5MF005: Small Changes, Big Results!
The Meaningful Money Personal Finance Podcast
Pete Matthew
4.9 • 1.7K Ratings
🗓️ 13 April 2018
⏱️ 7 minutes
🧾️ Download transcript
Summary
Making small increments regularly to your savings rate can mean massive benefits further down the line. In this 5MF video I give you some numbers to illustrate the point...
Transcript
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| 0:00.0 | Financial success is about maintaining a few good habits regularly and |
| 0:05.4 | consistently over time. Today I'm going to talk about one of those. |
| 0:08.6 | Welcome to another five-minute Friday. Friday. One of the things that I see all too often is people setting up a pension or a |
| 0:21.1 | ICER or some kind of savings plan and setting it up for, I don't know, 50 quid a month, |
| 0:26.6 | 100 pounds a month, and they're never ever changing that. |
| 0:30.1 | They just leave it at the savings rate that they chose initially and forget about it. |
| 0:34.5 | Those same people are the ones who are surprised when they get to two or three years |
| 0:38.0 | before retirement and they realize they're not going to have enough money to retire on. |
| 0:41.5 | It's a simple fact, you can't just set something up |
| 0:43.8 | forget it entirely and just assume it's going to be fine for the rest of your life. No you have to |
| 0:48.0 | keep an eye on it and in this case we're going to talk about increasing the value of your savings over time. |
| 0:53.8 | So let's put five minutes on the clock. |
| 0:55.6 | I'm not going to need anything like five minutes this week. |
| 0:58.2 | He says, perhaps unwisely. |
| 1:00.4 | So let's crack on. |
| 1:01.6 | The thing about setting something up once, forgetting about it and not even thinking about it for another 10 years or 20 years, is that that's a passive non-intentional way of dealing with your money and you know if you're a regular |
| 1:15.1 | viewer and listener to meaningful money intentional is the key word when it comes |
| 1:20.2 | to seizing control of your finances and making sure that you're going to be |
| 1:23.6 | okay one day. So you guys are not in the business of being passive or |
| 1:27.8 | unintentional about your money and just kind of letting it waft along and |
| 1:31.4 | maybe it'll be okay okay maybe it won't. No you and me |
| 1:36.0 | were about seizing control of our money grabbing it by the scruff of the neck and |
... |
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