Here's How Anyone Can Get Rich

[@MakingMoneyPodcast]

Hello! We’ve put something together for you - a completely free guide for beginners that shows 80% of what you need to know about personal finance on 2 pages. You can get it here: makingmoney.email/80-guide-video

[@julieniemeyer925]

Investing is not trading. That sentence makes things so not scary anymore. Loving the new podcast.

[@aldozilli1293]

Be very careful, don't invest first without knowing the rules. It's tempting to put a lot of money on stocks and shares that are performing and then quickly lose that when they fall off a cliff. I speak from experience and this guy needs to emphasise the risks more.

[@adrianmarrinan7707]

​@@aldozilli1293i think its important to fous and invest in companies rather than stocks

[@doty6621]

@@aldozilli1293 when you DCA then you mitigate that risk

[@gianlucapagnoni283]

Brilliant! I met Him last year, actually I served him since I work in hospitality. He was very nice and suggested me to read his book, which opened up the world of investing. I just wish I met him 10 years ago, now I would have been in a better position (I'm still way better than last year afterall) Thank you for inviting him to this Podcast!

[@davetaylor7664]

I came across his book in a charity shop(!). If I find nothing else of value in a charity shop, I'll be more than happy. This book has changed my life!

[@allthegearuk]

Hope you leave some money to charity😂

[@paddymcquaid5713]

What’s the book called

[@ChrisMason-h4j]

How has it changed your life?

[@davetaylor7664]

@@ChrisMason-h4j teaching me about the basics of finance, the importance of diversifying your portfolio and the power of regularly investing (I used to just invest in dividend stocks as and when I had spare change)

[@michaelreddington1234]

This podcast FLEW BY!! Sign of a great show. Well done guys. I’ll be getting Andrew’s book now…

[@curt3494]

Two episodes in, and I'm really enjoying this new podcast 👌 It's great to hear people talk so passionately about financial literacy 👍

[@minimad8793]

I am glad that someone in the mainstream of wealth management came out with the, "being rich is the ability to plan your own life", makes me want to be in this position even more. Thanks guys

[@connor54063]

'Life's about being happy. But life's about being happy once you've thought more deeply about what will actually make you happy'. Preach

[@aldozilli1293]

Contentment is the goal. Money does not bring contentment, it may take away some anxiety and stress but the day you stop chasing money and material things is when you realise you are truly content.

[@withwilk7473]

Tip that has helped me. Open a new bank account, fund it with a let's say 1.2k. Set up a direct debit of £100 per month into an index fund, Vanguard or similar. Now you have 12 months of dollar cost average investing ticking over. Each month transfer a random amount into that new bank account from your wages, keep funding it. Never look at the new account, or the investment account. Automated and simple. At times I have had enough in that account to keep investing for 3+ years without looking at it.

[@donaldlyons17]

WHAT are people in the UK somehow supposed to just have an extra 1K? WTF 10 years ago when prices were cheaper everyone did not have an extra 1K!!!!

[@Msmdis26]

By choosing what they spend money on. Obviously not everyone has access to spare cash but there are a lot of £1k iPhones in the hands of young people up and down the country.

[@thelight1385]

Yeah but which index fund

[@balalaika852]

@@thelight1385 any global index fund

[@cocosheffield79]

But why not just put the £1.2k into the index fund? What am i missing?

[@bernardo.daSilva]

This podcast should've been longer than an hour. Loved it

[@strong646]

Great listen. After watching all your other stuff, I really needed to setup a stocks and shares ISA. After being reminded again today of the importance of compounding, I've finally started 😀

[@ukclarkkent]

Sitting in front of a laptop screen...how do you actually start?

[@Dr.JubairsFinance]

I've actually seen him in person and he is really good at convincing people to invest into the future

[@ld-c7i]

Working through these podcasts after recently discovering the channel. I'm so glad I listened to this one after the Gary's economics one. Pretty contrasting messages about the state of affairs.

[@colinmartin7994]

Great work Damien :) Would love to see something like this focused on what we can do for our kids. Touched on briefly in this one, I think that would go down well. Great episode keep up the good work.

[@kbsam533]

Yes I agree

[@deborahrose7047]

I really enjoy these shows. Fianicial products based in US, Europe and Asia. 10% invest, and £50 a month, great tips... Investment in human progress is at the heart of this....this progressive process does mean addressing geninue challenges in society....thus making a geninue progressive society....inclusive society seems to be what I am getting from this podcast....or maybe that's my agenda. So thanks for a Brilliant British podcast addressing a serious issue around true Fianicial literacy

[@paultaylor1092]

Really enjoyed these first two podcasts. Really useful info presented in an easily accessible format. Keep it going

[@christines5430]

Great podcast Damien. I wish all young people were taught some of these principles before leaving school. This is the stuff that makes the difference to life outcomes.

[@VoiceOfThe]

Think about it. There’s very good reason why they don’t teach this stuff in schools and the education system. The powers that be rely on the masses taking on debt as it serves their purpose. They want you in that 9-5 for 50 years paying taxes until you’re dead. If everyone became a millionaire at 40, half would end up leaving the UK paying no tax. They rely and actively want you staying dumb, ignorant and sleepwalking through life. It fits their agenda. Welcome to The Matrix.

[@benghiskahn3673]

But then how would the parasitic debt companies make money from uninformed people?

[@BenMiles-c3u]

I feel so sorry for the people finding out about this stuff later in life. I believe its by design that the public schools dont teach us how to build real wealth

[@SeanSmith-wi9ou]

You'd be correct! I think the same!! if you dont teach people the values of money and investing you'll have a mass majority of people who will forever rely on the broken system who love to keep us in check.

[@kevinsyd2012]

Most teachers are financially illiterate, in debt and generally skint

[@dalebettison8053]

So much better than the first one I listened to, got the point over without a load of effin this and effon that.... going to get the book now.

[@imbarmstrong]

Fantastic interview. Really enjoyed it. Going to have to give Andew's book a read and pass on to my Nephews...

[@CanOfRabbitHoles]

Thank you Andrew for opening Damien's eyes, because he opened mine, and my children will have a better life because of it.

[@markfogel3682]

I am loving these podcasts will definitely check out the book too.

[@MakingMoneyPodcast]

We love hearing you're enjoying the pod!

[@Tom_murray89]

Another great interview I have the book in audio format

[@Do-Hoon]

Brilliant! I've enjoyed the guests thus far and I'm looking forward to the next podcast :) Might need to grab a copy of Andrew's book.

[@jd9720]

Great guest and interesting convo! Big fan of your channel Damo so pumped for this new podcast!

[@abdulrahman31350]

40 minute podcast?????? Listening to this and time flew. Literally felt like 5 minute

[@MakingMoneyPodcast]

Thanks Henare!

[@robkyle2008]

Eastenders off. Making Money Podcast on. Great stuff.

[@SwahiliSpicE]

I just had to come back here after a few days of watching this episode and say that I bought the book (a used one of course which saved me about £4 from what would have been my default Amazon option). Started reading it last night and I am thoroughly enjoying it! I am an analytical person so I really do appreciate all the facts and figures and graphs and tables, and of course the bibliography! Will update you on overall thoughts once finished.

[@davidjones4130]

Both of these recent documentaries have been so inspiring! Thank you❤

[@chrisballUKtoNZ]

im like fkking addicted to this new podcast hahahahha very calming and like chatting along with your mates

[@Tony-mq2br]

Really good episode and podcast 👏

[@FeelGoodGolf]

This is my favourite video you've done Damien, watched it all 👍🏼

[@andrewbiggs3750]

Brilliant interview and what a fab guest👏👏👏.

[@pugmanick]

9:30 - T asked the question on my lips, thank you

[@withwilk7473]

Just spend less than you make. I make very little, but I save and invest alot. Do not buy a financed car, a new phone and those new trainers and tell people you have no money. My trainers are old, my phone I bought cash and it'll last 5 years and my car is 15 years old. And I have tens of thousands in cash and investments. Its a choice. Self educate, make good habits and chip away at it.

[@DUBLL100]

Exactly the same brother

[@zedman442]

💯 this needs teaching when growing up.

[@allanroberts4387]

Listening to Andrew and having now read his book it has become so obvious to me that the teaching of Financial Literacy should be the No 1 compulsory subject taught throughout all school years.The benefits,not just personal but societal would be incredible and transformational.

[@clarenceishmael9615]

I'd like to give This a double like as I bought his book a few months back and watched your podcast without even realising that you were interviewing the author of same book, so I've re-watched this with fresh eyes and enjoyed it even more the second time around.

[@MakingMoneyPodcast]

Glad you enjoyed it :)

[@chrisyates2591]

I'm getting addicted to this podcast.Each guest talks clearly and with such good sense. This guy is on a mission - it is so energising and happiness inducing to listen to him. In the UK we have been so downtrodden for so long. This is the kind of neoliberalism that is helpful - pity there hasn't been much of it about for so long!

[@Nova2Yung]

I bought his book and i have been reading it daily, a very clear thinker

[@LyndonBradley]

Great video and share guys.Really interesting.zSo helpful,I’m going to get the book.Thanks again.Loving your content and looking forward to more 🙂

[@Riaan3108]

This is the best and most important podcast on the planet. It will honestly change the lives of people, all for the better.

[@bartz4439]

Seriously?!

[@philr8971]

Good common sense, plain language, easy to listen to and understand. Great stuff! Also why the government don’t invest 5k for every child that is born for them to have at age 55 is a mystery… surely cheaper than the current pension system!!!

[@jayswonkeydonkey]

Yep 👍🏼 I had that idea too, gov puts 100k in per child, compounding interest for 67/70 years - equals millions. Any forward thinking gov could BREAK the cycle. It would single handedly fund universal basic income (UBI) … which is fast growing in popularism ❤

[@danbee415]

because everyone cant be wealthy. if everyone is wealthy then who will do the work. Which is why governments, big corporations will never make iy easy amd make it very difficult.

[@Laverda981]

Government wants you dependent, not independent...

[@shimsteriom4191]

Great video, fantastic guest. Thanks 👍

[@scott.hamilton]

The look on Damo’s face when his mate says he ‘invests in fine wines in France……..’ 🤣🤣🤣 Fkn priceless!

[@nonefvnfvnjnjnjevjenjvonej3384]

man british shows are just better. so nice, fun and engaging while not being a scam. i am from the us and all of our finance podcasts are basically running scams. lol.

[@caz6106]

Great pod guys. Really helpful.

[@MakingMoneyPodcast]

Thank you!

[@Anonymoos2315]

I wish more people emphasised income when it comes to being "rich." Whilst I agree with all the points in the video, the reality is unless your income is high your deployable capital will always be low. Yes investing even a trivial sum and assuming stock market returns for 40 years would make most people millionaires but people forget that they will be 70 odd when this happens. It's more accurate in this case to say that focusing on cutting costs, being frugal and investing will ensure you will have a good retirement but will do very little for your quality of life between 25-65. I can set up an index fund with Vanguard in about 15 minutes and then set up a DD from there to automate the process each month. Why aren't we focusing on telling people that they need to maximise their income? More often then not the people on youtube who dispel information such as this are on far above average incomes. Their compounding won't look like yours. If you want to actually use the compounding you generate, I would hammer down on increasing income as much as possible in addition to all the above.

[@SirLallington]

Great video series! Plus I love the banter between you and your best mate too - really grounds it.

[@jamesc328]

The example of £5000 over 55 years compounded, should made examples within Maths at schools, that would make it lot more interesting.

[@danbee415]

but the financial system wouldn't work if everyones doing this. you need people at the bottom to do all the heavy lifting...

[@britcan4067]

The way out of the pension crisis stop the pension from a set date pay 5k per new born into an Eft then instead of wpp you pay into that via payee

[@Petersworld77]

If you can afford to invest £5k for a newborn and force them not to touch it until they are 65 then good luck with that. Life gets in the way and this scenario just isn’t realistic for the vast majority. Far more realistic is the scenario whereby people between the ages of 45-65 inherited a parent’s estate. That is when most people will have spare investment cash available.

[@FPL_Berardi]

​@@danbee415yes I was going to add, there's a reason it's gatekept

[@iCozzh]

@@Petersworld77the idea is to lock people out of it until they get to that age, same way a state pension access is age locked

[@bridgetkirk7065]

I like the betting analogy, a simple way to explain compound growth to someone who doesn't get it, is to think about how much you can win on a low stake accumulator.

[@Radictor44]

I was really cautious about investing, like most people scared of putting down capital into shares. I spent a year researching, watching vlogs and channels like this, understanding, picking my fund, and this year I took the plunge. I'm now investing monthly, with a long term plan and objective. I've got a lot of time, time is money, time is growth, so lets see where this goes. Start early people.

[@millenniumstreamer]

Another great Video Damian!! Keep up the great work :)

[@Baxter91]

Followed your podcast and channel for a long time now. Helped me sort out my finances post lockdown. Read Andrew's book after this first aired and it made me sort out a set and forget "all weather" type of portfolio. Like everyone says I do wish I'd started sooner 😂

[@simonh7025]

Love the new pod, one little suggestion would be to change the background behind the guests head to something less distracting and easier on the eyes? Both videos there is so much going on behind the guest, it gives me anxiety 🥲. Maybe it's just me!! Keep up the amazing work :)

[@jayswonkeydonkey]

Omg 😱 I’ve listened for hours … and not noticed the background! Canny Unsee it now! Put a nice lava lamp with a nice MM sign ;) in a cool 😎 blue. (Just saying) ❤

[@gentillygirl545]

Hello, I have a question. First off, I am American (although my Scottish friend swears I must have been British in a past life). I am a relatively new investor. I have been listening with great interest to Damien's explanations about exposure to an overall global equity index fund. In the U.S. so far it is hammered into me that major U.S. companies have such a global reach, that I may as well just invest in the S&P 500. However, I like to broaden my outlook and have taken note of the reasons why a global fund may be a good and forward-thinking addition to my portfolio. However, when I researched global funds, the majority of the top ten are -- you guessed it -- The Magnificent Seven (I cannot say that phrase without singing The Clash song). I already invest in the S&P 500. Magnificent 7 all over the place. So, is an ex US fund the way to go? I would be interested to learn if international investors choose ex US funds or not. I am keen to learn the mindset of non-US investors in a more global perspective. Not just for my personal financial interest, but to better understand the world at large, if that makes any sense. Thanks!!

[@davem.4003]

I'm not an expert investor but yes, you're on the right track. Any Global fund will be invested ~65% in US markets, so you'll already have that with your S&P500, although a little bit in small/mid-cap funds might be worthwhile but just bear in mind that the investment timeline may be longer. Don't worry too much about the Mag7 investments - as some companies fall away and are replaced by new "rising stars", the fund rebalances - that's the benefit of investing in funds - no action is required by you. I would also recommend buying funds that are traded in your local currency, so that you are not subject to currency fluctuations as well as market volatility (there will still be currency fluctuations but you will be less concerned about them if someone else is dealing with it).

[@DoodlePete]

Just ordered the book, it arrives tomorrow - very excited

[@LWD-Hidden-Links]

Late to the party (in many ways!) but thank you. I didn't realise it's normal to be scared of money - to think even, it's for rich people, not me. "Gambling...", "Bricks and mortar..." "For rich people...". Helping to correct my views, thank you!

[@Destide]

This was great really appreciate covering the angle of average income and nearing middle age.

[@JohnBuckmanYT]

great podcast... can't wait for more episodes

[@NiCKkkkkkkkkkkkkkkkkk]

I really enjoyed the conversation. I wish we had pie investing tools (like M1 finance etc) globally. In my case it would have been a game changer. Where I live, you have to pay $10-25 for each trade which makes small and frequent contributions impossible. This makes you feel reluctant to make regular investments and try to 'time the market' with larger sums at once. It would have been great at least if I had the chance to create a pie (some US equities, some developing world, some commodities and some bitcoin) and add regularly at once..

[@chrisgray1507]

I think the one basic thing that most people miss is a budget. Most people don’t know what their spending and what their outgoings are etc

[@SteveDuts]

Another fantastic video/podcast, loving all this new content 👍🏼

[@RachelFayLovelyDay]

Loving these podcasts.

[@lakelandbeardcare405]

I think there's a cultural issue in which people don't talk about money. No one really talks openly about their finances unless it's bad, and they'll tell you how hard up they are. My parents never really spoke to me about money unless it was to tell me that "money doesn't grow on trees" or "we're not made of money". No one talks about it when things are good & what they did to get there. And it would be considered quite rude to ask. I think it's a very private thing for most people. Some people may feel shame about not having much, or some may feel judged if they have money because people will think they acquired it illegally or inherited it from wealthy parents. It seems a very British thing to put down people who are successful (or trying to be).

[@rjgil1]

Really interesting, good job!

[@griso107]

Really enjoyed this video…it nailed so many excellent points…gonna get the book 💪

[@gregarmstrong2500]

Giving your guest an SM57 while yous are sitting there with SM7Bs is an absolute power play 😂

[@snaggiz]

Thank you. As a now 27 year old with a relatively low income, I know im still doing financially well even if it doesn’t feel like it. I feel quite stuck. This gave me a bit of a push to keep going.

[@davidwalsh9807]

Really enjoying these Damien nice 👌 work mate, thank you 🙏

[@ADHDNurse79]

Such a powerful watch

[@goldengoose7492]

Amazing content! ❤

[@paulcoverdale8312]

When this is all done, I think you should do a Jamie but, instead of trying to sort out school dinners, you guys should sort out the math an REAL world economics. I think we can all agree that, if this kind of education had been available during the 80s onwards, we’d all, or more than average would be better off. All of this needs to start at schools Dameo. Luv in the progs an great down to earth education we are now getting. Thanks for all you’ve done an do guys.

[@mooremoneymakin]

These podcasts are great

[@jacc88888]

Great Podcast. Does Andrew recommend Global index funds as a starting point for equities investing? He never got round to actually telling us where to invest!

[@declanmcardle]

@33:15 According to Dave Ramsey "the _love_ of money is the root of all evil".

[@hbh7868]

Great podcast

[@emilyparrish1242]

I loved the comparison between investing and trading. Trading is essentially short-term gambling, investing is data-driven long term wealth.

[@christelmiguel6162]

Loved this interview guys! Andrew dropping gems as per usual

[@mikerodent3164]

Gems o' shooyyyt, yah got that right all right. Lovely little gems. 😂😂😂

[@tombowman4489]

Proud to say I know zero data points in the premier league and at least 3 on the S&P....Winning

[@craigmorris1981]

Read the book, makes sense to diversify, he has set up a fund based on the book. Quotes 9% average growth and to keep costs low. And yet his own fund charges 1.22% fees on Hargreaves lands down and the fund has increased by 7.5% in 5 years? Something doesn't add up?

[@Kalarandir]

I totally agree. His theory is great, and his fund's practice is awful. It was Andrew's theory that I put into practice and has served me very well. It leaves you wondering who is picking the stocks & etfs for his fund?

[@Retired1967]

Great podcast. I think a great video would be showing 'How' to invest as he suggests. I.e. Step by step From signing up to say ' Vanguard' or elsewhere What account to choose to begin with etc. A full on walkthrough to take away people's uncertainty . Once they know the ropes and get comfortable, people will start to make their own choices of investments within the account. A dummies video guide if you like . That's my compounding 2p worth 😉

[@MakingMoneyPodcast]

We've done a step by step here: kzbin.info/www/bejne/faaZZ6Wmrc9_r5Y. Hope you enjoy it

[@Retired1967]

@@MakingMoneyPodcast Awesome 😎

[@Theother1089]

I love your videos, and your guests bring a different element to take into consideration, I've watched this country self implode with negativity and identity politics that are poisoning a generation, being positive and being grateful for what you have is A message that's been buried, I'm teaching my children not to waste money on things they don't need.

[@Nova2Yung]

love these episodes

[@deborahrose7047]

One of the reasons people don't like capitalism is how the business get rich. Enslaved people were the bedrock of many US and UK and other European firms who have currently delivered....this is often ignored.Happiness has come at the cost of human suffering and brutality. Capitalism if understood to have made some brutal mistakes......if some of your guests that you choose are able talk to that, then fianicial education will be restorative so perhaps invite a guest who can talk about markets, especially around actually ensuring previously Enslaved people are acknowledged.This will help the education of personal finance to enter ethical discussions and then for the huge harm to society to be reconciled. Many Europeans, especially British owned Enslaved people without knowing. Their wealth unknowingly in some cases came from sheer human brutality .Its worth contextualising, its worth avoiding this oversight,its worth this as we are all interested in human progress....Great show great interview, keep going

[@fraserbricknell168]

Quality again mate

[@rossmacintosh5652]

No harder than learning to drive a car. Just remember most of us learned to drive in just a few hours of practice when we were idiot teens who couldn't focus on anything.

[@bubblegrass]

24:25 Jim Mellon CEO of agronomics $ANIC. Agronomics is the biggest position in my ISA.

[@AM_9924]

Brilliant video Damien! I currently invest in one global index fund via vanguard. Would this be enough or should I be looking to add additional funds?

[@Andy__A]

Great video. However, long time investing might not be that easy to some people (actually, to many) psychologically, and there is quite a big point. In fact, it is the classical "a reward tomorrow or profit at some time in future" when compared with trading or other ways to "quickly make money". Probabilities calculation, future forecasting, cold thinking - it is what we as people are usually not good at without working on that exactly matter. And even after it might get based on beliefs (in market) - but anyway, if it helps to keep on investing, better than nothing

[@chrishoulihan1915]

My pension is taken out of my pay before tax and invested. So would i be better upping that or don't up it and use the money to invest myself

[@stansheppard8929]

Loved this. Thanks very much boys

[@MakingMoneyPodcast]

Glad you enjoyed it!

[@Worldwithoutboarders]

I didn't even think about financial knowledge until i was in my late thirties. It's a long journey but worth it. Only regret is not starting younger.

[@VoiceOfThe]

After receiving inheritance in 2020 I spent 3.5 months researching about how to invest. As well as reading up & watching videos I spoke to various, what turned out to be sharks in suits from London, Rome & Dubai. Eventually it clicked. You can cut out the middleman. I could do it all myself and then set about choosing which broker, which fund(s) and what ratio split I wanted. Almost 50, just wish I’d known this stuff 30 years ago, although I’ve now retired and left the U.K. so can’t complain.

[@Elliottcam]

Has this chap been given his knighthood yet…. Trading v investing at 16 min is the most important message for young people…

[@DavidSmith-do6ji]

Brought the book :-)

[@bookermyk]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

[@MilaCruz-d5r]

The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.

[@Mlanderos-t9e]

The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.

[@Simeonedavis]

I find your situation fascinating. Would you be willing to offer a trusted advisor you've worked with?

[@Mlanderos-t9e]

Judith Lynn Staufer’, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@Simeonedavis]

I find this informative, curiously explored Judith on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated

[@HENRYGCOLLINS]

Hi, what is the best index fund to invest in. So many seem to pop up. Is the Vanguard s& p 500 the best?

[@kristaylor6694]

The thought of living to 110 is not really appealing to me

[@TW11Marco]

Great content

[@neilcook1652]

Love this message

[@SD-gw5vm]

Not talking about money is not just a British thing. I think its a European thing.