Investing for Money Won't Make you Rich - Here's Why

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This video is why you should not invest just for the money, but try and seek a purpose for doing it. I make my argument by looking at the habits of the wealthiest people in the world and some of the richest people that have ever live to try and explore the question about what the real purpose of investing is.

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[yomainconseqquence]

Good points. For me working and investing isn't about someday having lots of money for conspicuous consumption; it's about building my own personal net worth, my options and my freedom. And it's about being in a position to help others. It's about being a builder.

[uncountableuk]

I think it's almost impossible to both invest and spend freely. I prioritised investing and as a by product, shaped a lifestyle I'm comfortable with but doesn't involve a lot of outlay to support (from a non-discretionary spend perspective).

My goal was only to be in a position where I allocate my own time how I choose. I'm now in that position, but only because I invested.

[quokkapirquish]

Having money just makes you relax about not running out of money, it does not make you happy. Doing things beyond yourself is a major factor of happiness, no doubt. Another Lamborghini is just so small minded, only the shallow are impressed with the shape of a car or gathering more and more stuff. Personally, I’m investing to retire early and hopefully see the planet before I’m too old to manage it. I look forward to this channel’s new videos so much!

[Dr.JubairsFinance]

Excellently made video. Really loving your new style, I think you have come into your element here!

[knowledgeseeker]

Awesome video ❤ Let me tell you something about myself I live minimally and have zero debts. I only invest money to support myself financially after retirements. That’s it 😂 small needs and simple life brings tons of joy, freedom and happiness. Simplicity Wins believe me😊

[samharris]

Toby dropping these weekly bangers and thinking we wouldn’t notice … love it man your videos humble my investing expectations and have helped me appreciate my situation, I’m by no means a millionaire but I’m happy with the progress ! ❤️

[Isabella-dmjx]

fantastic video, so good at helping us UK investors! x

[NickVonDuke]

Really great video, made me think of a quote from The Psychology of Money: How much should you invest? It depends on how well it makes you sleep at night. I think that is a good indicator for saving, investing, spending and so on. Will it make you unable to sleep because you keep thinking how wrong it can go? Then you need to adjust it.

[nicobass]

I love this Video, and you are on the button with this. I save and invest not to be rich but to live as I live now and not having to work when when I retire, maybe a part time job to fill the time. Some say that most us when we reach financial independence we don't do much different or our spending habits don't change much when we reach retirement, that probably explains why a lot of the rich give there wealth away - as said I'm not greedy but just want to be at ease with the later years in life, that's why we should if you can plan early

[michaewelina]

I really dont like idea of including own house in wealth category, it is liability not asset.

[ricd]

Nice finish., , , ,

Have you watched ‘City Slickers’ recently?

‘The secret of life is just one thing’

[adrianellis]

Excellent Video. Being Financially secure takes stress & worries. I’ve known a few millionaires and most are very thrifty when it comes to spending and saving money. I used to work for a millionaire he lived in a end Terraced house in the village he was born in and drove a VW polo.

[kw]

Who was it that said they've been poor and unhappy and they've been rich and unhappy, and it was much, much better to be rich and unhappy?
Anyway, I agree.

[Tee]

Great video! Fantastic story telling. I definitely need to re think my goals, as I am a spender😅

[PistolPanda]

Hi Toby similar to you I need to review my finances (ISA) before the new tax year, can you recommend or make a video on where is the best place to get low cost or free financial advice for these things? New subscriber not sure if it’s covered before. Il start with my bank but have 2/3 bank accounts and want to open a new VG ISA stocks and shares account, Thanks!

[stuartdonald]

It is all very interesting.

I am in the fortunate position like knowledge seeker below of having no debt. I also am happy with my overall wealth as I have some, non income producing, property (seeking planning consents (sort of my day job)) but my regular income I consider to be too low or too lumpy.

I set myself targets based on previous salary levels. when my wife retires I will start drawing on thge investments. Until then they will compound away.

Great videos, keep them coming please.

[chqshaitan]

Very interesting video, look forward to more from you in the future

[Darren-vhlk]

I was always under the impression that such huge billionaires gave away money to avoid the US tax maybe im wrong.

[LordGreavous]

my dream goal is to invest enough and get enough that me, my family, and my friends can all retire and just have fun until we die. im not in it for me, im in it for my people.

[playingFTSE]

Hey Toby. Have you ever read Happier Hour by Cassie Holmes? If you wanted to turn this into a mini series you can use this book to carry on your search into what makes people happier. Especially those striving for earlier retirement.