[2023-12-01] my Financial Situation is NOT looking good [a7iWbGzGeI0]

Hello, welcome back to another tax update

video. This is probably going to be the

last tax update video because I think this

is the final amount that they are telling

me that I owe. So unless there's further

developments that are very shocking, I

probably won't make another video about

tax for a while. So it says, I finally got

an email from the tax people and they said

to me, dear Mr. Lord, we wrote to you on

the 23rd of June, 2023 to tell you that we

were checking your self-assessment tax

return for the year shown above. And they

say I owe for the year of 2021,

I owe £5,793.

I also owe £1,500 for 2022. So in total,

I owe a grand total of £7,331

plus another £700, which is how much they

think I'm going to owe next year. But I'm

going to have to, I'm going to have to

appeal that because I barely made any

money this year. I made like under £10K

this year. So I wouldn't have to pay any

tax for next year, but they want, they

want me to pay for next year even though

next year hasn't even finished yet. And I

have to pay this by the 28th of December,

which means I've got about a month to find

the money. I've currently got a total of

around £17,000. Okay, so here's what I'm

gonna do. I think I'm just gonna pay the

entire £7,000 next month and just get it

over and done with and put this whole tax

situation behind us and move on. I've got

about £14,000 in stocks and

I've got about £3,000 in cash. So I need

to find an extra £4,000 by selling some

stocks. Okay, so what we're looking at

here is my stock market portfolio and what

we need to do, we need to sell some stocks

so I can make up to about £3,500.

I think then I'd have enough and we have

until December 28th until we have to sell

something. So we don't have to sell

something straight away. We can wait to

see if something goes up. And these are my

stocks. I've got £5,700 in gold, I've got

£1,600 in Tesla, I've also got another

£1,200 in Tesla in another account, and

I've got £1,458 in emerging market

dividends, I've got £1,400 in China

growth, £1,100 in Bederview Healthcare,

£330 in inverse S&P 500,

£290 in Lockheed Martin, and then I've got

£29 in this ETF Emerging Europe.

Okay, so I don't really want to sell the

gold because I feel like gold is going to

be a good long-term, midterm investment.

Gold's looking pretty good for the next

year. I'm thinking maybe Tesla, try and

sell that before Christmas, and then

that'll give me £1,600 plus the other

£1,200 in the other account, which would

nearly be £3,000 anyway. So I could just

sell the Tesla And then also sell— I don't

know if I want to sell China at a 15%

loss, but I feel like the Chinese

investment was a really bad idea. China

economy does not look good and the future

looks pretty bleak as well. Maybe this

BetterView Healthcare, which is an ETF

full of healthcare stocks, might get rid

of that. But I feel like healthcare could

be a good defensive stock to hold. I might

get rid of the inverse. I'm not sure.

Maybe Lockheed Martin now that the Middle

East situation is kind of calming down. I

feel like selling the Tesla when it goes

up a bit more, maybe beginning or middle

of December, get rid of Tesla and then

I'll have like £3,000 plus my £4,000

that's just lying around anyway. Then I'll

have the £7,000 I need to pay the tax and

that should be enough. I've also got a few

things to sell, like my laptop, my gaming

laptop, and maybe my iPhone 12. I've got

this, I've got this 17-inch Razer Blade

Pro gaming laptop with RTX 3060 graphics

card and 16GB of RAM. I think I can get

about $400 or maybe $500 for this,

and I think I could also get maybe $250

for my old iPhone 12 Mini. I don't really

need a gaming laptop anymore because I've

got that ROG Ally, which is pretty

powerful. So that means I can get another

$600 or $700 to help pay for the tax.

And then I should be done with the tax

really, unless they're going to slap me

with some penalties on top of that. But

they haven't said anything about penalties

yet. They just said I had to pay some

extra on interest. That means in total,

my mum lent me £7,000 and I already paid

off about £7,600. In addition to 2021,

which has finally finished calculating, I

have to pay another £7,300. So in

total, I've had to pay about £14,000,

nearly £15,000. And my entire

life savings or net worth, if you want to

put it that way, my entire net worth was

only about £19,000. So I've paid

the £7,000. I owe my mum £500 every month,

which I should be able to pay, keep my

head above the water with my incoming

YouTube earnings. So that's not really

going to eat into my savings anymore. But

this $7,000, the next one, I'm just going

to have to sell my stocks and pay for it

myself because I can't ask my mum for

another $7K. That means I've currently got

about $17,000 left. After paying the $7K,

I'll have about $10K left and I should not

have to eat into my savings anymore. Now

with my YouTube earnings and still having

to pay for the rent here and food and my

mum, I should still be around. I don't

know. I should be net positive at the end

of the month, maybe dipping slightly below

into net negative, but I'm going to try

really hard to save money and sell some of

my tech off to help keep myself above net

positive. That means after all this, I

should still have about £10,000 in my

savings. Well, not in savings, in stocks,

because I'm going to keep my stocks in

gold and China. I hope it's going to go

back up, healthcare and a few other things

because I feel like I've got high

conviction on those holdings. And then I'm

also hoping they'll give me back £1,500,

I think it was for 2019. They charged me

tax for 2019 when I told them I was living

in Japan. And they told me that with

regard to your resident status for the tax

year 2019, I have sent a referral to our

residence team to make a decision on

whether you were UK tax resident in that

tax year or not. Please bear with us

whilst this is ongoing. If we need further

information that will help us, I will let

you know. So I'm still waiting for their

judgment on whether I was tax resident or

not. I don't think I was because I was

married in Japan in 2018, and I was

living in Japan from 2018 until 2020.

So I don't see how I would be considered

tax resident in the UK when I was

literally married and living in Japan for

a few years. So hopefully it's good news

there and they give me back the £1,500,

and then they also cancel the £700 that

they're telling me I owe for 2024, which

they want me to pay in advance, which is

ridiculous because I didn't make the same

amount of money that I did last year this

year. I made way less this year, so I

shouldn't have to pay tax for next year,

but they're trying to make me pay it. So

that's kind of silly. Hopefully they'll

give me back the £1,500 and cancel £700,

which means I will have a lot more money

to play around with after this is all said

and done. And to avoid this happening

again in the future, what I'm going to do

is I'm just going to actively try to make

less money, which shouldn't be hard. It's

not like my brain is buzzing full of

massive money-making ideas. I'm just going

to like not bother anymore. You know, I

was trying so hard back in 2018 to 2022.

I was trying so hard to make as much money

as I could on YouTube with all this stupid

drama stuff and then Elden Ring and all

this other crap. Like, you know, that

website that I used to do. I was trying so

hard to make a lot of money because I

wanted to brag about how much money I've

got. And it's like a big privilege and

bragging status symbol to be able to have

a lot of money. But now I'm just thinking,

Because I tried so hard to make a lot of

money, then I got punished by having to

pay a lot of tax. So now I'm just not

going to bother. I'm just going to think

about saving, cutting my costs down,

selling off tech, trying to live a

minimalistic life. Because I have a new

life philosophy, which is if you can't be

happy with nothing, then having loads of

tech and stuff is not going to make you

happy either. Sure, it might be fun for,

for a bit, in the short term, it'd be

exciting to have the latest iPhone or

whatever. But after a while it gets

boring. I bought the iPhone 15 Pro and it

was fun for about 2 days. After about a

week, I was just using the iPhone 15. It

felt exactly the same as the iPhone 12,

apart from it was like 5% faster and the

battery lasted 20% longer and the camera

was like 1.2% more detail and better.

And I thought, yeah, I'd rather just have

the money instead of this new fancy phone

that is not really improving my life by

much. So I'm readjusting my mindset to a

minimalist kind of way of thinking where I

want to try and feel happy and be content

with less stuff, not trying to get more

and more stuff. I really doubt I'm ever

going to make that kind of money ever

again in my whole life. I'm never going to

make £20K, £30K, £31,000.

I made £36,000 in one year back in,

I think it was like 2020. Or 2021,

I'm never going to make that kind of money

again. So I don't have to worry about

another £7,000 tax bill. Hopefully the

only way that would ever happen again is

if somehow by magic my channel blew up

again and I made a video and it got like 2

million views and then I became famous

again. I was getting, what, 50K views?

That's completely unlikely and

unrealistic. But the sad thing is, I don't

think I'm ever going to be able to rebuild

my entire net worth again anytime soon

because after I pay all this tax, I only

have about $10K left and I won't be able

to save any more money because I only make

about $800 or $900 a month right now. And

I have to give my mum $500 a month for the

next entire year. And then any money left

over I use on rent and food and other

stuff. And then I've also got to buy plane

tickets. Number one, I've got to buy a

plane ticket back home to the UK next year

for my sister's wedding. And then I've got

to buy another plane ticket to either come

back to Thailand or go to Japan or go

somewhere new. Whilst still having to pay

my mum £500 a month. And I don't know if

she's going to make me pay her rent when

I'm back home. I probably won't be back

home for very long. I'll probably just go

back for my sister's wedding and then stay

a couple of months to sell more stuff.

I've got some stuff at home in my bedroom.

Like I've got a big 32-inch

MSI curved monitor. I could sell that.

Probably got some other cameras and tech

that I could sell that's lying around my

bedroom. So I could sell a few things

there, get rid of a few other things. And

also do some— but as long as I'm only

making about £800 or £900, but I was also

paying my mum £500, I won't be able to

save any money. It's just going to come

into my bank account and go straight back

out. So it won't be until probably like

2025 until I can actually start rebuilding

my net worth and my entire savings again,

unless something magic happens and I

suddenly get millions of views again. So

those were the tax updates, £15,000 in

taxes owed, and then I've got £10K left

over. To use in case I have to pay

penalties on top of it. So let's— fingers

crossed I won't have to pay much penalties

or any at all. And then worst case

scenario, if my entire savings get

destroyed and wiped out because I've got

to pay massive penalties on top of all the

tax, and I've got like nothing left in my

bank accounts, and I'm just making what

I'm still making on YouTube, then worst

case scenario is I'll just have to stay at

home for like half a year or maybe more to

start building my savings back up before I

go and blow it all again on some trip

around the world. Maybe I just go back to

the petrol station and work for like 1

year. If I worked 1 year, I could probably

rebuild my entire life savings from the

ground up, from zero. It does really suck

having to lose so much money, but

realistically, what am I gonna do with the

money anyway if I just had £18,000 lying

around that I can do anything with? I

can't see anything that I would do with it

that wouldn't result in me just wasting it

on something because I don't have any kind

of business mind that can turn $18K into

$100K. I always just end up getting money

and then I blow it doing something like,

I don't know, traveling or using it to

make content that doesn't actually get any

views, or then investing it into the stock

market and then losing it all that way.

Realistically, what would I do with $18K?

I could get the Thai Elite Visa and then

stay here for another 5 years, which would

just be so exciting for everyone involved

and probably bore all my viewers away

because it's like, oh wow, 5 years more of

Daniel sitting in this room. Well, I could

have bought the 5-year Elite Visa and that

would have made certain things a lot

easier, but now I don't really know how

I'm going to get back in Thailand after I

leave. Or what else could I do with the

money? Just go to Japan again and blow it

on hotels? I don't know. So I'm trying not

to take it too hard because I know that

I'll just not really do anything good with

the money anyway. Some people shouldn't

really be in control of large sums of

money because they won't use it for any

good purpose and they'll just waste it.

Although I could have used it to buy a

house in Japan, which is one of my goals

right now, is I want to buy an akiya,

abandoned house in the Japanese

countryside for like $5K or $10K. Could

have used it to buy a house in Japan and

do some funny stuff with the house. So

that could have been a good way to use the

money. But unfortunately, I won't have it

anymore and I'm going to have to try and

work hard to rebuild my savings, and then

maybe one day I'll buy some crappy $1,000

abandoned house in the mountains of Japan.