What Net Worth Puts You in the Top 10%?

Today I want to look at what net worth gets you into the top 10% of richest families in the UK and also see how the components of that differ between sections of society.

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Links from this video:
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Nimble fins data:
ONS chart
Paper from the video:
This is money:
Investopedia article:

Timestamps:
00:00 - Pie
02:20 - What net worth?
03:15: Missing wealth
04:13 - Where everyone keeps their money
06:58 - Sponsor
08:32 - Financial Assets
08:56 - Home
10:05 - The missed opportunity
12:00 - Risk

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DISCLAIMER: I am not a financial advisor and none of the content on this channel is financial advice. All information is provided for educational/entertainment purposes. If you are making investment or other financial decisions and require advice, please consult a suitably qualified licensed professional.

[Mallarkey]

14:25 I ageee! "The Miracle of Compound Interest." Last 20 years teaching Secondary School Maths I've always tried to slip in as much financial maths as I could get away with, but it should be explicitly taught. Credit, mortgages, pensions, tax, investing. Teenagers are rarely as 'interested' in the lessons as when we cover compounding.

[knappster]

Risk management needs to be taught in school. People take huge risks everyday without realising it, and then shy away from fairly minor risks.

[kw]

Another 16 minutes and 16 seconds of education, enlightenment and entertainment, thanks Damo.

[dpspeedy]

Loved the 3.14159 reference, very subtle but a stroke of genius 👌

[jtyilyw]

I am a professional risk manager with experience in risk consultancy, UK government and private sector including banking and defence. The one thing almost everyone gets wrong is that risk is wholly negative and that scares people into not taking any. Risk management should properly be called risk and opportunity management and anyone thinking about risk should focus equally on opportunity. Not just what could go wrong and how can I avoid it, but how can it go right and how can it make that outcome both more likely and more beneficial.

[ianboyd]

If you haven’t got the aptitude or focus to start and be successful in business, then at least buy chunks of other peoples businesses, who do have that focus and aptitude.

[JulietVorster]

Thanks for this. I’ve been sending your videos to my 18 and 22 year old nieces. They don’t have much yet, as they are both students, but no one in our family has ever talked about this kind of information. They will have resources soon, and I wish someone could have told me about this stuff 35 years ago. I’m also going to be teaching this stuff to my grandson when he’s a little older. This is one way of breaking the generational poverty chain. Thanks again. Keep doing what you do.

[sammy_sam_leonardo]

You’ve been killing it with your videos recently, Damien. Top work 👍🏼

[asgriffith]

That pie bit needs to be a Short, absolutely stellar opening

[joshwhite]

When writing this comment, I am 22 and have just started an index fund, and I'm paying into my company pension. One of the problems with people my age is that they aren't looking that far into the future. They see the money that could be used for the company pension as money towards renting a house. This will only change if schools teach this topic in greater detail.

[anterosLondon]

I started late in my mid thirties as nobody ever taught me about money, hopefully your videos will reach many and give them the education is needed

[jonathangiles]

Reminds me of when I had an open day at Durham Uni, and the first thing they said to the room was “I know most of you will have applied to Oxford and Cambridge”. I was moving in different circles 😂

[benhicklin]

Loved the personal tidbit at the end! I'm also a Durham university graduate from a few years ago, and I had a very similar experience of having my eyes opened to a world of finances and life experiences that I had never known existed before. Also being the first in my family to go to university, it really opened my eyes as to how little financial education I had received growing up in a working class house. I know investing and saving isn't going to suddenly mean I'll pay off my mortgage tomorrow, but it will best prepare me for my own future, and hopefully the future of my kids as and when I have them. All the best dude!

[djhworld_]

At school we were never taught about even the basics of personal finance, let alone investments.

[Spongefov]

I know I'm in danger of being a bit hyperbolic, I've said this on one of your videos last year and I'll say it again: you're gearing yourself up to be my generations Martin Lewis - informing the masses on financial literacy. sorry I'm not subscribed, but the algorithm recommended this which is telling. so you've got the momentum behind you Damien, keep it coming!

[WilliamM]

Damien, what a great guy. I used to be in financial services and am well informed, but still love his straight forward, honest and inclusive style. If only more people were better informed and participated in investing, that would be a better situation and Damien is more than doing his part. Investment is for everyone. Start now, however small and drip it in over the long term. Nobody told me this when I was young, but I eventually worked it out and in my fifties, no longer need to work.

[vipertoasties]

Your videos are incredible but the light comedy that you incorporate seamlessly just makes them pure class, the pie references throughout the whole thing had me cackling throughout even though this is a topic that hits close to home as I’m struggling myself. But it really does make your videos a much easier watch as they are so so important for young home seekers like myself!

[adam]

This is an excellent video. I couldn't count the number of people I've known or seen comment online who say that investing in the markets is no better than going to casino or buying a lotto ticket. That's completely untrue, but I don't completely blame them for thinking this. It takes a reasonable amount of knowledge and a bit of internal fortitude to stay invested while there is turmoil happening, as well as a sensationalist media feeding daily stories predicting doom. Even my own wife, who has been on the investment journey with me, is still skeptical about the wealth building properties of investing in shares, bonds or for that matter starting your own business.

This is why I started on the education path early with our kids, like my old man (who had modest means, but the right mind set) did with me. They now understand how wealth is built for regular folks and take more of an interest in it. They're not content to just have their savings from work etc sitting in a bank account not doing anything for them and getting eaten away by inflation. I wish more people thought that way.

So bravo Damien for putting the data out there.

[miguelvieira]

This was one of the best videos about investing I've ever seen. The factual and sincere information you put out was on point and I think everyone watching this "pause" their life for a few seconds and actually thought about what you said and how you said it. Simply amazing. Just subscribed because of this video and will keep following your videos for sure. Keep it going!

[eyesuckle]

There are tons of investment advice videos out there, but the social/psychological/ethical commentary you fold into yours makes this channel unique--at least from what I've seen. And the little bits about your own life and feelings in there really do give your videos some genuine emotional impact--at least for me. Bravo.