Why So Many High Earners Are Broke
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In this video, I share the Top 3 reasons why many High Earners are Still Broke
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TIMESTAMPS:
00:00 Feeling broke with 6 figures
00:49 Reason 1
03:15 Reason 2
05:08 Reason 3
🧡DISCLAIMERS & DISCLOSURES
This content is for educational and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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@LaChicaconSuerte-1111 4 ай бұрын
When I get 8 hours of great sleep, wake up completely rested and with zero aches and pains, and get up and have a great coffee and it´s sunny and warm and I have food to eat and my bills are paid, I feel like a millionaire.
@MrBenHaynes 4 ай бұрын
Yeah, Baby!
@jaywalkerbane8750 4 ай бұрын
Facts!
@willl6551 4 ай бұрын
Well said. It's the small things.
@leon2385 4 ай бұрын
Amen!!
@RM-mm1lz 4 ай бұрын
You have it figured out.
@acadam8324 4 ай бұрын
My partner always states ‘alot of people have champagne lifestyles on orange juice wages.’ 😂
@alishaali6018 4 ай бұрын
Funny
@Shadowguy456234 4 ай бұрын
My dad always used to say "champagne lifestyle on a beer budget" - maybe that's the Canadian version 😄
@simonl2072 3 ай бұрын
Champagne lifestyle, lager budget
@samtannouri3665 3 ай бұрын
Champagne taste on a beer budget 😂
@user-is5jh9mk4k 2 ай бұрын
I see this on my street, I’m no way well off financially, but I’m doing ok. But when I’m invited round to a neighbours house and they have nothing in the house and sleep on a mattress on the floor I’m always shocked when they have a brand new BMW , Land Rover on the driveway it blows my mind
@yankinwaoz 4 ай бұрын
In short: It isn't what you earn. It's what you keep that is important.
@Wahinies 2 ай бұрын
Sure
@groberti Ай бұрын
Tell that to a minimum wager
@deondran 4 ай бұрын
"When most people say they want to be a millionaire, what they might actually mean is "I’d like to spend a million dollars." And that is literally the opposite of being a millionaire." - Morgan Housel
@MrBenHaynes 4 ай бұрын
Cor-rect! People who win the lottery spend all the capital instead of investing and living off the income from that investiture. If you choke the chicken, it won't lay any more eggs!
@jamesapplegate3370 4 ай бұрын
But how do you make more money if you don't spend it?
@anthonyfaucy2761 4 ай бұрын
@@MrBenHaynesNah. I'd pay for a house in full with a million and then just live off the rest. A million is enough for a decent lifestyle
@snorttroll4379 2 ай бұрын
Ud have to be a billionaire to be a millionaire
@joyell821 Ай бұрын
😂😂😂😂😂😂
@mcleananderson4948 4 ай бұрын
I see people's salaries all day long as I do loans, people making 60k and getting 65k car loans. Live a no debt life outside of a mortgage. Invest everytime you get paid (pay yourself first). Love Nischa's advice.
@hansanaik3835 4 ай бұрын
Very true. Usually people who were poor while growing up live above their means.
@AshJun17 4 ай бұрын
This is apparent when we look all around us every day. Brand new cars worth 50 or 60k in areas where average income does not correlate with that type of purchase. Lack of foresight in my opinion but each to their own.
@CarlosLocke 4 ай бұрын
As the world crisis progresses the smartest thing people do lately is building a strong investment that isn’t controlled by the government. Like digital currencies.
@burrinch5142 4 ай бұрын
Yes very true She replies very fast with that contact.
@timg1246 4 ай бұрын
@jamewilliams7660 Cathie D Wood ? Phwoar what a goer. The whole town has had a go.
@dastan4637 4 ай бұрын
There will always be someone richer, more beautiful, healthier, smarter, more status... the pursuit of all this imposed is a senseless waste of one's own life and true goals
@LaChicaconSuerte-1111 4 ай бұрын
Very true. Comparing with others will only make a person miserable. Never be in competition with anyone but yourself. The best way to save money as well as to be happy is to ignore all ads and that includes your friends telling you about stuff they bought or have, because those are essentially ads too. Buy nothing that you don´t absolutely need and then occasionally buy something that you really want, but only if you can afford it without risking being in debt or losing your home etc. This is why I have chosen not to have a TV for over 20 years now and block ads on social media and the internet as much as I can. I also don´t go to shops much anymore and shop more online. When I go out, I mainly go for walks when the weather is good and that is absolutely free and good for health! Cook at home and enjoy nature outside. Bring a drink and snack with you and then no need to spend in cafes etc unless you feel like it, which ofcourse is fine too occasionally.
@ketch33 4 ай бұрын
Being rich isn't having a lot of money. Being rich is not having any debt. Being rich is having meaningful people in your life. Being rich is being loved by friends and family. Being rich is enjoying every day with good health. Being rich is a lifestyle that incorporates a positive mindset. Life is precious. The fact that we are breathing, and are gifted with consciousness to be able to enjoy life's gifts, should make a person's perception of wealth. Be passionate about life and the people in it, and the money will follow.😊
@victorblock3421 Ай бұрын
Although I agree, this sounds like a fairy tale approach.
@Brian-dh2zz 4 ай бұрын
You must learn to live below your means, this means being content with what you have. You don't have to constantly buy everything you see or everything that someone else has.
@tanakhkeeper6569 4 ай бұрын
This is exactly right. The definition of a rich person is "A person that is satisfied with what they have."
@barbthegreat586 Ай бұрын
She's right though that high paying jobs tend to be in high cost areas.
@burazfly 4 ай бұрын
When I started working at the age of 18, I was barely making 600 euro per month. I had to pay rent, food, and bills in my country. Even with this, I still managed to save 250 euro monthly, which was around 3000 per year. It was not much. But this habit stayed with me until today, and I keep using it after moving to Ireland. Then I see people complaining about prices and unaffordable costs. But I have so much money even with an average national salary as I learned of self-control from my early age. Next year, I will buy property with my savings back in my country Croatia, and I will probably pay it off in 3-4 years. Life is not balanced. You either spend or save
@S-mi5yi 4 ай бұрын
iconic.
@autoclearanceuk7191 4 ай бұрын
That is because of the high salaries in Ireland caused by their tax system that steals tax money from other EU countries and the USA.
@analovrak279 4 ай бұрын
I see that Nisha has a fan club here in Croatia :)
@mijodragbarjaktarevic4543 4 ай бұрын
Tako je buraz! Zivim u Chelsea, London i koliko god da zaradim, svaki mesec uspem da sklonim sa strane. Sve je stvar prioriteta 😊
@kngkrmson2179 4 ай бұрын
@@analovrak279 Not only in Croatia. 😅
@Broadswords 4 ай бұрын
There is a cost to having a longer commute and it’s in non monetary terms, stuck longer on choked roads, standing in overcrowded trains (When they are running) and raising stress levels before you even get to work, so consider the health benefits of doing a local job you enjoy and make sacrifices, you’ll live longer.
@kingbolo4579 4 ай бұрын
My commute is about 50 minutes - I actually consider that pretty good - and it's one of the best parts of the day. I'm alone! When else can I say that? I read or listen to stuff that interests me, essentially pursuing my hobbies. Of course, it helps that much of the commute is on the train, I don't have to concentrate on driving.
@cjxo8432 Ай бұрын
@@kingbolo4579almost an hour ? that’s awful, lol I drive 15 mins and I’m at work and I don’t live in a town/city
@robertmatthews2009 2 ай бұрын
Happiness is not determined by how much you have, but by how little you need.
@therealist2000 4 ай бұрын
Lifestyle creep didn’t happen to me, I’m driving the same car, I move to a cheaper rented house share every time the price goes up and I cook most of my meals and budget for everything. Can’t say the same for my friends who care about designer clothes, parties and the higher purchased car.
@acadam8324 4 ай бұрын
💯 agree.
@alekseidemidov6534 4 ай бұрын
I'd be somewhere in between these two groups
@C63Bez 4 ай бұрын
If those things bring joy then why not spend the money on them? But balance is important for sure
@third7715 4 ай бұрын
35k in the north of England allows you a fairly decent quality of life, 70k in London and you’re living in borderline poverty.
@dananskidolf 4 ай бұрын
Utter nonsense. Yes, London is expensive but £70k/year (£44,525 after tax and student loan payment) covers food, transport, rent and utilities easily even here. On half that, you'd want to look for some flat mates, but still not be in poverty. For people on very little, often with dependents too, poverty is a very real and horrible thing, so don't go conflating that with whatever your misconception of poverty is.
@ratsliveonnoevilstar1 4 ай бұрын
@@dananskidolfso not really sustainable as a sole income for a family??
@dananskidolf 4 ай бұрын
@@ratsliveonnoevilstar1 I mean, sole income providing for multiple dependents is not ideal anywhere, but when I said 'easy' on 70k I'm talking a flat with extra bedrooms acting as home office and lounge, and upmarket groceries for one, so it could be you use those rooms as bedrooms and shop at Lidl. So the budget should stretch to cover some family. I've not been in that situation myself but I'm pretty sure quite a lot of people get by like this. However I imagine at that point it'd be a no-frills slog. On the flip side, you could have more household income if that family includes a partner. Even just help at home so you can focus on work makes a big difference.
@sriramcan 4 ай бұрын
70k is not poverty but I see what you mean. A basic life style for the salary in London.
@Voicist 4 ай бұрын
I would love to be a fly on the wall for a conversation where someone on £70k tells someone who is _actually_ impoverished, "we're basically in the same boat"...
@Kamik_ze 4 ай бұрын
To get to the point. The death of happiness is comparison. Comparing yourself to others or what you would rather see is nonsense. Be grateful for what you have.
@autobotdiva9268 4 ай бұрын
housing is INSANE. I was looking at a townhome for my 22 year old and they now start over $200k. 3 years ago $75-90k for 2 bedroom
@carinaadams6797 4 ай бұрын
It’s the same over here and now we seem to have the added problem of “new builds” which are apparently built too quick and laden with problems. 2 bedroom house here in the North West are starting at £260,995. A quick go of the mortgage calculator and you need to deposit £30,000 and be earning £40,000 a year to get a mortgage.
@keyboardmanyoutube3189 4 ай бұрын
@@carinaadams6797then imagine here in Canada….. a TH sold for over $1mm cad..
@laurenfrail6045 4 ай бұрын
@@keyboardmanyoutube3189 ye but Canada looks nice
@chookie131 4 ай бұрын
$200k??? Cheap - have you seen Australian houseing?
@eze289 4 ай бұрын
500k is starting point!!!
@Trading-Lawyer 4 ай бұрын
Solid advice, Nischa, thank you! It's always crucial to resist lifestyle inflation and instead prioritize saving and investing.
@r1273m 4 ай бұрын
As Mr Micawber said:- "Annual income twenty pounds, annual expenditure nineteen pounds, nineteen and sixpence, result happiness. Annual income twenty pounds, annual expenditure twenty pounds and six pence, result misery." Always live below your means.
@ellisz5972 4 ай бұрын
Not sure if I'm more in love with your looks, your brain, or your accent. But thank you for the advice. Great stuff.
@patinho5589 4 ай бұрын
It’s the accent. You’re welcome :).
@mbrechenser2 4 ай бұрын
Thanks for another great vid. I’ve made rapid improvements in all areas of my finances since I found your videos and started following your advice. ❤
@nolonwaboyisaka6648 4 ай бұрын
I have rearranged my entire budget becouse of you and my mind is automatically adjusted to minimize cost all day everyday thank you I have downloaded the budgeting tool and will be making good use of it🎉
@33Jenesis 3 ай бұрын
My entire work life I never made over 6 figure. I didn’t own a house. I bought 3 yr old used cars. But I had no stress from being in management (never got promoted) and had done a lot of travel and activities I enjoyed. I retired early 2 years ago with a small pension (half of my old salary) and savings in retirement account. I bought a retirement home using cash I saved aside over the decades. I have no debt and no worry about money. I thought about the trade off a long time ago. I may not have a whole lot of money and no work title but what I have is enough for me (I have no one in my life).
@BenTsangKun Ай бұрын
lol 3 year old cars?? I’ve never had one less than 8 year old
@33Jenesis Ай бұрын
You have reading comprehension issue. I bought used cars that were 3 years old to drive until they couldn’t be worth fixing. The current car I have is a 2003 Honda.
@BenTsangKun Ай бұрын
Not a “reading comprehension issue” if you didn’t mention those things in your original comment
@seattlejayde 3 ай бұрын
Thank you for the awesome advice. It will help many. For me, luckily I am naturally frugal. I take such pleasure from the simple things: sleep, good coffee and meals at home and hiking, gardening and exercise!
@noral8788 4 ай бұрын
Guilty. When the income increases so does the lifestyle. The hard bit is cutting back when you've been doing it for so long.
@LaChicaconSuerte-1111 4 ай бұрын
Easier if you decide to not buy anything you do not absolutely need and just make do with what you have for one week and then you start to see how many things you buy are not necessary and start to buy less.
@gavinlocke5980 2 ай бұрын
I love that your spreading the message... I'm mortgage free and debt free life is amazing with freedom. Great lessons learnt from hardships
@Shane_O 4 ай бұрын
Well done on your growth of subscribers …. Great and simple advice that works
@VermaFinance 4 ай бұрын
Naval says the same thing - a consistent income makes people feel secure and so they become cavalier with their finances. When I was younger I didn’t get why the boomers told me to save but glad I started when I did.
@49ersalltheway 4 ай бұрын
Great video! Very practical, concise, helpful, thank you
@luisrojas7987 4 ай бұрын
So good video. Thank you. Everyone knows that if you earn more, your lifestyle must be increased just a little bit, but it is so difficult to do. A good strategy could be having some things that make you feel rich but without a monthly payment, for instance renting a ferrari just for a few days, or going to the best restaurant once a year, etc.
@gaiaaiello7416 2 ай бұрын
💕 Thank you, Nischa, as always!
@Adam-de8yi 4 ай бұрын
Interesting video. I'm 19 living with my parents (house paid off Alhamdullilah), but I am the top earner of the household. I grew up around friends with even lower incomes than my family, and we always dreamed of having all of these materialistic things like a nice watch, nice car etc. It's really hard not to want these things as somebody who has no rent to pay, but I will be putting my deposit on my first ever property when I finish my studies at university (or before, but unlikely). Anyone young like me knows how easy it is to get influenced to splash once you get your first pay check, but videos like this remind me that if I really want to be that guy, splashing more and more as my income goes up will only leave me broke when it's time for me to move out. So enjoy while you can, and once you can't, I guess you have to get serious. P.S. I can really relate to the Diderot affect. Crazy!
@tm1rt2vv8i 3 ай бұрын
A great example of individuals deciding to take on more debt and liabilities the more their income increases! Great video.
@sexyman164497 4 ай бұрын
When I started my first job out of college I was earning $1000 cdn a month. It was a sales job and we only got paid when we sold and worked with clients (personal trainer). This job taught me how to be smart with my money and I still managed to save. Now I'm making almost 7-8x in a month what I was making before, but I still spend and save like I'm not. I still have the same car, mostly the same clothes. My cost of living changed because I moved out, but other then that I still save/invest the rest after bills have been paid.
@gmshadowtraders Ай бұрын
1 million subscribers! Congrats!
@DezJr15 4 ай бұрын
I read in Rich Dad Poor Dad that people often think that having more money or getting paid more would solve their financial issues but having financial literacy/education would be more beneficial than having more money. Something I myself am trying to improve on
@ThekZnation 4 ай бұрын
Learning financial literacy from a person that's more than a billion in debt 💀
@tvb4227 4 ай бұрын
@@ThekZnation You don't understand finance. His in Billion in debt but in very well manage. He can sold some of his equity to pay off debt and increase cash-flow. In fact he can just sold half of his equity to pay off all his debt. He still be rich AF. Debt is a tool. Think carefully before you get yourself in.
@DezJr15 4 ай бұрын
@@ThekZnation who said I’m learning from him? I just read his book….doesnt mean I think what he says is the gospel….unless something has changed that idk about?
@ThekZnation 4 ай бұрын
@@tvb4227 Debt is always a liability and never an asset. At current interest rates during the past year or 2, he needs to provide ~100mil a year purely in interest. Why do you think he's threatening that if he goes bust, the bank goes bust? Because he can't provide that LOL
@theatomic430 4 ай бұрын
@@tvb4227 Looks like you're the only tool around here.
@KJJ782 4 ай бұрын
This lady is smart in finance, will take her advice
@mattheap81 4 ай бұрын
I'm slowly getting better at this type of stuff as I've recently increased my pension contributions to 31% including the 10% put in by my employer and have started to max out my ISA allowance each year (£20k). I'm also making large overpayments on my mortgage in an effort to pay it off sooner rather than later. In regards to the later, it became apparent that the £170k I have left on my mortgage to run 16 years was going to cost me £240k (£70k interest) thanks the the jump in interest rates of late, however, if I paid off £90k (equity from a BTL property I've just sold) and took the remaining £80k over 6 years then it would only cost me £91k (£11k in interest).
@ng9014 Ай бұрын
Wow
@michellet204 4 ай бұрын
Thanks so much for this! So enlightening
@Insightfill 4 ай бұрын
That lifestyle creep is insidious. We're all really bombarded with highly tuned messages to "spend more" and it's hard to fight. You really need to surround yourself with people and media that reinforce your own preferred message.
@Parseenfroo 4 ай бұрын
Great advice as always.
@MoMindSetCrypto 4 ай бұрын
Great info as always Nischa--- some good gems.
@pt2913 4 ай бұрын
Nailed it Nischa! x
@jamessmithson-br7rm 4 ай бұрын
I think the answer is London. 100k isn’t a lot in London. I earn more than that, I basically live paycheck to paycheck. Being single in London is super expensive.
@itsmejetzza 4 ай бұрын
Being single is super expensive anywhere nowdays
@misslondon5102 4 ай бұрын
Is the housing cost taking over the majority of your post tax income? I find that to be the cost in London
@misslondon5102 4 ай бұрын
To be the case*
@Martindhoang 4 ай бұрын
Back then it did before 2010, but not now. Everything is so expensive. Need to live below your means, buy assets, and build a scalable income stream. Takes time but it pays off
@RichsMowersNBlowers 4 ай бұрын
:30 because they live above there means. :45 they make more money they buy bigger homes and toys so they don't get a head. What she is saying, stop living above your means. Get on a budget, save money first, then spend what's left over. Don't go into debt. If you can't pay cash that means you can't afford it.
@bastron5 4 ай бұрын
Millionairs always pays with debts. Their interest rates are higher than the debt rate. So, they don't burn their money.
@megalodon1726 4 ай бұрын
@@bastron5 but wise millionaires who stay rich have the ability to pay off their debts quickly if they were forced to do so. They don't borrow more than what their assets can cover in a pinch. But most other people who borrow money don't have the assets to pay off their debts quickly; they borrow so they can spend more than what they can afford, rather than borrowing so they can let higher-earning assets continue growing.
@OfficerArsenault 4 ай бұрын
One or your most relevant videos to many inside my circle to date and I’ll certainly be sharing. Of course I’ve been guilty of some of this as well. Thank you for taking the time to post.
@jAYICACERES 4 ай бұрын
I love investment and i want to invest more and more
@huiojiora 4 ай бұрын
Indeed, most people downplay the roles of financial planners until burnt by their mistakes. productivity is optimized and keeping up to date strategies and analysis makes it more lucrative. I've been able to Read more
@josmmar 4 ай бұрын
What impresses me most about David is how well he explains the basic concept of winning before letting you use his trade signals. This goes a long way to ensure winning trades.
@PumaGalerias 4 ай бұрын
I am surprised that this name is being mentioned here, his clients testimonies on CNBC news last week..
@LanceMcGinnis-fq3db 4 ай бұрын
I'm an advocate for having a diverse investment strategy. I grew to a 7 figure mark with my portfolio having exposure to different areas of the market, including small and large-caps of the ETF index, blue chip stocks, coins, grade bonds and alternatives like cryptocurrency markets, as this helps manage the overall risk on my portfolio managed by my FA.. Credits to my adviser David, i have no doubt investing more
@LanceMcGinnis-fq3db 4 ай бұрын
Wow I know Mr David Christopher platform maintains a unique perspective and is very transparent with their investors. Regardless of whether or not he outperforms i will always stay invested as his methods alone with keeping investors in touch with their strategies and outlooks are something that so few managers are capable of and they should follow suit.
@rinakaur7245 Ай бұрын
Your comment about driving old banger in nice neighbourhood reminded me of the time we moved. All our neighbours had nice fancy cars & we had a beat up renault.
@johnmaurer2035 4 ай бұрын
Not being funny, but £100,000 isn't that much these day's. 😮
@darex0827 4 ай бұрын
Depends on the location. DT London a lot different than rural Durham.
@Anushka17127 4 ай бұрын
True, that’s not much in London especially post-tax
@vecsy90 4 ай бұрын
£100k translates to £5.5k monthly Net pay. Outside of London you can have a mortgage around £1,000 per month and a nice car for £500 per month. That still leaves you with £4k a month for food, bills and everything else. If you cannot save at least £2k a month from that, you're doing something wrong 🤷♂️
@henrik4438 2 ай бұрын
@@vecsy90thank you.
@AliAli-xc8sw 28 күн бұрын
Totally agree
@mike.B.1 4 ай бұрын
I know a lot of people with no degrees and they earn more than other people I know with degrees. I think experience is more important than degrees
@BodyByBenSLC Ай бұрын
I work in property management mostly affordable housing. 24/365 ubereats, doordash and Walmart deliveries. You can't be doing that bad if you have delivery fee and tip on top of food that is marked up 200% 300%.
@SP-ce9eb 4 ай бұрын
More than half of the 100k go into taxes
@HermuzMolobe 4 ай бұрын
Your take home will still be over 67K if you’re on a 100K salary. you only pay the 40% tax rate on the 49k you earn over the £50,270 threshold for 20% income tax
@Judep4237 4 ай бұрын
You should throw a very high amount into your pre-tax pension contributions to offset the tax. At least then you get the money instead of the taxman
@hasham11 4 ай бұрын
Love your content, really good advice ❤
@tech-daddy 4 ай бұрын
The problem is inflation and things getting more expensive beyond the inflation rate. Salaries do not keep up. 100k is just a number. Tax brackets are not adjusted to inflation, most people at 100-130k are paying way to much tax. Things needs to change!
@rtothec1234 4 ай бұрын
Make a lot of money but keep a modest lifestyle, modest taste and modest friends. I make six figures but drive a cheap, cheap, car.
@geolykos 4 ай бұрын
I'm one of these people but I still go with the rule to never overpay for something. Example, the car market has gone mental the past few years so the car I bought for £38k 4 years ago costs £45k now. So even though I want to buy a car the past couple of years, I'm not. I'd rather wait for opportunities to buy. I do the same for shopping in general. I also put my savings into investments rather than the 4% savings trap. One more thing about pensions, from a personal experience, they are not set in stone. When I left Greece my parents pension got slashed in half because of the financial situation in Greece. Pension funds do not guarantee you'll get your pension.
@gorw9542 4 ай бұрын
6:25 For workplace pensions, If you have the means to invest beyond what your employer is matching (let's say your employer will match to 5%), should you contribute more than 5% yourself? Or is it better to invest any extra contributions into a SIPP instead?
@fjohn8985 4 ай бұрын
If the MER is low for your workplace pension portfolio you selected and the performance so far is great, it should be fine. Check the portfolio/s you selected for historical performance. e.g. Your workplace will match up to 5% but allows you to contribute another 5% (total 10% from your paycheck/paycheque + 5% match). Review performance after 1 yr. Tweak as needed.
@CONFINEDful 4 ай бұрын
great video Nisha
@Maazyazdani1 4 ай бұрын
I am an Engineer on a salary in mid 30k-40k, living in midlands. I never lived in London but learnt pretty quickly that 30k in the rest of the country is equivalent to 100k in London. I have a house, decent car (above the banger category 😂) and gained 10k savings within a year in the role. Pretty content with that, I'm neither stingy nor extravagant. You can do well with £30k income if you avoid 5 of the 7 deadly sins.
@nevillelake1403 4 ай бұрын
I think your one of the most honest reply’s I’ve seen , I’m only on 24000 a year,my wife earns more in accounting, both me and my wife work and have bought our house from 19 years old, life has had its ups and downs but we have been comfortable in life , yes we could have lots of debt and posh new cars like everyone else but we don’t and we’re very comfortable and never worry about bills. We eat out twice a month but easily enjoy simple meals during the week too. Best of luck 😊 in your future endeavors. Shrewsbury
@richardeyiangho3269 4 ай бұрын
What are the 7b deadly sins?
@Maazyazdani1 4 ай бұрын
@@richardeyiangho3269 Pride, Lust, Gluttony, Greed, Sloth, Anger (Wrath), Envy
@LaChicaconSuerte-1111 4 ай бұрын
Yes, London has become unaffordable for most.
@antnfs 4 ай бұрын
@@richardeyiangho3269 Gluttony, Greed, Lust, Envy, Pride, Sloth and Wrath. I’d say avoiding 6/7 is necessary.
@ManojAgadi 2 ай бұрын
Wonderful Information Nischa.
@YaQ1988 4 ай бұрын
You forgot to mention about “magical” bracket of 100k-125k, when earning more money within this range doesn’t actually make you earn more money as you are effectively paying taxes at whopping “60% rate”
@kandacewalker848 4 ай бұрын
Yes - good time to add more to pension or get company car
@nischa 4 ай бұрын
@@kandacewalker848 exactly this^
@philippgrinstein7060 2 ай бұрын
Thank you for your videos, as always very insightful! :P
@pinkfabulous248 4 ай бұрын
Great video. So many people just spend too much, spending like millionaires 🌸
@munkaidoszene 4 ай бұрын
Hi Nischa, great video as always. I was wondering if you could talk about the specific financial considerations people might have who are childfree. Often financial advisors are encouraging you to maximise your wealth so you can pass that on to your children but that is not the dream of some (it seems increasing number of) people. We would rather optimise our finances in a way that suits this lifestyles, however the traditional financial products are not always suitable. I would be interested in hearing your thoughts.
@stevegeek 3 ай бұрын
Good advice. I’ve lived within my means all my life and last year was able to retire early. When I told my boss I was retiring, he admitted he would like to do the same, but he had a mortgage for a big house and both him and his wife had loans for new cars. Too many people must have the latest and greatest “stuff” and think it will make them happy…it doesn’t!
@djma1 2 ай бұрын
Fantastic video!
@michaelmoreno6431 3 ай бұрын
What matters is not what you make, but what you keep!
@Ash-le4pw 4 ай бұрын
Moving out of london to anywhere in the stock brocker belt which is generally the areas outside the m25 comes with higher transport costs and houses prices are still relatively expensive
@donglee3778 4 ай бұрын
Enjoyed your video and your comments about lifestyle creep is truly spot-on. Btw- Is banger slang in British for old car? Keep up the terrific content
@kerryp8250 4 ай бұрын
Yes, a banger is an old car
@MysteriousFuture 4 ай бұрын
We call them a beater in the US
@MrScovanx Ай бұрын
@@kerryp8250 But it's also a sausage -- fortunately, the context is only rarely confused between the two.
@kenichi407 4 ай бұрын
it's amazing how people view "necessities". unfortunately, some people think you're mad or asking them to give up fine dining or luxury goods. laziness also comes into play, i know a couple who eats out all the time saying they refuse to cook at home. not even a negotiable. it's the society we live in.
@C63Bez 4 ай бұрын
Yeah eating out is ridiculously expensive, it’s one of the easiest things to save money on. There’s nothing wrong in principle with blowing money on loads of takeouts but you can’t then moan about being a victim of circumstance when you can’t save.
@perthfanny3017 4 ай бұрын
That's insane. I just get tired of going to restaurants after a few days of vacation... 😮
@blueturquoisett8448 4 ай бұрын
Nailed it ❤
@TrevorHuntMusic Ай бұрын
I feel so bad for anyone buying homes or cars right now. It’s a difficult market to start out in.
@BrendaBaBoom Ай бұрын
It’s enslavement and a money trap.
@conorwhite2066 2 ай бұрын
Also the fact of normalization... buy an expensive new car.. after a while you feel the same as when you were when driving the banger.. result you need to upgrade again
@joecochran7797 4 ай бұрын
Another reason for high earners being broke is because of high consumption (Ref: Millionaire Next Door). People living in a consumption lifestyle will realize it comes at a personal financial cost.
@dollydarshan24 4 ай бұрын
Just came across your video and loved the quality of your content. I am curious, if you dont mind me asking, what app you use for the animation of the excel sheet and other interesting graphics that were well placed through out your video. I guess, a tutorial on how you create videos can be interesting to many viewers too although its totally out of context. :)
@Qiana-ng9jv 2 ай бұрын
The investment you choose isn't right or wrong, just depends on the kind of business person you are or simply the kind of person you are. However, the end game is investing money long term creates wealth every time. Just pick what you like and understand, invest and it will pay off. A lifetime of investing for 5 mil is not hard to accrue.
@RimaFawver 2 ай бұрын
Despite the fact that I invest, I am saddened by my inability to evaluate each company's performance and determine whether or not this is the ideal time to purchase stocks. My monetary stockpile is being depleted by inflation. At this stage, I need accurate market trajectory data, but I'm not sure what to do.
@MairaGudroe 2 ай бұрын
Investment is the quickest path to financial freedom, the rich stays rich by spending like the poor yet investing! While the poor stays poor by spending like the rich yet not investing. it is good thing to start your Financial freedom this year with good investment idea.
@Gsbsbdhddbdmdndk 2 ай бұрын
Many people are still getting fantastic returns on their investments during this time. Simply maintain a strong sense of reality or ask for professional assistance.
@FemkeDugal 2 ай бұрын
That does make a lot of sense, good for you though, unlike me, you seem to have the Market figured out. Who is this consultant?
@GoblinsAreAGirlsBestFriend 4 ай бұрын
I've worked really hard and been really fortunate. Just five years ago (at 30) I was working (hard in) an entry level job and I've gotten two promotions since - I did one upgrade; from surviving to being able to do a few little things, and now I'm saving 15% of my income every month. I've gotten rid of all my debts except a mortgage and have become a tight budgeter. In theory I have it really good (I'm at six figures Australian - which is nowhere near six figures in GBP, EUR or USD) BUT because I don't have a safety net (family to fall back on, financially or residentially) that 15% saving still feels very stressful. I need those savings because if my cat gets sick, if my car breaks down, I MUST use those savings. So I still feel broke, strangely.
@TheUrbanher0 3 ай бұрын
I worked out a year ago sometimes “The juice aint worth the squeeze”
@maurar5548 Ай бұрын
love that expression
@KathelineJeanPierre 4 ай бұрын
It’s incredible how important financial literacy is.
@arielguzman2875 3 ай бұрын
Good content thanks!🎉
@santhoshpjohn 2 ай бұрын
Nice to see your videos having high veiwers
@djdag2000 4 ай бұрын
Its called lifestyle inflation. Avoid it at all costs😊
@harjbachra24 4 ай бұрын
Thank you I feel richer 🙏
@raeesg 4 ай бұрын
UK Undergrad Tuition Fees In 2012 were 9k.
@Deltamegrez 29 күн бұрын
It's as simple as this: "Don't try to live beyond your possibilities' and spend money wisely!
@guy1234484 Ай бұрын
Extra-curricular activities for kids isn’t a pointless life upgrade like a car or some more snazzy interior decor IMO: it’s an investment in their future, their opportunities, their health and their wellbeing. Obviously there’s a difference between music lessons/football coaching etc and buying them a horse!
@Alexander5400sonne 2 ай бұрын
Amazing that this needs to be explained… You were a high earner and lived paycheck to paycheck and seriously were surprised???
@TheSpoovy 2 ай бұрын
Turns out I was spending it! Who knew?
@edp2506 3 ай бұрын
just want to say you're pretty and the accent/articulation accentuates this further! lol 😛...and, oh yeah, agree with the points you brought up and is so true with people's general impulsiveness.
@Kibenwa 4 ай бұрын
Great advice as always! Did anyone else see that click baity hater who posted a video calling Nischa a "fraud" because her channel is doing WAY better than his? 🥴
@simplethings9683 4 ай бұрын
Brilliant - cannot agree with you more. It takes lots of discipline and strong mind to control the spending, when one is earning 6 or 7 digit income. That is why I see many blue collar job earner having more wealth in their retirement than many doctors or high earners. Because they live simple and happy life without getting in the race to show off.
@AbdulGhani-vm6oq 4 ай бұрын
Great video, good advice 👍🏻
@Ketanji_Morales_Barret 4 ай бұрын
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Claudia Jenkins.
@tracynguyen726 4 ай бұрын
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
@memphisginger2751 4 ай бұрын
What impresses me most about Claudia Jenkins is how well she explains basic concept of winning before actually letting you use her trade signals. This goes a long way to ensure winning trades.
@Roche796 4 ай бұрын
You trade with Claudia Jenkins too? Wow that woman has been a blessing to me and my family.
@samdiesel714 4 ай бұрын
I'm new at this, please how can I reach her?
@michaelconnor359 4 ай бұрын
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
@normbograham Ай бұрын
There was once a local survey, where people were asked to be serious, and list their salary, and how much they wanted to earn and put the effort in, or if they were happy with their salary to put their salary. Shockingly, most people wanted 10% more.
@pecelirovucago7149 4 ай бұрын
Thank you Nischa !
@allenarrows9347 4 ай бұрын
some people are so stuck wanting the high class life that they end up so miserable
@AnthonyYouTubes 2 ай бұрын
Mo’ money mo’ problems.
@user-sw7os5rp9h 3 ай бұрын
she is stunningly beautiful and so smart and well-spoken
@CenturyOldPanda 4 ай бұрын
A lot of people think the reason why they get paid high is because they worth more value.... I say no. Part of the reason for the high pay is because if they companies they work for don't pay them high, then they won't be able to find a decent place to rent, let along pay a mortgage in those cities. If people have to leave due to high cost of living, then companies won't be able to recruit anybody. So in short.... a lot of people think those high income represent their own value, but in reality, those are simply values of the land, and Tax department.
@bastron5 4 ай бұрын
Dear Nischa, Thank you very much for this interesting video. Let me allow one further question: What does reach mean? To be free? To do what you really love? To eat good organic food? To be healthy? On the other hand: Why would somebody become wealthy? Save money for the future w/o purpose is pretty dump (sorry for my language). Everybody should trade off between now and future. For instance: Why should you wait for being retired to start your most lovely stuff? Live today and save money if you can afford it. The one million dollar will not buy your youth phase. I am struggling a little bit with the purpose to become a millionaire. Just have fun in your life and do what you love. The money will come, trust me .
@shellyperera2010 4 ай бұрын
I agree. You have to live for today and also save for tomorrow.
@C63Bez 4 ай бұрын
It’s a balance
@Moneybooks247 4 ай бұрын
Great advice. Really enjoy this channel
@ROBSwank-pm1vd 4 ай бұрын
Great analysis ! Lol we always just increase our standard of living with our pay increases .. as you stated high cost housing is usually unavoidable !! But if you can real it in a bit .. you will live easier !! Key is finding your individual triggers n joys in life!! Finding contentment is Never easy ! Lol lol 😎
@BlessedPetrel 4 ай бұрын
It is well and good to make more money but if people dont develope a habit of using their money wisely say to budget, save and invest then making more money is useless. Also lifestyle creep is real and I for one stopped buying the branded bags and shoes and used them to invest and save. That habit have resulted me in maxing my ISA allowance 2 years in a row even with me getting a 25% pay cut this year. Its all in the mindset and good habit. God is good ❤❤
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