What SHOULD Your Net Worth Be By Age 30?

Today we’re discussing what your net worth SHOULD be by age 30! We’ll dive into what the data tells us about the personal finances of UK people right now, along with what a good net worth example would look like for somebody of that age.

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#NetWorth #Investing #PersonalFinance

*Disclaimer: Your capital is at risk. Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you.*

*Disclaimer: All ideas presented within this video are that of my own based on my own opinions. Please do not consider any of these videos as financial advice as I am NOT a financial advisor. All financial decisions and choices made are solely your responsibility. The views shared in this video are just for entertainment purposes only. When investing, your capital is at risk and can go up in value as well as down in value. You should consult a suitably qualified professional when seeking out investment advice in order to fully understand the risks associated with investing.*

[MitchShoesmith]

Happy Sunday guys, hope you’re all enjoying the UK sunshine (it’s about time!) ☀️ Hope this video was useful, remember though, try not to compare yourself to other people, the only person you’re in competition with is yourself and as long as your trying to improve yourself and your own finances, thats all that counts!

[CameronFussner]

Sometimes Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.

[cbrockett]

I think it’s also worth considering what part of the country you live in or whereabouts in the world you live. Up in Scotland our earnings are lower than the south east but our living costs are also a good bit lower. My advice at 30 years old is having an emergency fund that could last you 4-6 months worth of living expenses is a really good thing to focus on. It definitely helps me sleep better at night now that I’m not living month to month

[beluga.]

I'm a grade B at age 19 with a net worth or roughly 30k. I've been working since I left school age 16 and have simply saved 90% of my income as I'm living at home with no expenses. I am now doing roughly 50h+ per week trying to get well ahead with my finances im also about to finish my apprenticeship a year early after putting in the effort and will be getting a nice pay rise 👍😁

[chaz]

You work for a 40yrs to have £1m in your retirement, meanwhile some people are putting just £10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller

[capcomgenius]

Hey Mitch,

Never worry what others are doing!. I understand though that people want to know where they are in life, but if you are happy it doesn't really matter. I am 37 and am married with 2 children (so far), I own my own house with a mortgage. I have just done a net worth calculator and came out at just over £400k, I don't know whether that is good or not, but like I said, I'm not fussed as long as I get my weekends to enjoy with the kids and wifey I'm happy!!

[liam]

Very inspiring Mitch! I've followed you for a little while. Most of the people my age late 20's either flat share/ rent, or bought a modest property with a long term partner just about (I note most before pandemic prior to houses rocketing in price and when interest rates were very low.) I decided to move home to save for a house deposit and last year went straight into index funds investing. These are my accumulating years before I move back into the city again onto the ladder for a corporate job hopefully with some assets growing in that time. I'd love to hit 100K.

[pythonquark]

I feel very fortunate to have a net worth of £60k in my early thirties but I still feel behind where I should be. I don't own any property or drive a nice car but maybe this is the price I've paid to put myself in this position.

That said I've only worked just over 10, 000 hours in my 7 year career so I've also had plenty of time enjoying my youth.

[kirkwilson]

would love to see u do a practice tradeing 212 account - putting just £20 per month in, to see what u would invest in

[isaachunt]

My advice at 60 years old is stop buying stupid expensive german cars. or any expensive car. do that once you own your own home outright.
imho concentrate on any loans. push to pay that mortgage off ASAP. we loaned 180k to build our new house in march 2007. paid it all off within 10 years but extreme frugal living.
owning your own home outright is the best thing you can ever do financially. once that is done and dusted you watch the cash flow.
we earn about 10k month between us and our monthly outlay is 500 quid a month for basic bills.
we have a lot of spare cash to help our 2 sons out. bought our 20 year old son a brand new 30k car with cash. we drive a nissan leaf lol.

[gixxer]

Im technically an 'A' although I'm not sure I'd class myself so highly as so much of that is equity in my home which I'm not looking to sell anytime soon

[KPad]

I’m 37 with 340k . Been investing since I was 19 . Didn’t really start going aggressive until my late 20s. If i would have known earlier to go aggressive I should’ve have more . I am very thankful where I’m at today . 🙏

[dynasushi]

Grade A + including liquid only as I don’t like counting equity in house etc and in early thirties. Been doing well by just maxing out ISA when it’s reset and putting away into SIPP/GIA. May look into fixed bonds in the future but I think I’m doing alright for now.

[isaachunt]

60 here.
mortgage all paid off. 400k house
3 new cars all paid in cash.
100k in stocks and funds
100k savings.
pushing to be worth 1 million on me 65th birthday. saving about 4k month and making about 2k month from investments.

[LawrenceTimme]

I'm 28 and I'm just into grade A.

[charlesnorm]

32 years old with 15k networth. Still working to get there and have been running my business for 6 months. But I've also got student debt so i suppose my net worth is almost zero?
Would love to see a video about the difference self employed business owners and employed people make.

[RosskoPeeko]

Been working since I was 21. Now 35 and safe to say my financial status has been an embarrassment up untill lockdown hit. It was only then I went self employed and had my own business making double what I was making in my old job. 4 years on I have finally moved out (renting unfortunately) but paid off pretty much all my debt. All I have now is car finance and I’m paying that off next year. Now I feel I’m in a rush to get the future sorted with a proper pension and investment.

[NorthernLycanthrope]

My early life was in NZ working minimum wage jobs as i saw university and the debt they got people in as a trap. I barley bought anything and was extremely frugal all through my 20s. By the time id saved a couple grand id have a car bill or dentist bill and it was back to square one again. Only in my 30s did i start to earn a bit more and mid 30s i started working for myself which has increased my earnings. I used my nz pension to start my business in the UK otherwise it wouldnt have been doable..
I also got from inheritance and used that to get a mortgage on a 2 bed with my gf who is a full time teacher. Other than that i have no debt and im still extremely frugal.
Plan on investing soon and putting aside money for a pension aswel as starting a side business.
Being frugal isnthe main thing i find. Dont go spending money of flashy clothes, cars or even buying lunch everyday. Make your lunch, stop buying cans of coke and choclate whenever you go in shops and only spend what you need

[GeorgeMaragozis]

Pension funds should not be considered in your net worth calculation. It's basically a (promised) future income. From the time you stop working until you die.

[paulvilagos]

Happy Birthday Mitch! Cannot wait for the Shareholder Lab :D