In today’s video we discuss the money myth, I’m too young to save! What’s your thoughts? Any ideas?
Sorry to be the bearer of bad news, but as the saying goes “when your young, your dumb” it’s a common thought held by most of the older generations. Everybody who no longer considers themselves young anymore, can fondly remember the days when they were young and most likely careless with their money, spending it on clothes, games, cinema tickets, holidays, their first car and the list goes on. With little to no regard for saving a penny!
But what if we didn’t follow this path, but instead had chosen to save and invest from a young age, what would our life look like today, would our current financial success be better than it is?
So what do you reckon? Share your thoughts and ideas.
7. IS IT TRUE?
No, it's not true.
Your never too young to start saving, in
fact it's one of the biggest regrets you'll
ever have on your personal finance
journey.
The sooner you start saving, the more
substantial your savings will be in the
future, when you'll need it!
8. £1,000 per month x 120 months
= £120k
THE FACTS
Did you know?
£1,000 per month x 120 months = £120k
6 x £20k Deposits (25% BTL)
6 Houses @ £80k Each
6 x £250 Rental Income = £1,500 Per Month
This is just from 10 years of saving £1k per
month, so imagine if you were 18 years old, by
the time you hit 28 years old, you'd be a
professional BTL Landlord with 6 BTL
properties paying you!
Plus the capital appreciation...
1
6 BTL properties paying you
2
By the time you hit 28, you'd be
a Professional BTL Landlord
3
9. The earlier you start, the
earlier you'll arrive. The later
you start, the later you'll
arrive...
10. THE PROBLEM
Most young people are too busy
enjoying the money they have at their
disposal, wasting money on entertaining
themselves and those around them...
11. THE PROBLEM
By the time they realize the mistake,
they are no longer young... and then they
have to play catch up!
12. WHAT NEXT
So here's what to do next, now that we
are clear regarding the money myth...
13. WHAT NEXT
Start being responsible with our
money and begin saving from
young...
1
So here's what to do next, now that we
are clear regarding the money myth...
14. WHAT NEXT
Start being responsible with our
money and begin saving from
young...
1
So here's what to do next, now that we
are clear regarding the money myth...
Commit to making, saving money
a part of your lifestyle without a
predefined deadline...
2
15. ACTION ITEMS Your action items for today's video are as
follows...
1
16. ACTION ITEMS Your action items for today's video are as
follows...
1
ONE
Starting
from now,
save £1k
pm
17. ACTION ITEMS Your action items for today's video are as
follows...
1
ONE TWO
At the £20k
mark, invest!
Then repeat...
Starting
from now,
save £1k
pm