8 Places Your Money NEEDS To Go (To Become a MILLIONAIRE)

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8 Places Your Money NEEDS To Go (To Become a MILLIONAIRE)

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HOW TO SAVE MONEY: Learn Budgeting For Beginners and How To Save your income monthly with our guide on 8 Places Your Money NEEDS To Go (To Become a MILLIONAIRE or achieve Financial Independence). Get the "BUDGET FOR LIFE" ✅ thehumblepenny...
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I'm married to Ken and we have two boys aged 6 and 4. I'm a Londoner, born in Hackney! :)
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Former CFO by day with over 12 years of experience in the investment business. I'm a Chartered Accountant and hold an MBA from Cambridge University.
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★★ TIME STAMPS ★★
0:00 - Intro and Video Outline
2:05 - 1 // PENSION
4:05 - 2 // EMERGENCY FUND
5:17 - 3 // STOCKS & SHARES ISA
6:27 - 4 // NEEDS
7:19 - 5 // DEBT PAYOFF
8:15 - 6 // FUN & WANTS
9:43 - 7 // GIVING
11:19 - 8 // GROWTH & RISK
11:54 - LEARN TO PRODUCTISE YOURSELF
13:46 - 5 KEY PRINCIPLES
15:41 - PRACTICAL ILLUSTRATION FOR £30K
Best, Ken and Mary
#budgeting #howtosave #millionaire
★★ WHAT THIS VIDEO IS ABOUT★★
8 Places Your Money NEEDS To Go (To Become a MILLIONAIRE)

Пікірлер: 111

@TheHumblePenny 3 жыл бұрын

How do you allocate your monthly income? Let us know in the comments below :)

@ladyde7007 3 жыл бұрын

My pension, ISA, Emergency Saving, Health Insurance Cashback and I just start a next ISA Stocks and Shares.

@TheHumblePenny 3 жыл бұрын

Nice! 👍🏼👍🏼

@lee-13 2 жыл бұрын

I do 70/30 10% goes to building my emergency fund 20% goes to investment accounts The other 70% goes to my needs/wants/debts! Good video! Good Tips!

@user-yt9zs6tg4h 3 жыл бұрын

Would be great to do a video on salary and savings based on age to reach a million by 40!

@TheHumblePenny 3 жыл бұрын

Love this suggestion 😉

@imanijx 2 жыл бұрын

Loved this, Ken. Thank you.

@TheHumblePenny 2 жыл бұрын

You're welcome 😊

@Shayoyeye5223 3 жыл бұрын

Such a brilliant, in depth explanation. Thank you Humble Penny for what you do 🙏🏾

@TheHumblePenny 3 жыл бұрын

Thank you, Clara! 😀. Please share with others

@Indowaindowa 3 жыл бұрын

The practical example of the individual on 30K cemented the entire video. This was super helpful. More of these please

@TheHumblePenny 3 жыл бұрын

AMAZING feedback! So pleased that I added that 30K example now 😊

@sanyamshah 3 жыл бұрын

Giving part is icing on the cake ! God bless you

@TheHumblePenny 3 жыл бұрын

We agree 😊. God bless you!

@dakinsvibe 3 жыл бұрын

Great advice as always Ken, just upped my monthly emergency fund and savings standing orders as a result of this video.

@TheHumblePenny 3 жыл бұрын

WOW, Sam!! Amazing! Please share this video with others

@DanielSquires 2 жыл бұрын

The humble penny, making the uk 🇬🇧 great again. 💯👏🏽

@TheHumblePenny 2 жыл бұрын

😊🙏🏽

@SalomeRu 3 жыл бұрын

Your channel and content have helped transform my life. I look forward to adjusting my pension contributions. Love the % allocations…now on a mission to productise myself 😇

@TheHumblePenny 3 жыл бұрын

Go Rumbi!!💪🏾💪🏾 Love your name 😊

@BeFree-BeFrugal 3 жыл бұрын

Yes allocate your budget

@TheHumblePenny 3 жыл бұрын

😉

@Miznew 3 жыл бұрын

Fantastic content as always. Love the way you guys keep finance so interesting for us! Also, Ken is a natural in front of the camera now and Mary, A1 editing skills! #powercouple 😃

@TheHumblePenny 3 жыл бұрын

Awww thank you! 😊. It has taken a while to get comfy in front of the camera. We've now hired a video editor to join our team and Mary now has more time to appear in more videos and do other really important work at Financial Joy Academy 😀

@idiomatika 3 жыл бұрын

"You get paid every month" Me: "Shit! I haven't invoiced for ages. Thanks for the reminder!"

@TheHumblePenny 3 жыл бұрын

LOL, get those invoices out fast!

@dianak6587 Жыл бұрын

Great video, I want to apply this to my life, but I'm struggling to break it down the way you have in th e template. Do you have one that I could use ? or any advice as I get paid weekly . So I normally budget weekly.

@muskanqureshi3131 3 жыл бұрын

Hi I start liking your videos so much!😊👍🏻 I want you to make video on how to save for Emergency funds for 6 months & and guide about Medical & Health Insurance! In short, tell the formula for saving for emergency funds and medical & health insurance, so we can safe ourselves from trouble in future!

@TheHumblePenny 3 жыл бұрын

We've actually made a video already on Emergency Funds. Please look at our list of videos on Saving Money. We shared 10 ideas :)

@Emma-gg1im 3 жыл бұрын

I get the advantage of being able to have savings taken straight from my salary and I started doing this a few years ago, any time I get a wage increase I just increase that money and live off the same balance. It's been amazing to see how quickly that grows. My current goal is to clear my mortgage and then it will be to look into investing as it's a whole new world to me!

@TheHumblePenny 3 жыл бұрын

Hey Emma, loving your progress! 🔥. Please don't wait to look at investing much later. Watch our investing playlist or check out Super Simple Investing: thehumblepenny.com/SuperSimpleInvesting

@Emma-gg1im 3 жыл бұрын

@@TheHumblePenny Thanks! I will check it out. My mindset has been so focussed on paying off my mortgage it will be hard to change it, but I should have it cleared in the next year and will proudly be able to say I am mortgage free at 35 :) Then it is definitely onto investing, but I might try to put little bits across before then

@luisfernandez-izquierdo502 3 жыл бұрын

An interesting approach to budgeting, I liked the giving part and the last one, risk and experimentation.

@TheHumblePenny 3 жыл бұрын

Hey Luis, we love those too and talk about them deliberately because they're very important and other creators shy away from them.

@nimagreen4061 3 жыл бұрын

Thank you for this video. So helpful in specific ways. A brilliant video.

@TheHumblePenny 3 жыл бұрын

You're most welcome, Nima :). Beautiful name.

@lutherkingngolleetugengoll6070 3 жыл бұрын

This is obviously what I need. Thank you Ken. You guys are my inspiration. I should comment more when i get to the end of this video.

@TheHumblePenny 3 жыл бұрын

You're most welcome 😊. Your comment matters to us.

@chantellepeters4655 3 жыл бұрын

Love this video Ken! I am currently doing something similar with my budget but also currently saving for my first property so unfortunately the other allocations are taking a bit of beating at the moment. I am trusting the process though it will all be worth it in the end!

@TheHumblePenny 3 жыл бұрын

I LOVE your mindset, Chantelle 😊

@susanlewis1953 3 жыл бұрын

Brilliant video - will check against my budget. Thanks 😀😀

@TheHumblePenny 3 жыл бұрын

You're most welcome, Susan! 😊

@magnoliabrown9153 2 жыл бұрын

Ken, if one already receives income protection and life assurance as a benefit from their employer, is it still necessary to have your own private ones ?

@melvinaowusu2610 2 жыл бұрын

Excellent video. I love that you aligned the principles with the guidance really important to know WHY we/we ought to allocate funds into certain pots. Bravo guys. 🙌🏾👸🏾🤴🏾

@TheHumblePenny 2 жыл бұрын

Thanks so much 😀. Please share with others.

@gifgaftaf 3 жыл бұрын

Very valuable content!

@TheHumblePenny 3 жыл бұрын

Awesome! Please share with others 😊

@felix7rjp24 3 жыл бұрын

Thank you very much for sharing your ideas. Could you make a video on good debt versus bad debt and why it is important to pay off bad debt as soon as possible.

@TheHumblePenny 3 жыл бұрын

Noted 😉

@masterl14 3 жыл бұрын

What an excellent video! Thank you because you didnt even have to....super helpful!

@TheHumblePenny 3 жыл бұрын

Much appreciated! Please share with others 😊

@BoluAdekoya 3 жыл бұрын

Fantastic, thanks guys for always keeping it practical

@TheHumblePenny 3 жыл бұрын

Thank you, Rachel 😀. We're doing our best with each video to make sure that the points stick. Please share with others

@martinking2416 3 жыл бұрын

Fantastic video, thank you!

@TheHumblePenny 3 жыл бұрын

👊🏾

@manlike2616 3 жыл бұрын

Another great video. Wish i could like it 1M Times. Keep up the good work

@TheHumblePenny 3 жыл бұрын

AMAZING 😊🙏🏽. Please share 👊🏾

@Amit_l92 3 жыл бұрын

Brilliant video. By the looks of it i’m heading in the in right direction 👍🏽

@TheHumblePenny 3 жыл бұрын

Awesome! 😉. Please share

@martinking2416 3 жыл бұрын

Thanks

@KimzCraftz 3 жыл бұрын

As one gets closer to retirement age, should the amount into the pension decrease? I'm thinking it doesn't have long to increase in value. I have less than 10 years to go.

@TheHumblePenny 3 жыл бұрын

I wouldn't necessarily slow down per se as you get a proportion of that money tax free eventually and pay tax on the rest.

@KLUDUP 3 жыл бұрын

Very great and important video! 👏🏾

@TheHumblePenny 3 жыл бұрын

👊🏾

@ZombieTechPad 3 жыл бұрын

I really like the idea of working towards a zero balance account. Allocating salary as soon as it comes in so I can be confident every possible event is covered for the month. I've been trying to work towards this in the past few months. My pay usually goes towards Saving, ISA, Living, Debt, Growth and then extras (Fun) but I dont apply the percentages breakdown you do. I do impose limits etc do have never looked at it from a percentage view

@TheHumblePenny 3 жыл бұрын

Nice! Love that you already had a system going :)

@gillianhope7742 3 жыл бұрын

So interesting, Too late for pension as I am already receiving my pension from former employment but will aim to achieve the rest of items

@TheHumblePenny 3 жыл бұрын

Thanks for watching 😊

@JO-on3ky 2 жыл бұрын

Really enjoyed this video. This is a great goal. Do you think it's achievable to go this way even if your salary is quite low.. what if your needs cannot be covered in 50% of your salary. Eg. Mortgage+childcare+council tax+bills+food = more than 50%. Where would you pull from if you had to find, say, an extra 20% Its good to start somewhere with percentages but also wonder whether there's a certain level of financial health required first. I always enjoy your videos but really wish I heard all this a decade ago!

@TheHumblePenny 2 жыл бұрын

Jane, thank you for your well thought out comment. 50% is the goal but we know it's hard for people in more expensive cities. To find the 20%, people tend use what they might have reserved for giving, experimenting or even paying off debts. Knocking off your most expensive debts ASAP helps a lot in this equation.

@Red_1976 3 жыл бұрын

Great video & great smile, thank you! Where does yr mortgage repayment go - into debt or bills?

@TheHumblePenny 3 жыл бұрын

Thank you, Jen! 😊. Mortgage repayments will ordinarily go into "Needs". However, any overpayments would fall into the "Debt Pay Off" part.

@sophieayling6126 2 жыл бұрын

hi Ken, thank you for your videos they are very helpful. I have a question -- you mention here in the pensions section and in the practical example about deducting the pension contributions. I am now registered as self employed but had a time during the last tax year that I was employed. During that time my employer took the pension contributions out of my income and put it in a pension fund. Can the amount in my pension fund then be deducted from my 'total pay to date' as is listed on the P45? or can this only be done with pension contributions made by me voluntarily, as a self-employed person now?

@omasank 3 жыл бұрын

Great content as usual, thanks for sharing Ken. I'm trying more efficient ways of paying myself 1st and looking for ways of increasing, assessing and investing that 10% as a salaried person. Any thoughts on that?

@TheHumblePenny 3 жыл бұрын

Re increasing income, have you been on our Rocket Your Income Challenge? Thehumblepenny.com/RYI

@flightlessplan 3 жыл бұрын

Could you make the spreadsheet available as a downloadable template?

@TheHumblePenny 3 жыл бұрын

We created a solid tool for budgeting here: thehumblepenny.com/budgetforlife

@julieangus5043 3 жыл бұрын

Love this Ken. I had stopped depositing in the stocks and Shares ISA and was focusing on debt payoff, but I see that's way down on the list. I will definitely apply this formula. It makes lots of sense

@TheHumblePenny 3 жыл бұрын

Thank you, Julie :). Please share with others

@Ve.addams 3 жыл бұрын

Hi, Ken! Besides a Stock and Shares ISA account, are there any special types of accounts you recommend to hold my money for the other budget slices (pension savings, travel savings, needs, wants, etc)? thank you for the amazing video!

@TheHumblePenny 3 жыл бұрын

Hi Vera Thanks for watching :). For pensions, this depends but an account to use is a SIPP (Self Invested Personal Pension). For stuff like travel, etc, you can either use a regular easy access savings account or create various pots depending on what type of bank account you have. For example, Starling Bank offer accounts with the facility to create various pots. Or simply using other current accounts are other banks. Key is to set up the relevant standing orders and try to automate most of this process once you've established a good routine 😀

@Ve.addams 3 жыл бұрын

@@TheHumblePenny thank you for answering! Yes I'm looking into monzo pot system because I already have an account with them! Slowly Getting there 😊 thanks!

@simplyshernaofficial 3 жыл бұрын

Really great breakdown! Thank you👌🏾

@TheHumblePenny 3 жыл бұрын

You're most welcome :)

@saras4472 3 жыл бұрын

Great video! Wish I’d started doing this sooner

@TheHumblePenny 3 жыл бұрын

Do you do anything differently?

@dafovs 3 жыл бұрын

Great breakdown, Ken!

@TheHumblePenny 3 жыл бұрын

👊🏾

@gillianhope7742 3 жыл бұрын

I think the necessities is a bit ambitious especially in south east where rents are so high

@TheHumblePenny 3 жыл бұрын

Yes, 50% will be a push for many but that comes down to a balance of earnings and lifestyle choice. So the 50% is a guide.

@gillianhope7742 3 жыл бұрын

@@TheHumblePenny yes I understand, I think I will pass this on to My children ty

@TheHumblePenny 3 жыл бұрын

Great! 😀

@nevertoolate8589 3 жыл бұрын

That was an excellent video. Wish I’d seen that in my 20s. But yes, can’t see the 50 % needs working for a single parent. On a single £30k salary and with no money is coming in from maintenance, you’d be inelegible for benefits, so I can’t see those £900 covering accomodation, transport, school clothes/food, weekly groceries. Would have to cut down on some of other ones. Hence the importance of not having debt. That debt repayment amount could go back into the needs box.

@teezeeeee 3 жыл бұрын

Thank you so much..

@TheHumblePenny 3 жыл бұрын

👊🏾

@YSOvideo 3 жыл бұрын

Can you please share the spreadsheet

@ladyde7007 3 жыл бұрын

What you think of Wealthify as a platform to invest through

@TheHumblePenny 3 жыл бұрын

It's a robi advsor for a particular type of person. It works for people who want simplicity. If you want more flexibility over your investing, then it might not be ideal.