That is crazy how correct the assumption is that the most expensive age of your life is 31 (in my case anyway). Between 31 - 33 I had a baby, had a wedding and bought a flat. It has taken a long time to recover financially from it all but as soon as I realised my accounts were in the equivalent of an ICU I took steps to restore and build my savings and work properly on a good deposit for a larger home rather than rushing into what I thought was a good deal.
@@chrissyt8111 yeah it definitely does seem true as from a lot of people I know at that age are all in the same place you are, buying houses, getting married, having kids - definitely not cheap to do them all haha 😂
I think it just depends on the area and type of property you want. I know a few of my friends from work have bought flats for around the 400k mark with 10% deposits. It’s just hard for a lot of people to get that initial balance saved - but that’s for the next video😉
Common personal finance advice recommends keeping three months of expenses in a savings account. If you can manage that, you're doing better than 2/3 of the working US population.
@@lassipls yeah there are some crazy stats when you look in to it about savings especially that 44% of Americans couldn’t afford a $1000 unexpected bill
The value, the value man! Every year inflation eats up the money. That saving of half a mill or whatever will buy you a candy bar in 40 years. 8-10% minus fees minus inflation you preserve your money and earn a bit
Interesting debate, but perhaps very complicated. I'm early 40s, with less money than suggested, but my house is paid off, and my pension fund is well funded. Ive priorised mortgage and pension because if i was made redundant the UK gov would force me to spend accessible savings before giving me much support should i need it.
@@andys1333 totally agree Andy - I would say mortgage paid off and a well funded pension will put you leaps and bounds above the masses in the UK. TRowes estimates would be looking to include that figure so I would say you are definitely above their targets too
@@collinb3371 Personally Colin I think if you are on track with what TRowe suggest then great! However, for most in the UK that just isn’t the case. So I would say as long as you have enough money to live the life you want to then that’s good
Wow crazy to see I am doing better than the average, thanks for the info!
That is crazy how correct the assumption is that the most expensive age of your life is 31 (in my case anyway). Between 31 - 33 I had a baby, had a wedding and bought a flat. It has taken a long time to recover financially from it all but as soon as I realised my accounts were in the equivalent of an ICU I took steps to restore and build my savings and work properly on a good deposit for a larger home rather than rushing into what I thought was a good deal.
@@chrissyt8111 yeah it definitely does seem true as from a lot of people I know at that age are all in the same place you are, buying houses, getting married, having kids - definitely not cheap to do them all haha 😂
Sadly, even 100k isn't enough for a downpayment in London or Paris.
I think it just depends on the area and type of property you want. I know a few of my friends from work have bought flats for around the 400k mark with 10% deposits. It’s just hard for a lot of people to get that initial balance saved - but that’s for the next video😉
Common personal finance advice recommends keeping three months of expenses in a savings account. If you can manage that, you're doing better than 2/3 of the working US population.
@@lassipls yeah there are some crazy stats when you look in to it about savings especially that 44% of Americans couldn’t afford a $1000 unexpected bill
The value, the value man! Every year inflation eats up the money. That saving of half a mill or whatever will buy you a candy bar in 40 years. 8-10% minus fees minus inflation you preserve your money and earn a bit
Yeah investing has to be done if you want your money to still have the same purchasing power in 40 years, otherwise you are losing out
Great video for such a small channel. Keep it up
@@lukemillerfitness647 thanks Luke, how do you compare with the masses savings wise at the moment?
Interesting debate, but perhaps very complicated. I'm early 40s, with less money than suggested, but my house is paid off, and my pension fund is well funded. Ive priorised mortgage and pension because if i was made redundant the UK gov would force me to spend accessible savings before giving me much support should i need it.
@@andys1333 totally agree Andy - I would say mortgage paid off and a well funded pension will put you leaps and bounds above the masses in the UK. TRowes estimates would be looking to include that figure so I would say you are definitely above their targets too
Great to see, glad you enjoyed the video
Okay but how much real money should I have saved up?
@@collinb3371 Personally Colin I think if you are on track with what TRowe suggest then great! However, for most in the UK that just isn’t the case. So I would say as long as you have enough money to live the life you want to then that’s good