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Once You Get £1000 UPGRADE These 5 Things IMMEDIATELY
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Күн бұрын📢WE WROTE A BOOK 📢. Order Our NEW Book, Financial Joy, on Amazon today - geni.us/financ.... It's a 10-week plan to help you Banish Debt, Grow Your Money and Unlock Financial Freedom. It's published by Hachette UK + Quercus. Learn HOW TO INVEST £1000 or $1000 by UPGRADING These 5 Things IMMEDIATELY to build wealth.
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MARY:
I'm married to Ken and we have two boys aged 8 and 6. I'm a Londoner, born in Hackney! :)
Day to day, I run the operations of The Humble Penny as a creative - doing everything from marketing to video editing. I studied Multi-media design and technology at Uni.
When I'm not creating, I love vegan food, traveling, working out, and doing some outdoor fun things with my husband and kids :)
KEN:
I'm a husband to Mary and daddy first and foremost.
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.
To explore my creativity, I'm a blogger, KZfaqr, speaker, etc. I create from my experiences as a family man and First Generation Immigrant.
I have a passion for all things Personal Finance, Business, and Personal Development. I also love Photography, Music, Travel, and Sport.
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★★ TIME STAMPS ★★
0:00 - Intro
0:07 - Illustration: Poor vs Middle Class vs Wealthy Mindset
2:37 - 1. Upgrade Your Knowledge (get behind the Curtain)
6:30 - 2. Upgrade Your Investing
9:39 - 3. Upgrade Your Health
11:50 - 4. Upgrade Your Debt-Free Goals
14:15 - 5. Upgrade Your Emergency Savings
15:23 - Conclusion
Best, Ken and Mary
#howtoinvest #investing #investingforbeginners
★★ WHAT THIS VIDEO IS ABOUT★★
Once You Get £1000 UPGRADE These 5 Things IMMEDIATELY
@hanzysjourney8436 Жыл бұрын
I think i will use that £1,000 to get me closer to my first £10K savings to cover my 3 -6 months Expenses. Also this year i became consumer debt free took me about 18 months to pay off £15,460 on a single income under £25k. But i made it!!! I'm still building my financial foundation to create my wealthy life. Student debt is another challenge but at the moment i need to increase my income for it to truly affect me. Thanks Ken and Mary for your wisdom. ❤
@TheHumblePenny Жыл бұрын
£15k paid off?? 👏🏾👏🏾👏🏾👏🏾
@ATINUKE67 Жыл бұрын
@@TheHumblePenny❤
@ernestineblackie369 Жыл бұрын
Well done for repaying debt and onto doing emergency savings.
@ellea2541 Жыл бұрын
Congratulations for paying off your debt! You're a great testament to the fact that it's doable! 🥂
@MrRoyck10 Жыл бұрын
Key point: Upgrade your health! Wealth is nothing without health. Thanks for sharing.
@TheHumblePenny Жыл бұрын
💯
@darkangel686868 Жыл бұрын
You’re right, health is wealth! Finally joined the gym this week, and just in the process of writing a meal/snack plan to overcome my sugar addiction. No more grazing on unhealthy snacks. I’ve gotta be intentional with my eating. Gotta keep the heart disease/diabetes at bay.
@TheHumblePenny Жыл бұрын
Keep going 💪🏾
@carridg Жыл бұрын
Join a running club and purchase some basic running gear. It doesn't matter if you're not much of a runner. The friendships and connections you'll make will pay dividends and will get a bit healthier too.
@TheHumblePenny Жыл бұрын
I really like this idea 👍🏾
@markwhittaker6866 Жыл бұрын
Excellent suggestion.
@kapzvara5732 10 ай бұрын
Thanks for this Ken. Some great advice so one of the things I am upgrading is I am skilling up in IT as I want to get into Cyber Security. There are courses out there that are charging around £8000 or more. I have found online courses where I am paying £12 a month to do the course and then just watch KZfaq videos on how to get into Cyber Security. Skill up for sure but I think be careful not to spend £1000s and £1000s on courses when you can find a better way to get in :)
@efremsolomon6291 5 ай бұрын
Hi, I am also think to upgrade my IT skills. Can you please let me know the online course for cyber ? Thank you
@travelwell6049 Жыл бұрын
A lifetime of being frugal and having good habits taught to me as a child means I don’t buy pastries (for example!) but always pack my own breakfast/lunch. I went through university with loads of money myself and friends never understanding why I was always fine for money. I didn’t get a loan until the third year, nor went into my overdraft. Paid for everything myself, no bank of Mum and Dad, worked 10 hours a week. Never wasted money.
@beverleymeya987 Жыл бұрын
I also think if we spend our lives while we are young over paying in debt like student loans we are low-key minimising what we can enjoy while we are young. A lot of people we read books from or looked for financial freedom hardly had student loans or overpriced mortgages- so we shouldn’t overcompensate for things that’s outside of our control
@TheHumblePenny Жыл бұрын
Balance is important and fun is a necessity 💯
@TheHumblePenny Жыл бұрын
What would you upgrade with your next £1000? Comment below :)
@Dougie8 Жыл бұрын
Thank you for another fun and interesting video HP. This one really resonated with me as I am currently reading How To Die with Zero (which I believe was a recommendation from your reading list). The chapter I recently read discusses the importance of investing in your health. After many years of not exercising it has inspired me to make my health a priority and increase my spending in this area whilst reducing in another area. I have started regularly using the online yoga subscription I have been paying for the past couple of years and barely used. I am also looking to purchase a beginners dumbbell set and will save for an exercise bike. I’ve also been slowly changing my behaviour around food. Baby steps. The home gym looks fantastic!
@d26s10 Жыл бұрын
Don’t underestimate steps for cardio. Especially within an hour of eating a meal, three walks or steps in the spot after eating can easily get you 9k steps per day and it’s free. No exercise bike needed. Also a simple carrier bag/rucksack filled with any weighty household items is fab for resistance. Fill up with water bottles, heavy books, tins of food and you can easily get yourself a decent 5-10kg weight for squats, lunges, overhead presses, back rows, glute bridges, RDLs.
@beverleymeya987 Жыл бұрын
Unfortunately I’m a risk taker and would rather invest that £1000 in a business that could eventually multiply that money. I also don’t see student finance debt as bad debt because there is so no/limited risk bailiffs with confiscate my property or assets. I also think I can do better with emergency savings but omo, everyday in 2023 is an emergency 😂
@TheHumblePenny Жыл бұрын
hahaha! I hear you. A business for sure is a good idea.
@dugebuwembo Жыл бұрын
Student debt in the UK now comes with huger interest rate. Things are changing for the worst in regards to student debt.
@beverleymeya987 Жыл бұрын
@@dugebuwembo huge interest doesn’t change the fact many people won’t pay it off and bailiffs won’t exactly come to you if you don’t pay it. There are worst debts that can take your assets, but student loan doesn’t do that.
@dugebuwembo Жыл бұрын
@@beverleymeya987 They still deduct it from your salary though!
@ezinneerhirhieneeukaogo1439 Жыл бұрын
I thought of this 2 days ago and actually wrote down what I would do with it in my " dreams journal" On the sad note, I realised I won't be able to spend more than 20% of even 4k on " enjoyment" or keeping up with the Jones. I'd still use it to do 'ADULT' things 😊
@MsJsmith99 Жыл бұрын
I would invest in a skill or skills that would help to keep me active in retirement (early) and keep down costs - carpentry, home maintenance and electrical training courses are great and doesn't have to cost a lot but could save £s in the long run.
@Ketchup38 Жыл бұрын
What an amazing idea
@downeyjr4423 Жыл бұрын
Love it
@chrishart8548 3 ай бұрын
How many pastries makes up that £3600 and they are a lot less than that in greggs and also you get free ones with the loyalty scheme.
@beltingtokra Жыл бұрын
Agreed on everything, I'm on SLC plan 1 and id say it's my most expensive debt by interest, but my mortgage is fixed for another 7 years. I just pay what SLC ask for and overpay my mortgage a bit, and then am saving the rest. I do need to look at a lifetime ISA though
@olliepowell6011 Жыл бұрын
Hi Ken. I have an emergency and an opportunity fund. This is outside of all other financial goals such as paying off the mortgage quicker. I work on having 6 K in both and have recently used 5 K of my 6 K opportunity fund to invest in shares in an ethical business that really excited me. So if I had £1000 right now it would be going back into topping up my opportunity fund. In other times I would be considering courses in several areas that are interesting me at the moment.
@sankawijayarathne3543 Жыл бұрын
Oh wow, that's really interesting, never thought about having an opportunity fund. Thanks for sharing that mate!
@Squirrel10101 Жыл бұрын
This channel has helped me a lot. Can’t thank you guys enough as a fellow Nigerian who just finished Uni. Can you give some examples of what those “liabilities” are, that the middle class mindset people invest their income in?
@mrmeldrew693 Жыл бұрын
Posh cars on PCP at £4-500 per month.
@downeyjr4423 Жыл бұрын
Love this. Also, great to see another fellow diary of a ceo fan😊
@TheHumblePenny Жыл бұрын
😊🙏🏾🙏🏾
@MJamilHoque Жыл бұрын
Another humble subsrciber. Awesome content!
@TheHumblePenny Жыл бұрын
👊🏾👊🏾
@abdulwahabfakunle6513 Жыл бұрын
Wholesome. A video on recommended investment platforms would be appreciated.
@TheHumblePenny Жыл бұрын
Thanks. Watch this kzfaq.info/get/bejne/e6p6jJyYz5PFZ6M.html
@Kim-m2z Жыл бұрын
Student loan is so tricky. It affects affordability when buying a house but then the payment is only taken off until one reached the minimum salary threshold! So in my case, I’ll never reach that threshold plus I won’t be able to afford to buy a house 😞 SAD LIFE
@Njpro Жыл бұрын
Your situation is not permanent
@TheHumblePenny Жыл бұрын
We hear you. This expectation will change if you shift your mindset. Everything starts there. If you want to earn £50k or £100k eventually, although it will take time and a shift in who in you are and what you do, you absolutely can! Don't settle.
@smann7236 Жыл бұрын
You pay very little each month... example £33k salary you pay student loan around £80 each month...
@annamuja1831 Жыл бұрын
Thank you for a great video Ken.
@TheHumblePenny Жыл бұрын
You're welcome 😊
@Antonio-hb8rd Жыл бұрын
One thing I find crazy is how many people encourage you to have a middle class mindset towards money. If I got 1k tomorrow a lot of people would encourage me to spend it.
@TheHumblePenny Жыл бұрын
💯
@diamonds972 Жыл бұрын
Hi, When do you think banks in England will start offering more attractive interest rates on savings accounts?
@squibys2262 Жыл бұрын
They are right now to a better degree than the last ten years. Alot of them are increasing rates Up to twice a month trying to keep customers and stop deposit flight.
@phildavis1825 11 ай бұрын
Where would you invest 10k, where it can be accessed easily in an emergency?
@howardbattersby5672 Жыл бұрын
In New Zealand, Australia and South Africa (all the countries I've lived in) the most common type of mortgage is what's known as an offset type mortgage. There is no interest rate penalty for having this type of mortgage. These types of mortgages allow you to use any spare cash, even if you have it for a day, to reduce your interest. Are such mortgages available in the UK?
@ellea2541 Жыл бұрын
Yes, they are! I haven't bought a home, but I was considering it a few years back, and offset mortgages were what I was drawn to. To me, it just makes the most sense!
@jodiehall4191 Жыл бұрын
Hi Ken, can you drop me a reply with some money book recommendations please? Thanks!
@maatmagufuli3853 Жыл бұрын
Hi Now that you are not in the corporate world. Would you invest in the government pension, the SIPP or the ISA?
@TheHumblePenny Жыл бұрын
SIPP and ISA
@maatmagufuli3853 Жыл бұрын
@@TheHumblePenny Much thanks. That's what I do. I am with vanguard with my SIPP amd ISA. I still get the 20% on everything I put in the SIPP from the government. Good work you are doing.
@juliusakhetuamhen600 Жыл бұрын
Please what is SIPP?
@maatmagufuli3853 Жыл бұрын
@@juliusakhetuamhen600 self invested personal pension that you can withdraw an income at age 55 in the UK
@ianwhittaker3041 Жыл бұрын
Pay down the mortgage
@TheHumblePenny Жыл бұрын
Good move!
@MickyOTW Жыл бұрын
the home gym idea vs a cheap gym membership (£20 / month) covers a lot of equipment and potential maintenance though
@joannebarlow3900 Жыл бұрын
Also outgrowing equipment, especially for strength training
@TheHumblePenny Жыл бұрын
It depends on your set up. Maintenance of anything you own will always be an issue. It goes back to the ownership vs rent debate. Do what you think is best for you
@Magneticvortex-kk4gb Жыл бұрын
@@TheHumblePenny but you already owned the room, you weren't renting it prior to gym setup. A home gym is convenience and privacy. Perhaps the right buyer will pay more for it when sold.
@Andy-si1pl Жыл бұрын
I need a mentor
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