Do you have a Pension? If not, why not?

No video

Do you have a Pension? If not, why not?

Рет қаралды 1,418

Күн бұрын

Do you have a Pension? If not, why not?
👉🏿 Subscribe for more: www.youtube.co...
Continue watching:
• Is there a Black Briti...
• Very few Black Brits o...
• Why I left London and ...
• Thinking of leaving Lo...
Support:
⚡ Buy Me a Coffee: www.buymeacoff...
⚡ Sign up to Freetrade and get a free share worth up to £100: freetrade.app....

Пікірлер: 49

@SophiaWilsontreeelephant 2 ай бұрын

I have had a work pension since 1994. I have always saved including having ISAs. I’m 57, these are real and important conversations that must be had. My adult son is working and yes he is in a pension scheme. His plan is to buy out of London. Thank you for your advice and motivation to guide and support people.

@elywananda 2 ай бұрын

Brilliant, oh my gosh you were a switched-on youngster. And you've passed it on to your son too which is great to hear. And yes indeed, I'm focused on sharing advice and insights that will hopefully inspire people to make positive moves in their lives.

@ikennaokere1769 2 ай бұрын

Great video again. We need to share ideas like this and teach one another about the creation and retention of wealth. W E B Dubois wrote that it is hard to be a poor man but to be a poor race is the very bottom of hardship. I will never tire of making this point. These are the 4 pillars on which financial freedom is built: 1. Invest in yourself. Spend time and money improving yourself 2. Own your home. Leave London if you have to. Don’t spend your life paying someone else’s mortgage 3. Start a pension. Start it early. The magic of compound interest will leave you a neat nest egg in retirement 4. Start a business even if it is a small side hustle

@elywananda 2 ай бұрын

Thank you fam. This is a great comment and advice. Yeah, as I make these videos, I'm finding myself focusing more and more on wealth as a concept. We as a people appear to have a tortuous relationship with wealth. We kind know that we lack it and we want it, but we're also probably a big ashamed or perhaps fearful to do what's required to generate it.

@YardyBritishfamily 2 ай бұрын

Finally someone has your head on their body. My dream is to own my own home.

@jamesthomasson6678 2 ай бұрын

Sadly our parents don’t pay into a pension because they want their children to look after them when they are old, but looking after your parents means you’ll be broke

@ademolaadebayo1005 18 күн бұрын

Thanks for this video. I started contributing towards my pension when I was in my early 30s. I am now in my late 50s and contribution has actually increased to just under 50% of my income. One of the things that encouraged me is the fact that I pay no tax and NI on my contribution and it matched by my employer. I could retire as early as my early 60s if I want to, but I have decided to work until my late 60s or up to 70, because I am privileged to love my job. I have been telling people around me of the importance of contributing towards a pension.

@elywananda 18 күн бұрын

Great stuff! I am now looking to ramp up my contributions too as I'm far off where I need to be. I find that people often think pensions are a scam because you won't see any of the money until many decades into the future. Problem with this is that they usually aren't putting money into other forms of investments. This is what happened with me to an extent. We definitely need to bang this drum continually.

@jamesthomasson6678 2 ай бұрын

Also WE need to stop sending money back to”Home” It’s NOT an Investment!!!! this is what is keeping many BP from being financially stable!

@IntrovertMaxxing 2 ай бұрын

Great stats and video. I think BP are typically in two minds when it comes to staying in the UK. Because of this instability, many BP operate in a way thats not thinking of a secure future. Either praying for the best or playing lottery hoping for riches. The mainstream B culture is also very materialistic, leasing high performance cars, renting high spec apartments, buying 1k shoes, taking constant trips, weave-nails-eyebrows....everything on fleek. Its all not condusive for responsible future planning. Just my opinion of course

@elywananda 2 ай бұрын

Honestly, I think a lot of our people don't even think about the long term. I hear people saying how they don't want to stay in this country, but they rarely have an actual plan for making it happen. It's like the future must be a vague mystery and we just hope it'll be okay once we get there!

@IntrovertMaxxing 2 ай бұрын

@elywananda wooah perfectly said. The level of delayed gratification needed to make these moves is mostly cultivated and installed from infantry... But when our parents are using buy now pay later catalogues (like Littlewoods), obscure money lending services (like provident) and then want to go to parties with real jewels and cloth from Italy... many of us didn't have a fighting chance. Many parents were waiting on their kids to bail them out. Selfishly expecting you to foot their bills while you have your own family to take care of. To me, it's a sickness. I just don't know if it's a cultural or a spiritual one.

@elywananda 2 ай бұрын

@@IntrovertMaxxing It's extremely deep rooted for sure. The good thing is that for those who are inclined toward making better choices, we can somewhat connect online and not feel so isolated.

@theformula8993 2 ай бұрын

I would say the problem is we don’t own anything as BP in the Uk. Our plan for the future looks bleak. I do think education in financial literacy would have helped.

@elywananda 2 ай бұрын

Financial literacy should absolutely be a basic thing from young ages. The other day I was teaching my son about the concept of profit. I think it's important that we don't see profit and wealth and assets, etc as being all about greed. I think this might be a limiting belief that prevents us from talking openly in our families about stuff like this.

@adeolaakinbiyi4028 Ай бұрын

I'm against getting a pension unless the company you work for doubled your contributions it's much better to invest the money instead

@London_miss234 2 ай бұрын

Lovely presentation.

@elywananda 2 ай бұрын

Thanks Michelle 🙏🏿

@IntrovertMaxxing 2 ай бұрын

I see the new branding brother! Nice one

@elywananda 2 ай бұрын

Yeah trying to gradually level up, you know.

@projectgenes1s Күн бұрын

There needs to be financial education for black people. A financial channel, book, etc for us. We are not doing well enough in this area. Are there any channels doing this work for us?

@elywananda Күн бұрын

@@projectgenes1s There are some great channels on here. The Humble Penny is one that springs to mind. But I completely agree, we need more such content and advice.

@DMCDAILY 2 ай бұрын

Very interesting topic

@elywananda 2 ай бұрын

It is, wish I thought about it more seriously in my youth.

@DMCDAILY 2 ай бұрын

@@elywananda do u think this should apply for every single young person? I havent got a pension and didnt plan on doing so for very different reasons but my lifestyle is different to the average person. Though id suggest the average person to do the same thing. Have you got instagram?

@amandam480 2 ай бұрын

Very true words thank you.

@reginablanchard1611 Ай бұрын

Good discussion

@iBOXRIVER Ай бұрын

Problem is people change jobs so often, its hard to locate all of your past pension contributions.

@Jstar697 2 ай бұрын

Well done for this video Eli

@elywananda 2 ай бұрын

Thanks! 🙏🏿

@seanjohnbig2664 2 ай бұрын

I have began paying into my work place pension given they would match my contribution...

@darrengraham3162 2 ай бұрын

One the problems I have noticed is seeking good advise. I have been paying into a pension since 1989 and had the benefit of good advice. My mother also paid into a pension and has been retired for ten years I think and she mortgage free. Seek advise from those who have been successful. My work colleague invested when he started work in 1991, he is mortgage free with multiple investments to the point he purchased a house for his parents for 2.5k cash. Both my children invest. Don't some the bullshit so people do like not buying a property and leaving something for there kids. Some may get pissed with me but I'm targeting who did have an opportunity to buy property when they were affordable and chose not to. I was raised in the inner city but moved out on there was no way my was going to live the city not with all its issues I go on.

@elywananda 2 ай бұрын

Yeah having people around you who can give you good advice is critical.

@darrengraham3162 2 ай бұрын

@@elywananda I came from a single parent house hold and my mother purchased her first home in 1981 on her own. I did not end up being a road man and none my close went down that route. On a separate if you are man enough to have children man up and after them! If the father of your child has nothing to offer find a mentor some upstanding, on uncle, pastor, university lecture some who has achieved something for the to emulate. Keep up the good work brother.

@elywananda 2 ай бұрын

@@darrengraham3162 I love hearing testimonies like that bro. You've given me a couple of ideas to cover in future videos. Big ups ✊🏿

@Syn4kh Ай бұрын

Love your talks

@fortunalondon8692 2 ай бұрын

Good video. I do think the stats have different nuances to them however. Institutional racism slowing the rate at which Blacks and other ethnic minority groups were given promotions or accepted into higher paying jobs, as well as institutional racism with banks and mortgage lenders. So the stats alone don’t tell the full story.

@elywananda 2 ай бұрын

Yes indeed, there are other factors at play for sure. I'm convinced though that when it comes to things like retirement planning and wealth accumulation, these issues we face aren't primarily to do with individual incomes being lower than others.

@20Hazell12 2 ай бұрын

Love your videos. If you’ve had several jobs and paid into pension is it worth combining into one pension pot?

@elywananda 2 ай бұрын

Thank you! I haven't done that myself yet but I do need to look into it. From memory, I think the main benefit is convenience rather than anything. It's easier to keep track of things if they're all together. I recently read about how loads of pension cash is untouched because people haven't claimed it. So if someone has lots and lots of different pension schemes, maybe it's a good idea to combine them and avoid forgetting about them!

@ellea2541 Ай бұрын

Yes, it is! Set up a Vanguard SIPP and transfer the past NEST, People's Pension etc into it. It was quite easy and they did it over 4-8 weeks, if I remember correctly. A lot of the workplace-linked ones like NEST have higher platform fees so it's worth it.