Signs You're Doing Well Financially (Even If It Doesn't Feel Like It)

Do you feel like you’re behind financially? You’re not alone.

We spend so much time focused on the things we don’t have that it can be easy to forget the good things we have going for us.

Financial Planning

DISCLAIMER:
This channel is for education purposes only and does not constitute financial advice. Any opinions or assessments expressed are James’ own opinions or assessments, which are not affiliated with any third party. Any representations stated as facts or views based on such facts are relevant to circumstances applicable at the time of publication. This information should never be relied solely upon to make decisions, and James accepts no liability for any investment actions undertaken by viewers. Please seek regulated financial advice or an advisor if you require assistance. The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested.

00:00 Intro
01:14 The Psychology
03:52 Sign 1 - Defaults & Exponentials
05:50 Sign 2 - Property
09:34 Sign 3 - Protection


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[JamesShack]

We tend to give ourselves a hard time about... most things. So it's important to take some time to zoom out and realise the good things you have going for you. However small they might seem.

[GTPLAYBOY]

This is similar to Damien’s video…getting deja vu! No shade as I love your channel

[jakeah]

There’s no doubt it’s tougher out there than it has been in the past, but good to recognise successes and have a positive outlook

[RheaFenrir]

Thank you so much for this video, James. I am not from UK or even from any western countries, but I can totally relate to your insights in this video. I am a worrier type, especially about money, and always feel that I am not doing well financially for my age. I always compare myself to other people who seem to live the high life, while my husband and I are stuck with our monthly mortgage (another 6 years to go) and saving every pennies that we can manage. You have indeed taught me that comparison is the thief of joy. I should be grateful that my husband and I own 2 houses (small but beautiful), his pension should be more than enough for us to retire comfortably at age 55, and yes, my husband, being such a great head of the family, has 2 life insurances to ensure that our child and I are well taken care of if, God forbid, something happened to him. Your video makes me realize how ungrateful I have been because I keep on feeling like I am behind. I am an extremely lucky woman with my beloved husband and son, and that is definitely all that matters now . Bless you, James.

[mikekinsella]

If you don't have debt you are doing better then 90 % of people.

[arthuslim]

Omg. This video is so "me", a chap who only start investing at 40s, paying a mortgage that sees my income tighten by months end, etc., (despite knowing my property value is going up). And the cycle repeats itself over and over. Nice & comforting video. Thank you.

[Kenny]

Thank you for sharing this. Didn’t realise how much I needed to hear this. Makes me feel significantly better about my current situation and has certainly realigned my thoughts and shall continue to do what i’m doing.

[connieefurulee]

Fantastic advice, I’m a senior and already retired. And have already gone down the roads you’ve described. So in other words been there done that. And you are absolutely spot on in this advice. The only other thing I wished I had known earlier was to plan not only for your retirement but where will you (age)or live after you retire. Which will be quite costly when you reach that age. Especially if you don’t have family to live with or depend on. And who can plan on depending on family. Being able to help with your expenses when you’ve aged will be better all around. This is something we don’t think about until you have to. Because you’ve reached a certain age. But by that time everything is quite expensive and would have been beneficial if addressed during the primary working years. When we’re younger we often think I’ll deal with that when the time comes. Or I’m going to live for the moment for now. And when that time does come, as it will, having planned for it, is a greater asset than not having a plan.

[grantross]

Great video James. People don’t give themselves enough credit for the efforts they are making! I just took a look around the room and was suddenly thankful for everything I’ve done for me and my family.

[mrt]

Could just be the best video you have fact based and thoroughly positive assessment of situations which millions of us face. Thank you James

[mithicash]

I live in the US and at 27 I had already started feeling the way you described! Luckily for me, I began realizing your point a few years back. I have a very solid government job with a great retirement options. THey match up to 5% of my salary if I choose to put it towards retirement. I didn't even realize that alone puts me way ahead of large majority of my peers. Next goal is to buy a modest place instead of renting followed by maxing my retirement contributions in the next 3 years. Currently I put in about 4500$/yr into my retirement, but that number can go up to 9500(that is my cap in the US unless you put more into a private investment fund). The sad part is that if you are in your 20s, just not having debt puts you in the top 20% of people financially. That is bad debt, not debt that is moving you forward.

[liam]

I like the music addition - a 'sit on the couch' vibe, and ill tell you everything's gonna be fine !

[lorihamlin]

My goals were simple based on my income…get completely out of debt with a reliable older model Honda and a roof over my head paid for. I retired at 65 with that goal complete but with very little in savings which I’m working on with the extra income from no house or car payment which amounted to approximately $1500 a month. Wish I had done this earlier in life. I won’t be taking a world tour but never expected a lavish retirement since I’d never had a lot of anything but debt. It’s all relative..live within your means with realistic expectations for retirement and you’ll do fine.

[gatekeeperboxing]

I set myself realistic and achievable goals on a weekly, monthly & yearly basis. I take no notice of social media, peer pressure and keeping up with the joneses.

[Unknown-qfju]

Hi James, this might be niche, but any chance you could do a video on what people should consider doing with any excess once they have filled their ISA and Pension allowances each year?

CGT and Dividend allowances are being cut for unwrapped investments, so where to go, BTL will be impacted by house prices dropping amongst other issues, speculative assets are not usually as good as productive assets etc

[Sabhail_ar_Alba]

My first job in 1990 ( to 1995) was with a US company and was advised the pension was very good. Never looked at it until 2019 when I requested from the fund
manager the current transfer value and was told £146, 000. The power of compounding and the much higher growth US stock market. Had that been in the FTSE, it
wouldn't be worth half of that. So the lesson, get in early and get it into the US stock market.

[TheNimbleNomad]

I don’t agree with the mortgage repayment position but the rest of the points are reassuring. Thank you.

Insurance for illness or death is an unsaid item.. including drafting wills and LPOA

[annahugman]

Been working now for 6 years (aged 24 now) and for over 2 years I have had to opt out of paying my pension because the 8% pension payment was nearly £200 a month, money I need more now than I will in 45 years time, this video shows me that was a bad decision, that people who can’t afford to pay into a pension right now aren’t doing well enough… be careful about the advice you give. I came to this video to hopefully find acceptance with my financial situation, not to be further discouraged.

[IRunDaily]

James, I'm not sure if you'll read this, but I feel like you've gone inside my head today and filmed this video just for me! I've been struggling for a while balancing the thoughts of 'am I doing enough', with 'I don't know what more I can do?!'. This has confirmed I'm on the right trajectory. My life is well insured, I have a teachers pension which I've been paying 11% into for 14 years (now 37), and I have the home I need for my family to safely and comfortably grow in. Yes, I have some short term debt I want to get rid of ASAP, but it is nothing that isn't insurmountable with since careful budgeting. Sometimes you need a telling off by Dave Ramsay, but sometimes it's good to have a gentle pat on the back and 'keep going'. Thanks 🙏

[neilmckenzie]

Thanks James, I DO feel a lot happier about my speed on the motorway - and not comparing it to others!
After all, I’m driving my choice of car and might be being overtaken by a sports car… their journey vs my own! 😊