Matt

all things personal finance & budgeting

[Matt @cashclan__]

hi everyone,

on here to give some opinions and reflections about budgeting, personal finance and the associated bits, mostly aimed at gen z

get ready to hear some helpful things you probably haven't heard before.

[Matt @cashclan__]

@DudeWhoInvests still necessary imo some people need this to do it

[Matt @cashclan__]

@FinTradesX game recognises game

[Matt @cashclan__]

I think your head will mess with you depending on market conditions.

If it’s a bull market like the present you will tell yourself 6 months is unnecessary.

If it was a recession you’d think you need a year.

the honest truth imo is that nobody can be certain how much they’d need

You just need to be straight with yourself about what things can make you financially vulnerable in the short term that you are unwilling to take a loan for and have enough liquid to cover them

(you can’t assess a “worst case scenario” because a worst case scenario can be infinitely bad)

The financial planners telling people 3/6 months etc do so because people lack the ability to be straight with themselves and figure it out

[Matt @cashclan__]

Trying to see what type of finance/budgeting content people want most, I’d appreciate you interacting :)

Comment what you’d like if it’s missing

[Matt @cashclan__]

some of his call ins do actually seem financially intelligent

the guy weighing up mortgage payments vs stock market returns is smart

a missing bit that Dave covers without always mentioning is the problem of corrolated returns across asset classes at extremes (recessions) - ie when you really need money in one place to cover something you won’t have it anywhere else

[Matt @cashclan__]

@Mindset4Money_X if your confident then short it

but refusing to short it would mean this view isn’t meaningfully relevant

[Matt @cashclan__]

parts of it yeah

but good academic and government policies would make it accessible for all

it’s a (rational) governments best interest that the smart kids with broke parents can still be doctors/engineers etc

forking out 5/6 figs in tax money so someone can train to save the lives of your other citizens is a good expense - for moral and financial reasons

[Matt @cashclan__]

@StocksandDares @FinTradesX it only costs so much because the debt enables the price to go up

if nobody could take a loan to pay it wouldn’t be so expensive

[Matt @cashclan__]

@ItsJamesHall Im being quoted in the 4’s now

[Matt @cashclan__]

@FynnCapital cheers king, you too

[Matt @cashclan__]

fair enough, for habit building I agree.

I’d tell my kid to save a fiver a week if they made 10 mowing the lawn etc

this though is just to lower the chance they form destructive degen spending habits later in life when they could be putting a grand a month in the market

can’t have another fallen soldier to klarna

[Matt @cashclan__]

no Fynn I’m saying the ability to save 20 quid is completely not the point if 20 quid is all you can manage

and I didn’t say they could get a job whenever they liked, I said they need one as soon as they can get one. my point is that if your struggling that badly (because your income is very low) each hour working on your cv, networking and searching job websites is worth more than an hour spent figuring out how to save another 20

your point on having savings to move jobs is good, but 20 a month isn’t savings, it’s literally one small expense

[Matt @cashclan__]

@KieranT1000 also are you sure you’re not being too binary about the decision?

why is any of it “forever”?

[Matt @cashclan__]

@FynnCapital respectfully, Im too empathetic towards those trying to do well financially to look them in the face and agree that 20 a month will move the needle

it won’t, and if it’s 20 a month for the long run instead of just a short term period you need a new job or buisness asap

[Matt @cashclan__]

@KevinSzabo14 plenty of times when a night with the boys is worth more than a make money convo

don’t be so set on making lights that you don’t see the stars pass you by

[Matt @cashclan__]

hope you lot are also getting some

[Matt @cashclan__]

Retirement is a word I do not like.

You think: “I’ll put x per month into the market/pension and one day I’ll retire.”

this isn’t a thought process for those with real wealth.

retirement isn’t even a monetary concept to them, and it shouldn’t be for you

here’s the mindset shift you need:

focus on creating wealth vehicles and building them with your family in mind.

teach them how to steer.

Think about it…. If you spoke to a nepo baby would they say thier parents had a big retirement or would they just say they are wealthy?

Exactly.