Once You Get £1000 UPGRADE These 5 Things IMMEDIATELY

hey guys the next time you make a thousand pounds or a thousand dollars what are you gonna spend that money doing here's what tends to happen for people depending on the type of mindset that they've got for themselves so quick illustration here you've got income expenses assets and liabilities people who have a mindset remember this is about mindset tend to do this they'll earn their income and that income gets spent immediately on expenses and disappear they essentially spend that money keeping up with other people essentially living their Lifestyles led by other people then you've got people who are who have that kind of middle class mindset essentially those guys generate their income use that income to acquire more liabilities things are essentially to keep them tracked even more so and that Inc that liability creates more expenses and their money ends up disappearing so those people with that middle uh middle class mindset essentially use that income to acquire more liabilities whereas those people who have a bit more of a wealthy mindset essentially do this they use their income to acquire some assets those assets then create more income for them which they then use to service their expenses or their liabilities for today's video I want to share with you five places I would spend a thousand pounds or a thousand dollars where should that money be going um and for today's video I really want to look at wealth more broadly because oftentimes when we think about money think about wealth we only think about money itself yeah whereas the subjects of wealth is actually much more broader and covers various other areas if you're loving the sound of today's video I'd really appreciate you doing one thing for Mary and I here in our Channel please hit that subscribe button you might actually think you're subscribed because you watch our videos perhaps on a regular basis and think you're already subscribed kindly check and please hit that subscribe button because every single one really really helps us and whilst you're there hey if you're loving Space video please hit the like button as well as I usually do every week uh keeping these videos completely real looking for my my thing to scrub my uh to clean this up and the very first tip I wanted to I wanted to start with I've made a few notes and I'm using this board again in a minute uh the very first tip is for you to upgrade your knowledge okay let me explain what I mean here I was listening to a podcast Episode by uh Stephen Bartlett who runs the Diary of a CEO podcast and platform more generally and something that he said on that episode I was watching I think it was interviewing a lady called Cody Sanchez something he said really really spoke to me and gave me a way to actually explain this point because I was looking for really great ways of illustrating things for you guys for it to stick in your minds and something he said when it came to upgrading your knowledge was he is a phrase that you need to look behind the curtain so he was speaking to someone and there was a curtain to his right and he was saying Hell you need to look behind a curtain what he was really saying there is that through our lives what we sometimes need to do or what we actually need to do is look behind the cursor but I mean you need to find someone who knows something or people who know what you don't know because there are certain bits of knowledge that aren't easily accessible to people that you need to actually take that one step further in order to access that knowledge yeah and the way you access that knowledge by going behind the curtain and going to actually learn what it really takes that one thing or a couple of things that might actually cause that great shift in your life the way you do it varies so for example you could volunteer yeah I've talked about this I've had in fact in this room we had a 15 year old who came to do work experience and we're talking almost everything we knew in five days everything from how to build an online business how to grow it for a 15 year old how to invest how to make money grow to understand compound interest understand how to set goals or we had essentially a curriculum over five days for this one young 15 year old his name is Daniel yeah Daniel got behind the curtain simply by asking yeah not saying you should ask me about it because I don't get bombarded well his parents asked him we said yes yeah so for you how are you going to get behind the curtain and on that podcast episode it was a suggestion which I actually quite liked and I've talked about this on this channel which is find the people who are not you know the most well-known people yeah the people who run the basic boring businesses the people who might even run like you know like I've got someone who does um window cleaning you know near us you know you might have a similar person they run a window cleaning business get behind the curtain and learn how that business Works ask them you know if you can volunteer in some capacity another way you can use your thousand pounds notice you haven't paid anything here another week you have to use a thousand pounds actually pay to learn whether you're getting into someone's Community or what are you paying if you like if you find someone who you love what they do pay for their product or service and that window cleaning example I gave you pay for that window cleaning offering yeah if it's someone who's based online pay for their products or whatever it is they've got that gives you much more um much more leverage when it comes to the conversation and getting behind that curtain yeah the second broader way of improving upgrading your knowledge is obviously is to read books and I've talked about that at length and I'm not going to go into a lot of detail here but um key areas of reading that really stand out to me are money obviously as a subject area so reading money books not all of them are great but there are some good money books out there I'll put a link below and above to our list of books we love feel free to go check it out if you want books on selling learning the skill of selling learning the skill of marketing essentially areas skills that will remain um Evergreen even the face even in the face of artificial intelligence and so on skills that make you much more highly valuable because everything comes back to Value that's tip number one okay tip number two for what to upgrade is to upgrade your investing okay and this is where I needed my board to kind of illustrate something to you guys real quick okay imagine let's say for example the you're someone who let's pick one of your Joys yeah because you know for me this is actually a really important topic because the whole point of money money shouldn't just be a thing that we just acquire and hold money should help you design a life of financial joy as Mary and I refer to it let's say for example that one of your Joys is that once a week you like to treat yourself to a pastry a really nice pastry like I remember going to work when I had my corporate job and I'd suffer stop off at Charing Cross and I loved stopping off a pole things called Paul anyway I buy this like paste script like pistachio nuts in it or whatever let's sing now that's what you love doing and that's your um and that thing costs you let's say your little pastry thing you know that's a pastry let's say your pastry costs you three pounds a week that's your joy that's what brings you Joy and of course this could be any example but I'm just using Pastry as an example before you know I get the pastry police in the comments let's say it's three pounds yeah per week yeah times four is 12 pounds yeah 12 pounds a month again this is an illustration and then in a year times 12 is 144 pounds let's say your pastry Joy your small Joy the thing that no one can negotiate for you and take away from you is it's costing 144 pounds yeah you could actually invest money such that that money invested creates dividends a form of income that affords you this piece this Joy this small joy in your life let's say you invested that 144 pounds sorry let's say you invested money to give you 144 pounds of income a good way to work that out is essentially take 144 divided by say a yield let's say four percent so no point not four yeah and in this example if you work that out it will work out to be 3 600 pounds is what you'd need to have invested for that's a yield four percent per year for you to get your 144 pounds that you might then spend uh every month 12 pounds to give you a three pounds per week on your pastry you get the point this is just an illustration but essentially what I'm saying here is that one way to look at that thousand pounds is to use that thousand pounds to invest in assets that create you an income okay and that income can then be used for your lifestyle you know start with one Joy one area of joy in your life and from that one area of joy you can then move on to another area of Joy yeah and before you know it you could have some really um interesting parts of your life in terms of your costs and expenses covered by your uh your investing yeah that's a that's a second piece of advice my third recommendation from an upgrade perspective is to upgrade your health okay now I told you that we look at wealth holistically yeah it's not just about money because if you think about it I've had people pass away this year I I even on this hand I can count quite a few people already passed away and for me it's a very very sad realization even last night my really good friend her dad passed away you know now I'm saying this to say that a lot of the time we think about just money saving investing all these things but like if I want to be real with you what you need to get sorted out in addition to your money is to get your health in shape before it's too late yeah so if I had that thousand pounds and I wanted to upgrade something in my life I'd be looking to upgrade create a space at home like we've just done a home gym some of you might have seen um on our Instagram rather humble Penny if you're not following us there please head over there and check it out I'll actually link below and above and Mary might be able to put something up on the screen I don't know but go and check it out because that home gym didn't cost us a lot of money even though it was a room and we had to convert the room you know it didn't cost us a lot of money at all to get there in fact it costs I think about just under four and a half thousand pounds to create that just save us money and we we uh funded that from selling various things at home as well as saving money in our own right and so on so my point here is write a thousand pounds ad spend like you know say 300 pounds and buying really good quality dumbbells I'd spend another 300 on this system called TRX TRX for x-ray go and check it out go and Google it basically you exercise on the on using your own body weight we've got that system at home as well that'll really enjoy they're not spend the remainder on something like a a good quality bike you know like a kind of a Peloton you know type bike that you can use something that's something that's affordable um that you can use but essentially you get the point here I'm just giving you random examples but you need to upgrade your health anything that means that you're eating well and exercising well is where in that money in into number four is to upgrade your debt free goals okay a lot of people right now are essentially paying the minimums across all their debts yeah because as interest rates rise people feel completely out of control and so what they're able to do right now is just to pay for their minimums a really good example I did a workshop at the American Express office at Canary Wharf um last week yeah so about 40 young people aged between 17 and 30. and it was interesting when I got to student loans and I had these guys work at their networks each of them and it was really an enlightening experience really insightful a lot of people were like wow they've never done this before but when we go to student loans it was a bit of a weird one because people people were like well you know I don't know if I don't know if it's a dare I don't know if this I don't know if this and here's a question I ask people and I'm asking you this question do you know what you're paying in interest on your student loan right now do you know what what rate you're paying there are people in that session who checked yeah and found that they're paying around seven percent on their student loans now here's the thing I've got I've made a student loan Video Battle which will link to video and above you know feel free to watch out but the point here is being ignorant about our debts more generally is a problem you need to know your numbers you need to know what's happening with your student learns what's happening with your credit cards what's happening with your overdraft what's happening with your buy now pay later or your uh other forms of debt you need to know what on Earth is happening yeah and Tackle those debts right now so for me upgrading my my debt free goals look looks like this I want to tackle those expensive pieces of debt or even consider overpaying on my mortgage so a bit of action plan for action tasks action step for you right now is go and actually check what rate of paying and if you're someone who is earning a high income relatively so you're hire a taxpayer for example and you expect to keep earning a high in a full seat foreseeable future maybe for the next decade for example it might be in your interest to really take pain of those debts pretty seriously because as interest rates rise those rates also rise over time the fifth thing I would upgrade would be to upgrade your aim emergency savings we shared our communities tab on YouTube which I absolutely love by the way if everyone who engages in our communities tab massive love to you because we learn so much when we have fun sharing on there we shared some research from the money and pension services showed that 25 of all UK adults have less than 100 pounds a hundred pounds in savings I mean that if that doesn't shock you I mean that that completely silenced me when I saw it but we shouldn't be surprised just think about what's been happening people's savings have been depleted as the cost of living Rises yeah to the point where even people who are earning High incomes are living paychecks to paycheck we made a video about that which I'll link to below and above feature head over and check out so what to be doing with your thousand pounds if I was considering doing that would be to upgrade my emergency savings to try and rebuild to get me back to a point where I've built up at least three months of essential expenses as an emergency fund but I want to hear from you guys in the comments what would you upgrade with your thousand pounds or thousand dollars and and why jump in the comments and let us know if you are someone who's new to our Channel or you've been watching our channel for some time I hope this video spoke to you and give you value and if you did would really really appreciate it if you hit that subscribe button thank you guys so much for watching today's video and as always in all thanks be thankful and seek Joy take care much love from me and Mary bye for now

Channel: The Humble Penny

Views: 14,610

Keywords: how to invest £1000, how to invest £1000 uk, how to invest $1000, investing for beginners uk, how to invest money, the humble penny, humble penny, uk, Once You Get £1000 UPGRADE These 5 Things IMMEDIATELY, once you get $1000 upgrade, once you get $1000 upgrade these 5 things immediately, earn passive income, how to invest in stocks for beginners, financial education, money management, mindset, money mindset, £1000, invest £1000, invest $1000, $1000, how to invest, passive income

Id: FWoC6Mj1Nrs

Length: 15min 56sec (956 seconds)

Published: Tue Jul 18 2023