Why does everyone hate FIRE? (Financial Independence Retire Early)
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- čas přidán 3. 06. 2024
- The FIRE (Financial Independence Retire Early) movement is one of the most polarising concepts in finance. Some follow it with committed passion others laugh at the concept of FIRE. Today I give my thoughts on FIRE.
We will look at
- What is FIRE - Financial Independence Retire Early
- What is the history of the FIRE movement
- The benefits of FIRE
- The negatives of FIRE.
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Links from this video
Trinity study: Just download the PDF
www.researchgate.net/publicat...
Bengen interview:
• Bill Bengen Talks Reti...
Bengen's original article
www.retailinvestor.org/pdf/Be...
FIRE blogs
www.mrmoneymustache.com/
earlyretirementextreme.com/
www.financialsamurai.com/
I personally love Fire, but don't look at it as just working for the finish line. Take it in steps, get yourself debt free, then imagine what it would be like to have saved 1 or 2 years living expenses so if you need to, you could quit your job and not have money worries. Damien has done the frugal side of the movement a disservice as there are some really good and philosophical ideas in the movement, rather than the gross ones in the vid. Although I accept the clips we're pretty funny.
Yeah I fully appreciate the frugal side of FIRE is full of good tips!
I tried to be balanced and point out that frugality is in my opinion a good thing and something people can enjoy.. But I can see on reflection how the use of those clips makes me look 1 sided.
I would actually call myself frugal. I think I just went for the easy laughs and should have taken a step back to consider that it looks as though I am implying cooking lasagne in dishwashers is the only way to be frugal.
I will pin this comment so others can see this perspective as I think it has value.
Not have money worries for two years but what about the rest of your life
@cashkitty3472 I think they are talking about an emergency fund there tbf. Within 2 years you should be able to find another job etc. After building your emergency fund then invest for future passive income
I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
It appears that I organized my money using the FIRE movement. Investigate it more by performing some study. They were then successful at investing in equities, cryptocurrency, and real estate with the aid of a financial expert.
Very similar situation here, 42, paid up house, looking to f.i.r.e. at age 50
I encountered Julie Anne Hoover through my wife, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested in. You can hunt her up online if you require care supervision.
@@danieljackson87 I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Amanda up and send her a message. You've truly motivated me. God's blessings on you.
I think the biggest misconception is that everyone assumes you're going to stop working and never make another penny once you hit your FIRE number. While that is possible, most people don't do that. They move onto jobs that might pay less but are more fulfilling. Thus they still keep earning money just not as the higher rate they were earning before.
Yes for sure I made sure to clarify that point in my video as I think a lot of people get that wrong
Exactly!
I call myself a member of the FIRE community. I don’t regret it at all. At a minimum, when unexpected expenses come up, there’s no stress whatsoever. Time goes by fast, and within a few years you can build an amount that will surprise yourself. I have no fantasies about FIRE though. Realistically, I’ll probably still have to work to between 45 and 50. But I’ll still have a lot of good years left. The most important thing you can buy yourself is time. Stay healthy to enjoy the latter half of your life.
Hi buddy, I couldn't say it any better. I'm part of FIRE community and this is the best thing that have crossed my way ever. Luckly I was debt free so didn't took that much to save and invest lots of money. Can completly stop working and live off my savings/investiments for about 6 years with vacation and hobbies included. I have the best sleep every single night and I'm not afraid of my employer at all. I'm not scare to lose my job or cover an unexpected emergency bill. I'm only 35 year, but pay say that I look 25. My brain has no financial worries so, I'm able to be more productive which helps a lot. Keep up the great work and don't let the anyone discourage you.
FIRE got me interested in investing and learning about my finances. Completely agree focusing on earning more has more impact than scrimping a pound or two here or there. Challenging yourself to improve savings % month on month is actually fun!
Love this! FIRE is a gateway to investing for so many. Thank you for sharing Alison
Oh yes I used to do the same in Manchester, no tram no bus no taxi. Walking one hour from the city centre to my house at 3am after going out to not pay the taxi, shopping exclusively at Aldi for food and having determined the respective shop with the cheapest price for each item I needed to buy for my day to day. After you get into a certain income you do realize how time is more valuable. Saving, investing and planning for the future is very important but never at the cost of making your current life miserable. Unfortunately you don't know if your life spawn is going to be long enough to use those savings so keep a balance, enjoy your life and be happy!
Love this perspective so much! You are so right. I’m not gonna lie I did enjoy the 3am walks home! Just had to watch out for the canal pusher
@@DamienTalksMoney the occasional stop at subway or taco bell around Deansgate were also fun on those walks 🤣
@@KohrakGKOHit was Dixie chicken for me! Happy times
I accidently retired 8 years ago. Thought i was going to take a 6 month break.....found I can live how I want, and plenty to do... Fire is about go your own way, don´t buy nonsense, stash your cash.
Definitely appreciate your thoughts on this. I love fire for the ‘light bulb’ moment it brought my way and how I am looking at saving for my future.
Great video.
Exactly! I could never criticise something that introduces people to good financial habits
Too Right, the whole concept of increasing your income is a great way to improve the prospect of a better retirement regardless of when or if you take it. Sometimes we can find a passion that allows us to earn money whilst we do it. Well done mate a great way of breaking down and letting us discover fire.
I'm not into FIRE community or even knew that there was one to begin with.
But a long time ago, I found this concept and used that as a goal: Get a lot of money to the point where the interests are higher than my monthly costs.
I'm happy to say that I'm almost there.
But I probably missed that part where people were focusing TOO MUCH into lowering their expenses. Ok, I made some mistakes you mentioned, like using public transport instead of UBER and saving a few cash by losing an hour, instead of using that extra hour to make more money, but I never came close to reuse boiled water, using dish washer instead of oven etc. I just think harder before making an emotional purchase, like a new and shining cellphone when mine is still working fine, and tried to live in a somewhat minimalistic way as opposite of a consumistic way I see most people living.
And as you said, we don't need to stop working, but it is great to think that we just don't need to do it if we don't want to.
Loved the video I’m definitely no where near fire and don’t think it would be for me I like trying to be frugal but also your point on increasing income is so much better as you do get bored of living like that and life is for living and enjoying, great to see your channel growing ! Wolvo girl here !
Improving income is so much fun! You are spot on, being frugal can be very boring
Hey Damien, I've had a busy few months so haven't been following your vids (or indeed anyone's) as closely as before, but great to see you're still killing it with well-researched, coherent content. Keep it up!
Welcome back mate! Great to see you. Really appreciate you coming back to the channel after a bit of time off. Hope you have been well
Damo
Setting fire to Fire. Sparking off some good questions and allowing them to flicker into the argument. I'm sure it will in-flame some but hopefully it smokes out the bad ideas.
Great video as always
Hahah Neil! I love this because it makes sense.
Accurate content.
Followed the movement most of my life.. pay yourself first/reducing debt etc. It's far easier and enjoyable than often portrayed.
Thank you! Good to hear this from someone who is part of the movement
They didn't start the fire. Billy Joel did.
It was always burning, since the world's been turning
This should win
You get a tenner for this, mainly due to the fact i have had the song stuck in my head for a few days... My contact details are in my BIO please reach out
Huge thanks. I have sent details to your Gmail account.
😂💀
Plenty of heated discussion to be had on this topic.
Haha! Perfect, actually makes sense which is a great start
And love the progression you made, my favourite British finance Chanel 🇬🇧
Thank you so much mate! Such a compliment
Absolutely right, those burning fast and bright could end up with nothing in their twilight years. Much better to to educate ones self on spending, budgeting and finance and how to live and spend better far more realistic. Another top video fella!
Yes indeed! Financial samurai who i mentioned in this video retired with 3 million in the bank in his early 30s, he then returned to work when he realised it would not be enough
nice work mate, all fired up!! think you hit the nail on the head right at the start, its the "FI" part that is important. Most people who achieve FIRE will never retire, but they can have flexibility, peace of mind, freedom etc, there are a lot of haters trying to diss FIRE in a click batey way. I was doing FIRE for years before even realised it was a thing, so find it funny when I hear how flawed my strategy is (ie frugality, investing, intentional spending etc) lol
Yeah! Hahah makeas me laugh when people call the movement out when its just, spend less than you earn and invest the difference..
DIALLED IN BABY!
Another fantastic video mate. Your edits just get better and better 👍🏻
Thank you Richard! I could watch Dave Ramsey shouting all day long.
Ooh I do love your channel always the highlight of my day and glad to hear you want to make more videos once the cleaning is sorted.
For some reason Clare, the cleaning never seems to be sorted 😭
I lava good fire pun! I have a burning desire to retire early and by following your videos am taking some of the advice. I do know if i am successful my Dad will be fuming after working his whole life! I'm going to stay up all ignight and work to new farenheits. This guy is a bright spark he can do it.
New Fahrenheit!! Haha legendary
There was like 4 points I wanted to like this video after I originally liked it. Love this channel man
Haha love this comment! You legend, thank you so much mate
This is the one I’ve been waiting for 👍🏻
I’m really interested in FIRE particularly FI part.
Yeah the FI part I am chasing myself
Brilliant. You are a man on fire 🎉
I really enjoyed this Damo! Great work as always bud. Take care. 💪
Hi Dave! Thanks mate. Hope you are well
I liked the visual suggestion to consider swinging the tassels for some extra $$ when retired. I retired at 57 and then a year later took a part-time job to work on a project I was interested in. My wife who was 55 also retired. With my part-time job, we now bring in approximately 30% of the income we had pre-retirement. Funny thing is that reduced income is enough to pay the bills and now three years after our retirement, we still haven't needed to tap into our retirement savings! So based on my own story, I hope others wanting to retire but who worry if they can make a go of it, will learn that maybe swinging some tassels part-time is the answer. Just take care not to throw a hip!
This is such a good comment Ross, really bought a smile to my face. Keep swinging the tassels my man!
You lit up my evening. You're really on fire tonight. We are all looking for a bigger slice of the pyro.
Haha well done Robert
Your video started me on investing on Vanguard, just throwing it out there. keep up them 🔥 content!
Great to hear i could help you get started and thank you so much for watching.
Big up the Bury line!
Your contents at new farenheits!
Haha yes the Bury line! Gets a bit wild on there some times.
11:00 totally won me over with that one. That's real advice from someone who really understands this stuff.
Thank you so much! Glad you liked the content
You hit the nail on the head when you mentioned earn more money. I'm a member of a FIRE group & I don't live frugal (I have children). Yes I watch what I spend my money on, but I'm ALWAYS looking at passive investments & how to get them working.
Great to hear you prioritise income over frugality and that your children are a key part of that decision. I think we should teach kids to be sensible with money. But I wouldn’t want to inflict extreme frugality on mine.
What passive source of income do you have?
@@elizabethroberts4860 Property and Crypto. You can transfer your money into a USD stable coin and get a 12% annual return on your money. I don't earn enough to quit my job yet, but it's a start 🙂
@@CiscoPhipse how well has the crypto investment aged? 🤔
@@mattthompson8657 Personally, the value of my portfolio is down (a lot), but my holdings (how much crypto I have) are up. I was DCA into ETH, but now just DCA into BTC. I have also discovered premium bonds for risk-free savings.
My man.
Literally thinking yesterday I'd love to hear Damo's take on FIRE.
Haha yes!! Well here I am mate, thanks as always for watching buddy
Love this video - highlights some very valid points - My counter to some of the downsides though is that it makes the idea of financial education FAR more accessible.
I'm 50% FI, and yet, I would have NEVER been interested in researching low cost index funds, withdrawal rates, savings rates etc. without the click-baity FIRE headline...
Yeah at the end of the video I say to many it is a gateway and light bulb moment for those who stumble across FIRE, so I completely agree with you on this point.
Like your videos man. Well reasoned and interesting.
Thank you Steve!
The fire challenge has definitely SPARKED my interest to see if my comment can get enough rec-IGNITION to take the W. I like to think I’m BRIGHT enough and have enough FLARE to throw my hat in the ring without being BURNT by any competition from other m-EMBERS. I could continue to turn up the HEAT but I think I will call it here before I go to far. It’s all fun and FLAMES until someone gots too hard with the puns. 🎤⬇️
The embers one is genius! Curt you have smashed it here mate
Well played, Curt. You're extinguishing my chances of winning!
@@67eamonn I think I’ll pick a few winners. I have been blasting billy Joel all morning. So that has got to be worth a tenner
@@67eamonn I’m not sure I agree with that, your comment has tickled me 😂😂😂😂
Not the most liked. but i appreciate the effort so much, you can have a tenner. My contact details are in the About section of the channel page. Email or insta me and we can sort you out
This video was lit. Nice job Damo 🤝
My man Conor! Thank you
Thanks man for such an honest review
Also mate yes on the tram life i would cycle 45mins in to central manch just to avoid that fuckin ridiculous cost
You are welcome mate! thank you for watching an commenting. WHY IS THE TRAM SO EXPENSIVE!!!
Fantastic video Damo, I really like your approach on the whole FIRE movement! 🔥I used to read the MMM blog in my early twenties which is when I first heard of this whole "Investing" thing - if only I actually started then... now I'm simply trying to make up for lost time. Ooops. 😬
We are all chasing lost time mate!
Informative and funny. I can't get enough of this channel! 👍
One thing has been bothering me for a while so here it is: the sudden music at the end of the videos is too loud.
Hahah thanks for the feedback mate! I’ll turn it down going forwards. Really appreciate you letting me know
That kid's a bright spark!
I mean of course I like this one! haha
Good of you to trust your instincts. If something feels off, its better to be sure and safe.
So glad you mentioned about improving your earnings!! Been preaching this for so long..not buying a coffee from Costa to try and save is not the answer!! You have to think how can I earn more. Best M
Exactly!!!
Nice intro mate 👌 awesome video as always
Thanks Emma!
I can tell you had a burning passion when making this video
Yes love this! Have unsubscribed from some big you tubers recently who keep posting same old recycled posts!
Thank you! Glad you think I am keeping it fresh
Your editing and content is incredible.
These cuts are unreal, where on earth do you get them?!
Love your fresh take on FIRE. disciple myself on the Fat Fire end of the spectrum and share your perspective on the darker side of the cult.
Hahah I search far and wide for the clips! Glad you like them. I would say if i was any of the FIRE it would be Fat. I save hard but want a very comfortable retirement and to not be frugal
Wow this really sparked my interest and fueled a raging debate but FIRE is unmatched 😉😉😉
Love it
Im actually too old to FIRE, but I am using its principles to ensure retirement comes earlier than 67 and is also very very comfortable. I dont have a FIRE amount, instead I have spread sheets which tells me how much I will have each year to spend if I use the 4% rule. I luckily enjoy the job I do, so I can continue to work and build up my pot and make the decision to retire that way around. The system I have in place will mean I will need to manage my finances until I die, but the withdrawal rate is flexible so as to not run out of money.
The fact you enjoy your job is amazing! Congrats on your solid plan for retirement.
I have lit my investment path ahead because of your videos. I invested 10k plus with an ssISA as I don't want to get burned by tax. Heat proof approach. Now give me 10 squids!
🤣🤣 it isn’t up to me it’s up to everyone else with the likes!
Smoking hot content, as usual, Damo. Nice one. I've burned through cash and wasted so much potential over 30 years of my 53 year life, that simply investing half of that would have put a massive grin on my face. I wouldn't even have needed to be that frugal. Sensible would have been sufficent. I'm glad I woke up in time, and that retail investing was something I could make use of to change my life. Slickly branded movements give me the heebie-jeebies, but there are plenty of folks (like yourself, Tom, and others) whose free content helps equip thousands of others to get themselves organised.
Only just seen this Iain! Amazing thank you for getting involved.
Another great video.
Thank you mate!
Brilliant video - well balanced. Too many focus on frugality - my efforts are going into increasing my income. Very funny clips Sue 👍😀
Let me know if you find any good income sources!
Never heard of this ‘FIRE’ movement but completely agree its great getting everyone into investments. Surely they need to take inflation and maintenance costs into their calculations too?
Thanks for the content mate you little fire starter 🔥
They factor in inflation in some of the calculations yes, but alot of people who FIRE early seem to go back into work when their lifestyle changes, namely kids and healthcare.
Typical fund growth over the long term is 7%. Inflation averages less than 2.5%, which is why they suggest drawing 4% to keep the fund rising with inflation. This is too simple a way to look at it though because if you retire just before a period of an underperforming market the fund will fail. There are several strategies that you can employ to get around this problem though. And when a market drops, it always recovers inside 2 or 3 years. This is why some people say to keep a couple of years of your chosen 'income' in no risk savings accounts that you can get at if needs be. That works if interest rates are high, but if they are low, I'll probably employ a different strategy.
Another superlative video on such a major investment theme
You are too kind, thank you so much!
I expect this comment section to be lit..
I'm pretty... stoked... to find out who gets this tenner!
@@TC-hw7ng Hahah i gave it to three people in the end! Eamon, Curt and Zeztro as all had similar numbers.
Your pun was pretty good also! So good i nearly missed it haha
@@DamienTalksMoney Nevermind- Lava good pun anyway. Great content too.
Top video mate. I like FIRE but as an entrepreneur I’m more into just FI, I’ll always be hustling! Btw - love the fact that the last 4 thumbnails in a row you’ve used your “I think I’ve just followed through face”, it must get the clicks!! 🤣
poo face for the win!
Totally smoking video! Too hot to extinguish!
Hahah well done Ian!
I’ve started investing substantially after hearing about FIRE but I never compromised my lifestyle for that!
Perfect! Great you have the balance of both
I love FIRE! I always want to work but I want to always be ensure I have options regarding the hours and type of work I’m engaged in. If a job isn’t serving me I want the choice to quit without worry.
Another great video mate!.. Even I learnt from this video is that we all should have a balance and not get stuck in the deep end, Who knows how long we all have to live? By balancing everything we get to live a little now and at the same time invest for our future. (this is just me making myself feel better for when I buy a car next year haha)
Hahah! If the car brings you joy mate. Do it! Just accept it is not a good investment.
@@DamienTalksMoney Oh yeah 100% accept that
My FIRE dream is retiring at 60 from my stressful 40+/week job and dropping to part time doing something less stressful until my full retirement age of 67.
I think it's a pipe dream to think you are going to retire in 30's or 40's. It's shooting yourself in the foot to retire in the typically most lucrative years.
I think it's good to be prepping as early as possible though so you have some financial flexibility and set yourself up for successful retirement.
I realise your comment is old but as someone in FIRE I would gladly throw away my prime earning years as you put it for prime living years.
You want to work until you are 67 so 3 years before 70 when the likelihood is your health will start to drop significantly.
Consider being able to travel in your 40's compared to your 60's or 70's.
Money isn't everything.
Good stuff mate
Thanks buddy!
Blazing review of FIRE 🔥
Haha thank you!
Hey Damien, really enjoy your content! Do you think you could do a video on how to prepare for / combat inflation? With the current climate, would love to hear your insight!
I will add this to the list and make it soon mate!
I have a burning question Damo, how is it you're such a bright spark? You really flame to please.
FLAME TO PLEASE!!! 😂😂😂
I was forced into semi retirement at age 43 due to a work injury, I stopped working for 6 months whilst I was injured and was very bored, I’m happy to be back at work again for 5 hours per day as this is the maximum my injury allows.
Unfortunately I wasn’t eligible for workers compensation, I just cut my expenses right back and now live on basically half the income I had prior to the injury.
I will fully retire at the usual age (65) but am enjoying the freedom in my 40s of some extra time to myself to spend with friends and family
Great topic! Wonder how many hours some of these people preaching FIRE actually end up working selling FIRE to people.
Spot on mate haha
Financial Independence Retire Early is a big trend right know. Thanks for sharing your knowledge through the video! Lets become F.I.R.E. as soon as possible! :)
Thanks!
Hey, great vid as usual! Loving the puns! 😂 can you do a vid on your ultimate portfolio soon 🤔👍
I will do one on an ultimate portfolio.
@@DamienTalksMoney Thanks for the reply, would be really interested to see what good old Vanguard portfolio you think is best! 👍
Brilliant video again bud. Love the oldish woman with the spinning Tassels earning a bit of extra cash after retirement. 😂😂 Class 👌👌
She was just shaking it for a dollar.
so happy you worked in the oh lord jesus it's a fire meme
When I remembered it I was so happy. I love that woman
I think you made a valid point in saying if you live frugally by choice to obtain a goal you could end up living that way for the rest of your life. That's a real shame as you also miss out on some fun things in life. Reducing your debts to a level that allows you to put some money aside is very good financial practice. However when you pay off a debt allocate that same amount you were paying off into whatever asset you buying, whether it's the S&P 500 or something else. It will pan out in the end
I am glad to hear you agree mate! i think we become the habits we set for ourselves and i see a lot of examples of these very frugal people who struggle to break those habits in the same way show me someone who works 100 weeks who can then flip 180 and just sit on a beach all day... it is not in their nature
A fresh look at this, pal. I liked it. I can't understand why it polarises people so much. So what if people want to live their life differently than most. Life is tough enough, live and let live! By the same token I 100% agree with you that the business of fire is a bit.... well... perverse.
What this guy said! 👆😂👌
Thanks guys!
I could go now at 52 with my wife at 57, but inflation is high and the recent salary boosts are two reasons keeping me in the rat race. We're going to run the numbers to double check what we can happily enjoy life on and see how we are. Knowing that you can retire from a job that you don't enjoy does have a weird sapping affect on your motivation though. This negative feeling is currently doing battle with the plus side of knowing that being made redundant from a firm you've been at for over 25 years would be the best result possible right now. I just can't bring myself to be that underhanded. LOL
Great point (key) - focus on maximising earnings, reduce living expenses as appropriate to achieve higher savings.
You've just poured a whole lot of fuel on that fire. This is gonna blow up...
This is the first you tube (from anyone) I have watched in a while all the way through. Fab content! I'm still frightened to invest thou 😟 X
What a compliment that is!! Thank you. If you are thinking long term and use something like an index fund that I talk about a lot. Then it really isn’t as risky as you think
@@DamienTalksMoney thank u X
Well said mate
Thanks mate!
I think about like this. 25x at my lowest is what i can live off if something were to happen to my job/myself undergoing any mental issues. It's great to fallback on incase I reach my goal and want to keep going.
Re light my Fire, Damiens advice is my only desire.
Re light my Fire, Cos I need your vlog.
Better lyrics than the original!
Flaming good content 😁
Thank you mate!
Another great video, thanks.
FIRE just got burned.
Haha cheers Jack lad!
🕵 Link to the Trinity study is wrong. Another good video, solid content and you seem to be having fun delivering it.
Thank you! I will amend it now
Should be working now! Let me know if it doesn’t
@@DamienTalksMoney All good, chief 👍
In my previous career I was in the military. I wanted to retire early because I was miserable. I decided to take a leap and leave the military. Since then, I do not think about retiring early anymore. I love my new career and earn way more money. My only regret is what I should have left the military sooner. I am sure there will be a time I would want to retire but that is not my focus at the moment. My advice, change your career and focus on investing.
great vid
Thank you!
Another great vid, thanks for this! I just looked through your list of uploaded videos and wanted to learn more stuff. Can I recommend avoiding clickbaity titles that are negative in their wording? I personally don't click them and, judging by the views, I think the more positive, information-offering and specific titles are more appealing.
Hi Charles,
Thanks for the feedback. Can you give me some examples please of ones you think are clickbait and have not worked? would love your input here.
I would say to this point, I do collect a lot of data on this from the back end of CZcams and it suggests the more sensational the title the more clicks you get. I have thus far 67 data points to attest to this.. If I title a video how to do X... It wont get viewed, if I title it .. You wont believe what X has done to my life... it will. If the tone of the title is negative it will do ALOT better.
Titles and thumbnails tend to follow the clicks and clicks are a reflection of very basic human desires and emotions, for the sensational and to be entertained. We see this in the news, on our feeds and just everywhere around us. Clickbait is not exclusive to CZcams, it has been refined and mastered by commercial media over decades.
People say they want one thing but the data shows another I find. For example this video you are commenting on has the word Hate in the title. A strong emotive word.
@@DamienTalksMoney Hi, Damien, thanks for the reply and sorry for the lateness with mine. Prepare for an essay of shit-housery where I say a lot but have no hard evidence for any of my theories, just plenty of speculation and analysis. First, I'd like to say that I'd be glad to really get into it and breakdown the titles and subjects further in terms of viewability, but the comment section is probably a bit too passive and limited for kind of discussion (though it could be something we could actively explore in the future).
I understand the data loosely: the sensationalism, the negativity (train wreck phenomenon), phrasing etc. I don't see your data first hand on my end. Something the stats will likely not account for is motivation. I did click this video as an active decision. I clicked when I read "(Financial Independence Retire Early)", I did not consider clicking when I read "hate", not even when I read "FIRE". I did not know what FIRE was, so when you promise me that I'm going to learn about something, you get me to click.
Now, if your channel is one where you talk about sleeping with celebrity twitch streamers; do reviews/ unboxings; list your top 10 poops; give away obscene amounts of money to random people in public; I might say, "sure, do those clickbait things", but I can't see it working on your channel from video to video because you're providing niche content with the aim to inform, not sensationalise. And your viewers are specific people, interested in personal finance, investing and what to do with their money - THIS is why they are here.
Looking at your video views over the past 6 months or so, I can see there is a wide discrepancy in the views whether or not you use those clickbaity devices, so it's hard to say which factors apply to your channel.
Here are SOME things I think people are interested in:
- Specific topics they ALREADY have some prior knowledge about and interest in, where the titles promise information on the topic (Vanguard UK app and the fact that THERE IS NONE, lots of people will be wanting to know about this and will likely be a common search; Stock market crashes and what do to; Inflation and what to do etc.).
- Honestly, I genuinely think that's one of the strongest common factors! Others exist for sure.
Here's SOME reasons why I think people will not click a title (on your channel):
- Large open-ended subjects with no prospect of specific information (What will Bitcoin do next?; Stock Market is rigged, of course, what else?)
- You are not hitting your demographic for return viewership (Investing for our children, we're probably not parents yet, title may pay off in 5/10 years; pay less fees on coinbase, probably not coinbase users etc.)
- Specific information about something viewers are NOT interested or familar with (Coinbase, IPOs, JISAs, investing in space)
- Questions that are relevant but whose answers may already be widely available or covered by other CZcamsrs (Bitcoin related topics)
Now, this is all just theorising based on what I see on your channel, but like I said, I don't see the stats behind the scenes. Something I noticed is that you actually have a huge amount of views on the first series of videos you did a year ago. They are all kinda long-form videos on general financial topics that promise PLENTY of general information (which is needed at that *level* of experience) for a demographic that pretty much includes everyone who has paid a single intention to save or invest.
So if your goal is to expand your following, try that again: "I'm turning 16/ I'm turning 18 - How do I start investing?". This is not always topically relevant to your current demographic, but would serve to expand your demo, as people are pretty much always turning 18. The parenting one with the JSIPs actually seems like a good topic, but maybe didn't catch the search algorithm or maybe actually needed a bit more clickbait.
If the intention is to get existing followers/ subscribers to click, then continue with the topical, information-promising videos.
Here are some clickbait remixes for my own fun...
"The worst investments I have ever made...." -> "I Lost £69k on These 4 Investments!"
"Why I avoid IPOs" -> "Want to OWN Bumble? Here's Why I Avoid IPOs" (I actually had to click the title and watch for that one!)
"Should we all be investing in space?" -> "Here's Why We Shouldn't Be Investing In Space Exploration" (I'd also dare to suggest keeping lesser known topics at less than 8.5 minutes)
I'd be happy to talk more about this actively to theorise and discuss videos one by one over discord, for example. I don't make videos. I don't have full belief in what I say, it just makes sense and is reasonable to me. Crucify me for the length of this comment, this may be the longest reply I've EVER written on YT - your welcome.
This man spits fire. He is so real
Haha yes!!
The roof is on FIRE - Paid with a 4% interest rate!
Thanks for another great video, I'm de-lighted And applaud your prospective on not begging for money like other "CZcams" presenters, "sign up for this, sign up for that", pay $5/$10 to ask a question....."only a few seats left".....
If you need to beg for money, your in no position to advice on finance or make suggestions on financial matters.
And the pun.....I lava good fire pun.....so i have a burning 🔥 question.....and if it doesn't make you fuming, I'll fire away.
Where did Carol come from ?....
One good way to save money is to install double blazed windows 🔥
🤣
Better still, triple glazed or double glazed with secondary glazing. Cuts out noise & drafts.
This is the most liked! Well done. My contact details are in my bio section. get in touch and i will sling you a tenner
100%. I got sucked into the FIRE idea for a minute. The deeper I dove into it, though, the more cracks I saw. You'd have laughed at how much nodding I was doing when you talked about the Trinity study and the 4% rule being misinterpreted.
Ultimately I kept the parts that served me, including the frugality and simplified investing approach. I stopped focusing on maximizing savings at all costs and instead adopted a simplified, percentage-based approach to personal finance that lets me save, invest, and live all at the same time.
I learned a lot from the experience about the value of money and how to maximize what I get out of my earnings. It was good for me even though I decided that it wasn't for me.
Hello Damian, just subscribed to your channel and I must say you’re doing an amazing job. Keep it up 👍🏻
Can I kindly request for a video on “Uk pensions explained”? Thank you
Thank you for subbing!! i will for sure make that video and ad it to my list
This video was fire mate🔥 won’t be long before you are earning 5/6 figures a month with this content!
Thanks buddy!
Do you know what I like the most about your style and content? You NEVER say "oh and this is the right way to do X" ... You're the consultant who will always say "Consider this, this and this and then make your decision"
Great video as always. What's the background music at the end mate??
Ffs I didn’t leave it in the description I am sorry! If I ever find it I will let you know
lasagne in a dish washer ffs......Ive seen it all now. :). ................as always top stuff my man...keep them coming
Thanks mate! It must be fake that 🤣🤣🤣 surely it isn’t cheaper either?!?
Seems like a more hygienic way to boil food rather than that 'chunky water' as well, surely!?
Could you do a video on State Pensions. Everything to do with how they work. Do they gain interest? How do you keep track of how much you have?
Yes I will!
i'm frugal because i lived in a "poor" country.
Being frugal was a necessity to be able to survive.
I now live in bonnie Scotland, i am able to save some money to the point where i bought a house and still manage to save a couple hundred quid a month to invest.
Time is money and i can't afford to lose any more of my precious time.
To sum it all up: i've just started my FIRE!!
Thank your cleaner for the time it gives you to share this with us :P
Amazing insight mate! I am frugal because of my upbringing also and have nothing against it at all. Well done for establishing yourself in a country you were not born in and i hope you love Scotland. Such a beautiful country
@@DamienTalksMoney i do love Scotland but i also love the North West of England where i lived and made/left some Good friends.
I miss my Salford Quays Family ;)
Spending money when you're young is fun, spending it when you're old is boring.