Money Habits Keeping You Poor - 5 Ways to Radically Improve your Finances

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Breaking bad money habits has been the single biggest step I have taken towards building wealth in my 20s. It's sad that personal finance isn't taught in school - but I have spent the last 8 years learning about money (how to earn more of it and grow it) from books, in my studies on my way to becoming a corporate lawyer, and in multiple businesses 📖⚖️💻
These lessons have radically changed how I handle my own money, and should help you to earn more, prioritise your spending, be tax efficient and build your wealth for a long and financially free life 💸
Other personal finance videos:
What I spend in a month - • What I Spend In A Mont...
Work out your net worth - • I Worked Out My Net Wo...
Work out your real hourly wage - • I equated my SPENDING ...
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About Me
I'm a lawyer, part-time KZfaqr, son, brother, startup founder, fiancé, black coffee drinker and plant dad. I graduated from Cambridge University (where I studied French and Spanish), topped my law school class and now work for a corporate law firm in London as a trainee solicitor (which takes up a lot of my time)!
Around that, I'm a big fan of discovering new ways of thinking, of balancing work with life, and of performing to the very best of my ability. Ohh, and being happy. And I try to share all that on this KZfaq channel 😀
Fun fact: I believe we massively overplay the role of “natural talent” 😮 AND… I also believe that TOGETHER, WE ARE ALL CAPABLE OF POSITIVITY, PRODUCTIVITY AND SUCCESS.
📸 Instagram - / liam.porritt
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Disclaimer:
Information, views and opinions depicted in this video are my own. Information visible on screens or in documents does not relate to my work as a lawyer for clients. This is not financial advice.
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Пікірлер: 66

@Knosferatu 10 ай бұрын

I am beyond impressed that a full time lawyer is capable of putting out quality content that actually helps people. You are brilliant, truly. Gonna keep coming back to this video for posterity. Wow.

@liam.porritt 10 ай бұрын

Wow, thank you! Massively appreciate it :)

@valeriejeanmathis874 10 ай бұрын

You've done an absolute top notch job on this. Very informative! started watching your videos earlier last year as a beginner before giving stocks a trial and I've been able to scale from $220K to $880K, I did get an advisor for supervision and accountability as you recommended.Thank you man!

@jacquelinecorrig4594 10 ай бұрын

It's always good to have a financial plan, Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes,

@gregoryflot7650 10 ай бұрын

indeed, most people downplay the roles of financial planners until burnt by there mistakes. Productivity is optimized and keeping up to date strategies and analysis makes it more lucrative. I've been able to navigate the volatilities and scaled up 880k from 220k with professional guidance.

@gregorridavichko 10 ай бұрын

Certainly Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields. Who do you work with?

@venlafaxinedomperidone8377 9 ай бұрын

Being in the UK is definitely keeping me poor. Time to move out

@matthewmchale9385 10 ай бұрын

Nice video Liam, clear and lots of good tips. Personal finance needs to be taught in all schools!

@liam.porritt 10 ай бұрын

Glad you enjoyed it - thanks :)

@mghrahul6944 9 ай бұрын

amazing video, great advise and very clear

@Thebobster88 9 ай бұрын

Cheers Liam! Great video again. Would be really interested in hearing your opinion on AI and how you think it will affect the legal industry and the profession itself.

@19Tomma93 10 ай бұрын

Hi Liam, I've decided that last quarter will be devoted to learning more about personal finance and I've just found out Nischa channel this morning 😄 so this video comes really at the perfect time, thanks for your brilliant work!🌟

@liam.porritt 10 ай бұрын

Thank you so much - Nischa is amazing :)

@TufailBatcha 10 ай бұрын

Eagerly wait till I see your videos pop up! It’s 1:48am and I’m watching it mid sleep here in Sri Lanka.! Love the story telling , knowledge shared and the editing ! Keep up the good work Liam and do keep sharing more content ❤️

@liam.porritt 10 ай бұрын

Thank you so so much - massively appreciate your support :)

@KatzeMelli 4 ай бұрын

great stuff! Also i enjoyed the video editing a lot 😊

@mohibquadri4053 10 ай бұрын

Insightful !! Liam which type of thinking or planning system would be best when nothing is going our way in terms of results ie job search or any task ? How to encourage our own self in chaos crisis & win with a plan with proper preparation ? Are there any good which talks around this topic to extract much knowledge ??

@proudtobeblue 9 ай бұрын

Any chance you could do a video of having several credit cards and which way is best to pay them off? Love the videos as well

@GraceONions123 10 ай бұрын

Hey Liam, loved the video I think personal finance is especially important in the time of a near recession! I’ve just started my a-levels so I will be looking into universities soon. Do you think going to Cambridge or Oxford (to study law) is worth it? If so, do you have any tips or tricks to having a successful and competitive application? Please keep making videos, they’re super inspirational and insightful!!!

@liam.porritt 10 ай бұрын

Hey Grace - thanks so much for this! I think university is still a worthwhile investment (and an amazing experience for most people), but there are better and better alternatives whereby you can study and work, so university is definitely not the only choice! I have a video on personal statement writing so maybe start by watching that! Best of luck :)

@leeklass3907 9 ай бұрын

Well done for encourging to think about their finances. I was plesently surprised I went to do my online how much money I have in my current account that ves me cash back utitlties, mortgage & council tax. I also see the amount I wo my mortgage decrease & pay my credit card bill in full & on time . I have pension where my employer makes a contribution & I pay the maximum percentage in. I'm thinking ofo pening a savings account . I hybrid work but also have just over two years to run on excess fares for my travel London as my local office closed at the october last year plus I'm now on London allowance wage plus I'm a higher paid more senior role

@islamaitabbas2261 9 ай бұрын

Hello liam I wanted to ask you a question I've research on big law firms such as Clifford and chance and it says that the base salary for 1st year associates is around 200k a year is that true or is it completely false ?

@robbie6905 10 ай бұрын

all sound advice. cheers liam. very clear, thorough.

@liam.porritt 10 ай бұрын

Thanks so much :)

@savgegamer7507 10 ай бұрын

Wow your editing is amazing 👏

@liam.porritt 10 ай бұрын

Thank you!!

@dadbod6039 9 ай бұрын

Time in the market beats timing the market.

@RolemodelU 10 ай бұрын

6:20 I'd love to try it, but it is WAAAYYY too expensive

@janhansen554 9 ай бұрын

A friend at work have 8 kids and i noticed how much money he is spending on food and drinks at job. I asked him, do u know how much money u spend on this machine every year, and he said no. I calculated for him and he spended more than 2000 dollar each year on it. He got shocked about the money. Now he dont use that kind of money anymore... He brings bread to the work and safe money that way...

@gergocsuri1882 9 ай бұрын

Anyone reading this who knows what the equivalent of this would be in the netherlands? I tried to look for information on this but found nothing.

@andy3410 9 ай бұрын

If you defer taxes on 401k deposits, don’t u then pay taxes on all the interest vs a Roth strategy where the taxes are paid and you can keep your entire investment at retirement?

@busisiwemthethwa1698 10 ай бұрын

Wow I wish I was younger than what i am now, but I believe that age is just a number i will do this now thank you, Liam

@hildegard4563 10 ай бұрын

Hi Liam, do you have any personal finance/ accounting books you would recommend please?

@liam.porritt 10 ай бұрын

... Watch till the end of the video and you'll find out :p

@hildegard4563 10 ай бұрын

@@liam.porritt 😄 Thanks, I was watching this whilst trying to study at the same time, so must have gotten distracted. Love watching your videos during my study breaks!

@xds2086 10 ай бұрын

Brilliant video, but quick question.... are you still just eating the grilled salmon at work? lol

@Jakeu1701 10 ай бұрын

Is there a difference between a 401k and other pension/retirement accounts? The 401k is tied to the stock market. Something more stable and growth oriented would be prefered. I want to say that you covered something like this before, but I was not able to locate it.

@charlotte.from.shropshire 9 ай бұрын

tax specialists will point out to you that statistically the odds are sub-optimal for the average person in the uk living to / claiming their pension.

@kaushk8917 10 ай бұрын

I'm slightly confused why you think you would earn less at the time you retire? Surely you would be earning more than you are now (considering the trajectory of legal career paths)

@liam.porritt 10 ай бұрын

Hey! It’s once I have retired (rather than at the time I retire), ie once I no longer have any income from my job as a lawyer 😃

@danieltheshark 10 ай бұрын

Juhu

@khaderafsal 9 ай бұрын

I thought its Ali Abdaals video

@UNKNOWN-1589 10 ай бұрын

Just a g

@adrian19831983 9 ай бұрын

Not having a rich dad or sugar daddy. That is the billionaire tax break.

@aagusFTS 10 ай бұрын

First :)

@graemethelaw 10 ай бұрын

How do you manage your pension scheme investments? Without proactive investment choices you risk losing more than you can save.

@liam.porritt 10 ай бұрын

Hey! I am not proactively managing my pension investments. I have my pension invested in a target day fund (with a relatively high risk profile right now given I am relatively young) :)

@You-Tuber2024 9 ай бұрын

Hi Liam. If you had £500 spare every month. What would you do with it? Just save it or would you invest? If the answer is to invest, then into what? Thanks bro

@dincerekin 8 ай бұрын

Save up until you have a 6-12 month emergency fund then invest in an index fund

@devoted2him 9 ай бұрын

Why is it right for those that earn higher to pay more tax?

@Swiv2020 7 ай бұрын

You did great for 10 minutes until you dropped the old “put everything” in index funds BS that is absolute horse 💩. You then backed up said theory with the dumbest article ever written! You should instead put 30% in index funds and then split the other 70% into just 3 stocks. Play it safe with established growth companies like Apple, Amazon, NVIDIA, Tesla, Microsoft, Intel, Ferrari, etc. Index funds are for boomers. Real men invest in individual stocks and hold for a decade.