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Summary
TLDRIn this video script, the narrator recounts his financial struggles at 23, burdened with debt and unable to meet basic needs, which led to a fear of never being able to retire. Despite this, he eventually overcame his fears and is now enjoying early retirement at 56. He shares his experience to encourage viewers to face their financial fears, take control of their future, and debunks the myth that retirement is unattainable. The script serves as a wake-up call to viewers to actively plan for their retirement rather than relying on outdated systems or hoping for the best.
Takeaways
- 😨 The speaker faced a financial crisis at 23, burdened with debt and unable to cover basic living expenses.
- 🏦 The financial advisor's advice to start investing for retirement was met with skepticism due to the speaker's dire financial situation.
- 🤔 The speaker was unable to afford basic necessities, which led to a confrontation with a mortgage company that was unsympathetic to their plight.
- 🚫 The fear of never having enough money for retirement became a self-fulfilling prophecy, causing the speaker to avoid addressing the issue.
- 📈 The speaker overcame their fear and financial issues to achieve early retirement at the age of 56, proving that mindset changes can lead to positive outcomes.
- 💡 The importance of taking control of one's financial future is emphasized, as relying on others or systems may not provide the desired retirement outcome.
- 🗣️ The speaker encourages viewers to share their fears and struggles, offering a sense of community and support.
- 👎 Negative comments and attitudes towards financial planning are attributed to fear, which the speaker aims to address and overcome.
- 👍 Positive feedback from viewers is acknowledged, showing that sharing personal financial journeys can inspire and help others.
- 🚫 The speaker rejects abusive comments and focuses on providing value and support to those who are willing to change their financial mindset.
- 🔑 The video serves as a wake-up call for viewers to take ownership of their retirement planning and not to be complacent about their financial future.
Q & A
What financial situation was the speaker facing at 23 years old?
-The speaker was dealing with a severe financial crisis, including tens of thousands of pounds in debt, negative equity in a house, and a lawsuit from their ex-mother-in-law over a wedding present.
Why did the speaker feel that retirement investing was impossible at that time?
-The speaker couldn't even afford basic necessities like food, utilities, or fuel for their car, making it seem impossible to invest in retirement.
How did the mortgage company respond to the speaker's financial crisis?
-The mortgage company acknowledged that the speaker could afford to pay the mortgage but showed no concern for their inability to pay other essential bills or buy food, implying it was the speaker's responsibility.
What impact did fear have on the speaker's financial decisions?
-Fear paralyzed the speaker, leading them to believe they would never have enough money to retire, which became a self-fulfilling prophecy as they avoided addressing their financial problems.
How does the speaker compare fear in financial matters to fear in health matters?
-The speaker compares financial fear to health-related fears, where ignoring a problem due to fear only makes it worse. The speaker acknowledges that this avoidance behavior leads to larger issues over time.
What mindset change helped the speaker retire early?
-The speaker realized that changing outcomes requires a change in mindset. They stopped believing they were doomed and took control of their financial situation, which eventually allowed them to retire early at age 56.
How does the speaker view negative comments on their videos?
-The speaker believes that negative comments, such as expressions of hopelessness or abuse, often stem from fear. They delete abusive comments to maintain a positive environment for their viewers.
What advice does the speaker offer to those feeling overwhelmed by retirement planning?
-The speaker advises that funding retirement is a personal responsibility. They encourage viewers to take control of their financial situation and not to rely on outdated systems, such as final salary pensions, that no longer exist for most people.
What does the speaker believe is the root cause of people's resistance to retirement planning?
-The speaker believes fear is the root cause, leading people to feel that the system is rigged against them and that they are powerless to change their situation.
What is the speaker's main message for viewers regarding retirement?
-The speaker's main message is that while the responsibility for funding retirement falls on individuals, changing one's mindset and taking proactive steps can significantly improve their financial future. They encourage viewers to wake up to the reality of their situation and take control.
Outlines
💼 Facing Financial Crisis and the Impact of Fear
The speaker recounts a personal financial crisis at the age of 23, burdened with debt and negative equity in a house, and being sued by their ex-mother-in-law. They were unable to meet basic needs, such as feeding themselves, and faced a cold response from their mortgage company. The encounter with a financial advisor instilled a fear that they would never have enough money for retirement, leading to a self-fulfilling prophecy of inaction. The speaker highlights the paralyzing effect of fear, using a health care analogy where minor aches lead to catastrophic expectations. They invite viewers to share their fears and reflect on how they can overcome them.
📈 Mindset Shift for Early Retirement Success
The speaker shares their transformation from a fearful young adult to achieving early retirement at 56. They express gratitude for the feedback received on their videos about retirement and drawdown strategies. They address negative comments and the sense of hopelessness some viewers express about their financial future. The speaker emphasizes the importance of taking personal responsibility for retirement funding, critiquing the reliance on minimum employer contributions and the outdated notion of final salary pensions. They call for a mindset change, urging viewers to take control of their financial future and offering the video as a wake-up call to action.
🚫 Overcoming Financial Fears and Seeking the Truth
In the final paragraph, the speaker discusses their original intent to expose financial lies propagated by the media but felt a stronger duty to motivate those feeling lost. They encourage viewers to subscribe for more content and to share the video with friends who might need a wake-up call to take control of their financial lives. The speaker also advises those who still feel overwhelmed to unsubscribe to avoid adding to their fear. They end with a personal note of thanks to regular viewers and a promise to continue the conversation in the next video about financial misconceptions.
Mindmap
Keywords
💡Financial advisor
💡Financial crisis
💡Debt
💡Negative equity
💡Investing
💡Retirement
💡Fear
💡Self-fulfilling prophecy
💡Early retirement
💡Mindset
💡Ponzi scheme
Highlights
The importance of starting to invest in retirement at a young age was emphasized by a financial advisor.
The individual was facing a financial crisis at 23, with significant debt and negative equity in a house.
The struggle with affording basic necessities such as food, utilities, and transportation while being unable to negotiate mortgage terms.
The fear of never having enough money for retirement, which can be debilitating and dangerous.
A personal anecdote relating financial fear to health care fears and the tendency to ignore problems, allowing fear to grow.
The realization that fear can lead to a self-fulfilling prophecy of financial insolvency.
The power of mindset change in achieving financial and retirement goals.
The speaker's achievement of early retirement at 56, defying earlier fears and expectations.
The feedback received from sharing retirement and financial strategies, highlighting the positive impact on viewers.
Negative comments and the deleterious effect of fear on one's financial future.
The responsibility of individuals to fund their retirement, rather than relying solely on employers or government schemes.
The analogy of a doctor's diagnosis as a wake-up call for individuals to take control of their financial health.
The speaker's intention to debunk financial lies and misconceptions that hinder achieving retirement goals.
A call to action for viewers to subscribe for more content on overcoming financial challenges and achieving retirement.
The offer of an alternative perspective for those who feel the content may exacerbate their financial fears.
An encouragement for viewers to share the video with others who might benefit from the message of taking control of their financial future.
Transcripts
I'll never forget what I'm about to tell
you I was 23 years old and I had a
meeting with a financial advisor of the
hour I spent with him he impressed upon
me how important how imperative it was
that I start investing into my
retirement now then with him and it was
clear to me there were a couple of
things he needed to know about me first
so the first thing you needed to know
was I was suffering a finan financial
crisis you might be thinking 23 you
don't know what a financial crisis is oh
I did because I was saddled with tens of
thousands of pounds of debt in negative
equity in a house that I owned and I was
in the process of being sued by my exm
mother-in-law for a wedding present to
this day I don't think I ever saw I have
no idea what it was secondly I was
unable to feed myself is fun fact at
that time I went to see my mortgage
company to explain the plight to them of
what I was suffering with they said
right let's detail everything how much
do you bring home and I told them okay
your mortgage is this much can you
afford to pay the council tax of which I
could I couldn't however afford to pay
the electric bill the gas bill the water
bill or to feed myself or to put fuel in
my car so that I could drive to work
they didn't care they said said you've
clearly stated that you can afford to
pay your mortgage so we can't help you I
remember this so vividly and I said to
the woman I was speaking to I can't
afford to eat you know what she said
well you should have thought about that
before now shouldn't you so I told him
the one key bit of information he needed
to know and that is I can't afford to
feed myself how the hell do you expect
me to invest in my retirement and I was
out of there faster than you can ever
imagine but it so seed of worry of fear
for me and that is I'm never ever going
to have enough money to retire and fear
can be debilitating can't it it can be
dangerous I'm going to share an example
that's non Finance related and something
I think men can relate to more than
women I'll be honest and that's healthc
care let me know in the comments if you
can sympathize with what I tend to do
and that is I have an ache or pain I've
never had before I immediately expect
the worst I think everything is going
wrong I know what I should do what I
should do is track that ache and pain
over a few days and if it's not
improving or if it's getting worse seek
the attention of a medical professional
and get the problem solved but what I do
is try to forget about it and ignore it
and as I do that the fear just grows and
grows and the worst thing I could ever
do really is to tell my wife Sarah
because if I do that this then becomes a
major instant and will become escalated
but you know it's very rare for the
underlying problem to be as great as the
fear that you're suffering but that fear
is so debilitating it means you don't
face that problem head on if this isn't
you what fears do you have that
debilitate you let me know in the
comments I'll be really interested to
know actually so coming back to the
financial problem that financial advisor
struck fear Into the Heart of me that
I'll never ever have enough money to
afford to retire so you know what that
fear did to me it became a
self-fulfilling prophecy I thought well
I'm
doomed if it's that bad why should I
bother doing anything about it ever and
because I did this when I did finally
face the fear I realized I created a
much much bigger problem for myself that
I need to recover from and there's a
saying which is if you think you can or
if you think you can't
you're probably right and I thought I
couldn't I thought that getting to that
stage to actually be able to retire
would be as difficult as climbing a
mountain wearing clown shoes holding a
lead weight so what's led me to want to
share all of this with you today well
firstly I know that changing your
outcomes requires a change in mindset
and in my 20s I thought the chances of
me retiring let alone retiring early
were infinitely small and now I'm 4
years into early retirement at the age
of 56 now had a birthday a week ago
which is a bit depressing when I look
back at my 20s I find that depressing
too because I can remember exactly how I
was feeling and if there's any way that
I can speak to somebody through this
video that also has that same mindset of
feeling like they're doomed if I can
just help one person I feel like I'm
doing a lot because I remember the pain
that I was struggling with and I don't
want you to be struggling with that same
pain and since I've started sharing more
of this kind of information and around
retirement and draw down strategies in
our videos the feedback I've had through
the comments has been absolutely
incredible and I really want to thank
each and every one of you that takes the
time to leave a comment I know it's not
easy it takes time itself to do that and
also I get other comments which aren't
quite so positive on our videos things
like well I'm screwed there
or well my plan is I'm going to have as
short a life as possible or another one
why save dollars when money is losing
value every day
anyway and the thing is I can relate to
these I can see myself in these that's
probably the kind of thing I would have
said in my 20s because of fear and
because of feeling scared at the future
and looking at someone else and thinking
well yeah you did it but I'm not you I
haven't got your capability and I know
that's wrong if me and Sarah can do what
we've done to retire early then I think
many of you can too I also get another
type of comment which is abusive where
people watch a video that I make where
I'm trying to help people to reach their
dreams to retire early and they feel
that the best thing they can do is abuse
me what I do with those is I delete them
because I don't want to see rubbish like
that and I don't want my viewers to see
rubbish like that either and do you know
what there was a video this is funny
there's a video I made a few weeks ago
where I shared data not opinion but data
about how much people have have saved at
different stages of their lives and this
is their total net worth total net worth
is everything they got in pensions their
savings their house everything that has
got value I got I let me just check yes
1700 likes on that video which is
incredible but you know I also got more
than 100 thumbs down what does that even
mean to give a thumbs down on
information that I'm sharing not opinion
or what you think about me it's just
straight information well what I would
say for those people is it points to one
main word and that word is fear but to
all those people that give those thumbs
down or just feel screwed I want to get
real with you funding your retirement is
your
problem there is a general feeling or
malays that people suffer where they
think oh everything will be all right in
the end and you know if you take control
if you take ownership of this problem
yes everything will be okay in the end
but if you're looking at your parents or
your grandparents and say well they
don't know about money they didn't save
and they're they retired okay it's
highly likely because they've got a
final salary pension which is something
that their employers gave them which is
almost like a Ponzi scheme and those
things have been outlawed unless you
work in government or something like
that those schemes have gone it's all
down to you now to fund your retirement
I'm going on a bit of a rant here there
is an issue certainly in the UK I see
around retirement funding and that is
that now your employeers are legally
responsible for funding your retirement
together with you but that legal
responsibility is to put the minimum in
so they put the minimum in you put the
minimum in the feeling is there we go
job done I can now start planning my
next holiday that isn't likely to give
you the kind of retirement that you want
so if you are feeling that the system is
rigged against you that this will never
work for you this is your problem you've
got to get this sorted for yourself and
I want you to take this video as a bit
of a wakeup call a bit like you walking
into a doctor's office going back to my
previous analogy and the doctor saying
well you do have a serious
issue you can change it by changing your
lifestyle but it's on you you've got to
do that what are you going to do in that
situation are you going to ignore the
doctor's advice and carry on doing what
you're doing that's how you look at
life it's not going to be a good outcome
for you either healthwise or financially
when I started writing the script for
this video I wanted this to be something
totally different I wanted to talk about
some of the financial lies that we're
being told that lead us to make the
wrong financial decisions taking us
further away from hitting our dream of
retirement as I started to write it I
felt I've got a duty I've got a duty to
the people that feel that they're lost
and a duty to give them the wakeup call
that I had in my late 20s to really grab
this issue by the Scruff of the neck if
this has helped you really pleased to
hear that and I highly recommend you
subscribe and ring that Bell so you know
when more content coming along because
in the next video I am going to be
sharing one of those lies that the news
media give us that mean that we do make
some of the bad decisions in life that
you can overcome those to get you closer
to your retirement goal if however this
hasn't helped if you are still feeling
that the cards are stacked against you I
recommend not subscribing if you're
subscribed unsubscribe because I don't
want to add to your fear I know what
that's like staying awake at night every
night
scared don't want to be adding to that
and to every other viewer of this video
my regular viewers thank you for
watching and if you've got any friends
out there that you think this can relate
to maybe friends at work that you like
to talk to about money and they're not
listening to you maybe share this video
with them it might be the wakeup call
that they need to take control of their
lives really appreciate you watching
this my little rant I'll see you next
time
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