“every single time you buy an asset – gold, stocks, anything – there’s risk involved
i think they’re going to go up in general because cash is being devalued but that’s no guarantee
be prepared when you put the money in the value fluctuates day to day
– it could go up it could go down
i think you’re more secure holding stocks in gold over the long term than cash
but there’s no guarantee when you buy things there’s risk involved”
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Performed by Gary Stevenson
GARY’S ECONOMICS
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You: Your first best investment is to invest in yourself, which is your education. You next best investment is usually a home and after that a family depending on the economy and circumstances. You should also try to use up your annual ISA allowance and invest/save in a highly diversified portfolio.
Government: The social system should be a net to catch anyone that falls below a certain level and either support them or help them build themselves up. For example, the government should support anyone who has been in a low skilled job for 5 years with support into higher education, to pull people out of the unskilled market and by doing so ensure the wages of unskilled people are not too low. This could be done with a minimum wage, combined with schemes which move people out of low paid jobs into education and schemes which move people out of unemployment into low paid jobs.
Economist: It is important to understand that good Economics is a science we use to maximize wealth and prosperity for everyone in the country. We are taught that it is all about making money and getting rich, but Economists learn that is not how the game works, it is about ensuring everyone in the country is better off, and if they are, then the person that drives that change should be richer.
Excellent channel Gary, and you are absolutely right, people are thinking about how to get rich quick… and that is the basis of scams and corruption which are damaging to the Economy. The government tax breaks tend to push you towards positive actions to help build you up, education, health, buying your home, family and investment. The Government and Economy are what we as a Democracy have decided to make our country strong, and the people of the UK have done a remarkable job. Young people tend to ignore voting, but you can't be complacent. Brexit was a lebensraum vote. A child might think less people means more jobs, but the reality is that places with very large populations of skilled and tolerant work forces, like London, are vastly superior for jobs and productivity.
We need political and economic thinking that fixes real problems and improves the lives of the people of the UK. Such as building more houses, rent a room tax breaks, improving transportation and focus on growth and jobs. All the stuff the UK government talk about, and we either don't want in our back yard or ignore, unless it is about blaming the Polish or Europeans. Remember, young people are the old home owners of tomorrow. Yes, we live longer, but that is nothing new. Careful to be constructive and not turn to turn to blame or envy politics, or justify stupid economics as envy in the case of Liz Truss (she is Economically illiterate, like many of the rich Tory voters who put her in power).
Bitcoin is digital property
what bothers me is that you keep telling that we must fix the economic system without telling how to fix the economic system! Did you watch Interreflections like I advised you?
That’s why you need to buy Bitcoin… do the research, learn it, spend hours on it… bitcoin is for everyone… until you start doing the research and understanding it, don’t ditch it… the biggest ponzi we’re living in now is real estate, stocks and fiat… when everything flips over the ordinary guy is going to miss out, it’s the opportunity of a lifetime! 12:59
tfw 1k 2 k maybe
thank you Gary! Hello from Brasil. A few years ago i did lost some money, in forex operations. Was something 15k BRL, but was so much. Is important to make some investment, but thinking always a little emergency fund
The basics of investing are 95% dont beat the index fund etfs so dont be an eejit and stick to that
I am from the East World 🌍
I have 2 Passive Incomes. I Save it and Invest in Gold Bullions 😊 True Money 💰.
I have Active Income Job for Emergency Funds and for Monthly Expenses.
No debts No Credit Cards and buy Everything Cash 😁
Live Frugal lifestyle. Avoid Inflation Lifestyle 😊
For all us with not as much experience as you Gary. Diversification is the most important eg as you mention buying an index rather than single funds. Buying property. People should look to do that through a company set up for them as you can claim things like bank interest as a company expense unlike if you buy the property in your own name. Great videos as always andcthe messages you are trying to get through are super important. Keep it up !
Something I surprisingly only recently realized about 'tech investing" is that everything that made people rich over the last 200 years was always "tech." Railroads were tech. Oil was tech. Autos were tech. Passenger aircraft were tech.
You should invest in tech.
Everyone who has a child should buy at least a gram of precious metal every now and again during the year for the child and continue until they are 18yrs. Gold is currently £58.00 a gram approx and it has increased by £10 per gram since October 2023, thats a great return compared to saving at a bank.
People should be thinking about 20 years ahead not what's around the corner. Also don't put all your eggs in one basket, and only gamble what you can afford to lose. Make use of tax incentives on pensions, and reinvest all dividends. My investments are to have a comfortable retirement swanning around the world in business class and still having nice cars. My mortgage is paid so all that money is going towards pensions and investments for the next 10 years. Finally, don't put yourself in debt so that you can invest. I don't expect to be rich, just comfortable enough to not worry about a boiler breaking or needing tyres on my car.
In short: You're completely f**ked and will be poor forever, and it's only going to get worse. That's it. There is no way out unless you're a genius businessman which you're pobably not. Learn to enjoy your life being broke, because that's all you are going to have.
Investing is like watching paint dry, invest in Global Equity fund Index and just watch it once a year, don’t change it, no matter what happens, the markets they invest in are efficient. Think long term. Always have an emergency cash fund of 6 mths of your household outgoings.
How can we hope the rich will be taxed more when our prime minister is a billionnaire?
The rich have the power to control the gouvernement and they will never allow the latter to tax them more. The burden of tax is on us working middle class and it’ll be the case forever.
just found your channel, love your videos.
one major critique:
If you think bitcoin is a get rich quick scheme, or if you think bitcoin isn't fundamentally different from every other crypto coin out there, then you don't understand bitcoin. Bitcoin seems to be a major blind spot for you. I don't want to tell you to immediately jump on the bitcoin train, but you absolutely should put away any preconceived notions you have on it and start deep diving into learning about it.
cheers!
I love the real word advice for people with no wealth being to just support taxing the rich more. However if you are in a position where you can save 100/200 quid a month and you put it in reasonably safe dividend stocks after compounding for 30 years you at least dont have to solely rely on the rather top-heavy pyramid scheme which is pensions…
200 a month 7% compounding interest, 30 years = over 200k…
Why are you trying to sound as though you're black? I thought I was listening to Ali G for a minute!
Save Johnny
Curious, has your view on BTC changed since then?
compound interest is powerful
Advice starts at 11:00
When you talk about investing in gold, what do you mean? A gold ETF or Physical Gold? Is the Royal Mint a good way to buy gold?
Another aspect of owning property that many people dont consider is retirement. When retiring your income will likely nosedive and if you have to find money each month for rent that is going to place a huge strain on your pension income and leave you in a difficult position as your earning potential is much lower. Something has to change as all I can see happening in the future is the Governement having to give handouts to pensioners that go straight to private landlords which is exactly what you rightly point out as being a major issue.