100th episode: This changed how we invest

0:01You know what I love, Damo? Things that save me time. You don't have YouTube premium, mate, so I just don't believe that. Granted, I'll give you that one. However, I've got one for you. A great time saver in personal finance is Money Week magazine. They spend a lot of time distilling the biggest stories in personal finance down into consumable chunks, so you don't have to scroll and scroll. They give practical tips on savings, investments, pensions, the UK economy, the global economy. It's like your five a day, but for finance. If you want to give Money Week a try, you can get six issues in print and the app absolutely free by visiting moneyweek.com forward slash money.

0:34After your trial, you'll save an extra£5 a quarter on the subscription, which is exclusive to Making Money listeners. And that's moneyweek.com forward slash money. But there's a link in the description if you just want to click that. Hello, everybody. Slightly special episode today, Tomein. We made it. 100 episodes. A century. Centenary? Centenary. Yeah. Yeah. It's kind of crazy because it feels very quick and very long. yeah two years has gone by really quickly but is it two years are you gonna tell someone's gonna tell me now it's five or something is it two two and a bit two and a bit flu yeah i want to start first of all by saying thank you to everyone who's listened to the podcast over those two years i think naively when we leapt into this i certainly underestimated how hard it is to put on a good show to have good conversations and i think we continue to learn and develop and you know we've had amazing support throughout and yeah just thank you for for putting up with it and and hopefully enjoying the things that we make here yeah and thanks for the comments on youtube and all the dms like and all the feedback kind of helps helps us grow yeah gives us a bit more confidence yeah yeah yeah well me anyway don't know about you got too much confidence i ain't got no confidence mate no yeah so you read the comments you just don't reply to them is that you're just too big for that i replied to the comments on instagram t is making money um but youtube i'm working my way up to replying to the comments i'll be there soon i'll be there soon you're such a shill mate you shill out your insta but you won't reply to people you just like the love don't you you won't reply to the feedback i just like the clout and the love yeah well we got we got a special episode today for you because we've got some questions um i don't i haven't seen what questions were going to be asked and on the basis that there's champagne glasses in front of us i I imagine, what time is it?

2:22Is it 11am? It's 10 at 9am. We got some champagne glasses. Quarter to 10. We need some champagne garçon. Is it no seco, mate? Will? It's no no seco. Garçon. I need a refreshment. While we're doing thank yous as well. So this is Will. This is one of the producers of the podcast. And this is his house that we're in. Oh, it's not. It's not no seco, is it, mate? That's actual alcohol. Yeah. Okay, so. I find it interesting, T, that you thank the audience for giving you all of that feedback. but you don't even watch the episodes. I watch the episodes. Stop. At the beginning, I was a little bit nervous watching our episodes.

2:59I got, I guess, stage fright. But now, watch them no problem. Damo told me, he gave me the best advice. He said, I've got to be like Kobe, Kobe Bryant, one of my favourite basketball players. I've got to analyse my game tapes. Yeah, I would say to you, every week you should watch your episodes. None of it resonated. I said, do you think Kobe watches his games back? He'd go, oh my God, I'm going to watch the episodes. So now I'm like a student of the game, just like Kobe Bryant. Yeah, yeah. And then some other thank yous. We've got our other producer, the actual producer. We called Will producer.

3:27He's like... I'm just food and drink, really. Hospitality. No, no. You remortgaged your house so that we could buy the podcast. So, you know, you've got some skin in the game, mate. It's big Will. Yeah, we've got Ruth, our other producer. We've got Ben, the cameraman. We used to have a guy called Jack, but Jack isn't here anymore. Jack's Ben's boss, but Jack's on to other things. But we should thank Jack because he's the one who figured out how to make this house an actual studio. Because it's not that easy, really. No. But yeah, thanks, mate. I've been told we can't drink this because we've got to interview a load of people next.

3:59He does what he wants. Try and stop us. I feel like I'm a broker again. That's the last time I drank this early. Probably a stag do or when I was a broker was drinking before like midday. That's the last times I've done this. Brings my memories. Both those jobs lasted a long time, didn't they? well stag do's oh no but I'm still going but I'm going on one next week you treat stag do's like a full time job I do I've been on like 11 now I'm like the stag do king and then people just invite me on their stag do's they're like you were great on that one do you want to come to mine I think it's because yeah even people you don't know he brings the party yeah yeah goodbye just come on my stag do yeah yeah didn't get invited to the wedding though that's mad no one wanted I went to the wedding reception but not the wedding and so I went to the stag do the wedding reception but not the actual wedding they don't want the partner to meet you mate because they'll be like, oh, I see what you were up to on the stag do.

4:50Oh, behavioural. No, you are great on a holiday. You know, you're like the energy you need on a land's holiday. Yeah, you've got to have fun, man. When you're a group of middle-aged white guys. You've got to spend some of that money. I've got to encourage you guys to spend. No, you think you've still got it, but what happens is you end up in bed flat out at 9pm whereas you're there like, let's go, let's go, bring in the energy. So it's good. Right, should we answer some questions then? I think actually we've got some that have been sent in. so we're going to go to a video first of all this is off Pete Matthew who has been on our episode but is also the OG finance YouTuber there was a bit of inspiration for you?

5:29yeah massively yeah he proved it could be done he was doing it well before anyone should have been doing it really YouTube was just cat memes and this guy was rattling out finance content and the fact that he did it for so long consistently prove that it must be something worth doing. And he's doing really well now. He's crossed well over 100 ,000 subscribers. I know it's great for all of his wider projects. I think he's probably one of the most respected people in the space. And yeah, that longevity. Since we were knee high to a grasshopper, mate. Since we were baby pigs and he was daddy pig.

6:01Yeah, he is the daddy pig. Should we play this? Hi, Damo and T. It's Pete Matthew here from Meaningful Money. And I just want to say a massive congratulations on hitting 100 episodes of the podcast. It's an amazing achievement. So my question to you is, of all the guests you've had on the last 100 episodes, what has been the thing that has come out of the interview that has made you go, whoa, I didn't know that, or that blew your mind, or that really made you think? What was the one thing that, out of all the conversations you've had, has really kind of blown your mind? I'd love to know what the answer to that is.

6:40congrats again to you both and of course to the whole team and toothless without forgetting thanks again for all that you do to help folks here in the uk learn more about personal finance you guys are legends i actually did pete's 100th episode so it may have been more than 100 but he had a celebration around how many episodes he put out and i did a question for him and so it's nice that he's returned the favor there thank you pete go on t most meaningful thing i've learned The most mind blowing. Mind blowing. It would definitely be that for, I guess, to be good at investing. It's not just about, I always thought it's just like, oh, you need to know, have the knowledge, like know the stock market, know the different asset classes investing.

7:25But it's actually equally or even more so behavioral. So it's all about like your habits, your approach to money, your attitudes to money, like your past with money, your past experiences. So all kind of blends. So you can have all the knowledge and know everything about investing. But if you've got a bad habit, you gamble or you're like, you're not good at budgeting, then you're not going to improve your position. So for me, along the journey of the podcast, a lot of it's been about changing habits and the way I see things. I think a lot of it started with the budgeting episode, but then also just generally like putting in habits every month and yeah, good habits every month, like investing every month into my life.

8:01So things like that. So instead of, you know, getting paid and just, oh, buy this, go out, go party. So yeah, definitely like behavioral is really important in investing. One of the reasons that I've always had a behavioral finance lean on the content is the realization that it's the battle with self that is one of the hardest bits of the finance thing. Because people can tell you all of the theory, but can you, you know, can you show up every week and consistently invest through market downturns and these kind of things? This is the thing that I think rattles people and scares them off. not sell when you see the market go down yeah stick to your investment theory so there's loads of times seco's tasty mate this is a really bad idea this on every episode from now on i know i'm gonna be hung over by 11 a.m um yeah there's loads of times i've had my mind blown through some of the amazing guests that we've we've had sat right there it's been really humbling experience and it's really made me realize how big a topic finance is right but there was one conversation recently, which may or may not have come out yet, but it was with Elroy Dimson, one of the guys who literally wrote the book on market returns.

9:08And we were talking about being invested in the UK. And he just made a kind of throwaway line of people who live in the UK are already exposed to the UK market through their jobs. So there's a strong argument that they shouldn't invest in the UK at all, and they should look for international exposure. That kind of rattled my mind a bit at a time where everyone's pushing us to invest more. Whereas if Andrew Craig would say no it's your it's your duty to invest in the uk and the reason the uk market has declined is because we should put put you know people aren't putting enough money in the one thing that i've taken from the podcast is that i think everyone is right a little bit and i think we would be better off as a world if we stopped being so tribal and you know almost treating our views like football teams and instead listen to both sides of the debate and realize that everyone's got a little bit of a bit of truth there and there's good ideas on all sides of it i don't know why i'm turning it political it's the liquor but yeah that's kind of my big takeaway there i don't even know if that was answering pete's question but that's what you're getting mate thank you you want to pick some stuff out the hat mate i mean i am the king of reading on this podcast so let me start reading some of these we say that by the way because to main's reading is is amazing it's year one level let me show you now how good i am yeah we're not going to edit any of this out mate so all right big pressure jake asks how much money is enough it's pretty well read i know i nailed it didn't i i've cut my finger somehow it's like bleeding here so i'm just gonna sorry jake but i'm just gonna walk you're bleeding all over jake's question question to how much money is enough um it's so funny at the beginning of the podcast i can't remember what I said but it was you were talking about boats and all sorts yeah I think uh realistically about 10 to 20 mil yeah so you you've really you really like you've got become more measured with that how much is enough enough for what are you doing okay so you're trying to invade a country I was thinking about this because you say we need more in retirement now than everyone expects so you need like a couple mil retirement if you want to live comfortably yeah but if you want to leave some for your kids um and if you're looking like assets as well you know 10 to 20 mil is enough to do whatever you want when he says enough how do you describe enough because enough is like to never need to work again is that enough or like what how do you define enough yeah so prof g has been circulating because he he articulated a well thought out concept within finance of it's when you're the income that your assets produces on a monthly basis relatively passively is bigger than your burn so for me that would be you know if i if if my asset base was kicking out six to ten grand a month that's enough because i would never need to work again so you reverse backwards from that and go maybe you need three million quid two to three million quid to produce a six grand a month your 10 to 20 million figure enough to never have to work again if you had 10 10 million what are you taking off that?

12:11Maybe 400 grand, 40 grand a month? 30, 40 grand a month? Is that what you're saying you need? No. Maybe not, but you know. Well, enough. Enough is hard though. It's all perspective. I'd be happy with a couple mil because I can just, I've enjoyed myself being broke. Like I have a good time with or without money. But if you're thinking like, I never want to work a day again. Do I have to go back to work? Do I can go on holidays? Freedom to do whatever I want. Travel whenever I want. Buy a house wherever I want. You need 10 mil. yeah um someone who was on someone who was on here before ollie uh who was the business founder who's who founded story learning and has made lots of money he's almost like a mentor to me as well within this content space and he's definitely 10 years ahead of where i'm at and he said something to me the other day he said i set out with this goal to build a business that was super passive that produced income without me working for it.

13:06And I focused on that and I built it over a five to 10 year period. And then when I got there, I realized that I still was working all the time, finding things to do. And the reason that he did that was because he hated his job and his, when he started that journey and his answer to hating his job was, well, let's create a system where I never need to work again. But actually that was a reaction to just hating his job. and I think sometimes when people are saying how much money is enough that they're probably not looking at the real drivers behind that question in their own life how much money is enough to make your kids like you no answer to that how much money is enough to be happy in your marriage again that's not that's not the right question how much money is enough to go on holiday a few times a year that that's a question you can probably answer that's more why I'm thinking about freedom so 20 mil yeah no it's a bit much I mean to be fair I would never I don't see myself as someone who would want to stop working i never be like oh i've made all my money out i'm just gonna retire and when tim armu came on and he's like uh i made i don't know how much he made like let's say like 20 mil then he's like i was in a room with someone he's like oh i've made 50 mil and he's looking at the next person who made a billion and it's like and they're all looking next level i if i got to 10 mil i'd be like i'm done i'm happy so yeah but i think the thing we know about money is and from people who've made lots of money there's never there's never a point where they go yeah i've there's not many people that say they've got enough there's always in a bigger a bigger boat mate yeah not for me i just want to go have loads of fun play basketball go on holiday go watch basketball games get go on some boats get some yachts not own some yachts just you know go on some yachts have some fun oh yeah i think i think you need to think about what's enough for you let's next question oh sorry i'm taking your job here you your behavior getting blood all over it as well finger work hazard pay luke asks what percentage of your pod this is great what percentage of your podcast guests to date do you both think you could beat in a fight you don't have to mention any names oh i'm bringing names mate i'm bringing names let's start with the one it's easier to say the ones that could beat us up because there's there's only a few of them the louis i'm coming elbows across the table for most of them they wouldn't even see it coming i've been boxing now for two to three years so i fancy myself i feel tom mcfail he would batter us he's got that yeah he looks like a bit like louis ferru yeah he's got that kind of deep wiry strength like a climber's strength yeah climber's strength i feel like he'd grip me up and just grip you up no more prosecco for damo getting gripped up by tom Yeah, and he's got a lot of reach.

15:45He's got a lot of reach. I mean, I fancy myself against everyone that comes on the podcast, only because I live in London and I wear a lot of jewellery. So I'm just pretty much ready to go 24-7. You've got to be like head on a swivel around here. So I do a lot of calisthenics. I fancy myself. I'm trying to think. That's my honest answer. But no, I mean. But one of them blatantly is like a secret boxer or secret black belt. And I'd be like, have you. And then next thing I'd be unconscious. Why do you remember Martin Wolf? Do you remember Martin Wolf and Edward Chancellor wanted to square off against us?

16:17Martin Wolf and Edward Chancellor wanted to square off against us. Yeah. And he said he'd get inside my reach and batter me. I think Martin Wolf was tasty. He'd beat you up with words. You know, he'd break you before you got into the ring. What about Gary Stevenson? That's what I was thinking. Scrappy. Yeah, scrappy. He'd come at you with like aggression, I reckon. He might intimidate you out of the fight. Yeah. Yeah. Yeah. I mean, he has got some energy about it. Yeah, it's energy, yeah. Look, we've got a table here and every guest that sits down has to sign a release clause. And Gary Stevenson is the only person that has engraved his name permanently into the desk because he pressed so hard when he resided it.

16:56We're doing like two sheets of paper into the desk, etched in. We're going to cut it up. Well, I'm going to cut it up one day and sell that little section. Yeah, it'd probably be worth a lot of money, but you won't get to keep it because it'll all get taxed. we're joking we're joking so yeah i don't know but i don't really often think about fighting uh i guess so much so i kind of want to make them feel comfortable and welcome and learn from them yeah on to the next one go on then mate oh clickmaker 764 says what were the first shares you bought any catastrophes any success stories catastrophes catastrophes you've got loads of them i got a load yeah who's going first well i did the classic thing that everyone does of i wanted to invest and i thought investing was day trading and forex trading so i opened a dummy account made like a grand on the dummy account i'm ready for this chart goes up by chart goes down sell and then you use your money and it's i probably don't even know what i bought you know i was buying currencies and all sorts and just it wasn't loads of money but it was to me at the time lost a few hundred quid which put me off i bought um businesses throughout the years even in the recent times that have done badly bid stack was um uh i think they're called bid stack they're a company that that put adverts inside of games and it sounded to me like an amazing idea of you know they can insert your ads in games so you're running around fallout and the billboard is a Louis Vuitton billboard or something and they can dynamically change them.

18:36But just because someone's got a good idea doesn't mean that it's a good company and that performed pretty badly. So yeah, I still do that now. I still get humbled by, I think, I've got 10 % of my money that is like play money. Play money, yeah. And I still get humbled by the market. I started in like around 2010, 2009. I was in Durham in uni with you and my flatmate Ollie, we were like, He's like, oh, let's get into some of these stocks. He's like, Rockhopper, it's like an oil exploration company. Bought the stock shares. They found some oil. It went up. I was like, this is easy. I know what I'm doing.

19:12BP had a big oil spill, like, I think later that year, or like 2011. And I was like, oh, well, I'm sure BP's going to come back. Bought that, came back. I was like, yeah, I'm a pro. I know what I'm doing. And then my cousins are like, oh, I've got some Nigerian oil companies. Definitely buy these. And I was like, yeah, we're going to the moon. Bought them. They did not go to the moon. they went to hades mate they went down down down so i was like okay um interesting and then i went into that fund i was like let me try these funds so i went into the one that went really bad um oh uh neil woodford neil woodford fund and i'm like they sell tobacco people like to smoke and i was in uni i was like i smoke in uni and i was like um they sell like pharmaceutical they invest in pharmaceuticals i'm like well everyone likes drugs so it's gonna make money and i'm like and they invest in weapons i'm like well there are a lot of wars going on so i'm pretty sure that's a good fund all the ethical stuff hey people are going to stop smoking they're not going to stop taking medicine and they're not going to stop going to war so let me try and make some money in this and then like the fund just went tits up i don't know what what happened it was like i can't remember but i just know that i lost money i lost all of it neil woodford emailed me the other day don't lie yeah telling me o's t some money yeah a couple bags please yeah i don't know but all went to like the whole fund got wound up and then yeah i think i got like a little bit of money back but i'm talking like 30 quid out of like five grand or four grand or something so yeah it wasn't the wasn't the best and then that put me off for years and then i found the crypto and yeah the rest is history yeah yeah he emailed me because someone i know introduced us over email and i was like oh it'd be good to get him on the podcast thing and give him a bit of a grilling yes and be you know like how do you feel and what what do you think of that period do you think you were arrogant you know all the questions uh and then he emailed me back he didn't he didn't reply reply so i got introduced and i said oh yeah it'd be great to talk about getting you on the podcast he didn't reply and then a few a month or two later he emailed me going sorry i didn't reply at the time damien really busy you know doing nothing i don't know what he does but he's not running a fund is he but then he was like i would love to come on i think there's a commercial kind of i think there's something we could do together and i was like yeah i don't want i don't want i don't want to really engage in that so i just left it bring him on no but then i seen he launched some paid for stock picking subscription service, you know, where you can sign up for a private community and he will email you his hot picks.

21:31I was like, yeah, I ain't bringing him on to promote that crap, like, you know. Bring him on to have an arm wrestle with me. There's someone we could put you in a box. Yeah, that's definitely right. I mean, no, let's not, I don't think it's right. I don't think it's all his fault. Well, no, I would probably say that quite a lot of it was his fault. I think the biggest problem with what he did was he presented the funds as safe income and then bought illiquid companies and changed the mandate of the fund and stuff i then think there was loads of failings after it with the way it was handled and people locked out the fund and then the companies that were allowed to take the fund were allowed to sell the assets for for for way more than they bought them for there was just failing after failing but i would have liked to have had him there and said you know go on tell us your story in that sense your side of it but i don't know if it's even relevant anymore it was years ago yeah it feels like a different life and sometimes are you giving people a platform to create excuses around something whereas the world has judged them and and moved on i don't know last time we recorded to me and you were having some real dramas with your accountant so how's that been going mate they're sacked so drama sorted um they're a big corporate firm um they didn't really reply to my emails very quickly like took a week or two at times um and they charged me way too much.

22:50I mean, I've got pretty simple taxes and yeah, they were charging me thousands. They saved me some money, but yeah, I had to move on. Slow and expensive. Pretty much, yeah. This is one of the reasons that we're really happy to be partnering with TaxApp. It's a tech platform that makes self-assessment simple. Whether you're self-employed like me, a freelancer or a director like Damo, big dog. Instead of sending endless emails, bills and spreadsheets to your accountant, you just connect your bank, answer a few questions that are only relevant to you and your tax return can be ready in as little as 15 minutes.

23:17TaxApp is really easy to use and it's HMRC recognised software. So it's safe, secure and legit. The price is also decent. So if you're self-employed with one income stream, it's just£89 as a one-off fee. No big accountancy fees. And we also have a discount code, of course. If you need to file a self-assessment this year, give TaxApp a try. We've left a link in the description and use the code MONEY10 for 10 % off your first tax filing. That code is MONEY, M-O-N-E-Y 1-0. So Mr. O 'Carolet, I hear you are a salesman. Elite salesman, yes. One of the best, they say? I've got a little bit of experience in the game, yeah, I could say.

23:54I've done a few deals. Bill, Bill. What would your compliance team say about you? They would say that I am always nagging them and that essentially I just have beef with compliance. I love the team. Compliance slows down all my deals because every time I get to the finish line, they've got to check documents, It's KYC, GDPR, and it's just a nightmare. It slows the deal down by like two, three weeks. It's always on both sides as well, isn't it? Sometimes it can be blocked on the other side. Well, that's where today's sponsor can help. Indeed. Vanta helps companies of all sizes get secure and compliant fast.

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25:01That's vanta.com forward slash making money. There's a link in the description though, so you can just click that. Right, next one. making money podcast congratulations I can't believe nearly a hundred episodes I've definitely watched most of them or I've been out on runs where I've listened to most of them as well so huge congratulations to both of you and the wider team as well because it takes a big team to make this podcast now question for both of you after everyone you've interviewed after all these nearly 100 different people is there anything that you would change in the way you approach money you're investing now than you did at the start.

25:39And it'd be good to get both your perspectives on that one because T, I know you love your crypto and your trading and Damien, you're more sticking to the boring stuff, but have you gone a bit wilder like T has with his investing approach? And then for a bonus question, if you were both to get 10 million quid right now, I want to know what you would do with it, what you'd invest in and what you would do with your lives. Would there still be a podcast? Anyway, hopefully here's the next few hundred. Good luck. I'll see you in the next one. all right that's toby newbat um also aka baby demo yeah mommy pig no he he's he's a good friend of mine i speak to him most days i speak to him more than speak to you um i'm sorry i don't know why why would he say that it's the booze it brings out the worst in me no i i do speak to him most days because he's like a competitor if you want to call it that but he works in the same field he he was a guest as well his episode did really well which was great um anyway questions so first question was how is your what what have you changed after speaking to all these people and then the second one was what would you do if you got 10 million quid which is as we know to make enough for you um what have i changed i guess i've become a lot more um kind of intentional with my investing uh before i used to just like kind of swing for the fences and i'm like this one's gonna make me a mill um just going on very high risk assets uh a lot of crypto and then like individual stock picking now i'm still in crypto but i don't invest in like the high like the meme coins anymore i mean i do have one just like you know just one for fun uh but most of them are like i invest in bitcoin solana ethereum xrp just those four um and then the rest of my money is in like global index funds uh lice i love it i'm loving the lice because when you put the money in and then you see the government like they've put in like 500 quid or like i'm like oh thank you for that 500 quid so like you can actually see them contributing when you contribute so i really like the lice um so yeah i think i'm looking more long term now investing before i was like how can i make money so I can go on holiday or so I can spend it this year or like, like, yeah, have fun, make, get as much money in my bank as I can now and then have freedom.

28:02But now I'm thinking more long-term for my son, for myself, for my retirement. Yeah. Okay. We'll come back to the 10 million question in a second, shall we?

28:15I think one thing that's changed about how I view the world and the finances through the podcast is my interest in politics. I probably in the past was one of these people that was a bit more towards the angle of well they're all dickheads so leave them to it and I'll get I'll do me now I see the impact that the politics has on me the wider country and those decisions and just through speaking to really tuned in people on that it's really helped me form my views around it I still think they're all dickheads for the record i think they're all as bad as each other um but no like i've become way more interested in that side of things the policy side of things and no understanding how you know pension the pension policy is needs to change or whatever and i think i've become more confident in my own my own approach and my own strategies the amount of people that we've had sit there that go yeah a global investment approach is probably the best thing um i always thought that was the case but it's quite reassuring to hear it from from so many people on all sides of the spectrum and then i've probably become less obsessed with trying to get rich from investing and more just this idea of just try to outrun inflation and produce a positive return long term and and try not to um be be too sophisticated or special with it broad diversification it's okay if i don't get get like you know 50 a year or whatever as long as long term i'm i'm tucking away and and delivering a return so i'm probably a bit more balanced in that sense i spend a lot more money though as well so i've like broadened it holistically that way i think in the past you know it's that thing of when you discover investing you think this is the thing that's going to give me freedom and get and get me rich and for 10 years of my life i just sacrificed on my life to throw as much money as i could into investing now i think of more this is the vehicle that's gonna be the place i put the money that i generate from my life which i need to enjoy at the same time as i invest you know it's slightly different i also yeah follow up on that someone mentioned on the podcast um the best way to make more money like is to invest in yourself and your business or like yeah invent learn learn a new skill get a qualification get a pay rise so yeah i definitely shifted more from trying to make money doing other things rather than yeah make money myself in my job podcast like things that i can control and then obviously try and grow that with investing but focusing on getting working yourself first yeah i've also i've also learned that you know the wisdom of age and the fact that just because something to me doesn't make sense right now doesn't mean that in 30 years it won't and you know you hear people's talking about de-risking and bonds and or gold allocations and and these other things and you think well maybe my perspective will change on that by the time I get there and I've got a big chunk of money in the market and I'm thinking I don't want to see this drop 20 percent I think we can be too quick to discredit the views of other people as outdated or old and I think that's that that's been a bit of a learning process for me as well yeah same like financial advisors at the beginning I was like oh they just take your money they but now I'm like they're actually really valuable same with like mortgage advisors pension advisors uh i learned myself from my accountant like these people actually do add value they're not just there to take your money there's there's a reason people use accountants for for taxes as people reason people use financial advisors because they may know more they can give you information you don't know and make you money or save you money yeah yeah okay so what would you do if you had 10 million good stuff uh first meal going on bitcoin immediately immediately because i not financial advice but i think one day bitcoin will be a million dollars so i will spend a million on bitcoin um but that's only going to be 10 of my 10 mil um so i'll just tuck that away hopefully give it to my son when he's older and he'll be like dad you're such a legend um and then put probably like two mil in global funds uh global index um buy some properties um a couple buy to lets um and then obviously keep some cash got to keep some yeah keep some cash for like just cash for a rainy day uh emergency fund but i have like maybe two mil emergency fund that's that's very comfortable because then you're like whatever happens two mil emergency fund if i've got 10 yeah two mil emergency fund like you don't know what's going to happen for example my cousin had a car crash terrible car crash in nigeria lost the use of her legs they had to helicopter out of nigeria into like england put in a hospital medical bills went to america like this has been going on for like seven years it's cost hundreds of thousands of pounds like so like you don't know what's going to happen in life sorry to hear that yeah i know and like close cousins the same age as me so yeah you don't know what's going to happen in life so yeah emergency funds if you've got 10 mil make two mil my emergency fund okay okay um i would give a bit to charity i think if you get oh great thanks a lot mate just make me make me look like an absolute see you next tuesday know all about that charity mate charity me

33:27charity yeah yeah i would i'd give him i'd give a mil or two to charity for sure um i would slap most of it in the stock market in a global index fund probably because uh i know that that would kick off at a level of of income for me i would take some time i'd probably just sit on it but the question that toby was asking was you know what would you do and i think at the minute the process of making content we are always trying to find ways to give away as much value for free as possible so i don't want to charge people for the information but there's obviously there's a need to make money to keep everything going because i i've not got infinite amounts of cash i can't i would just run out of money there's people that need paying across all of the different uh content verticals bit of a douchey term but yeah the verticals there's around about 14 people that draw an income off it you know yourself included the people in this room that kind of thing so if i had 10 million and i and i had that in the market was kicking out an income it would allow us all to start thinking about really cool ways to make content that don't have the constraints of money behind them as in how do we make money out of this so that we can afford to make it and i think that that's quite exciting i think i would always do the podcast because this is quite a fun thing oh yeah what you often see from big creators is once they get rich and i see you they stop doing the the main channel and they do the podcast because the podcast is is fun and easier for them main channel videos can be quite involved you know it might take eight days to make a video say i don't think i would ever stop that but i would probably go okay now money's not an object what are we doing and how can we really push from change you know how can we now we've solve the money problem how can we solve it for the uk in a bigger way like push more on the purpose and the mission without the need to pay the bills definitely still podcast uh no matter how much we made quick question though since you set me up how do you give to charity currently yes who do you give to so i give to victim support uh regularly donate to victim support i donate to my local food bank thank you wesley um is that what it's called or is there someone called wesley no wesley's the guy who hit me cheers wes so every time he sends a payment every month i give it to the local food bank um and then yeah the victim support are so when when i was when i was attacked i i came home i made a video and i got lots of support off off the community both financially and just like you know build you up support most people who i go through some kind of crime violent sexual these kind of ones that where they they invade your like safety and space and then this leaves lasting effects yeah they leave there's this the issue is the afterwards where that person feels it's like you've been awoken to a world of oh that would never happen to me well it just did it's that kind of lasting impact and the police are just not set up to support people really they they don't i'm not saying that they're failing in that sense but they're struggling to police let alone offer that long-term support a charity like victim support offers that support to victims um so when i got money donated to me on the channel that i didn't need because i've got an emergency fund it's not two million quid but it was enough i donated to them and i've continued to make donations to them and they send me lovely letters thanking me so it's kind of selfish really because i like collecting those so is that when you when you started your charity donations uh yeah i mean i've always done bits i top up a mcdonald's i had the 45p i'm out here giving to save the children you're like yeah no i mean i've always done bits but i've tried to make it a regular part of of the the the channel and on what i do because it it's just one of those things it's it makes you feel good about yourself and and it and it means that i can feel good about the business and and the impact and i never miss the money you know like you give the money and you think oh and then like a month later you're never thinking oh god like if only i had that money back but you you have that lasting feeling when i was a student though i'm like i've got like 20 quid left and they're like and we're taking out your save the children we're taking out like your oxfam donation i'm like and i've got no money so yeah i remember those days when i actually was like i'm feeling this but i think there's a time and a place right and i think you know you're when you're a student you should probably focus on you should probably focus on increasing your income and your skills and not skinting yourself because actually 20 quid as a student's a lot of money i would live for two weeks on that honestly yeah no you and your dodgy rices you bring to my like microwave bags of rice you bring to my house oh yeah yeah yeah yeah yeah yeah yeah so um whereas when you when you're in a position and it's tax efficient to give for a business yeah you got gifted yeah well and also it's a tax deductible thing for the business so it's tax efficient i don't earn money for i'm still worse off but you know for someone to give from their personal pocket where they've been taxed they're just handing that money over for my business to donate money it's a tax write-off so that it's not if i give a grand it might only cost 600 pounds in real terms right so there's a lot of incentives there and like for example i sponsor boxing within within where i live i sponsor boxing events because there's a guy that i do the boxing with my boxing coach he's called jake and he was a pretty good boxer and he runs a local gym and he puts on events for lads to have these fights and they make absolutely no money from them it costs him money and i can donate a couple of grand and go to the event and they're really good and that just means that lads in my community get an outlet for just just a nice place to go and to like demonstrate their skills and to do something pretty cool that they're proud of and that's an amazing feeling yeah i'm not calling it philanthropy or whatever but those kind of things i love to do kind of it's a little bit yeah i'm gonna be you're gonna document my journey i'm going over to nigeria till we've got a family charity out there i'm going in october to go do some uh help some kids play some tennis do some build some schools yeah yeah cool you do check it out on t is making money on my instagram you can find it there you know you know you know you we've got a family charity who has a family charity you will one day it'll be called the damien the damien fund or something yeah no but that's cool i mean i know you do a lot of stuff out there when you go out there in the communities in nigeria because the inequality out there is massive it's massive and a little bit of money a little bit of the exchange rate is crazy so it goes a long way it goes a long way yeah it can make a big difference go on to me what's your next one love the next question why did you start the podcast well well well go on why did you start the podcast i started i started the podcast um because for the clout i wanted i wanted my name to ring out in the streets like tommy shelby and the peaky blinders no um actually because i did actually want my name to ring out like tommy shelby um i've always been like very impulsive um you're actually going for this you were trying to answer this question of why you started the podcast i was joking i didn't expect you to try no no i said no um i had a podcast before yeah definitely was not a successful podcast but you know cut my teeth in it different roots different roots radio we talked we interviewed ceos about you know their companies and business and lifestyle i want the introduction thing that you did where you emerge from the door and you do the little dance it's so funny you do this little spin around dance and then you do the jazz fingers and then i'm like i don't know we had a very cool intro you helped me with the intro but it was not cool it was very i made you that intro yeah the the one but like it was more the fact that when you were coming you were in your kitchen and you come in and you do your little dances and then you're like what was going on it's like some umpa-loompa shit i'm too tall to be an umpa-loompa ain't no tall umpa-loompa

41:25you're such a mouth so funny um no seriously i just um i just wanted to learn take life more seriously i guess i've always been like peter pan like i don't get stressed really i get stressed about the podcast a little bit sometimes i remember that conversation because we'll come back to where it started but i i remember calling you and being like oh i've got some news for you and you're like i've got some news for you as well and in one conversation i was like i'm starting a podcast and i would like you to host it co-host it with me um and you'll get paid and then you were like well i would like you to be the godfather to my son i was like this is a great conversation it's all in one conversation yeah that's true yeah then where do you start it then man so i always wanted to start a podcast but um they're expensive and they are time consuming in terms of it takes a lot of people an effort um to to make a podcast happen because finding good quality guests and getting them to sit in the seat is is a full-time job doing all the research around them and then the video and editing there's a lot that goes behind it just getting guests is is so hard to align schedules especially the guests that people might want to hear from that they're in demand and they're busy right and i've always thought we were coming off the back of that covid period where everyone did a podcast another white boy with a podcast another white boy with a podcast crypto jim bros another white guy remember that oh another white boy with a podcast that was such a good tune but everyone was doing them but they were all doing these kind of zoom podcasts with their wired headphones in.

43:05And I just thought I would want to do an in-person one because I think the quality of those, I mean, people have kind of nailed it now. And funnily enough, we're starting to do more remote stuff so that we can go international with our guests. But I wanted to do that in person. That ratchets up the cost even more. And then Will, the producer who everyone met at the start, who has laced us with alcohol at 9am, he sent me an email one time saying, do you want to do a podcast? We're a production team. We have an already successful podcast. We think you're good. We would like to do a podcast with you.

43:37And I was like, okay, I would want to do it in person. I would want video, blah, blah, blah. And they were offering to front the cost and put a team on it and do all of that side. So it just seemed like a good time to give it a go. So yeah, that is why. And along that journey, we got you involved because it was kind of like have you got a someone that you bounce off with that you think would be a good co-host and to to main and we bought the podcast off the production company big yeah yeah we did the pilot episodes didn't wait in ali abdahl's house yeah do you remember that was hot you didn't even know who ali abdahl was at the time we ended up interviewing him yeah i know yeah he didn't even remember us.

44:25He's like, who are you guys? We're like, we're going to your house, mate. I took a shit in your bathroom. That's literally your trademark. I take a shit in everyone's bathroom. Damo goes places and he's like a dog. He just lays his territory. Like, I used to walk into my flat in Manchester, the door would open. I'd be in the living room, the door would open. And then I'd hear the bathroom, but he wouldn't even come in the living room. The bathroom door would open, it would close. And then he'd come in front of me and say, so I just took a shit. I'm like, nice to see you too, Damo. Yeah, yeah, yeah.

44:51Yeah, you just got to like, you know. Mark your territory. Yeah, mark your territory. I like to measure the flush in a house. Flushing power. Yeah, yeah. You want to know good flush. There's a good flush here. They're doing all right. They got that like high tog toilet paper. The details you're going to are ridiculous. So yeah, I took a shit in Ali Abdul's house and he didn't even remember me. And you broke his orange tree. I'm pretty sure. What? Shh. He's got, he's got, Snitches get stitches. He's got fake. I mean, actually though, lovely. He is a lovely guy. And they were really, they were really generous and letting us use that.

45:34And we were like, oh, we could use this as a studio space. And they were like, yeah, we never want you to come back. Who clogged up the toilet? Who broke the orange tree and clogged up the toilet? Yeah. Sorry about that. So that's why. And then after that, because we thought we would be using Ali Abdul's studio. We say it's his house. It was kind of like a big flat that he had that was a work office space. And I think he lived there. It was like a dual space. It was big, wasn't it? Quite a few people in there. Yeah, yeah, there were. But he had like a dedicated podcast studio in there where he did his deep dive, which is his podcast.

46:10And we thought we were going to use that space. And then when we realized we couldn't because we clogged the toilet. That's a malicious rumor I hear. it's because you shoved the orange down there mate i'm trying to hide the evidence yeah um we were then like what are we going to do and that's how we landed on here and now we film in will's house so yeah there we go that's a brief history of the podcast yeah next question um next question is from jay connor who asks who was your best interview carrie katona god i forgot we even did that i know this is how long we've been going it feels like a different life.

46:48Oh my days, Kerry Katona. No, she was funny. Been having a little tug, haven't we? She called you out, mate. No, she was, she was good, she was good banter. Yeah, she was good banter. Best episode. Who's your best interview? Depends how you define best. Yeah, like, what, the best. They've all got different things. The one, the one I found one of the most interesting was Lionel Barber, the guy who spoke about Masayoshi's son. Masayoshi's son. Masayoshi's son. Just because, yeah, he gave us feedback about interviewing he's a guy that's interviewed vladimir putin and obama so he's like a world-class interviewer and he gave us good feedback struck our egos a little bit as well which i liked you know offered me a job which was nice didn't offer you one can't afford me man i can't afford you it's true you have to pay rise every month it's a joke that's what they told me in the episode that wasn't that was probably my favorite episode the one we did two the second one about uh how to ask for pay rise yeah i found like really really valuable and i think yes iota um no yota yota yota jota tron yeah sorry yota tron tron tron tron tron tron tron yota tron the episode best reader and speaker i'm not the best with names yota tron the episode we did about how to get a pay rise really useful used it in the podcast used it in my job um and it's people don't think about it and it's like really important especially um that women ask to pay rises less i think that's really important but just generally like it's it's not an easy thing to do but if you're a lot of people feel like they should be paid more i thought that was really really valuable yeah wayne was the other one both they're both really good episodes really practical they're not some of the most watched but i think they're some of the most valuable there you go I'll give those a watch if you're at work because they just really help you understand the process of getting a pay rise.

48:44And I don't think people understand that that's like a game of chess that you need to play. And yeah, you should watch those and see if you can get your money. Worst case, you're going to have the same salary and then best case, you get your raise. I think if you... And hopefully it'll come six months later and they're like, okay, not right now, but if you do X, Y, Z, you can get the raise. If you never ask, they're never really going to give it to you. But if you start asking, eventually they're going to give it to you because they're going to be like, and if you ask every month, eventually they're going to give it to you.

49:09Yeah. Yeah. Yeah. I know. I know your tactic. I know your tactic. Do some research for the episodes first. I'm just trying to be like you, mate. Freestyling it. No, no. I'm able to, mate. What's your, no, I'm joking. What's your favorite? I mean, you said, but yeah, I like the Lionel Barber one. I like some of the really, like the, one of the things that I'm most happy or proud of the podcast is we've been able to get people on that I don't think anyone would ever get on. I think in the modern podcast landscape, it's very much about how much of a following do you have? Because we want to get you on and we want to get your following to watch our podcast.