How I SAVED MY FIRST £100,000 Aged 38 For Financial Independence

[@TheHumblePenny]

Hope this inspired you. Which of these points resonated with you the most?

[@jermainebrown9827]

I've managed to save 100k I am aged 33. Went from 12k in savings 7 years ago which is pretty good but I have reached a stalemate with all my outgoings. What would you suggest?? Goal is to be retired by 45

[@GraveRave]

Hey there I'm very new to this whole money investment thing and I pre-ordered your book but where do you suggest I begin? I'd like to learn how to save and grow money.

[@annawong5027]

I really LOVED this case study. I've saved £143k at 46 years of age. I got a new job last year and my salary increased by 50% but no lifestyle creep for me. I'm happy to buy the odd item from Shein and also happy to sew any clothes that need repairing. I also save into my stocks and shares and cash ISAs as well as premium bonds and high interest savings accounts such as Vanguard, Coventry and Atom on a monthly basis maxing them out. Keep up the brilliant work!

[@TheHumblePenny]

Anna, that's absolutely AMAZING 👏🏾👏🏾.

[@annawong5027]

@@TheHumblePenny Thank you so much. I forgot to mention that I followed your Vanguard video step by step as I didn't have a clue initially. You have been my financial coach and I'm truly grateful to have stumbled upon your channel a couple of years ago. 👏

[@lauren27891]

Amazing! Well done.

[@Baba-xx1bo]

This is very inspirational. I saved just over £100,000 by saving one of my monthly salary for just under six years. I had to work three jobs to achieve this, it wasn't easy, but I believed in myself and this goal.

[@TheHumblePenny]

Six years. Wow 🙌🏾

[@AbigailChristineIsrael]

How did you juggle three jobs? I am currently trying to get two more jobs

[@shecanbudget1170]

I love this! I was brought up in the mindset that if you can't afford to pay for something in cash, you can't afford it! I was also brought up to be practical. The last thing I fixed was either a button that came of my son's school blazer or a burst water pipe (my Grandad was the one who showed me how to do plumbing, electrics, woodwork, tiling & building despite it not being the 'done thing' at the time) I've already shown my son the joys of second hand. Even when he was a toddler he preferred to buy toys in the charity shop because he could get more for less 😂 We've recently found the joys of a car boot sale because we made an amazing profit at one we did recently! Mortgage overpayment is an amazing thing. I paid my first one off in 9yr instead of 25yr! I've bought a second property & I'm over half paid off in 6yr...but my strategy has changed. As my mortgage interest rate is 1.7% but my savings rate is 3.4%, I'm saving the extra contribution to savings so I can make a major overpayment once my mortgage penalty period is over 😊 With my budgeting I have saved to pay all my annual bills for the year in full in advance (ie car insurance). Having looked at my loyalty cards & market research apps, I have already comfortably funded both food & presents for Christmas this year & we're not even half way through the year!😊

[@JonnyRootsDem]

wow, this video was made for me. Its my day off work and I'm surrounded by drawers that I'm decluttering, and tossing the rubbish away, there's so much stuff I don't need, great timing Ken.

[@TheHumblePenny]

Brilliant 🙌🏾. Getting rid of stuff feels good

[@annalaurissa]

We are so close to saving our first £100k, I absolutely agree with everything you have mentioned!

[@TheHumblePenny]

How long has it taken to save up?

[@forcabrasil5881]

Is the £100k a person's entire net worth or £100k in a savings account excluding your house asset worth etc?

[@annalaurissa]

@@forcabrasil5881 no, it is only my savings. My net worth is higher than that.

[@rinakaur7245]

When my children outgrew their hoodies & joggers, i customised them by turning them into sleeveless tops & shorts. They were unique & looked fab!

[@natashachambers4318]

I fixed my lawnmower a few weeks ago. Much cheaper than buying a new one. Always happy to repair clothes too 😊

[@TheHumblePenny]

Nice work!

[@CureMewBlueberry]

for the decluttering point i found using a wardrobe organisation app to be really helpful! I have every item of clothing i own photographed in that app, so when i'm buying new clothes i always consult that first to see if it will be a duplicate/fit in with my current items. I don't see why you could not use that to keep track of other household items too!

[@TheHumblePenny]

Really interesting. What's the name of the app?

[@CureMewBlueberry]

@TheHumblePenny I use my dressing, but there are other similar apps too

[@marylynebille.m9333]

Great video and very insightful. Few more months to reach there. It’s not easy but determination is the key💪🏾

[@TheHumblePenny]

Wow, you're doing well 👏🏾 👏🏾

[@phil270286]

Great video . With regards to fixing stuff , or repairing things the big one I do is with my car when the wipers don't work instead of going to a garage I order the new ones and fit them myself following a KZbin video. Saves me paying the garage for labour. I do this with most things small things on my car such as light bulbs, if the radio doesn't work etc. I've been doing this for years and found that it means I'm not paying out more than I need to. With you tube you can find videos to show you how to fix anything.. I had a PS3 that wouldn't work.. quoted £100 to fix it thanks to KZbin I just ordered a new part for £30 and it works again. Ive started a few side hustles with not much luck one was I bought a job lot of phone cases and trying to sell them separately .. still got 90 percent of them. If anyone is looking at a side hustle research it first and make sure you have the time for it.

[@TheHumblePenny]

🙌🏾🙌🏾

[@Solihul886]

Me and my wife both worked an average of 68 hours a week for 4 consecutive years that brought us about 230k worth of saving. We invested that money and leveraged debt to allow us to become semi retired at 30/27 and millionaires another 2 years after that. A lot of people say hard work doesn't pay off these days, but if you go out of your comfort zones, save aggressively and invest that money, i guarantee it does pay off

[@TheHumblePenny]

Brilliant 👏🏾

[@fbl9795]

This is sooo great. I used to also think back and consider... I've worked all year with salary of eg 70k yet nothing to show for it and I'll be kicking myself for not being to save or invest more until one rather late day I opened my eyes and thought and realized , I've got to take control...thank you so much for sharing.😊 It's never too late, can only look forward..hmm

[@TheHumblePenny]

Keep going 💪🏾

[@clondon84]

Truth is for financial independence you need a very good salary to start with

[@TheHumblePenny]

Not necessarily. It certainly helps. But if you think about it, financial independence is connected to yout lifestyle. Everyone has different lifestyles. If you have a simple lifestyle and happy to maintain a simple lifestyle, you can also achieve Financial Independence over time.

[@clondon84]

@@TheHumblePenny sure it takes time to build wealth. Marathon not a sprint. But takes a lot less time with more disposable income

[@TheHumblePenny]

Very true. Yes.

[@gatekeeperboxing5898]

Not true, I earned average or below average salaries for most of my career the lowest being just 6K up to the highest around 40K (most roles being around the 20-25K mark), yet I was able to retire from full time employment at 39.

[@marshalewis249]

Great article! Thanks for bringing it to life in a video too!

[@TheHumblePenny]

You're welcome 😊

[@lodersracing]

Knowing my numbers was the key for me

[@TheHumblePenny]

It's crucial. What numbers exactly were you tracking?

[@lodersracing]

​@@TheHumblePenny Knowing my total savings and tracking it every month. Each month I make a note how much it goes up. And project into the future how much it will be if i save x amount, over the next 5 to 10 years.

[@clipsyosei5353]

Thank you very . Been watching your videos and must say which dear friend recommended and am truly grateful. Am on the journey to my financial education and freedom. Thank you

[@TheHumblePenny]

We appreciate you 🙏🏾

[@KoalaB354]

I love a simple life. If I earned more, I would spend it on one thing alone - experiences with my little niece. But that's it. Nothing flashy. Arts and crafts, days out. The only other 2 things I care about are 1) a quiet neighbourhood and 2) a comfy bed 😅

[@StupidIsTheNorm]

Brilliant video Ken. She’s a real inspiration

[@TheHumblePenny]

💯

[@meganterry4014]

Can you make a video explaining how beginners can make huge profits within a short period of time? I mean I was at a making well over $880,000 within 4 months of investing $1 50,000 I just need to know how

[@TheHumblePenny]

Great 👍🏾. Do share with others.

[@nathielrollin2297]

thank you for this update, I am sitting on a liquid asset worth 200k I am thinking of investing with your FA John Kin Larry how do I get in touch with him?

[@createswealth]

@@nathielrollin2297 Wow, my investment with John Kin Larry has also been so impressive, in 7 months I am currently making my first 6 figure return and I also have a better understanding of how the market works, I recommend

[@leonajorgen494]

Seek an expert. I invested a lump sum in a newbie & it made me my first million. Dodai Neil is an excellent broker from a reputable firm that handles my portfolio. Check him online.

[@PrezidentHughes]

When it comes to tech I normally buy the last stock of the model when the price is way down on lesser known sites or Amazon.

[@TheHumblePenny]

👍🏾👍🏾

[@tomm8428]

I fixed my sofa, I quite literally dropped my sofa of my balcony as it couldn't fit up my spiral staircase (townhouse). 😅

[@sebastiangorin3415]

I Fixed a Wool Jumper by sewing some elbow patches, great learning evening with my mother, learning skill is so rewarding, the video was a great, anf will be watching it again as i am hopefully on my way toward that goal, looking forward to you upcoming video on £100,000.00, complete agreed, the psychology know what is worth spending your monthly money in a proportion manor The book the 'Psychology of Money' is a great eye-open and helpfully for looking holistically at money

[@TheHumblePenny]

What a beautiful experience with your mother :). I also really like the Psychology of Money. Thanks for watching

[@abdulrahman31350]

I absolutely loved this

[@TheHumblePenny]

Awesome. Please share more. What did you love about it? 🤔

[@burropoco]

She's done well, certainly better than most! The benefits of overpaying a mortgage 13:14 are overblown however. There's the opportunity cost of the money not going into an index fund and yielding an historic average of around 8% per year. By paying it off early you also lose inflation's destructive and ultimately beneficial effect on your mortgage debt. At present the value of my mortgage balance is eroding at my MortgageRate minus the InflationRate so around -8% per year!

[@SpermDonorAnthonyGreenfield]

Well it all goes well until corona happens and u lose ur job. Debt is risk. Though I fully understand what you mean. Inflation is very high now, higher than interest rates

[@nicolagolding3281]

I always rebuy, I need to stop this. However I don't buy much clothes and my sisters always give me clothes they don't need anymore. I don't go to the hair dresser anymore I do my own hair.

[@TheHumblePenny]

Thanks for sharing, Nicola 🤗

[@lwa.dev74]

I need to pivot my situation for me and understand how money works moving forward

[@TheHumblePenny]

Please watch more videos on our channel and you will 😉

[@252kt]

We spent £60 for a part for our broken hoover. It’s like new now!

[@TheHumblePenny]

Nice, Kelly!

[@JanBanJoovi-ol1qv]

Lifestyle is the key. If you care about validation from others theb you’ll struggle to save that much wealth

[@ayak6317]

But what do we do once we hit £100k to turn it into 1 mil?

[@TheHumblePenny]

Watch our upcoming video 😀

[@alitristan1933]

We fixed our wobbly toilet seat today simply by watching a you tube video and buying 2 new screws off Amazon for £3, a plumber quoted us £20 to fix! Result.

[@TheHumblePenny]

Result 🙌🏾

[@kh5005]

Well done, and so relatable.

[@TheHumblePenny]

Thank you 😊

[@hilarygibson3150]

I use a financial adviser. Fees are reasonable and i have had good returns. Im naturally too reckless, its better to outsource it fir me!

[@d26s10]

How does the side hustle work in terms of being employed and declaring an additional income? I’d love to start but I’m worried about tax. Would you be able to explain tax codes Ken? I work in the public sector (UK) and I definitely know of certain colleagues who have given up a second income as it didn’t make sense for them in terms of how much tax they had to pay. In terms of being thrifty, I always make bulk purchases of items I regularly use when they’re on offer. I sell my clothes on eBay and vinted if I no longer require them. I cook additional portions of food so the following couple of days will only require power to heat up the meal rather than starting from scratch. When I don’t wash my hair, I make sure my showers are 3 minutes max and turn off the water when lathering the body wash and shaving. When I do wash my hair, I try to stay under 5 mins. I recently made a big purchase as I’ve always wanted a dyson hair dryer and held off for over 3 years. Eventually I purchased but I did so wisely by buying a refurbed one from the eBay outlet store. It knocked off over £100 and works absolutely fine and also comes with warrantee. They’re all tested by dyson engineers and only repaired with genuine dyson parts if need be (some of the items are simply returns- there’s nothing wrong with them.) I repair clothing by sewing. I’ve made all of my shopping bags by sourcing my own fabric and finding a free pattern cutting online with sewing machine instructions. I workout from home, so no gym membership. I either make my own birthday card for friends and family or buy them in bulk by supporting other handmade businesses on Etsy and eBay. I always hunt for discount codes and comparison websites when it comes to booking trips or other purchases that don’t need to be made imminently. Public holidays/ bank holidays are generally the best time when online retailers tends to encourage spending and release discount codes. Every little helps... I also know of people who do online surveys and set aside time each day to enter giveaways and specifically make up a new email adddress or social media account so all the spam of sign ups can go to one place only.

[@clondon84]

Side hustle - you would most likely need a self assessment filled every year

[@TheHumblePenny]

Hiya 👋🏾 For side hustle tax, watch this video: kzbin.info/www/bejne/pn_bmoawnLF7ebM You'll need to register for self assessment for any additional income outside of PAYE. However, the video above shows you how much tax you'll have to pay etc when you earn from a side hustle in addition to your PAYE job, etc.

[@Jeffybonbon]

set up a company invest in high yeiilding 3 bed houses and make around 6k cashflow per house in the north you could buy around four hosed 100k each and make around 24 k we are in high infkation now and funds wont out perform rental income Property is the place to be

[@TheHumblePenny]

Thanks for sharing. Both have their Pros and cons.

[@tryderrick]

Is this what you're doing?

[@Jeffybonbon]

@@tryderrick yes and i think house prices next year will fall and rents are going up its a powerful strategy in the ne and then push cashflow from the company into sipp with all the tax advantages

[@transformativelearning2186]

Nice.

[@alextso321]

I'm curious about the reasoning behind advocating for overpaying a mortgage instead of investing the extra money in index funds. As long as inflation rates are higher than the mortgage interest rate, it's more financially advantageous to keep the mortgage and benefit from the negative real rate, where the bank effectively pays you to hold the mortgage. While paying off a mortgage early may offer some emotional benefits, it doesn't always seem like the most rational financial decision

[@TheHumblePenny]

It is not just about rationality. Much bigger conversation. Watch this - kzbin.info/www/bejne/bmHFZoZ8o7-apa8

[@8G00SE8]

In the US this is true, a 30 year mortgage with a fixed interest rate of 2% can be held for the entire duration, in the UK where people have 2-5 year fixes you are dealing with market timing and unknowns. A mortgage of 5% fixed is worth paying off.

[@TheHumblePenny]

@@8G00SE8 5% and growing 📈

[@lexij4740]

YES THE INFO IS AMAXING! I BOUGHT MY BOOK ' YOUR MONEY OR YR LIFE' 2 Months ago1. Funny coincidence

[@TheHumblePenny]

Stay tuned, we have something to announce soon 😉

[@barbarar5869]

They also pay workers far less than their US employees. Housing crisis is not caused by the multinational corporations though, but it is affecting their ability to attract talent.

[@ozzyfur8307]

Thank you humble penny

[@TheHumblePenny]

Thank you for watching and commenting. Do share with others :)

[@G.Family.]

I love your black top Ken. Looks great

[@TheHumblePenny]

Thank you 😊

[@zappbrannigan9790]

Let’s talk side hustles. I’ve struggled to find a viable side hustle over the last 5 years, looking into forex, property deal sourcing, digital products. Nothing has worked or gained traction. Can anyone pass on some guidance on what has worked for them?

[@Laura-cc6oz]

So she is including her company pension in her saving? How does this £100k breakdown? If your pension is included a lot people will have a lot more wealth than they realise

[@TheHumblePenny]

Your pension is meant to be included just as ISA is included.

[@geekafreak]

Ive probably taken home £100k in the past 9 years to save that amount is impressive. How are people even making the money in the first place?

[@TheHumblePenny]

Thanks for sharing. We hear you. I think there are 3 things that are necessary for you to earn more: 1) Mindset - You need to develop a Growth Mindset. This is an important foundation and will help you believe more in yourself and what's possible from an income perspective. 2) Skillset - You need to acquire more lucrative skills. 3) Toolset - You need a vision, plan and tools for success whilst being in a community where you're being held accountable. If you open your mind up to all these 3 areas, you will grow your income significantly. We're here to help either for free through this channel or in various other ways: thehumblepenny.com/Coaching

[@deesott5123]

Babes if you save 10k per year that is 833 each month for 10 years you will save 100k. You mean to tell me you make less than 10k per year? Most people take away is 3k month save 1k or 1/3 and you can do it.

[@geekafreak]

@@deesott5123 I spent most of my time post university working my way up in a particular industry on a low wage. After bills I had £30 per week left and no room for savings. I tried looking for other things but was stuck until the pandemic, when I finally got my break but I do not have the high salary yet. Honestly things are tough for a lot of people. I didn't really go out, I wasn't spending lavish I was just lost and to some extent I still am but watching videos like this is part of the remedy

[@leahmcdermott4189]

@@deesott5123 Maybe in a couple but most single people take home income is definitely not 3K. The average UK income is around 35K per year, which after tax, NI, with 5% pension contributions and no student loans (though most people do), it’s roughly 2.2K as a take home income. Add the crazy inflation we’ve been experiencing over the last year years, I can only imagine how difficult it is to save 100K. Saving 1/3 of your income is also massively ambitious for the ordinary person that’s not part of the FI community. I’m sure you’ve seen that the average SR is like 8% in the UK, a far cry from 33%. Let’s not downplay it, you know it’s super hard to save 100K on a average income and especially as a single person 💕

[@s4mmu3l]

I’ve patched my jeans. Only got a new one as all of my jeans had been patched hahaha so only wear the new one on special occasions..

[@tamsinwood2]

Repeat buy- that's me.

[@TheHumblePenny]

😆. Join the very long line

[@anon4518]

❤

[@TheHumblePenny]

🤗

[@NicNok77]

Great channel , it's my goal too, to reach £100K. How could one inspire someone else to sit up & get excited about anything financial & get involved in planning and saving, etc, as my partner of 20+ is unable to talk thoroughly about money, which can be frustrating at times, as goals could be reached faster. I really enjoy learning from your videos, they are so inspiring.

[@TheHumblePenny]

Hi Nicola Thank you 😊. This is such a huge topic. We'll make a video about it.

[@ozzyfur8307]

Fixed a pan

[@TheHumblePenny]

Nice! ;). I recently fixed an electric fireplace and it made me so happy that I didn't have to pay anyone.

[@GeueraCedera]

Thanks for sharing this amazing video , i actually invest and save with credible and reliable company BIT-ASTRO

[@TheHumblePenny]

Thanks for sharing.

[@pauljamesdidit]

Just finished listening on my car journey home, very inspiring and really well conveyed Ken 🫡 congrats to Jeni 💥

[@TheHumblePenny]

Love your comment. Thank you 😊