so for this we're going to talk about investing  personal finance and because i get asked  

on all my social all the time can you give me some  advice what can i do with my money how can i make  

more money for my money um so the first thing i  want people to understand is basically i talk a  

lot in my videos about how wealthy people make  a lot of money from their money so if you have  

like £10million which a lot of wealthy families do then they might make £300,000 a year

just from their money it's important to  understand that they're able to make that money  

because they are so super rich so it's pretty  ordinary for wealthy people wealthy families  

to make sort of 3-5% from their money that's where i get these numbers from  

so then if you have a family wealth of £10million  you can make £300,000 - £500,000

um and that's easy enough to live a good life off but for ordinary people  

who might have £10,000 - £20,000 if you make 3% you know it's better than not  

making it but it's not gonna change your life  right if you have £20,000 savings  

and you make 3% that's going to make you £600 a year right which is great

you want to make it £600 a year but it's not going to change your life so  

i have a bit of a concern that sometimes people  come to me asking for advice and often what they  

really want is kind of get rich quick schemes  you know we've seen a lot of people make a lot  

of money very quickly on things like bitcoin and  things like this in recent times um or tesla these  

sort of things have gone up super quickly and  um i think often when people ask for this kind  

of advice that's what they're looking for you  know they're looking to like make you know huge  

amounts of money despite only starting with 10 20 £30,000 i think it's important for people  

to realize the reason that super rich people and  very rich people are able to make huge amounts of  

money from their money is because they start with  huge amounts of money so these guys who already  

have even £1million, £2million that can make you like £50,000 £100,000

a year to live off but for ordinary people  who might have savings of 20 30 £40,000

you're not going to make life changing sums and people who do offer you sort  

of get rich quick schemes invest 20 30 £40,000 you're gonna make a £100,000

please be very very skeptical of those guys they're probably not people you can trust um  

realistically what we're talking about is if you can make 10% 20% from your money then you're  

doing really really really well but even that if  you make 20% which is a really super good return  

and you start with £50,000 that's making you  £10,000 a year so it's obviously it's great  

money but that's a fantastic return and it's  um you know it's not going to change your life  

so that's the first thing um when we talk  about investing you need to understand that  

it's not going to make huge amounts of money  unless you start with huge amounts of money  

and that's an important point because i often  think people come to me from ordinary backgrounds  

even maybe poor backgrounds like where i'm  from and they see investing as a way out of  

out of poverty out of a difficult situation but  the truth is the way things are set up right now  

it's not a reliable way out and um everything  you do every way you try to make money by for  

example you know betting on bitcoin or um betting  on the stock market is risky you can lose money  

basically it's not a reliable way out and  the reason why i talk about what i talk about  

saying we need to bring in a wealth tax is  because these kinds of solutions encouraging  

ordinary people to gamble on the stock market  to gamble on cryptocurrencies i think they're  

super dangerous basically and they're not  reliable ways out and the only way that  

people as a whole are going to improve their  lives is basically by bringing changes to the  

tax system and making the wealthy people pay  higher taxes okay but that said there are a  

few things ordinary people can do and we're going  to talk about what you can do oh but before i get  

into that i just wanted to quickly add you know  if you are lucky enough to have say £50,000  

£100,000 that you can invest and that's  kind of the amount of money that you really  

need to be able to make like really significantly  sums of money that are going to affect your life  

um just be aware that there's people out there  that don't have that and a lot of people don't  

have that um one of the pieces of advice i'm  going to give is that if you don't have property  

you should probably try and get property just  please be aware that there's like a huge number  

of people especially young people out there  for whom that's just not a possibility so  

yeah have a bit of awareness that if you do  have money saved up even though things might be  

difficult for you there are other people out there  that don't have money saved up and things are more  

difficult for them when i talk about changing the  system to make it fair for everyone that's going  

to benefit you but it's also going to benefit  those people who have less and you know i'm super  

aware of the people out there might be watching  that don't have that kind of money as well um  

so what you can do really is super different  depending on where you are you know i'm not  

going to patronize people who are struggling to  get by every day by telling them that there's  

much they can do the truth is those people are  already doing everything they can right if you're  

struggling to pay the bills you just got to keep  struggling like you're not going to make money  

from investing and um if you've only got a few  thousand pounds that you desperately need please  

don't be dragged into get rich quick schemes  you might see on the internet like bitcoin like  

big bubbles in certain stocks like gamestop  or like tesla um you might have seen people  

make money for them of course it's possible  but the truth is if you don't have a lot  

of money to risk you shouldn't be getting  involved because those things can drop 80%  

90% we've seen happen in the past and you could  lose everything you put in um yeah so if if you're  

struggling to get by the main thing you need to do  is encourage people to support greater taxation of  

the rich because that is the only way that's going  to really help the poorest people in our society  

if you're lucky enough to have saved up a  bit more money 20 30 40 50 £100 000

i would say your first priority should always be  to get um property and this goes back to things  

i've been talking a lot about in my videos right  so i've mentioned in my other videos about covid  

that there's been a huge amount of money  printing that's going to devalue money  

devaluation of money is kind of  a complicated concept right because  

if you devalue money you know we normally think  of the price of whatever devalued things going  

down but what is the price of money right you know the price of money can't go down 

£1 is £1 but if money itself devalues what we  will see is the price of everything else going up  

and uh in particular because the people who are  benefiting from covid are largely richer people who  

tend to buy assets i expect to see the price of  assets like property like stocks and shares like  

gold go up very quickly whereas wages probably  won't go up obviously that's not good news for  

most ordinary people but it's also not good news  for people who have their savings in cash so how  

do you avoid that? the main thing i would say is  really avoid keeping large amounts of savings in  

cash um i know that we're conditioned to think  that keeping your money in cash is the safest  

thing to do but when you're in a climate like  we're in now where prices of assets are going up  

very quickly including property if you're sitting  on £50,000 in cash and the house price  

doubles which unfortunately could do especially  here in london or even other parts of the country  

that is really not a good situation for  you right so i would really encourage  

if at all possible as soon as possible get  yourself some property because that gives you  

the security that you can um that might involve  trying to get together as a family borrow money  

from your parents it's important for people from  poor backgrounds to realize the reason why young  

people get property is almost always because their  parents give them money and um this is the thing i  

want to let people know because i know that people  from my sort of background poorer backgrounds  

they see other people buying property and they  don't understand how it's possible because it's  

almost impossible if you're in london even if  you're on like a higher salary like 40 50 £60,000  

it's impossible to save up that deposit  it takes years and years and years and years  

but people from richer families are  getting that money from their parents so  

you know it's an unfair system but if you're from  a poor family the most important thing is to keep  

hold of property that you have and to try and  get property for younger people that's going to  

be the real challenge going forward especially  with property prices increasing as quickly as  

they are now i know that's not super positive  advice for a lot of people to hear because  

a lot of people they simply can't buy property  and you know this is why i do the work that i do  

because you know i predicted a year ago that  property prices were going to go up despite  

the worst economic crash in you know about 100  years that's insane but it's happened all right  

we've had the worst economic crashing injuries and  probably prices have gone up that's because of the  

way that governments have dealt with the crisis  which is to print money give it to rich people  

the people that get hurt from that are poor  families don't have property but also ordinary  

families i want to send the message out to  ordinary families that own property that might  

think they're winning when house prices go up um  so the older members of those families that own  

the houses they might think they're making money  when house prices go up but they need to realize  

the only way to make that money is to sell  their house and if you sell your house  

then your kids won't have houses and if house  prices double then your kids won't be able to  

get houses with their own money so the  end result of this massive increase in  

house prices is basically more and more ordinary  families going to lose their houses over the long  

run so i would like to have a message for older  people that own property that might be excited  

when house prices go up is think about how this  is going to affect your kids and your grandkids  

the end result is basically going to be that most  people in this country will not own property in  

20 30 40 years time and the amount of people  who own property going to go is going to become  

less and less and less and less and less um and  that's going to make life worse for most people  

um so look i see it in the families around me  right my friends who are from richer backgrounds  

their parents give them a hundred grand they  re-mortgage the house give them a hundred  

grand and the kids buy property but my friends  are often poor backgrounds i've got friends who  

are from single parent families their mums have to  sell the house to get by and the kids get nothing  

so what we are seeing now with this  massive increase in house prices  

don't get excited about it because what it is  what is causing is a divergence basically where  

if you've got 10 properties of course that's  great you've probably got a stock portfolio  

as well that's gone up 10 times but if you  have no property your family's in big trouble  

i don't i don't bring me no joy to  say that but if you have one property  

probably also your kids and your grandkids will  become unable to own property in the future so  

really if we want to stop that as a group we have  to do something about inequality and that's why i  

said we have to tax the super rich it's the only  way to do it but as an individual like i said  

i get asked what can do with your money the main  thing is protect your property and if you can buy  

property if you're young if you can buy property  and if you're older help your kids buy property um  

yeah you know that's not a positive message but  it's not a positive time if we don't fix the  

economic system um but yeah if you are unable  to buy property now which i understand like a  

lot of young people are um and you're worried  about the deposit you've saved up being devalued  

there are sensible things you can do um don't  keep it all in cash invest in stocks and shares  

invest in gold i've got a lot of money invested in  gold also have some invested in stocks and shares  

um stocks tend to do well if the economy is good  so if you're an economic optimist you might want  

to buy more stocks gold tend to do better when  the economy is bad so if you're an economic  

pessimist you might want to buy more gold i've  got more gold if you buy a mixture of both then

you will probably be a bit more  secure whichever way it goes um  

the best way to do that for an ordinary person to  open a stocks and shares ISA that's if you're here  

in the UK um you can put £20,000 into that a year you can just buy normal gold funds or global  

stock tracker funds i recommend buying tracker  funds that buy a basket of stocks rather than  

individual stocks because they're less risky um  you can only put £20,000 a year into an

ISA but if you have more you can just get what's  called a general investment account there's plenty  

of providers online um i use free trade i use  hargreaves & landsdown but there's plenty  

of providers that will give you ISAs that's  independent savings accounts uh they have  

some tax advantages and if you have more money  general investment accounts GIAs um but yeah if  

you have money saved up you're worried about being  devalued buy stocks buy gold don't leave it in cash

um obviously keep some cash um and i have to  add to that like whenever i give advice like this  

every single time you buy an asset gold stocks  anything there's risk involved um i think they're  

going to go up in general because cash is being  devalued but that's no guarantee um be prepared  

when you put the money in the value fluctuates day  to day could go up it could go down i think you're  

more secure holding stocks in gold over the long  term than cash but um yeah there's no guarantee  

when you buy things there's risk involved um  yeah what have you got any questions on that

housing could be so much more affordable wages  could be so much higher and we could have so  

many more options in how we live our lives some  of them put a lot of money into paying economists  

and think tanks to tell you that inequality  is important for the economy that is not true