercise connects to that. Currently a "slight" disconnnect between title and content. Otherwise. Great Video!

[@Jon-hb6gx]

I reckon you're losing as much interest as you are gaining, Liam. I used to be subbed but hit the button again for this reason; it just makes videos feel like a let down. Be true to yourself and be true to those that support you. Bye mate.

[@911newmen6]

Finary does it good to !

[@duncanmackay2783]

What was your income in your first year as a corporate lawyer in comparison to now?

[@victoriabooker6212]

Can I have your spreadsheet please

[@XB75015]

Why don’t you use a pivot table?

[@liam.porritt]

Because my excel knowledge is deficient and this was the format I created when I first did this - but thanks for noting that this would probably be better!! Once you have the format though, you can just copy and paste it for new spending each year, so not a huge deal! Hopefully the overall system and way of looking at your finances was helpful though!

[@tonysilke]

As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.

[@Nernst96]

If you are thinking of investing in the stock market and you are not well versed, its advisable to work with a financial advisor who is an expert to guide you through the process. this way you could make more profit with less risk

[@PatrickLloyd-]

Working with a financial advisor has been a game-changer for me. They provided invaluable insights and tailored strategies that aligned perfectly with my risk tolerance and financial objectives. With their support, I've seen significant growth in my investments and gained confidence in my financial future.

[@PhilipDunk]

@@PatrickLloyd- Could you kindly elaborate on the advisor's background and qualifications?

[@PatrickLloyd-]

I'd recommend SOPHIE LYNN CARRABUS. She is a genius when it comes to diversifying her holdings. You can verify her identity for yourself by looking her up online. She is well knowledgeable about the financial markets.

[@PatrickLloyd-]

My CFA SOPHIE LYNN CARRABUS 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..

[@Matteblak]

Wheres this excel template? You show it off then dont provide it? Thanks bruh

[@LionelBercovich]

An objective observation: you speak a lot in stacatto. Idk if it’s really you or if it’s something with the mic

[@joshholmes322]

Somebody introduce this poor man to Quicken.

[@markyspov]

Looks like a lot of work. Easiest and most efficient way to do it is in Notion.

[@keslauche1779]

Just one word: Monzo

[@inmydelorean6025]

Mac in the thumbnail, Windows in the video. Macs give better click rates or why bother?

[@TimothyPrice-u1d]

I thought it was a Mac too, but if you look closely it’s a PC.

[@hollydavid69]

Time Stamps man?

[@liam.porritt]

Added now!! Sorry and thanks! 🤗

[@mateobartra1502]

but excel reads csv files...

[@polgomezroyo5233]

So many poeple saying there are apps that will categorise this automatically. And I kinda disagree. While you can connect your bank accounts to such apps, they will miss a lot of categorisations, creating inaccurate reports. But most importantly, I feeling counting this manually gives me a good sense and realisation of what's going on with my finances. Whereas if I automate it, I tend to forget about it. It's so (or not so) satisfying adding a spending of +200 bucks in clothes and realising you didn't need them, so you can take action and stop overspending in clothing

[@slg_sasha]

Use finary

[@Timslee91]

Also a biglaw associate, although not a junior, here. Your approach is way too tedious. No wonder you can’t do this more than once a year. I do this monthly. Pay for a finance app. There are plenty around and not that expensive. Otherwise, learn to excel. For example, you could’ve listed unique from your categories and then make your sumif pull from that column and just drag down to automate everything at once. Learning to excel makes it so much faster

[@mistazed1170]

Pivot tables pal

[@sonny8085]

£90 per month on mobile phone bill?!?!....I pay O2 £8.70 per month and they don't have roaming fees in the EU 😉 Never buy cell phones through a contract, especially on your salary

[@robfreeman1987]

Dude loves spending just £1 in Aldi

[@Yakaiah-k7e]

Sir i am going to pursue my llb in uk can you please give me some advices personally

[@SirHargreeves]

You will need to improve your English writing.

[@mrrscta]

How about buy properties in auction, house flip and sell? It works down here in Brazil.

[@dotmars]

This “system” doesn’t make you a millionaire. Just better with money. This is facilitated with a 6 figure job and KZbin money.

[@adamatraore9583]

Does help that you’re on £150k+ per year. I would be a millionaire within 7 years on that salary and multi within 10

[@jacksom-x4j]

So after all that you don't even show us the breakdown of your assets 😂 what was the point?

[@jkecollins]

125,000 pounds a year? Geeeez

[@m-1917]

your excel skill is embarrassing

[@AurellianSturmayr]

Not to be a “hater” as I like your content and don’t wish anyone any bad vibes but that is 0.082% of your annual expenditure awarded to charity. The fact that you have even bothered to categorise it at all is revealing. Also I would never split the rent with my partner if he had a job that could sufficiently cover it.

[@Josh00044]

Maybe she wants to contribute and not be reliant on a man

[@liam.porritt]

Hey! As per the on-screen note, almost all of my giving is through my business 🤗 Beth and I split the rent and I pay all of our bills - just how we do it 😃

[@patmanrick]

What's the problem if he chose not to give to charity, out of interest? He's paying a 47% marginal rate of income tax, so is making a far greater contribution to society (from an economic perspective) than most

[@EdA-bz3bu]

Bank fees, that bank can go pound sand.

[@JD19899]

All these "millionaires" are so charitable they spend every waking moment on you tube, with the rasp voice explaining to the rest of us how simple it is... All these you tube millionaire are bullshit, if they were so rich they wouldnt be peddling it on you tube.