Personally at 42 I had debt no savings and was renting. By 45 I paid of my debt, saved up and bought a property. All on a salary of under 26k. So it definitely can be done and 42 is not too late.
I did something similar by 45. Paid off my mortgage within 2 years after having paid just Interest only for the previous 10 years (as I'd always had a rubbish paying job). Now I'm renting it out for passive income and earning more than ever before, I'm self-employed and I dictate my charges based on the demand for my service. Once you're mortgage free, you pay off debt and start to save and invest. Psychologically, you feel more confident as you feel like you've got a financial safety net. You don't have to do jobs you don't like because you're not desperate to pay the rent/mortgage, so you're happier
@@pinin1708 i know you're not asking me but I'll answer as my experience was similar. I prayed about getting a fantastic job and I got offered one a few months later. I got a free apartment with my job and I was earning good money and I rented my flat out in London. I had £10k in savings. after 2 years in this job I saved £40k thanks to the two incomes. I was 43. So I was able to pay off £50k from my mortgage in 1 lump. I had also prayed to meet my future husband. While in that job I did meet the man of my dreams and moved in with him after 6 months. I didn't know he had inherited a lot of money, and he is very generous. He offered to gift me the other £50k to pay off the mortgage because he didn't want me paying thousands in mortgage interest for the rest of my life. I'm very blessed that God helped me when I asked him to
For me the key things that helped me out of debt were: 1) giving up my car when I did not have the money to repair it and replacing it was financially unviable. 2) being obligated to budget weekly pay to ensure monthly bills were paid. 3) Paying off debt was helped by savings resulting from not running a car and getting regular settlement figures so I knew how much I needed to save to pay it off. 4) Getting property was helped by being able to save the money previously put to debts. I was also fortunate to get a PPI refund of £3000 which helped towards my £9000 deposit. I had a HTB for the final few months, previously I made mistakenly thought that like LISA they were for under 40s. My property was 90k. I took an 18year mortgage and from the start I have been overpaying.
37, 3 kids and we just finished paying off £10k of debt. Now to crack on building up our reserves, investing in ourselves and making plans for the future. Thanks Jennifer for the guidance and inspiration.
Jennifer I loved this video! Have been a fan of yours for some time and although I'm in a much stronger financial place than the person emailing you, this video has really inspired me to get off my backside and make my plans happen. I've 3 months off work before my first baby arrives in July and am determined to create a thriving business over the coming years so that I can continue to provide for my family and set them up for the future. Thank you! x
Whilst listening to this video, I thought to myself about how you are really fulfilling your purpose as an online teacher. You are BRILLIANT at it. God bless you and your family ♥
2 key takeaways: 1) develop a high-income skill and keep providing service or create products 2) live below your means so you have savings to invest. Hope anyone reading this achieves financial freedom! 🎉
Thanks for this video for breaking down this complex idea in to steps even I can manage. I actually think it is possible to build a passive income by €50 per month, it is ingenious. I have always wanted my own business, financial freedom and having time to be an artist and share experiences with my family, friends and my husband. Also the fact that you are building a business on the journey to financial freedom means that you are not as attached to rushing so you can be free of a job you dont like. You are building a new future. I am super inspired by this video, its one of the best videos on finance I have watched in a long time.
Another great Video Jennifer, I started watching you few years ago. Although I am in my Fifties, you have made a big difference in my life. I share your Videos all the time. Your spreadsheet has been very helpful. Although my TH-cam Channel and other passive income ideas are very slow, I will persevere.🙈🙈🤔🤔☹️☹️.
I haven't worked for 12 years due to bringing up my family and have been contemplating what i would like to do to bring extra money into the home. Previously I had thought I would have to go back to a traditional job but now i'm thinking if I can create something to bring in passive income then i can still be around for the kids (they don't want me to have a job!) but feeling more fulfilled in life too. Great video x
Thanks for the reminder Jen. Create something that you can sell over and over. 👍Something I've heard a few times but now I think I should actually do it!
Just finished watching her last video about retiring comfortable 1M or close to that I've just started watching this but have to go back to work 😢 will watch this gem later 👌
Jen can you do a video on fba dropshipping/ecommerce as a way of building income. Personally I think it is something you would be great at doing yourself. All the best
1st thing to do is match betting. do all the sign up offers which are just or over a £1,000. Then do some wombling which is picking up things other people leave behind. if ever you buy anything on the internet make sure to use cashback sites then soon add up. I'm 36 i am hoping to retire in 5 or 10 years time i do match betting which i use a money i save. Whenever i buy anything from the shop i only buy where there have loyalty cards like tesco or co-op. I always look out for receipts where there are some apps where you can get money back for scanning receipts.
Another brilliant guide, thank you. I'm in my 40s and although late to it, am wanting to invest in an ISA. My concern is that there is so much talk of a stock market crash, if I start investing in a plan, can I withdraw out of it at any point and go back in later, without affecting the isa allowance or is it better to wait for stability?? Thank you 🙏
An Investment ISA is just the same as a normal cash account except it might take a day or two to turn your investments back into cash when you sell them. To give context - the stock market "crashes" a few times a year - that is the nature of up and down cycles with the stock market. Usually people are trying to use fear when they say "warning about crashes" all the time. Dramatic crashes do happen, but sometimes they cannot be predicted.
Hey Jennifer, loved this video. I am following you here since the beginning. I started watching as I’m Brazilian and I was looking for how to invest money here in UK as I have moved here. And your videos have helping me a lot, specially because I didn’t have any British knowledge about investiments etc 🥰
Successful people don't become that way overnight. What most people see at a glance-wealth,a greater career,purpose is the result of hard work and hustle over time.
Hey Jennifer loving your videos. I wonder if you could do a budgetting and investing strategies for university students. I wanted my son to pick up these skills early on so he could have a financial freedom and better quality of life. Xx
Thanks for the video. You mention in it that you set aside money in a sinking fund for your annual expenses, including Council Tax. Do you get a discount on your Council Tax when paying annually rather than over a 10 or 12 month period? Thanks
Thank you for this, How many hours per week did you put in on your full-time job & your starting this TH-cam channel before it made a decent income? When you were still working full-time
At 39 I had paid off my mortgage but had no savings or pension. First thing I did was remortgage my house and bought another to rent out. Fast forward 4 years later and I managed to get another 2 buy-to-lets, got myself a pension and just recently started to invest in crypto. I sacrificed lots to pay off my mortgage early. Earning money from passive income is definitely the way to move up the wealth ladder. I still have my job which I need but hoping I can retire by 55 🙏🙏🙏
I'm 30 with 2 children & a mortgage but also in 10k debt from previously living outside my means, Should I focus on the debt first before even considering investing ? The cost of living is hitting me hard right now supporting a family & trying to save
Hello Jennifer, another inspirational video, thanks. I was wondering though on the side hussles do you have to pay additional tax with it being an income stream? Looking forward to the next instalment. 🙂
That's a shame to hear - I think though in my projections giving three months to start an idea then only commit to making £50 more each month seems very reasonable. In my own experience it was easier than this once you get started, so i actually felt this was very underplayed compared to what I experienced.
@@JenniferAMThomson I also was feeling very wistful over this part. The suggestion here is to really become a content creator of some sort, but to actually succeed at that is quite difficult and takes a lot of time and effort, talent, skill, knowledge etc, but it ALSO takes a means to get organic traffic(or savvy with ads) or your content is just going to sit there without anyone seeing it. If you grow enough audience, you can monetise a lot of things, but, growing an audience is really difficult in the first place- there's a complicated supply/demand ratio with content, niches etc. I was pleased that the Etsy store I opened a bit more than a year ago got any traffic at all after trying the likes of redbubble where there was no interest at all. There is organic traffic on the likes of Etsy but it completely depends upon the niche- my digital downloads were never seen because there was simply too much competition, some of my other stuff was, but instead of getting me £50 profit a month the cost of Print on Demand etc means that my £50 product would be about £5 profit for me. I'm lucky if I get 1 sale a month, but if I do, it's only £5 profit. Point is, I suppose, I feel like a lot of this is basically dependent on growing an audience, which only some content is going to manage to do after very sustained and driven efforts, and some content doesn't even really suit.
Jennifer, would I create a limited company and process the additional income via Capital Gains? I'd need to avoid (legally) as much tax as possible I assume in order to accelerate the pot into the investments. Also, could I capitalise on the £40k annual pension limit on this money and then pay CGT just on the balance? Final question. If someone new was starting out and had zero investments but had a lump sum of say £40K to invest, where would one put this cash first? Thank you.
I have NEVER commented on ANY video on TH-cam but.....milk before tea bag?! I love your vids MamaFurFur but that's taking it too far. Please tell me it was a mistake in the edit?!
I must confess. My name is Jennifer and I put in the milk first. Hopefully one day people can love my work again. Thanks for commenting and will make sure no teas are injured in the next video.
I loved this video, except the part where you put milk in first when making a cup of tea. That made me uncomfortable 😂 Thank you for providing such great content! 🙂
Hi mama fur can u please recomend a sharia compliant saving or pension ..is pension bee any good? I heard the fees are quite high .. what do u recommend?
I like Pension Bee and they have a really easy to select Sharia compliant option. Fees are highly than normal due to the checks/additional work they have to do to ensure the funds match exactly. You can also use Trading212 for Islamic ETFs/Funds - I have a video on this recently to help here.
Same principles apply - just develop a money management strategy that means you focus on your goals but take the steps you can afford. A powerful move would also to be set yourself the goal to see what service/skills you could offer though to start creating your own money - it could even be just any creative talents you have such as painting/drawing that don't require too much outside help. You got this!
Hi Jennifer , just watched your video and it was really inspirational- it never to late to work on passive income. Could you please tell where i can find your excel spreadsheet. thanks
You can keep cash of course, but in this video we are using interest of more than what the bank will normally give for our money to super charge it over time. Interest rates with the bank are small and will just take you longer - and remember cash loses buying power when we are receiving less than inflation back as interest.
Hi MamaFurFur, I still hving the same question over and over on my mind but I can't find the answer: how is the money controlled and operated on a Stock Trading Platform? I mean, is it possible to transfer or move the money from this platforms to a bank account or to directly buy something else from the internet?
Thanks for your video! At 6m30s you say that you also pay council tax annually, suggesting that this gives you a cheaper rate. I can't find any evidence of a difference in total council tax based on how many payments are made over the year. Does your council offer a special deal, or am I missing something?
No, we don't get any discount (mention that in a few budget videos) - we simply do it so that we have no monthly bills and therefore gives us more flexibility for income during the year.
@@JenniferAMThomson I mean, the plan becomes impossible without starting a business is what I inferred? Without the passive income (aka a business / side hustle) you cannot reach financial freedom in a timely fashion?
@@VolatileVariable I seem to agree. This seems to be the key & everything else just seems like shuffling the existing funds around which in my case is pointless as the electricity bills these days have thrown me over the income threshold. Not sure, but at this point I'm just simply not seeing it unless i invent an income stream out of nothing. 😒
If you feel that the pay isn't right, might be the perfect time to take focus for 6 months and see what other jobs/skills you could learn to make a career switch. Same principles still apply - I just used £1600 a month as an example.
@@JenniferAMThomson I'm no good at getting jobs unless it's an assement and not an interview. I can't do interviews. I wouldn't know what to do. I'm planning on a college course hopefully
Great video as always 😊 I was wondering if your thoughts on cryptocurrencies is changing as we see the mass adoption taking place? I know you have invested a small % in crypto but do you think you could see this % becoming a much bigger part of your portfolio soon? I was quite skeptical at first but after months of going down the rabbit hole, I'm completely fascinated by the potential of crypto and especially the decentralised finance space. I truly believe Bitcoin and Ethereum are the future of finance. I'll revisit this comment in 5 years and we shall see 😊
My main crypto is in Bitcoin and Ethereum (with some Dogecoin) - recenly switched most of my Bitcoin on Coinbase to Ethereum as I think that could well be the one that leads long term for use mainstream. Super interesting for sure!
@@JenniferAMThomson Thank you for replying. Im so glad your channel popped up. I was in two minds about investing but your channel has given me insight to knowing its possible if you start putting in the time. So thank you and because your youtuber in hhe uk makes a big change
Price depends on where you live... for example places like Devon have really high bills, other areas in the Uk are cheaper. The thing you can do with the water bill is ask them what assumptions they are making about your house. The generic bill is based on house price not on who lives there. I live on my own in a flat in london, and got a big reduction because they were charging me like I was a family of 4. Ideally get a meter, at least then you know you are only paying for what you use (for me it want an option because of being in a flat with communal boiler etc)
I personally go for "Time freedom" - we can never be "free" from money really, so for me it is having money resources that means I have full choice over my time to work/do/be/rest as I need or believe is best. Great question!
@@JenniferAMThomson I've started mining ethereum last month and doing staking with ADA cardano. I'm doing very well so it's possible to make money in other ways in our times over the Internet 😀
I love a loose leaf tea brewed in a tea pot, and poured in to a favourite tea cup or mug (I do milk first, but milk after also acceptable) ... making time in the day to do this is one of life’s simple pleasures that I don’t think can be underestimated 😁
Do you think it is better to invest money or pay off your mortgage early if you have a higher then normal interest rate? Thanks for this video, it gives me hope. ❤️❤️🩹🥰
Personally at 42 I had debt no savings and was renting. By 45 I paid of my debt, saved up and bought a property. All on a salary of under 26k. So it definitely can be done and 42 is not too late.
how did you do that, that's what I want to know :)
I think you should do a video about that
I did something similar by 45. Paid off my mortgage within 2 years after having paid just Interest only for the previous 10 years (as I'd always had a rubbish paying job). Now I'm renting it out for passive income and earning more than ever before, I'm self-employed and I dictate my charges based on the demand for my service. Once you're mortgage free, you pay off debt and start to save and invest. Psychologically, you feel more confident as you feel like you've got a financial safety net. You don't have to do jobs you don't like because you're not desperate to pay the rent/mortgage, so you're happier
@@pinin1708 i know you're not asking me but I'll answer as my experience was similar. I prayed about getting a fantastic job and I got offered one a few months later. I got a free apartment with my job and I was earning good money and I rented my flat out in London. I had £10k in savings. after 2 years in this job I saved £40k thanks to the two incomes. I was 43. So I was able to pay off £50k from my mortgage in 1 lump. I had also prayed to meet my future husband. While in that job I did meet the man of my dreams and moved in with him after 6 months. I didn't know he had inherited a lot of money, and he is very generous. He offered to gift me the other £50k to pay off the mortgage because he didn't want me paying thousands in mortgage interest for the rest of my life. I'm very blessed that God helped me when I asked him to
For me the key things that helped me out of debt were: 1) giving up my car when I did not have the money to repair it and replacing it was financially unviable.
2) being obligated to budget weekly pay to ensure monthly bills were paid.
3) Paying off debt was helped by savings resulting from not running a car and getting regular settlement figures so I knew how much I needed to save to pay it off.
4) Getting property was helped by being able to save the money previously put to debts. I was also fortunate to get a PPI refund of £3000 which helped towards my £9000 deposit. I had a HTB for the final few months, previously I made mistakenly thought that like LISA they were for under 40s.
My property was 90k. I took an 18year mortgage and from the start I have been overpaying.
I think there are lots of people around there 40s or mid 40s that need ideas like this 👍📆
Absolutely, most financial channels focus on 20s& 30s
True that almost all financial/time freedom business models are mostly for MLM business
37, 3 kids and we just finished paying off £10k of debt. Now to crack on building up our reserves, investing in ourselves and making plans for the future. Thanks Jennifer for the guidance and inspiration.
Fantastic! Here's to your financial success ahead in 2021.
Jennifer I loved this video! Have been a fan of yours for some time and although I'm in a much stronger financial place than the person emailing you, this video has really inspired me to get off my backside and make my plans happen. I've 3 months off work before my first baby arrives in July and am determined to create a thriving business over the coming years so that I can continue to provide for my family and set them up for the future. Thank you! x
I absolutely love your content. You are really changing lives! Keep up the great work.
I appreciate that - very kind.
Whilst listening to this video, I thought to myself about how you are really fulfilling your purpose as an online teacher. You are BRILLIANT at it. God bless you and your family ♥
Thank you so much for this - very kind comment and blessings back to you.
That cup of tea was genuinely a crime against nature. Awesome video tho! (:
It really has caused a stir....... :O)
@@JenniferAMThomson buh dum tsch
Haha I was just about to comment more or less the same. I can't take anything seriously anymore on this channel after seeing that cup of tea 😳 haha
2 key takeaways: 1) develop a high-income skill and keep providing service or create products 2) live below your means so you have savings to invest. Hope anyone reading this achieves financial freedom! 🎉
Great comment to help others there - thank you!
@@JenniferAMThomson 👍
The production on this video is OUTSTANDING Jennifer. Nobody does it this well in the U.K.
Thank you so much - aiming to step up my content and production with every video.
Thanks for this video for breaking down this complex idea in to steps even I can manage. I actually think it is possible to build a passive income by €50 per month, it is ingenious. I have always wanted my own business, financial freedom and having time to be an artist and share experiences with my family, friends and my husband. Also the fact that you are building a business on the journey to financial freedom means that you are not as attached to rushing so you can be free of a job you dont like. You are building a new future. I am super inspired by this video, its one of the best videos on finance I have watched in a long time.
You lost me at PUTTING THE MILK IN FIRST!!
This has really divided people hasn't it? And I thought making videos about money and investing was controversial but in fact it is tea.
I know 😆 I was like what is she doing....NOOOOOOOOO! 😮😭 😆
I put the milk in first, Jennifer! And so does my Mum. No shame in that game.
Milk first ONLY when tea is brewed in a pot!
Absolutely milk first pls
Another great Video Jennifer, I started watching you few years ago. Although I am in my Fifties, you have made a big difference in my life. I share your Videos all the time. Your spreadsheet has been very helpful. Although my TH-cam Channel and other passive income ideas are very slow, I will persevere.🙈🙈🤔🤔☹️☹️.
Wow, thank you!
Nothing is impossible :) great video as always Jen!
Hey Panda! Glad to see you over here.
I haven't worked for 12 years due to bringing up my family and have been contemplating what i would like to do to bring extra money into the home. Previously I had thought I would have to go back to a traditional job but now i'm thinking if I can create something to bring in passive income then i can still be around for the kids (they don't want me to have a job!) but feeling more fulfilled in life too. Great video x
To your success in 2021 ahead Rachel!
You have worked! Most important job there is - good luck in finding paid work! 😀
This was my favorite video of yours so far! I'm self-employed so the part about the side hustle growing each month was very useful 😃
Love that it spoke to you - thank you so much!
Thanks for the reminder Jen. Create something that you can sell over and over. 👍Something I've heard a few times but now I think I should actually do it!
I just bought the spreadsheet from this video to finally work out my true finances and its a great purchase.
Hope you enjoy it!
Just finished watching her last video about retiring comfortable 1M or close to that I've just started watching this but have to go back to work 😢 will watch this gem later 👌
Hope you enjoy it!
You really are smashing it - outstanding content. I’m on this journey you outlined here - to anyone doubting, it can be done. I have two side hustles.
Thanks so much - and I know you will achieve great things ahead.
I watch a lot of videos on YT - I'm even a creator myself but this is easily one of the best videos I've ever seen! Subscribed :)
Absolutely brilliant advice Jennifer....everyone should watch this video.
Jen can you do a video on fba dropshipping/ecommerce as a way of building income. Personally I think it is something you would be great at doing yourself. All the best
1st thing to do is match betting. do all the sign up offers which are just or over a £1,000. Then do some wombling which is picking up things other people leave behind. if ever you buy anything on the internet make sure to use cashback sites then soon add up. I'm 36 i am hoping to retire in 5 or 10 years time i do match betting which i use a money i save. Whenever i buy anything from the shop i only buy where there have loyalty cards like tesco or co-op. I always look out for receipts where there are some apps where you can get money back for scanning receipts.
Another brilliant guide, thank you. I'm in my 40s and although late to it, am wanting to invest in an ISA. My concern is that there is so much talk of a stock market crash, if I start investing in a plan, can I withdraw out of it at any point and go back in later, without affecting the isa allowance or is it better to wait for stability?? Thank you 🙏
An Investment ISA is just the same as a normal cash account except it might take a day or two to turn your investments back into cash when you sell them. To give context - the stock market "crashes" a few times a year - that is the nature of up and down cycles with the stock market. Usually people are trying to use fear when they say "warning about crashes" all the time. Dramatic crashes do happen, but sometimes they cannot be predicted.
Brilliant video Jennifer. A lot of gems in this one. Love it. Thanks for sharing.
Hey Jennifer, loved this video. I am following you here since the beginning. I started watching as I’m Brazilian and I was looking for how to invest money here in UK as I have moved here. And your videos have helping me a lot, specially because I didn’t have any British knowledge about investiments etc 🥰
Thank you so much and especially for being here for nearly 4 years now. Really appreciate the kind support and wish you the best ahead.
Great video...love the simple spreadsheet with save/invest % and years to reach FI!
Amazing video. It makes so much sense and has shown me that this is very doable. Thanks!
With Council Tax you sometimes can do something about it by checking you are in the right Council Tax Band!
People who put milk in first don’t deserve tea. Great video though haha!
Successful people don't become that way overnight. What most people see at a glance-wealth,a greater career,purpose is the result of hard work and hustle over time.
Hey Jennifer loving your videos. I wonder if you could do a budgetting and investing strategies for university students. I wanted my son to pick up these skills early on so he could have a financial freedom and better quality of life. Xx
Absolutely awesome information! Thanks Jen
Thanks for the video. You mention in it that you set aside money in a sinking fund for your annual expenses, including Council Tax. Do you get a discount on your Council Tax when paying annually rather than over a 10 or 12 month period? Thanks
Thank you for this, How many hours per week did you put in on your full-time job & your starting this TH-cam channel before it made a decent income? When you were still working full-time
That was a wonderful video and very motivational. Loved watching it until the end 👏🏻👏🏻👏🏻
Thank you so much!
Great pointers. I really like your mindset here. is there any template for budget calculation?
At 39 I had paid off my mortgage but had no savings or pension. First thing I did was remortgage my house and bought another to rent out. Fast forward 4 years later and I managed to get another 2 buy-to-lets, got myself a pension and just recently started to invest in crypto. I sacrificed lots to pay off my mortgage early. Earning money from passive income is definitely the way to move up the wealth ladder. I still have my job which I need but hoping I can retire by 55 🙏🙏🙏
I did that too but I find that’s really long term investment as you have to pay capital gains every year on buy to let
I'm 30 with 2 children & a mortgage but also in 10k debt from previously living outside my means, Should I focus on the debt first before even considering investing ? The cost of living is hitting me hard right now supporting a family & trying to save
Thank you for everything you do for us , sharing your wisdom with us all, we appreciate you:)
So nice of you - I really appreciate the kindness.
@@JenniferAMThomson your very welcome :)
Hello Jennifer, another inspirational video, thanks. I was wondering though on the side hussles do you have to pay additional tax with it being an income stream?
Looking forward to the next instalment. 🙂
Yes - you pay tax on any earned income even from side hustles once you reach thresholds. I would also refer to HMRC website for full details.
You're always putting out good value, thanks for what you do💯💯
I appreciate that
Great video; however, I fundamentally disagree with the milk in first...it’s just not right.
This really has divided people against me. Will need to see if this is a habit I need to slowly break long term :)
I feel the side hustle projections feel very unrelistic - in an ideal world - yes
That's a shame to hear - I think though in my projections giving three months to start an idea then only commit to making £50 more each month seems very reasonable. In my own experience it was easier than this once you get started, so i actually felt this was very underplayed compared to what I experienced.
@@JenniferAMThomson thanks for the reply - I maybe need to review and replan what i am selling.
@@JenniferAMThomson I also was feeling very wistful over this part. The suggestion here is to really become a content creator of some sort, but to actually succeed at that is quite difficult and takes a lot of time and effort, talent, skill, knowledge etc, but it ALSO takes a means to get organic traffic(or savvy with ads) or your content is just going to sit there without anyone seeing it. If you grow enough audience, you can monetise a lot of things, but, growing an audience is really difficult in the first place- there's a complicated supply/demand ratio with content, niches etc.
I was pleased that the Etsy store I opened a bit more than a year ago got any traffic at all after trying the likes of redbubble where there was no interest at all. There is organic traffic on the likes of Etsy but it completely depends upon the niche- my digital downloads were never seen because there was simply too much competition, some of my other stuff was, but instead of getting me £50 profit a month the cost of Print on Demand etc means that my £50 product would be about £5 profit for me. I'm lucky if I get 1 sale a month, but if I do, it's only £5 profit. Point is, I suppose, I feel like a lot of this is basically dependent on growing an audience, which only some content is going to manage to do after very sustained and driven efforts, and some content doesn't even really suit.
@@Graid I agree. It's too much work for too little return. Find a second job maybe?
In England if you are are a single occupant you can get a 25% reduction on council tax under certain conditions
Noooo the milk prevents the bag diffusing thoroughly 😱
Jennifer, would I create a limited company and process the additional income via Capital Gains? I'd need to avoid (legally) as much tax as possible I assume in order to accelerate the pot into the investments. Also, could I capitalise on the £40k annual pension limit on this money and then pay CGT just on the balance? Final question. If someone new was starting out and had zero investments but had a lump sum of say £40K to invest, where would one put this cash first? Thank you.
Brilliant 👍 starting such list today, thank you!
Fantastic!
I have NEVER commented on ANY video on TH-cam but.....milk before tea bag?! I love your vids MamaFurFur but that's taking it too far. Please tell me it was a mistake in the edit?!
I must confess. My name is Jennifer and I put in the milk first. Hopefully one day people can love my work again. Thanks for commenting and will make sure no teas are injured in the next video.
I loved this video, except the part where you put milk in first when making a cup of tea. That made me uncomfortable 😂 Thank you for providing such great content! 🙂
It absolutely feels like a divider :) Thank you for watching the video regardless then.
Just wanted to say you’re fab and a real inspiration.
That is very kind of you indeed.
I like this channel now!
Great format and editing :)
Thanks so much!
Watching now..... First off... LOVE that shirt!
:O) Love is Love
My Mrs makes her tea like that. Deary deary me. Stop it Jennifer!
Love this! Inspiring, as always :)
Thanks so much!
Awesome video xx
Just bought ya book on kindle really impressed
Thank you so much - more books to come soon!
Brilliant video 👍 thank you so
Much for the tips 👍
Glad it was helpful!
Hi Jennifer, great content. Very very helpful and full of value. where can we get this excel template please?
Hi Tosin - link to my spreadsheet in the description but here it is again - mamafurfur.com/spreadsheet
@@JenniferAMThomson Thank you.
Hi mama fur can u please recomend a sharia compliant saving or pension ..is pension bee any good? I heard the fees are quite high .. what do u recommend?
I like Pension Bee and they have a really easy to select Sharia compliant option. Fees are highly than normal due to the checks/additional work they have to do to ensure the funds match exactly. You can also use Trading212 for Islamic ETFs/Funds - I have a video on this recently to help here.
Damn, the UK’s bills is nothing compared to here. £100 a month on gas and 600 a year on water rates, I’m shafted by monopoly companies on this island.
Hi am absolutely find your videos amazing . But what can you do if your health doesn’t allow you to work so you receive benefits?
Same principles apply - just develop a money management strategy that means you focus on your goals but take the steps you can afford. A powerful move would also to be set yourself the goal to see what service/skills you could offer though to start creating your own money - it could even be just any creative talents you have such as painting/drawing that don't require too much outside help. You got this!
Hi Jennifer , just watched your video and it was really inspirational- it never to late to work on passive income. Could you please tell where i can find your excel spreadsheet. thanks
Sure - it can be found at www.mamafurfur.com/spreadsheet
Mamafur please talk about civil service pensions
Been so useful 😊
Glad it helped!
Can I keep cash ? Are there any risk on that? Thank you for the amazing video.
You can keep cash of course, but in this video we are using interest of more than what the bank will normally give for our money to super charge it over time. Interest rates with the bank are small and will just take you longer - and remember cash loses buying power when we are receiving less than inflation back as interest.
MamaFurFur thank you.
how can i download this excel sheet? cannot find on your blog
Yes if you go to www.mamafurfur.com/spreadsheet it will take you there
Hi MamaFurFur, I still hving the same question over and over on my mind but I can't find the answer: how is the money controlled and operated on a Stock Trading Platform? I mean, is it possible to transfer or move the money from this platforms to a bank account or to directly buy something else from the internet?
With investing, all you would need to do is sell your investments then it returns it as cash and then withdraw the same back to your bank account.
@@JenniferAMThomson thanks Mama
The best plan is to make a plan 😎
Milk before the teabag - perfect. You can then perfectly gauge the strength of the tea. This is a winners strategy :)
Very true!
Thanks for your video! At 6m30s you say that you also pay council tax annually, suggesting that this gives you a cheaper rate. I can't find any evidence of a difference in total council tax based on how many payments are made over the year. Does your council offer a special deal, or am I missing something?
No, we don't get any discount (mention that in a few budget videos) - we simply do it so that we have no monthly bills and therefore gives us more flexibility for income during the year.
There are a few discounts depending on circumstance eg single person discount.
So to summarise - start a business is the only way
Nope - the video says to balance extra incomes plus investing. Thanks for the comment to check though.
@@JenniferAMThomson I mean, the plan becomes impossible without starting a business is what I inferred? Without the passive income (aka a business / side hustle) you cannot reach financial freedom in a timely fashion?
@@VolatileVariable I seem to agree. This seems to be the key & everything else just seems like shuffling the existing funds around which in my case is pointless as the electricity bills these days have thrown me over the income threshold. Not sure, but at this point I'm just simply not seeing it unless i invent an income stream out of nothing. 😒
£1,600 a month, if only. I get £720 a month working over 5 days with 20 hours + little more hours a week max. My pay sucks, far from £1.6k :(
If you feel that the pay isn't right, might be the perfect time to take focus for 6 months and see what other jobs/skills you could learn to make a career switch. Same principles still apply - I just used £1600 a month as an example.
@@JenniferAMThomson I'm no good at getting jobs unless it's an assement and not an interview. I can't do interviews. I wouldn't know what to do. I'm planning on a college course hopefully
Milk and then tea bag 😱
Have I been doing it wrong all these years????? :(
@@JenniferAMThomson I think I may have been doing it wrong 😅😅
@@JenniferAMThomson YES! Teabag first! Always!
Hi, how can I buy your budget excel spreadsheet?
Etsy
great video as usual, so side hustle income is taxed as salary income? thanks
All income is taxed if you are above allowances, regardless of the source.
@@JenniferAMThomson thanks a lot
does your spreadsheet work with Google sheets?
Yes but some of the macros will not be supported. The majority will work, but we recommend using with Excel please for best function.
WTF - Milk in first???????? Lost all credit with me now Jennifer... 🤣🤣🤣😂
I'm sticking with it, and hope one day you can forgive me then :)
Great video as always 😊
I was wondering if your thoughts on cryptocurrencies is changing as we see the mass adoption taking place? I know you have invested a small % in crypto but do you think you could see this % becoming a much bigger part of your portfolio soon?
I was quite skeptical at first but after months of going down the rabbit hole, I'm completely fascinated by the potential of crypto and especially the decentralised finance space. I truly believe Bitcoin and Ethereum are the future of finance. I'll revisit this comment in 5 years and we shall see 😊
My main crypto is in Bitcoin and Ethereum (with some Dogecoin) - recenly switched most of my Bitcoin on Coinbase to Ethereum as I think that could well be the one that leads long term for use mainstream. Super interesting for sure!
@@JenniferAMThomson I completely agree with you there 😊 I believe Ethereum will overtake Bitcoin in the long term.
I saved a video you posted earlier to watch tonight but its gone private. Will it be reposted?
Awesome stuff!!
New subby love your vids
I feel exactly like this first comment, as if someone else put out a request for me.
Did you just put the milk in BEFORE the teabag and water!😝
Love your videos but you put the milk in your tea first 😯
Not any new video... what's going on?
I know its just a youtube name but why Mama fur fur?
Combination of an old work nickname and it began when I first started blogging around 7 years ago.
@@JenniferAMThomson
Thank you for replying. Im so glad your channel popped up. I was in two minds about investing but your channel has given me insight to knowing its possible if you start putting in the time. So thank you and because your youtuber in hhe uk makes a big change
You can haggle your water bill!? Yours is only £13 mine is £25!!!
Price depends on where you live... for example places like Devon have really high bills, other areas in the Uk are cheaper. The thing you can do with the water bill is ask them what assumptions they are making about your house. The generic bill is based on house price not on who lives there. I live on my own in a flat in london, and got a big reduction because they were charging me like I was a family of 4. Ideally get a meter, at least then you know you are only paying for what you use (for me it want an option because of being in a flat with communal boiler etc)
How much do you make from TH-cam?
This video was made a few months ago on the topic - th-cam.com/video/kTiVku7usxI/w-d-xo.html
What an absolute joke this is!! Who on earth puts the milk in first!!
What is the definition of Financial Freedom? All opinions are welcome.
I personally go for "Time freedom" - we can never be "free" from money really, so for me it is having money resources that means I have full choice over my time to work/do/be/rest as I need or believe is best. Great question!
@@JenniferAMThomson Thank you, that is a great answer :)
In short....get a second job lol
To get there super fast we do need to create more income from other sources absolutely, alternative is taking much longer.
Great video, but a misstep was talking about passive income as a side hustle and almost all your examples were trading time for money.
I feel same as the first comment at the beginning, it's not nice being stuck in a rut.
I know it is very common, and really hope my video helped then with a plan or inspiration.
@@JenniferAMThomson I've started mining ethereum last month and doing staking with ADA cardano. I'm doing very well so it's possible to make money in other ways in our times over the Internet 😀
OMG you put your tea bag in the milk!!!!! 😬
Great financial advice, very poor tea making skills 😁
I'm learning the hard way that this really is a key decision for people and their tea. I will never look at it the same way again.
I love a loose leaf tea brewed in a tea pot, and poured in to a favourite tea cup or mug (I do milk first, but milk after also acceptable) ... making time in the day to do this is one of life’s simple pleasures that I don’t think can be underestimated 😁
You lost my trust the minute you put the milk in first to make a cup of tea ;)
Hyper inflation is coming cash is trash
Be positive do not bury your talents
@@odionugbiyobo2316 Yeah buried a portion in gold silver nickel etc, being positive will not help you :)
Do you think it is better to invest money or pay off your mortgage early if you have a higher then normal interest rate? Thanks for this video, it gives me hope. ❤️❤️🩹🥰