Like the Buckaroo, a University currency. It could only be earned by socially beneficial labor, & had to be paid as a tax to get your degree. Warren Mosler was talking about it.
The freedom from the corporations is also a great feeling. Having a few hundred K in stocks, while owning your own house is freedom. You can then try freelancing or making your own business without having to worry about money.
@@Ash-vt5cp great point but starting a business can be more stressful than 9-5s. I've never seen anyone have fun starting a business. but i get you're point.
Exactly. This system perpetuates poverty and expands it. My parents gave us money to add to our deposit so we could buy our 1st home 25 years ago. Thankfully it's now paid off. I'm currently putting extra money into super as I'm 55 and divorced so I lost a lot of super. Hopefully I can help my kids in the future. Live within your means and have a budget. If you get money say from an inheritance see a financial advisor so it's invested wisely.
Nice message Carolyn, it is good that you are able to understand and empathise with the situations of younger generations, even though you yourself are able to own property. Please speak to your friends and family and let them know how important it is that we move towards a fairer system - maybe show them our videos!
I had money from a grandparent's will that I used for a deposit 9 years ago. I am on a distinctly average salary and there is no way in hell I'd have saved enough to match that deposit myself in the 9 years since I used it. I'm looking at a colleague who earns a few grand more and is saving for a deposit while house prices get further out of reach. Because I was lucky enough to get that inheritance 9 years ago, I'd estimate my net worth is now four times what it would be compared to if I'd had to rent and save liquid cash, thanks to mortgage repayments and property value growth. It's patently absurd.
@@tomgl6684in 2001 when I lived in Surrey with my parents a 1 bed flat was 8 X my salary. When I moved to France I got a 108% mortgage on a flat that was a third of the price. Housing is only for speculators now especially in the South. I don't know how anybody gets one now.
I'm self employed and a single parent. I'm also too old to become rich or financially very comfortable. But my son & daughter still have a chance, so I'll pass on this video to them, hoping that they'll get your message. Thank you for your videos xx
It might be too late to be rich but it's never too late to learn. You can be financially comfortable with a simple life and the financial knowledge to know you're secure. Never stop learning. It'll help your business.
Thank you for your honesty. There are a lot of people playing on people's fear and vulnerability right now. Investing is being advertised (massively right now) as a quick way to get out of a crisis when it isn't. Your videos are giving me a much needed education.
Bought a few years after the 2008 crisis the smallest property I could reasonably live in (smaller than what I'd rented previously) and predicted interest rates would be kept low by the central bank so as to not send the economy into further into recession. Saved the difference between rent and mortgage payments to act as a safety buffer against missed payments then I overpaid as soon as the fixed rate expired (variable rate had no early repayment penalties) to make the payment up to the amount that rent would have cost me because I knew interest rates would eventually go up. My theory going into a mortgage is that the way interest rate changes screw people over is when interest rates are low more people get mortgages, then interest rates go up and people default and lose their homes and rich people buy them up which I'd hoped to avoid by paying as quickly as possible. I now have a home that saves me money every month because I don't have to pay rent to anyone.
Two years ago when I did my military service there was one guy in my unit who believed a kid must earn everything by themselves without the help of parents. I thought it was ridiculous, but I lacked financial literacy to disprove his idea. Western society created an individualistic ideology with a believe that everyone can start from 0 and retire with huge savings if they “do things right”. However, this ideas encourage people to stay poor, work for money for the entirety of life, just to spend the money during the age when you least need them, forcing to spend on irrelevant things to try and compensate for the lost years. I love how honest and practical your advices are
Your videos have validated my decision to sell up my 3 bed London house and use some of the equity to buy my son a house, with still enough left for me to get a decent property just an hour and a half (a podcast basically) away from London. I'm not rich by any means, I've only worked basic jobs, the last one as a post woman, but was lucky enough to be born in the right decade. My friends think I'm mad or that I'm spoiling my son, they still believe that their children can make it on their own by working hard like they did. To help my younger son in the future, I'm going to try my hand at property developing using some left over equity and bridging loans against my paid for house. Failing that, he'll be accounted for in my will or will receive my inheritance to an equivalent sum. I think you said in another video, that they want us to believe we can use equity to have a lavish retirement, spunk it up the wall basically 😅, and that our kids will somehow be ok, I've seen for myself this is an illusion but your message confirmed this, so from the bottom of my heart thank you! X
I wouldn’t sell the house if I were you. Use the equity to buy another house for yourself and either rent this one out or allow your son to live in it. The turnover costs of buying not worth it
@@endxofxeternity I looked into it, but it didn't quite work out. I could release enough for myself to get a home, but not for my son, he couldn't stay living here as I'd need the full rent to cover mortgage costs, but I get where you're coming from.
Good thinking. We bought a big enough place to subdivide later on and put container homes for our children. I am putting lots of fruit trees and eatable garden in as well. We can be self efficient if we need to be, forest is next door. If worse comes to worse, we can hunt dear, bunny’s, ducks and sobon
@@endxofxeternity Very late reply! It's all done now, I'm still looking for myself though. I did look into that, the main issue is my son has a full on dog, a malinois, and he's not the tidiest person, very ADHD / ASD so no one would want to share with him in my old home and renting a place on his own just wasn't an option. You're right though, the process has burned through thousands in fees, commission and taxes, but psychologically it's nice and clean and has left me with a lot less stress. I know he's set up with his own place that he can do what he wants with, the rest is upto him.
Brilliant channel, truthful and honest, no way to get rich quick if you’re struggling to get by. Buying a home in London has become impossible already and the ripple will spread all over the UK. We’re in Birmingham and there are plenty Londoners on my street now who have had to sell their £1m London homes and buy the same home for less than half the price here. But this in itself is causing prices to boom here, if you can, buy property, it’s going to become unaffordable for everyone soon enough.
Hello bud, I’m a mortgage advisor, just found your videos and they’re superb, keep it up! Two small things on this subject I would add; particularly for lower wealth families or those in more expensive areas - firstly, investing even a small amount (£100-£500 monthly) in stocks and shares ISAs is a great way to initially build tax-free wealth that can compound and grow - that’s how I saved for my first property deposit. Secondly; don’t be too proud to ask family for help or to work together, maybe for your families first property. I think some communities do this much better than others.
Weird though that I'm down -72% on my stocks 3 years into my 5 year investment plan, which I literally made as an inflation hedge. (fuck Motley Fool, for a start) FWIW, even my cryptocurrency holdings are doing better than this garbage fire.
@@thygrrr I don’t try and pick stocks or anything fancy, I only use a very generic index fund; reasonably high risk and that’s +15% for the last 12 months. Probably up 50% in the last 5 years.
@@thygrrr MSM (Main street Media) gets payed by hedgefunds and others on wallstreet. They don't earn money off of you, so why would they try to benefit you? Trusting them is like trusting a wolf in sheep's cloths! Reddit can be an interesting way of finding stocks to look at, but if you don't know what you are doing, an index fund might be for you!
Thanks mate. I did manage to save £90K and was ready to start trading. But then decided to remortgage my flat and buy a house. Whilst it's been a struggle to keep afloat a bit with all the bills and payments, I have to remind myself that right now I don't have money to spend is not because I don't have it, it's because I can't access it.
I can also remind the quote from Emo Phillips: “When I was a kid I used to pray every night for a new bicycle. Then I realized God doesn’t work that way, so I stole one and prayed for forgiveness.”
I haven’t heard ANYONE out there who’s got the guts to call out ‘The Emperor’s New Clothes’ the way you have in this video. I’m literally telling everyone I know to watch your videos… Even saving ten grand takes SO long… and do you want to gamble with all that time and effort?…. And even if you do, you’ll be gambling very well if you get five hundred quid out of it. It’s more basic than GCSE maths!!!! So why is no one shouting this out loud?? The internet is drowning in people trying to sell you schemes to make 5K, 10k a month…. Like you said Gary, it isn’t like the most exciting thing to say… but when you see stuff t like that, the maths doesn’t work. Thanks for your campaign. I’m definitely shouting out your message.
Thanks boss. Yeah, it is always difficult for me when I get questions about investing and how to make money. On the one hand, of course I want to help people. On the other hand, I also know that, especially for the most needy, there is very little that they can do. Ultimately I try to find a balance between providing people what little support I can, whilst also letting them know that the only REAL support we can provide for ordinary people, is to come together to push back politically. Hopefully the channel will grow and we can help to achieve that. Thanks for your support.
The government has spent years going on about levelling up. Gary hits on the solution in one video, take money from the rich and give it to the poor, job done!
Love the content Gary. Your points basically echo my 20s and 30s so far and the real situation we are in right now. I do feel that asset ownership isn't completely out of the question for ordinary people. Total lack of education in, for example pound cost average investing in a world index fund every month for 40 years or a lifetime, will eventually safeguard yourself financially in the future. I feel that living the 'inflated lifestyle' trend or image is wrecking the ordinary person's economic future. A big mortgage with 2 electric cars on finance... This is a middle-class rich 'aspiration' lifestyle but I can only see that ending badly...
Great content, just found your channel today and gold content. I am 32 and invested in property and ISA funds. It is possible to buy property but have to be focused and not be distracted. I earn decent amount working professionally and a big saver. Aviod quick get rich schemes, in 2017 I made the mistake of buying penny shares and have since learnt my lesson and not only get into lower cost index funds.
Good video. I agree with your central point although I do think it's worth trying educate everyone on personal finance. For many, the idea of owning stocks and shares doesn't even cross their minds, or they think it's something that only 'rich' people can do, so it's something that needs to be demystified. The middle classes often have experience of investing (usually through an ISA at the bare minimum) which they pass onto their children, whereas this isn't knowledge that poorer families always have, which can perpetuate and entrench the cycle of poverty.
Sweety, "rich people" have "throw away money" and poor people can barely scrape together enough for a car repair (in American the lower third of all workers)... THAT'S why this "myth" persists.
I have focussed on never paying interest on anything (I am 77 and have been lucky in that I’ve always been in a reasonably good job and in my early days it was possible to buy an old cottage with no electric etc, for cash). I have waited and never bought anything until I could pay for it. Not possible for everyone but where it is I think people should hold back on spending.
Gary, invaluable channel, knowledge & campaigning on wealth tax. Have you ever thought about creating a more detailed set of of videos teaching how to trade/invest? How to understand & interpret financial news and economic indicators? etc etc? Thanks brother.
Hey Tej. Yeah there is a lot of demand for this. It's a bit of a tricky balance for me because, whilst I do want to empower people to take more control over their finances, my main message is to try to get through to people how important it is that we work together to change the system. We will definitely be doing more investing videos though, but, like this one, they will mainly be aimed at providing sensible advice for ordinary people, who usually don't have huge amounts to invest. Thanks for your support and please share the videos!
@@garyseconomics Long may you aim your videos at ordinary people! I would love to make supermarket till workers watch this, or sewerage workers etc. So many people seem to support political ethos in direct opposition to their own needs, and those of the country at large. I dread to resort to cliches but sometimes they are right - the majority of people get the crumbs brushed off rich men's tables (ie reduced income tax) so vote for it. Reducing income tax in the 1980's meant the tax burden was moved from direct taxes to indirect taxes - from income tax and National Insurance, to indirect taxes - fuel duty, alcohol duty, petrol duty, VAT increases etc. That meant poor people pay more tax, either as individuals via their weekly grocery shop, or as a group. Wealth was moved from the relative poor to the rich. (You, as an individual paid less income tax, so felt wealthier. You had more disposable income. However, everything you bought cost a little more. Your weekly shop helped pay for the government budget, but that's OK because you are patriotic. However, the very wealthy, also patriotic so that's irrelevant, benefited substantially from your sacrifice, and continue to do so. They pay less income tax. You pay more indirect tax; literally as an individual, or figuratively as a group, as a proportion of your income. The relative poor make up 70 or 80% of society in terms of income?) I am reminded of a comment a friend at uni made - all revolutions are, and have always been, middle class and not working class (ie Russian, French, Korean, Chinese etc) Someone famous probably said it first. "Jack Smith" - his genuine name - doesn't have a Wikipedia entry that I can find
@@Neilhuny Have you heard of Miles Mathis? I tried creating a vanilla Swedish wikipedia page for him, within 15 min it was shut down quickly with the circular argument: It doesn't exist a English page so he can't be important enough, can only create pages that already exist if you are not in the small club.
@@davidhagersten8447 That's very bizarre behaviour of Wikipedia! It is absolutely wrong to insist every entry must first be in English, and surprises me. I don't think I knew him but I am enjoying looking at his website - quite a polymath!
This is an older video but I've noticed your message for several months now (maybe a year) and I appreciate you putting it out there Gary. As a 45 year old part man-child who is very naïve to the world (if I work hard, I will get rewarded and be ok) it is a hard message to digest and it is also hard to think about sensible things for the future but I am very much invested in the notion. It feels like that the game is now becoming about succession and making sure my kids and their kids will be secure. Hell, that's what that top 1% do right?! The plan might have been to sell properties if they come our way (inheritance) to make a short term "quick-quid" but perhaps we should be "keeping them in the family"...
Investing is like watching paint dry, invest in Global Equity fund Index and just watch it once a year, don’t change it, no matter what happens, the markets they invest in are efficient. Think long term. Always have an emergency cash fund of 6 mths of your household outgoings.
I heard you on Newscast and found your channel here. Thanks for your video, as an "ordinary person" with some savings it's nice to get some advice on how safeguard it. I like your video style too, very easy to listen to and understand!
One of the most regressive taxes is taxes on primary residents charging people 1-3% on the value of their homes every year hit the middle class much harder than richer people. If they taxed the stock market at 1% a year instead of a primary residence that would hit wealthy people way harder than property taxes .
There are a lot of people who can't afford a house yet and invest in the stock market to try to at least keep some savings from being inflated away. Taxing them the way you suggest just makes buying a house even more unattainable
I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?
Having an investment advisor is the best approach to the stock market right now. I was going solo without much success until my wife introduced me to an advisor. I've achieved over 80% capital growth this year, excluding dividends.
*Marissa Lynn Babula* is the advisr I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Premium Bonds are an excellent and safe way to hold your cash if you don't like risk. Pays monthly at an average rate higher than interest, your money will never go down, and you can cash out anytime.
What you say aligns with the vision of the world economic forum; “you will own nothing, and be happy”. They’ve predicted this, so you could say what’s happening economically is by design. I’d be interested to hear your take on the WEF and what they’re all about.
New subscriber here Gary, loving the content! Is the message still the same today? I’ve been dca’ing into a developed world fund via ISA…. just cautious to lump sum as feels a little like a bubble at the moment!
True, get rich quick is very hard.... Get rich schemes could be the rich taking your money..😉🤔🤔🤔🤑 Also, rich is not flashy... Filthy rich can be flashy.
Great stuff I have won some lost some , make a living def not rich from Trading , I have spoke to so many people over the years and I say to everyone Banks etc have loads risk a little , you have a little and your risking alot , then add leverage on top and its easy to see why so few make it , bottom line risk management is the most important skill to learn , my parents were lucky they brought their council flat and did very well I then followed suit and without that I would never had got on the property ladder.. I have sent this video to all my kids as yr spot on..
Could you make a video that evaluates the state of the US economy and which investment strategies that you recommend given the current events? I think that would be beneficial for a lot of your viewers. Many thanks for all that you do from South Carolina!
Thanks boss! To be honest I have thought about opening a patreon, just simply because I would like to pay my mate who does all the video filming/production/editing. At the moment we are both doing this totally unpaid, which I am fine with, but I would like him to be able to make at least some money from the work that he does. We will think about opening one up at some point. In the meantime, please do share the videos! Thanks!
@@garyseconomics Your platform has brilliant scaling potential so either way, your mate won't be volunteering for long. As someone in their mid-late 20s itching for financial prosperity, your content is so helpful - especially considering that you're still just a young lad who's come up from the streets!
@@garyseconomics Been dipping in-and-out of your videos since the first one last year Gary, and yeah, pretty surprised you're not up in to the 10s of thousands per video yet, which you should be at least! A few of suggestions about scaling up (which might be useless, but still). 1st - People like pop culture. It's a good pull in for what could be seen as a boring/complicated subject (economics) to frame it around something people already know & like. A few EGs on this - The Big Short: What it Got Right & Wrong and What it Says about Society. - Hollywood Accounting: How a Billion Dollar Film Actually Made a Loss. Both of those might be a bit out of date and overly covered now, but stuff like that with the right SEO generally does pull people in. And, this sort of thing obviously isn't what you want to do, but it's the means to the end sort of thing. 2nd - Interviews. Can't comment on who you know or what circles you circle in, in terms of the public figure talkers on economics, but if you could get a high(ish) profile person to agree to a 10 minute conversation around the content of your current videos, that would help. Making it a regular thing more so! I'm shit at networking myself, but just today Owen Jones (yes, people have strong feeling for & against him!) retweeted your newest video out. Maybe send him a message that you'd be free to talk about economics. Being on the BBC and other radio is one thing, but people our age and younger only engage with the online world more so. They won't be subscribed to these historic establishment outputs so won't hear you to begin with. 3rd - Like you've got a friend doing the video side, see if you can find someone who knows what they are doing on TH-cam to help with the SEO side. Personally don't like the existence of unpaid interns, so asking a friend to spare a couple hours is preferable, as they know you and it's less a job and more just helping out a friend. I suggest this as the majority of 100,000+ subscribed channels on here have someone onboard either just specialising in this, or it's apart of their job along with something else. Even those in the 1-10 million sub accounts have to hire people in this role as TH-cam, and the internet, is ever evolving. Had a couple others but this is long enough!
@@arthurbumblefoot Thanks Arthur for all the advice - we have been focusing pretty much solely on making good content and we haven't really put any effort into marketing the channel specifically. I probably should start thinking about that more since we have a lot of good content now and, as you say, I think it deserves a bigger audience. I'm actually away on holiday at the moment (avoiding covid), but I will think about this more and have a good look through your message and suggestions when I'm back - thanks for the help and advice!
In my opinion the easiest and safest way is to just buy a fund like "SGLN" in an ISA (presuming you are in the UK). But remember that nothing is guaranteed, even a gold fund will go up and down over time and you could end up losing money. Good luck!
It's fine investing in stocks, property etc. but remember you can invest in yourself and get a return too. Invest is new skills/eduction or your own business/ventures for maybe greater returns.
What gets me is how dense the people of this country are!! \For 20 years there is no growth in this country, and people are accepting everything and acting like everything is ok . Wake up!! Otherwise, we are screwed
I got my own little apartment; I started saving 6 years ago and had a decent job and help from parents. I never anticipated covid or any of the other things that have happened, I invested the little bit I could on top of saving loads whilst living at the parents. I don't consider myself smart for doing this, I got lucky with timing, happenstance, and circumstances. Now that I have my little apartment, I'm much more bulletproof. Inflation means my mortgage drops in value because everything will go up (including salary) whilst the loan stays the same. If rates go up, I'm unaffected as well because my rate is fixed. I'm just writing this to recognize I got lucky and am grateful and I hope you will get lucky as well.
What about the compounding effects of small scale investing over 15-20 years? If I continue to put my savings into an investment fund and reinvested any profits, would it be worth a good amount of money after a 15-20 year period?
Depends how much you invest. If you started with $0 and wanted to make $1 million in 15 years you would have to invest $3,500 per month every year and get a 7% return
I love your content and how wise you are about finance. I love the fact that you bring up the fact that most ordinary people just wanna get rich fast and easy. Ofc you can get very rich on the markets, but you aren’t suppose to be ordinary, I have seen boys making huge money on forex and consistently, by that I mean making more than an average salary a month for more than 2 years. And I can’t say this is impossible, cause I’ve seen people become rich, I make money from forex myself. It’s not for ordinary people, cause you gotta put so much time in it for it to work that ordinary people don’t have
Thanks for the info when you talk about buying property for young people do they get a mortgage or are recommending paying cash? Thanks for the advice.
Gary mate,the stuff you talk about should be taught in schools Geeza.Sth London expat of the 70's and 80' vintage following from Edmonton Canada.Keep up the good work mate.Oh and by the way this Vid us making me feel fxxing home sick :0)
Always get yourself out of a bad situation. Even let yourself fall in to an existential crisis if needed to get the perspective, the priorities in order and the feeling of urgency to make the changes needed. It won't make you rich, but it is indeed possible to get out of a shitty situation. Don't be passive. We can change the system but you got to help yourself out of a crisis, you don't actually have a better choice. I've done it a few times myself. And I know how being absolutely broke and have 0 zero income feels.
It took me 38 years to make enough to stop working. I have told people that speculation for a quick buck is dangerous but investing steady will improve your situation and if you start for your children and grand children they will eventually make a decent pot. But I started from zero in 1982. I no longer work and do adventures and sports. I completely agree with a wealth tax. And anyone who earns 250 thousand a year in the west is poor. The real money is with the 0.1% who have nothing to do with you and you them, they are invisible to you and pay micro amounts compared to you for health food tax education NHS rent mortgages everything. The real spungers are not on benefits they are the super rich.
Thanks so much for all your work Gary; you are an island of sanity in an ocean of uncertainty. I was wondering what you think is the best way to invest in gold. Cheers mate. Liam
Hi Liam. The best way is probably an ETF in an ISA (presuming you are in the UK), I use the fund SGLN. Be aware that gold has gone up a LOT recently, so its possible that it could fall quite sharply at some point. I still think its a good long term position though.
This is the first time anyone said to buy property you need cash. All other self proclaimed gurus skip over the “already having a large sum of money” part.
You don’t start with huge amounts, you gradually add to your investments. Also the annualized returns on property vs investing is much lower and you’re going into debt for it. Stocks are much better.
Thanks for the video. You mention invest in stock, shares, gold... how about government bonds..? For people more risk averse, is that also a better option to holding cash?
Thanks for you info Gary, I subscribed to you after seeing the damien podcast, amazing stuff it really resonated on me, also just getting into the rat race, is that limehouse? I think this video was recorded in the building where im renting. (Im broke af just got the opportunity to have a nice landlord that I know)
Once o heard someone give the investment advice of "if you cant bear living in poverty, then borrow as much as you can. Invest in stocks and property, and a 6 foot lenght of rope. Then whatever happens you wont have to live as a poor person anymore." Wich is kind of messed upp. But kind of true.
Your explanations are clear and straight forward. It's always an honor to have you as a mentor. I learn a lot watching your videos. Can you recommend a reputable trading coach who can guide me through the process effectively?
Thanks for your videos; the research show that getting money from rich people and give it to poor people increases the inequality in long term. The problem is that some people can get rich and some cannot. I guess we need a new economic system. We cannot keep the current situation and expect a different result. Cheers
Everyone who has a child should buy at least a gram of precious metal every now and again during the year for the child and continue until they are 18yrs. Gold is currently £58.00 a gram approx and it has increased by £10 per gram since October 2023, thats a great return compared to saving at a bank.
basic of investing. Have a 10 -20 year time frame. Don't put in more than you can afford to loose. Do take calculated risks or you will never have a chance.
Another aspect of owning property that many people dont consider is retirement. When retiring your income will likely nosedive and if you have to find money each month for rent that is going to place a huge strain on your pension income and leave you in a difficult position as your earning potential is much lower. Something has to change as all I can see happening in the future is the Governement having to give handouts to pensioners that go straight to private landlords which is exactly what you rightly point out as being a major issue.
thank you Gary! Hello from Brasil. A few years ago i did lost some money, in forex operations. Was something 15k BRL, but was so much. Is important to make some investment, but thinking always a little emergency fund
Love your work! Just a quick question: one of your main massages that comes through on almost all your videos is that the rich have been the recipients of huge amounts of money 💰 ( which I don’t doubt) and as you point out - this pushes prices up. Could you pls explain how this mechanism works? Is it because they ( the rich ) just spend and spend and spend - therefore creating inflation? I’m also assuming inflation and price rises are the same thing ? Right ? Is it as simple as that ? Or more complex? An analogy I might use is : the rich is like a drunk person who recklessly pours petrol on a fire. The petrol being money and in the fire is society. They have limitless amounts of petrol ( money) and whatever happens to society doesn’t matter to them. Is that an apt analogy? Pls explain further on how the rich getting money drives prices up generally. Thanks And you are the best !
What are indicators of when to get rid of assets like gild that are different to assets like stocks? Also are there ways to be more protective of keeping ownership of your house like being located in certain locations and should you consider liquidating houses in the country to attain property in the city even if the location is worse?
Gary, you are the man! Saw you on the BBC show - ' The decade the rich won'. Your story and cause stuck with me and I googled you and found your channel. I really applaud what you are doing, we live in such an unfair society - designed, constructed and manipulated by the super wealthy. I am in a more fortunate position that lots of people at the moment and have a little saved for a rainy day but I am worried about it losing lots of value in a savings account. I am looking into a stocks and shares ISA and I have never thought about buying gold - where can you do this? Also how can we get the message out there and make the system fairer?
What we need is a system which rewards essential work more than rewarding wealth.
Like the Buckaroo, a University currency. It could only be earned by socially beneficial labor, & had to be paid as a tax to get your degree.
Warren Mosler was talking about it.
I wish! I’ve worked in healthcare for 30 years…. I tell you… I need more than a round of applause on a Thursday.
But it is wealth (income on investment) that enables people to be paid.
Define essential work. Delivering groceries? Fuel to petrol stations? Keeping the electricity grid running? Water treatment plants? Roadworks?
@@Inspector-Chisholm Yes. Manual labor jobs and logistics jobs that actively maintain or improve quality of life for ordinary people.
Thank you for your honesty Gary and for not using your success to prey on vulnerable people like all the other TH-cam money voices out there.
Its not the money that matters, its the security that comes with it. That's the real wealth. To me anyways. thanks dude!
Index funds basically are risk-free provided you have the patience.
If you lose money in the sp500 then you will lose your bank too
The freedom from the corporations is also a great feeling. Having a few hundred K in stocks, while owning your own house is freedom. You can then try freelancing or making your own business without having to worry about money.
@@Ash-vt5cp great point but starting a business can be more stressful than 9-5s. I've never seen anyone have fun starting a business. but i get you're point.
I really respect your honesty and integrity. More voices like yours need to be heard in this space. Cheers man.
Exactly. This system perpetuates poverty and expands it. My parents gave us money to add to our deposit so we could buy our 1st home 25 years ago. Thankfully it's now paid off. I'm currently putting extra money into super as I'm 55 and divorced so I lost a lot of super. Hopefully I can help my kids in the future. Live within your means and have a budget. If you get money say from an inheritance see a financial advisor so it's invested wisely.
Nice message Carolyn, it is good that you are able to understand and empathise with the situations of younger generations, even though you yourself are able to own property. Please speak to your friends and family and let them know how important it is that we move towards a fairer system - maybe show them our videos!
I had money from a grandparent's will that I used for a deposit 9 years ago.
I am on a distinctly average salary and there is no way in hell I'd have saved enough to match that deposit myself in the 9 years since I used it.
I'm looking at a colleague who earns a few grand more and is saving for a deposit while house prices get further out of reach.
Because I was lucky enough to get that inheritance 9 years ago, I'd estimate my net worth is now four times what it would be compared to if I'd had to rent and save liquid cash, thanks to mortgage repayments and property value growth.
It's patently absurd.
So what happened to your ex, did you have to pay him off his share
@@tomgl6684in 2001 when I lived in Surrey with my parents a 1 bed flat was 8 X my salary. When I moved to France I got a 108% mortgage on a flat that was a third of the price. Housing is only for speculators now especially in the South. I don't know how anybody gets one now.
I'm self employed and a single parent. I'm also too old to become rich or financially very comfortable. But my son & daughter still have a chance, so I'll pass on this video to them, hoping that they'll get your message. Thank you for your videos xx
Thanks rosanella
Never too old
No, you are never too old as long as you have breath in your body you can always find a way to become financially comfortable.
It might be too late to be rich but it's never too late to learn. You can be financially comfortable with a simple life and the financial knowledge to know you're secure. Never stop learning. It'll help your business.
😊😊 my thoughts exactly.
Thank you for your honesty. There are a lot of people playing on people's fear and vulnerability right now. Investing is being advertised (massively right now) as a quick way to get out of a crisis when it isn't. Your videos are giving me a much needed education.
Tough times for sure, it’s a greedy world we live in, help each other best we can 🙏
Bought a few years after the 2008 crisis the smallest property I could reasonably live in (smaller than what I'd rented previously) and predicted interest rates would be kept low by the central bank so as to not send the economy into further into recession. Saved the difference between rent and mortgage payments to act as a safety buffer against missed payments then I overpaid as soon as the fixed rate expired (variable rate had no early repayment penalties) to make the payment up to the amount that rent would have cost me because I knew interest rates would eventually go up. My theory going into a mortgage is that the way interest rate changes screw people over is when interest rates are low more people get mortgages, then interest rates go up and people default and lose their homes and rich people buy them up which I'd hoped to avoid by paying as quickly as possible. I now have a home that saves me money every month because I don't have to pay rent to anyone.
Two years ago when I did my military service there was one guy in my unit who believed a kid must earn everything by themselves without the help of parents. I thought it was ridiculous, but I lacked financial literacy to disprove his idea. Western society created an individualistic ideology with a believe that everyone can start from 0 and retire with huge savings if they “do things right”. However, this ideas encourage people to stay poor, work for money for the entirety of life, just to spend the money during the age when you least need them, forcing to spend on irrelevant things to try and compensate for the lost years.
I love how honest and practical your advices are
Your videos have validated my decision to sell up my 3 bed London house and use some of the equity to buy my son a house, with still enough left for me to get a decent property just an hour and a half (a podcast basically) away from London. I'm not rich by any means, I've only worked basic jobs, the last one as a post woman, but was lucky enough to be born in the right decade.
My friends think I'm mad or that I'm spoiling my son, they still believe that their children can make it on their own by working hard like they did.
To help my younger son in the future, I'm going to try my hand at property developing using some left over equity and bridging loans against my paid for house. Failing that, he'll be accounted for in my will or will receive my inheritance to an equivalent sum.
I think you said in another video, that they want us to believe we can use equity to have a lavish retirement, spunk it up the wall basically 😅, and that our kids will somehow be ok, I've seen for myself this is an illusion but your message confirmed this, so from the bottom of my heart thank you! X
I wouldn’t sell the house if I were you. Use the equity to buy another house for yourself and either rent this one out or allow your son to live in it. The turnover costs of buying not worth it
@@endxofxeternity I looked into it, but it didn't quite work out. I could release enough for myself to get a home, but not for my son, he couldn't stay living here as I'd need the full rent to cover mortgage costs, but I get where you're coming from.
Good thinking. We bought a big enough place to subdivide later on and put container homes for our children. I am putting lots of fruit trees and eatable garden in as well. We can be self efficient if we need to be, forest is next door. If worse comes to worse, we can hunt dear, bunny’s, ducks and sobon
@@endxofxeternity Very late reply! It's all done now, I'm still looking for myself though. I did look into that, the main issue is my son has a full on dog, a malinois, and he's not the tidiest person, very ADHD / ASD so no one would want to share with him in my old home and renting a place on his own just wasn't an option. You're right though, the process has burned through thousands in fees, commission and taxes, but psychologically it's nice and clean and has left me with a lot less stress. I know he's set up with his own place that he can do what he wants with, the rest is upto him.
Brilliant channel, truthful and honest, no way to get rich quick if you’re struggling to get by. Buying a home in London has become impossible already and the ripple will spread all over the UK. We’re in Birmingham and there are plenty Londoners on my street now who have had to sell their £1m London homes and buy the same home for less than half the price here. But this in itself is causing prices to boom here, if you can, buy property, it’s going to become unaffordable for everyone soon enough.
Hello bud,
I’m a mortgage advisor, just found your videos and they’re superb, keep it up! Two small things on this subject I would add; particularly for lower wealth families or those in more expensive areas - firstly, investing even a small amount (£100-£500 monthly) in stocks and shares ISAs is a great way to initially build tax-free wealth that can compound and grow - that’s how I saved for my first property deposit. Secondly; don’t be too proud to ask family for help or to work together, maybe for your families first property. I think some communities do this much better than others.
How is investing in stocks tax free??
Weird though that I'm down -72% on my stocks 3 years into my 5 year investment plan, which I literally made as an inflation hedge.
(fuck Motley Fool, for a start) FWIW, even my cryptocurrency holdings are doing better than this garbage fire.
@@thygrrr I don’t try and pick stocks or anything fancy, I only use a very generic index fund; reasonably high risk and that’s +15% for the last 12 months. Probably up 50% in the last 5 years.
@@Warfalcon in the UK you can invest £20,000 a year into an ISA. Any growth on that money is completely tax free.
@@thygrrr MSM (Main street Media) gets payed by hedgefunds and others on wallstreet.
They don't earn money off of you, so why would they try to benefit you?
Trusting them is like trusting a wolf in sheep's cloths!
Reddit can be an interesting way of finding stocks to look at, but if you don't know what you are doing, an index fund might be for you!
Born and raised in Texas. Your message still resonates like a loud bell.
Thanks mate. I did manage to save £90K and was ready to start trading. But then decided to remortgage my flat and buy a house. Whilst it's been a struggle to keep afloat a bit with all the bills and payments, I have to remind myself that right now I don't have money to spend is not because I don't have it, it's because I can't access it.
I can also remind the quote from Emo Phillips:
“When I was a kid I used to pray every night for a new bicycle. Then I realized God doesn’t work that way, so I stole one and prayed for forgiveness.”
😂😂😂 Funny but true
This is a sobering but very necessary message. Thanks Gary.
Gary for PM. Thats the only way
My new favourite Channel.
Watching this now, 2 years after it's posted, and everything's played out exactly like you said it would.
Thank you for your honesty! I appreciate your channel!
Best video yet! I have watched many of your videos, but this is the best advice for the vast majority of people.
Investing
General:
always keep enough cash!!!
cash gets devalued as assets go up, so buy assets - gold, stocks -> [risk involved (value fluctuates day-to-day: up/down), but better long-term as security] ;
other assets - ETF's, property
economic optimist [growth potential]: stocks & shares | economic pessimist [recession]: gold
stocks & shares ISA [£20,000/yr] , general investment account [more than 20k];
normal gold funds ;
global stock tracker funds [index funds; basket of stocks vs individual stocks]
Providers online:
free trade
hargreaves & landsdown
vanguard
types of account:
ISAs (indpendent savings account) - tax advantages
Real talk Gary, thank you.
I haven’t heard ANYONE out there who’s got the guts to call out ‘The Emperor’s New Clothes’ the way you have in this video. I’m literally telling everyone I know to watch your videos…
Even saving ten grand takes SO long… and do you want to gamble with all that time and effort?…. And even if you do, you’ll be gambling very well if you get five hundred quid out of it. It’s more basic than GCSE maths!!!! So why is no one shouting this out loud?? The internet is drowning in people trying to sell you schemes to make 5K, 10k a month…. Like you said Gary, it isn’t like the most exciting thing to say… but when you see stuff t like that, the maths doesn’t work. Thanks for your campaign. I’m definitely shouting out your message.
Thanks boss. Yeah, it is always difficult for me when I get questions about investing and how to make money. On the one hand, of course I want to help people. On the other hand, I also know that, especially for the most needy, there is very little that they can do. Ultimately I try to find a balance between providing people what little support I can, whilst also letting them know that the only REAL support we can provide for ordinary people, is to come together to push back politically. Hopefully the channel will grow and we can help to achieve that. Thanks for your support.
Watching this 2 years after it was posted… incredibly prescient. You’re an important voice Gary - please keep doing what you’re doing 👍🏽🤙🏽✊🏾
The government has spent years going on about levelling up. Gary hits on the solution in one video, take money from the rich and give it to the poor, job done!
Thank you Gary, for being honest with us.
Love the content Gary. Your points basically echo my 20s and 30s so far and the real situation we are in right now. I do feel that asset ownership isn't completely out of the question for ordinary people. Total lack of education in, for example pound cost average investing in a world index fund every month for 40 years or a lifetime, will eventually safeguard yourself financially in the future. I feel that living the 'inflated lifestyle' trend or image is wrecking the ordinary person's economic future. A big mortgage with 2 electric cars on finance... This is a middle-class rich 'aspiration' lifestyle but I can only see that ending badly...
Your rights- no buying new cars! It is waste of money e
Great content, just found your channel today and gold content. I am 32 and invested in property and ISA funds. It is possible to buy property but have to be focused and not be distracted. I earn decent amount working professionally and a big saver. Aviod quick get rich schemes, in 2017 I made the mistake of buying penny shares and have since learnt my lesson and not only get into lower cost index funds.
Good video. I agree with your central point although I do think it's worth trying educate everyone on personal finance. For many, the idea of owning stocks and shares doesn't even cross their minds, or they think it's something that only 'rich' people can do, so it's something that needs to be demystified. The middle classes often have experience of investing (usually through an ISA at the bare minimum) which they pass onto their children, whereas this isn't knowledge that poorer families always have, which can perpetuate and entrench the cycle of poverty.
Sweety, "rich people" have "throw away money" and poor people can barely scrape together enough for a car repair (in American the lower third of all workers)... THAT'S why this "myth" persists.
I have focussed on never paying interest on anything (I am 77 and have been lucky in that I’ve always been in a reasonably good job and in my early days it was possible to buy an old cottage with no electric etc, for cash). I have waited and never bought anything until I could pay for it. Not possible for everyone but where it is I think people should hold back on spending.
this is completely counter to what he's saying b/c money is devalued over time
Well done. Your formula for financial security works over forty years. Unfortunately, many people want immediate gratification or don’t even try.
This is so refreshing. The truth.
Gary, invaluable channel, knowledge & campaigning on wealth tax.
Have you ever thought about creating a more detailed set of of videos teaching how to trade/invest? How to understand & interpret financial news and economic indicators? etc etc?
Thanks brother.
Hey Tej. Yeah there is a lot of demand for this. It's a bit of a tricky balance for me because, whilst I do want to empower people to take more control over their finances, my main message is to try to get through to people how important it is that we work together to change the system. We will definitely be doing more investing videos though, but, like this one, they will mainly be aimed at providing sensible advice for ordinary people, who usually don't have huge amounts to invest.
Thanks for your support and please share the videos!
@@garyseconomics Long may you aim your videos at ordinary people! I would love to make supermarket till workers watch this, or sewerage workers etc. So many people seem to support political ethos in direct opposition to their own needs, and those of the country at large. I dread to resort to cliches but sometimes they are right - the majority of people get the crumbs brushed off rich men's tables (ie reduced income tax) so vote for it.
Reducing income tax in the 1980's meant the tax burden was moved from direct taxes to indirect taxes - from income tax and National Insurance, to indirect taxes - fuel duty, alcohol duty, petrol duty, VAT increases etc. That meant poor people pay more tax, either as individuals via their weekly grocery shop, or as a group. Wealth was moved from the relative poor to the rich.
(You, as an individual paid less income tax, so felt wealthier. You had more disposable income. However, everything you bought cost a little more. Your weekly shop helped pay for the government budget, but that's OK because you are patriotic. However, the very wealthy, also patriotic so that's irrelevant, benefited substantially from your sacrifice, and continue to do so. They pay less income tax. You pay more indirect tax; literally as an individual, or figuratively as a group, as a proportion of your income. The relative poor make up 70 or 80% of society in terms of income?)
I am reminded of a comment a friend at uni made - all revolutions are, and have always been, middle class and not working class (ie Russian, French, Korean, Chinese etc) Someone famous probably said it first. "Jack Smith" - his genuine name - doesn't have a Wikipedia entry that I can find
@@Neilhuny
Have you heard of Miles Mathis?
I tried creating a vanilla Swedish wikipedia page for him, within 15 min it was shut down quickly with the circular argument:
It doesn't exist a English page so he can't be important enough, can only create pages that already exist if you are not in the small club.
@@davidhagersten8447 That's very bizarre behaviour of Wikipedia! It is absolutely wrong to insist every entry must first be in English, and surprises me.
I don't think I knew him but I am enjoying looking at his website - quite a polymath!
So interesting to listen too this guy knows what he is talking about need a mentor like him 👊
This channel is a revelation.
Bro, just discovered you today, really appreciate your message. Look forward to reading the book.
Thanks for sharing your knowledge🙏🏾
Thanks Gary - Eye opening...
Really helpful insight in what to consider. I was completely clueless, but not not so much. Cheers Gary. Keep up the good work sir.
Your videos are fantastic, and you're doing great work cutting through the noise
Very balanced Gary, thanks for your advice.
Gary, you are awesome. Please take a vacation to Italy, Amalfi, and be good to yourself. You deserve the best. Stay strong.
This is an older video but I've noticed your message for several months now (maybe a year) and I appreciate you putting it out there Gary.
As a 45 year old part man-child who is very naïve to the world (if I work hard, I will get rewarded and be ok) it is a hard message to digest and it is also hard to think about sensible things for the future but I am very much invested in the notion. It feels like that the game is now becoming about succession and making sure my kids and their kids will be secure. Hell, that's what that top 1% do right?!
The plan might have been to sell properties if they come our way (inheritance) to make a short term "quick-quid" but perhaps we should be "keeping them in the family"...
Good advice
Interesting, exactly all these economic advises talk about investing like everyone got a spare 50K ….except this dude. Thanks
Speaking facts
Investing is like watching paint dry, invest in Global Equity fund Index and just watch it once a year, don’t change it, no matter what happens, the markets they invest in are efficient. Think long term. Always have an emergency cash fund of 6 mths of your household outgoings.
Thanks, Gary...I like physical Gold Bullion.
I heard you on Newscast and found your channel here. Thanks for your video, as an "ordinary person" with some savings it's nice to get some advice on how safeguard it. I like your video style too, very easy to listen to and understand!
Thanks geeza - please share the channel if u can and help us grow the voice
Thanks Gary
One of the most regressive taxes is taxes on primary residents charging people 1-3% on the value of their homes every year hit the middle class much harder than richer people. If they taxed the stock market at 1% a year instead of a primary residence that would hit wealthy people way harder than property taxes .
There are a lot of people who can't afford a house yet and invest in the stock market to try to at least keep some savings from being inflated away. Taxing them the way you suggest just makes buying a house even more unattainable
Going forward, its prudent to keep a sizeable amount of cash for life saving operation because NHS waiting lists are about 2 years
This is tremendously helpful! I’m sharing your videos with everyone I know. Thank you !
I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?
It's wise to seek expert assistance when beginning your financial portfolio. market is volatile, so professional guidance is so important..
Having an investment advisor is the best approach to the stock market right now. I was going solo without much success until my wife introduced me to an advisor. I've achieved over 80% capital growth this year, excluding dividends.
I could really use the expertise of this advsors
*Marissa Lynn Babula* is the advisr I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Another very helpful video, G. Keep up the great work :)
Thanks G
Very honest advice
Premium Bonds are an excellent and safe way to hold your cash if you don't like risk.
Pays monthly at an average rate higher than interest, your money will never go down, and you can cash out anytime.
Your such a good guy
What you say aligns with the vision of the world economic forum; “you will own nothing, and be happy”. They’ve predicted this, so you could say what’s happening economically is by design. I’d be interested to hear your take on the WEF and what they’re all about.
3:35 Pan left, pan left! lol
New subscriber here Gary, loving the content! Is the message still the same today? I’ve been dca’ing into a developed world fund via ISA…. just cautious to lump sum as feels a little like a bubble at the moment!
True, get rich quick is very hard....
Get rich schemes could be the rich taking your money..😉🤔🤔🤔🤑
Also, rich is not flashy...
Filthy rich can be flashy.
Great stuff I have won some lost some , make a living def not rich from Trading , I have spoke to so many people over the years and I say to everyone Banks etc have loads risk a little , you have a little and your risking alot , then add leverage on top and its easy to see why so few make it , bottom line risk management is the most important skill to learn , my parents were lucky they brought their council flat and did very well I then followed suit and without that I would never had got on the property ladder.. I have sent this video to all my kids as yr spot on..
Could you make a video that evaluates the state of the US economy and which investment strategies that you recommend given the current events? I think that would be beneficial for a lot of your viewers. Many thanks for all that you do from South Carolina!
Brilliant stuff man, please keep it coming. If you're thinking of sorting a Patreon I'd sure as hell support it. Much love from Australia.
Thanks boss! To be honest I have thought about opening a patreon, just simply because I would like to pay my mate who does all the video filming/production/editing. At the moment we are both doing this totally unpaid, which I am fine with, but I would like him to be able to make at least some money from the work that he does. We will think about opening one up at some point. In the meantime, please do share the videos! Thanks!
@@garyseconomics Your platform has brilliant scaling potential so either way, your mate won't be volunteering for long. As someone in their mid-late 20s itching for financial prosperity, your content is so helpful - especially considering that you're still just a young lad who's come up from the streets!
Thanks boss, wouldn't mind it scaling a bit quicker to be honest - still not reaching as many people as I'd like to!!
@@garyseconomics Been dipping in-and-out of your videos since the first one last year Gary, and yeah, pretty surprised you're not up in to the 10s of thousands per video yet, which you should be at least!
A few of suggestions about scaling up (which might be useless, but still).
1st - People like pop culture. It's a good pull in for what could be seen as a boring/complicated subject (economics) to frame it around something people already know & like.
A few EGs on this
- The Big Short: What it Got Right & Wrong and What it Says about Society.
- Hollywood Accounting: How a Billion Dollar Film Actually Made a Loss.
Both of those might be a bit out of date and overly covered now, but stuff like that with the right SEO generally does pull people in. And, this sort of thing obviously isn't what you want to do, but it's the means to the end sort of thing.
2nd - Interviews. Can't comment on who you know or what circles you circle in, in terms of the public figure talkers on economics, but if you could get a high(ish) profile person to agree to a 10 minute conversation around the content of your current videos, that would help. Making it a regular thing more so!
I'm shit at networking myself, but just today Owen Jones (yes, people have strong feeling for & against him!) retweeted your newest video out. Maybe send him a message that you'd be free to talk about economics. Being on the BBC and other radio is one thing, but people our age and younger only engage with the online world more so. They won't be subscribed to these historic establishment outputs so won't hear you to begin with.
3rd - Like you've got a friend doing the video side, see if you can find someone who knows what they are doing on TH-cam to help with the SEO side. Personally don't like the existence of unpaid interns, so asking a friend to spare a couple hours is preferable, as they know you and it's less a job and more just helping out a friend.
I suggest this as the majority of 100,000+ subscribed channels on here have someone onboard either just specialising in this, or it's apart of their job along with something else. Even those in the 1-10 million sub accounts have to hire people in this role as TH-cam, and the internet, is ever evolving.
Had a couple others but this is long enough!
@@arthurbumblefoot Thanks Arthur for all the advice - we have been focusing pretty much solely on making good content and we haven't really put any effort into marketing the channel specifically. I probably should start thinking about that more since we have a lot of good content now and, as you say, I think it deserves a bigger audience. I'm actually away on holiday at the moment (avoiding covid), but I will think about this more and have a good look through your message and suggestions when I'm back - thanks for the help and advice!
Gary where is the best place to buy gold from? Thanks for the journey
In my opinion the easiest and safest way is to just buy a fund like "SGLN" in an ISA (presuming you are in the UK). But remember that nothing is guaranteed, even a gold fund will go up and down over time and you could end up losing money. Good luck!
It's fine investing in stocks, property etc. but remember you can invest in yourself and get a return too. Invest is new skills/eduction or your own business/ventures for maybe greater returns.
Wise words 👍🍺
great video
What gets me is how dense the people of this country are!! \For 20 years there is no growth in this country, and people are accepting everything and acting like everything is ok . Wake up!!
Otherwise, we are screwed
This aged very well.
Nice one gold finger. 👌
I got my own little apartment; I started saving 6 years ago and had a decent job and help from parents. I never anticipated covid or any of the other things that have happened, I invested the little bit I could on top of saving loads whilst living at the parents. I don't consider myself smart for doing this, I got lucky with timing, happenstance, and circumstances. Now that I have my little apartment, I'm much more bulletproof. Inflation means my mortgage drops in value because everything will go up (including salary) whilst the loan stays the same. If rates go up, I'm unaffected as well because my rate is fixed. I'm just writing this to recognize I got lucky and am grateful and I hope you will get lucky as well.
What about the compounding effects of small scale investing over 15-20 years? If I continue to put my savings into an investment fund and reinvested any profits, would it be worth a good amount of money after a 15-20 year period?
Depends how much you invest. If you started with $0 and wanted to make $1 million in 15 years you would have to invest $3,500 per month every year and get a 7% return
Spreadsheet time
I love your content and how wise you are about finance. I love the fact that you bring up the fact that most ordinary people just wanna get rich fast and easy. Ofc you can get very rich on the markets, but you aren’t suppose to be ordinary, I have seen boys making huge money on forex and consistently, by that I mean making more than an average salary a month for more than 2 years. And I can’t say this is impossible, cause I’ve seen people become rich, I make money from forex myself. It’s not for ordinary people, cause you gotta put so much time in it for it to work that ordinary people don’t have
Thanks for the info when you talk about buying property for young people do they get a mortgage or are recommending paying cash? Thanks for the advice.
Gary mate,the stuff you talk about should be taught in schools Geeza.Sth London expat of the 70's and 80' vintage following from Edmonton Canada.Keep up the good work mate.Oh and by the way this Vid us making me feel fxxing home sick :0)
Always get yourself out of a bad situation. Even let yourself fall in to an existential crisis if needed to get the perspective, the priorities in order and the feeling of urgency to make the changes needed. It won't make you rich, but it is indeed possible to get out of a shitty situation. Don't be passive. We can change the system but you got to help yourself out of a crisis, you don't actually have a better choice.
I've done it a few times myself. And I know how being absolutely broke and have 0 zero income feels.
It took me 38 years to make enough to stop working. I have told people that speculation for a quick buck is dangerous but investing steady will improve your situation and if you start for your children and grand children they will eventually make a decent pot. But I started from zero in 1982. I no longer work and do adventures and sports.
I completely agree with a wealth tax. And anyone who earns 250 thousand a year in the west is poor. The real money is with the 0.1% who have nothing to do with you and you them, they are invisible to you and pay micro amounts compared to you for health food tax education NHS rent mortgages everything. The real spungers are not on benefits they are the super rich.
Thanks so much for all your work Gary; you are an island of sanity in an ocean of uncertainty. I was wondering what you think is the best way to invest in gold. Cheers mate. Liam
Hi Liam. The best way is probably an ETF in an ISA (presuming you are in the UK), I use the fund SGLN. Be aware that gold has gone up a LOT recently, so its possible that it could fall quite sharply at some point. I still think its a good long term position though.
@@garyseconomics Much appreciated. L
Top vid. Thanks.
No worries boss
This is the first time anyone said to buy property you need cash. All other self proclaimed gurus skip over the “already having a large sum of money” part.
Hi Gary, I think you’re a breath of fresh air love your approach. love your ethos. How do you buy gold?
You don’t start with huge amounts, you gradually add to your investments.
Also the annualized returns on property vs investing is much lower and you’re going into debt for it. Stocks are much better.
Thanks for the video. You mention invest in stock, shares, gold... how about government bonds..? For people more risk averse, is that also a better option to holding cash?
Thanks for you info Gary, I subscribed to you after seeing the damien podcast, amazing stuff it really resonated on me, also just getting into the rat race, is that limehouse? I think this video was recorded in the building where im renting. (Im broke af just got the opportunity to have a nice landlord that I know)
Once o heard someone give the investment advice of "if you cant bear living in poverty, then borrow as much as you can. Invest in stocks and property, and a 6 foot lenght of rope. Then whatever happens you wont have to live as a poor person anymore."
Wich is kind of messed upp. But kind of true.
Your explanations are clear and straight forward. It's always an honor to have you as a mentor. I learn a lot watching your videos. Can you recommend a reputable trading coach who can guide me through the process effectively?
Thanks for your videos; the research show that getting money from rich people and give it to poor people increases the inequality in long term. The problem is that some people can get rich and some cannot. I guess we need a new economic system. We cannot keep the current situation and expect a different result. Cheers
Everyone who has a child should buy at least a gram of precious metal every now and again during the year for the child and continue until they are 18yrs. Gold is currently £58.00 a gram approx and it has increased by £10 per gram since October 2023, thats a great return compared to saving at a bank.
basic of investing. Have a 10 -20 year time frame.
Don't put in more than you can afford to loose.
Do take calculated risks or you will never have a chance.
Another aspect of owning property that many people dont consider is retirement. When retiring your income will likely nosedive and if you have to find money each month for rent that is going to place a huge strain on your pension income and leave you in a difficult position as your earning potential is much lower. Something has to change as all I can see happening in the future is the Governement having to give handouts to pensioners that go straight to private landlords which is exactly what you rightly point out as being a major issue.
You need to do more videos on investing discussing different types of investments Index funds, Bonds etc.
thank you Gary! Hello from Brasil. A few years ago i did lost some money, in forex operations. Was something 15k BRL, but was so much. Is important to make some investment, but thinking always a little emergency fund
Love your work! Just a quick question: one of your main massages that comes through on almost all your videos is that the rich have been the recipients of huge amounts of money 💰 ( which I don’t doubt) and as you point out - this pushes prices up. Could you pls explain how this mechanism works? Is it because they ( the rich ) just spend and spend and spend - therefore creating inflation? I’m also assuming inflation and price rises are the same thing ? Right ? Is it as simple as that ? Or more complex?
An analogy I might use is : the rich is like a drunk person who recklessly pours petrol on a fire. The petrol being money and in the fire is society. They have limitless amounts of petrol ( money) and whatever happens to society doesn’t matter to them.
Is that an apt analogy? Pls explain further on how the rich getting money drives prices up generally.
Thanks
And you are the best !
What are indicators of when to get rid of assets like gild that are different to assets like stocks? Also are there ways to be more protective of keeping ownership of your house like being located in certain locations and should you consider liquidating houses in the country to attain property in the city even if the location is worse?
Would love an update. I wonder if your advice has changed with increasing interest rates.
Gary, you are the man! Saw you on the BBC show - ' The decade the rich won'. Your story and cause stuck with me and I googled you and found your channel. I really applaud what you are doing, we live in such an unfair society - designed, constructed and manipulated by the super wealthy. I am in a more fortunate position that lots of people at the moment and have a little saved for a rainy day but I am worried about it losing lots of value in a savings account. I am looking into a stocks and shares ISA and I have never thought about buying gold - where can you do this? Also how can we get the message out there and make the system fairer?
Where did my comment go
@@fredatlas4396 Hi Fred, I got your comment emailed to me, thanks for that :) I don't know why it was deleted though....
You can make a start by e-mailing your MP and sharing the videos asking friends and family to do the same ..
I like to hedge my bets, ETF's are also worth exploring.. even in an ISA....